The Globe-republican., 1890-06-11
TIE SILVER BILL

Provisisns Of the Silver Bill A. Agreed
Upon BY the Honse Republican Caucus.
WASHINGTON, June 6.-Following =
the text of the Silver bill agreed upon
by the Republican caucus and substi-
tuted yesterday in the House for the bill
already pending:
Be it enacted by the Senate and House OF
Representatives OF the United States OF
America in Congress assembled, I at the
Secretary Of the Treasury is hereby directed
20 purchase from time to time silver bullion
20 the aggregate amount OF $4,000 worth
of fine silver in Zach month, at the market
price thereof, not exceed ng 37L25 grains OK
pure silver, and to issue in payment fCr such
purchase of silver bullion treasury notes OF
the United stats to be prepared by the Sec
rotary of the Treasury in such form and OF
such denominations, not less than q nor
more than 81 20 o, as he may prescribe, ana
sum sufficient to carry into effect the pro-
visions of this act is hereby appropriated
out of any money in the treasury not other
wise Appropriated.
Sec. 2. 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 reissued; but no greater or less amount
Oh SUCH uOSS>s Sudil nc out-tShAhS az oAAc
time than the 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 receiVaoic
for customs, taxes and all public dues, ana
when SO received may be reissued; and sucn
notes when held by any National banking
association may be counted part OF its
lawful reserve; p divided, that upon de mand
of the holder of any OF the treasury notes
herein provided the Secretary OF the Treas
ury may at his discretion and under sucn
regulations as he shall prescribe. exchange
for 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
shah coin such portion of the silver bullion
purchased under the provisions OF this act
as may be necessary to provide Tor the re-
demption Of the treasury notes herein pro-
vided for and any gain or seigniorage aris-
ing from such coinage shall be accounted
Tor and paid into the treasury.
Sec.4. that the silver bullion purchased
under the prov sions of this act shall be sub
1ect to the requirement of existing law and
the regulations of tn. m Mt service govern
ing the methods of determining the amount
Of pure silver contained and the amount OF
charges or deduct on, il any, to be made.
Sec j. That so much of the act of February
Is, 1875, entitled ian act to authorize the
coinage of the standard silver dollar and to
restore its legal tender character" as re-
qures the monthly purchase and coinage OF
the same into silver dollars of not less than
81 DOC, 600 nor m re than 100000 worth OF
silver bullion, is hereby repea.ed.
Sec. 6. That whenever the market price OF
silver as determined ia pursuance Of Sec
ton Of this act is 81 for % grains of pure
$50
silver bullion to deposit the same at any
coinage mint Of the United States to be
coined into standard silver dollars for his
benefit, as provided IN the act OF January
IS, 1887.
Sec. :. 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 treasury
as a miscellaneous receipt; and the Treas
urer of the United States shall redeem from
the general cash in the treasury the cir
-cuIating notes OF said banks which may
come into his possession subject to re-
-demption; 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 in their place reimbursement
of 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" 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 a sum equal to per cent. of its circu
lation, to be held and used for the redemp-
tiOn of its circulating notes, and the balance
remaining OF the deposits so overed at the
close of each month be reported on the
monthly public statement debt OF the
United States bearing no interest.
Sec. s. That this act shall take effect thirty
days from and after its passage.