The Saline County journal. [volume] (Salina, Kan.) 1871-1893, 1879-01-02
The Resumption Law.

The following is the resumption Law
under which the Nation commence.
business" to-day:
CHAP. 15.-An act to provide for the re
sumption of specie payments-Be il
enacted by the Senate and House d
Representatives of the United State.
of America in Congress assembled:
That the Secretary of the Treasury i:
hereby authorized and required, as rap
idly as practicable, to cause to be coined
at the mints of the United States coins
of the denominations of 10, 25 and so
cents, of standard value, and to issue
them in redemption of an equal numb
and amount of fractional currency OF
similar denominations, or, at his discre.
ton, he may issue such silver coins
through the minis, the sub-treasuries,
public repositories, and post.offices OF
the United States; and, upon such issue,
he Is hereby authorized and required to
redeem an equal amount of such frac-
tional currency, until the whole amount
of such fractional currency outstanding
shall be redeemed.
SEC. 2. That SO much of section g..
524 OF the revised statutes OF the United
States as provides tor charge Of one
fifth of per centum tor converting
standard gold bullion into coin is hereby
repealed, Snd hereafter no charge shall
be made tor that service.
Sec. ). That section 5,l77 Of the re-
vised statutes of the United States, lin.
ting the aggregate amount of circulating
notes of National banking associations,
be, and is hereby, repealed; and each
existing banking association may in
crease its circulating notes in accord.
ance with existing law without respect
to said aggregate limit; and new bank
ing associations may be organized in &C
ccrdance with existing law without res
pect to said aggregate limit; and the pro-
visions of law tor the withdrawal and
redistribution Of National bank curren.
cy among the several States and Terri.
tories are hereby repealed. And whom
ever and SO often as circulating notes
shall be issued to any such banking as
sociatiOn SO increasing It's capital or cir.
notes, or SO newly organized as
1t shall be the duty OF the sec
rotary of the treasury to redeem the
United States notes in ex. /
cess only Of $500, 900, 900 to the amount
Of 80 per centum of the sum of national
bank notes so issued to any such bank.
ing association as aforesaid, and to con.
tinue such redemption ~ such circulat-
ing notes are issued until there shall be
the sum of $500, 0OO, 900 of
such legal-tender United States notes
and no moro. And on and after the first
lay OF January, A. ID. 1879, the secreta-
y of the treasury shall redeem, in coin,
he United States legal-tender notes
hen outstanding on their presentation
or redemption at the Office of the assis-
ant treasurer of the United States in
he city OF New York in sums Of not less
han $50. And TO enable the secretary
IT the treasury to prepare and provide
or the redemption Of this act authoriz.
ID or required, be is authorized TO use
my surplus revenues, from time 10 time
q tho treasury, not otherwise appropri-
ted, and to issue, sell and dispose OF, at
lot less than par in coin, either of the
descriptions of bonds Of the United
,,a,es described in the act Of Congress
,proved July II, 1870, entitled AN act
o authorize the refunding Of the patton I
| debt" with like qualities, privileges {
nd exemptions TO the extent necessary
D carry this act into fnl. effect, and to
Sc the proceeds thereof for the purpo-
es aforesaid. And all provisions OF Law
with the provisions of this
CT are hereby repealed.
Approved Jan. II, 1875.
By the terms of the Resumption act,
be legal-tender circulation wAs not to
o below $500, 600 900. The following
act of May 81, 1873, fxes :
be limit at s346. 6slf0l6.
Be 1t enacted, etc, That from and af-
sr the passage Of this act 1t shall no, be
awful Ter the secretary Of the treasury
T other oticer under him 70 cancel or !
stire any more OF the Usited States le-
al-tender notes. And when any Of .
nd notes may be redeemed or received
ito the treasury, under any Law, from
ny source whaisver, and shall belong TO
ae United States, they sha'l not b r. .
red, cancelled, OF destroyed, bss they
ball b reissasd aed paid oatagaia asd :
ept in circalasioss hsgS1e1, That ;
ching hsrsis shall psoAibis ~ eaacsi-
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