The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1885-10-04

sued during the succeeding month.
Or the market value may be deter
mined for each day, as follows:
The value or ratio to gold at which
certificates shall be issued on silver
bullion deposited under this act shall e
its actual ratio or market value at the
time of deposit, to be determined by the
Secretary of the Treasury for each day,
by taking the mean selling price of sill
yer bullion in the open market in New
York City, in gold dollars, on the first
preceding day on which actual sales
were made. Or substitute London for
New York, and deduct from the London
price the cost of Transporting silver
bullion between New York and London
| The price at which silver bullion shall
be delivered in the redemption of GER
tificates shall be the price at which at
the same time it is being received;
| PrOrided, That certificates shall not be
issued on silver bullion at value above
the ratio of silver to gold as now fixed
| by law for standard gold and silver
! COINS; and if, at any time. silver bullion
| rises to a value equal TO the ratio of the
two metals in existing standard coins,
then any holder of silver bullion may,
/ at his option. receive certificates for it,
as provided in this act. or have the
same coined at that ratio into standard
dollars, or half dollars, of the weight
| hereinafter provided, on the same terms
ana conditions as provided by law for
the coinage of gold; but If hereafter the
ratio of silver to gold in standard coins
shall, by law or international agree
ment. be changed. then this provision
shall be made TO conform 10 such new
ratio.
SEC. 3. That silver bullion deposited
under this act shall be received subject
| to all the provisions Of law as TO assay
ing, melting and refining, when below
standard, casting into ingots or bars,
! the same as if deposited for coinage;
/ PrOUided. That coins struck at European
mints, and ingotS and bars made by
melting down such coins, shall be eX-
cluded from the provisions of this act.
SEC. 4. When any of the certhcates
| herein authorized are redeemed In SI-
yer bullion, they shall be Cancelled and
DESTROYED: but certificates which come
back into the Treasury by being re-
| ceiyed for customs, taxes, or pubic dues
or i'll exchange for lawful money, snail
not be Cancelled but shall be held as
cash, and may be re-iSsued or PAID out
again as current money for all debts
and demands owing by the United
States, except where payment IN coin Is
expressly stipulated.
! SEC. <. That on the taking effect or
this act. the monthly coinage of silver
dollars under the act of February 18th,
1873, shall be stopped, and in lieu OF
such monthly coinage, the Secretary
of the Treasury is hereby authorized
and required to cause the coinage, from
time to time, of standard silver dollars
from bullion deposited under this act,
in amounts sufficient TO supply any de-
mand that may arise for coined dollars
for circulation or that may be required
to any the coin obligations of the gov
eminent; provided that. cOncurrently
with the coinage of any silver bullion
for which certificates have been issued
under this act, the Secretary OF the
Treasury shall cause to be destroyed
certificates equal in value to the bullion
so coined at the time of its deposits.
SEC. 6. There shall be no further IS
sue or reissue of five dollar national
bank NOES, nor of one and two dol
lar United States notes; but notes OF
larger denominations may be issued IN
place of the FIVE dollar national bank
notes retired, and the total amount OF
United States notes, as now fixed by
law, shall be kept up by substituting
notes of q higher denomination for one
and two dollar notes.
SEC. 7. In addition 10 the denomina-
tons of silver certificates provided for
bv the act of February %, 1878, there
shall be issued, in like manner, upon
the deposit of silver dollars, certificates
, of denominations of one dollar, two
dollars, and five dollars, which certii-
Gates shall be similar in form and shall
possess the same money functions as
, those of higher denominations issued
under said act.
SEC. s. Certificates issued on the de-
post of coined silver shall be known as
silver coin certificates, and certificates
/. issued under this act, on the deposit OF
silver bullion, shall be known as silver
bullion certificates.
SEC. 9. After the passage Of this act
] it shall be unlawful 10 issue Treasury
: certificates on deposited United State;
~ notes.
, SEQ. 10. That all half.dollar piece:
/ struck since 1858, now in the Treasury
: shall be melted down and recoined int
: half-dollars, weighing 20614 grains each
e and such recoined half-dollarS, togethe
V with half-dollars struck before 1858
shall be legal tender in all payments tn
same as standard dollars.
SEC. H. That the act approved Jun
:. 9th, 1879. providing for the redemption
: / OI SuDSluldlN VI lldSlAOAASlA NOAAAot
Is hereby repeated.
SEC. H. That until January LIST, 1885
: the coins known as trade-dOllars sha
= be receivable at their face value for a
" dues to the government, and exchange
!. able, when presented at the Treasur
or Sub-TreaSury in New York, or &
any of the minis, for standard dollar
The irade-dollars so received shall
melted down and coined into standar
of dollars or half-dollars of the weight pr
- vided for in this act, as the Secretary
u the Treasury may direct.
1t SEC. 13. That there is hereby appr'
priated out of any money in the Ire
sury not. otherwise appropriated su
OF ficient money to pay the expense
ID certificates to be issued under this &C
IS. and the coinage and recOinage of hal
Sc dollars and standard dollars provide
of for in this act. And ills appropriate
at shall stand as q permanent apprOprl
ut ton.
" SEC, H. This act shall take eject
ed 1885,
at
in Ore and Bullion.
OF The receipts of ore and bullion at t
" various banks in this city, for t