Rensselaer Union, Volume 11, Number 14, Rensselaer, Jasper County, 19 December 1878 — The Act for the Resumption of Specie Payments. [ARTICLE]

The Act for the Resumption of Specie Payments.

The text of the Resumption act is as follows: Bictioh 1. Provides that the Secretary of the Treusury is hereby authorized and required, aa rapidly as practicable, to cause to be coined, at the mints of the United States, silver coins of the denominations of 10. 26 and 50 cents, of standard value, and to issue them iu redemption of an equal number and amount of fractional currency of similar denominations, or. at his discretion, he may issue such silver coins through the mints, the SubTreasuries, Public Depositaries and Postolllces of the United States; and, noon such issne, he ia hereby authorized and required to redeem an equal amount of such fractional currency, until the whole amount of each fractional currency outstanding shall be redeemed. 1 Sac. 2- That so much of Sc<). 3,624 of the Revised Statutes of the United-States as provides for a charge of one-fifth of 1 per centum for converting standard gold bullion into coin ia hereby repealed, ana hereafter no charge shill be made for thatfcervlce. tffib. 8. That Sec. 6,177 of the Revised Statutes of the United States, limiting the aggregate .amount of circulating notes of National Banking Associations he, ana Is lierehy, repealed; and each existing banking association may increase ita calculating notes in accordance with existing law wilhoat respect to said aggregate limit: and new banking associations may be organized in accordance with existing law withont respect to said aggregate limit: andthe provisions of law lorthe withdrawal and redistribution of National Bank currency among the several States and Territories are hereby repealed. And whenever and so oflen as efreniating notes shall be issued to any such banking association, so increasing its capital or circulating notes, or so newly organized as aforesaid, it shall be duty of the Secretary of the Treasury to redeem the legal-tender United States notes In excess only or 6300,000,000, to the amonntof 80 per centnm of the sum of National Bank notes so issued to any such banking association as aforesaid, and to continue such redemption as such circulating notes are issued nntll there shall be outstanding the earn of $800,000,000 of each legal-tender United States notes and no mon. Ana on and after the first day of January, A. D. 1870, the Secretary of the Treasury shall redeem, in coin, the Unitqd States legal-tender notes then outstanding, on their presentation fur redemption, at the office of the Assietant-Treasurer of the United States In the City of New York, in sum* ofnot less than S6O. And to enuhle the Secretary of the Treasury to prepare and provide for the redemption by this set anthorizeitywrequired he issnthorized to nse any surplus revenues, from time to time, Ih the Treasury not otherwise appropriated, and to Issue, sell and dispose of, at not less than par, in coin, either of the descriptions of bonds of the United States described In the act of Cktnffress approved July 14,1870, entitled “An act to autoorixe the refunding of the National debt," with like qualities, privileges and exemptions, to the extent necdseary to carry this act Into frill effect, and to use the proceeds thereof for the purposes aforesaid. And all provisions of law inconsistent with the provisions of this act are hereby repealed. Approved Jan. 14, 1875. This act provided that the legalreader circulation should not be contracted below (800,000,000. On the 31st of May, 1878, a bill was approved, which has had the effect of fixing the legal-tender circulation at (846,681,016, -The text of this bill is as follows: That Horn and alter the passage of this act It shall not be lawfltl for the Secretary of the Tress ury or other officer under him to cancel or retire any more of the United States legal-tender notes. And when any of said note* may be redeemed or be received into the Treasury, under any law from any source whatever and shall belong to the United States, they shall not be retired, cancelled or deslrnyetl, but they shall be reissued and paid out again and kept in circulation: /VJfWnt, That /nothing herein shall prohibit the cancellation aqd destruction of mutilated note* and the leans of . other note* of like denomination in their stead, aa now provided by law. All acta and parts of SC*» Id conliot herewith are hereby repealed.