Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-08-10
The Sherman silver Law.


was convened III extra session was the
repeal of the SHERMAN silver law. We
conclude. therefore, that every reader
will desire to read that law for himself.
II is as follows:
AN ACT DIRECTING THE PURCHASE OF SILVER
BULLION AND THR IssuE OF TREASURY NOTES
THEREON, AND FOR OTHER PURPOSES.
BE II enacted By the Senas aud House Of Repre-
ssatdtfpes Of tho United S,atss Of Amrfcd IN
Congress assembled, That the Secretary Of the
Treasury IL hereby directed 10 purchase from
timo TO time silver bullion % the aggregate
amount OF 4,500, 900 ounces, or 80 much thereof
as may be offered each month, at the market
price thereof, not exceeding 81 for threo hun
dred and seycuty-one and tveuty-fve hum
drodihs grains Of puro silver, and 10 Issue In
payment for such purchases OF silver bullion
Treasury notes Of the United states " be pre-
pared by tho Secretary Of the Treasury In such
form and OF such denominations. not less than
81 nor moro than $1,000. As he may prescribe,
anda sum sufficient 10 carry into eject the pro-
visikls OF this act u hereby appropriated out OF
any money IN the Treasury not Otherwise np-
propriated.
Section .. That the Treasury notes issued In
accordance with the provisions OF this act shall
be rodeemable on demand. Ia coin, at the
Treasury OF the United States, or ct the ONCE OF
any Assistant Treasurer Of tho United States,
and wheu 80 redeemed may be rcissued. but no
greater or less Amount OF such notes shall be
outstanding at any time than the cost OF the
silver bullion aud the standard silver dollars
coined therefrom, then he'd in the Treasury
purchased by such notes; and such Trea-
sury notes shall be q legal tender In
payment Of all debts, public and private, except
where otherwise expressly stipulated In the
contract, and shall be receivable for customs,
taxes. and public dues, and when 30 received
may DO reissued, and such notes. when held by
any national banking association. may be
counted as a part Of It's lawful reserve. That
upon demand OF the holder Of any Of the Trea-
sury notes herein provided for the Secretary OF
the Treasury shall, under such regulations as he
II ny prescribe, redeem such notes In gold or sill
yer coin at his discretion, 1t being the estab-
lshei policy OF the United States to maintain
the two metals on a parity with each other upon
the present legal ratio or such ratio as may be
provided by Law.
Section 3. That the Secretary OF the Treasury
shall each month coin 100000 ounces of the
OF this act into 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 bs
necessary to provide for the redemption Of the
Treasury notes herein provided for, aud any
gain or seigniorage arising from such coinage
shall be accounted for and paid into the Trea-
sury
Section 4. That the silver bullion purchased
under the provisions OF this act shall be subject
TO the requirements Of existing law and the
regulations OF the mint service governing tho
methods Of determining the amount OF pure sill
YER contained and the amount Of charges or de-
auctions, II any, TO be mads.
Section 8. That so much Of the act Of Zebra
airy 20, 1878, entitled Gan act 70 authorize the
coinage OF the standard silver dollar, and to re-
store its legal-tendsr character" as requires the
monthly purchase and coinage Of she same into
silver dollars Of not less than 100000 nor
more than s4,000,000 worth Of silver bullion is
hereby repealed.
Section O. That upon the passage OF this act
balances standing with the Treasurer OF the
United States to the respective credits Of ma
tional banks for deposits made to redeem the
circulating notes of such banks and all deposits
covered into the Treasury rs a miscellaneous re-
ceipt, and the Treasurer Of the United States
shall redeem from the general cash in the Trea-
sury the circulating notes Of saii banks which
may como into his possession subject TO re-
Jemption; and upon tho certificate Of the Comp
troiler of tho Currency that such notes have
been received by him aud that they have been
destroyed by him and that no new notes viii be
issued In their place, reimbursement OF their
amount shall be made to tho Treasurer, under
such regulations as the Secretary OF the
Treasury may prescribe, from an appropriation
hereby created. to be known as national.
bank notes redemption account but the
provisions OF this act shall not apply TO the
deposits received under section 8 Of the act of
June 20, 1874, requiring every national bank to
keep In lawful money with she Treasurer Of the
United States a sum equal 70 o per centum OF
its circulation. to be held and used for the re-
dsmption 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 interest
Section q That this act shall take effect thirty
days from and after Its passage.
Approved July IA. 1890,