The Red Cloud chief., 1895-12-13


period. Il will be seen by n rcferenco IN ,bo
debates I'm congress nj tho t,mo Laws wero
passed authorizing tho issuc ~ these no,c.
that their advocate, declared thew woro in.
tendsd for only tcmpora.y use and TO meet the
emergency of wat. In almost, IL not ali. Tho
laws relating &, them, some proyjsion was
made contemplating their voluntary or com.
pulsory retirement. Alargc quantity Of them.
however, were kept on foot and mingled with
the currency OF the country. 40 that ne tho
close of the year 1874 they amounted TO SssI..
100. rs. Immediately after that DAT e and in
Jat uary, 1875. a law was passed providing for
the rcsutn ,tion OF specie payment, Inv
which tho So no AIRY Of the Treasury
wa, required, whenever additional circu-
lation was is,ued to National banks,
to retire United states notes in equal amount
to 70 per cent OF such additional National hank
circulation until such notes yere reduced 70
$500. 90, 900. This law further provides TINT on
and after the last dav ~ .January, $50 thc
United states notes then ontstandina. should
be redeemed in coin. and In order IN proyidc
and prepare for such redemption tho secretary
of the TREASURY WINS authorised not only IN usc
any surplus revenues OF The uovcrnmcni. Int to
issne honJ, ~ ~. Hated o,.,a...I I;.n.aIt
them Tor coin and 4, nse Tho nrococJs IT, ,ha
purposes ontemplate nv tho ~stotnte.
Ina NAV. 1919. md before Tho date Tim. nm.
pointed for tho rede,nution nm e,ircnc,t ~
theee notes. nnotbcr stntuto vas nossod for.
bidding their further cnncelIat;on and retiro.
ment. Some of them hal. bovcyor. bcen nre.
viously redeemed and cnncc,lod unon tho fauna
OF Additional natiop.l bapt circnlnt ion IA ncr-
mitted by tho Law az ts;a- 40 ,bot Tho amount
OUTSTANDING nj ,I,c t;mc M Tho n,ssayc ~ t,c
act forbiddinu their further re, ;rcment was
4 O,;si ,is. 1be Law ~ Is,s did NO, atom M ais.
tipct probib;tion hut cnn,oincd II, addi,;op
tho following nrovis;on. ,,And when nnv
of said notcs NAV be redeemed mr.
bc received into The trcasurv nrde,
shall belong 10 the limited STATES. they, hall not
shall be re-issued and paid ont again and ke pt
IN circulation This was tho conditi on OF af.
iaifs an tho LIST day of january. 1879, which had
been hxed upon four years before as tho date
Tor entering upon the redemption and retire.
nent Oh uli these notes, ma Tor "n,ch such
abundant msans had been provldcd Inc COY.
erhinent was put In the anomalous situation =,
o"Ihs 70 IN, nolue,s 0, It's hot,s, uents pnyaolo
nso'u . II ue,hahu wh,cn coulu neither DC re.
uWu ny 'eroi'ihs s"ch hot's IN oischaree Oh
onllsa'ions que the government not cancelled ~
uo.uai payment IN Roiu. 4, was forced 70 IT,
otm w''nou' 'eoe'hp'iou anu W pay WITHOUT
a'I"'t'ance' .
incro mas pe'h issisu an" sofa s'o.o'o'Vu OF
.nu poho' author zcu oy the sumption act Oh
20, ,he procceus Oh winch, t"Sctner VIII othe,
so" "'ne ucssu.y' creatc'a eoio tuhu oeemeu
sunicient 10 ihoot tne uemahus whicn might DC
"
s's.'uihs on'oe' otaVe' moves. rms iuhu, To-
setner win suci other goid as might DO from
''nho .oti'he 10 ,he treasury avaiiaoie 'or tne
sane purpose, Nus p"en sinco caiieu our eoiu
reserve anu siV o'oo'' mas oeen regarded rs an
aucqua'e amount ID accomplish its OBJECT
ms iuhu announced on the istuoy OF 'nouary'
is'v' 10 si's,iVo iSI ana though theroaiser con
s.aht,S nuc'uaa.us' " aid not iaii De.ow INA,
SUN IN Cuiy' iS- In aprii, 1919 lot 'h' hrs'
.nme snnce us es.aos,snmeh. th,s Ioser'e
a.ounoeu 10 1883 than olyo'poo'P'o' contiinina
~ tna'oal oh'y s''oii'o"L
The Bond Contract.
The mcss,v c rcyievs at prcat lenc,b thu Low
erina of the . Id rc,erye. tho shipment of cold
the issuing of bonds. tho onterin. into thc bond
contract with CAPITALISTS, ana his messages "a
Congress for relief Continuing. tho pr.-iden,
says.
The Copvress hav;ny ,.c, ;,ca IN ,r,,, t,,
necessary au,bori,v 10 s.cure this .nv;no IN,
contract inundated was cnrricd ont. resuItins
in n gold reserv, nmonntiny 10 s,0i Al ~, mr.
tho sth dav Of .Julv. is0i Tbs righteousness N
this contract moi only rcst,red the rcscr,c bn,
cbc,ke cd for a time tho Withdraw, al. ~ Gold an,
hrouyh, on , n.r;nd ~ r.s,orot cont;Jcn.o m,
snch nescc and oni"t in husine.s circles =,
yc- y Of tho yrentest nossihle ynIuo IN oxcrv i'm
torest that affect. our neonle Ihayc mayor hn,
tLo sl;,htos, ,n;s.;vina cnncarr;r, tho ,,;sdo,,
or proprioty Of tbis srrangomcnt and am ou;t,
willing 10 answer for INV full shnrc of ros,nnsi
L;Ii,y o. ~, nramo,an
believe i, nyortej q d;s,s,or ,he ;wm,,an.,
NJ which IL fnr,nna,oIy mo-, n, ,bis ,;,na -
ill, rnJ.rs, n.t a.. ,a ,T,n, :, a.,
contra - r,cntio,ci .,ovcd ror time ths ia,
~ ,nId v;,hdrawaI H. ,,od ro.rI,s ,onid no
Ia raru,a,an, Rn,an, ,.;,.,a.,.s - ~,
ducod the ,c.crxc from SIo, ar Oh a, tbs ii
IT, 81 ILL $50, =" go asa "a H. Io,a |;
-, - - ", ons :
vrnccesSnrv 10 orlv m,t,,r ~ coniec,urc