The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1893-08-10

OF the United States and when 60 re-
deemed may be reissued, but no greater
or less amount Of such notes shall be out
standing at any time than the cost Of the
silver bullion and the standard silver dol
lars coined therefrom, then held In the
treasury purchased by such notes, and
such treasury notes shall be legal tender
IN payment Of all debts, public and pri-
vate, except where otherwise expressly
stipulated in the contract, and shall be
receivable for customs, taxes and public
dues, and when so received may be reis-
sued; and such notes when held by any
national banking association may be
counted as part Of its lawful reserve.
That upon demand of the holder Of any Of
the treasury notes herein provided for the
secretary Of the treasury 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 aparity with each other upon
the present legal ratio, or such ratio as
may be provided by law.
Sec. 8. That the secretary of the treas
ury shall each month coin 100000 ounces
of the silver bullion purchased under the
provisions of this act into standard silver
dollars until the 1st day of July, 1891, and
after that time be shall coin of the silver
bullion purcha sed under the provisions of
this act as much as may be necessary to
provide for-the redemption Of the treasury
notes herein provided for, and any gain or
seigniorage arising from such coinage
shall be accounted for and paid into the
treasury.
Sec. 4. That the silver bullion purchased
under the provisions of this act shall be
subject to the requirements of existing
law and the regulations of the mint service
governing the methods of determining the
amount of pure silver contained and the
amount of charges or deductions, if any,
to be made.
Sec. 5. That so much of the act of Feb.
%, 1873, entitled IAN act to authorize the
coinage of the standard silver dollar, and
to restore its legal tender character" as
requires the monthly purchase and coin
age of the same into silver dollars of not
less than 81, COO, COO nor more than $4,000
zoo worth of silver bullion is hereby re-
realed.
Sec. &. That upon the passage of this
act the balance standing with the trea-
surer of the United States to the respec-
tive credits of national banks for deposits
made to redeem the circulating notes of
such banks and all deposits thereafter re-
ceived for like purpose shall be covered
into the treasury as miscellaneous re-
ceipt, and the treasurer of the United
States shall redeem from the general cash
in the treasury the circulating notes of
said banks which may come into his pos
session subject to redemption, and upon
the certificate of the comptroller of the
currency that such notes have been re-
ceived by him, and that they have been
destroyed by him, and that no new notes
will be issued in their place, reimburse
ment of their amount shall be made
t. the treasurer, under such regulations
as the secretary of the treasury
may prescribe, from an appropriation
hereby created, to be known as national
bank notes redemption account, but the
provisions of this act shall not apply to the