St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-01-20

coinage mint or ut any assay office III
the United States that the secretary of
the treasury may designate, and receive
therefor treasury notes hereinafter pro-
vided for, equal at the date Of deposit Of
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. nased upon
price current in the leading silver
markets of the world: but no deposit
consisting i'll 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 denom-
inations as he may prescribe; provided,
that no notes shall be of denomination
less than one dollar or more than one
thousand dollars.
See. 8. That the notes Issued under
this act shall be receivable for customs.
taxes and all public debts, and when re-
ceiyed into the treasury may be re-
issued; and such Notes, when held by
any national banking association. shall
be- counted as part of its lawful re-
serve.
Sec. 4. That the notes issued under
the provisions of this act shall be re-
deemed upon demand at the treasury of
the United States, or at the office of an
assistant treasury of the United States,
by the issue of Certificate of deposit for
the sum OF the notes so presented, pay.
able at one of the minis of the United
States. in an amount of silver bullion
equal in value, on the date of said GER
tlhcate, to the number of dollars stated
therein, at the market price of silver. to
be determined as provided in section /:
or such notes may be redeemed in gold
coin at the option of the governments:
provided that, upon demand Oi the
holder. such notes shall oe redeemed in
silver dollars.
Sec. s. That when the market price
of silver, as determined by the secre-
tarv of the treasury, shall exceed 81 for
37l.26 grains of pure silver, it shall be
the duty of the secretary OF the treasury
tn refuse to receive deposits of silver
bullion for the purpose of this act
Sec. 6, That it shall he lawful for the
secretary of the treasury, with the ap-
prevail or the president of the United
States. to suspend, temporarily. the re-
ceipt of silver bullion for treasury notes
at any time when he is satisfied that,
through combinations or speculative
manipulation of the market. the price
of silver is arbitrarily nominal or
fictitious.
Sec. Z. That the silver bullion depos-
tied under this act.represented by treas
ury notes which have been redeemed in
gold coin Or in silver dollars, NAV be
coined into standard silver dollars or
any other denomination of silver now
authorized by law, for the purpose uf
replacing the coin used in the redemp-
ton of the notes.
Sec. 8. That so much of the act of
Feb. %, 1878, entitled IAN act to au-
th0riZe the coinage of the standard sill
yer dollar and to restore its legal tender
character" As required the monthly
purchase and coinage of silver dollars
of not less than S2.C00,G0O, nor more
than s4,GO,ooO, worth of silver bullion,
See. 9. That any gain or seigniorage
arising from the coinage which NAV be
executed under the provisions of this
act shall be accounted for and paid into
the treasury as provided by existing
law.
See. 10. That silver bullion under the
provisions of this act shall be subject to
the requirements of the existing law
and the regulations of the mints govern
ing the methods of receipt, determining
the amount of pure silver contained and
the amount of charges or reductions, if
any, 10 be made.
Sec. IL. That nothing in this act shall
be construed to prevent the purchase,
from time to time, as may be required,
of silver bullion for the subsidiary sill
yer coinage.
Sec. IL. That sum sufficient to carry
out the provisions OF this act is hereby
appropriated out. of any money i'll the
treasury not otherwise appropriated.
See. ID. That all acts and parts of
acis inconsistent with the provisions of
this act are hereby repealed
Sec. Il. That this act shall take effect
thirty days from and after its passage.