The Globe-republican., 1890-04-30
THE SILVER BILL

Tent Of the Bill Agreed Upon In the beD
Mcan Caucus-Senstor Teller's Views -.
WASHINGTON, April 24-The Repub-
licans of the House and Senate have
agreed upon the basis for the prepare
ton of silver bill The agreement is
in harmony with the measure adopted
by the Senate caucus committee with
one important amendment The fol-
lowing is the full text of the bill. -
agreed upon: 49,
Section l. That the Secretary Of the Treas:
ury is hereby directed to purchase from time
to time silver bullion to the aggregate
amount of $500, W ounces Of pure silver In
each MONTH at the market price thereof,
not exceeding 81 for 31l.25 grains OF pure sill
yer, and to issue in payment Tor such pur-
chases of silver bullion treasury notes of the
United States, to be prepared by the Secre-
tary Of the Treasury in such form and OF
such denominations, not less than 81 nor
more than 81 ,0C0, as he may prescribe. And
q 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. ttl
Sec 2. That the treasury notes issued In
accordance with the provisions of this act
shall be redeemable on demand in lawful
money of the United States at the treasury
assistant treasurer of the United states, and
when so redeemed may be reissued, but NO
greater or less amount of such notes shall
be outstanding at any time than the cost OF
the silver bullion then held in the treasury
purchased by such notes; provided, that
upon the demand of the holder Of any treas
ury notes hereinprovided for the Secretary
of the Treasury may, in his discretion and
under such regulations as he may prescribe.
exchange 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.
Sec. 8. 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 redemp-
tion Of treasury notes herein provided for
and any gain or seigniorage arising from
such coinage shall be accounted for and paid
into the treasury.
Sec. T. That the silver bullion purchased
under the provisions of this act shall be sub
ject to the requirements 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 deductions, If any, to be made.
sec. 5. That so much of the act of Febru
airy %, 1873, entitled IAN act to authorize tho
coinage of the standard silver dollar and to
restore its legal tender character" as re-
Quires tue mummy purcuASc anu SoiuaSc VI
the same into silver dollars of not less than
s., 100000 or more that 100000 worth Of
silver bull ion, is hereby repealed.
Sec. 6 That this ACT shall take effect thirty
days from and after its passage.
Senator Teller, of the Senate sub-com-
mittee, did not agree with his associates
in the conclusions they reached, but
they were adopted by the full commit
tee of thirteen, with his single dissent
ing vote
Speaking of the matter later, Senator
Teller said he had announced his pur-
pose not to support bill that gave to
the Secretary of the Treasury the option
of redeeming the certificates in bullion,
and he would not do so. He would, for
himself, he said, make an effort to Sc
cure free silver coinage; falling in that,
he would accept the next best thing he
could get. When the measure came up
in the Senate for action, he said, he
would move to make the certificates le-
gal tender