The record-union., 1898-01-03

such notes and in exchange for such
notes; and for silver, and subsidiary
and minor coins.
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
the certain and immediate redemption
of public confidence; and for this pur-
pose 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 appropriately; and in ad-
dition thereto he shall be authorized to
issue and SELL whenever it is in his
judgment necessary for that purpose,
bonds of the United States bearing in
terest not exceeding 3 per cent, run
ming twenty years, but redeemable in
gold coin, 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.
IL. To provide for any temporary
deficiency which may at any time ex-
ist in the fiscal department of the treas
ury of the United States the Secre-
lied, at his discretion, to issue certifi-
Gates of Indebtedness of the United
States. payable in from one 10 five
years after their date. to the bearer, OF
the denominations Of $50 or multiples
thereof, with interest at a rate not to
exceed 3 per centum per annum, and
to sell and dispose of the same for
lawful money at the Treasury Depart
ment and at the sub-treasurieS and
designated repositories of the United
States, and at such Postoffices as he
may select. And such certificates shall
have the like privileges and exemptions
provided in the Act to authorize the
refunding of the national debt, ap-
proved July IA, 1870.
u. Whenever money is TO be borrow
ed on the credit of the United States,
the Secretary of the Treasury shall be
authorized, instead of issuing the usual
forms of engraved bonds, upon receiv-
ing lawful money of the United States
in sums of not less than fifty dollars
$3.50 in any single payment, to cause
record of all such payments to be made
in books to be kept for that purpose in
Washington, and thereafter from time
to time, to pay to those so registered
on such books interest not exceeding )
per cent. per annum in gold coin, on the
amount with which they shall several
ly stand credited on such books in the
same manner and at the same dates as
if they We're the holders and owners Of
registered bonds of the United States;
and he shall also pay to those so reg
istered the principal sum originally de-
posted, in gold coin, at the date of ma
turity of such inscribed loans. Suit
able arrangements shall be made at
each and every money order Postoffice
in the United States for receiving such
payments into the Treasury on like
terms, as we'll as for the transfer, on
proper identification, of any inscription
on the books in Washington, or of any
part thereof not less than fifty dollars
$500. No interest shall accrue or be
paid on inscriptions which shall have
been reduced below fifty dollars $3.50.
No charge of any kind shall be made
by any department or officer of the
Government for any service in connec-
tion with the receipt or transmission
of the lawful money, nor in the trans
fer of inscriptions on the books at
Washington.
13. The Division Of Issue and Redemp-
ton shall on demand at Washington,
and at such Treasures of the
United States as the Secretary of the
Treasury may from time to time des-
ignate-
(a) Pay out gold coin for gold certifi-
Gates
OBJ Pay out gold coin in redemption
of United States notes or Treasury
notes of 1890.
(c) Pay out silver dollars for silver
certificates of any denomination.
Id Issue silver certificates of denomi-
nations of 81. 50 and 50, in exchange
for silver dollars and for silver certifi-
Gates in denominations above s..
(e) Pay out gold coin in exchange for
silver dollars
60 Pay out silver dollars in exchange
for gold coin. United States notes or
Treasury notes.
(g) Pay out United States notes or
Treasury notes. not subject to imme-
date cancellation, in exchange for gold
coin.
Ch) Pay out and redeem subsidiary
and minor coins as provided by exist
ing laws.
ID Pay out United States notes in ex-
change for currency certificates.
II. 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 can
celled under the provisions of the Act,
in which case the Secretary of the
Treasury shall have authority, If in his
judgment that course is necessary for
the public welfare, to invest the same
or any portion thereof in bonds of the
United States for the benefit of the re-
demption fund; such bonds to be held
in the Division of Issue and Redemp-
ton, subject to sale at the discretion
of the Secretary of the Treasury for
the benefit of the Division of Issue and
Redemption, and not for any other pur-
pose.
IT, The Secretary of the Treasury
shall be authorized to sell from time
10 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 Di-
vision of Issue and Redemption.
16 The gold certificates and currency
certificates shall, whenever presented
and paid or received in the Treasury,
be retired and not reissued.
II. No United States note or Treas
ury note of 1890 of denomination less
than SO shall hereafter be issued; and
silver certificates shall hereafter be is
sued or paid out only in denominations
of 81. 50 and 81. against silver dollars
held by or deposited in the Treasury.
Is. The Assistant Treasurer in
charge of the Division of Issue and Re-