The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1879-08-14
Money Power vs.. GreenbackS In the
Hall II Legislation.
Editor REDWOOD GAZETTE, July 14th 1879.


An Act, to authorize the issue
Of United States notes, and for the
redemption or funding thereof, and
for funding the floating debt of the
United States.
Section /. Be it enacted by the
Senate and House of Representa-
tives of the United States of Ameri-
ca, in Congress assembled: That to
meet the necessities of the Treasury
Cf the United States, and to provide
currency receivable for the public
dues, the Secretary of Treasury is
hereby authorized to issue on the
credit of the United States, $780,
100000, of United States notes, not
not bearing interest, of such denom-
nations as he may deem expedient,
not less than s.. each, and such
notes, herein authorized shall be re-
ceivabie in payment of all taxes, i'm
ports, excise debts and demands of
every kind due to the United States
and for all salaries, debts and de-
mands owing by the United States
to individuals, corporations and as
sociations within the United States,
and shall also be lawful money and
legal tender, in payment OF all
debts, public and private, within the
United States. And any holders of
said United States notes, depositing
any sum not less than $50. or some
multiple of $50. with the Assistant
Treasuers shall receive therefor in
exchange, duplicates of deposit, one
of which may be transmitted to the
Secretary Of the Treasury, who shall
issue thereupon to the holder all
equal amount of bonds of the United
States, cupon or registered, as may
by said holder be desired, bearing
interest at the rate of per cent. per
annum, payable semi-annually, at
the Treasury or Sub-Treasury of the
United States and redeemable at the
pleasure Of the United States after
twenty years from the date thereof.
And such United States notes shall
be received the same as coin, at
their par value in payment for any
loans that may be hereafter sold or
negotiated by the Secretary of the
Treasury, and may be reissued from
time to time as the exigencies of the
public interest shall require. There
shall be printed on the back of the
Uuited States notes, which may be
issued under the provisions Of this
act. the following words: "Ihe with
in is legal tender in payment OF
all debts, public and private, and is
cxchangeable for bonds of the Unit
ed States, bearing per cent. inter-
est at twenty years, or in per cent.
bonds at five years." Section 2.
And be it further enacted, That to
enable the Secretary of the Treasury
to fund the Treasury notes and float
ing debt of the United States, he is
hereby authorized to issue, on the
credit of the United States, cou
pom bonds, or registered bonds, 10
an amount not exceeding $500, ,OOO,-
600, and redeemable at the pleasure
of the government after twenty
years from date, and bearing inter-
est at the rate of per cent per an
mum, payable semi-annually; and the
bonds herein authorized shall be of
such denominations, not less than
$50. as may be determined upon by
the Secretary Of the Treasury; and
the Secretary of the Treasury may
dispose of such bonds at any time
Tor lawful money Of the United
otates' or for any of the Treasury
notes that have been, or may here
after be issued under any former act
of congress or for United States
notes that may be under any former
act of congress, or for United States
notes that may be issued under the
provisions of this act; and all stocks
bonds and other securities of the
United States, held by individuals,