Democratic Northwest. [volume] (Napoleon, Ohio) 1869-1894, 1890-07-17
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The Silver Bill.

Full text Of the measure as 1t passed
both Houses:
Section l. The Secretary of the Treas
ury Is hereby directed to purchase,
from time to time, silver bullion to the
aggregate amount of 4,500, 900 ounces,
or 80 much thereof as may he offered,
in each month; at the market price
thereof, not exceeding one dollar for
three hundred and seventy-one and
twenty-five one-hundredth grains of
pure silver, and to issue in payment for
such purchases of silver bullion Treas
ury notes of the United States, to be
prepared by the Secretary of the Treas
ury, In such form and of such denomi-
nations not less tlian one dollar nor
more than one thousand dollars, as he
may prescribe, and sum sufficient to-
carry into effect the provisions of this
act Is hereby appropriated out of any
money In the Treasury not otherwise
appropriated.
Section 2. That the Treasury notes is
sued ID accordance with the provisions
of this act shall be redeemable on de-
mand In coin at the Treasury of the
United States, or at the Office of any
Assistant Treasurer of the United
States, and when so redeemed may be
reissued, but no greater or less amount
of such notes shall be outstanding at
any time than the cost of the silver bull
lion and the standard silver dollars
coined therefrom then held in the
Treasury purchased by such notes, and
such Treasury notes shall be a legal
tender in payment of all debts, public
and private, except where otherwise
expressly stipulated in the contract,
and shall be receivable for customs,
taxes and all public dues, and when SO
received may be reissued; and such
notes, when held by any National bank
ing association, may be counted as a
part of its lawful reserve; that upon de-
mand of the holder of any of the Treas
ury notes herein provided for, the Sec
retary ofthe Treasury shall, under such
regulations as he may prescribe, redeem
such notes in gold or silver coin at his
discretion, 1t being the established
policy of the United States to maintain
the two metals on parity with each
other upon the present legal ratio or
such ratio as may be provided by law.
| Section 3. That the Secretary of the
Treasury shall each month coin 2,O0O,-
600 ounces of the silver bullion purchas-
ed under the provisions of this act into
standard silver dollars until the 1st day
of July, 1891, and after that time he
shall coin of the silver bullion purchas-
ed under the provisions of this act as
much as may be necessary to provide
for the redemption of the Treasury
notes herein provided for, and any gain
or seigniorage arising from such coin
age shall be accounted for and paid into
the Treasury. F
Section A., That the silver bullion pur-
chased Gnder the provisions of this act
shall be subject to the requirements of
existing law and the regulations of the
mint service governing the methods of
determining the amonnt of pure silver
contained, and the amount of charges
or deductions, if any; to be made.
Section 3. That so much of the act of
February 28, 1878, entitled San act to
authorize the coinage of the standard
silver dollar and to restore its legal ten
der character" as requires the monthly
purchase and coinage of the same into
silver dollars of not less than $4,000, 600
nor more than 81, 100000 worth of sill
yer, 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 National Banks
for deposits made to redeem the circu-
lating notes of such banks, and all de-
posits thereafter received for like pur-
pose, shall be covered into the Treasury
as miscellaneous receipt. and the Treas
urer of the United States shall 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 Cur
rency that such notes have been re-
ceived by him and that they 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 Treasury may pre-
scribe from an appropriation known as
National Bank notes; Redemption ac-
count" but the provisions of this act
shall not apply to the deposits received
under section 3 of the act of June 20
1874, requiring every National Bank to
keep in lawful money with the Treas
urer of the United States q sum equal
to 5 per centum of its circulation, to be
held and used for the redemption of its
circulating notes, and the balance re-
naming of the deposits SO covered
shall, at the close of each month, be re-
reported on the monthly public debt
statement as debt of the United States
bearing no interest.
Section 4: Inat this act shall take eff
feet thirty days from and after its pas