The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1893-08-17
The sherman Law.

Allison silver law OF 1878. Indeed, to
the mass of leaders the history of silver
legislation is something like a dead lam
guage.
In order to properly comprehend the
meaning of the legislation proposed by
either the silver or the anti-silver people
it is desirable to know the character OF
the principal laws that have been passed
from time to time, and the relation
which silver has borne to the coinage
and circulating medium of the country.
1t is practically beyond dispute that up
to the passage of the act of 1873 silver
was recognized as legal tender, except
for time, in the payment of import
duties without limitation as to amount,
and that it was acceptable in payment
of all other public and private debts and
dues.
There has been good deal of legisla-
ton offered affecting silver in both
branches Of congress since, as well as
before 1878. The Sherman law. so tar
as its provisions relate to the present
situation, may be reproduced as follows:
An Act Directing the Purchase of Silver
Bullion and the Issue OF Treasury
Notes Thereon and tor Other Purposes.
Passed July 14th, 1890.
Be it enacted, etc.
SECTION /. That the secretary OF the
treasury is hereby directed to purchase
f. ON time to tune silver bullion to the
aggregate amount OF 4 100000 ounces,
Or so much thereof as may be offered III
each month. at the market price thereof,
not exceeding one dollar for 81 25-100
grains of pure silver. And to issue i'll
payment for sub purchases of silver bull
lion treasury notes of the United States
TO te prepared by the secretary OF the
treasury, in such form and OF such de-
nominations, not less than 81 nor more
than 81, 900, as he may prescribe, and a
sum sufficient to carry into effect the
provisions of this act is hereby appropri-
ated out of any money in the treasury
not otherwise appropriated.
SEC. 2. That the treasury notes
Issued III accordance with the provisions
OF this act shall beredeemable on demand
in coin at the treasury of the United
States and when so received
NAV be reissued. And such
treasury notes shall be legal tender in
payment of all debts. public and private,
except where otherwise stipulated in the
contract, and shall be receivable for Gus
toms, taxes and all public dues, and
when so received may be reissued. 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 prescribe,
redeem such notes in gold or silver coin
at his discretion. 1t being the estab-
lished policy OF the United States to
maintain tie two metals on a parity
with each other upon the present legal
ratio as may be provided by law.
SEC. 3. That the secretary of the
treasury shall each month coin 2,O00,-
900 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 as much as may be necessary
treasury notes herein provided for, and
any gain or seigniorage arising from
such coinage shall be accounted for and
paul iHlo Tue treasury.
SEC. 5. That so much of the act OF
Feb. %, 1878, entitled "An act to
authorize the coinage of the standard
silver dollar and to restore its legal
tender character" as requires the
monthly purchase and coinage of the
same into silver dollars OF not less than
$2,000,O0o. or more than 100000
worth of silver bullion, is hereby repealed.
This is as much of the Sherman law as
is necessary to an understanding of its
provisions for present purposes.
1t will be seen that the fifth section
repeats the Bland Allison act, or at least
that part of it which provided for the
purchase of silver to given amount. 1t
will also appear that the coinage of the
silver bullion bought by the treasury
after July L. 1891, is made dependent on
the use OF such coined dollars as may be
necessary to redeem the treasury notes
issued; but since the. administration has
decided to pay out gold in every case to
redeem such notes the coinage for this
purpose must necessarily be decidedly
limited.
Now, the Bland-Allison act, passed
Feb. %, 1873, as the above law recites,
provides for the purchase of So many
million dollars worth Of silver, not so
many million ounces. That provision,
it is needless to say, is wiped out by the
present law; and that is all that is
wiped out OF its substantial provisions.
The rest is a. least nominally in exist
ence yet, although largely, il not wholly
inapplicable in case Of the unconditional
repeal OF the present law.
Here are the main provisions of the
Bland Allison law Of 1878, aside from
the provision for the purchase OF from
$4,000, 900 to S4,o0o,o0o Of silver per
month.
Sc .rroN i. There shall be coined at
the several minis of the United States
silver dollars of the weight of 412H
grains troy of standard, as provided in
| the act of 1887 which coins,
| together with all otber silver dollars
heretofore coined by the United States OF
ike weight and fineness, shall be legal
| tender at their nominal value for all
debts, public and private, except where
speciaIly stipulated il the contract.
SEC 8. That any holder Of the coin
authorized by this act may deposi the
same with the treasurer in
sums of not less than SO, and receive
T. 49, =