be submitted

the Secretary of the Treasury shall annually submit to Estimates to Congress detailed estimates of appropriations required annually. for said expenses; and for the fiscal year ending June thirtieth, eighteen hundred and seventy-five, the following sums, or so much thereof as may be necessary, are Expenses of hereby appropriated to defray the expenses of the nafor year ending tional loan, for the following clerical and other employees, to wit:

national loan

June 30, 1875.

pt. 3, p. 248.

*

* *

*

*

Approved, June 20, 1874.

ACT OF JUNE 23, 1874.

18 Stat. L., CHAP. 459.-An act for the creation of a court for the adjudication and disposition of certain moneys received into the Treasury under an award made by the tribunal of arbitration constituted by virtue of the first article of the treaty concluded at Washington the eighth of May, anno Domini eighteen hundred and seventyone, between the United States of America and the Queen of Great Britain.

Judgments, out of what

the Treasury

sell bonds for

April 11, 1876.

SEC. 15. That the Secretary of the Treasury is hereby money paid. authorized and required to pay the said respective judgments of said court, out of any such money in the Treasury Secretary of not otherwise appropriated; and for that purpose he is authorized to hereby authorized when necessary to issue and sell at pubthe purpose. lic sale, after ten days' notice of the time and place of sale, at not less than par in coin, a sufficient amount of See act of coupon or registered bonds of the United States, in such form as he may prescribe, of denominations of fifty dollars, or some multiple of that sum, redeemable in coin of the present standard value, at the pleasure of the United States after ten years from the date of their issue, and bearing interest payable quarterly in such coin at the rate of five per centum per annum; and upon the payment, from time to time, of the said respective judgments of said court as before provided, the bonds of the United ch. States mentioned in the act approved March third, eighteen hundred and seventy-three, entitled "An act for the creation of a court for the adjudication and disposition of certain moneys received into the Treasury under an award made by the tribunal of arbitration constituted Vol. 17, p. by virtue of the first article of the treaty concluded at Washington the eighth of May, anno Domini eighteen

1873,

261, vol. 17, p. 601.

873.

bonds to be

hundred and seventy-one, between the United States of America and the Queen of Great Britain," shall be canceled and extinguished to the amount of such payments; and when all such payments shall have been made, any Certain such bonds remaining shall be also canceled and extin- canceled and guished; and after the payment of the said judgments, Balance and the re-imbursement of the expenses as herein pro-payment of vided, if there shall remain any part of the said money, reimbursement the same shall be and remain a fund from which Congress of expenses to may hereafter authorize the payment of other claims fund, etc. thereon.

*

Approved, June 23, 1874.

ACT OF JANUARY 14, 1875.

CHAP 15.-An act to provide for the resumption of specie

payments.

extinguished.

re

maining after

judgments and

constitute a

18 Stat. L.,

pt. 3, p. 296.

ver coins for

of fractional thorized.

au

Be it enacted by the Senate and House of Representa- Issue of siltives of the United States of America in Congress as- the redemption sembled, That the Secretary of the Treasury is hereby currency authorized and required, as rapidly as practicable, to cause to be coined, at the mints of the United States, silver coins of the denominations of ten, twenty-five, and fifty cents, of standard value, and to issue them in 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 post-offices of the United States; and, upon such issue, he is hereby authorized and required to redeem an equal amount of such fractional currency, until the whole amount of such fractional currency outstanding shall be redeemed.

Repeal of authority to

centage for

SEC. 2. That so much of section three thousand five hundred and twenty-four of the Revised Statutes of the charge a perUnited States as provides for a charge of one-fifth of one conversion of per centum for converting standard gold bullion into coin coin. is hereby repealed; and hereafter no charge shall be made Statutes, 3524.

for that service.

bullion into

See Revised

limitation of

amount of cir

SEC. 3. That section five thousand one hundred and Repeal of seventy-seven of the Revised Statutes of the United aggregate States, limiting the aggregate amount of circulating notes culating notes. of national banking associations, be, and is hereby, re- Statutes, 5177. pealed; and each existing banking association may in

See Revised

provisions for

and redistribu

tion.

