New Ulm review. (New Ulm, Brown County, Minn.) 1892-1961, 1893-08-09
THE SHERMAN LAW.
Full Text of the Silver Purchasing
Act of 1890.

Act OF 1890.
The following is a full text of the
Sherman silver purchasing law of 1890,
about which there has been SO much
discussion:
An act directing the purchase of sill
Yer bullion and the issue OF treasury
notes thereon, and for other purposes.
Section /. Be it enacted by the sneate
and house OF representative Of the United
States of America, in congress assembled:
That the secretary Of the treasury is here
hy directed to purchase from time to time
silver bullion to the aggregate amount of
4,3t0,0tU ounces, Or SO much thereof as may
DE offered each month at the market price
theirof not exceeding 81 for three hundred
and seventy-one and. twenty-five hun
Gredths 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 denonl-
lHatlons-not less than %1 nor more than
81 ,GO0-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 otherwise
appropriated
Sec. 2. That the treasury notes issued
III accordance with the provisions Of this
act shall be redeemable on demand, in
coin, at the treasury of the United States,
or at the office of any assistant treasurer
Of the United States, and when SO re-
deemed may be reissued, but no greater
Or less amount of such notes shall be out
standing at any time than the cost of the
silver bullion and the standard silver dol
lo1 fS
treasury purchased by such notes, and
such treasury notes shall be legal tender
III payment of all debts, public and pri-
vate, except where otherwise expressly
stipulated in the contract, and shall be
receivable for customs, taxes and public
dues, and when SO received may be refs
sued; and such notes when held by any
national banking association may be
counted as a part of it's lawful reserve.
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 prescribe, redeem
such notes in gold or silver coin at his
discretion, it being the established policy
OF the United States to maintain the two
metals OF aparity with each other upon
the present legal ratio, or such ratio as
may be provided by law.
Sec. B. That the secretary of the treas
ury shall each month coin 2,O0O, 900 ounces
OF the silver bullion purchased under the.
provisions of this act into standard silver
dollars until the 1st 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
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 Feb.
IS, 1878, entitled ''An act to authorize the
coinage of the standard silver dollar, and
to restore its legal tender character as
requires the monthly purchase and coin
age of the same into silver dollars of not
less than $4,000, 600 nor more than $780,
600 worth of silver bullion is hereby re-
pealed.
Sec. 6. That upon the passage of this
act the balance standing with the trea-.
surer of the United States to the respec-
tive credits of national banks for deposits
made to redeem the circulating notes of
such banks and all deposits thereafter re-
ceived for like purpose shall be covered
into the treasury as miscellaneous re-
ceipt, 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 pos
session subject to redemption, and upon
the certificate of the comptroller of the
currency that such notes have been re-
ceived by him, 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 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 pply to the
deposits received under section 5 Of the act
of June 20, 1874, requiring every national
bank to keep in lawful money with the
treasurer of the United States sum equal
to 5 per centum of its circulation to be
held and used for the redemption Of its
circulating notes, and the balance remain
ing 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.