its faith to make provision at the earliest practicable period for the
redemption of the United States notes in coin."

On January 14, 1875, the "Resumption Act" was passed. It declared that
"on and after January 1, 1879, the Secretary of the Treasury shall
redeem in coin the United States legal-tender notes then outstanding,
on their presentation for redemption at the office of the Assistant
Treasurer of the United States in the city of New York, in sums of
not less than fifty dollars." The same Act provided that while the
legal-tender notes outstanding remained in excess of $300,000,000, the
Secretary of the Treasury should redeem such notes to the amount of 80
per cent. of the increase in National Bank notes issued.

On May 31, 1878, an Act was passed forbidding the further retirement of
United States legal-tender notes, and providing that "when any of said
notes 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 destroyed, but they shall be
re-issued and paid out again and kept in circulation." When this Act was
passed there were $346,681,016 of United States notes outstanding, and
there has been no change in the amount since.

As to the silver policy of the Government since the war it is expected
that the purport of certain important acts of legislation should be
understood by all who would have an intelligent conception of our
financial controversies.

The Act of February 12, 1873, suspended the coinage of the standard
silver dollar of 412 and 1/2 grains. This Act authorized the coinage of
the trade dollar of 420 grains, making it a legal tender for $5. This