The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-08-21

might be retired to the extent OF $40, OO0,-
600 during the ensuing six months, and
that thereafter they might be retired at the
rate Of not more than ~, 00C, 900 per
month. This authority remained In force
until 1t was suspended by the act of Feb.
4, 1858. The authorized amount of reduc-
t1on during this period was about go, 000,
600, but the actual reduction was only
about ga 900, 900. No change was made
In the volume of United States notes out
standing until after the panic OF 1878,
when, In response to popular demand, the
government reissued $26, 600, 900 of the
cancelled notes
This brought the amount outstanding TO
$685., 900, OOO and 1t so remained until the
resumption act Of Jan IA. 1875, provided
for Its reduction 30 $780, 600, 600. The proc
ess was however, again stopped by the
act of May 81, 1878, which required the
notes to be reissued when redeemed At
that time the amount outstanding was
s346, 6s1, DIG, which is the present amount
Gold Certificates.
The act of March 8, 1888, authorized
the secretary of the treasury to receive de-
posits of gold coin and bullion in sums not
less than SEQ and to issue certificates
SEQ, said certificates to be receivable for
duties on imports. Under this act deposits
Of gold were received and certificates issued
until Jan. 1, 1879, when the practice was
discontinued by order OF the secretary Of
che treasury The purpose Of the order was
30 prevent the holders Of United States
notes from presenting them for redemp-
ton In gold and redepositing the gold In
exchange for gold certificates No certifl-
Gates were issued after Jan. I, 1879, until
the passage of the bank act of July l2,
1882, which authorized and directed the
secretary Of the treasury to receive gold
coin and bullion and issue certificates.
Silver Certificates.
The act Of Feb. 2S, 1873, authorizing the
issue of the standard silver dollar, provid-
cd that any holder Of such dollars might
deposit them In sums not less than $40
with the treasurer or any assistant treasur
or Of the United States and receive certifi-
Gates therefor In denominations not less
than $40, said certificates to be receivable
for customs, taxes and all public dues.
The act Of Aug 4, 1885, authorized the Is
sue OF the smaller denominations Of 81, 81
and o.. Silver certificates have practically
taken the place In circulation Of the stand
ard silver dollars which they represent
The amount outside the treasury July 1,
1895, was 1881 1859, 500, while the amount
of standard silver dollars outside the treas
ury was only e52, 17b, 99s. Neither silver
certificates nor silver dollap are redeemed
In gold
Treasury Notes, Act Of July IL, 1890.
These notes were authorized by the act of
-. -. Ilx.<1x l.,. :
man act. The secretary of the treasury
was directed to purchase each month
4, 500, 900 ounces OF fine silver at the mar
ket price, and to pay for the same with
Treasury notes redeemable on demand In
coin and legal tender for all debts, public
and private, except where otherwise ex
pressly stipulated In the contract II was
provided In the act that when the notes
should DO redeemed or received for dues
they might be reissued, but that no greater
or less amount Of such notes should be
outstanding mt any time than the cost Of
the silver bullion and the standard silver
dollars coined thercfrom, then held In the
treasury, purchased by such notes.
The authority for the purchase OF silver
bullion under this act was repealed by the
act of Nov 1, 1898, up TO which date the
government had purchased 1913, ga, 6s2. 90
fine ounces Mt cost of tl55, 93l ,002, for
which treasury notes were issued. The
amount of silver bullion purchased under
said act and now held In the treasury Is
lSi, s3s, 100. 40 fine ounces. which cost
slis, 903, 909.23.
Redemption.
Gold coins and standard silver dollars
being standard coins OF the United States
are not "redeemable.
Subsidiary coins and minor coins may
DO presented In. sups or multiples of s20