The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1890-04-25
AGREED ON A SILVER BASIS
4 100000 Ounces of Pure Sill
yer TO Be Purchased
Each Month.
The Treasury Notes TO Be Redeemable
on Demand in Lawful
Money.
Other Provisions OF the Bill---Senator
Vance's Warehouse Scheme
Sparks from the Wires.

wasmSoTos, April "a
The republicans of the house and senate
have agreed npon the silver bill. Fhe
agreement 10 IN harmony with the measure
adopted by the senate caucus committee,
with important amendments. The bill
provides that the secretary OF the treasury
direct the purchase from lime TO time OF
silver bullion TO the aggregate amount OF
4,500. 600 ounces OF pure silver in each
month. al the marker price thereof, not
exceeding ~ for 37l 2,- 100 grains Of pure
silver. ARd TO issue in payment treasury
notes of the United States 10 be prepared by
the secretary IN such form and such de-
nominations, OF not less than $i nor more
than 81 200. as he may prescribe. The
treasury notes issued are to be reieemable
on demand, In lawful money OF the United
States treasury, or by any assistant treas
urer, and when so redeemed may be re-
issued, but no greater or less amount OF
such notes TO be outstanding at any time
than the cost of the silver bullion then held
In the treasury, purchased by such notes,
and such treasury notes shall he receivable
for customs, taxes and all public dues, and
when 10 received may be rsissned, and
such notes, when held by any national
banking association, may be counted as
part of It's lawful reserve.
Provided, that upon demand OF the
holder of any treasury notes provided for,
the secretary may exchange for such notes
an amount OF silver bullion which will be
equal IN value at the market price thereof
on the day of exchanges to the amount OF
such notes. The secretary of the treasury
shall coin such portion OF silver bullion
purchased under the provisions Of the aci
as may be necessary to provide for the re-
dampsion OF the treasury notes provided
for, aud any gain or seigniorage arising
from such coinage will he accounted foi
and paid into the treasury. Silver bullion
purchased under the provisions OF
the act will be subject TO the require
men.s Of the existing law and regulation
of the mint service governing tho methods
| OF determining the amount Of pure siivel
contained and the amount of charges o.
deduction. Il any, 70 be raade. so mncl
act 10 authorize the coinage OF standar'
silver dollar and restore lis legal sende
character, as requires the monthly par
chase and coinage OF the same, into siive
dollars OF not less than $2,o00,o00 no
more than S4,O0o,0o0 worth of silve
bullion Is hereby repealed The act Ia Z
take effect thirty days from and after pass
| age.
/ In addition to the provisions OF the bill
already stated IL Is provided that none,
now held In the treasury to redeem nations
bank circulation In cases OF hquidatin
banks, banks reducing circulation, etc,
to be converted into the treasury. IN
fund il estimated to amount to about s7s,
OO0, 900, which win be restored to circuEs
tion. The committee ON rules will repol
resolution requiring consideration OF th
bill by the house at the earliest possibl
moment with strict limitation on II
length of debate
Senator Teller, of the senate sub-con
mittee, dissented. Later be said he woul
make an effort TO secure free silver coinas
and failing In that he would accept II
next best thing he could get. When u
measure came up In the senate he wonl
move TO make certificates legal tender.