The herald., 1897-12-17

assigned, under such regulations as the
secretary of the treasury may approve,
all records and accounts relating to the
issue, redemption and exchange. as here
matter provided, Of the several classes
of United States paper money.
sThere shall be transferred from the
general fund in the treasury of the
United States. and taken up on the books
of the said division as redemption fund,
the sum Of $4,000, 900 in United States
gold coin and bullion, and such further
sums of standard silver dollars and sill
yer bullion purchased under the act of
congress approved July H. 1890, as shall
equal the silver certificates outside the
treasury, and the treasury notes OF 1880
outstanding on the date when this act
shall take effect; and thereafter the
gold and silver coins and bullion hereby
transferred from the general fund In the
treasury, as herein provided, shall be In
creased or diminished as the case may
be in accordance with the provisions OF
this act, and in no other way.
Sec. 2. That all United States notes,
treasury notes of 1890 and silver certifi-
Gates presented for redemption shall be
redeemed from the redemption fund
herein provided, in accordance with the
terms of existing laws but the notes
and certificates so redeemed shall be
held in and constitute part of said
fund, and shall not be withdrawn from
said fund, nor disbursed, except in ex-
change for an equivalent amount of the
coin in which said notes or certificates
were redeemed; but to enable the secre-
tary of the treasury more thoroughly to
carry out the provisions contained In
this act, he is hereby authorized to ex-
change any of the funds in the division
of issue and redemption for any other
funds which may be in the general fund
in the treasury department; provided,
that nothing in this act shall be con-
strued as repeating that provision of the
act approved July IA, 1890, which pro-
yides that there shall be outstanding at
any time no more and no less of the
treasury notes authorized by said act
than the silver bullion and standard sill
yer dollars coined there and held by
treasury, purchased by said notes.
Sec. 8. That the secretary Of the treas
ury be, and hereby Is, authorized to re-
ceive at the treasury any Of the out
standing bonds known as the per cent
bonds Of 1904 and the per cent consols
of 1907, issued respectively under the
act approved January IA, 1875, and the
acts approved July IA, 1870 and January
IA, 1875, and the acts approved July H.
1870, and January 20, 1878; and to issue in
exchange therefor coupon and registered
bonds of the United States in such form
as he may prescribe. In denominations of
$50 or some multiple Of that sum, bearing
interest at the rate Of IN per cent per
annum, payable semi-annually, and re-
deemable after ten years at the treasury
at the pleasure of the United States!
and the bonds hereby authorized shall
be paid, principal and interest, in United
States gold coin of the present standard
value, and shall be exempt from all tax
alton by interstate, municipal or local
authority.
Provided, That none Of the outstanding
bonds shall be received at a valuation
greater than their present worth to
yield an income of 2A per cent, and that
the bonds hereby authorized shall be is
sued at not less than par.
Sec 4. That the bonds authorized by
this act and other bonds Of the United
States mav be deposited with the t~ore-
urer Of the United States a. security