The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1893-08-09
SHERMAN SILVER LAW.
Full Text OF the Much .Taiked-of Measur,
"A Matter Of Compromise.

1881, q Dill Q!EecClnS Tue purchase Oh
silver bullion and the issue Of treasury
notes thereon prepared by Mr.. Win
dom, then Secretary of the Treasury.
The Senate rejected important clauses
Of the House bill and passed what was
known as the Senate bill The House
rejected all the Senate amendments ex-
cepe one and q conference committee
was appointed to prepare compro-
mise bill.
On July Z, 1890, committee of con-
ference, consisting of Senators Sher-
man, Jones, Of Nevada, Vest, Of Mis-
souri,, and Harris, and Representatives
Conger, Walker, of Massachusetts,, and
Bland (Messrs. Vest and Bland not
signing the report reported an agree
mept as follows:
Be it enacted, ETC., That the Secre-
tary of the Treasury is hereby directed
to purchase from time to time silver
bullion to the amount of 4,500, 900
ounces or so much thereof as may be
offered in each month at the market
price thereof, not exceeding 81 for
371.25 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 denominations, not less
than 81 nor more than $1,000, as he
may prescribe, and a 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. 3. That the treasury notes is
sued in accordance with the provisions
Of this act shall be redeemable on de-
mand in coin in the treasury of the
United States or at the Office of any
Assistant Treasurer Of the United
States; and when so redeemed may u
reissued !; but no greater OF less amount
of 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 legal tender
in payment Of all debts, public and
private except where otherwise ex-
pressly stipulated in the contract, and
shall be receivable for customs, taxes,
and all public dues, and when so re-
ceived may be reissued, and such notes
when held by any National banking
association may be counted as part
of its lawful reserve. That upon de-
mand Of the holder OF any Of the treas
ury notes herein provided for the Sec
retary 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 estab-
lished pcllcy 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 pro-
vided by law. .. .-
Sec. 8. Yhat the Secretary of the
Treasury shall each month coin 2,000,-
900 ounces Of the silver bullion pur-
chased under the provisions of this act
into standard silver dollars until the
1st day Of July, 1891, and after that
time it 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 suen coinage shall be accounted
for and paid into the treasury.
''Sec. 4. That the silver bullion pur-
chased under the provisions of this act
shall be subject to the requirements of
existing laws and the regulations Of
the mint service governing the meth
DDS of determining the amount of pure
silver contained and the amount of
charges or deductions, if any, to be
made.
Sec. 5. That 80 much of the act Of
Feb. %, 1878, entitled 'An act to au-
thorise the coinage of the standard sill
yer dollar and to restore its legal ten
der character" as requires the month
ly purchase and coinage of the same
into silver dollars of not less than
$2,000,000 nor more than 100000
worth of silver bullion is hereby re-
pealed.
"Sec. 6. That upon the passage Of
this act the balances standing with the
Treasurer of the United States to the
respective credit of National 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
miscellaneous receipt, and the Treas
urer Of the United States shall redeem
from the general cash in the treasury
the circulating notes of said banks
which may come into his possession,
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 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 here
by created, to be known as National
bank notes, redemption account, but
the provisions Of this act shall not ap-
ply to the deposits received under Sec