Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1890-06-14
A SUBSTITUTE BILL
A Republican Caucus Silver Bill
offered In the House.
The Main Feature OF the Measure as
Reported-lt Tends Toward
Free Coinage.

WASHINGTON, Juno Elm the house
the bill proposed by Mr.. KcKinley in
the house republican caucus was re-
ported.
Mr.. Cannon spoke in support Of the
bill.
Mr.. Springer said the democratic
house had passed the free coinage bill,
the senate had limited it and the hoose
had heen obliged to accept it. 1t was
vetoed by President Hayes and passed
over his veto. He denounced Mr.. Nc
Kinley's proposition as n to prevent
the representatives Of the people from
carrying out the peoples will.
The bill having been read, Mr.. Conger
offered the caucus bill as a substitute.
This is substantially as follows:
The secretary of the treasury is di-
rected to purchase from time to time
silver bullion to the amount OF 81, 800,
600 worth of fine silver each month at
the market price, not exceeding 81 for
37l.25 grains of pure silver, andito issue
in payment treasury notes to be pre-
pared by the secretary of the treasury,
and a sum sufficient to carry into effect
the provisions of the act is hereby APP
! propriated out of any money in the
treasury not otherwise appropriated.
Section 2 provides that the treasury
notes be redeemable on demand in coin
and when so redeemed may be reissued,
but no greater or less amount OF such
nntnc uho11 hn nYtotnnJ ,r NJ anu tip,a
than the cost of the silver bullion held
in the treasury purchased by such notes;
such treasury notes to be legal tender
in payment Of all debts, public and pri-
vate, except where otherwise expressly
stipulated in contract, and TO be rcceiy-
able for customs, taxes and all public
dues, and when so received may be re-
issued; such notes held by any national
banking association may be counted as
part Of its lawful reserve. Upon the
demand of any holder of such notes the
secretary of the treasury may, at his
discretion, exchange for them an
amount of silver bullion equal in value
at the market price thereof on the day
OF exchange TO the amount of such notes
presented.
Section 3 provides that the secretary
OF the treasury shall coin such portion
Of the bullion purchased as may be nee
essary TO provide for the redemption of
the treasury notes provided for.
Section 4 provides that the silver bull
lion purchased under this act shall be
subject to the requirements Of the ex-
listing laws and regulations of the mint
service.
Section 5 provides that so much of
the act of February %, 1878, as requires
the monthly purchase and coinage of
not less than SO, 900, 600 nor more than
81, 600, 600 worth of silver bullion be re-
pealed.
Section 6 provides that whenever the
market price Of silver, as determined in
pursuance of section ], is 81 for 371.25
grains of pure silver, it will be lawful
for the owner of any silver bullion to
deposit the same at any coinage mint in
the United States to be coined into
standard silver dollars for his benefit,
as provided in the act of January IS,
1897.
Section 7 provides that upon the pas
sage of the act the balances standing
with the treasurer to the credit of the
national banks for deposits to redeem
NllNulabAhS hOIto WV oil uSEpSlbo bhtAC-
after received for a like PURPOSE shall
be covered into the treasury as miscel-
laneous receipts and the treasurer shall
redeem them from the general cash cir
culating notes Of the bank which come
into his possession subject to redemp-
ton; upon the certificate of the comp
troller OF the currency such notos will
be destroyed and no new ones issued in
their place, the reimbursement of the
amount to be made to the treas
urer from the appropriation hereby
created, to be known as the national
bank notes redemption account" but
this provision will not apply to de-
posits received under section 3 Of the
act Of June 20, 1874, requiring national
banks to keep with the treasurer a sum
equal to 5 per cent. of their circulation,
to be held and used for the redemption
Of circulating notes, and the balance
remaining Of the deposits SO covered
shall at the close of each month be re-
ported on the monthly public debt
statement as debt bearing no interest.
section 8 provides that the act shall
take effect thirty days after its passage.