The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1896-08-15

Uou, 00U was to be a 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
8, 1858. The total amount authorized, in
GLIDING the temporary issue, was $3.50, 000,-
600, and the highest amount outstanding
at any time was $449, 33S, 90s, on Jan. 80,
1854. There is still outstanding $780,
691, ole
The reduction from the original perma-
nent issue of $500, 100000 to S346, 681, DIG
was caused as follows: The act of April 10,
1865, provided that United States notes
might be retired to tho extent of $40, 000,-
600 during the ensuing six months, and
that thereafter they might be retired at the
rate Of not more than S4,o0o,O 600 per
month. This authority remained in force
until it was suspended by the act of Feb
4, 1858. The authorized amount Of reduc-
ton during this period was about $40, 000,-
900, but the actual reduction was only
about $44, 000 000 No change was made
in the volume of United States notes out
standing until after the panic of 1873,
when, in response to popular demand, the
government reissued S26, 900, 900 of the
: Cancelled notes.
-~-@S
$3.50, 600, 000 and it SO remained until the
resumption act of Jan. IA, 1875, provided
for its reduction to $500, 600, 600 The proc
ess was, however, again stopped by the
act of May 81, 1873, which required the
notes to be reissued when redeemed. At
that time the amount outstanding was
$346, 681, Ole, 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
$50, 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 redemp-
ton in gold and redepositing the gold in
exchange for gold certificates. No certif
Gates were issued after Jan. 1, 1879, until
the passage Of the bank act of July 70,
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. 80, 1873, authorizing the
issue of the standard silver dollar, provid-
ed that any holder of such dollars might
deposit them in sums not less than $40
with the treasurer or any assistant treasul-
er OF the United States and receive certif-
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, So
and SIS. 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,
1896, was 1881, 300, sos, while the amount
of standard silver dollars outside the treas
ury was on $50, fG5, $685. Neither silver
certificates nor silver dollars are redeemed
IN gold.
Treasury Notes, Act of July IL, 1890.
These notes were authorized by the act of
July IA, 1890, commonly called the ''Sher-
man act. The secretary Of the treasury
was directed TO purchase each month
4, 800, 600 ounces of fine silver at the mar
ket price, and to pay for the same with
treasury notes redeemable on demand in
com and legal tender for all debts, public
and private, except where otherwise ex-
pressly stipulated in the contract. 1t was
provided in the act that when the notes
should be redeemed or received for dues
they might be reissued, but that no greater