See Revised

crease its circulating notes in accordance with existing law without respect to said aggregate limit; and new banking associations may be organized in accordance with Repeal of existing law without respect to said aggregate limit; and withdrawal the provisions of law for the withdrawal and redistribution of national bank currency among the several States Statutes, 5181. and Territories are hereby repealed. And whenever, and so often, as circulating notes shall be issued to any such United banking association, so increasing its capital or circuexcess of $300,-lating notes, or so newly organized as aforesaid, it shall redeemed In be the duty of the Secretary of the Treasury to redeem to increase of the legal-tender United States notes in excess only of circulation. three hundred million of dollars, to the amount of

States notes in

000,000 to be

a certain ratio

national bank

tion of United

coin after Jan

tion.

eighty per centum 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 until there shall be outstanding the Redemp sum of three hundred million dollars of such legalStates notes in tender United States notes, and no more. And on and uary 1, 1879. after the first day of January, anno Domini, eighteen hundred and seventy-nine, the Secretary of the Treasury shall redeem, in coin, the United States legal-tender notes then outstanding on their presentation for redemption, at Appropria- the office of the assitant treasurer of the United States in the city of New York, in sums of not less than fifty dollars. And to enable the Secretary of the Treasury to prepare and provide for the redemption in this act authorized or required, he is authorized to use any surplus reveSale of bonds nues, from time to time, in the Treasury not otherwise means of re-appropriated, and to issue, sell and dispose of, at not less United States than par, in coin, either of the descriptions of bonds of See 1870, ch. the United States described in the act of Congress approved July fourteenth, eighteen hundred and seventy, entitled, "An act to authorize the refunding of the national debt," with like qualities, privileges, and exemptions, to the extent necessary to carry this act into full 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.

to provide

deeming

notes.

56, vol. 16, p. 272.

Approved, January 14, 1875.

ACT OF MARCH 3, 1875.

pt. 3, pp. 399,

CHAP. 130.-An act making appropriations for sundry 18 Stat. L., civil expenses of the Government for the fiscal year 401. ending June thirtieth, eighteen hundred and seventysix, and for other purposes.

Force to be employed in car

rying out pro

visions of 1874,

SEC. 3. That to carry into effect the provisions of section three of the act entitled "An act fixing the amount of United States notes, providing for a redistribution of c. 343, s. 3. the national-bank currency, and for other purposes " approved June twentieth, eighteen hundred and seventyfour, the Secretary of the Treasury is authorized to appoint the following force, to be employed under his direction, namely:

And at the end of each month, the Secretary Office of the Comptroller of of the Treasury shall reimburse the Treasury to the full the Currency. amount paid out under the provisions of this section by transfer of said amcunt from the deposit of the national banking-associations with the Treasury of the United States; and at the end of each fiscal year he shall transfer from said deposit to the Treasury of the United States such sum as may have been actually expended under his direction for stationery, rent, fuel, light, and other necessary incidental expenses which have been incurred in carrying into effect the provisions of the said section of the above named act.

tion of bonds.

3697, p. 735.

SEC. 11. That the Secretary of the Treasury is hereby Redemp authorized, at such times as may be necessary, for the pur- R. S., 3694pose of obtaining bonds for the sinking-fund, in compliance with sections three thousand six hundred and ninetyfour to three thousand six hundred and ninety-seven, inclusive, of the Revised Statutes of the United States, to give public notice that he will redeem, in coin, at par, any bonds of the United States, bearing interest at the rate of six per centum, of the kind known as five-twenties; and in three months after the date of such public notice, the interest on the bonds so selected and called for payment shall cease.

Approved, March 3, 1875.

15712-10-16

pt. 3, p. 463.

ACT OF MARCH 3. 1875.

18 Stat. L., CHAP. 134.-An act making appropriations for the repair, preservation, and completion of certain public works on rivers and harbors, and for other purposes.

James B. Eads and oth

struct jetties,

SEC. 4. That James B. Eads, of Saint Louis, Missouri, ers to con-be, and he is hereby, authorized, with such others as may etc., to main be associated with him, on the conditions hereinafter between South mentioned, to construct such permanent and sufficient sippi River and jettees and such auxiliary works as are necessary to create Gulf of Mexico, and permanently maintain, as hereinafter set forth, a

tain channel

Pass of Missis

Obliga tions to be dis

money or

bonds.

wide and deep channel between the South Pass of the Mississippi River and the Gulf of Mexico, and for that purpose he may construct, in the river, outlet, or pass, and likewise in the Gulf of Mexico, such walls, jettees, dikes, levees, and other structures, & employ such boats, rafts, and appliances, as he may, in the prosecution of said work deem necessary: Provided,

*

*

*

SEC.. That the option of discharging the obligations charged in hercin assumed by the United States, either in money or bonds, is expressly reserved; and the Secretary of the Treasury is hereby directed to issue the bonds of the United States, bearing five per centum interest, of the character and description set out in the act entitled "An act to authorize the refunding of the public debt," approved July fourteenth, eighteen hundred and seventy, to said Eads or his legal representatives, in payment at par of the aforesaid warrants of the Secretary of War, unless the Congress of the United States shall have previously provided for the payment of the same by the necessary United appropriations of money: Provided, That in no case shall ble for losses, the Government of the United States be liable for any losses incurred by said Eads and his associates in the performance of the work herein mentioned, nor shall any payments thereon be made in excess of the sums nor contrary to the terms hereinbefore prescribed.

States not lia

etc.

Approved, March 3, 1875.