The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1893-08-07
THE SHERMAN LAW.
Full Text of the Measure which It
Proposed to Repeal.

Proposed to Repeal.
The following is full text Of the Sher-
man silver purchasing law approved July
IA, 1890, about which there has been so
much discussion.
An act directing the purchase OF silver bull
lion and the issue of treasury notes thereon,
and for other purposes
Be it enacted by the senate and house of rep
resentatives of the United States of America,
in congress assembled, That the secretary of
tine treasury is hereby directed TO purchase
from time TO time silver bullion to the aggre-
gate amount of 4,501,0O0 ounces, or 80 much
thereof as may be offered each month at the
market price thereof, not exceeding 81 for three
hundred and seventy-one and twenty -hve-hun-
dredths grains of pure silver. and to issue in
payment for such purchases of silver bullion
treasury notes of the United States to be pre-.
pared by the secretary of the treasury In such
form and of such denomination less than
81 nor more than 81, l,000-as he may prescribe,
and 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. q That the treasury notes issued In ac-
cordRnce 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 a 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 pub
lie 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 ffa In, -
holder Of any of the treasury notes herein pro-
vided for the secretary of the treasury shall,
under such regulations as he may prescribe,
redeem such notes In gold and silver coin at his
discretion, 1t 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 as may be provided
by law.
Sec. 3. That the secretary Of the treasury
shall each month coin 100000 ounces of the
silver bullion purchased under the provisions
of this actinto 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 provide for the redemption of the
treasury notes herein provided for, and any
gain or seignlorage arising from such coinage
shall be accounted for and paid into the treas
ury.
Sec. 1. That the silver bullion purchased un-
der the:provisions Of this act shall he 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. 3. That so much Of the act of Feb. 2S,
1873, entitled IAN act to authorize the coinage
of the standard silver dollar, and to restore its
legal tender character" as requires the month
ly purchase and coinage of the same into sill
yer dollars of not less than S2,00J,0OO nor more
A ell b,,lff
repealed.
SEQ, 0. That upon the passage of this act the
balances standing with the treasurer of the
United States to the respective credits OF ma
tional 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 as a miscellaneous
receipt, and the treasurer Of the United States
shall redeem from The general cash in the treas
ury the circulating notes of said banks which
may come into his possession subject TO re-
demption, and upon the the certificate Of the
comptroller of the currency that such notes
have been received by him, and that they have
been destroyed by him and that no new notes
will be Issued In their place, reimbursement Of
their amount shall be made 10 the treasurer,
under such regulations as the secretary of the
treasury may prescribe, from an appropriation
hereby created, TO be known as national bank
notes redemption account but the provisions
Of this act shall not apply to the d Nslts re-
ceived under section of the act Of - a 20,
1874, requiring every national bank TO keN
lawful money with the treasurer OF the Unite
States a sum equal 10 per centum of its CIR
culation. TO be held and used for the redemp-
tiOn of its circulating 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.
SEQ. 7. That this act shall take effect 90 days
from and after Its passage.