Middlebury register. (Middlebury, Vt.) 1886-1937, 1895-09-06

ment of the army and navy: There
fore. BE- il resolred, ETC.. That the secre-
tary of the treasury be, and he Is hereby
authorized, If required by the eXigencies
of the public service, to issue on the
credit OF the United States the sum of
one hundred millions of dollars of United
States notes, in such form as he may
deem eXpedent, not bearing interest,
payable to bearer on demand, and of
such denominations not less than one
dollar, as he may prescribe, which
notes so issued shall be lawful money
and a legal tender. like the similar notes
heretofore authorized in payment of all
debts, public or private, within the
United States, except for duties on i'm
ports and interest on the public debt {;
and the notes so issued shall be part of
the amount provided for in any bill now
pending for the issue of the treasury
notes, or that may be passed hereafter.
ACT OF MARCH IS, 1SG0-AN ACT TO
STRENGTHEN THE PUBLIC CREDIT.
BE il enacted. etc., That i'm order to re-
move any doubt as to the purpose of the
government to discharge all Just obliga-
tons to the public creditors, and to settle
conflicting questions and interpretations
cations have been contracted, it is hereby
provided and declared that the faith of
the United States is solemnly pledged to
the payment in coin or its equivalent of
all the obligations of the United States
not bearing interest, known as United
States notes, and of all the intereSt-bear-
ing obligations of the United States, ex-
cept In cases where the law authorizing
the issue of any such obligation has ex-
presslY provided that the same may be
paid in lawful money or other currency
than gold and silver. But none of said
interest bearing obligations not already
due shall be redeemed or paid before
maturity unless at such time United
States notes shall be convertible into coin
at the option Of holder. or unless ut such
time bonds Of the United States bearing
lower rate of interest than the bonds to
he redeemed can be sold at par in coin,
And the United States also soemnly
pledges its faith to make provision at the
earliest practicable period for the redemp-
ton of the United States notes in coin.
ACT OF JUNE 20, lS74-FIXING TIE
AMOUNT OF UNITED STATES NOTES, ETC
SEC. 6. That the amount of United
States notes outstanding and to be used
as a part of the circulating medium shall
/ not exceed the sum Of $751;, 900, 900. which
said sum shall appear in each monthly
statement of the public debt, and no par
thereof shall be held OF used as a reserve
SEC. Boss. United States notes shall
be lawful money, and legal tender il
payment of all debts, public and private
within the United States, except fol-
duties on imports and interest on the pub
lie debt.
SEC. $3.50 Demand treasury note.
authorized by the act of July Il, 1861
chapter ,, and the act of February II
1862. chapter 20, shall be lawful money
and "A legal tender in like manner a
United States notes.
SEC. $500. Treasury notes issued un
der the authority of the acts of March 3
1868. chapter -, and June 30, 1861, chap
ter l72, shall be legal tender to the SAM
extent rs United States notes, for thei
face value, excluding interest.
PrOrMcd, That treasury notes ISSUED
under the act last named, shall not he
legal tender in payment or redemption o
any notes issued by any bank, bankin!
association. or banker, calculated and in
tended To circulate as money.
SEC. 3. That section 5l77 of the Re
vised Statutes, limiting the aggregat
amount of circulating notes of nationa
banking associations be, and is heTeb
repealed; and each existing banking as
ISOLATION may increase its circulatin,
notes i'm accordance with existing Law
without respect to said aggregate limit
and new banking associations may be OF
ganiZed in accordance with existing Law
without respect to said aggregate limit
and the provisions of law for the with
drawal and redistribution of national ban
currency among the several States an
Territories are hereby repealed. An
whenever, and so often. as circulating
notes shall be issued TO any such banking
association. so increasing its capital o
circulating notes, or so newly organize
as aforesaid, II shall be the duty of tn
secretary of the treasury to redeem tn
legal tender United States notes in eXceS
only of three hundred million of dollar,
to the amount of eighty per centum O
the sum of natiOnal-ban notes so issue
to any such banking association as aforC
said and to continue such redemption a
such circulating notes are issued unit
there shall be outstanding the sum O
$500, 900, 900 of such legal tender Unite
States notes and no more. And on an
after the first day OF January, ann
Domni. eighteen hundred and seventy
nine. thc secretary of the treasury sha
redeem, in coin, the United States lega
tcuder notes then outstanding, on thei
presentation for redemption at the oflic
of the assistant treasurer of the Unite
States in the city of New York, in sum
If not less than fifty dollars. And t
enable the secretary of the treasury t
prepare and provide for the redemption
in This act authorized or required, he
authorized to use any surplus revenues
from tine to time, in the treasury nc
otherwise appropriated, and to issue, SCI
and dispose of, at not less than par, i
coin, either of the descriptions of bond
of the United States described in the &C
of Congress approved July II, 1870, ell
titled "An act to authorize the refundin
of the national debt" with like qualitie:
privileges and exemptions, to the eXten
necessary to carry this act into full effect
nd fl,, IL g 70. 81