The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1890-06-13
The SILVER BILL.
provisions of the Silver Bill As Agree,
Upon BY the HonsA Renuhiican Caucus.

Provisions of the Silver Bill As Agreed
Upon by the Honse Republican Caucus.
WASHINGTON, June 6.-Following is
the text of the Silver bill agreed upon
by the Republican caucus and substi-
tuted yesterday in the House for the bill
already pending: #B ~ ~
Be itenacted by the Senate and House Of
Representatives of the United States Of
America in Congress assembled. T at the
Secretary offhe Treasury IL hereby directed
to purchase from time TO time silver bullion
to the aggree ate amount Of s4,5 5000 worth
of fine silver in zach month, at the market
price thereof, not exceeding 3TL25 grains of
pure silver, and to issue in payment for such
purchase Of silver bullion treasury notes of
| the United ktat-s to be prepared by the Fec
rotary of the Treasury in such form and Of
| such denominations, not less than 81 nor
more than $40 o. as he may prescribe, and
sum sufficient to carry into effect the pro-
visions of this act is hereby appropriated
out Of any money in the treasury not other
wise appropriated.
Sec. D. 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 or at the
Office of any assistant treasurer of the
United States, and when so redeemed may
be reissued; but no greater or less amount
Of such notes shall be outstanding at any
| time than the cost of the silver bullion then
held in the treasury purchased by said notes;
and such treasury notes shall be legal ten
der in payment of all debts. public and pri-
vate. except when otherwise expressly stipu-
lated in the contract, and shall be receivable
for customs, taxes and all public dues, and
| when so received may be reissued and such
notes when held by any National ban king
association may be counted as part OF its
las rfr1 Trau nj hat II q IN n
of the holderof any of the treasury notes
herein provided, the Secretary of the Treas
ury may at his discretion and under such
regulations as he shall prescribe. ex hange
| for such notes an amount of silver bullion
which shall be equal in value at the market
| price thereof on the day of exchange to the
amount of such notes presented.
Sec. & That the Secretary OF the Treasury
shall coin such portion of the silver bullion
purchased under the provisions of this act
as may be necessary to provide for the re-
demption Of the treasury notes herein pro-
vided for and any gain or seigniorage aris-
ing from such coinage shall be accounted
| for and paid into the treasury.
Sec. 4. That the silver bullion purchased
under The provisions OF this act hail be sub
iect to the requirement of existing law and
the regulations of thu mint service govern
| ing the methods of determining the amount
of pure silver contained and the amount OF
charges or deduct on. if any, to be made.
Sec. .. That so much of the act Of February
| %, 1879, entitled Fan 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 less than
S. 900 nor IN re than 81 100000 worth Of
silver bullion, is hereby repea ed.
Sec. G. That whenever the market price Of
silver as determined in pursuance of Sec
ton of this act is 81 for 37I.25 grains of pure
silver it shall be lawful for the owner of any
silver bullion to deposit the same at any
coinage mint Of the United States to be
coined into standard silver dollars for his
benefit, as provided in the act of January
is, 1885, ~ ~ - TX a-A a, a,-a
Sec. Z. That upon the passage of this act
the balances standing with the Treasurer OF
the United states to the respective credits
Of NatiOnal banks for deposits made to re-
deem the circulating notes of such banks,
and all deposits thereafter received for like
purposes, shall be covered into the treasury
as a miscellaneous receipt; and the Treas
urer of the United States shall redeem from
the general cash in the treasury the cir
culating notes of said banks which may
come into his possession subject to re-
demption; and upon the certificate of the
Comptroller of the Currency that such notes
have been received by him and that they
have been destroyed and that no new notes
will be issued in their place reimbursement
of their amount shall be made to the
Treasurer, under such regulations as the
Secretary of tn Treasury may prescribe,
from appropriations hereby created. to be
known as National bank notes redemption
account" Tut the provisions of this act shall
not apply to the deposits received under
section of the act of June 20, 1874, requiring
every National bank to keep in lawful
money with the Treasurer of the United
states a sum equal to per cent of its circu-
lation, to be held and used for the redemp-
ton of its circulating notes, and the balance
remaining of the deposits so Covered at the
close of each month be reported on the
monthly public statement as debt Of the
United states bearing no interest.
Sec. s. That this act shall take effect thirty
days from and after its passage.