The advocate., 1890-09-10
TEXT on THE NEW SILVER BILL.

Following iB the text OF tho new silver
bin as IL finally passed both houses OF
Congress and was approved by the presf
dent, July 4th, and telegraphed TO the
country:
Section 1. That tho secretary OF the treas
ury Is hereby directed 30 purchase from time
TO time silver bullion 10 the amount Of
100000 aggregate ounces, or 40 much
thereof as may be offered In each month no
the market value price thereof, not exceed
ing 81 FOR 81 2b-l0O grains OF pure silver,
and 20 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 de-
nominations not less than 81 nor more than
&l,OOO, as he mny prescribe, and sum suf-
fcient TO carry into effect che provisions OF
this act Is hereby appropriated out Of any
money In the treasury not otherwise appro-
priated.
Sec. 2. That the treasury notes issued in
accordance with the provisions OF this act
shall be redeemable on demand in coin at
tho treasury of the United States, or at the
Ollico OF any assistant treasurer OF the
United States, and when 30 redeemed may
be reiasued, but no greater or less amount
Of such notes shall be outstanding no any
time than the cost OF the silver bullion and
the standard silver dollars coined thereirOm
then held In the treasury and purchased by
such notes; and such legal notes shall DO
legal tender In payment OF all debts public
and private, except whore otherwise express
" stipulated in the contract, and shall be
receivable for customs, taxes and all public
duties, and when 30 received may be reis-
sued, and such notes when held by any ma
tiOnRl banking association, may be counted
- tstn tgai Il
demand OF the holder of any of the treas.
ury notes herein provided for the secretary
shall, under such regulations as he may pre-
scribe, redeem such notes in gold or silver
coin at his direction, II being the estab-
lished policy OF the United States TO main
tain the two metals on q parity with each
other upon the present legal ratio or in
such ratio as may bo provided by law.
SEQ, 3. That the secretary of the treasury
shall each month coin 2O00,O00 ounces OF
the silver bullion purchased under the pro-
visions OF this act into standard silver dol
lars until the frst day 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
BeiRniOrage arising from such coinage shall
-" "s""NAVVA AVA eAA RuAA AAvb uhu Vhoeeo-
ury.
Sec. A. That the silver bullion purchased
under the provisions OF this act shall be sub
iect TO the requirements Of the existing law
and regulations Of the mint service govern
ing the methods Of determining the amount
of pure silver contained and tho amount OF
charges and deduction, II any, to be made
Sec. B. That 80 much OF the act OF Feb
ruary 28, 1873, entitled ian act TO authorize
the coinage Of standard silver dollars and
TO restore It's legal tender character" as re-
Quires the monthly purchase and coinage OF
the same into silver dollars OF not less than
S2,OO0OO0 nor more than $4,000 600 worth OF
silver, is hereby repealed.
Sec, 9. That upon the passage OF this act
the balances standing with the treasurer of
the United States 20 the respective credits
OF the national banks for deposits made 20
redeem the circulating notes of such banks
and all deposits thereafter received for like
purposes shall be covered into Che treasury
as a miscellaneous receipt, and the treasurer
Of the United States shall redeem from the
general cash IN the treasury the circulating
notes of said banks which may come in his
possession subject 10 redemption, and upon
the certificate Of the comptroller of the cur.
renCy that such notes have been received by
him, and that they have been destroyed,
and that NJ new notes Will DO issued IN their
place, reimbursement for the amount shall
be made TO the treasurer under such regulH-
tions as the secretary Of the treasury may
prescribe from any appropriation hereby
known as national bank notes redemption
account, but the provisions of this act shall
not apply TO the deposits received under
section B of the act of Juno %, 1874, reQuir-
ing every national bank 20 keep in lawful
money with the treasurer OF the United
States sum equal To per centum of its
circulation, TO be held and used FOR the re-
demption of ita circulating notes, and the
balance remaining Of the deposits 80 COW
overed shall, Rt the close OF each month, be
reported ON the monthly public debt state
rpent az debt of the United States bearing
no interest.