The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1890-08-29
THE SILVER BILL.

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readers Of the DKMccRAr concerning the
provisions Of the silver hlll we publish II
below:
Section {. That the secretary OF the
treasury Is hereby directed to purchase,
from time to time, silver bullion to the ag-
gregate amount Of 100000 ounces, or so
much thereof as may be offered In each
moath, at the market price thereof, not ex
cceding one dollar for 37I.aS 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 tie treasury, In such
form and Of such denominations, not less
than one nor more than one thousand
dollars, as ne may prescribe, aud a sum
sufficient to carry into effect the provisions
of this act is hereby appropriated out OF
any money In the treasury not otherwise
appropriated.
Sc =. That the treasury notes issued
In accordance with the provisions of this
act shall be redeemable on demand, in coin,
at the treasury OF the United States, and
when so redeemed may be relSsued; but
no greater or less amount of such notes
shall be outstanding at any time than the
cost OF the bullion and the standard silver
dcllars coined therefrom, then held In the
treasury purchased by such notes; and
such treasury notes shall he legal tender
In payment of all debts, public and private,
except where otherwise expressly stipulated
In the contract, and shall be receivable for
customs, taxes, and all public dues, and
when so received may be rc!ssued; aud
such notes, when held by any national
banking association, may be counted As a
part of It's lawful reserve. That upon de-
mand of the holder of any Of the treasury
notes herein provided for the secretary ct
the treasury shall under such regula-
lions as he may prescribe, redeem such
notes In gold or silver coin, AT his discre
ton, It being the established rol'cy Of the
United States TO maintain the two metals
on parity with each other upon the present
legal ratio,or such ratio as may be prov ded
BY law.
Sec. 3. That the secretary Of the treas
ury shall each month coin s,ooo, 900 ounces
Of the silver bullion purchased under the
provisions of this act until the first day of
July, ISol, and after that time he shall coin
of the silver bullion purchased under the
provisions of this act as may be necessary
to provide for the retention Of the treas
TRY notes herein provided r,aud any gain
of seignioragc arising for such coinage
shall be accounted for and paid into the
treasury.
See.4. That the silver bullion purchased
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. II any to
be made.
Sec s. That so much of the act OF Feb
ruary 20, 1878 entitled IAN act to authorize
the coinage of the standard silver dollar and
to..restore its legal tender character" as re-
quires The monthly purchase and coinage
of the same into silver dollars OF not les'
than $2,oOo,oCo o nor more than 81. 100000
worth of silver bullion, is hereby repealed
Sec. 6. That upon the passage OF thi,
act the balances standing with the ,reosuT.
er of the United States TO the respective
credits of national banks for deposits made
to redeem the circulating notes of suct
banks, and all deposits thereafter rscciyet
for like purpose. shall be covered into the
treasury as a miscellaneous receipt, and thS
treasurer Of the United States shall redeem
from the general cash in the treasury the
circulating notes Of said banks which may
come ia;o his possession subject to re-
demPtion; and upon the certificate Of Ia,
controller Of the currency that such notet
have been received by him and that they
have been destroyed and that o new notei
will be issued la their place, reimburse
meni of their amount shall be made to the
treasurer, under such regulations as tbs
secretary Of the treasury may prescribe
from an appropriation hereby created. tC
be known as national bank notes: Re
demPtion account, bat the provisions o.
this act shall not apply to the deposits re
ceived under section three OF the act o
June 40 1874, rcquidng every na,iona
bank to keep In lawful money with th'
treasurer of the United States a sum squa
TO FIVE per cenium of Us circulation to b,
held and used for the redemption Of its cir
culatins notes; and the balance remaining
Of the deposits go covered shall, at the cn'
of each month, be reported on he monthly
public debt Of the United States bearing
no interest.
Sec 7. That this at shall take cffec
thirty days from after its passage.
Approved July II, 1899.
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