Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1890-01-20
BASED ON BULLION.
The Administration Silver Bill
Ready for Congress.
TEXT OF WINDOWS NEW MEASURE.

His Report on the Subject Condensed Into
the Form of Bin-Some Interesting
Testimony in the Ohio Ballot-Box For
gerry Case-Wood's Version of the Crook
edness-An Indiana Representative on
Reeds "List'-OmciaIs with the Grippe
-Farwell to Fight.
WASHINGTON CITY, Jan. 20-The follow
ing is the text of the administration bill,
prepared by Secretary Window, embodying
the silver measure proposed in his annual
report and which will be introduced in both
the house and senate at the earliest oppor-
tunity:
IA bill authorizing the issue of treasury
notes on deposits of silver bullion
"Be it enacted, etc.-That any owner of
silver bullion, the prodnct of the mines Of
the United States or of ores smelted or re-
fined in the United States, may deposit the
same at any coinage mint or at any assay Office
in the United States that the secretary of
the treasury may designate, and receive
therefor Treasury notes hereinafter provided
for, equal at the date of deposit to the net
value Of such silver, at the market price,
such price to be determined by the secretary
OF the treasury under rules and regulations
prescribed, based upon the price current in
the leading silver markets of the world but
no deposit consisting In whole or in part Of
silver bullion or foreign silver coins imported
into this country, or bars resulting from
melted or refined foreign silver coins shall
be received under the provisions of this act.
"Sec. 2.-That the secretary of the treasury
shall cause to be prepared treasury notes in
such amounts as may be required for the
purpose of the above section, and in such
form and denomination as he may prescribe;
provided that no notes shall be of a denomi-
nation less than 81 nor more than 81, O00
"Sec. S.-That the notes issued under this
act shall be receivable for customs taxes,
and all public debts, and when received into
the treasury may be reissued; and such
notes, when held by any national banking
association, shall be counted as part of its
lawful reserve
"Sec. 4.-That the notes issued under the
provisions of this act shall be redeemed upon
demand at the treasury of the United States
or at the Office of an assistant treasurer of
the United States by the issue of a certificate
of deposit for the sum of the notes so pre-
sented, payable at one of the minis of the
United States, in an amount of silver bullion
equal In value ION the date of said certificate)
to the number of dollars stated therein, at
the market price of silver to be determined
as provided in section l; or such notes NAV
be redeemed in gold coin at the option of the
government; provided, that upon demand of
the holder such notes shall be redeemed in
silver dollars.
Sec. 5.-That when the market price of
silver, as determined by the secretary of
the treasury, shall exceed 81 for 81. Is grains
-. Il.
secretary of the treasury TO refuse to receive
deposits OF silver bullion for the purposes Of
this act
SEC. 6.-That it shall be lawful for the
secretary of the treasury, with the approval
of the president of the United States, to sus
pend, temporarily, the receipt of silver
bullion for treasury notes at any time when
he is satisfied through combinations or spec
ulative manipulation of the market the price
of silver Is arbitrary, nominal or fictitious
SEC. That the silver bullion deposited
under this act, represented by treasury
notes, which have been redeemed in gold
coin or siver dollars, may be coined into
standard silver dollars or other denomina
tons of silver coin now authorized by law,
for the purpose of replacing the coin used
in the redemption of the notes.
"Sec. S.-That so much of the act of Feb
IS, 1873, entitled An act to authorize the
coinage of the silver dollar, and to restore
its legal tender character, as requires the
monthly purchase and coinage in silver dol.
lars of not less than $1,000 900 nor more
than 81 ,0OO, 600 worth of silver bullion, is
hereby repealed
1tSec. 9.~That any gain or seigniorage aris-
ing from the coinage which may be executed
under the provisions of this act shall be
accounted for and paid into the treasury as
provided by existing law.
"Sec. 10.-That silver bullion received under
the provisions of this act shall be sub ject to
the requirements of existing law and the reg.
ulatious of the mint service governing the
methods of receipt, determining the amour,
of.pure silver contained. and the amount of
charges or reductions, if any, to be made.
"Sec. 1.-That nothing IN this act shall be
construed TO prevent the purchase, from
time TO time, may be required, of silver
bullion for the subsidiary silver coinage.
"Sec. 12.-That a sum sufficient to carry
out the provision of this act is hereby ap- |
propriated out of any money in the treasury.
not otherwise appropriated
SEC. l3-That all acts and parts of acts
inconsistent with the provisions of this act |
are hereby repealed
"Sec. 14-That this act shall take effect
thirty days from and after its passage"
THE BAIlOT-BOX JNOiIPv