The Dalles times-mountaineer. [volume] (The Dalles, Or.) 1882-1904, 1890-07-26
The Silver Bill.

The bill recently pass GO ! bg both lousts
of congress ana si=rei. by .Le president,
and which is now part of the statutes,
reads as follows:
SECTION l. The secretary Of the treasury
is hereby directed TO purchase fiom time
to time bullion to the aggregate amount
Old 500, 90 o ounces, o. so much thereof
as may be offered, in each month, at the
market price thereof, not eXcceGiDY one
dollar for three hundred and seventy one
and twenty one hundredths 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 secretary of the treasury, in such
form and of such denominations, rot less
than one dollar nor more than one thou
sand dollars, as he may prescribe, and a
sum sufficient to carry into effect the pro-
visions of this act is hereby appropriated
out OF any money In the treasury not
otherwise 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 ct the office of any assistant treasurer
OF the United States, and when SO re-
deemed may be relssued, 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 or private,
except where otherwise expressly stipu--
lated in the contract, and shall be receiva-
BILE for customs, taxes and all public dues,
and when SD received may be relssued;
and such notes, when held by any Ma :
tional banking association, may be
counted as a part of its lawful reserve;
that upon demand of the holder of any of
the treasury notes herein provided for,
the secretary of tine treasury shall, under
such regulations as he may prescribe, re
deem such notes in gold or silver coin at
his discretion, 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 tor by law.
SEC. 8. That the secretary of the
treasury shall each month coin 100000
ounces Of the silver bullion purchased
under the provisions of this act into
standard silver dollars until the 1st day Of |
coin of the silver bullion purchased under !
the provisions of this act as much as may |
be necessary TO provide for the redemp
tlon of the treasury notes herein provided
for, and any gain or seigEiorsge 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 requirements of
he existing law and the regulations of the
mint service governing the methods Of
determining the amount Of pure silver
contained and the amounts of charges or
if any, to be made.
SEC. 5. That so much of the act of Feb
'uary %, 1878, entitled AN act to
the coinage of the standard
liver dollar and to restore Its legal ten
Ter character" as requires the monthly
purchase and coinage of the same into
liver dollars of not less than $2,O00,0O
Tor more than $4. 4.000,0 worth of silver,
3 hereby repealed.
SEC. q. That upon the passage of this
Ict the balances standing with the treas
lrer of the United States to the respect
We credits of national banks for deposits
made to redeem the circulating notes of
uch banks, and all deposits thereafter
eceiyed for like purposes shall be COW
red into the treasury as miscellaneous
eceipt, and the treasurer of the United
'tates shall redeem from the general cash
n the treasury the circulating notes of
aid banks which may come into his pos
ession, subject to redemption; and upon
he certificate of the controller of the
urrencv that such notes have heen de-
troyed, and that no new notes will be is.
ued in their place, REIN bursement of
heir amount shall be made to the
reasurer, under such regulations as the
ecretary of the treasury may pre-
cribe from an appropriation hereby
reated TO be known as national bank
otes; redemption account BUT the pro.
:sions of this act shall not apply to the
eposlts received under ction of the ,
ct of June 90, 1874. requiring every ma
onal bank to keep in lawful money with
le treasurer Of the United States sum
luai to per centum of its circulation,
, be held snd used for the redemption of
5 circulating notes, and The balance re-
mining of the deposits so covered shall,
; the close of each month, be reported on =,
le monthly public debt statement as
ebt of the United States bearing no in
rest.
SEC. z. Tha. this act shall take effect
irty days from and after its passage.