The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-08-09

when held by any national banking asso-
citation, may be counted as 6, part of its
lawful reserve. That upon demand of the
holder of any of the treasury notes here
in provided 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 g. 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 LIST day of July, 1884, and
after that time he shall coin of the silver
bullion purchased under the provisions or
this act as much. as may be necessary to
provide for the redemption of the treas
ury notes herein provided for, and any
gain or Seigniorage arising from such coin
age shall be accounted for and paid int
the treasury.
Sec. a. That the silver bullion pur-
chased under the provisions of this act
shall be subject to the requirements of ex-
1sting law and the regulations of the mint
service governing the methods of determ-
lnlng the amount of pure silver contain
ed and the amount of charges and deduc-
tons, II any, to be made.
Sec. D. That so mucn of the act of Feb
ruary %, 1875 entitled, "An act to au-
thorize the coinage of the standard silver
uOlidI, anu 10 restore us legal
character" as requires the monthly pur-
chase and coinage of the same into silver
dollars of not less than 81, GC0, Co., nor more
than $4,0000O0 worth of silver bullion, is
hereby repealed"
Sec. 6. That upon the passage of this
act the balances standing with the treas
ury of the United States to the respective
credits Of national banks for deposits
made to redeem the circulating notes OF
such banks and all deposits thereafter
received for like purpose shall be COW
cred into the treasury as a. miscellaneous
receipt, 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
possession subject to redemption; and
upon the certificate of the comptroller of
the currency that such notes have been
received by him and that they have been
destroyed and that no new notes will be
issued in their place, reimbursement of
their amount shall be made to the treas
urer under such regulations as the sec
rotary of the treasury may prescribe,
from an appropriation hereby created, to
be known as national bank notes, re-
demption account, but the provisions of
this act shall not apply 70 the deposits
received under section of the act of
June 20, 1874, requiring every national
bank to keep in lawful money with the
treasurer of the United States a sum
equal to per centum of its circulation,
to be held and used for the redemption
of its circulating notes; and the balance
remaining of the deposits so covered shall
at the close of each month be reported
on the monthly public debt statement as
debt of the United States bearing no in
tereSt.
Sec. Z. That this act shall take effect
thirty days from and after it's passage.
approved July Il, 1S90)
An act approved September &C. 1890, dis
continued the coinage OF the 50 and 81
gold pieces and cent nickel piece.