Barton County democrat. [volume] (Great Bend, Kan.) 1885-1915, 1893-07-06
THE SHERMAN LAW.

Text of the Famous Bill Which La So Much
Talked of at the Present Time.
WASHINGTON, June 30.-The much
talked of Sherman bullion law is as
follows:
The secretary of the treasury Is hereby di-
rected to purchase from time to time silver
bullion TO the aggregate amount OF 200
ounces, or SO much thereof as may be offered in
each month, at the market price thereof not
exceeding 81 for 81 . 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 81 nor more than 81 OOo, as he may
prescribe, and sufficient sum to carry into
eject the provisions of this act is hereby APP
proprfated out of any money IN the treasury
pot Otherwise appropriated
Sec. 2 That the treasury notes issued in &C
cordance with the provisions of this act shall
be redeemable on demand. in coin. at the treas
ury 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, and the standard silver dollars
coined therefrom, 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 re-
issued; and such notes, when held by any ma
tional banking association, may be counted as q
part of its lawful reserve That upon demand
of the holder of any Of the treasury notes here
in provided for the secretary OF the treasury
shall, under such regulations as he may pre-
scribe redeem such notes in gold or silver coin,
at his discretion, it being the established policy
OF the United States to maintain the two me tails
on parity with each other upon the present
legal ratio, or such ratio as may be provided by
law
Sec g. That the secretary of the treasury
shall each month coin 1000 900 ounces of the
silver bullion purchased under the provisions
of this into standard silver dollars until tn e
1st day of July, 1891, and after that he shall
coin of the silver bullion purchased under the
provisions of this act much as may be neceS-
sary to provide for the redemption Of the treas
ury notes herein provided for, and any gain or
seigniorage arising from such coinage shall be
accounted for and paid into the treasury.
Sec. f. That the silver bullion purchased
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.
Sec. 5. That SO much of the act of February
q, 1878 entitled AN act to authorize the coin
age of the standard silver dollar and to restore
its legal tender character as requires the
mon thly purchase and coinage of the same in to
silver dollars of not less than $4,000, COD nor
more than 81, COO 600 worth Of silver bull ion, is
hereby repealed
Sec. G. 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 purpose
shall be covered into the treasury a mis-
cellaneous receipt and the treasurer Of the
United States shall redeem from the general
cash in the treasury the circulating notes of
said banks which may come into his possession
subject to redemption: 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 notes will be
issued in their place REIN bursements of their
amount shall be made to the treasurer, under
such regulations as the secretary of the treas
ury may prescribe, from appropriation
hereby created, to be known as National bank
notes: Redemption account but the provi
sions of this act shall not apply to the deposits
received under section of the act of June %,
1874, requiring every national bank to keep in
lawful money with the treasurer of the United
States sum equal to per cent OF its circula
ton, to be held and used for the redemption Of
its circulating notes, and the balance remain
ing of the deposits covered shall at the close
OF each month be reported on the monthly pub
lie debt statement as debt of the United State:
bearing no interest
Sec. e. That this act shall take effect thirty
days from and after its passage.