The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1896-08-09
THE LAW OF 1875.
To Provide for the Resumption OF Specie
Payments.

| ~ AoN.Nt iNi Nl4' Assumption VI opcNiN
Payments.
| 1919. Chapter Nv: An actt provide
for the resumption of specie payments.
| Section j. 10 1t enacted, That the sec
rotary of the treasury is hereby author
| ized and required as rapidly AS practicable
10 cause to be coined at the m.nts of the
| United states. silver coins OF the denom-
| nation of 10 cents. p cents ana 20 cents,
| of standard value, and to issue them III re-
demptlon of an cQuAl number and amount
| oi fractional currency Of similar denom-
nations, or, at his discretion. he may Is
sue such silver coins through the mints.
! the suotreasurics, public repositories, and
| pos offices of the United States, and. up
on such issue, he Is hereby authorized
| and required TO redeem am equal amount
of such fractional currency until the
| whole amount of such fractional currency
outstanding shall be redeemed.
| Sec. >. That much of section 1924 OF
F., the Revised statutes OF tho United states
| rs provides FOR u charge of one-iifth OF
per ceutum for converting STANDARD gold
| bullion into coin is hereby repealed aud
! hereafter no charge shan be made lof
| that service.
| Sec 3. That section SIN OF the revised
| statutes of the United States limiting the
aggregate amount of circulating notes OF
National banking associations be, and is
hereby. repeated and that such existing
banking assoc ations may increase its cir
culadng notes n accordance with existing
law without respect 20 said aggregate
Emit; and new lonltng associations may
lie orge uized In accordance with existing
law without respect To- said aggregate
Knit. aud the provisions OF law Tor the
withdrawal and redistribution of National
bank currency among the several States
ami Territories are hereby repealed, And
whenever and so often as circulating notes
shall he issued to any such banking aesso-
citation, so increasing ttS capital or circu-
latng notes, or so newly organized as
aforesaid. ii shall be the duty of the sec
| Rotary II the treasury TO redeem the legal
| tender United States notes In excess only
| OF $50 0c0.0 900 10 the amount of 50 per
ccntum of the sum of National bank notes
| SO issued to any such banking aSsoc-d-
| ton as aforcsu ii, and 10 continue such re-
demption rs such circulating noes are
| issued until there shall be outstanding tho
sum of 500 no 900 of such legal tender
United States notes, and no more. Ana
on and after the first day OF January,
ammo Dominl. 1879. the secretary of the
TREASURY SlrIl redeem IN coin the United
States ,egal tender notes then outstanding,
on Their presentation for redemption ut
The office of The assistant treasurer of
the United States, an the city Of New
York. in sums of not less than so. And
TO enable the secretary of the treasury
to prepare and provide for the redemption
in this act authorized or required he is
authorized to use any surplus revenues
from anne to time, in the treasury not
otherwise appropriated, and 70 issue. sell
coin either If tho descriptions of bonds
of the United States described in the &C.
of congress approved July H. 1870. en-
titled IAN act TO authorize the refundng
of the National debt" U'Th like qualities,
privileges and exemptions, 10 the extent
necessary to carry this act into fun effect,
and 10 use the proceeds thereof for the
purposes aforesaid. And all provisions of
law Inconsistent with the provisions of
this act are hereby repealed.