Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1878-12-14
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amendatory OF one OF its features, IN
order to refresh the memories OF those
OF our readers who may have forgotten
some Of ii. II was approved January
IA, 1875. and goes into effect on the
irs. OF next month. Briefly considered
and disested. the Law is as follows : On
aud after January l. 1879. the Secretary
OF the Treasury shall redeem in coin the
United States legal tender notes then
outstanding. This redemption shall
take place on the presentation Of such
legal tenders in sums Of not less than
atty dollars. The place Of redemption
is at the Office Of the Assistant Treasurer
OF the United States in the City Of New
York. The redemption will DO either in
gold or silver. as'ths holder Of the legal
tenders may desire. subject to the option
Of the Government to pay in either
metal. The legal tender shall not be
destroyed. retired or cancelled. but shall
be keptin circulation. The Resumption
act does not apply to the circulation oil
the National banks. These notes will
still be reasonable in United States
notes. at the counters Of the banks issu-
ing them. Here is the act
CHAPTER l5.-An Act 10 procids for Tie
Resumption Of Specie Pdynents-Bs 1t
enacted by the Senate aud House OF
Representatives OF the United States OF
America In Congress assembled, That
the Secretary OF tbs Treasury Is hereby
authorized and required. ~ rapidly ~
practicable, TO cause to be coined at the
mints Of the United States. silver coins
OF the denominations OF 10. % and 90
cents, OF standard value. and to issue
them in redemption Of an equal number
and amount Of fractional currency OF
similar denominations, or, ut his discre-
ton, be may issue such silver coins
through the mints, the sub-treasuries.
public repositories and p~ostofhces Of the
United States; and, upon such issue. be
10 hereby authorized and required to
redeem an equal amount Of such irac-
tioual currency. until the whole amount
Of such fractional currency outstanding
shall be redeemed.
Sac. 2. That so much Of section 1924
Of the Revised Statutes Of the United
States as provides for q charge Of u
per csntum for converting standard gold
bullion into coin is hereby repealed. and
hereafter no charge shall DO made for
that service.
SIC. ,. That section SILT Of the Re-
vised Statutes OF the United States. lim-
iting the aggregate amount OF circulating
notes Of National banking associations,
DO. and 10 hereby. repealed; and each
existing banking association may in
crease It's circulating notes in accordance
with existing Law without respect to said
aggregate limit; and new banking asso-
Citations may DO organized In accordance
with existing law without respect to said
aggregate limit; and the provisions OF
Law for the withdrawal and redistribu-
ton Of National bank currency among
the several States and Territories are
hereby repealed. And whenever and so
often as circulating notes shall be issued
TO any such banking association. 80 in
creasing its capital or circulating notes,
or 80 newly organized as aforesaid, 1t
shall be the duty Of the Secretary OF the
Treasury to redeem the legal tender
United States notes IN excess only OF
$500, O00, 900, to the amount Of eighty
per centum OF the sun OF National bank
notes so issued to any such banking
association as aforesaid. aud TO continue
such resumption "a such circulating
notes are issued until there shall be out
standing the sum Of $500, 600, 200 Of such
legal tender United States notes and no
more. And on and after the frst day Of
January. A. ID. 1879. the Secretary Of
the Treasury shall redeem, in coin. the
United States legal tender notes then
outstanding on their presentation for
redemption, at the office Of the Assistant
Treasurer OF the United States Ia the
city OF New York. in sums OF not less
than $50. And TO enable the Secretary
Of the Treasury TO prepare and provide
for the redemption OF this act authorized
or required, be Is authorized to use any
surplus revenues. from time TO time. IN
tho Treasury not otherwise appropriated.
and to issue. sell and dispose OF, at not
less than par. in coin. either Of the de-
scriptions OF bonds OF the United States
described in the Act OF Congress up.
proved July IL. 1870. entitled 'An Act
to authorize the reiunding OF the Nation
al debt" with like qualities. privileges
and exemptions to the extent necessary
to carry this Act into full effect, and to
use the proceeds thereof for the purposes
Aforesaid. And oil provisions Of law In.
consistent with the provisions OF this
Act are hereby repealed.
Approved. January IA, 1875.
This act provided that the legal tender
circulation should not be contracted be-
low $500, 900, 900. On the 3ist OF May.
1878. q bill was approved. which had
the effect OF fixing the legal tender cir.
culation at $40, 6sl. 0l6. The text Of
the bill is as follows:
Be II enacted. ETC., That from and after
the passage OF this act 1t shall not be
lawful for the Secretary OF the Treasury
or other officer under him to cancel or
retire any more Of the United States
legal tender notes. Aud when any OF
the said notes may be redeemed or be
received into the Treasury. under
any Law. from any source what
ever and shall belong to the United
States, they shall not be retired,
cancelled. or destroyed. but shall be re-
issued and paid phi again and kept in
circulation; provided. that nothing bore
in shall prohibit the cancellation and
destruction Of mutilated notes and the
issue Of other notes Of like deuomina.
ton in their stead. as now provided by
Law. All acts and parts OF acts in cor.
fiiet herewith are hereby repealed.