Mexico weekly ledger., 1884-01-24
BANKING AND CURRENCY.
Judge Buckner's Bill to prevent
Contraction.

be II enacted, etc. SECIIoN L.
Whenever any of tie bonds If the
United States become subject to re-
demptlon, and such bonds are depos-
tied with the treasurer of the United
States as security for the circulating
notes of any national banking assoc
iation, the secretary Of the treasury
Is hereby authorized to exchange the
notes hereinafter authorized for such
bonds at their par value and accrued
interest, or he may exchange the
notes to be issued as aforesaid at
their par value for standard or silver
coin, and redeem said bonds there
with, and the deposit of lawful money
to redeem the outstanding circulation
of said banking association, may be
made in legal tender notes, or the
notes hereinafter authorized, and
thereafter the circulating notes OF
said bank shall be redeemed at the
treasury of the United States, and
when so redeemed they shall be can
ceiled and destroyed.
! Sec. 2. The secretary Of the
treasury is hereby authorized and
directed to cause to be printed and
engraved treasury notes of the United
States, with such devices and lnscr'p-
tons as he may direct and approve,
in denominations of $40, $40, $50,
500 and $1,000, which shall be made
payable on demand at the Office of
the assistant treasurer, in the city of
New York III standard gold or silver
coin when presented in sums of not
less than SI00 and said notes shall
be signed by the and eoun-
tersigned by the register of the treas
ury, or their signatures thereto en-
grayed. Said notes shall be receiv-
able by the United States fer all tax
es, customs. dues, demands and
claims of the United States, and
shall be received at par in all parts
of the United States in payment for
all salaries and other debts and de-
mands owing by the United States to
individuals. corporations and associa-
tons within the United States, except
where some other mode of payment
is provided by law, and when recelv-
ed into the treasury the same may be
reissued. And. in order to provide
3 TO" the prompt redemption If the
treasury notes thus authorized to be
issued, the secretary of the treasury
!, shall maintain Il redemption fund in
standard gold and silver coin by set.
ting aside from accruing surplus re-
venues from time to time, or from
the exchange of legai-tender notes OF
the treasury notes hereby authorized
for standard gold or silver COLI, such
sums as, with the fund now held II
n the treasury for the REDEMPTION OF
d the legal tender notes. not less than
20 per cent, of the aggregate Of the
outstanding legal tender notes and OF
6 the treasury notes hereby authorized
Provided, that the treasury note:
). thus authorized to be issued in ex
change and redemption Of the bond:
described in the first section Of thi:
8 act shall not exceed the amount O.
the notes circulation of the Nationa
e Banking associations outstanding AIT
secured by such bonds.
SEC. 3. All acts or parts Of acts il
conflict with the provisions of thi
: act are hereby repealed.
From some of our Western paper
q we learn that Ouray county, Colora
do, has been recently visited by tn
most destructive avalanches. or snow
slides. ever known to the history o
hat country. 1t seems that from tn
!, 18th to the 21st of last month th
snow fell necessarily, day and night
1 to an amount surprising anythin
+ ever before known in that region
On Friday, Dec. 2lst, a slide starte'
y about $50 feet above the Virginiu
n mines, and swept down the mountai
a side with an increased volume an
n velocity that made the very cart
tremble-completely burying every
thing in its course. Many lives bav
1T been lost, and much property de
stroyed. The principle damage
y however, seems to have occurred a
n Virginlus mines and the vicinity A
the Mendoza and other places the dc
struction was fearful 1t is said tina
n the whole mountain side, from tn
head of Defiance Gulrh to Sniffie
d Creek, has been swept by slides.
The conclusion of scientists wit
IS reference to tho remarkable suuset