The advocate and Topeka tribune., 1893-07-12
THE SHERMAN SILVER LAW.

we are requested to Tepublish this law
and as it is the chief topic Of discussion JUS
now, il is probably we'll to give it the space
Here 1t ls IN all it's glOry.-EDIToRo
Be tt enacted by the Senate and House of ReDre
ssntdttpGs of the United States of AmtTiCd, q
Congress assembled:
SECTION /. That the secretary of tht
treasury is hereby directed to purchase from
time to time silver bullion TO the aggregate
amount Of 4,5OO,OCO ounces, or 30 mucl
thereof as may be offered, in each month
at the market price thereof, not exceeding
81 for S71.25 grains of pure silver, and tC
issue in payment for such purchases Of sill
YER bullion treasury notes of the United
States, to be prepared by the secretary o.
the treasury, in such form and Of suoR
denominations, not less than 81 nor more
than $1,000, as he may prescribe, and q sun
sufficient to carry into effect the provisions
of this act is hereby appropriated out Of an!
money in the treasury not otherwise appro
pristed.
SEC. 2. That the treasury notes issued il
accordance with the provisions of this aO
shall be redeemable on demand in coin al
the treasury of the United States, and wher
80 redeemed may be re-issued, but nc
greater or less amount of such notes shal
be outstanding at any time than the cost oi
the silver bullion and the standard silver
dollars coined therefrom then held in the
treasury purchased by such notes, and suOE
treasury notes shall be legal tender in pay
ment Of all debts, public and private, OK
cept where otherwise expressly stipulated IL
the contract, and shall be receivable FOL
customs, taxes, and all public dues, anG
when so received may be rsissued; and suot
notes, when held by any national banking
association, may be counted part Of itE
lawful reserves. 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 pre-
scribe, redeem such notes in gold or silver
coin at his discretion, it being the estab
lished policy of the United States to main
tain the two metals on a parity with eaol
other, upon the present legal ratio, or suol
ratio as may be provided by law.
SEo. 3. That the secretary OF the treasury
shall each month coin 100000 ounces oi
the silver bullion purchased under the pro.
visions of this act into standard silver dol.
lars, until the first day Of July, 1891, and
after that time he shall coin Of the silver
bullion purchased under the provisions OF
this aOt as much as may be necessary "a
provide for the redemption Of the treasury
notes herein provided, and any gain OF
seigniorage arising from such coinage shall
be accounted for and paid into the treasury.
SEo. 4. That the silver bullion purchased
under the provisions Of this act shall be SUBJ
ject to the requirements of existing law and
the regulations Of the mint service govern
ing the methods Of determining the amount
Of pure silver contained, and the amount Of
charges or reductions, il any, to be made.
SKC. 5, That 30 much Of the act Of Feb.
rusry %, 1873, entitled, IAN act to author
ize the ooinsge of the standard silver dollar,
and to restore IFS legal tender character, +"
as requires the monthly purchase and coin
age of the came into silver dollars Of not
less than $4,000 0t0 nor more than $4,0O0,-
900 worth Of silver bullion is hereby re-
pealed.
SEQ. 6. That upon the passage Of this Rot
the balance snding with the treasurer Of
A. L. l.. a.
of national banks for deposits made TO re-
deem the circulating notes Of suoh banks
for deposits thereafter received for like
purpose shall be covered into the treasury
as miscellaneous receipt, and the treasury
of the United States shall redeem from the