The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-08-12

1862. of which, however. $50,OOO,OO was
TO be temporary issue for the re-
demption of debt known as the tenn
porary loan. A third issue of $15O.O0O,-
900 was authorized by the act of March
3, 1868. The total amount authorized,
including the temporary issue, was
$3.50 ,tGO. and the highest amount
outstanding at any time was S44933S.-
800, on Jan. so. 1864. There are still
outstanding $S4G.G ,OlG.
! The reduction from the original per-
manent issue of 100000, 900 to s346,6Sl.-
0lG was caused as follows: The act of
! April IL. 1866. provided that United
States notes might be retired to the
extent of $l0,00OO00 during the ensuing
| six months, and that thereafter they
| might be retired at the rate OF not
| more than S4.0O0.000 per month This
authority remained in force until II
! was suspended by the act of Feb. 4,
| 1868. The authorized amount of reduc-
| ton during this period was about $780,
600, 900, but the actual reduction was
only about 100000 No change was
made In the volume of United States
/
of 1872. when. In response to popular
| demand. the government relssued S-o-
900 900 of the Cancelled notes.
| This brought the amount outstand-
ing to $3So, 900, 900. and 1t so remained
until the resumption act of Jan. IA.
1875. provided for its reduction to S3OO,-
900, 600. The process was. however,
again stopped by the act of May 1873,
which required the notes to be reissued
when redeemed. At that time the
amount outstanding was $3466sl. .0lG.
which is the present amount.
GOLD CERTIFICATES.
The act of March 3, 1853 authorized
the secretary of the treasury to re-
ceive deposits of gold coin and bullion
| in sums not less than $40. and to is
| sue certificates therefor in denomina-
| tons not less than $50, said certi'i-
| Gates tu be receivable for duties on
| imports Under this act deposits q.
gold were received and certificates Is
sued until January |, 1879, when the
practice was discontinued by order of
| the secretary of the treasury. The prr-
pose of the order was to prevent the
| holders of United States notes from
presenting them for redemption n
gold and redepositing the gold in ex-
| change for gold certificates. No ce!-
| tificates were issued after January J.
| 1879. until the passage of the bank act
Of July II, 1882, (Which authorized and
directed the secretary of the treasury
| to receive gold coin and bullion and
issue certificates.
SILVER CERTIFICATES.
The act of February 2S. 1878, author
| izing the issue Of the standard silver
dollar. provided that any holder OF
| such dollars might deposit them In
sums not less than $40 with the treas
urer or any assistant treasurer Of the
United States, and receive certificates
therefor. in denominations not less
than $40, said Gel titicates to be re-
ceivable for customs taxes and all
public dues. The act of August 4. 1896
authorized the issue of the smaller
denominations of 81. 81 and s.. Silver
certificates have practically taken the
place in circulation of the standard
silver dollars which they represent.
The amount outside the treasury July
|. 1896 was s33l. .259509, while the
amount of standard silver dollars out
side the treasury was only $52.175,
99S. Neither silver certificates nor sill
YER dollars are redeemed In gold.
TREASURY NOTES. ACT OF JULY
II, 1890.
These notes were authorized by the
act Of July IA. 1890, commonly called
the sherman Act" The secretary OF
the treasury was directed to purchase
| each month 4.5O0000 ounces Of fine sill
YER at the market price, and to pay
for the same with treasury notes re-
deemable on demand in coin. and legal
tender for all debts. public and pri-
vavte, except where otherwise express |
ly stipulated i'm 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 or less amount OF such |
notes SHOULD be outstanding at any
time than the cost of the silver bull
lion and the standard silver dollars |
coined therefrom, then held in the |
treasury, purchased by such notes.
The authority for the purchase of |
silver bullion under this act was re- |
peaied by the act of November /. 1899. |
up to which date the government had |
purchased 16S. 1914. .6S2 SIS fine ounces, at |
cost of Sl5J,931 ,002. for which treas
ury notes were issued. The amount
of silver bullion purchased under said |
act and now held i'm the treasury Is |
l3i. SOS. 1896 fine ounces. which cost |
Sis. .903, ,9O9.23
REDEMPTION.
Gold coins and standard silver dol |
| lars being standard coins of the United |
States are not ''redsemable.''
Subsidiary coins and minor coins |
may be presented in sums or multiples |
of $40 to the treasurer Of the United |
States or to an assistant treasurer for |
redemption for exchange into lawful |
money.
United States notes are redeeinable |
in "coin," in sums not less than $50. |
by the assistant treasurers I'm New |
York and San Francisco.
Treasury notes of 1890 are redeema- |
BILE in 'coin." i'm sums not less than |
$50. by the treasurer and all assist
ant treasurers of the United States.
National bank notes are reasonable |
In lawful money of the United States |
by the treasurer, but not by the as
sistant treaurers. They are also re-
deemable at the bank of issue. In |
order to provide for the redemption |
Of its notes when presented. every |
national bank Is required by law to !
keep on deposit with the teasurpr n |