The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1898-01-03

demption of notes or certificates, and
to. the exchange of coins; and this divi-
sion shall have the custody OF the guar
anty and redemption funds of the ma
tional banks and shall conduct all the
operations of redeeming national bank
notes, as prescribed by law; and to this
division shall be transferred all gold
coin held against outstanding gold GER
tificates,, all silver dollars held against
outstanding silver certificates, all Unit
ed States notes held against outstand-
ing currency certificates, and all silver
dollars and silver bullion held against
outstanding treasury notes of 1890, and
AN subsidiary and minor coins needed
for the issue and exchange of such
coins, and the funds deposited with the
treasury forbthe liquidation of national
bank notes All accounts relating to
the business of this division shall be
kept entirely apart and distinct from
those Of the fiscal departments Of the
treasury; and the accounts relating to
the national banks shall be separate
and apart from all other accounts.
8. A reserve shall be established in
this division by the transfer to 1t by
the treasurer Of the United States from
the general funds of the treasury of an
amount Of gold In coin, and bullion,
equal to rs per cent. of the aggregate
amount Of both the United States notes
and treasury notes issued under the act
of July IA, 1890, outstanding, and fur
Their sum in gold equal to 5 per cent
of the aggregate amount of the coinage
OF silver dollars This reserve shall be
sofa.
ly for the redemption Of such notes and
In exchange for such notes; and for sill
yer; and subsidiary and minor claims
10. 1t shall be the duty Of the secre-
tary of the treasury to maintain the
gold reserve in the division of issue and
redemption at such sum as shall secure
1.-THE certain and immediate redemption
of all notes and silver dollars presented,
and the preservation of public conf
dence; and for this purpose he shall
from time to time, as needed. transfer
from the general fund Of the treasury
to the division Of issue and redemption
any surplus revenue not otherwise APP
propriated; and in addition thereto he
| shall be authorized to issue and sell,
whenever 1t Is in his Judgment neces-
sary for that purpose bonds Of the
United States bearing interest not ex-
ceeding per cent. running twenty
| years, but redeemable in gold con, at
| the option Of the United States, after
one year; and the proceeds OF all such
sales shall be paid into the division Of
Issue and redemption for the purposes
! aforesaid
| II. To provide for any temporary de-
fciency which may at any time exist in
| the fiscal department Of the treasury Of
! the United States the secretary Of the
| treasury shall be authorized, at his dis
| erection, to issue certificates of indebt-
| edness of the United States, payable
/ In from one to five years after their
date, to the bearer. OF the denomina-
/ lions of $50 or multiples thereof, with
| interest at a rate not to exceed three
4 per centum per annum, and to sell and
! dispose of the same for lawful money
/ at the treasury department, and at the
| sub-treasuries and designated deposito-
ries of the United States, and at such
| postoffices as he may select And such
| certificates shall have the like privilege
\ and exemptions provided in the act to
4 authorize the refundng Of the national
1 debt, approved July IA. 1870.
70. Whenever money is to be bor-
4 rowed on the credit Of the United
4 States. the Secretary Of the Treasury
1 shall be authorized, instead Of issuing
4 the usual forms of engraved bonds,
upon receiving lawful money Of the Uni
\ ted States In sums of not less than fifty
| dollars t$50) in any single payment, to
cause a record OF all such payments to
! be made in books to be kept for that
4 purpose in Washington, and Thereafter
! from time to time, to pay to those SO
i registered on such books interest not
| exceeding per cent. per annum in
/ gold coin, on the amount with which
they shall severally stand credited on
such books in the same manner and at
the same dates as IL they were the hold
/ ers and owners OF registered bonds OF
1 the United States; and he shall also pay
to those so registered the principal sum
Il originally deposited, in gold coin, at the
4 date Of maturity of such inscribed
| loans. Suitable arrangements shall be
made at each and every money order
post office in the United States for re-
A ceiving such. payments into the treas
4 ury on like terms, as well as for the
4 transfer. on proper Identification, OF
4 any inscription on the books in Wash
4 ington, or of any part thereof not less
I than fifty dollars ($50), No interest
4 shall accrue or be paid on inscriptions
] which shall have been reduced below
J fifty dollars ($50). No charge, Of any
kind shall be made by any department.