The weekly Elko independent. [volume] (Elko, Nev.) 1872-1887, 1878-02-24
THE SILVER BILL.

Zation oil silver, whlch passed. the Ben
ate on Saturday:
he At enacted, etc., That there shall be
coined at the several mints of the United
States silver dollars of tho weight of
4l2X grains troy of standard silver, as
provided in the Act of january Is. 1897,
on which shall be the devices and su-
prescription provided by the said Act;
which coins, together with ali silver
dollars heretofore coined by the Unit
cd States of like weight and fineness,
shall be legal tender at their nominal
value for all debts and dues, public and
private, except where otherwise ex-
pressed and stipulated in the contract;
and the Secretary of the Treasury is
authorized and directed TO purchase
from time to time silver bullion at the
market price thereof, not less than $2,-
900, 900 per month. nor more than S4,-
900, 600 worth per month, and cause the
same to be coined monthly, as fast as
SO purchased, into such dollars; and u
sum sufficient to carry out the forego-
ing provisions of this Act is hereby ap-
propriated out Of any money in the
Treasury not otherwise appropriated; !;
and any gain or seigniorage arising
from this coinage shall be accounted
for and paid into the Treasury, as pro-
vided under the existing laws relative to
the subsiding coinage. Provided, That
the amount Of me ney at any one time
invested in such silver bullion, exclu-
sive of such resulting. coin. shall not
exceed $4,000, 600; and provided, fur
ther, that nothing in this Act shall be
construed to authorize the payment in
silver of certificates OF deposits issued
under the provisions of Section 254 Of
| the revised statutes. -.
Sec. 2. All Acts and parts OF Acts
incon sistent with the provisions of this
Act are hereby repealed.
Sec. 8. That immediately after the
passage OF this Act the President shall
invite the Governments of tho countries
composing the Latin Union" so
called, and Of such other European ma
tions as he may deem advisable, to join
the United States in conference to adopt
q common ratio between gold and sill
yer, for the purpose Of establishing in
ierlatIonally the use of bi.me.allic
money, and Of securing fxity OF rela-
ave value bctwe cen these metals; such
conference to be held at such place in
Europe or in the United States, and at
s"ch time within six months as may be
mutually agreed upon by the Executives
OF the Governments so invited, or any
three of them shall have signitied their
willingness to unto In the same. The
President shall, by and with the advice
and consent of the Senate, appoint
three commissioners, who shalll attend
such conference on behalf OF the Uni
ted States. and shall report the doings
thereof to the President. who shall
transmit the same to Congress. Said
commissioners shall each receive the
sum Of %, 800 and their reasonable ex-
penseS. to be approved by the Secretary
OF State. The amount necessary to pay
such compensation and expenses is
hereby appropriated out of any money
in the Treasury not otherwise nppro-
priated. -... .H.
Sec. 4. That any holder OF this coin
authorized by this Act, may deposit
the Same with The Treasurer or any
Assistant Treasurer of the United
States, in sums Of not less than SO,
and receive therefor certificates of not
less than $40 each, corresponding with
the denominations OF United States
notes. The coin deposited for or re-
presenting the certificates shall be re.
taincd in the Treasury for the payment
OF the same Oh demand. Said certifi
Gates shall be receivable for customs
tnxes and all public dues, and when so
received may be roissucd.
II will be obsosved that tho above Is
e modification Of the Bland bill,
nevertheless, u is long stride in the
right direction, and wo approhond that
after the advantages derived by the
country at large from the bill, even with
the present restrictions, shall havo
been realized, and tho predictions
OF the Gold Ring shall have been
proven false, tho act OF removing overy
obstacle to the reinstatement of silver
to It's old position as an equal of gold
as a legal tender aud circulating me-
dium, will soon follow. .. ss
We notice thnt in somo quarters the
passage Of this bill is regarded as n
calamity on the ground that 10y pnr-
tial surrender Of the principles adyo.
Gated by the friends OF a double-stand.
ard, the concession will prove fatal TO
all hope OF more liberal legislation
upon this subject in tho near
future, and has morcly de-
foatod the object aimed at, but
whilo these dark forobodiugs may
prove we'll founded. we incline 20 tho
opinion that the passage Of tho bill will
bo productive Of good results.
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