San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1896-08-02
THE LAW OF 1875.
To Provide for the Resumption of
Specie Payments.

To Provide for the Resumption of
Specie Payments.
1S74-75. Chapter XIV. An act to
provide for the resumption of specie
payments.
Section 1. Be It enacted. That the
secretary of the treasury is hereby
authorized and required as rapidly as
practicable, to cause to be coined at
the mints of the United States, silver
coins of the denominations of 10c, 25c
and SOC, of standard value, and to
issue them in redemption of an equal
number and amount of fractional cur
rency of similar denominations. or, at
his discretion, he may issue such sill
yer coins through the minis, the sub
treasures, public repositories, and
postofiices of the United States: and
upon such issue he is hereby author
lied and required to redeem an equal
amount of such fractional currency
outstanding shall be redeemed
Sec. 2. That so much of section
1924 of the Revised Statutes of the
United States as provides for a charge
of one-fifth of l per centum for con-
Verting standard gold bullion into
coin is hereby repealed, and hereafter
no charge shall be made for that SER
vice.
Sec. 8. That section 5177 of the Re-
vised Statutes of the United States
limiting the aggregate amount of cir
culating notes of national banking as
sociations be, and is hereby, repealed
and that such existing banking asso-
Citations may increase its circulating
notes in accordance with such exist
ing law without respect to said aggre-
gate limit; and new banking associa-
lions may be organized in accordance
with existing law without respect Ia
said aggregate limit: and the proyis-
fions of law for the withdrawal and
redistribution of national bank cur
rency among the several states and
territories are hereby repealed. And
whenever and so often as circulating
notes shall be issued to any such
banking association. so increasing its
capital or circulating notes, or SC
newly organized as aforesaid il shall
be the duty of the secretary of the
treasury to redeem the legal tender
United States notes in excess only OF
S3OO.OOOOOO, to the amount of so peI
centum OF the sum of national bank
notes so issued to any such banking
association as aforesaid, and to con.
tinue such redemption as such circu.
lating notes are issued until there
shall be outstanding the sum of $780,.
100000 of such legal tender United
ShotSS hohSSS anu IlO more. ana OF
and after the LIST day of January, an.
no Domini, 1879, the secretary of the
treasury shall redeem in coin the
United States legal tender notes Their
outstanding, on the presentation fol
redemption at the office of the assist.
ant treasurer of the United States, in
the'city of New York, in sums not less
than $50. And to enable the secre.
tary of the treasury to prepare and
provide for the redemption in this act
authorized or required, he is author.
lied to use any surplus revenues, from
time to time, in the treasury, not 9TH
erwise appropriated, and to issue, sell
and dispose of, at not less than par
in coin either of the descriptions OF
bonds of the United States described
in the act of congress, approved July
IA. 1870, entitled 'An act to authorize
the refunding of the national debt
with like qualities, privileges, and ex.
emptions, to the extent necessary tc
carry this act into fulleffect, and tc
use the proceeds thereof for the pur.
pose aforesaid. And all provisions OF
law inconsistent with the provisions
of this act are hereby repealed.