Barton County democrat. [volume] (Great Bend, Kan.) 1885-1915, 1890-06-12
THE SILVER BILL


Provisions of the silver BIN As Agreed
Upon BY the Honse Republican Caucus.
WASHINGTON, June 6.-Fo1owing Is
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. Tuat the
Secretary Of the Treasury is hereby directed
to purchase from time to time silver bullion
to the aggregate amount OF A,5 1900 worth
of fine silver in each month, at the market
price thereof, not exceeding s7L2s grains of
pure silver. and to issue in payment for such
purchase Of silver bullion treasury notes OF
the United States to be prepared by the Fec
rotary of the Treasury in such form and OF
such denominations, not less than 81 nor
more than $1,0.0. as he may prescribe, and
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
Of such notes shall De outstanding at any
time than the cost of the silver bullion then
held in the treasury purchased by said notes;
der in payment of all deots, public and pri-
vate. except when otherwise expressly stipu-
lated in the contract, aud shall be receiV able
for customs, taxes and all public dues, ana
when SO received may be reissued; and such
notes when held by any National banking
association may be counted as a part of its
lawful reserve pr divided, that upon demand
of the holder of any of the treasury notes
herein provided, the Secretary OF the Treas
ury may at his discretion and under such
regulations as he shall prescribe. exrhange
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. g. That the Secretary OF the Treasury
shall coin such portion of the silver bullion
purchased under the provisions OF this act
as may be necessary to provide for the re-
demption of the treasury notes herein pro-
vided for and any gain or seigniorage aris-
ing from such coinage shall be accounted
for and paid into the treasury.
Sec. 4. That the silver bullion purchased
under the provision of this actshau be sub
ject to the requirement. OF existing law and
the regulations of the mint service govern
ing the methods of determining the amount
of pure silver contained and the amount of
charges or deduct on. if any, to be made.
Sec. ). That much of the act of February
%, 1878, entitled IAN act to authorize the
coinage of the standard silver dollar and to
restore its legal tender character" as re-
quires the monthly purchase and coinage OF
the same into SILVER QOlfarS Oh not less tuan
81 0OO, 600 nor re than 81. 100000 worth oil
silver bullion, is hereby repealed.
Sec 6. That whenever the market price OF
silver as determined in pursuance OF Sec
ton / of this act is 81 for 37125 grains of pure
silver it shall be lawful for the owner OF any
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. z. 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 miscellaneous receipt; and the Treas
/ urer of the United States shall redeem from
| the general cash in the treasury the cir
| culating notes of said banks which may
| come into his possession subject to re
demption; and upon the certificate of thu
| Comptroller of the Currency that such note.
| have been received by him and that they
| have been destroyed and that no new note.
will be issued in their place REIN ursemen
| of their amount shall be made to TIT
| Treasurer, under such regulations as thu
Secretary of tn. Treasury may prescribe
| from appropriations hereby created, to b'
! known as National bank notes redemption
| account but the provisions of this act shall
| not apply to the deposits received under
section 3 of the act of June 20, 1874, requiring
every National bank to keep in law u
money with the Treasurer of the United
| states sum equal to per cent. of its circu
lation, to be held and used for the redemp
ton 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 as debt of the
United States bearing no interest.
| Sec 8. That this act shall take effect thirty
! days from and after its passage.