Year: 1874

OUR MONETARY SYSTEM, PAST AND PRESENT.


CONTINUED.


Sec. 6. And be it further enacted that
for the purpose Of hquidating the outstand-
ing interest-bearing Indebtedness Of the
United States, and defraying the current
expenditures Of the government and pro-
viding national currency, the said Board
of Management of the Currency and Rev.
enue are authorized and directed to issue
treasury certificates, not bearing interest,
In denominations of one, two, FIVE, ten,
twenty, ifty, one hundred, Eve hundred,
and one thousand dollars, which treasury
certificates shall be legal tender in pay
ment Of debts, public and private, Except
that portion of the interest and principal
of the national debt which has been BY ex-
press law made payable in coin) and shall
be receivable for, or convertible into. the
interest bearing bonds of the government,
authorized to be issued by this act when
presented at the Treasury department, or
such other places as may be designated BY
law, In sums Of not less than fifty dollars


Sec. z. And be it further enacted that
the Board Of Management Of the Currency
and Revenue be and it is hereby author
lied and required to issue registered bonds
OF the United States in denominations of
Of not less than fifty dollars nor more than
ten thousand dollars, bearing lawful inter
est, and payable or redeemable"in the
treasury certificates or lawful money
authorized to be issued by this act
when presented at the Treasury Depart
manf m onrah n4h -.
rated by law, after thirty days from the
date of the issue of the same Provided,
that the outstanding volume of treasury
certificates or lawful money hereby author
lied to be issued shali Rat be reduced be-
low twenty dollars per capita of elfO pop
ulation, or such minimum per capita as
may be fixed by law.


Sec. 8. And be it further enacted that
the bonds hereby authorized to be issued,
and all other interest bearing obligations
Of the government issued after the passage
of this act, shall bear interest at the rate Of
three per centum per annum, payable
semi-annually (or sooner if such bond
shall be presented for redomption) in the
treasury certificates hereby authorized to
De issued. Provided that Congress may
change the rate of interest on the bonds
hereby authorized, and all other interest
bearing evidences Of debt Of he United
States issued after the passage Of this
act, when in the judgment of Congress any
such alteration in the rate of interest
may be deemed necessary to the public in
terest, but no such law shall take effect
for ninety days after its passage


Sec. g. And be it further enacted that
the Board Of Management Of the Currency
and Revenue be and it is hereby author
lied and directed to pay all the outstand-
ing bonds and all other interest-b bearing
evidences of debt of the United States
when the same shall become due and pay
able, or due and re1eemable, at the pleas
ure of the government in the treasury
certificates or lawful money hereby author
lied to be issued, or give in exchange there
fore the interest-bearing bonds authorized
to be issued by this act at the option of the
holders of any such Indebtedness of the
United States, except when it has been
expressly provided by law that such bonds
or other evidences of debt shall be paid in
coin, also to pay the salaries Of members
Of Congress and all other officers, agents
and employees in any capacity under the
government, as well as the current expend-
itnres and other debts Of the government
incurred for any purpose whatever after
the passage of this act (or so soon there
after as the said bonds and certificates may
be ready for issue) in the treasury certif-
Gates or interest-bearing bonds authorized
to be issued by this act, at the option of
the holder Of apy such evidences Of debt
of the United States. And the said board
is authorized and directed to apply all the
revenue that may come into the national
treasury from any source whatever, over
and above what may be required to meet
the current expenditures Of the govern
ment, to the liquidation Of the interest
bearing debt of the United States now
outstanding in such manner as Cangress
may direct.


Sec. TO- And be it further enacted
that from and after the passage of this act
the Board of Management Of the Curren-
cy and Revenue are authorized to pur-
chase with the bonds or lawful money
hereby authorized to be issued, by sealed
bids or otherwise as the said board may
deem most to the interest of the govern
ment, the coin necessary to pay the inter-
est on that portion Of the bonds Of the
OnAbCO ONnOCo WllCu An OH law duGnOElLlDA
the issue of the same made payable in coin.


Sec. IL. And be it further enacted,
that the act, entitled "An act to provide a
national currency secured by pledge of the
United States stocks, and to provide for
the circulation and redemption thereof, y
approved February 25th, 1868, also an act
for the same purpose, approved June Sd,
1864, and the acts amendatory Of said acts,
or either of them, are hereby repealed,
and the grants, privileges, franchises, and
immunities conferred on the associations
organized under the said acts, or the acta
amendatory thereof, are hereby revoked,
and shall cease from and after two years
from the passage of this act, except 30 far
a. may be necessary to continue the same
in force to enable the associations organ
lied under them to close up their business,
provided that no new banking association
shall be organized under the said acts OF
either of them, nor shall the Board Of
Management Of the Currency or Revenue,
or other officer or agent of the government
deliver any circulating notes to any bank
ing ASSOCIATION organized under the acts
hereby repealed after the passage of thir
act.


Sec. IL. And be it further enacted,
that when any banking association organ
lied under either Of the acts hereby re
pealed, shall within one year from thu
passage of this act return to the Board o
Management Of the Currency and Revenu'
any part Of its circulating notes not les
than ten per cent. Of the whole amoun
thereof at one time, the board shall deliver
to such association proportionate amour
Of the bonds deposited with the govern
ment BY such association, and the interes