Morris tribune., 1893-08-09
THE SHERMAN l.. AW.
Fall Text Of the Silver Pu rchas ing
Act of 1890.

Fall Text Of the Silver Pu rchasIng
Act of 1890.
The following is full text Of the
Sherman silver purchasing Law of 1885.
about which there has been o mucn
discussion:
An act directing the purchas of sill
yer bullion and the issue of treasury
notes thereon, and for other Iurposes.
Section l. Be it enacted by tt Ie sneate
and house Of representatives of tn g United
States of America, in congress as: sci nbled:
That the secretary of the treasury is here
by directed to purchase from time Il , time
silver bullion to the aggregate aENOl mt or
4,500,000 ounces, or so much thereof& may
be offered each month at the market price
theirof not exceeding 81 for three hun ldred
and seventy-one and twenty-five hun
dredths grains of pure silver, and t0 issue
In payment for such purchases OF liver
bullion treasury notes Of the United . Gates
to be prepared by the secretary the
treasury in such form and of such deI lom-
inations-not less than 81 ncr more fhan
S1,O00-as he may prescribe, and 8 kSum
sufficient to carry into effect Ehe provisions
of this act is hereby approx Tiated out OF
any money in the treasury not otherWlS SO
appropriated
AS1~~
in accordance with the prov; gsions of this
act shall be red'3emable N demand, In
coin, at the treasT .ry of the United States
or at the office o any assis Etant treasurer
Of the United States, and when so re-
deemed may be reissued, bT7t no greater
or less amount of such nott's shall be out
standing az aIi 2 time than the cost OF the
silver bullion and the standard silver dol
lars coined therefro n, then held IN the
treasury purchased ly such notes, and
such treasury notes sha u be leg al tender
IN payment of all deb is, public, and prl-
vate, except where 9th erwlse expressly
stipulated in the contra ct, and shall be
receivable for customs, ia xes antt puonc
dues, and when so received may De fels-
sued; and such notes when held by any
national banking ASSOCIATE on may De
counted as q part CT it's la Ffu1 reserve.
That upon demand Of the hold eT OF any OF
the treasury notes herein provi, ie'd ior Ine
secretary of the treasury SHALL uNetef such
regulations as he may prescril @. fedeem
such notes in gold or silver o1n at MS
discretion, it being the establishG I'd policy
of the United States to maintain the two
metals on parity with each 9th er upon
the present legal ratio, or such ra1io as
may be provided by law.
Sec g. That the secretary of the afefts-
ury shall each month coin 100000 fEnEees
of the silver bullion purchased un,le aihe
provisions of this act into standard 0aMar !
dollars until the 1st day of July, 1891, and
after that time he shall coin of the 81 iVeT
bullion purchased under the provision OF
this act as much> as may be necessary 10
provide for the redemption of the treaSu "
notes herein provided for, and any gain CT
seigniorage arising from such colnag
shall be accounted for and pc id into the
treasury.
Sec A. That the silver bullion purchased
under the provisions of this ;Ict shall be
subject to the requirements Of existing
law and the regulations OF the mjl 1t service
governing the methods of deternli ming 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 Feb.
Is, 1873 entitled can act to author ize the
coinage Of the standard silver doIli tr, and
to restore its legal tender charactel =, as
requires the monthly purchase and coin
age of the same into silver dollars of not
less than COO nor more than sz4,0OO,-
COO worth Of silver bullion is hereby re-
pealed.
Sec. 6. That upon the passage of this
act the balance standing with the urea
surcr of the United States to tht respec-
tive cfeu1IS Ol naGlOnal banks Tor q ePNsloo
made to redeem the circulating no ties of
such banks and all deposits thereaftt y re
ceiyed for Ike purpose shall be GOV cred
into the treasury as a miscellaneous ne
ceipt, and the treasurer of the Unit Cd
States shall redeem from the general cas- I
in the treasury the circulating Hekes OF
said banks which may come into his pos
session subject to redemption, and upon
the certificate of the comptroller of the
currency that such notes have been re-
ceircd by hill and that they have been
destroyed by him, and that no new notes
will be issued in their place, reimburse
ment Of their amount shall be made :
to the treasurer, under such regulations
as tbs 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 rot apply to the !