Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1898-01-03

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currency certificates and all silver dol !
lars and oliver bullion held aeainst out.
sanding treasury noees Of 1880. and all
Subsidiary and minor coins needed for
the Issue And exchange Of such coins and
tho funds deposited with the treasury
for the liquidation q national hank
notca. All acoounts relating 70 tie bcsi-
ncB Of thisdivieiou shsll b kept cutire-
y apart and distinct from those # the
fiscal dvsartmeuts cf tho treasury, and
the accounts relating to the national
banks shall be separate and apart from
all other accounts
Q. A rceerve aball be established ir
this division By the transfer to it BY tho
treasure, Of tho United States from the
general funds Of the treasury Of an
amount Of geld in coin and bullion
equal to Is per cent Of the aggregate
amount Of both the United States netes
and treasury notes issued under the act
Of July IA, 1890. outstanding. and .
further sum in gold equal to 8 per cent
OF the aggregate amount Of the coinage
Of silver dollars. This reserve shall be
held as common fund and used solely
for the redemption Of such notes and in
exchange for such notes and for silver
and subsidiary and minor coins.
10. It shall be tho duty Of tho secfe.
tary Of the treasury to maintain the
gold reserve in tho division of issue aud
redemption at such sum Us shall secure
tho certain and immediate redemption
Of all notes and silver dollars presented
and tho preservation Of public conf
dcnce. and for this purpose he shall
from time to time, as needed, transfer
from tho general fund Of the treasury to
tho division Of issue and redemption
any surplus revenue not otherwise ap-
propriatcd. and in addition thereto be
shall be authorized to issue and sell
whenever 1t is in bis judgment neces-
sary for that purpose bonds If tho Unit
cd States bearing interest not exceeding
8 per cent, running 30 years, but to-
deomable in gold coin, at the option of
tho United States, after ono year, and
tho proceeds Of oil such sales shall be
paid into tho division of issue and re.
demptiOn for the purposes aforesaid.
II. To provide for any temporary
deficiency which may at any time exist
in tho fiscal department Of the treasury
Of tho United States the secretary Of the
treasury shgll be authorized at his dis
erection to issue certificates Of indebted
ness of the United States, payable in
from one to Eve years after their date.
to the bearer, Of tho denominations Of
$50 or multiples thereof, with interest
ut ratio not to exceed s per centuln per
annuln, aud to sell and dispose Of the
same for lawful money at the<treasury
department and at the subtreasuries
and designated depositOries of the Unit
cd States. and at such postoffices as he
may select. And such certificates shall
have tho like privileges and exemptions
provided in tho act to authorize the re-
funding Of the national debt, approved
July IA, 1870.
IL. Whenever money is to be Dor.
rowed on fhe crOdis Of the Uaitel States
the secrctory Of tho treasury shall be
aufhorisesi instead Of issuing the usual
forms Of engraved bonds open receiving
lawful money Of tho United States In
sums CT not less than $50 in any single
payment, TO cause . record Of all such
payments to DO madc in books to Be
kept for that purpose In Washington
and thereafter from time to time to pay
to those 30 registered on such books in
terest not exceeding s per cent per an.
mum in gold coin on tho amount with
which they shall severally stand credit
ed Oh such books in the same manner
and at the same dates as il they were
the holders and owners of registered
bonds Of tho United States, and he shall
also pay 10 those so registered tho prin.
cipal sum originally deposited In gold
coin ut the date Of maturity of such in
scribed loans. Suitable arrangements
shah be made at each and every money
order postofficc in tho United States for
receiving suchspayments into tho treas.
ury on like terms rs we'll a. for the
transfer. on proper Identification, of any
inscription On tho books in Washington
orof any part thereof not less than $50.
No interest shall accrue or be paid on
Inscriptions which shall have been re.
duced below $50. No charge Of any
kind shall be made BY any department
or officer Of the government for any
service in connection with tho receipt OF
transmission Of the lawful money on
In tho transfer Of inscriptions on the
books ct Washington.
ID. The division of issue and redemp.
ton shall ON demand ut Washington
and ut such subtroasuries Of the United
States as tho secretary Of the treasury
may from timc to timc designate
(a3 Ply on: gold coin for gold certifi.
Gates.
(b) Pay ont gold coin In redemption
Ct United States notes OF treasury notes
Of 1890.
-(cl Pay cut silver dollars for silvez
certificates Of any denomination.
3D. Issue silver certificates Of demon.
nations Of 81. - and % in exchange
for silver dollars and for silver certifi.
Gates in denominations above %.
(c) Pay ont gold coin in exchange
for silver dollars
IT. Pay out Eilver dollars in exchange
for ecld coin United States notes q
treasury notes
(g) Pay out Omitted States notes a
treasury notes nos subject to immediate
cancellation in exchange fq gold coin.
Ii, Pay out and redeem subsidiary