Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1890-07-17
THE SILVER BILL.
Tex. of the Compromise Bill which i

Text of the Compromise Bill Which is
Now Law.
The bill recently passed by both houses
OF Congress and signed by the President,
and which is now part of the statutes.
reads as follows:
Section l. The Secretary of the Treasury is
hereby directed to purchase from time to time
silver bullion to the aggregate amount of 4 500.
offered, in each month, at the market price
thereof, not exceeding one dollar for 81 rs
grains OF pure silver, and to issue. in payment
Tor such purchases of silver bullion treasury
notes OF the United States to be prepared by
the Secretary of the Treasury, in such form and
OF such denominations, not less than one dollar
nor more than one thousand dollars, as he may
prescribe, ana sum sufficient to carry into
effect the provisions OF this Act is hereby appro-
prlated out OF any money in the treasury not
otherwise appropriated.
Section 2. That the Treasury notes issued in
accordance with the provisions of this Act shall
be redeemable on demand in coin at the Treas
ury OF the United States, or at the Office of any
Assistant Treasurer of the United States and
when SO redeemed may be reissued, hut no
greater or less amount of such notes shall be
outstanding at any time than the cost of the sill
yer bullion and the standard silver dollars
coined therefrom then held in the Treasury
purchased by such notes, and such Treasury
notes shall be legal tender in payment of all
debts, public and private, except where other
wise S.picseiy StipuidlSu III the contract, and
shall be receivable for customs, taxes and all
pubic dues, and when so received may be re-
issued; and such notes, when held by any Ma
tlonal Banking Association may be counted as
part OF IT'S lawful reserve; that upon demand of
the holder of any of the Treasury notes herein
provided for, the Secretary of the Treasury
shall, under such regulations as he may pre-
scribe, redeem such notes in gold or silver coin
at his discretion. it being the established policy
OF the United States to maintain the two metals
on parity with each other uron the present
legal ratio or such ratio as may be provided for
by law.
Section 3. That the Secretary OF the Treasury
shall each month coin 100000 ounces of the
silver bullion purchased under the provisions
OF this Act into standard silver dollars until
the list day of July, 1881, and after that time he
shall coin of the silver bullion pu rchased under
the provisions of this Act, as much as NAV be
necessary to provide for the redemption of the
treasury notes herein provided for, and any
gain or seigniorage arising from such coinage,
snail be accounted for and paid into the Treas
ury.
Section A. That the silver bullion purchased
under the provisions of this Act shall be sub
Ject to the requirements OF existing law and the
regulations OF the mint service governing the
methods OF determining the amount of pure sill
yer contained, and the amount of charges or
deductions, II any, to be made.
sectlon .. That SO much of the Act of Febru-
airy Is, 1876, entitled IAN act to authorize the
coinage or the standard silver dollar and to
restore its legal tender character" as REQUIRES
the monthly purchase and coinage of the same
into silver dollars of not less than 81 900 OO0 nor
more than 100000 worth OF silver, is hereby
repealed.
Section 6. That upon the passage of this Act
the balances standing with the Treasurer of the
United states to the respective credits of ma
tional banks for deposits made to redeem the
circulating notes of such banks, and all deposits
thereafter received for like purpose shall be
covered into the Treasury as miscellaneous re.
ceipt, and the Treasurer OF the United States
Snail redeem from the general cash in the
Treasury the circulating notes OF said banks
which may come into his possession. subject to
redemption; and upon the certificate of the
controller of the Currency that such notes have
been destroyed, and that no new notes will be
issued in their place reimbursement of their
amount shall be made to the Treasurer. under
such regulations as the Secretary OF the Treas
ury may prescribe from an approximation
hereby created to be known as National bank
notes; Redemption account but the provisions
OF this Act shall not apply to the deposits re.
ce1ved under Section of the Act of June 20,
1874, requiring every national bank to keep i'm
lawful money with the Treasurer of the United
states sum equal to 5 per centum of its circu-
latlon, to be held and used for the redemption
OF Its circulating notes. and the balance re.
manning of the deposits so covered shall, at the
close OF each month, be reported on the
monthly public debt statement as debt of the
United states bearing no interest.
Section Z. That this Act shall take effect thirty
days from and after its passage.