The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-09-28
MIR. WARMERS SILVER BILL.
Text of the Compromise Measure Prepared
by the Ohio Congressman.

WASHINGTON, Sept 26.-The following is the
text of the silver measure prepared by Mr.. War
ner:
bill to provide for the issue of treasury certificates
deposited silver bullion and for other purposes
BE it enacted by the Senate and House OF Repre-
gress assembled that any holder of silver bullion
deposit the with the Treasurer any assistant
treasurer of the United States in amounts not less
in value than $40 and receive therefor certificates in
denominations of $40 and mutples of ten, prepared
provided by law for United States notes. Such
certificates shall be receivable at par in all parts OF
the United Sta es for customs, taxes and all other
public dues, and may be deposited by national banks
for the redemption of the circulating notes, and shall
be legal tender in payment of all debts and demands
owing by the United States except where payment in
coin expressly stipulated They shall be redeemalle
city of New York in lawful money or at the option of
the Secretary of the Treasury in silver bullion at its
market value at the time of redemption.
Sec. z. The value ratio to gold at which certif
Gates shall be issued silver bullion deposited under
this act shall be its actual ratio market value at
the time IF deposit to be determined by the Secretary
of the Treasury for each calendar month by taking
the average selling price of silver bullion, expressed
in gold dollars i'll the open market in New York city
during the preceding month, which price, deter
mined shall be the value ratio to gold at which
hcates shall be issued during the succeeding month
Or, the market valuesnay be determined for each
day as follows The value ratio to gold at which
certificates shall be issued silver bullion deposited
under this shall be its actual ratio market value
at the time of deposit to be determined by the Sec
retary of the Treasury for each day by taking the
selling price of silver bullion in the open market
in New York city in gold dollars the first preceding
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 certificates shall be the price at
which, at the time, it is being received provided
that certificates shall be issued on silver bullion
st value above the ratio of silver to gold as now
fixed by law for standard gold and silver coins; and if
at time silver bullion rises to value equal to the
~afn nF
then holder of silver bullion may at his option
receive certificates for it provided in this act,
have the same coined at that ratio into standard dol
lars half dollars of the weight hereinafter provided
the same terms and conditions provided by law
for the coinage of gold but if hereafter the ratio of
silver to gold in standard coins shall by law or inter-
national agreement be changed. then this provision
shall be made to conform to such new ratio.
Sec. 3. That silver bullion deposited under this
act shall be received subject to all the provisions of
law as to assaying, melting and refining, when below
standard. casting into ngots or bars the as if
deposited for conage provided that coins struck at
European mints and ingos. and bars made by melting
down such coins shall be excluded from the provisions
of this act.
Sec. 4. When any of the certificates herein author
lied are redeemed in silver bullion they shall be
celed and destroyed but certificates which come back
into the Treasury by being received for customs taxes
money shall not be Cancelled but shall be held cash.
and may be reissued paid out again current
money for all debts and demands owing by the United
States, except where payment in coin is expressly
stipulated
Sec. 5. That on the taking effect of this act the
monthly coinage of silver dollars under the act of Feb
%, 1878, shall be stopped and in lieu of such month
y coinage the Secretary of the Treasury is hereby
authorized and required to the coinage, from
time to time OF standard silver dollars from bullion
deposited under this act in amounts sufficient to sup
ply any demand that may arise for coined dollars for
circulation that may be required to pay coin ob-
cations of the government; provided that. concur
rently with the coinage of any silver bullion for which
certificates have been issued under this act the Secre
tary of the Treasury shall be destroyed GER
GncateS n O al ha
time of its deposit.
Sec. 6. There shall be no further issue or reissue
of fvedolar national bank notes, of and two
dollar United States notes. but of larger de-
nominations may be issued in place of the fve-dolar
national bank notes retired the total of
United States notes. fixed by law shall be kept
by substituting notes of higher denomination for
and twodollar notes.
Sec. z. In addition to the denominations of silver
certificates provided for by the act of Feb % 1878
there shall be issued in like manner upon the deposit
of silver dollars, certificates of denominations of
dollar two dollars and five dollars, which certificates
shall be similar in form and shall possess the
money functions those of higher denomin nations
Sec. g. Certificates issued on the deposit of coined
silver shall be known silver coin certificates,
and certificates issued under this act the deposit
of silver bullion, shall be known silver bullion
tihcates.
Sec. g. After the passage of this act shall be un
lawful to issue treasury certificates deposited
United States notes.
Sec. 10. That all half-dollar pieces struck since
1858 now in the treasury hereafter received into
half dollars weighing 2O6l4 grains each and such re-
coined half dollars together with half dollars struck
before 1858, shall be legal tender in all payments the
standard dollars.
Sec. IL. That the act approved Jure 3, 1879. pro-
viding for the redemption of subsidiary fractional
coins is hereby repealed.
Sec. II. That until Jan. 1, 1888 the coins known
trade dollars shall be receivable at their face value
for all dues to the government, and exchangeable,
when presented at the treasury subtreasury in
New York at any of the mints, for standard dol
lars. The trade dollars received shall be melted
down and coined into standard dollars half dollars
of the weight provided for in this act as the Secretary
of the Treasury may direct.
Sec. 13. That there is hereby appropriated out of
any money IL the Treasury not otherwise appropriated
sufficient money TO pay the expense of certificates to
be issued under this act and the coinage and recoinage
of half dollars and standard dollars provided for in
this act And this appropriation shall stand per-
manent appropriation
Sec. IA. This act shall take effect -, 1886.
An Insane Traveller.