The Maryville times. (Maryville, Tenn.) 1884-1944, 1893-07-26
THE SHERMAN LAW.
Full Text OF the Much Talked-Of Meas-


ure.
Following is brief history and full text Of
the law which Is now causing so much discus
sion and agitation throughout the country.
The house had passed early in June 1890 q
bill directing the purchase of silver bullion and
the issue OF treasury notes thereon prepared
by MIR. Window. then secretary of the treas.
ury The senate rejected important clauses OF
the house bill and passed what was known as
the senate bill The house rejected all the sen.
ate amendments except one and q conference
committee was appointed to prepare compro-
mise bill
On July T. 1892 committee of conference,
consisting Of Senators Sherman; Jones, Of Ne.
vada; Vest of Missouri and Harris, and Repre-.
sentatives Conger; Walker, of assachusetts,
and Bland (Messrs Vest and Bland not sign.
ing the reporD, reported an agreement as fol.
lows.
"Be II enacted, etc, That the secretary 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 u for 7l.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 SEQ
rotary Of the treasury in such form and of such
denominations, not less than 81 nor more than
81 900, 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 q That the treasury notes issued In &C.
cordance with the provisions Of this act shall
be redeemable on demand In coin in the treas.
ury Of the United States or at the ONCE of any
assistant treasurer OF the United States and
when so redeemed may be reissued; but nc
greater or less amount Of notes shall be out,
standing 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, p ID.
lie and private, except where otherwise
expressly stipulated in the contract, and shall
be receivable for customs, taxes and all public
dues, and when so received may be reissued
and such notes when held by any national bank.
ing association may be counted as part Of Its
lawful reserve. That upon demand Of the
holder of any Of the treasury notes herein pro
vided for the secretary Of the treasury shall
i under such regulations as he may prescribe, re
| deem such notes in gold or silver coin at his
discretion, it being the established policy Of
the United States to maintain the two metal,
on parity with each other upon the present
! legal ratio or such ratio as may be provided by
law
"Sec 8. That the secretary Of the treasury
shall each month coin 1000 900 ounces Of the sill
| yer bullion purchased under the provisions Of
this act into standard silver dollars until the Is
day OF July, 1881, and after that time he shall
coin of the silver bullion purchased under thu
provisions of this oct as much as may be neces
! sary to provide for the redemption Of tn,
treasury notes herein provided for, and an.
gain or seigniorage arising from such coinag,
| lhall ha accounted for and maid infn thl
! treasury.
"Sec. L. That the silver bullion purchased
under the provisions Of this act shall be subjec
to the requirements OF existing laws and thu
regula lions of the mint service governing tn,
methods Of determining the amount of pur
| silver contained and the amount of charges o
deductions, II any, to be made
"Sec B. That so much OF the act Of Febru
! airy %, 1878, entitled An act to authorize the
| coinage of the standard silver dollar and TO re
store its legal tender character, as require
| the monthly purchase and coinage OF the SAM
into silver dollars of not less than e 600 900 no
more than 100000 worth OF silver bullion Il
hereby repealed.
"Sec, 8. That upon the passage Of this act tn
balances standing with the treasurer Of tn
, United States to the respective credit OF ma
| tional banks for deposits made to redeem tn
circulating notes of such banks and all de
posits thereafter received for like purpose
shall be covered into the treasury as q mis-
cellaneous receipt, and the treasurer Of tn
United States shall redeem from the ger
eral cash In the treasury the circulating
notes Of said banks which may com
into his possession, subject to redemI
ton; and upon the certificate Of tn
comptroller of the currency that such note
have been received by him and that they hav
been destroyed and that no new notes will b
issued in their place, reimbursement NJ thei
amount shall be made TO the treasurer, unde
such regulations as the secretary Of the treas
ury may prescribe, from an appropriate
hereby created, to be known as nations
bank notes, redemption account but tn
provisions Of this act shall not apply to tn
deposits received under section 8 Of tn
act OF June 20 1874, requiring every nations
bank to keep in lawful money with the trea,
urer Of the United States sum equal to pc
cent of its circulation, 10 be held and used 70
the redemption Of its circulating notes; an
the balance remaining Of the deposits SO co,
cred shall at the close Of each month, be n
ported on the monthly public debt statement q
debt Of the United States, bearing no interes
"Sec. 7. That this act shall take effect thir t
days from and after its passage"