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thereof, bearing interest at the rate of not exceeding three per centum per annum, paybale quarterly, such bonds to be payable at the pleasure of the United States after one year from the date of their issue, and to be payable, principal and interest, in gold coin of the present standard value, and to be exempt from the payment of all taxes or duties of the United States, as well as from taxation 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 hereinbefore 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 exchange for gold, or to purchase or redeem any bonds of the United States, or for any other lawful purpose the public ininterests

may require, except that they shall not be used to meet deficiencies in the current revenues. That United States notes when redeemed in accordance with the provisions of this section shall be reissued, but shall be held in the reserve fund until exchanged for gold, as herein provided; and the gold coin and bullion in the reserve fund, together with the redeemed notes held for use as provided in this section, shall at no time exceed the maximum sum of one hundred and fifty million dollars. SILVER DOLLAR TO REMAIN LEGAL TENDER.

242. Sec. 3.--That nothing contained in this Act shall 3 be construed to affect the legal-tender quality as now pro

vided by law of the silver dollar, or of any other money
coined or issued by the United States.
DIVISIONS OF ISSUE AND REDEMPTION ESTABLISHED.

243. Sec. 4.—That there be established in the Treasury 31 Siat.1., 48. Department, as a part of the office of the Treasurer of the

United States, divisions to be designated and known as the division of issue and the division of redemption, to which shall be assigned, respectively, under such regulations as the Secretary of the Treasury may approve, all records and accounts relating to the issue and redemption of United States notes, gold certificates, silver certificates, and currency certificates. There shall be transferred from the accounts of the general fund of the Treasury of the United States, and taken up on the books of said divisions, respectively, accounts relating to the reserve fund for the redemption of United States notes and Treasury notes, the gold coin held against outstanding gold certificates, the United States notes held against outstanding currency certificates, and the silver dollars held against outstanding silver certificates, and each of the funds represented by these accounts shall be used for the redemption of the notes and certificates for which they are respectively pledged, and shall be used for no other purpose, the same being held as trust funds.

Act Mar. 14, 1900,

sec. 31 Stat. L., 46.

Ict Mar. 14,

6:

1;

Stat. 1289.

WHEN SILVER DOLLARS ARE COINED FROM BULLION

PURCHASED UNDER ACT OF JULY 14, 1890, AN EQUAL
AMOUNT OF TREASURY NOTES TO BE CANCELED AND

SILVER CERTIFICATES ISSUED. 244. Sec. 5.—That it shall be the duty of the Secretary act Mar. 14;

1900, sec of the Treasury, as fast as standard silver dollars are 31 stat. L., 47. coined under the provisions of the Acts of July fourteenth, eighteen hundred and ninety, and June thirteenth, eighteen hundred and ninety-eight, from bullion purchased under the Act of July fourteenth, eighteen hundred and ninety, to retire and cancel an equal amount of Treasury notes whenever received into the Treasury, either by exchange in accordance with the provisions of this Act or in the ordinary course of business, and upon the cancellation of Treasury notes silver certificates shall be issued against the silver dollars so coined. ISSUE OF GOLD CERTIFICATES. ISSUE OF GOLD CER

TIFICATES PAYABLE TO ORDER. 245. Sec. 6 [as amended by acts of March 4, 1907 and Act Mar. 14,

1900, sec. March 2, 1911]. That the Secretary of the Treasury is 31 stat. L., 47 hereby authorized and directed to receive deposits of gold 1907, sec.

