The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1890-08-07
THE NEW SILVER Law IN FULL

THE NEW SILVER Law IN FULL
Section l. That the Secretary OF
the Treasury is hereby directed to-
purchase from time to time silver
bullion to the aggregate amount Of
/, SOC, 900 ounces, or 80 much thereof
~ there may be offered in each month
at the market price thereof, not ex-
ceeding 81 for every 81 25-1OO grains
OF pure silver, and to issue in pay
ment for such purchases Of silver bull
lion treasury notes Of the United
States to be prepared by the secre-
tary Of the treasury in such form and
OF such denominations, not less than
81 nor more than 1900 as he may
prescribe, and sum sufficient to car
~ into effect the provisions Of this
act is hereby appropriated out Of any
money in the treasury not otherwise
appropriated.
Sec. 2. That the treasury notes Is
sued i'm accordance with the provis-
ions OF this act shall be redeemable
on demand in coin at the treasury Of
the United States or at the Office Of
any assistant tsaasuEnr OF the United
States, and when SO redeemed may
be re issued, but no greater or less
amount OF such notes shall be out
standing at any time than the cost Of
the silver bullion and the standard
silver dollars coined therefFom then
held in the treasury purchased by
said notes; and such treasury notes
shall be q legal tender In payment Of
all debts, public and private, except
where otherwise expressly stipulated
In the contract, aud shall be receiva-
BILE for customs, taxes and all public
duties, and when so received may be
reissued; and such notes, when held
by any national banking association,
may be counted as q part Of its law
full reserve. That upon demand Of
the holder of any Of the treasury
notes herein provided for the Secre-
tery shall, under such regulations a.
| be may prescribe, redeem such notes
| in gold or silver coinage at his discre-
ton. it being the established policy
OF the United Mates to maintain the
two metals on a parity with each
other upon the present legal ratio,
or such ratio as may be provided by
law.
Sec. 8. That the Secretary Of the
Treasury shall each month coin q
OO0, 900 ounces Of silver bullion pur'
chased under the provisions Of this
act into standard silver dollars unit
the lst day Of July, 1891 and after thai
tine he shall coin Of the silver bull
lion purchased under the provisions
OF this act o. much a. may be neces
sary to provide for the redemption
OF the treasury notes herein provided
for, and any gain or seignorage arts
ling from such coinage shall be &C
counted for and paid into the treas
ury.
Sec. 4. That the silver buiiioh pas
chased under the provisions Of thi
act shall be subject to the require
men,s OF existing law and the regu
ilations Of the inint service governing
the methods Of determining the aip
lount OF pure silver contained and tl
amount II charges and deductions
IL any, to be made.
Sec. 3. That SO much Of the act Q
February %, 1878, entitled An &C
to authorize the soiasge 81 the stan
dard silver dollar aud to restore it
legal tender character" as require
the monthly purchase and coinage'
Of the same into silver dollars Of nc
less than $2,OOO,OO0 nor more tina
$4,seo,9o0 worth Of silver is hereb
repealed.
Sec. 6. That upon the passage {
, this act the balances standing wit
: the treasury OF the United States I
!, the respective credits Of nationt
banks for deposits made to redeel
the circulating lotes q such bank
and all deposits thereafter receive
!, !, for like purposes shall be covered il
to the treasury az q miscellaneous r
! oeipt, and the treasurer Of the Uni
!. ed States slaH redeem from the gel
: eral cash In tbs treasury the circul'
!, ting notes OF said banks which ma
come into his possession subject
redemption, and upon the certifica,
OF the Controller Of the Currenc
that such notes have been receive
: by hini and that they have been d
stroysd. and that no new notes. wi
! be issued IN their place. reilAbars'
ment of their amount shall be mad
!, to the treasurer under such regul
:. tons as the secretary OF the treasul
may prescribe from an appropriate
hereby known rs National ban
.. notes redemption account" but Il
!, provisions of this act shall not app
to the deposits received under sc
; ton 3 Of the act of June 20, 1874, r
!, qulring every national bank to kee
:. in lawful money with the treasur
!. Of The United States, sum equal
5 per centuin Of its circulation to
held and used for the redemption
!, its circulating notes, and the balan,
remaining Of the deposits SO covers
: shall, at the close of each month,
: reported on the monthly public del
statement rs debt Of. the Unit.
States bearing no interest.
Sec. :. That this act she'll tel
i take effect thirty days from and aft
Its passage.