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Page. Line, 17 12 to 17 Issue and Redemption Department may return to banks

any excess in the Guarantee Fund or Redemption Funds. 21 6 to 13 Issue and Redemption Department to add to Guarantee

Fund and to Redemption Funds all receipts from investments of such funds and all taxes on circulation. (See

page 17, lines 12 to 17.) 21 14 to 20 Gives Issue and Redemption Division a basis for estimating

the redemption fund of each bank, viz, equal to 5 per cent of “bank notes” and 5 per cent of “reserye notes."

CANCELING UNITED STATES NOTES AND TREASURY NOTES.

*

SO

25 Issue and Redemption Department shall cancel an amount 7 1 to 4 of United States notes or Treasury notes, that gold coin

has been exchanged for, as shall not exceed the amount of national “reserve notes” issued subsequent to the

taking effect of this act.* 7 5 to 12 Secretary of the Treasury may in his discretion from any

fund in the general Treasury not otherwise appropriated, transfer to the Department of Issue and Redemption any United States notes or Treasury notes WHICH on such transfer COULD THEN LAWFULLY BE CANCELED

IF THEY HAD BEEN REDEEMED ON PRESENTATION; and when

transferred the same shall be canceled. 10 5 to 7 United States notes received in Issue and Redemption

Department for “reserve notes” shall be canceled as

received. 7 13 to 19 Whenever there may be United States notes including

Treasury notes in the general Treasury NOT AVAILABLE as 6 surplus revenue” they may be exchanged with the Department of Issue and Redemption for “gold coin” and such notes SHALL THEREUPON BE

CANCELED. 7 20 to 24 United States notes including Treasury notes once re

deemed shall not be paid out except for gold. 7 25 United States notes or Treasury notes accumulated in the 8 1 to 7 Department of Issue and Redemption may be invested

by the SECRETARY OF THE TREASURY in interest-bearing obligations of the Government for the benefit of the gold reserve in the Department of Issue and Redemption subject to sale by the SECRETARY OF THE TREASURY.

* Paying out gold coin in exchange for United States notes and

Treasury notes is "redeeming them on presentation."

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CANCELING OF UNITED STATES NOTES.

6 to 14 95 per cent of moneys paid into the United States Treas

ury “for greenbacks” to be used to redeem and cancel a like amount of old issue of United States notes to a

certain amount. 5 19 to 24 After a certain amount of United States notes have been 6 1 changed into greenbacks (say $200,000,000), the United

States Treasurer to set aside certain gold in the Treasury equal in amount to the old issue of United States notes then outstanding as a “special fund" to redeem and cancel such notes-[viz, $146,000,000).

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SECRETARY OF THE TREASURY.

3 13 to 14 Subsidiary and minor coins (transferred to Issue and

Redemption Department) as “SHALL consider neces

sary," etc. (See 15 and 14.) 4 11 to 18 SHALL maintain the (25 per cent and 5 per cent) gold

reserve for United States notes and Treasury notes and silver dollars in the Issue and Redemption Department "at such sum as shall secure the CERTAIN AND IMMEDIATE REDEMPTION OF ALL NOTES and

all silver dollars," etc. May transfer to Issue and Redemption Department ANY

funds in the Treasury, not otherwise appropriated, in

excess of $50,000,000. 4 18, 19 SHALL reserve à $50,000,000 [PANIC FUND] in

Treasury. 4 20 to 25 May (shall) “ISSUE AND SELL FOR GOLD coin and 5 1, 2 "REDEÉMABLE IN GOLD COIN” 3 PER CENT

ONE-YEAR-FIVE YEARS certificates to maintain

the reserve in Issue and Redemption Department. 5 3 to 7 Authorized to exchange gold coin with Issue and Redemp

tion Department for United States notes or Treasury

notes. 5 7 to 13 Authorized to exchange with Issue and Redemption

Department one denomination of notes for other denom

inations, and one kind of notes for other kinds. 7 5 to 25 * May transfer to Issue and Redemption Department, 8 1 to 7 from any unappropriated funds in “THE GENERAL

TREASURY, UNITED STATES OR TREASURY
NOTES, WHICH, ON SUCH TRANSFER, COULD
THEN BE LAWFULLY CANCELED UNDER THE
ACT, IF THEY HAD BEEN REDEEMED ON
PRESENTATION, and THEY SHALL BE CAN-
CELED. (Annul all restrictions other than reserve

notes issued.) 16 15 to 23 To use fuuds available as “surplus revenue” to transfer to

Issue and Redemption Department (to cancel United
States notes, Treasury notes, or reserve notes").

* Comptrollers are made simply clerks.

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SECRETARY OF THE TREASURY.

3 16 to 19 May issue such United States legal-tender notes as are

prescribed in the bill. 8 5 to 11 May approve of action of Comptroller in allowing banks

to reduce their holdings of "greenbacks." 9 12 to 20 May approve deposits of "current redemption funds” in

certain places, in the devolving the duties of current

redemption” upon reserve banks or other suitable agents. 12 4 to 8 In case of doubt as to what persons can act on "Board of

Advisers to the Comptroller," the Secretary of the Treas

ury to decide. 12 9 to 14 In case of an appeal from the decision of the Comptroller

to the Board of Advisers, and the decision of the board is not unanimous, in such case the decision of the Sec

retary of the Treasury to be binding and final. 14 23, 24 May designate clearing houses as fiscal agents or deposi

tories of public moneys. 15 7 to 14 May direct the Treasurer or any assistant treasurer of the

United States to accept from banks for "safe keeping"

any kind of money or bonds. 16 21 to 24 To approve action of Comptroller in issuing emergency 17 1 to 16 greenbacks to clearing houses or banks

Also, approve of the bonds deposited as security for such

notes. 18 16 to 22 To publish in the "STATEMENT OF THE CONDITION

OF THE UNITED STATES TREASURY AND ITS RECEIPTS AND EX ENDITURES” a list of securities accepted to secure emergency greenbacks or deposit

of public moneys. 18 23 to 25 May issue and sell, “to carry into effect the provisions of

the act of January 14, 1875, entitled 'An Act to provide for the resumption of specie payments, and of this act FOR THE PERIOD OF FOUR YEARS BONDS DESCRIBED in the Act of July 14, 1870, entitled 'An Act to authorize the funding of the national debt,'" 1-3 year bonds, 3-7 year bonds, and bonds due on a day

certain to run not exceeding three years. 21 3 to 12 To decide on the amount of the tax associations shall pay

on the average circulation of their 6currency,” but in no

case over one-fifth of 1 per cent per annum. 21 12 to 17 One-fifth of 1 per cent when $8,000,000 are accumulated 22 1 to 3 from such tax, and not over 1 per cent per annum in any

case.

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1

TREASURER OF THE UNITED STATES.

2 12 to 18 First Comptroller to be (practically) an assistant treasurer. 9 20 to 24 Deposit with the Treasurer United States notes and 10 1 to 4 receive from Comptroller reserve notes.” [Why not

deposit with the Comptrollers ?] 10 8, 9 Deposit with Treasurer United States bonds and receive 10 14 to 17 from Comptroller “bank notes” of Issue and Redemption

Department.
22 12 to 23 To currently redeem "circulating notes" in gold coin at

subtreasuries conflicts with page 3, lines 17 to 19, or
there must be an Issue and Redemption Department in

every subtreasury.)
24 14 to 20 Receive annual taxes of one-fourth of 1 per cent on fran.

chise. 24 24, 25 Hold taxes on franchise as a separate fund to pay expenses 25 1 to 3 of Comptroller.

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