The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1898-01-05

currency certificates and all silver dol
lars and silver bullion held against ont.
standing treasury notes Of 1890, and all
subsidiary aud minor coins needed for
the issue and exchange of such coins and
the funds deposited with the treasury
for the liquidation Of national bank
notes. All accounts relating to the bust
ness Of this division shall be kept entire
ly alasrt and distinct from those of the
ilsca. 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 it 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 90 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 IL
further sum in gold equal To b 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.
TO- 1t shall be the duty of the score
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 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 ap-
propriated, and in addition thereto he
shall be authorized TO issue and sell
whenever it is in his Judgment neces-
sary for that purpose bonds of the Unit
ed States bearing interest not exceeding
8 per cent, running 20 years, but re-
deemable 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 re-
demption for the purposes aforesaid.
IL. To provide for any temporary
deficiency 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 indebted
ness of the United States, payable in
from one to five years after their date.
to the bearer, Of the denominations Of
$50 or multjples thereof, with interest
at rate not to exceed per centum per
annum, and to sell and dispose of the
same for lawful money at the treasury
department and at the subtreasuries
and designated repositories of the Unit
ed 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 re-
funding of the national debt, approved
July Ia, 1870.
~. Whenever money is to be bor
rowed 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 receiving
lawful money of the United States in
sums of not less than $50 in any single
payment, to cause record of all such
/ payments to be made i'll books to be
kept for that purpose in Washington
and thereafter from time TO time TO pay
to those so registered on such books in
terest not exceeding per cent per an
mum in gold coin on the amount with
which they shall severally stand credit
ed on such books in the same manner
and at the same dates as il they We're
the holders and owners Of registered
bonds of the United States, and he shall
also pay to those so registered the prin-
cipal sum originally deposited in gold
coin at the date Of maturity of such in
scribed loans. Suitable arrangements
shall be made at each and every money
order postoflice in the United States for
receiving such payments into the treas
ury 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 $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
| OT OluCeT VI bu6 BONcTulucuJ lOI tuy
service in connection with the receipt or
transmission of the lawful money or
in the transfer Of inscriptions on the
books at Washington.
13. The division Of issue and redemp-
ton shall ON demand at Washington
and at such subtreasuries Of the United
States as the secretary Of the treasury
may from time to time designate
(a) Pay out gold coin for gold certifi-
Gates.
(b) 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.
(d) Issue silver certificates of denom-
nations of 81, 50 and $5 in exchange
for silver dollars and for silver certii.
Gates in denominations above So.
(e) Pay out gold coin in exchange
for silver dollars.
81 Pay out silver dollars in exchange
for gold coin, United States notes OF
treasury notes.
(g) Pay out United States notes OF
treasury notes not subject to immediate