The representative., 1900-10-25
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AIy VI uo0 VI SuCN CcTtluCdCcS uorcLOIOr0
issued.
Sec. 4. That hereafter national bank
ing associations desiring to retire the
whole or any part of their circulating
notes, shall, if so required by the sec
retary of the treasury, deposit with the
treasurer of the United States gold coin
equal to the amount of notes to be re-
tired, and each of said banking associa-
tions shall at all times keep on deposit
with the treasurer Of the United States,
in gold coin, sum equal to five per
notes, and the same shall be held and
used for the redemption of such notes,
and for no other purpose.
Sec. 5. That not exceeding one-half
of the lawful reserves on account of de-
pOsits now required by law to be kept
by national banking associations may
consist of bonds of the United States is
sued under this act, the same to be
estimated at their par value.
Sec. 6. That no national bank note
shall be hereafter issued of denomina-
ton less than ten dollars, and all such
notes of such banks now outstanding of
denominations less than that sum shall
be, as rapidly as practicable, taken up,
redeemed and Cancelled, and notes of ten
dollars and larger denominations shall
be issued in their stead under the direc-
tion Of the comptroller of the currency.
Sec. Z. That the secretary of the
treasury is hereby authorized and d.
rected, out of the proceeds of the sale
of bonds as hereinbefore provided, to
cancel and destroy all United States le-
gal tender notes and treasury notes
issued under the act Of July IA, 1890, of
denominations less than ten dollars,
and to issue like amount Of silver GER
tificates in denominations Of one dollar,
two dollars and five dollars, which said
certificates shall be payable to bearer in
silver, 1t being the intention of this
act that neither the treasury depart
ment nor national banks shall issue or
keep in circulation any notes other than
silver certificates, of less denomina-
ton than ten dollars; and the secretary
Of the treasury is authorized. at the re-
quest of any holder, to receive treasury
notes and United States legal tender
notes, and to issue in lieu thereof silver
certificates in denominations less than
ten dollars, and he shall cancel and re-
tire the legal tender notes and treasury
notes 80 received.
Sec. 8. That the secretary of the
treasury Is hereby authorized and di-
the sale of the bonds hereinbefore au-
thorized, and from any surplus reve-
nues, to redeem and cancel, and not re-
issue, said United States legal tender
notes and treasury notes whenever and
as fast as the aggregate circulation of
United States legal tender notes, treas
ury notes, silver certificates and nation
al bank notes shall be in excess of the
aggregate amount of United States
notes, treasury notes, national bank
notes and silver certificates in circula-
ton at the date Of the passage of this
act
Sec. 9. That from and after the pas
sage of this act the secretary of the
treasury is hereby authorized and d.
rected to receive at any United States
mint, from any citizen of the United
States, silver bullion of standard fine
ness, and coin the same into silver dol
lars of 412h grains each. The seignior-
age on the said bullion shall belong to
the United States, and shall be the diff
ference between the coinage value there
of and the price of the bullion in Lon
don on the day the deposit is made. and
all expenditures for coinage done under
the provisions of this act shall be paid
out of the seigniorage; and the secre-
tary of the treasury shall deliver to
the depositors of such bullion standard
silver dollars equal in amount to the
price thereof as aforesaid; and when
ever the said coins herein provided for
Suhl1 UC ICCCANCO AAkO IAC ~ Cd0ulys NCA :
tifcates in denominations of less than
ten dollars may be issued thereon. in
the manner now provided by law.
Sec. 10. That the secretary of the
treasury shah make such rules and reg
ulations, and employ such clerical and
other forces as may be necessary to car
ry this act into effect, and a sum suf-
ficient for that purpose is hereby appro-
priated, out Of any money in the treas
ury not otherwise appropriated.
I'm the bound volume of the Con-
gressional Record; date January g.,
1895, page 1248 (bound Record not PACED
same as unbound), Senator ]. X. Jones,
of Arkansas, speaking in behalf Of the
above bill used the following words:
"Now, Mr. President, the proposition
to retire the greenbacks is one that a
good many persons seem to have some
hesitancy about. The reason given Is
that the greenbacks are q money Of the
people; that it II q popular currency.
Twenty PEARS as0s t1et was : fact; 4