The morning news. [volume] (Savannah, Ga.) 1887-1900, 1890-02-26
A MARKET FOR SILVER.
SENATOR JONES WANTS TO MAKE
UNCLE SAM A PURCHASER.

he Reports the Bill Authorizing the
Purchase OF Bullion by the Govern
ment, and the Issue of Treasury
Notes in Payment Therefor Sena-
tors Sherman and Mcpherson OPP
posed to the Passage of the Bill.
WASHINGTON, Feb. 25.-Following is the
bin reported to-day by Senator Jones from
the committee on finance. 1t is entitled;
"a bill to authorize the purchase of gold
and silver bullion and the issue of treasury
notes in payment therefor n and reads:
SECTION l. Be 1t enacted etc, That the Secre-
tary OF the Treasury is hereby directed to pur-
chase from time to time silver bullion to the
aggregate amount Of Si,500,0OO worth in each
month at the market price. thereof, not ex-
ceeding 81 for 37l4 grains of pure silver;
and also TO purchase such gold bullion as may be
offered at the treasury or any sub-treasury of the
United States at price not exceeding 81 for
~ ~ grams of pure gold; and to issue in pay
mene for such purchase OF silver and gold bull
lon treasury notes to be prepared by the Secre-
tary of the Treasury in such form and of such
denomination, not less than 81, nor more than
$1,000, as he may prescribe; and sum sufficient
TO carry into effect the provisions of this act is
hereby appropriated
SEC. 2. That treasury notes issued In accord
ance with the provisions of this act shall be re-
deemable on demand in lawful money of the
United States at the treasury OF the United
States, or at the Office of any assistant trea-
shrer OF the United States, and when redeemed
shall be cancelled and such treasury notes 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 part of its
lawful reserve.
SEC. 3. That the Secretary of the Treasury
shall coin such portion OF the gold or silver bull
ion purchased under the provisions of this act
as may be necessary to provide for the redemp-
tion of the treasury notes herein provided for,
and any gain or seigniorage arising from such
coinage shall be accounted for and paid into the
treasury.
SEC l. That gold and silver bullion purchased
under the provisions of this act shall be subject
to the requirements of the existing law and tho
regulations of the mint service governing the
method Of determining the amount of pure gold
or pure silver contained, and the amount of
charges or deductions, il any, to be made.
SEC B. That so much of the act of Feb. %,
1873, entitled 'au act to authorize the coinage
OF standard silver dollars and restore their legal
tender character" as requires the monthly
purchase and coinage OF the same into silver
dollars of not less than S2,000,000, or more than
$500 900 worth OF silver bullion is hereby re-
pealed.
SEC 6. That this act shall take effect thirty
days from and after its passage
SHERMAN AND MCPHERSON AGAINST 1T.
Senators Sherman and Mcpherson Of the
committee are reported to be opposed TO
the passage of the bill, the former having
voted against it in committee.
Iu committee Senator Sherman offered
two amendments to the bill. one reducing
a month and the other fixing the time for
the bill TO take effect at one year from the
date of its passage, but they were voted
down