Evening star. [volume] (Washington, D.C.) 1854-1972, 1890-04-24
THE SILVER BILL.
Provisions Of the Measure Finally Agreed
Upon by the Joint Committee.

The republicans of the House caucused on
the silver question, pensions and the federal
election proposition last night. The joint eau
Gus committee Of the House and Senate agreed
late yesterday afternoon on a silver bill, Mr..
Teller being the only one of the thirteen to
oppose the accepted plan.
The caucus approved the action Of the caucus
committee on this question, Endorsed the Nor
rill bill granting pension Of IS per month to
all soldiers of the late war who served ninety
days and are sixty-two years old.
The Lodge national election bill came next in
order. Mr.. Lodge briefly explained its pro-
visions and the necessity of its passage.
Mr. Rowell, chairman. of the elections COM
mittee, did not believe that it was necessary or
expedient to pass a national election law, and
submitted as a counter-prOposition plan for
a wide extension of the present supervisory
system, which he asserted would meet all ne
cessities.
Before action on this last proposition was
taken the caucus adjourned until Tuesday.
THE SILVER BILL.
The following is the text of the silver bill
agreed upon: That the Secretary of the Treas
ury is hereby directed to purchase from time
to time silver bullion to the aggregate amount
of 4,50O, 900 ounces of free silver In each month
at the market price thereof, not exceeding 81
for 37l.25 grains of pure silver. and to issue in
payment for such purchases of silver bullion
Treasury notes of the United States to be pre-
pared by the Secretary of the Treasury, in such
form and in such denominations. not less than
81 nor more than 81 900, 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 other
wise appropriated.
Sec. 2. That the Treasury notes issued in ac-
cordance with the provisions of this act shall
be redeemable on demand in lawful money of
the United States, 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
OF such notes shall be outstanding at any time
than the cost of the silver bullion then held i'll
the Treasury purchased by such notes; 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 banking association may be
counted as part of its lawful reserve:
PrOrlded, That upon the demand Of the holder
of any of the Treasury notes herein provided
for the Secretary of the Treasury may, in his
discretion and under such regulations as he
may prescribe, exchange for such notes an
amount of silver bullion which shall be equal
iii value at the market price thereof on the day
of exchange to the amount of such notes.
Sec. 8. That the Secretary of the Treasury
shall coin such portion of the silver bullion pur-
chased under the provisions of this act as may
be necessary to provide for the redemption of
Treasury notes herein provided for. and any
gain or seigniorage arising from such coinage
shall be accounted for and paid into the Treas
ury.
Sec. 4. That the silver bullion purchased
under the provisions of this act shall be SUBJ
ject to the requirements of existing law and the
regulations of the mint service governing the
methods of determining the amount of pure
silver contained and the amount of charges or
deductions, if any, to be made.
Sec. D. That so much of the act of February
%, 1875 entitled IAN act TO authorize the coin
age of the standard silver dollar and to restore
its legal tender character" as requires the
monthly purchase and coinage of the same into
silver dollars of not less than 81, 600. 900 nor
more than $4,000, 900 worth of silver bullion, is
hereby repealed.
Sec g. That this act shall take effect thirty
days from and after its passage.
A further provision is made that the money
held to redeem national bank circulation in
the case of liquidating banks or banks reducing
circulation or taking out new charters where
the full circulation is not redeemed shall be
covered into the Treasury.