The daily gazette., 1880-03-24

out and the Iegal-tender notes 10. Thil
law also enables the stockholders -ol
banks to sell their bonds (the most oi
which cost $40 and $50 ON the $lOU) for
$40, and returned them their 10 per
cent. Of bonds-our circulation. After
the bonds were lifted hnd sold, the Gov
ernment and the people had no security
for the national bank notes but the legal
tender notes of the same amount. We
would infer from this that the legal
tenders were better than the bonds, In
rhe estimation of Congress. Why not
blnk upon legal tenders, therefore, in
THE ACT OF JANUARY IA, 1875, (sTATurKs
lS, 265,)
provided for paying s45, ,000, 900 su5 u5sidary
silver coin to redeem fractional currency,
and $382,000,000 gold for legal-tender
notes.-the gold and silver To be raised by
the sale OF bonds If required. 1t also re-
moved all limits from the issue of
national bank notes. They were limited
By the bonds Of the United States only.
This act provided that after January i,
1879, coin should be paid in New York
sums OF $50, but not less. 1t made no
provision for the payment OF 3oin by
the national banks. No such law exists,
excepting as to the gold banks Of the
Pacific coast.
THE ACT OF JANUARY 10, 1875 (srArUrrs
IS. PIP. J02, 329.)
provides that gold banks on the Pacific
coast sha1 not be limited to 81 900, 900;
but that they may issue TO any amount
under the law.
MISCELLANEOUS LAWS RELATING TO
BANKS.
THE ACT OF JULY v. 1882, (sTATUTEs 8,
n EH0
This act authorizes the Secretary Of the
Treasure t0 setIle or compromise with
the Farmers' and Mechanics Bank Of
Indiana upon the best terms posi- ble
THE ACT OF MARCH 3. 1866, (sTATUTRs
1872. b1O)
This law established the Freedmen,s
Bank, authorizing loans TO be made
upon Government bonds only. After
certain sharks in Washington obtained
control Of the bank they Induced Con
gress to change the charter, allowing In
vestments made in bonds and mortgages,
and loans to be made upon collaterals
This ruined the bank. Had the in
stitutton been confined to its original
charter all would have been right. The
bank would have been o blessing to the
colered race. But tho politician ruined
IL and them.
THE ACT OF FEBRUARY /, 1916, (sTAr-
UTEs 3, p. Z0o.)
This act continued the tax Imposed by
congress upon bank notes in 1913, as re-
commended by Mr.. Jefferson.
THE ACT OF MARCH 3, 1865, (sTArUrns 13
Pr. 146, 478.)
This act imposed heavy tax upon all
State banks, circulation to take effect
after July /, 1866. After the banbs sus
pended in December, 1861, they greatly
increased their circulation and used
their means to iDjure the legal-tender
notes. All their strength was Combined
TO compel the Government to abandon
the legaltenders, and to use their sl,s-
pended notes. If the bank notes lived,
the Gvoernment notes must die. This
tax was imposed to put an end to State
bank circulation. 1t had the desired
effect. That act was jastihable. The
Government had the same right to sup
press this hostile circulation that Ii had
70 put down any other pubic enemy.
This tax should never be removed. i,
was, however, imposed to benefit ma
jional banks and not to benefit legal |
'ender notes.
WARWICK MARTIN.
TIE RECoINAGE OF HALF DOLLARS to
the standard weight of 2Oe1 grains, thar
they may be made q fall legal tender.
agreed to In the House Committee OH
Coinage yesterday, makes it fitting to
give resume OF the weight and fineness
Of the silver coins issued by the Govern
msnt since the year 1892, when the first
coming law was enacted. Under the
law Of 1852, the silver dollar weighed
416 grains, 891 40 fine, and parts In
the same proportion. Under the law
Of January Is, 1887, the silver dollar
weighed 5124 grains, 900 fine, and parts
In same proportion. This is the dollar
which was demonetized in 1873. Under
he law of March 8, 1853, the half dollar
and smaller silver coins were reduced
n weight, the half dollar TO 1872 grains,
md the quarters, dimes, and half dimes
N the same proportion. Under the law
If February II, 1873, the half dollar was
'aised in weight to twelve grammes
l02 9-10 grains), and smaller silver
.oins in the same proportion. BY the
anne law the trade dollar was authoriz-
ID, it to contain APO grains.
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