Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1890-01-20
Text OF Windows Isii as Approved by
the Cabinet.


Text OF windprn's BIN as Approved by
the Cabinet.
WAsHIEGroN, Jangary 19th.-The pros
poets for silver legislation are growing
daily Brighter here, ami tomorrow being
bill Cay, viii witness the introduction Eof
silver measures in the House which are
supposed TO enbody the better portions of
many measures which have already hsen
laid Before Congress.
The CabiEet during the past week met
and considered g measure embodyiEg the
reconsideration OF Windcms report, which
measure the Secretary proposes to lay be-
fore Congress tomorrow. II is as follows:
Section l. That any ewner of silver bullion
product OF mines q the United States or
Of smelted or refined bzllion in the United
States may deposit the same at any coinage
mint or any assay e1lice iii the United States;
that the Secretary of the Treasury may desig-
nate and receive therefor Treasury notes mere
after provided for egua at the date OF deposit.
to the net value 0e such silver at the market
price such price to be determined by the sec
rotary of the Treasury under the rules ana reg
ulatiOns prescribed and based Upon Its prize
current in the l6aflnS silver markets OF IRE
world, but no deposit consistiias in whole or IN
part of silver bulliSE or of foreign silver COINS
imported TO this country or bars or resid ann
from melted or refined foreign silver CONS
shall be received under the provisions o. this
Act.
Section > That the Secretary of the Treasury
shall cause to ite prepared Treasury notes III
sucl amounts IS may be required for the pur-
pose of the above section, ard in such foTy, and
denominstiCRSas he may prescribe; provided,
that no notes shall be of denomination less
than one dollar, nor more than one thousand
Section 5. That notes issued under this Act
shsll be receivable for customs, taxes, and sill
public duties, and when received into the Treas
ury, may be re-issued; and such notes when
held By any national banking association, shall
be counted Gs part Of this lawful reserve
Seetioa4 That notes issued under proVls-
ions of this act shall be redeemed upon demand
at the Treasury Of the United States or at the
office Of the Assistant Treasurer OF the United
States by the issue OF certificate of deposit for
the notes 50 presented, payable at enc OF the
minis of the United States in an amount of sill
yer bullion equal IN value on the date of said
certificate to the lumber OF dollars stated there
in at the market price OF silver, to be deter
mined as provided in Section l; or, said notes
may be redeemed in gold coin, at the option OF
the Government; provided, that upon the de-
mand of the holder, such notes may be re-
deemed in silver dollars
Section 5. That when the market price Of sill
yer as determined by the Secretary of the Treas
ury shall exceed one dollar for 81 IS grains
pure silver it shall be the duty of the Secretary
of the Treasury to refuse to receive deposits Of
silver bullion for the purposes of this Act
Section 6. That it shall be lawful for the Sec
rotary of the Treasury, with the approval OF the
President of the United States, to suspend tenn
pOrarily the receipt of silver bullion for Treas
ury notes at sny time when he is satisfied that,
through combinations orspeculative manipula-
ton tne market price of silver is arbitrary,
nominal or fictitious
Section :. That silver bullion deposited under
this Act represented by Treasury notes which
have been redeemed in gold coin, or in silver
dollars, nay be coined into standard dollars or
any other denomination of silver coin, now eu-
tnoriZed by law for purpose of replacing coin in
the redemption OF the notes.
Section s. That so much OF the Act of Febru-
airy IS 1875 entitled can Act to authorize the
coinage of the standard silver dollar, and to re-
store its legal tender character" requires the
monthly purchase and coinage into silver dollars
Ofnot less than 81 000050 nor more than 81 C01000
worth of silver bullion, is hereby repealed.
Section 9. That any gain or seigniorage arising
from coinage, which may be executed under
provisions of this Act, shall be accounted for
and paid into the Treasury, as provided for by
the existing law.
Section 10 That silver bullion received under
the provisions OF this Act shall be subjected to
the requirements Of the existing law aud regu-
lations of the mint service governing the meth
DDS of receipt, determining the amount Of pure
silver contained, and the amount OF charges or
deductions, if any, to be made.
Section II. That nothing in this Act shall be
construed to prevent the purchase, from time to
time as may be required, Of silver bullion for
subsidiary silver coinage.
Sections u, Is and Il provide for the carrying
out of this Act
This bill, while somewhat more liberal in
its provisions than the annual report
of the Secretary of the Treasury would lead
the advocates Of silver to expect is still
unsatisfactory.
Congressman Lahlbach Of New Jersey
will introduce tomorrow the following
bill. This proposed measure was procured
by Msior Thomas 3. Kirby of the New
York Journal a. Commerce. and an expert
il silver matters. 1t embodies Eastern sill
yer men. and il was read and discussed by
the leading coast advocates of the silver
question a. the reception given by the
Northwestern Congressional Alliance last
night. It met with general approval:
sectiouI From and af,er the first day of
January, 1890, any owner of gold or silver bull
ion may deposit the same at any mint in the
United States to be formed into coin or bars for
his benefit ia the manner now prescribed by
law for gold bullion.
Section >. After the first day of January,
1892, the owners of any gold or silver bullion.
or of any gold or silver coins of the United
States may DEPOSIT the same at the treasury or
any sub-tressury Of the United States in even
multiplies OF one dollar, and shall receive Tor
the same legal tender notes of such Qencmina-
tons authorized by law, as he may demand.
Section g. After the lst day of January, 1892,
legal tender notes Of the United States shall be
substituted as fast as possible for ell gold and
silver certificates then outstanding, and all gold
and silver certificates paid into the Treasury of
the United STATES after the LIST day OF january.
1892 shall be Cancelled and destroyed, ard legal
tender notes Of proper denominations shall be
issued in lieu thereof.
hereby directed 10 purchase for coinage, each
month the maximum amount of silver bullion
authorized to be purchased by the existing law
from the date of the passage OF this Act TO De
-cembsr 81, 1891.
Section s. After the first Gag Of January, 1850,
no gold or silver bullion shall be purchased for
account of the Treasury of the United States,
except so much As may he necessary to carry
out the provisiocs Of the Act to provide for the
resumption OF specie payment approved Janu-
arv H. 1873, aud as amended by this Act; pro-
vided that any bonds issued for the purchase OF
gold and silver bullion shall bear interest st not
less than two per cent. per anuuHl, and shall be
payable, principal and interest, in gold Or ST.
yer coin, OF bullion, or legal tender notes, at
the option of the holder, and shall not be sold
for less than par in aold or silver coin Of the
United STATES or equivalent thereof in bullion,
and shall be payable, a. the option Of the
United States. alter ninety days notice TO be
given by the Secretary OF the Treasury.
Section g. After the first day OF January, 1892,
ell legal tender notes of the United states shall
be redeemed in gold or silver coin. OF bullion,
at the option of the holder, and when redeeuEed
may be re-issued from time TO time IS public
interest may require, and shat be received in
payment OF the duties on imports.
This is practically an Eastern bill, and
will probably have the Endorsement Of
Eastern silver men.