The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1910-10-26

various laws arranged in the order Of
their enactment one can follow the
monetary, banking and financial legis-
lation Of our coutry from the confed-
Grafton to the present time. The use
of marginal summaries. Of references
and of explanatory. notes much en-
hances, the value Of the work. The
editors have selected for the compila-
tion only those sections Of the statute
dealing with the subject treated. It's
use for reference purposes is facili-
tated by the addition of very COM
plete index.
The volume Is divided into four
parts. laws relating to finance, to
banking, to coinage. and to paper
money. Under the subject Of finance
will be found the statutes relating to
loans and other interest bearing obli-
cations. the subtreasury system. the
Ttatus Of foreign coins. and other
10. 'tes not relating specifically to
|Ie b: coinage or paper money. The
earlst1st making provision for the
payment Socs debt Of the United
States, for "nption Of the state
debts, the sinRnsG, ID provisions and
the statutes givink the president au-
thority to borrow for various purpos-
es are given. Laws providing for the
issue of treasury notes record the
financial burdens imposed by the war
of 1912.
The act Of August 8, 1846, "An act
to provide for the better organization
of the treasury, and for the collection,
safe-keeping. transfer, and disburse-
! ment Of the public revenue" estab-
lished the Independent treasury sys-
TEN, which, with its notifications, ex-
lists to this day.
Civil war financiering can be traced
IN the statutes authorizing the ne
gotiation of huge loans and the pro-
visions for the issue of treasury notes.
Then come the refunding acts of the
seventies, and finally the acts author
izing the Spanish war loans and loans
for the Panama canal.
The second part ofathe compilation
is devoted to banking. Here will be
found the acts chartering the first and
second banks of the United States,
the laws authorizing the president TO
borrow from these banks, and later
those regulating the deposits of pub
lie money among the banks and its
distribution among the states. The
misunderstanding act of June 8, 1864,
which was revision Of the first act,
is given practically in full. In a note
the editors have given the principal
points of difference between this and
the earlier act. One can follow down
to the present all the legislation con-
cerning national banks, the act Of
March IA, 1900, the act Of March 4,
1907. which permitted the secretary Of
the treasury to deposit in. the banks
all public money, receipts Of GUS
toms included, and finally the act Of
May 30, 1908, which provided for the
issue Of an emergency circulation.
Coinage is the subject dealt with in
the third part. Here will be found the
acts establishing the mint and provid-
| Ing for our coinage; the iaws 'govern=
ing the rates at which,. previous to
1867, foreign coins should be accept
ed as legal tender. and the laws
which have from time to time made
changes in the weight or denomina-
tion Of our coins. One interesting
j law Of the embargo" period Is that Of
| April IA, 1912, which enacted: "That
it shall not be lawful during the con-
tinuance of the act entitled An act
laying an embargo on all the ships
and vessels in the ports and harbors
Of the United States for limited
time to export from the United
States or the territories thereof, in
any manner whatever, any specie, nor
any goods, wares, or merchandise Of
foreign or domestic growth or manu-
facture."
Much legislation in this part is con-
cerned with the establishment of the
mints and assay Offices and the lay
ing down df rules for their guidance.
The silver-purchase acts, the gold
standard act of 1900, and all other
acts relating to our coinage can
readily be found by the student. The
last statute included is that of May
18, 190S-"An act providing for the
restoration of the motto In God We
Trust, on certain denominations Of
the gold and silver coins of the Unit
ed States.''
The last part deals with paper
money. The United States passed but
few acts on this subject previous to
those providing for the issue Of the
greenbacks. the few enacted dealing
chiefly with the notes of the First
and Second banks of the United
States. But from the issue OF the
greenbacks on, the legislation. has
been more frequent. Here will be
found the laws leading up to the re-
sumption OF specie payments. on jan
nary 1, 1879, and the statutes con-
corning the treasury notes Of 1880.
Though Of less Importance, the acts
Of the greenback period providing for
the issue of postage stamps Of frac-
tional currency will also appeal to
| the student OF American currency.
IS DISCIPLINED
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