Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1900-03-24
ne secretary Of the treasury to main.

the secretary Of the treasury to main.
TON such parity.
Sec. 2. That United states notes, and
treasury notes isued under the act OF
July fourteenth. eighteen hundred and
ninety, when presented TO the treasury
fer redemption. shall be redeemed IN
gold coin OF the standard fixed In the
fr5t section OF this act, and In order 10
secure the prompt and certain fciCmr
ton OF such notes as herein provided Il
shall be The duty D. The secretary q the
treasury 10 set apart In the treasury
a reserve fund Of one hundred and afty
million dollars In gold coin and bullion.
which fund shall be used for such re-
dampdon purposes only. and whenever
and as often as any Of said notes snail
be feGetmca f'onl SGid luhd II shall be
the duty Of the secretary OF the treas
ury TO use said notes so redeemed TO
restore and maintain such reserve fund
IN the manner following. to-wit First,
by exchanging the notes so redeemed
for any gold coin In the general fund Of
the treasury; second by accepting de-
posits OF gold coin al the treasury or
az any subtreasury In exchange for the
United States notes 20 redeemed. third
by procuring gold coin BY the use Of
said notes, in accordance with the pro-
visions OF section thirty-seven hun
dred Of the Revised Statutes OF the
United States. II the secretary Of the
treasury Is unable TO restore and main
tain the gold coin I'm the reserve fund
by the foregoing methods, and the
amount OF such gold coin and bullion in
said fund shall at any time fall below
one hundred million dollars, then Il
shall be his duty to restore the same
TO the maximum sum Of one hundred
and nifty million dollars by borrowing
money on the credit OF the United
states, and for the debt thus Incurred
70 issue and sell coupon or registered
bonds OF the United States in such form
as ne may prescribe. In denominations
OF nifty dollars or any multiple thereof,
hearing Interest at the rate OF not ex-
ceeding three per centum per annum,
payable quarterly such bonds TO be
payable at the pleasure Of the United
states after one year from the date OF
their issue. and 10 be payable, principal
AMI interest. In gold coin OF the present
standard value, and 10 be exempt from
the payment Of all taxes or duties OF
the United States. as we'll as from tax
alton In any form by or under state,
municipal. or local authority; and the
gold coin received from the sale OF said
bonds shall first be covered into the
general fund Of the treasury and then
EXCHANGED. In the manner herelnbefore
provided for an equal amount OF the
notes redeemed and held for exchange,
and the secretary OF the treasury may.
In his discretion, use said notes In ex-
change for gold or to purchase or re-
deem any bonds Of the United states.
or for any other lawful purpose the
public interests may require, except
that they shall not ba used 20 meet de-
flciencles In the current revenues.
That United states notes when re-
deemed IN accordance with the pro-
VISIONS OF this section shall be refs.
sued. but shall be held IN the reserve
fund until exchanged for gold. as here
In pro2lced: and the gold coin and bull
Hon In too rrscrye fund. together with
the redeemed notes held for use as
provided In this section, shall at no tine
exceed the maximum sum OF one hun
ored and atty milhtn dollars.
Sec. 9 That nothing contained in
this act shall be construed TO affect the
legal-tender quality as now provided by
law OF the silver dollar or OF any other
money coined or issued by the United
States.