Act Mar. 4, coin with the Treasurer or any assistant treasurer of the 34 L., United States in sums of not less than twenty dollars, and to issue gold certificates therefor in denominations of not less than ten dollars, and the coin so deposited shall be retained in the Treasury and held for the payment of such certificates on demand, and used for no other purpose. Such certificates shall be receivable for customs, taxes, and all public dues, and when so received may be reissued, and when held by any national banking association may be counted as a part of its lawful reserve: Provided, That whenever and so long as the gold coin and bullion held in the reserve fund in the Treasury for the redemption of United States notes and Treasury notes shall fall and remain below one hundred million dollars the authority to issue certificates as herein provided shall be suspended : And provided further, That whenever and so long as the aggregate amount of United States notes and silver certificates in the general fund of the Treasury shall exceed sixty million dollars the Secretary of the Treasury may, in his discretion, suspend the issue of the certificates herein provided for: Ånd provided further, That of the amount of such outstanding certificates one-fourth at least shall be in denominations of fifty dollars or less: And provided further, That the Secretary of the Treasury may, in his discretion, issue such certificates in denominations often thousand dollars, payable to order. And provided further, That the Secretary of the Treasury may, in his discretion, receive, with the assistant treasurer in New York and the assistant treasurer in San Francisco, deposits of foreign gold coin at their bullion value in amounts of not less than one

88020°-11-17

1911.

Act Mar. 14, 1900,

sec. 7;

thousand dollars in value and issue gold certificates there

for of the description herein authorized: And provided Act Mar. 2, further, That the Secretary of the Treasury may, in his

discretion, receive, with the Treasurer or any assistant
treasurer of the United States, deposits of gold bullion
bearing the stamp of the coinage mints of the United
States, or the assay office in New York, certifying their
weight, fineness, and value, in amounts of not less than
one thousand dollars in value, and issue gold certificates
therefor of the description herein authorized. But the
amount of gold bullion and foreign coin so held shall not
at any time exceed one-third of the total amount of gold
certificates at such time outstanding. And section fifty-
one hundred and ninety-three of the Revised Statutes of
the United States is hereby repealed.
ISSUE OF SILVER CERTIFICATES.

246. Sec. 7.—That hereafter silver certificates shall be 31 stat. L., 47. issued only of denominations of ten dollars and under

except that not exceeding in the aggregate ten per centum of the total volume of said certificates, in the discretion of the Secretary of the Treasury, may be issued in denominations of twenty dollars, fifty dollars, and one hundred dollars; and silver certificates of higher denomination than ten dollars, except as herein provided, shall, whenever received at the Treasury or redeemed, be retired and canceled, and certificates of denominations of ten dollars or less shall be substituted therefor, and after such substitution, in whole or in part, a like volume of United States notes of less denomination than ten dollars shall from time to time be retired and canceled, and notes of denominations of ten dollars and upward shall be reissued in substitution therefor, with like qualities and restrictions as those retired and canceled.

NOTE.—The act of February 28, 1878, authorized the issue of silver certificates in sums of not less than ten dollars. of March 3, 1887, authorized the issue of one, two, and five dollar certificates. This section supersedes these acts as to all new issues. SUBSIDIARY SILVER COINAGE.

247. Sec. 8.—That the Secretary of the Treasury is 31 Stat. L., 17. hereby authorized to use, at his discretion, any silver

bullion in the Treasury of the United States purchased under the Act of July fourteenth, eighteen hundred and ninety, for coinage into such denominations of subsidiary silver coin as may be necessary to meet the public require*ments for such coin: Provided, That the amount of subsidiary silver coin outstanding shall not at any time exceed in the aggregate one hundred millions of dollars. Whenever any silver bullion purchased under the Act of July fourteenth, eighteen hundred and ninety, shall be used in the coinage of subsidiary silver coin, an amount of Treasury notes issued under said Act equal to the cost of the bullion contained in such coin shall be canceled and not reissued.

The act

Act Mar. 14, 1900, sec. 8;

9;

1;

RECOINAGE OF UNCURRENT SUBSIDIARY SILVER COIN. 248. Sec. 9.—That the Secretary of the Treasury is

Act Mar. 14,

1900, sec. hereby authorized and directed to cause all worn and un- 31 stat. L., 48. current subsidiary silver coin of the United States now in the Treasury, and hereafter received, to be recoined, and to reimburse the Treasurer of the United States for the difference between the nominal or face value of such coin and the amount the same will produce in new coin from any moneys in the Treasury not otherwise appropriated.

