St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-01-20


the United States that the secretary of
the treasury may designate, and receive
therefor treasury notes hereinafter pro-
vided for, equal at the date of deposit of
the net value Ofsuch silver at the market
price, such price to be determined by the
secretary of the treasury under rules
and regulations prescribed. haSed upon
price current in the leading silver
markets of the world: but no deposit
consisting in whole or in part OF silver
bullion or foreign silver coins imported
into this country, or bars resulting from
melted or refined foreign silver coins,
shall be received under the provisions
of this act.
Sec. 2. That the secretary of the
treasury shall cause to be prepared
treasury notes in such amounts as may
be required for the purpose of the above
section, and in such form and denom-
tilations as he may prescribe; provided,
that no notes shall be of denomination
less than one dollar or more than one
thousand dollars.
Sec. 8. That the notes issued under
this aet.shali be receivable for customs.
GNNSso EtisN p0OiiI oVUtS, dlIN HlISll
ceived into the treasury may be re.
issued; and such Notes, when held by
any national banking association, shall
be counted as part of its lawful re-
serve.
Sec. a. That the notes issued under
the provisions of this act shall be re-
deemed upon demand at the treasury of
the United States, OF at the office of an
assistant treasury of the United States,
by the Issue of certificate of deposit for
the sum OF the notes so presented, pay
able at one OF the mints of the United
States. in an amount of silver bullion
equal in value, on the date of said GER
tlncate, to the number of dollars stated
therein, at the market price of silver. to
he determined as provided in section |:
or such notes may be redeemed in gold
coiii at the option of the government:
provided that, upon demand OF the
holder. such notes shall oe redeemed in
silver dollars.
See. 8. That when the market price
of silver. as determined by the serre-
tary of the treasury, shall exceed 81 for
S7l.26 grains OF pure silver, it shall be
the duty Of the secretary of the treasury
to refuse to receive depnsits of silver
bullion for the purpose of this act.
Sec. 6. That it shall ue lawful for the
VI
prOval OF the president of the United
States, to suspend, temporarily, the re-
ceiDt Of silver bullion for treasury notes
at amy time when he is satisfied that.
through combinations or speculative
manipulation OF the market. the price
of silver is arbitrarily nominal or
fictitious.
Sec. z. That the silver bullion depos-
tied under this act,represented by treas
ury notes which have been redeemed in
gold coin or in silver dollars, may be
coined into standard silver dollars or
any other denomination of silver now
authorized by law, for the purpose of
replacing the coin used i'll the redemp-
tion Of the notes.
Sec. 8. That so much of the act of
Feb. %, 1873, entitled IAN act to au-
thOrize the coinage of the standard sill
yer dollar ard to restore its legal tender
character" az required the monthIv
purchase and coinage of silver dollars
of not less than S2.C00GOO, nor more
than S4,GDO,000, worth of silver bullion.
is hereby repealed.
Sec. q. That any gain or seigniorage
arising from the coinage which NAV be
executed under the provisions of this
act Shall be accounted for and paid into
the treasury as provided by existing
law.
Sec. 10. That silver bullion under the
provisions OF this act shall be- subject TO
the requirements of the existing law
and the regulations of the mints govern
ing the methods of receipt. determining
the amount of pure silver contained and
the amount Of charges OR reductions, if
any, ID be made.
Sec. II. That nothing In this act shall
he construed to prevent the purchase,
from time to time, as may be required,
of silver bullion for the subsidiary sill
yer coinage.
Sec. 10. That sum sufficient to carry
out the provisions OF this act is hereby
appropriated out of any money in the
Sec. l3. That all acts and parts of
acts inconsistent with the provisions of
this act are hereby repealed.
Sec. ID. That this act shall take effect
thirty days from and after its passage.