The Portland daily press., 1893-07-19

Full Text of the Much Talked About
The following is the full text of the
Sherman law:
An act directing the purchase of silver
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, 800. 900 ounces, or so 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
purchases of silver bullion treasury notes
of the United States to be prepared by
the secretary of the treasury in sucn
form and of such denominations, not less
than 81 nor more than $1,000, 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
in 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
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 ten
der in payment of all debts, public and
private, except where otherwise express
fy stipulated in the contract, and shall be
receivable for customs, taxes and public
dues and when SO received may be re-
issued; and such notes, when held by
any 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 regulations as he may pre-
scribe. redeem such notes in gold or sill
yer coin at his discretion, it being the
established policy 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 provided
Sec. g. That the Secretary of the
Treasury shall each month coin 1000, 900
ounces of the silver bullion purchased
under the provisions OF this act into
standard silver dollars until the first day
of July, 1891, and after that time he shall
coin of silver bullion purchased under
the provisions of this act as much as may
be necessary to provide for the redemp-
ton of the Treasury notes herein pro-
vided for and any gain or seigniorage
arising from such coinage shall be &C
| counted for and paid into the treasury.
Sec. 4. That the silver bullion pur-
chased under the provisions of this act
shall be subjected 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 OF
deductions, if any, to be made.
Sec. 5. That SO much of the act OF
Feb. %, 1878, entitled Gan act to author