Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1896-08-20

In lieu Of IN equal amount Of demand
notes and could be issued only as the de-
mand notes were Cancelled A second issue
of $3.50, 900, 600 was authorized by the act
of July II, 1862, of which, however $780,
000,0 900 was to be a temporary issue for
the redemption of debt known as the
| temporary loan. A third issue of $780,
600, 900 was authorized by the act of March
8, 1868. The total amount authorized, in
Guiding the temporary issue, was $3.50, 000,-
600, and the highest amount outstanding
at any time was $40, 33S, 9O2 on Jan. 30,
1864. There is still outstanding S346,-
/ 6S1 ,O16
! The reduction from the original perma-
nent issue of $500, OOO, 900 to 1916, 6S1 ,O16
was caused "a follows: The act of April 70,
! 1866, provided that United States notes
might be retired to the extent of SO, 000,-
600 during the ensuing six months, and
that thereafter they might be retired at the
rate of not more than $4,000, 600 per
month. This authority remained in force
until it was suspended by the act of Feb.
4, 1868 The authorized amount of reduc-
! ton during this period was about $40, 000,-
600, but the actual reduction was only
about $t4, 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, 900, 900 of the
Cancelled notes.
This brought the amount outstanding to
1892, 600, 900, and it so remained until the
resumption act of Jan. IA, 1875, provided
for it's reduction to $500, 900, 0CO. 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
$346, 6S1 ,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
$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 We're issued after Jan. /, 1870, until
the passage Of the bank act Of July 12,
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, 1878, authorizing the
issue of the standard silver dollar, provid,
ed that any holder of such dollars might
deposit them in sums not less than SIC
with the treasurer or any assistant treasur,
er of the United States and receive oertifi.
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 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 /
1896, was $685., 259, 500, while the amount
Of standard silver dollars outside the treas
ury was only sb2, 175, 1898. Neither silve,