Pioche daily record. [volume] (Pioche, Nev.) 1872-1876, 1876-07-20
THE SILVER BILL.

The following is the full text OF the
Joint resolution for the issue OF silver
coin which has passed both houses OF
Congress and now goes to the President
for his signature:
Section /. That the Secretary Of the
Treasury, under such limits and reguia-
lions as will best secure the Just and fair
distribution OF the same through the
country, may issue the silver coin at any
time in the Treasury 10 an amount not
exceeding $4,000. 900. in exchange for
like amount OF legal tender notes. and
the notes 80 received in exchange shall
be kept as a special fund separate and
apart from all other money in the Treas
ury, and be issued only upon the retire
ment and destruction OF like sum OF
fractional currency received at the Treas.
ury in payment of dues to the United
States; and said fractional currency,
when substituted. shall be destroyed and
held as part Of the Sinking Fund, az
provided in tie Act approved April IL,
1876.
Sec. 9. A trade dollar shall not here
after be legal tender. and the Secretary
OF the Treasury is hereby authorized to
limit from time to time the coinage
| thereof to such an amount as he may
deem sufficient 10 meet the export de-
| mand for the same.
Sec. 3. In addition to the amount OF
| subsidiary silver coin authorized by law
to b. issued for the redemption OF irac.
| tional currency, II shall bs the law to
manufacture at the silver mints and issue
through the Treasury and its several
officers such coin to an amount, including
the amount OF subsidiary silver coin and
OF fractional currency outstanding, shall
| in the aggregate not exceed at any time
| $50 600. 900.
Sec. 4. Silver bullion issued for the
purpose OF this Act shall be purchased
from time to time at the market rate, by
the Secretary OF the Treasury, With any
money in the Treasury not otherwise APP
propriated; but no purchase OF bullion
shall be made under this resolution when
the market rate for the same shall be
such as will not admit of the coinage
provided without loss to the Treasury 4;
and any gain or seignorage arising from
this coinage shall bs accounted for and
paid into the Treasury as provided under
| the existing laws relative to subsidiary
coinage; provided. that the amount at
any one time invested IN such silver bull
lion, exclusive OF such resulting com,
shall not xcred 5000. 600.
This entirely demonetizes the trade
dollar, as after the President signs the
bill that form OF circulating medium il
no longer legal tender for any amount.
Considerable misty argument has been
advanced in opposition to the plan pro-
posed by Jones. the most formidable one
being that Of Messrs. Payne and Gar
f-ld. Those arguments amount sub
stantially to the assertion that the Pa
cifc Coast is trying to wrong other in
dustries OF the country by forcing upon
1t medium OF exchange with an i'm
posed value beyond its present worth
The bill is passed and discussion is use
less. II the food OF foreign silver thu
Eastern Congressman threatened would
ovsrrun the country. did come, as con
sequence OF passing Jones bill, it woul'
be far better for the Government to bu,
1t up, even at loss, than to permit thi
Coast to lag and its pulses to cease beat
ing. 1t ia matter of regret that East
ern legislators could not be induced Il
turn their eyes from Europe. and consid
er what effect such legislation woul
have in their own country. Judging b.
the present low rate of silver the imme
date effect of the bill will be q sort Of in
aation. In place of mending matters
mars them. 1t increases, indirectly. tn
already heavy burden Of funded indeb
edness. The national legislature had
chance to resume specie payments tina
once longed for desiderstum-by buyin
deprecated silver with appreciate
, .greenbacks. The one CLEAN of light
the fact that silver is reboundng, and
quoted at little higher figure each sue
oeeding day.