The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1886-02-18
The X. Of l.. Currency Bill!

4 bill 10 simplify liz currency: strengthen
the colt reserve. prevent tafliTaetiun ard
Irpsh." fpr grnssl.i, ifieItsi-s' VI the circia-
ting medit;ln.
sE.I1r. L. III. il enacted fl. the SENATE. and
House 81 Representatives of tie United states
OIL .Atasrica. In Congress assembled. That any
pef,uTs may deposit gaid silver in tire Tfts,S-
nr. CT any >.,.-Tr.4s-as. N The United states
III aJty amount. and stall receive therefor.
In,tsi States notes n I'll. rate of one dollar
fOf 4l25 grains II standard silver t,r = grains
OF standard goiI. Ali United States note. snail
hereafter he convertible into com or standard
bullion nj the option Of the io.icr. on prescn-
the United States. All United states notes
shall bc u legal-tender for all debts public and
private, except where coin Ii expressly PROM
isssi IN the contract or law creating the oblga-
ton.
SEC. g No more gold or silver certificates
shall be issued. AM NO gold cr silver on Unite
as special deposit. After January ]. lss.. the
Treasury shall moi hold any gold or silver ~ !.
spec.a! deposit to redeem certificates All
gold and silver then he'd in the Treasury shall
constitute part Of tho assets Of the Treasury
and certificates thereafter presented for re-
deinption shall BE- redeemed with United
States notes. The Secretary Of the Treasury
shall do all that is neeess..r, 10 inform holders
OF certificates OF the provisions OF this law
SEC: >. Al gold and SILVER certificates which
have been issued BY The Treasury and which
pave Dcen or may he received track into the
treasury by aIG process other than by re-
demption. shall be DESTROYED and an cs,,ai
amount Of United states notes shall he sul,sti-
tllfed Tor them and shall constitute assets OF tho
Treasury. All gold AMI silver certificates
which have been or which may be redeemed
shall be destroyed.
SEC. 4. No more national tank notes shall
be issued, III worn mutulatcd bank notes
received by tho Treasurer for renewal shall lie
redeemed by United state notes. Any bank
now or hereafter organized under the law Of
the Uuitcd states and entitled to receive cir
culating notes on Il deposit Of United states
bonds snail receive tho amount to which it il
entitled II United states notes. Whenever Sly
national bank shall retire its circulating notes
the Secretary of the Treasury shall issue TO tic
treasurer an equal amount OF United States
notes which snail be assets Of the treasury.
SEC 3. No gold or silver snail bc received at
any mint TO be coined or forine, into bars for the
benefit OF any private parry. The Secretary of
the Treasury shall cause 10 be coined only 50
much OF the gold and silver belonging to the
United States rs shat he found necessary to
redeem United Siatcr notes and pay the coin
obligations Of the United States: the remain
der or the gold and silver OF the Treasury shall
be formed into bars Of standard bullion,
SEC. D. The limitation on the volume IF the
United States notes, rs fixc,i hy All act in force
At the date OF the passage Ut this act, are sus-
pended SO far as shall be necessary to exchange
United states notes for gold and silver. TO cx-
change United states notes for gold and silver
certificates presented for redemption after
January /. 1851, to substitute United states
notes Tor gold and silver certificates received
for taxes or otherwise than by redemption, to
exchange United states notes tor Worn-ont
with United states notes Oh bonds deposited
for security. and to substitute United states
notes for national bank notes retired from cir
cuatiOn. rs provided iii sections one. two,
three, and four Of this act.
SCI. I. The United states notes in existence
Vt the date Of the nas>ase Of thi, act, and that
may To issued III accordance with the pro-
visions OF this act when received into the
Treasury by any process whatever, shall not
be cancelled or destroyed. but shall be neld in
the Treasury rs aNaliAile assets. The >ecr0.
(0fy OF the Treasury SilAil
tiiattf notes to he destroyed, and shall subsri-
iute therefor All equal amount of new notes.
SEC. {. The nitesi states notes shall he of the
denominations of 10 cents. Ii cents, - cents, 10
cents. one dollar, two dollars. i've dollars, ten
dollars. twenty dollars. nifty dollars. one hum
dred dollars, i've hundred dollars. one thousand
dollars, and ten Thousand dollars. Any holder
~ nitod States notes may presen. the same
NJ the Treasury or any sub-trclSsiry and re-
ceivc In exchange All equal amount Of United
states notes OF sucn determinations as he may
designate.
Sec Y. AL acts or parts of acts inconsistent
with this act are hereby repealed.