The climax. [volume] (Richmond, Madison County, Ky.) 1887-1897, 1896-08-26

in lieu Of an equal amount of demand
notes and could be issued only as the de-
mand notes were Cancelled. A second issue
of $3.50, 900, 900 was authorized by the act
of July IL, 1862, of which, however, $780,
600, 900 was to be a Temporary issue for
the redemption of debt known as the
temporary loan. A third issue of $780,
600, 600 was authorized by the act of March
3, 1868 The total amount authorized, in
Guiding the temporary issue, was $3.50, 000,
600, and the highest amount outstanding
at any time was SAG, 1873, 902, on Jan 80,
1864. There is still outstanding $780,
6S1 DIG.
The reduction from the original perma-
ncnt Issue of S400, 600, 900 to S346, 6S1 ,016
was caused as follows: The act of April IL,
1856, provided that United States notes
might DC retired to the extent of $40, OOO,-
600 during the ensuing six months, and
that thereafter they might be retired at the
rate of not more than 81, 00C, 900 per
month. This authority remained in force
until it was suspended by the act of Feb.
4, 1868 The authorized amount of reduc-
tiOn during this period was about $40, 000,-
600, but the actual reduction was only
about S44, 900, 600. 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 reissned SIG, ZOO, 900 of the
Cancelled notes.
This brought the amount outstanding to
1892, 900, 600, and it SO remained until the
resumption act of Jan. II, 1876, provided
for its reduction TO $500, 900, 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, 6Sl, 0L6, which is the present amount.
Gold Certificates.
Tho oct Of March 3, 1868, authorized
the secretary of the treasury to receive de-
posts of gold coin and bullion in sums not
less than $50 and to issue certificates
therefor in denominations not less than
$50 said certificates to be receivable for
duties on imports Under this act deposits
of gold were received and certificates issued
until Jan. /, 1879, when the practice was
discontinued by order of the secretary of
the treasury. The purpose of the order was
to 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-
4,
the passage OF the bank act of July 1e,
1882, which authorized and directed the
secretary of the treasury to receive gold
coin and bullion and issue certificates.
Silver Certificates.
Tho act of Feb. rs, 1875 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-
er of the United States and receive ccrtifl-
Gates therefor in denominations not less
than So said certificates to be receivable
for customs, taxes and all public dues.
! The act OF Aug. &, 1886, authorized the is
sue of the smaller denominations of 81, 50
and So. Silver certificates have practically
! taken the place in circulation OF the stand
ard silver dollars which they represent
The amount outside the treasury July /,
I 1896, was 1891, 259, 500, while the amount
/ Of standard silver dollars outside the treas
TRY was only $50, lbs, 99S. Neither silver