Telegram-herald., 1890-07-15

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Be i enacted, Tbst the secretary at
TIE treasury i hereby directed - pun
chase from time - time slTer buH,on
h the aggregate amount Of f.5oo.0oo
ounees. OF - mach thereof - may be
offered, Ia each month, at the market
prloe thereof, nos eNceealag 81 for
S7l.25 grams of pure silver, and toissae
in pa nlent for sucQ purchase uf silver
bullion, treasury n0tSs ~ tie DnAea
states 10 be prepared bs the SECRETARY
Of the treasury, ln such form and OF
such denominations, lot less thau q
nor more than = 90, a. he may pre-
scllbe. ana 4 sum sufficient la carry
intO effect the provisions OF this act i
hereby appropriated cat of the money
ia the treasury not otherwise appropfl-
ated.
See. =. That the Treasury notes j..
sued ia accordance With the provisions
Of TINS act, sAall be redeemaDle on d.
mGnG, IA CON, al tie treasury 81 tle
United states. or al tie Oface of ANY
Assistant Treasurer of tie United
States, aud when SO redeemed may bU
re-issued, tut no greater or les amount
OF such notes shall be outstanding ar
any time than the cost OF the silver
bullion and abe standard silver dollars
coined tnerefr0m then held ia the
treasury purchased by such notes; and
sucn Treasury notes Wlil be "A legal
tender IN payment Of ali debts, pubic
and private, except where Otnern isc oN-
pressly supulatea IA tne contract, and
shall be receivable Tor customs, taxes
and llpublic dues. and when So received
may be rC-lssued; anu such notes
when held by any National banking
ASSOCIATION, may be counted as d part
OF It's lawful reserve. That upon de-
mand OF the holder OF any " tie
Treasury notes herein provided for. the
Secretary Of the Treasary shall, under
such regulations as be may prescribe
redeem such notes IA gold or silver
coin at MS discretion, il being the est al
lIshed policy OF the United States 80
maintain the two metals on a parity
with each other upon the present Legal
ratio, OF such ratio as map be provided
by law.
Sec. 3. That the Secretary of the
Treasury shall each month coin 2,o00,-
chased under the provisions OF this act,
INTO standard silver dollars until the Isl
day of July, 1891, and after that time
be shall com OF the silver bullion pur-
chased under the provisions OF this act,
as much as may be necessary 10 pro-
vide for the redemption OF the Treasury
notes hereia provided for. and any gam
OF or seigniorage arising from such COIN
age shall be accounted for and paid into
the treasury.
Sec. 1. That the silver bullion pur-
chased under the provisions OF this act
shall be subject 10 the requirements OF
existing law and the regulations OF the
mint service governing the methods OF
determlng the amount OF pure silver
contained and the amount OF charges
and deductions, if any, TO be made.
Sec. 5. That SO much of the act OF
February %, 1873, entitled, "An act 10
authorize the coinage of the standard
| silver dollar and 10 restore It's legal
tender character as requires the month
! ly purchase and coinage of the same
! into silver dollars OF not less than
| S2,000,0 900 nor more than $1,000, ,000
! worth of silver bullion" is hereby re-
pealed.
Sec. 8. That upon the passage Of this
act the balances standing with the
Treasurer of the United States 10 the
( respective credits Of national banks for
! deposits made 10 redeem the circulat.
| ing notes Of such banks, and all depOs-
its thereafter received for like purpose
shall be covered into the Treasury as .
| miscellaneous receipt. and the Treas
uIer of the United States shall redeem
| from the general cash III the Treasury
| the circulating notes of said bank
| which may come into has possession
| subject 10 redemption; and upon the
certificate OF the Comptroller of th,
| Currency that such notes have
been received by him. and that
| they have been destroyed, and
that no new notes will be issued
III their place, reimbursement Of their
| amount shall be made 10 the treasurer
under such regulations as the Secretary
OF the Treasury may prescribe from al
| appropriation hereby created, to be
| known as national bank notes, re-
demptIon account" but the provisions
OF this act shall not apply 70 the deposit.
! received under section 3 OF the act OF
June 20, 1874, requiring every National
! hank 10 keep IN lawful money
with the Treasurer of the
/ United States sum equsl
to , per centum of its circulation, 70 b.
/ held and used for the redemption Of ii'
circulating notes, and the balance re-
naming of the deposits so covered shall
At the close Of each month. he reported
on the monthly public debt statement
as debt of the United States, bearing no
interest.
Sec. 7. That this act shall take effect
| thirty days from and after Is passage
McKunley's speech on the New Tariff
/ Bill. 80 pages ~ pamphlet form, al The
| IELEGRAM HERALD Tor 2 cents.