249. Sec. 10.Amends section fifty-one hundred and thirty-eight, Revised Statutes. (See said section under National-bank act.) REFUNDING OF UNITED STATES BONDS. 250. Sec. 11.—That the Secretary of the Treasury is

Act Mar. 14,

1900, sec hereby authorized to receive at the Treasury any of the 31 Stat. L., 48. outstanding bonds of the United States bearing interest at five per centum per annum, payable February first, nineteen hundred and four, and any bonds of the United States bearing interest at four per centum per annum, payable July first, nineteen hundred and seven, and any bonds of the United States bearing interest at three per centum per annum, payable August first, nineteen hundred and eight, and to issue in exchange therefor an equal amount of coupon or registered bonds of the United States in such form as he may prescribe, in denominations of fifty dollars or any multiple thereof, bearing interest at the rate of two per centum per annum, payable quarterly, such bonds to be payable at the pleasure of the United States after thirty years from the date of their issue, and said bonds to be payable, principal and interest, in gold coin of the present standard value, and to be exempt from the payment of all taxes or duties of the United States, as well as from taxation in any form by or under State, municipal, or local authority: Provided, That such outstanding bonds may be received in exchange at a valuation not greater than their present worth to yield an income of two and one-quarter per centum per annum; and in consideration of the reduction of interest effected, the Secretary of the Treasury is authorized to pay to the holders of the outstanding bonds surrendered for exchange, out of any money in the Treasury not otherwise appropriated, a sum not greater than the difference between their present worth, computed as a foresaid, and their par value, and the payments to be made hereunder shall be held to be payments on account of the sinking fund created by section thirty-six hundred and ninety-four of the Revised Statutes: And provided further, That the two per centum bonds to be issued under the provisions of this act shall be issued at not less than par, and they shall be numbered consecutively in the order of their issue, and when payment is made the last numbers issued shall be first paid, and this order shall

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be followed until all the bonds are paid, and whenever any of the outstanding bonds are called for payment interest thereon shall cease three months after such call; and there is hereby appropriated out of any money in the Treasury not otherwise appropriated, to effect the exchanges of bonds provided for in this Act, a sum not exceeding one-fifteenth of one per centum of the face value of said bonds, to pay the expense of preparing and issuing the same and other expenses incident thereto.

251. Sec. 12.

This section is inserted in the national-bank act following section fifty-one hundred and seventy-one, which it supersedes.

252. Sec. 13.

See sections 5214, Revised Statutes.

INTERNATIONAL BIMETALLISM. Act Mar. 14, 253. Sec. 14.—That the provisions of this Act are not

; 31 Stat. L., 49 intended to preclude the accomplishment of interna

tional bimetallism whenever conditions shall make it expedient and practicable to secure the same by concurrent action of the leading commercial nations of the world and at a ratio which shall insure permanence of relative value between gold and silver.

ACT MARCH 4, 1907.

254. Sec. 1. Amends section 6 of act of

March 14, 1900. 255. Sec. 2. Issue of Treasury notes. 256. Sec. 3. Amends section 5153 of

the Revised Statutes.

257. Sec. 4. Amends section 9 of act of

July 12, 1882. The amended section follows section 5167 of the Revised Statutes.

34 1289.

254. Sec. 1, Act March 4, 1907.

Amends section 6 of act of March 14, 1900. This amended section is incorporated in said act, page 97, ante.

ISSUE OF TREASURY NOTES. ACT MARCH 4, 1907. Act Mar. 4, 255. Sec. 2.—That whenever and so long as the out1907, 'stat. 2.; standing silver certificates of the denominations of one

dollar, two dollars, and five dollars, issued under the provisions of section seven of an Act entitled “An Act to define and fix the standard of value, to maintain the parity of all forms of money issued or coined by the United States, to refund the public debt, and for other purposes," approved March fourteenth, nineteen hundred, shall be, in the opinion of the Secretary of the Treasury, insufficient to meet the public demand therefor, he is hereby authorized to issue United States notes of the denominations of one dollar, two dollars, and five dollars, and upon the issue of United States notes of such denominations an equal amount of United States notes of higher denominations shall be retired and canceled: Provided, however, That the aggregate amount of United States notes at any time outstanding shall remain as at present fixed by law: And pro

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