Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1890-03-03
The Silver Question.

OQe OF GQe UtOuUleSOInc quC0IiOS
which has been more or less proml- /
nent for several years is in regard to
silver coinage. The west generally,
is in favor of the free coinage of sill
yer, but this plan is opposed by con-
servative fnanciers on the ground
that, while it might make money
plenty, would in the end depreclate
the value of silver to such an extent
that it would either drive gold out OF
circulation or make a double stand
ard, which would be very inconvenl-
ent to say the least.
Secretary Window in his report adj
vocated a plan which has been en-
bodied in a bill, the substance of
which we give below. The bill seems
to have considerable merit and may
be the best plan of disposing of the
question. 1t is likely to receive a
strong support in congress.
Be it enacted by the senate and
house of representatives of the Unit
ed States in congress assembled, that
any owner of silver bullion, the prod
net of the mines of the United States
or of ores smelted or refined in the
United States, may deposit the same
at anv coinage mint or at any assay
office in the United States that the
secretary of the treasury may deslg-
nate and receive therefor treasury
notes herein after provided for equal
at the date of deposit to the net val
ue of such silver at the market price,
such price to be determined by the
secretary of the treasury under rules
and regulations prescribed, based
upon the price current in the leading
silver markets of the world; but no
deposit consisting in whole or in part
of silver bullion or foreign silver
coin imported into this country, or
bars resulting from melted or refined
J
| foreign silver coins shall be received
under the provisions eff this act.
Section twO-That the secretary
of the treasury shall cause to be pre-
pared treasury notes in such amounts
as may be required for the purpose
of the above section, and in such
form and denominations as he may
prescribe; provided, that no notes
shall be of a denomination less than
81. or more than $1,000.
Section three.-That the notes is
sued under this act shall be received
for customs, taxes and public dues,
and when received into the treasury
NAV be re-issued and such notes when
held by any other national banking as
sociation, shall be counted as part OF
its lawful reserve.
Section four-That the notes issu-
ed under the provisions Of this act
shall be redeemed upon demand at the
treasury of the United States or a
the office of the assistant treasurer o.
the United States by the issue of tht
certificate Of deposit of the sum O
the notes so presented payable at on
of the mints of the United States, il
an amount of silver bullion equal II
value. on the date of said certificate
to the number of dollars stated there
in, at the market price Of silver to b
determined as provided in section l
or such notes may be redeemed Il
gold coin, at the option of the gov
eminent: Provided, that upon de
mand of the holder, such notes shal
be redeemed in silver dollars.
Section five.-That when the mark
ct price of silver, as determined b.
the secretary of the treasury, sha
Y exceed one dollar for 371.27 grain
q of pure silver, it shall be the duty o
f the secretary of the treasury to refus
t to receive deposits of silver bullio
d for the purposes of this act.
b Section six.-That it shall be law
# ful for the secretary of the treasury
e with the approval of the president {
Z. the United States, to suspend, tempo
n rarily, the receipt of silver bullion fC
:, treasury notes at any time when
e is satisfied that through combinatio
l. or speculative manipulation of I'll
% market, the price Of silver is arbitr'
it ~, nominal or fictitious.
/. Section seven-That the silver bu
e lion may be coined into the standal
~ silver dollars or any other denomin
% ton of silver coin now authorized
10 law, for the purposes of replacir
% the coin used in the redemption {
IS the notes.
IN Section eight.-That so7huch
Is the act of Feb. %, 1878, entitled ga
e. act to authorize the coinage OF Il
standard silver dollar and to resto
its legal tender character" as requi
v. es the monthly purchase and coinai
Of into silver dollars of not less th
ct 81, 900, 900 nor more than $4,000
re 600 worth of silver bullion, is here
or repealed.
he