Lyon County times. [volume] (Silver City, Nev.) 1874-1907, 1890-07-19
THE SILVER BILE.
Full Text of the Substitute Measure,
Now Law.

agreeing. vote Of the two Houses on the
amendments of the Senate to the bill H. r.
53ST directing the purchase of silver bullion
and the issue Of Treasury notes thereon, and
for othes purposes, having met, after full and
free conference have agreed to recommend
and do recommend to their respective Houses
as follows:
"rhat the Senate recede from its amend
ments to said bill and agree to the following
in the nature of substitute: Strike out all
after the enactng clause and inserts
tThat the Secretary of the Treasury is
hereby directed to purchase, from time to
time, silver bullion to the aggregate amount
OF 4, 500, 900 oonces, or SO much thereof as
may be offered in each month, at the market
price thereof, not exceeding 81 for 37I.2s
grains of pure silver. and to issue in payment
for such purchases OF silver bullion Treasury
notes Of the United States to be prepared by
the Secretary of the Treasury, in such form
and of such denominations, not less than 81
nor more THAI $1,000, as he may prescribe,
and a sum sufficient to carry into effect the
provisions 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 redecmable on demand, in coin, at
the Treasury Of the United States, and when
so redeemed nay be reissued; but no greater
or less amount of such notes shall be out
standing at any time than the cost of the
silver bullion, and the standard silver dol
lars coined therefrom, then held in the
Treasury purchased by such notes; and such
Treasury notes shall be legal tender in
payment of all debts, public and private, ex-
cept where otherwise stipulated in the con-
tract, and shall be receivable for customs,
taxes, and all public dues, and when SO re-
ceved may be reissued; and such notes,
when held by any national banking associa.
ton, may be counted as part of its lawful
reserve. That upon demand of the holder
Of any Of the Treasury notes herein provided
for the Secretary of the Treasury shall, un-
der such regulations as he may prescribe, re-
deem such notes in gold or silver coin, at his
discretion, it being the established policy of
the United States to maintain the two metals
on parity with each other upon the present
legal ratio as may be provided by law.
"SEC. g. That the Secretary Of the Treas
ury shall each month coin two million ounces
Of the silver bullion purchased under the
provisions OF this act into standard silver dol
lars until the list of July, 1891, and after
that time he shall coin of the silver bullion
purchased under the provisions of this act
as much as may be necessary to provide for
the redemption Of the Treasury notes herein
provided for, and any gain or seignorage
arising from such coinage shall be accounted
for, and paid into the Treasury.
"SEc. a. That the silver bullion pur-
chased under the provisions of this act shall
be subject to the requirements of existing
law and the regulations of the mint service
governing the methods of determining the
amount of pure silver contained, and the
amount Of charges or deductions, if any, to
be made.
"SEc. s. That so much of the act Of Feb.
ruary rs, 1878, entitled, IAN act to author
ize the coinage of the standard silver dollar
and to restore its legal-tender character, as
requires the monthly purchase and coinage
Of the same into silver dollars of not less
than 81 goo. 900 nor more than $4,000, 900
worth of silver bullion, is hereby repealed.
'"SEc. 6. 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,
purpose, shall be covered into the Treasury
as miscellaneous receipt, and the Treasur-
er of the United States shall redeem from the
general cash in the Treasury the circulating
notes Of such banks which may come into
his possession subject to redemption; and
upon the certificates of the Comptroller Of
the Currency that such notes have been re-
ceived by him and that they have been de-
stroyed and that no new notes will be issued
in their place, reimbursement Of their amount
shall be made TO the Treasurer, under such
regulations a, the Secretary Of the Treasury
may prescribe, from an appropriation hereby
created, 10 be known as National bank
notes: redemption account, but the provis-
ions Of this act shall not apply to the de-
posts received under section ; of the act Of
June 20, 1874, requiring every national bank
to keep in lawful money with the Treasurer
of the United States sum equal to per
cent. of its circulation. to be h.ld and used
for the redemption of its circulating notes;
and the balance remaining Of the deposits so
covered shall. at the close of each month, be
reported on the monthly public debt state