The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-12-18

And Thea Resumption Of specie Pay.
ments-The niu Prosiding for That
Great EFent.
Yesterday greenbacks rose to par in
New York for the first time since 1862.
In thirteen more days the payment
Of greenbacks in coin will begin. The
tact thst by the terms Of the Resumption
act the redemption Of greenbaeks takes
place only at New York, and that the law
gives the Secretary Of the Treasury the
power TO sell at par m unlimited quantity
Of 9 per cent or a per cent bonds to main
tain resumption renders 1t next to impos-
sible that there should be any failure.
The full text Of the Resumption Law is as
follows:
CnApr. 15.-.la a., to proride for hk re-
sumption Of sDeeie pdyMats-R Il TlGcted By
he Snate and Hoas OF Representatives. Of de
United Adts Of Amiaicd N Congress assembled,
That the Secretary OF THE Treasury is here
by authorized and required, as rapidly as
practicable, TO cause to be coined ut the
minis OF the United States silver coins OF
the denominations of 10, IS, and 80 cents,
Of standard value, and to issue them in
redemption OF an equal number and
amount OF fractional currency OF similar
denominations, or, at his discretion, he
may issue such silver coins through the
minis, tile sub-treasuries, public deposita-
ries, and postofices 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 fractional cur
rency outstanding shall be redeemed.
SIC. 9. That so much OF Sec. 1884 OF the
Revised Statutes OF the United States as
provides for a charge OF one-ffth OF ! per
centum for converting standard gold bul:
lion into coin Is hereby repealed, and
hereafter no charge shall be made ior that
service.
SIC. 3. That Sec. 5,l77 OF the Revised
Statutes OF the United States, limiting the
aggregate amount Of circulating notes OF
National Banking Associations, be, and is
hereby, repealed; and each existing bank
Ing association may Increase Its %clroulat-
ing notes in accordance with existing law
without respect to said aggregate limit;
and new banking associations may be or
ganized In accordance with existing law
without respect to said aggregate limit;
and the provisions OF law for the with.
drawal and redistribution 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and Territories are hereby repealed.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 asso-
citation, so increasing its capital or circulate
ing notes, or so newly organized as afore.
said. it shall be the duty Of the Secretary
of the Treasury 10 redeem the legal.
tender United States notes in ex-
cess only OF $~SO0,000,000 to the amount
OF 80 per centum OF the sum OF
National!bank notes so issued to any such
banking association as aforesaid, aud to
continue such redemption Is suoh circulat-
ing notes are Issued, until there shall be
outstanding the sum OF 500, 000,0 600 OF such
legal.tender United States notes, and no
more. And on and after the lat day OF
January, a. D. 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 In the City OF Now York, In
sums OF not less than SO, And to enable
the Secretary Of the Treasury to prepare
and provide for the redemption by this act
authorized or required, he is authorized to
use any surplus revenues, from time to
time in the Treasury, not otherwise appro-
priated, and to issue, sell and dispose Of,
at not less than par in coin, either OF the
descriptions OF bonds Of the United Statos
described In tho act Of Congress approved
July "a, iSJ0, entitled, can act to author
ize the rcfundlng Of the National debt"
with like qualities, privileges, and exemp-
tons 10 the extent necessary to carry this
act into full effect, and to use the proceeds
thereof for the purposes Aforesaid, And oil
provisions al law inconsistent with the
provisions OF this act arc hereby repealed.
Approved Jan. IA, 1875.
By the terms OF the Resumption act, the
legalLtender circulation was not to 90 be-
low sSoa,oOo,0oo. The following supple
mentary act otMay 81, 1878, fixes the limit
at $S46,e3l,0lG.
Be il enacted, ETC., That from and after
the passage Of this act II shall not be law
ful for the Secretary OF the Treasury or
other officer under him to cancel or retire
any more OF the United States legal.tender
notes. And when any Of said notes may be
redeemed or received into the Treasury,
under any law, from any source whatever,
and retired, cancelled, or destroyed,
they shall be reissued and paid out again
and kept in circulation; Prorided, That
nothing herein shall prohibit the cancella-
ton and destruction OF mutilated notes
and the issue oiather notes OF like denoMi-
nation in their stead, as now provided by
law, All acts and parts OF acts in conflict