Indian chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1882-1902, 1890-06-12
THE SILVER BILL.

ProvlsIons OF tho silver nm A Agreed
Upon ny the Honso Republican Caucus.
WASHINGTON, June 6.-Following II
the text OF the Silver bill agreed upon
by the Republican caucus and substi
tuted yesterday In the House for tho bill
already pending;
BE II enacted by tho Senate and House Of
Representatives OF the United states OF
America In Congress assembled, That the
Secretary OF the Treasury Is hereby directed
| 20 purchase from time TO time silver bullion
! 70 the aggregate amount of N,50,000 worth
OF fine silver In each month, at the market
/ price thereof, not exceeding s7i25 grains OF
pure silver. and to issue IN payment for such
purchase OF silver bullion treasury notes OF
the United states TO be prepared by the Fec.
rotary OF the Treasury In such form and OF
such denominations, not less than 81 nor
more than $40 0. as he may prescribe. and a
sum sufficient to carry into effect tho pro-
visions OF this act Is hereby appropriated
out Of any money In the treasury not other
Wise Appropriated.
Sec 2 That tho treasury notes issued In
accordance with the provisions of this act
shall bo redeemabio on demand, In coin, nj
the treasury OF the United States or at the
office OF any assistant treasurer Of the
United States. and when so redee med may
-
OF such notes shall be outatandinR at any
time than tho cost OF the silver bullion then
held In the treasury purchased by said notes; /;
and such treasury notes shall be a legal ten
der In payment OF all debts, public and pri-
vate. except when otherwise expressly stlpu-
lated 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 banking
association may be counted as part Of Its
lawful reserve provided that upon demand
of the holder Of any OF the treasury notes
herein provided tie Secretary Of the Treas
ury may at his discretion and under such
regulations as he shall prescribe exchange
Tor such notes an amount OF silver bullion
which shall be equal In value at the market
price thereof on the day Of exchange to the
amount OF such notes presented.
Sec. 8 That the Secretary OF the Treasury
shall coin such portion Of the silver bullion
purchased under the provisions OF this act
as may be necessary to provide for the re-
demption OF the treasury notes herein pro-
ylded for and any gain or seignlorage aris-
ing from such coinage shall be accounted
for and paid into tho treasury.
Fec 4. hat tho silver bullion purchased
under the prov isions OF this act shall be sub
Ioet to the requirement OF existing law and
the regulations OF thu mint service govern
Ing the methods OF determining the amount
charges or deduct on II any, to be made.
Sec. g. That so much OF the act of February
20, 1878 entitled ian act to authorize the
coinage OF tho standard silver dollar and to
restore lts legal tender character" as re-
quires the monthly purchase and coinage OF
the same into silver dollars Of not less than
81 100000 nor moro than 100000 worth of
silver bullion, is hereby repealed
Sec 8. That whenever the market price OF
silver as determined In pursuance OF sec
tion Of this act Is 81 for 81. 25 grains of pure
silver II shall DO lawful for the owner OF any
silver bullion TO deposit the Same at any
coinage mint Of the United States to be
coined into standard silver dollars for his
benefit, Us provided In the act OF January
ls, 1857.
Sec z. 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 10 re-
deem the circulating notes OF such banks, |
and all deposits thereafter received for like |
purposes shall be covered into the treasury /
AS a miscellaneous receipt; and the Treas /
urer OF tha U,,tteu states snan redeem from I
the gencSM cash In the treasury the cir /
culatlnR notes OF said banks which may /
come into his possession subject to re-
domption; and upon the certificate OF the /
of the Currency that such notes /
have been received by him and that they |
have been destroyed and that no new notes /
VIII be issued In their place reimbursement /
Df their amount shall be made TO the |
Treasurer, under such regulations as the /
Secretary OF tn Treasury may prescribe,
from appropriations hereby created, to be
known as "National bank notes redemption
account" Tut the provisions OF this act shall
not apply to the deposits received under
section OF the act OF June 20 1874, requiring
every National bank to keep In lawful
money with the Treasurer Of the United
states a sum equal to per cent OF It's orcu
alton, 70 be held and used for the redemp
Hon OF It's circulating notes, and the balance
remaining OF the deposits so oyered Ut tho
,lose OF each month be reported on the
monthly public statement as debt OF the
United states bearing no interest
Sec s. That this act shall take effect thirty
lays from and after its passage.