conferred by the refunding act to redeem six
per cent. bonds as they become redeemable, by the proceeds of the
sale of bonds bearing a lower rate of interest. The United States
notes redeemed under the resumption act are, therefore, the principal
means provided for the purchase of bullion or coin with which to
maintain resumption, but should only be paid out when they can be
used to replace an equal amount of coin withdrawn from the resumption
fund. They may, it is true, be used for current purposes like
other money, but when so used their place is filled by money received
from taxes or other sources of income.

"In daily business no distinction need be made between moneys, from
whatever source received, but they may properly be applied to any
of the purposes authorized by law. No doubt coin liabilities, such
as interest or principal of the public debt, will be ordinarily
paid and willingly received in United States notes, but, when
demanded, such payments will be made in coin; and United States
notes and coin will be used in the purchase of bullion. This method
has already been adopted in Colorado and North Carolina, and
arrangements are being perfected to purchase bullion in this way
in all the mining regions of the United States.

"By the act approved June 8, 1878, the Secretary of the Treasury
is authorized to constitute any superintendent of a mint, or assayer
of any assay office, an assistant treasurer of the United States,
to receive gold coin or bullion on deposit. By the legislative
appropriation bill, approved June 19, 1878, the Secretary of the
Treasury is authorized to issue coin certificates in payment to
depositors of bullion at the several mints and assay offices of
the United States. These provisions, intended to secure to the
producers of bullion more speedy payment, will necessarily bring
into the mints and treasury the great body of the precious metals
mined in the United States, and will tend greatly to the easy and
steady supply of bullion for coinage. United States notes, at par
with coin, will be readily received for bullion instead of coin
certificates, and with great advantage and convenience to the
producers.

"Deposits of coin in the treasury will, no doubt, continue to be
made after the 1st of January, as heretofore. Both gold and silver
coin, from its weight and bulk, will naturally seek a safe deposit,
while notes redeemable in coin, from their superior convenience,
will be cir