The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1896-09-23

In lieu of an equal amount Of demand
notes and could be issued only rs the de-
mand notes were Cancelled. A second issue
of $4,000 900 was authorized by the act
of July II, 1862, of which, however, $780,
900, 900 was to be temporary issue for
the redemption of debt known as the
temporary loan. A third issue Of $780,
900, 900 was authorized by the act Of March
3, 1863 The total amount authorized, in
Guiding the temporary issue, was $3.50, OOO,-
600, and the highest amount outstanding
at any time was s449, 1888, ,9O2, on Jan. 30,
1864. There is still outstanding $780,
6Sl, l,O16.
The reduction from the original perma-
nent issue of s40O, 900, 900 to 1916, ,6S1, ,016
was caused as follows: The act Of April 12,
1866, provided that United States notes
might be retired to the extent of $40, ,000,-
600 during the ensuing six months, and
that thereafter they might be retired at the
rate of not more than 100000 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, ,OOO,-
900, but the actual reduction was only
about S44,O00,OO0. 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 S26, 10000 Of the
Cancelled notes.
This brought the amount outstanding to
$685., 200, 600, and it so remained until the
resumption act Of Jan. ii, 1875, provided
for it's reduction to $500, 100000 The proc
ess was, however, again stopped by the
act of May 81, 1878, which required the
notes to be rcissued when redeemed. At
that time the amount outstanding was
$346, GSl, ,016, which is the present amount.
Gold Certificates.
The act Of March 8, 1868, authorized
the secretary of the treasury to receive de-
posits of gold coin and bullion in sums not
less than $50 and to issue certificates
therefor in denominations not less than
S20 said certificates to be receivable for
duties on imports Under this act deposits
Of gold were received and certificates issued
until Jan. l, 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 rcdemp-
tion in gold and redepositing the gold in
exchange for gold certificates. No certifl-
Gates were issued after Jan. l, 1879, until
, the passage OF the bank net of July II,
/ 1882 which authorized and directed tho
secretary Of the treasury to receive gold
coin and bullion and issue certificates.
Silver Certificates.
The act of Feb. 2s, 1878, 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 certifl-
! 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, 1886, authorized the is
sue of the smaller denominations of 81, 50
and S5. Silver certificates have practically
/ taken the place in circulation of the stand
ard silver dollars which they represent.
| The amount outside the treasury July l,
1896, was 1891, 1859, 500, while the amount
of standard silver dollars outside the treas
ury was only s52, l75, 99S. Neither silver