Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1890-07-24
THE SILVER BILL.

Text of the Silver Bill as Finally Passed
oS Congress and which Has Kecome &
Law by Receiving the Signature of ths
President.
WASHINGTON, July 16.-Following is
the text of the Silver bill which las be.
come law by receiving the signature
OF the President:
SECTION l. That the Secretary of the
treasury is hereby required to purchase
from time to time silver bullion to the aggre-
gate amount of SEQ 900 ounces per month,
or so much thereof there may be Of
Tered in such months, at the market price
thereof. not exceeding 81 for every 81 2o-loo
grains OF pure silver, and to issue IN
payment for such purchases of silver
bullion treasury notes of the United
States to be prepared by the Sec
Rotary of the Treasury in such form
and of such denominations, not less than 81
nor more than $1,000, he may prescribe,
and a sum sufficient to carry into effect the
provisions of this act is hereby appro priat-
ed out of any monev in the treasury not
otherwise appropriated.
Sec. That the treasury notes issued in
accordance with the provisions of this act
shall be redeemable on demand in coin at
the Treasury of the United States or at the
office of any Assistant Treasurer of the
United States, and when so redeemed may
be Teissued. but no greater or less amount
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 otherwise ex-
preSSIy stipulated in the contract and shall
be receivable for customs, taxes and all
public duties 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.
That upon demand 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 coinage at his
discretion, it being the established policy
OF the United States to maintain the two
metals on a parity with each other upon the
present legal ratio, or such ratio as may be
provided by law.
See. ? That the Secretary of the Treasury
shall each month coin 2 .000 900 ounces of sill
yer bullion purchased under the provisions
ofthis act into standard silver dollars until
the LIST day of July, 1891, and after that time
he shall coin of the silver bullion purchased
under the provisions of this act as much as
may De necessary to provide for the re-
denption of the treasury notes herein pro-
Fided for, and any gain or seignorage aris-
ing from such coinage shall be accounted
Tor and paid into the treasury.
Sec T. That the silver bullion purchased
under the provisions of this act shall be
subject to the requirements of existing law
and the regulations of the mint service gov
erning the methods of determining the
amount of pure silver contained ana the
amount-of charges and deductions, if any.
TO be made
Sec. 8. That so much of the act OF Febru-
airy 2S, 1875, entitled AN act to authorize
She coinage of the standard silver dollar
and to restore its legal tender character"
as requires the monthly purchase and coin
age OF the slrne into silver doll airs of not
less than >2.0Jl,00a, nor more than 1900 900.
worth OF silver is hereby repealed
Sec. g. 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 to re-
deem the circulating notes of such banks,
and all deposits thereafter received for like
purposes shall be covered into the trea sury
as miscellaneous receipt, and the Treas
urer of the United States shall redeem from
the general cash in the treasury the circu-
iating notes of said banks which may come
into his possession subject to redemption,
anu upon the certificate of the Controller of
the Currency that such notes have been
received by him and that they have been
destroyed. and that no new notes will be is
sued in their place, reimbursement of their
amount shall be made to the treasurer I'M
der such regulations as the Secretary of the
Treasury may prescribe from an appropria-
ton hereby known as National bank notes
redemption account but 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 Il sum equal to per
centum of its circulation, to be held and
used for the redemption of its circulating
notes, and the balance remaining of the de-
pests so covered shall, at the close of each
month. be reported the monthly public
debt statement as debt of the United States
bearing no interest.
See. Z. That this act shall take effect thirty
days from and after its passage