The sun., 1890-12-17
A REPUBLICAN SILVER BILL.
SENATOR sHkRMAN'S DRAFT HOTLY
DISGUISED IN CAUCU6

SENATOR SBKRMAN'S DRAFT HOTLY
DISCUSSED IN CAUCU6
Disappeintneat OF ts Advocates AZ the Ua.
to be Maae 20 Foroe . Conpromise at
To-niGhvs Diseussion-The niii.
WARRINGTON. Dec. l6.-The Financial bill
which Senator Sherman prepared and sub
mitted TO the Republican caucus last night
was printed. and copy OF 1t was given In con-
fldence TO each Senator present The whole
bill was informally agreed to at last nights
caucus. excepting only the first section num-
bered six. BY mistake two sections had this
number. but the first, after Q long discussion.
was stricken entire from the bill. The re-
mainder will como UP at tomorrow nights
CAUCUS and is therefore. the pending question
in tho Repub blican councils
Notwithstanding tho efforts which have boon
made to keep the bill from the public In sd-
vance Of formal disposition OF It BY the caucus
a complete transcript Of the measure is given
herewith:
A bill to prevsnt a contraction Of tho cur
rencv, and for other purposes.
Be II enacted. DC. That tho Secretary
Of the Treasury Is hereby directed to
the calendar year 1891. silver bullion to the
aggregate OF 12,0oo.OOO ounces at the market
price thereof. not exceeding one dollar for
37l 26-100 grains OF pure silver. in addition to
tho amount required to be purchased by the
act approved July IL. 1890. entitled AN act
directing tho purchase Of silver bulllons and
tho issue OF Treasury noles thereon and
for other purposes" OF which sum OF
twelve million ounces there shall be
purchased. at tho discretion Of the Sec
rotary of the Treasury. not exceeding
three million ounces In any one month.
and the Secretary OF the Treasury shall issue
in payment for such purchases Of silver bull
lion Treasury notes OF the United States OF the
same form and description and have the same
legal qualities as the notes provided for by
the said not: and such Treasury notes shall
be legal tender. and be received. redeemed.
and reissued in the same manner and to the
Same extent as other Treasury notes.
Sec. 2. That the compulsory requirement OF
deposits OF United States bonds with the
Treasurer Of the United States bv national
banks is hereby limited In amount to 81. 900 OF
bonds for each and every bank: provided that
tho voluntary withdrawal OF bonds for the r..
tirement OF national bank notes shall not ex-
coed the sum Of $3.000.0O0 in any one month.
and provided further that this act shall not
apply to the deposits OF bonds which may be
required BY tho Secretary OF tho Treasury to
secure deposits OF public moneys in the ma
tional banks.
Sec. 8. That upon any deposits already or
hereafter made Of any United States bonds
bearing interest In tho manner required by
law. any national banking association making
the same shall be entitled to receive from the
Comptroller OF tho Currency circulating notes
OF different denominations in blank. registered
and countersigned as provided by law. not ex-
al ipO in ha Ina oe ho 10
ed provided. that at no time shall tho total
amount Of such notes issued to any such ss-
sociation exceed tho amount at such time
actually paid in Of It's capital stock.
Sec. 4. That whenever tho circulating
notes OF national banks. including such notes
in circulation. represented By lawful money
deposited by the banks in the Treasury for the
redemption OF such notes. shall be less than
$50. 900. 900. the Secretary Of th6 Treasury Is
authorized and directed r. purchase from
tained and cancelled. silver bullion as
%sy be offered at Tie msTkst
exceed in the aggregate at any time an amount
equal to the. amount oi such national bank
Of Sisd 900 600. and the Secretary Of the Treas.
uTs shall h4e issqe IN Eayment 70. such
and have lie same legal Qualities a.
the notes provided Tor by the Same act; and
reoeived. redeemed. and reissued In the same
manner and to tho, same extent as other
ths
chase silver bullion to tho amount; re-
good 20 the delcisncy % to Issue TILTED States
G Gnitsd STATES netes now u oasstandina to 'na an
amount equal to tho amount OF such national
sa 0e Issd sssW aH
have the same qualities and be a legal tender,
and be received. redeemed. and reissued In the
same manner and to the Same extent as other
Eeo. s. Whenever the market price Of silver
bullio9 shall have tsen contiEu1Tsy foE s7
Suilion ~ she secretsr1 the Trsssury sEsll
Of silver bullion not too base for tho operations
| OF tho Mint may derosit tho same In amounts
81 the the Unite United d states @ to b. Formed into stand
ard dollars. or bars for his benefit and without
charge. and at the said owners option be may
Bee. 8. That The sserstsry ei she Treasury
COUPON nos esS or rsststorei Sonds ot the United
sSs S1% q hS ss an.
money q. the plessur. Of the United Sta, es aud
| DoA1l0R luteCebt III SUCH
money at the rate Of two per cent per annum
And he Is authorized to sell or dispose OF any
not less than their par value for any lawful
yer certificates. and 70 apply the proceeds
Of any OF the bonds Of the United States. And
the bonds hereby authorized md the proceeds
thereof .hall b1 used for no other purpose
Whatever, And the sum necessary to pay the
disposing Of said bonds is hereby nppropria cd
out OF any money in the Treasury not other.
| wise appropriated
sec. Q; That The Secretary Of tho Treasure
subsiliary silver coins, OF the United States
now In o., which MAJ, hereafter be reo.iv. d
United Stats: Which are snr'aded worn
CIRCULATION. or are OF denomnations fol
which there ts 10 current demand te
into srch denominations Of silver coins now
the demand therefor. That tho loss incident
to the recoinnGe OF such uneurrent silver coin'
arising IRON the .?naEe mage Of silver bullion Int
thereof denominnted the silver, profit fund.