The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1893-10-07
THE SHERMAN LAW.
Full Text Of tho Much-Talked-Of Meas

THE SHERMAN LAW.
Full Text Of tho Much-Talked-Of Meas
ure.
Following II brief history and full text Of
the law which is now causing 80 much discus
sion and agitation throughout the country.
The house had passed carly in June. 1890.
bill directing the purchase Of silver bullion and
the issue of treasury notes thereon prepared
by Mr.. Window. then secretary of the treas
ury. The senate rejected important clauses Of
the house bill and passed what was known a.
the senate bill The house rejected all the SEN
ate amendments except one and . conference
committee was appointed to prepare compro
mise bill
On July 2. 1879. committee Of conference,
consisting Of Senators Sherman; Jones. Of Ne
vada; Vest, of Missouri, and Harris, and Repre-
sentatives Conger; Walker. of Massachusetts.
and Bland (Messrs Vest and Bland not sign
ing the report), reported an agreement IS FOL
lows:
BE It enacted, etc, That the secretary Of
the treasury Is hereby directed to purchase
from time to time silver bullion to the amount
Of L. 100000 ounces, or SO much thereof as may
be offered, in each month, Ut the market price
thereof, not exceeding q for . 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 SEQ
denominations, not less than 81 nor more than
q, Co., as he may prescribe, and . sum suf1cient
to carry into effect the provisions Of this act Is
hereby appropriated out Of any money in the
treasury not otherwise appropriated
"Sec 2 That the treasury notes issued In &C
cordance with the provisions Of this act shall
be rcdcemable on demand Id coin IN the treas.
ury Of the United States or 1t the ONES Of any
assistant treasurer of the United Ststes. and
when SO redeemed may be reissued: but no
greater or less amount of notes shall be out
standing at any time than the cost of the silver
bullion and the standard silver dollars coined
thercfrora then held In the treasury purchased
by such notes; and such treasury notes shall
be legal tender in payment Of all debts, pib-
lie and private. except where otherwise
expressly stipulated in the contract and shall
be receivable for customs, taxes and all public
Dues and when 50 resolved may DO refssued,
and such notes when held by any national bank
ing association may be counted as part Of its
lawful reserve That upon demand Of the
holder Of any of the treasury notes herein pro-
vlded for the secretary of the treasury shall
under such regulations as he may prescribe. re-
deem such notes In gold or silver coin at his
discretion. it being the established policy of
the United States to maintain the two metals
on . parity with each other upon the present
legal ratio or such ratio rs may DO provided By
law.
"Sec That the secretary Of the treasury
shall each month coin 600 600 ounces OF tho Sill
yer bullion purchased under the provisions of
this act into standard silver dollars until the LIST
day Of July, 1881, and after that time he shall
coin of the silver bullion purchased under the
provisions Of this act as much ~ may be neces-
sary 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.
"Sec. 4 That the silver bullion purchased
under the provisions of this act shall be subject
to the requirements Of existing laws 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, II any. to be made.
"Sec. g. That so much Of the act of Febru-
airy g, 1874 entitled An act to authorize the
coinage Of tho standard silver dollar and to re-
store Its legal tender character IS requires
the monthly purchase and coinage OF the Same
into silver dollars Of not less than e 900 900 nor
more than a, 100000 worth of silver bullion Is
hereby repealed.
"Sec q That upon the passage Of this set the
balances standing with the treasurer Of the
United States to the respective credit Of ma
tional banks for deposits made to redeem the
circulating notes Of such banks. and Ill do
posits thereafter received for like purpose.
shall be covered into the treasury as . mis-
cellaneouS receipt ana tho treasurer OF inc
United States shall redeem from the gen.
eral cash in the treasury the circulating
notes Of said banks which may como
into his possession, subject to redemp-
ton; and upon the certificate Of tho
comptroller Of the currency that such notes
have been received by him and that they have
been destroyed and that no now notes will be
issued In their place. reimbursement If their
amount shall be made to the treasurer, under
such regulations as the secretary Of the treas
ury may prescribe, from IN appropriation
hereby created, TO be known ~ national
bank notes, redemption account but the
provisions Of this act shall not apply to the
deposits received under section 5, of the
act of juno 20, 1874 requiring every national
bank to keep in lawful money with the treas
urer Of the United States sum equal to per
cent of its circulation, to be held and used for
the redemption Of its circulating notes; and
the balance remaining Of the deposits SO COW
cred shall at the close of each month, be re-
ported on the monthly public debt statement rs
debt OF the United States, bearing no interest
"Sec. T. That this act shall take effect thirty
days from and after its passage"