The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1878-12-28
THE RESUMPTION ACT.
The Law Under Which Specie Pay
ments will be Resumed on January
l, 1879.

The following is a copy OF the act pro-
vidinG for the resumption of specie pay
ments on January /, 1879.
CHAP. l5.--An act 70 ,pEEQpgido t{{e ;t :, on.
ss.sSsg9 ~ the senate and house of represen.
tatives 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 mints of the United
States silver coins of the denominations of
10, %, and SO 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, the sub-treasu.
Ties, public depositaries. and postofices of
the United States; and, upon such issue,
he is hereby authorized and required to
redeem an equal amount of such fractional
currency. until the whole amount of such
fractional! currency outstanding shall be
redeemed.
Sec 2, That 50 much Of the section g.
524 OF the revised statutes of the United
States as provides for a charge of one
NTH OF per cent. for converting standard
gold bullion into coin is hereby repealed
ana hereafter no charge shall be made for
that service.
Sec. .. That section 5, 81 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hereby repealed and each existing bank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 it's circulating
notes 10 accordance with existing law with
out respect to said aggregate limit; and
new banking associations may be organic
ed IN accordance with existing Law without
respect TO said aggregate limit; and the
provisions OF law for the withdrawal and
redistribution of national bank currency
among the several states and territories
are hereby repealed. And whenever aud
30 often as circulating notes shall be is
sued to any such banking association, SO
increasing Its capital or circulation notes.
or so newly organized as aforesaid, il shall
De the duty OF the secretary OF the treasury
To redeem the legal tender United States
notes In excess only of $30O,OOOOOO to
the amount of 80 per cent. of the sum of
national bank notes so issued to any such
banking association as aforesaid. and TO |
continue such redemption as such circuIat-
Ing notes are issued until there shall be |
wv bum vi EOUU,UUU,UUU OF l
such legal tender United States notes. and
no more, On and after January i, 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 treasury of the United States,
10 the city of New York, in sums of not
less ,hen $50. And to enable the score.
tary OF the treasury to prepare and provide
Tor the redemption in this act authorized
or required, he is authorized to use anv
surplus revenues, from time to time in the
treasury, not otherwise appropriated, and
to issue, sell and dispose OF, at not less than
par 10 coin, either of the descriptions of
bonds OF the United States described in
the act OF congress approved July IA.
1910, entitled AN act to authorize the re.
FUNDING OF the national debt" with like
qualities. privileges and exemptions 20 the
extent necessary to carry this act into full
effect, and to use the proceeds thereof for
tne purposes aforesaid. And all provis-
IONS OF law inconsistent with the provisions
u TINS act are hereby repealed,
approved January ID, 1878.
Inc following supplementary act vas
passed May 81, 1873: W"
40 (" enacted, etc. That from and after