Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1878-02-20
The Silves Bill.

The SIlves Bill.
Aftor an all.nlght session, the Bland
silver bill passed the United States SEN
ate in an amended form at 5 O'Clock on
Saturday morning, by vote OF 4S TO q,
thus giving the bill more than q two
third vote. The principal amendment
adopted was the striking out OF the free
coinage clause Of the Bland bill, and
the il sertion Of the Senate finance COM
mittee's amendment, limiting the pur-
chase of silver bullion to $4,000, 900
worth per month, giving the govern
ment the pretit on the coinage; another
amendment adopted provides for an in
ternational conference of the silver-ml-
ming nations to decide, if possible, on a
uniform basis ofrelative valuation in sill
yer and gold, and still another amend
ment authorizes the issue OF silver certi-
icates ia exchange for silver coin in
sums ofnot less than ten dollars. These
amendments will send the bill back to
the House, which will likely accept til e
bill as amended. The provision for an
international commission, after the COIN
age has been issued, looks much like
placing the cart before the horse. The
following is the iull text Of the bill as it
passed the Senate:
Be 1t enacted by the Senate and House
of Representatives. of the United States Of
Amerira in Congress assembled, That
there shall be coined at the several minis
of the United States silver dollars ofthe
of 4l2l grains troy of standard silver, as
provided in the act Of January l0, 1887,
on which shall be the devices and super
scriptiSns provided by said act, which
coins, together with all silver dollars
heretofore coined by the United States
of like weight and hneness, shall be a
legal-tender at their nominal value for
ali debts and dues, public and private,
except where otherwise expressly stlpu-
lated in the contract. And the Secreta-
nv of the Treasury is authorized and di-
rected to purchase from time to time
silver bullion at the market price there
of. not less than two million dollars
worth per month, nor more shan four
million dollars worth per month, and
cause the same to be coined monthly,
as fast as so purchased, into such dollars
Anu sum sufficient to carry out the
foregoing provision of this act IS hereby
appropriated out Of any money in tie
treasury not otherwise appropriated.
And any gain or seigniorage arising from
this coinage shall be accounted for and
paid into the treasury as provided un-
der existing laws relative TO the sub-ldi'
airy coinage.
Provided, that the amount Of money
at any one time invested IN such silver
bullion exclusive Of such resulting coin,
shall not exceed FIVE million dollars;and
provided further, that nothing in the
act shall be construed to authorize the
payment in silver Of certificates ofdepos'
it issue under the provision OF section
254 Of the revised statutes.
Section 2. All acts and parts OF act'
inconsistent with the provisions OF this
act are hereby repealed.
Section 3. That immediately after The
MASSAGE Of this act the President sha.
invite the governments ofthe countries
composing the Latin Union, sO-called
and of such other European nations a.
he may deem advisable, to join thu
United States in conference to adopt
q common ratio between gold and sllve
for the purpose Of establishing inter
nationally the use of bi-metallic money
and securing fxlty Of relative value be-
tween those metals, such conference t
be held at such place in Europe or il
the United States, at such time within
SIX months. as may be mutually agree
upon by the executives of the govern
ments so invited or any three Of them
shall have signified their willingness t
mite in the same. The President shall
by and with the advice and consent o
the Senate, appoint three commission
ers. who shall attend such conference
on behalf Of the United States, ant
shall report the doings thereof to tin
President, who shall transmit the sam
10 Congress. Said commissioners shall
receive the sum Of $500 each and thel
reasonable expenses, to be approved b.
the Secretary ofState, and the amour
necessary to pay such compensation an
expenses is hereby appropriated out O
any money in the treasury not other
wise appropriated.
Section 4. That any holder OF The
coin authorized by the act may deposi
the same with the treasurer, or an
assistant treasurer, of the United States
IN sums not less than sl0, and receive
therefor certificates Of not less than 81
corresponding with the denomination
Of the United States notes. The coll
deposited for or representing the certifI
Gates shall be retained IN the treasur.
for the payment Of the same on de
mand. Said certificates shall be recelva
BILE for customs, taxes, and all publ
dues. and when so received may b
reissued.