The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-08-08

the OfQC0 u any 6SSASU0AO CAOOONAOA "a
the United States, and when SO re-
deemed may be ~re-issued; but no
greater or lesser amount Of such notes
shall be outstanding at any time than
the cost of the silver bullion and stan
dard silver dollars coined therefrom,
then held in the tr 9asury, purchased
by such notes, and such treasury notes
shall be a legal tender in payment of
debts, public and private, except where
otherwise expressly stipulated in the
contract, and shall be receivable for
custom taxes and public dues, and
when 20 received may be re-issued;
and such notes when held by any
banking association may be counts las
a part of its lawful reserve.
That upon demand of the holder of
any of the treasury notes herein pro
vided for, the Secretary of the Treas
ury shall, UNDER SUCH REGULATIONS AS
HE MAY PRESCRIBE, redeem such notes
IN GOLD OR SILVER coin at his discretion,
it being the established policy of the
United States to maintain the two
metals on a parity with each other
upon the present legal ratio, Or such
ratio as may be provided by law.
SEC. 3>That the Secretary of the
Treasury shall each month coin two
million ounces of the silver bullion
purchased under the provisions of this
act into standard silver dollars, until
the first day of July, 1891; and after
| that time HE SHALL DIN OF tie silver
| dollar purchased under the provisions
of this act as much as may be neces
sary to provide for the redemption of
the treasury notes herein provided for,
and any gain or ~seignorage arising
from such coinage shall be accounted
for, and paid into the treasury.
SEC. A. That the silver bullion pur-
chased under the provisions of this act
shall be subject to the requirement OF
existing law, and the regulation Of the
mint service governing the method OF
determining the amount of pure silver
contained and the amount and charges,
or deductions, if any are to be made.
Sec. 5. That so much of the act OF
February %, 1878, entitled an act tc
authorize the coinage Of standard silver
dollars, and requires the monthly pur
chase and coinage of the same into sill
yer dollars of not less than two million
dollars nor more than four million dol
lars worth of silver bullion, is hereby
repealed.
SEC. 6. That upon the passage of this
act, the balances standing with the
Treasurer of the United States to the
respective credi 8 of the national banks,
for deposits made to redeem the circu
lating notes of such banks, and all de
pOsits thereafter received for like pur
pose, shall be received into the treasury
as miscellaneous receipts, and the
Treasurer of the United States shall re
deem from the general cash in the
treasury the circulating notes of sale
banks, which may come into his pos
session subject to redemption, and upor
a certificate of the Comptroller of the
Currency that such notes have beer
received by him and that they haC
been destroyed. and that no new note:
would be issued in their place, REIN
bursement of these amounts shall b.
made to the treasurer under such regu
~lations as the Secretary of the Treasury
may prescribe, from an appropriation
hereby created, known as "~nationa
bank note redemption account" bu'
the provisions of this act shall not ap
ply to the deposits received under sec
ton three, of the act of June 90, 1874
requiring every national bank to keeI
in lawful money with the Treasurer o.
the United States a sum equal to five
per centum of its circulation, to be held
and used for the redemption of its cir
culating notes, and the balance remain
ing Of the deposits so covered, shall a
the close of each month, be reported OF
the monthly publ; debt statement, al
a debt of the United States, bearing ne
interest.
Sec. Z. That this act take effect thirty
days from and after its passage.
Approved July IA, 1890.
~