The Corvallis gazette. [volume] (Corvallis, Or.) 1862-1899, 1890-08-01
THE ,SIL YER BILL.


part Of the statutes, reads as
follows:
SECTION 1. The secretary of the
treasury is hereby directed to pur-
chase from time to time bullion
to the aggregate amount of 4 $780,
900 ounces, or so much thereof as
may be offered, in each month, at
the market price thereof, not ex-
|ceeding one dollar for three hund-
red and seventy one and twenty
five one hundredths grains of pure
silver, and to issue in payment for
such purchases of silver bullion,
treasury notes of the United States
to be prepared by the secretary of
the treasury, in such form and of
such denominations, not less than
one dollar nor more than one thou
sand dollars, as he may 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 other
wise appropriated.
Sec. 2. That the treasury notes
issued in accordance with the pro-
visions of this act shall be redeem
able on demand in coin at the
treasury of the United States, or
at the office OF any assistant treas
urer 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 and the standard silver
dollars coined therefrom then held
in the treasury purchased by such
notes, and such treasury notes
shall be a legal tender in payment
of all debts, public or private, ex-
cept where otherwise 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 ASSOCIATION, may
be counted as a part of its lawful
reserve; that upon demand of the
holder of any of the treasury notes
herein provided for, the secretary
of the treasury shall, under such
regulations as he may prescribe,
redeem such notes in gold or silver
coin at his discretion,' 1T being the
established policy of the United
States to maintain the two metals
on a parity with each other upon
the present legal ratio or such ratio
as may be provided for by law.
Sec. 8. That the secretary of the
treasury shall each month coin
100000 ounces of the silver bull
ion purchased under the provis-
ions of this act into standard silver
dollars until the list day of July,
1891, and after that time he shall
coin of the silver bullion purchased
under the provisions of this act as
much as may be necessary to pro-
vide for the redemption of the
treasury notes herein provided for,
and any gain OF seigniorage arising
from such coinage shall be ac-
counted for and paid into the
treasury.
Sec. 4. That the silver bullion
purchased under the provisions of
this act shall be subject to the re-
quirements of the existing law and
the regulations of the mint service
governing the methods Of deter
mining the amount of pure silver
contained and the amounts of
charges Or deductions, if any, to be
made.
SEC. 5. That so much of the act
of February %, 1878, entitled can
act to authorize the coinage of the
standard silver dollar and to Te-
store its legal tender character as
requires the monthly purchase e
and coinage of the same into silver
dollars of not less than $2,00O,0O0
nor more than s4,ooo,ooo worth of
silver, is hereby repealed.
Sec. 6. That upon the passage of