The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1890-06-12
The Caucus Silver Bill.

UulC, I'll VIC Jun.
Be it enacted by the Senate and House
of Representatives of the United States
of America, in caucus assembled, that
the Secretary of the Treasury is hereby
directed to purchase from time to time
silver bullion to the aggregate amount
of "a, 100000 worth of fine silver in each
month"; at the market price thereof, not
exceeding one dollar for 3n.25 grains of
pure silver and to issue, in payment for
such purchases of silver bullion, Treas
ury notes of the United States, to be
prepared by the Secretary of the Treas
ury, in such form and of such denomina-
tions, not less than one dollar, nor more
than one thousand dollars as he NAV
prescribe, and a sum sufficient to carry
into effect the provisions of this act is
hereby appropriated out of any money
in the Treasury not otherwise appro-
priated.
Section 2. That the Treasury notes is
sued in accordance with the provisions
of this act shall be redeemable on de-
mand in coin, at the Treasury of the
United States or at the office of any AS
sistant Treasurer of the United States,
and when so redeemed may be reissued,
notes shall be outstanding at any time
than the cost of the silver bullion then
held in the Treasury purchased by such
notes, and such Treasury notes shall be
legal tender in payment of all debts,
public and private, except where other
wise expressly stipulated 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 banking as
ISOLATION, may be counted as part of
It's lawful reserve. Provided, that upon
demand of the holder of any of the
Treasury notes herein provided for, the
Secretary of the Treasury may, at his
discretion, and under such regulations
as he shall prescribe, exchange 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.
Section 3. That the Secretary of the
Treasury shall coin such portion of the
silver bullion purchased under the pro-
visions of this act as may be necessary
to provide for the redemption of the
Treasury notes herein provided for, and
any gain or seigniorage arising from
such coinage shall be accounted for and
paid into the Treasury.
Section 4. That the silver bullion pur-
chased 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, if any, to be made
Section 5. That SO much of the act of
February %, 1878, entitled, Gan Act to
authorize the coinage of the standard
silver dollar, and to restore it's legal ten
der character as requires the monthly
purchase and coinage of the same into
silver dollars of not less than So, 900. COO,
nor more than $4,000,000 worth of silver
bullion is hereby repealed.
Section 6. That whenever the market
price of silver as determined in pursu-
ance of section of this act is one dollar
for 1926 grains of pure silver, it shall be
lawful for the owner of any silver bull
lion to deposit the same at any coinage
mint of the United States, to be formed
into standard silver dollars for his bene-
fit, as provided in the act of January Is,
1887.
Section 7. 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 redeem the circulating
notes of such banks and all deposits
thereafter received for like purposes
shall be covered into the Treasury as
miscellaneous receipt, and the Treasurer
of the United States shall redeem from
the general cost 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 the
Treasury may prescribe from an appro-
priation hereby created, to be known as
National bank notes redemption ac-
count" but the provisions of this shall
not apply to the deposits received under
Section of the act of June 90, 1874, re-
quiring every national bank to keep in
lawful money with the Treasurer of the
United States, a sum equal to per
centum of its circulation, to be held and
used for the redemption of it's circulat-
ing notes; and the balance remaining of
the deposits so covered, shall, at the
close of each month, be reported on the
monthly public debt statement, as debt
of the United States bearing no interest.
Section 8. That this act shall take eff
feet thirty days from and after it's pass
age.
In the House on the 18th the bill, as
above stated passed the House. Mr..
Bland. after discussion, had moved to
re-commit the bill, with Instructions to
repeal free coinage measure, which was
defeated-ayes, 116; nays, 40. Fifteen
Republicans voted yea with the Demo
Gratis, and thirteen Democrats voted nay
with the Republicans. The bill was
then passed by 1876 ayes to 119 nays. On
the force passage eight Republicans
voted against the bill, and only one
Democrat, Wilson of Missouri, voted
with the Republicans for the bill
At the close of the current year six of
the fourteen Peabody scholarships al
lowed Virginia in the Peabody Normal
College, Nashville, Tenn, will expire by
limitation. These scholarships are val
ued at 5000 a year, and are good for two
years. They are awarded on the merits
of the applicants as shown by examina
lions conducted under the direction of
the Department of Public Instruction.
Applicants for these prizes must declare
their purpose to make teaching profess
sion and must obligate themselves to
teach in the public schools of their own
State for at least two years
Mr.. Gladstone is described as a con-
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