Pullman herald. [volume] (Pullman, W.T. [Wash.]) 1888-1989, 1893-07-07
wnfosD ALIEN. sOros AND Pvsltssss
TERMS OLE SUBSCRIPTION:
The Sherman Act.

known to tue statutes as the act OF July
IL, 1890 aud which there is now so
much camor to have repealed, is as fol
lows:
Be it enacted, etc, that the secretary
Of the treasury is hereby directed to
purchase, from time to time, silver bull
ion to the aggregate amount of $500,
600 ounces, or so much thereof as may
be offered in each month, at the market
price thereof, not exceeding 81 tor 371,25
grains of pure silver.
And to issue in payment for such pur-
chases of silver bullion treasury 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 $1,000, rs he may pre-
scribe, and a sum sufficient to carry into
effe,t the provisions of this act is here
by appropriated out of any money in
the treasury not otherwise appropriated.
Sec 2. 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 or at the Office OF any as
sistant treasurer of the United States,
and, when SO redeemed, may be re-is-
sued.
But no greater or less amounts VI such
notes shalt be outstanding at any time
than the cost of the silver bullion, and
the standard silver dollars coined there
from then held in the treasury pur-
chased by such notes;
And such treasury notes shall be le-
gal tender in payment Of all debts, pub
lie and private, except where otherwise
expressly stipulated in the contract, and
shall he receivable for customs, taxes,
and all public dues, and when so re-
ceived, may be reissued;
And such notes, when held by any
bank ng association may be counted as
a part of its lawful reserve;
That upon demand of the holder of
V of the treasury notes herein provided
for the secretary OF the treasury snail,
under such regulations as he may pres
cribe, redeem such notes in gold or sill
yer coin, at his discretion;
1t being the established policy of the
United States to maintain the two met
ais on parity with each other upon the
present legal ratio, or such ratio as may
be provided by law.
Sec. 3. That the secretary Of the
treasury shall each month coin 100000
ounces of the silver bullion purchased
under the provisions of this act in o
standard silver dollars until the LIST day
of July 1891, and after that time he
shall coin of the silver bullion purchased
under the provisions Of this act as much
as may be necessary to provide for the
redemption of the treasury notes herein
provided for, and any gain or seignOr-
age arising from such coinage shall be
accounted for and paid into the treasury.
Sec. 4. That the silver bullion pur-
chased under the provisions of this act
shall be subject 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
February %, 1878, entitled IAN act tc
authorize the coinage OF the standard
silver dollar, and to restore its legal ten
der character as requires the monthly
purchase and coinage of the same into
silver dollars of not less than 100000
nor more than S4,000,000 worth of silver
bullion, is hereby repealed,
Sec. 6. That upon the passage OF
this act the balances standing with the
treasurer of the United States to the
respective credits of national banks for
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
miscellaneous receipt and the treasury
nj "a b,n
the general cash in the treasury the cir
culating notes of said banks which may
come into his possession subject to re-
dem ptior
And upon the certificate Of the comp
troller of the currency that such notes
have been received by him, and that
they have been destroyed and that pew
notnE tyIIl ba iasnaa IN tba;r ,.I,.,, 80,