The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-01-03
of inscriptions on the books at Washing
ton.
REDEMPTION.

Thirteenth-The division OF issue and
redemption shall. on demand at Washing
Ton, and al such suo-treasur1es OF the
United States as the secretary OF the
treasury may from time to time deslS-
nate
ca Pay out gold coin for gold certifi-
Gates.
% Pay out gold coin in redemption of
1890. '''0 i-''''
- Pay out silver dollars for silver GER
tilicateS OF any. denomination.
(d) Issue silver certificates of denomi-
nations of ST. 81 and 50, in exchange fer
silver collars and for silver certificates in
denominations above 50.
te) Pay out SotG coin in exchange Tor
silver dollars
ID Pay out silver dollars in exchange
for gold coin. United States notes or
90 Pay out United States notes or
treasury notes. not subject to immediate
cancellation, in exchange for gold COIN
(h) Pay out and redeem subsidiary and
minor coins as provided by existing laws
ID Pay out United States notes in ex-
change for currency certificates
NOT BE PAID OUT.
Fourteenth-United States notes or
treasury notes once redeemed shall not
be paid out again except for gold coin,
unless there shall be an accumulation of
such notes in the division of issue and re-
demption which cannot then be cancelled
under the provisions of the act in which
have authority, il in his judgment that
course IS necessary for the public well
fare. to invest the same or any portion
thereof in bonds of the United States for
the benefit of the redemption fund; such
bonds to be held in the division of issue
and redemption, subject TO sale at the
discretion of the secretary of the treas
ury for the benefit of the division of issue
and redemption, and not for any other
purpose.
Fifteenth-The secretary of the treasury
81 n hp n sci n
time, at his discretion, any silver bullion
in the division of issue and redemption;
and the proceeds in gold of such sales
shall be placed to the account of the gold
reserve IN the division of issue and re-
demDtion.
Sixteenth-The gold certificates and cur
rency certificates shall, whenever pre-
sented and paid or received in the treas
ury, be retired and not reissued.
Seventeenth-No United States note or
treasury note of 1890 of a denomination
not less than $40 shall hereafter be issued;
and silver certificates shall hereafter be
ISSUED or paid out only in denominations
of 81. 81 and s., against silver dollars held
by or deposited in the treasury.
Eighteenth-The assistant treasurer in
charge of the division of issue and re-
demDtion shall, on demand, pay in gold
coin all United States notes and treasury
notes presented for payment, and as paid
cancel the same up to the amount of $780,
600. 000 After that amount shall have been
paid and cancelled, he shall then from
of notes so paid shall equal. but not
exceed, the increase of national bank
notes issued subsequently to the taking
effect of the proposed act.
CANCELLATION.
Nineteenth-If at the end of five years
next after the taking effect of the pro-
posed act any United States notes or
treasury notes shall be outstanding a
sum not exceeding One-fifth of such out
standing amount shall be retired and can
celled each year thereafter; and at the
end of ten years after the passage of the
treasury notes then outstanding shall
cease to be legal tender for all debts,
public and private, except for dues to the
United States.
Twentieth-The secretary of the treas
ury may, in his discretion, transfer from
surplus revenue in the general treasury
to the division of issue and redemption
any United States notes or treasury notes
which on such transfer could then law
fully be cancelled under the provisions of
the proposed act If they had been re-
deemed on presentation: and when so
transferred the same shall be cancelled
The secretary of the treasury, in his dis
erection. whenever there may be United
eral treasury which are not available as
surplus revenue, and which upon transfer
to the division of issue and redemption
could then lawfully be cancelled under
the provisions of the act. may exchange
such notes with the division of issue and
redemption for gold coin. and such notes
shall thereupOn be cancelled.
Twenty-FirSt-Nn SubStance) Vested
rights not to be affected.