Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1893-08-11
THE SHERMAN LAW.
Full Text of the Sherman Silver Purchas
ing Act of 1890.

| Full Text of the Sherman Silver Purchas-
| ing Act of 1890.
The following is full text of the Sher-
man silver purchasing law of 1890, about
| which there has been so much discussion:
! An act directing the purchase of silver bull
| Ion and the issue of treasury notes thereon,
| and for other purposes.
| Be it enacted by the senate and house of rep
resentatives 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 aggre-
gate amount Of 4500,O9O ounces, or so much
| thereof as may be offered each month at the
| market price thereof not exceeding 81 for
3714 grains of pure silver, and to issue in pay
ment for such purchases of silver bullion treas
ury 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 Sl,oN-as he may prescribe,
| and sum sufficient to carry into effect the
provisions of this act is hereby appropriated
| out of any in the treasury not otherwise
| appropriated.
| Sec 2. That the treasury notes issued in &C
eordance with the provisions of this act shall
| be redeemable on demand, in coin at the tres
assistant treasurer of the United States and
| when SO redeemed 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 a legal tender in payment of all
debts, public and private, except where other
wise expressly stipulated in the contract, and
shall be receivable for customs, taxes and pub
lie dues, and when SO received may be reissued;
and such notes when held by any national
banking association may be counted as a 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,
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
| on parity with each other upon the present
law law '''' u eNA A'0 A' '' p'o''oeo oS
Sec. s. That the secretary of the treasury
shall each month coin 100000 ounces of the
silver bullion purchased under the provisions
of this act into standard silver dollars until the
LIST day. OF July, 1891, and after that time he
the provisions of this act as much as may be
necessary to provide for the redemption of ne
treasury notes herein provided for, and any
shall be accounted for and paid into the treas
| ury.
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 49,
1875, entitled An act to authorize the coinage
of the standard silver dollar, and to restore its
| legal tender character a- requires the month
purchase and coinage age Of. Of the 60 same o into
|
more than s4,oOOCOO worth of silver is hereby
repealed.
Sec. 8. That upon the pa sage of this act the
| balances standing with the treasury of the
United States to the respective credits of ma
| tional banks tor 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 a miscellaneous
receipt, and the treasurer of the United States
shall redeem from the general cash in the treas
| ury the circulating notes of said banks which
may come into his possession subject to re-
demption, and upon the certificate of the
comptroller of the currency that such notes
have been received by him. and that they have
| been destroyed by HIM and that no new notes
| will be issued in their place. reimbursement of
| their amount shall be made to the treasurer,
under such regulations as the secretary of the
| treasury may prescribe. from an appropria-
| ton hereby created, to be known as the ma
| tional bank notes redemption account, but the
provisions of this act shall not apply to the de-
posits received under section 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 per centum
| OF its circulation, to be held and used for the
! redemption of its circulating notes, and the
balance remaining 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 inter st.
Sec. I. That this act shall take effect thirty
| days from and after its passage
Approved July a. 1871