In finance, maturity or maturity date refers to the final payment date of a loan or other financial instrument, at which point the principal (and all remaining interest) is due to be paid.
The term fixed maturity is applicable to any form of financial instrument under which the loan is due to be repaid on a fixed date.
Some instruments have a range of possible maturity dates, and such stocks can usually be repaid at any time within that range, as chosen by the borrower.
A serial maturity is when bonds are all issued at the same time but are divided into different classes with different, staggered redemption dates.
In the financial press the term maturity is sometimes used as shorthand for the securities themselves, for instance In the market today, the yields on 10 year maturities increased means that the prices of bonds due to mature in 10 years time fell, and thus the redemption yield on those bonds increased.
While the Coinage Act of 1873 stopped production of silver dollars, it was the 1874 adoption of Section 3568 of the Revised Statutes that actually removed legal tender status from silver certificates in the payment of debts exceeding five dollars.
Due in part to the outbreak of World War I and the end of his appointed term, any recommendations may have stalled. Mellon appointed a similar committee and in May 1927 accepted their recommendations for the size reduction and redesign of U. This required that the Treasury maintain stocks of silver dollars to back and redeem the silver certificates in circulation.
Beginning with the Series 1934 silver certificates the wording was changed to "This certifies that there is on deposit in the Treasury of the United States of America X dollars in silver payable to the bearer on demand." This freed the Treasury from storing bags of silver dollars in its vaults, and allowed it to redeem silver certificates with bullion or silver granules, rather than silver dollars.
Years after the government stopped the redemption of silver certificates for silver, large quantities of silver dollars intended specifically to satisfy the earlier obligation for redemption in silver dollars were found in Treasury vaults.
By 1875 business interests invested in silver (e.g., Western banks, mining companies) wanted the bimetallic standard restored.
People began to refer to the passage of the Act as the Crime of '73.
Prompted by a sharp decline in the value of silver in 1876, Congressional representatives from Nevada and Colorado, states responsible for over 40% of the world’s silver yield in the 1870s and 1880s, on 28 February 1878.
It did not provide for the "free and unlimited coinage of silver" demanded by Western miners, but it did require the United States Treasury to purchase between million and million of silver bullion per month Treasury Secretary Franklin Mac Veagh (1909–13) appointed a committee to investigate possible advantages (e.g., reduced cost, increased production speed) to issuing smaller sized United States banknotes. In keeping with the verbiage on large-size silver certificates, all the small-size Series 1928 certificates carried the obligation "This certifies that there has (or have) been deposited in the Treasury of the United States of America X silver dollar(s) payable to the bearer on demand" or "X dollars in silver coin payable to the bearer on demand".