Evening star. [volume] (Washington, D.C.) 1854-1972, 1890-07-08
A NEW SILVER BILL.
The Conferees Agree on a Measure Pro-
viding for Purchasing Bullion.

Il
The silver men made up their minds yester
oay that there had been enough delay in get
ting their bill out of conference and there wal
| great deal OF "hurry up" talk about the Cap
| itol yesterday.
meanwhile the republican members Of the
conference were in consultation and at o'clock
tney called in the minority conferees and the
matter was settled more promptly than had
peen expected and Mr.. Sherman made a repor,
| to the Senate,
Inc compromise bill Is for the silver men
the next best thing after free coinage. 1t is in
compliance with the terms Of the ultimatum OF
the silver men given in The STAR Saturday.
PROVISIONS OF THE BILL.
It provides that the Secretary of the Treas
ury is hereby directed to purchase from time to
time silver bullion to the aggregate amount of
4, 800, 900 ounces, SO much thereof as may be
ofered, in each month, at the market price
thereof, not exceeding one dollar for ST. rs
grains OF pure silver. and to issue in payment
Tor such purchases of silver bullion Treasury
notes OF the United States, to he 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, and a sum sufficient to carry
into effect the provisions of this act is hereby
upprOprlateU out OF any money In the treasury
not otherwise appropriated.
Sec. 2. That the Treasury notes issued in ac-
cordance 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, but no
greater or less amount of such notes shall be
outstanding at any time than the cost of the
silver bullion 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 other
wise expressly stipulated in the contract and
shall be receivable for customs, taxes and all
public Dues and when 80 received may be re-
issued; and such notes, when held by any
national banking association may be counted
as part of its lawful reserve. That upon de-
mand of the holder of any of the Treasury
notes herein provided for. the Secretary of the
Treasury shall, under such regulations as he
may prescribe, redeem such notes in gold or
silver coin at his discretion, it being the estab-
lished policy Of the United States to maintain
the two metals on a parity with each other
upon the present legal ration. or such ratio as
may be provided by law.
Sec. 8. 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
July l, 1891, and after that time he shall coin
OF the silver bullion purchased under the pro-
visions 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
selgnlorage arising from such coinage shall be
accounted for and paid into the Treasury.
Sec. 4. 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 silver contained and the amount of
charges or deductions, if any, to be made.
Sec. D. That so much of the act of February
%. 1873, entitled AN act to authorize the coin
age of 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 $4,000, 600 nor
more than $4,000, 900 worth of silver bullion is
hereby repealed.
Sec. 6. That upon the passage of this act the
balances standing with the Treasurer of the
United States to the respective credits of ma
tlonal banks FOR deposits made to redeem the
circulating notes OF such banks. and all deposits
made thereafter received tor like purpose shall
be covered into the Treasury as miscellaneous
receipt, and the Treasurer 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
Comptroller of the Currency that such notes
have been received by him, and that they have
been destroyed, and that no new notes will be
issued III tneir 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 appropriation
hereby created, to be known as National bank
notes, redemption account" but the provisions
of this act shall not apply to the deposits re-
ceived under section three of the act of June
20, 1874, requiring every national bank to keep
in lawful money with the Treasurer of the
United States sum equal to 5 per centum of
its circulation, to be held and used for the re-
demption of its circulating notes, and the bal
ance remaining of the deposits 10 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.
Sec. z. That this act shall take effect thirty
days from and after its passage.