The White Pine news. [volume] (Treasure City, Nev.) 1868-1906, 1890-07-26
SILVER AS MONEY.
The FuII Text OF the ComprOmise
Measure, Which Is now Law.

The Congressional Record of July
Sth contains the full text of the con-
ference bill, which is as follows:
The Committee on Conference on
the disagreeing votes of the two
Houses on the amendment of the Sen
ate to the bill (H. X. 538D directing
the purchase of silver bullion and the
issue of Treasury notes thereon, and
for other purposes, having met, after
full and free conference, have agreed
to recommend and do recommend to
the respective Houses as follows:
That the Senate recede from its
amendments to said bill and agree to
the following in the nature of a SUBJ
stitute: Strike out all after the enact
ing clause and insert
That the Secretary of the Treasury
is hereby directed to purchase, from
time to time, silver bullion to the
aggregate amount of 4,500, 900 ounces,
or so much thereof as may be offered
in each month, at the market price
thereof, not exceeding 81 for 371.25
grains of pure silver. and to issue in
payment of such purchase of silver
bullion Treasury notes of the United
States, to be prepared by the Secre-
tary of the Treasury, in such form
and of such denominations, 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 out of any
money in the Treasury not otherwise
appropriated.
Sec. 9. That the Treasury notes is
sued in accordance with the provis-
ions of this act shall be redeemable
in coin at the Treasury of the United
States, and when SO redeemed may be
reissued; but no greater or less
amount of such notes shall be out
standing 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 legal tender in payment of
all debts, public and private, except
where otherwise stipulated in the
contract. and shall be receivable for
customs, taxes and all public dues,
and when SO received may be reissued;
aud such notes, when held by any
national bank association, may be
counted as part of its lawful reserve.
That upon demand of the holder of
aGy of the Treasury notes herein pro-
vided for the Secretary of the Treas
ury shall, under such regulations as
he may prescribe, redeem such notes
in gold or silver coin, at his discre-
tion, it being the established policy
of the United States to maintain the
two metals on parity with each
other upon the present legal ratio, or
such ratio as may be provided by law.
Sec. 3. That the Secretary of the
Treasury shall each month coin two
million ounces of silver bullion pur-
chased under the provisions of this
act into standard silver dollars until
the 1st of July, 1891, and after that
time he shall coin of the silver bull
ion purchased under the provisions of
the act as much as may be necessary
to provide for the redemption 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. 4. That the silver bullion pur-
chased under the provisions of this
act shall be subject to the require
ments of existing law and the regula-
tions of the mint service governing
the methodsof determining the amount
of charges or deductions, if any, to be
made.
Sec. 5. That so much of the act of
February 2S, 1878, entitled IAN act of
authorize the coinage of the standard
silver dollar and to restore its legal
tender character" so requires the
monthly purchase and coinage of the
same into silver dollars of not less
than $4,000, 900 nor more than 81, ,0O0,-
600 worth of silver bullion, is hereby
repealed.
Sec. o. 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 redeem
the circulating notes of such banks,
and all deposits thereafter received
for like purpose, shall be covered in