Wessington Springs herald. (Wessington Springs, Aurora County, Dakota [S.D.]) 1883-1891, 1890-05-02
AS TO SILVER.
Tro Caucus Agreement with Kegard to
Coinage.

TEe Caucus Agreement with Kesaf" I"
Coinage.
The republicans of the house and senate
have agreed upon the silver bill. Inc
agreement is i n harmons with the measure
adopted by the senate caucus committee,
with important amendments. The bill
provides that the secretary of the treasury
direct the purchase from time to time OF
silver bullion to the aggregate amount of
900, 900 ounces of pure silver IN each
month, at the market price thereof, not
exceeding 81 for 81 25-l00 grains OF pure
silver. and to issue in payment treasury
notes of the United States to be prepared BY
tho secretary in such form and such de-
nominations, of not less than 81 nor more
than $1,000, as he may prescribe. Inc
treasury notes issued are to be redeemable
on demand, in lawful money Of the United
States treasury, or by any assistant treas
urer, and when so redeemed may be re-
issued, but no greater or less amount OF
such notes to 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 receivable
for customs, taxes and all public dues, and
when so received may be reissued. and
such notes, when held by any national
banking association, may be counted as
part of its lawful reserve.
Provided, that upon demand of the
holder of any treasury notes provided for,
the secretary may exchange for such notes
an amount of silver bullion which will be
equal III value at the market price thereof
Oh the day Of exchange to the amount Of
such notes. The secretary of the treasury
shall coin such portion OF silver bullion
purchased under the provisions of the act
as may be necessary to provide for the re.
demption of the treasury notes provided
for, and any gain or seigniorage arising
from such coinage will be accounted for
and paid into the treasury. Silver bullion
purchased under the provisions of
the act will be subject to the require
ments Of the existing law and regulations
of the mint service governing the methods
of determining the amount Of pure silver
contained and the amount of charges or
deduction, if any, to be made. So much
of the act of Feb. 2S, 1878. entitled An
act to authorize the coinage of a standard
sAANS1 III aAu CStO 10 lSSSu1 C4d
character" as requires the month";" pur-
chase and coinage of the same into silver
dollars of not less than 50, 600, 600 nor
more than 81, 100000 worth of silver
bullion is hereby repealed. The act is to
take effect thirty days from and after pass
age.
In addition to the provisions of the bill
already stated it is provided that money
now held in the treasury to redeem national
bank circulation in cases of %liquidatins
banks, banks reducing circulation, ETC., is
to be converted into the treasury. The
fund is estimated to amount to about $751;
600, 600, which will be restored to circula-
ton. The committee on rules will report
a resolution requiring consideration of the
bill by the house at the earliest possible
moment with strict limitation on the
length of debate.
Senator Teller, of the senate sub.com-
mittee, dissented. Later he said he would
make an effort to secure free silver coinage,
and failing in that he would accept the
next best thing he could get. When tho
measure came up in the senate he would
move to make certificates legal tender.