Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1890-07-08

10, lees than tl nor more than eloOr, .
sum sufficient 70 carry into eject the pro-
Visions Of ibis act hereby appropriated out
Of any money in the treasury ard not ether
wise Appropriated
Treasury notes issned in sesaxdancs With
the provisions Of this act shall be rsdeems-
bic on demand, Ia coin, st the Tleesary.
When % redeemed. they may be fsissaed.
No greater or less amount Of snch notes
shsll be outstanding II any time thsa the
cost Of silver bullion and standard silveY
dollars eoiAed the4efrom than 10 held In the
Treasury purchased BY such noses; such
Treasury notes shAll be legal tender in
the pay measok all debts. public and private.
except when Otherwise expressly stipulated
in the contract, and then they shall be
receivable for all customs, taxes. and
all public dues; and. when they are
20 received, may be reissued; such notes
when held BY any natioual banking sssocia-
ton may be counted - pars Of its lawful
reserve. Upon fsmsnd Of the holder Of
any treasu-y ul.. herein provided for the
Secretary Of the the Treasury shall redeem
such notes in gold or si.ses coin at his dis
erosion, it being an establis policy Of
the united States to maintain the two met
n49 ou parry Wtko CoCu Vtutt upOn tuc
present legal ratio, or suih ratio ~ may be
provided BY Law.
The Secretary Of the Treasury shall each
month coin two million ounces Of silver
bullion purchased under the provisions OF
this act into standard silver dollafs until
July |, 1891, and after that time shall coin
Of silver bullion purchased under the pro-
visions Of this act ~ mnch - may be nee
essary to provide for the redemption of the
treasury notes herein provided for, and any
gain or seigniorage arising from such coin
age shall be accounted for ard paid Into
the treasury.
Silver bullion, purchased under the pro-
visions Of this Law, shall be subject to the
requirements Of the existing Law and regu-
lations Of the mint service governing the
methods determining the amount of pure
silver contained, and the amount charged
or deductions to be made.
So much Of the act entitled an "act to
authorize the coinage Of the standard dol
lar and restore its legal tender character,
as requires the monthly purchase and coin
age Of the same into silver dollars, not less
than two million dollars nor more than
four million dollars worth Of silver, 10
hereby repealed.
Upon the passage Of this act balances
standing with the Treasurer Of the United
States 10 the respective crediis Of national
banks for deposits made to redeem eirou.
lating notes Of such banks, and all deposits
thereafter received for = like purpose,
shall be covered into the treasury rs mis-
cellaneous, and the receipt Of the Treasurer
Of the United States shall redeem from
the general cash in the treasury the circn
lating notes Of said bank which may come
into his posses.ion subject to redemption.
Upon the certificate OF the Comptroller of
Currency that such notes are destroyed.
and no new notes be issuued in their place.
the feimbursement Of their amount shxl!
be made to the Treasurer from the appoint
ment hereby created 10 be known as the
National bank notes-redempiion account,
but the provisions of this act does not sp-
ply TO- deposits received under the act
requiring every Nationatial bank to keep in
lawful money with the treasurer, . sum
equal to five per cenium of its circulation,
to be held and used for the redemption of
its circulating notes. and the balance re-
naming Of the deposits 30 covered shall at
the close Of each month, be repeated on
the public debt statement ~ . debt of the
United States bearing no interest.