The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-03-07
ARE THE CREENBAcKs TO BE CAN
CElLED7
a Few Authorities.
The Resumption Act.

ne neSui1UllCH HCt
An Act to Provide for the Resumption OF
Specie Payment
Be If enacted by the Senate and Hou Sc of
Representatives Of the United States OF
america in Congress assembled,
That the secretary Of the treasury
is hereby authorized and required, as
rapidly as practicable, to cause to be
coined at the minis Of the United
States, silver coins of the denomina-
ton of ten, twenty-five and fifty cents,
of standard value, and TO issue them
in redemption of an equal number
ard amount of fractional currency of
similar denominations, or, at his dis
erection, be may issue such silver
coins through the mints, the sub
treasures. public repositories, and
p0stoffices of the United States; and,
upon such issue, he is hereby author
lied and required to redeem an equal
amount Of such fractional currency,
until the whole amount OF such cur
rency outstanding shall be redeemed.
SEC. 2. That so much of section
three thousand five hundred and
W Ilibt rlOut va tliC 10y lNCi StStlotCo VI
the United States as provides for a
charge of one-fifth OF one per centum
for converting standard gold bullion
into coin is hereby repealed, and
hereafter no charge shall be made
for that service.
SEC. 3. That section FIVE thousand
one hundred and seventy seven of the
revised statutes of the United States,
limiting the aggregate amount OF cir
culating notes of national banking
associations, be, and is hereby repeal
ed; and each existing banking sssocia-
tion may increase its circulating
notes in accordance with existing law
without respect to said aggregate
limit; and new banking associations
may be organized in accordance with
existing law without respect to said
aggregate limit; and the provisions
of law for the withdrawal and redis-
tribution Of national bank currency
among the several states and terrific
ries are hereby repealed. And when
ever, and so often as circulating notes
shall be issued to any such banking
association, so increasing its capital or
circulating notes, or 50 newly orga-
nized as aforesaid, it shall be the duty
of the secretary of the treasury to re-
deem the legal-tender United States
notes in excess only Of three hundred
million of dollars, to the amount of
eighty per centum of the sum of IA
tional bank notes SO issued to any
such banking association as afore
said. and to continue such redemption
DIV 1nt AL
until there shall be outstanding the
sum of three hundred million dollars
of such legal tender United states
notes, and no more. And on and af-
ter the first day of January, Ammo
Domini eighteen hundred and seven
ty-nine, the secretary of the treasury
shall redeem, in coin, the United
States legal tender notes then out
standing on their presentation for
redemption, at the office of the as
sistant treasury of the United states
in the city of New York, in sums of
less than fifty dollars. And 70 enable
the secretary of the treasury 10 pre-
pare and provide Tor the redemption
in this act authorized or required. he
is authorized to use any surplus reve-
ury not otherwise appropriated, and
10 issue. sell and to dispose of. at not
less than par IN coin. either of the
description OF bonds of the United
States described in the act of congress
approved July fourteenth, eighteen
hundred and seventy. entitled, IAN
act to authorize the refunding of the
national debt, with like qualities,
privileges. and exemptions TO the ex-
tent necessary to carry this act into
full effect, and to use the proceeds
thereof FOR the purposes aforesaid.
And all provisions Of law inconsistent
with the provisions of this act are
hereby repealed.
Approved January "a. ass.
Republican anu Democratic speak
ers and writer's sometimes try TO de-
lude the people by the assertion that
resumption does not mean the retire
ment and destruction OF the legal ten-
der currency Of the country. They
clasn tlsa; the effect OF the resumption
act viii not be TO put the greenback
out OF existence: thai the ssredemp-
tion provided FOR in that act is not a
practical redemption. but sort OF
coincidence game, which. by some
mysterious and nexplainahle process.
is to bring thow many Il greenhaess
20 = par with gold. Ne wish - pre-
sent here few facts which will show
plainly how false and absurd this
claim is