St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1878-02-22
The Silver Bill.

The following is the full text of the
bill as it passed:
Be it enacted by the Senate and
House of Representatives OF the United
States of America in Congress assem-
bled:
That there shall be coined at the sew
eral mints of the United States silver
dollars of the weight of 4125 grains
Troy, of standard silver, as provided in
the act of January Is, 1887, on which
shall be the devices and superscriptions
provided by said act, which coins, to-
gether with all silver dollars heretofore
coined by the United States of like
weight and fineness, shall be legal
tender at their nominal value for all
debts and dues, public and private, ex-
cept where otherwise expressly stlpu-
lated in the contract, and the Secretary
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 S2,O00,O00 worth per
menth, nor more than "a ,0OO, 900 worth
Der month, and cause the same to be
coined monthly as fast as purchased
into such dollars, and a sum sufficient
to carry out the foregoing provisions of
the act is hereby appropriated out of
any money in the Treasury not other
wise appropriated and any gain on
seigniorage arising from this coinage
shall be accounted for and paid into
the Treasury, as provided under exist
ing laws relative to the subsidiary coin
age; provided that the amount of
money at any one time invested in such
silver bullion, exclusive of such result
ing coin, shall not exceed S5,O0O,OOO !;
and provided further that nothing in
this act shall be construed to authorize
the payment in silver of certificates of
deposit issued under the provisions of
of section 254 of the revised statutes.
SECTION 2. All acts and parts of acts
Inconsistent with the provisions of this
act are hereby repealed.
SECTION 3. That Immediately after
the passage of this act the President
shall invite the Governments of the
countries comprising the Latin Union,
so called, and of such other European
nations as he may deem advisable, to
join the United States in conference
to adopt a common ratio between gold
and silver for the purpose of establish
ing internationally the use of bi-metallic
money and securing tiXity Of relative
value between those metals, such con-
ference to be held at such place in Eu-
rope or in the United States at such
time within six months as may be mu-
tually agreed upon by the Executives
of the Governments joining the same.
Whenever the Governments so invited,
or any three of them, shall have signi-
fed their willingness to unite in the
same the President shall, by and with
the advice and consent of the Senate,
appoint three commissioners, who shall
attend such conference on behalf of the
United States and shall report the do
ings thereof to the President, who shall
transmit the same to Congress. Said
commissioners shall each receive the
sum of $500 and their reasonable ex-
penses, to be approved by the Secretary
of State; and the amount necessary to
pay such compensation and expenses is
hereby appropriated out of any money
in the Treasury not otherwise appro-
priated.
SECTION 4. That any holder of the
coin authorized by this act may deposit
the same with the Treasurer or any As
slstant Treasurer of the United States
in sums not less than so, and receive
therefor certificates of not less than $40
each corresponding with the denomi-
nations of the United States notes. The
coin deposited for or representing the
certificates shall be retained in the
Treasury fer the payment of the same
on demand. Said certificates shall be
receivable for customs, taxes and all
public dues, and when so received may
be reissued.