Southwest-sentinel. [volume] (Silver City, N.M.) 1883-189?, 1893-08-15
THE SHERMAN LAW.
Full Text of the Sherman silver Pur-
chasing Act OF 1890.

Full Text of Ii Sherman silver Pur-
chasing 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.
Be it enacted by the senate and house
Of representatives of the United States
Of America, in congress assembled,
That the secretary Of the treasury is
hereby directed to purchase from time
to time silver bullion to the aggregate
amount Of 4 300, 900 ounces, or 20 much
thereof as may be offered each month at
the market price thereof not exceeding
81 for three hundred and seventy-one
and twenty-five hundredths grains of
pure silver, and to issue in payment for
such purchases of silver bullion treas
ury notes of the United States to be
prepared by the secretary of the treas
ury in such form and such denomi-
nations-not less than 81 nor more
than $1000-as he may prescribe,
and a sum sufficient to carry into
effect the provisions of this act IL
hereby appropriated out of any money
in the treasury not otherwise ap-
propriated.
Sec. q. That the treasury notes Is
sued in accordance with the provisions
Of this act shall be redeemable on de-
mand, in coin, at the treasury Of the
United States OF 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 out
standing at any time than the cost Of
the silver bullion and the standard sill
yer 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 OF private, except where other
wise expressly stipulated in the con-
tract, and shall he receivable for Gus
toms, taxes and public dues, and when
so received may be reissued; and such
notes when held by a national banking
association may be counted as part of
its 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 regu-
lations as no 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 on a parity with each
other upon the present legal ratio, OF
such ratio as may be provided by law,
Sec. 3. That the secretary Of the
treasury shall each month coin (, 900, 0O0
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 az
much as may be necessary to provide
for the redemption Of the treasury
notes herein provided for, and any gair
or seigniorage arising from such coin.
age shall be accounted for and paid
into the treasury.
Sec. 4. That the silver bullion pur
chased under the provisions Of this ac'
shall be subject 10 the requirements 81
existing law and the regulations Of tho
mint service governing the methods q