The Opelousas courier. [volume] (Opelousas, La.) 1852-1910, 1893-11-04

N. o. Picayune, Oct 81
The repeal of the Sherman law, re-
quiring the monthly purchase of Ger
tain amount of silver, was effected in
the Senate yesterday by majority
of eleven.
Following is the text of the Voor-
hees bill which passed the Senate yes
terday: Be it enacted, etc, That so
1890, entitled An act directing the pur-
chase of silver bullion and issue of
treasury notes thereon, and for other
purposes as directs the Secretary of
the Treasury to purchase, from time to
time, silver bullion to the aggregate
amount of 4,5OO,O0O ounces, or so
much thereof as may be offered, in
each month, at the market price there
j of, not exceeding 81 for 371.25 grains
of pure silver, and to issue in payment
for such purchases treasury notes of
the United States, be, and the same is
hereby, repealed. And it is hereby de-
clared to be the policy of the United
States to continue the use of both gold
and silver as standard money, and to
coin both gold and silver into money
of equal intrinsic and exchangeable
value, such equality to be secured
NY
such safeguards of legislation as will
insure the maintenance of the parity
in value of the coins of the two metals,
and the equal power of every dollar at
all times in the markets and in the pay
ment of debts. And it is hereby fur
ther declared that the efforts of the
Government should be steadily directed
to the establishment of such a safe sys-
tenn of bimetallism as will maintain at
all times he equal power of every dol
lar coined or issued by the United
States in the markets and in payment
of debts" Il
! This bill will have to go to the House
for concurrence. Some time ago the
House passed bill repeating tho Sher-
man law. The bill was offered by
Congressman Wilson, of West Virginia.
1t provided as follows:
| "Be it enacted, etc., That so much of
the act, approved July, IA, 1890, en-
titled An act directing the purchase of
silver bullion and issue of treasury
notes thereon, and for other purposes,
as directs the Secretary Of the Treas
ury to purchase from time to time sill
yer bullion to the aggregate amount of
4,5OO,O0O ounces, or SO much thereof
as may be offered in each month, at
the market price thereof, not exceed
! ing 81 for 371 IA grains of pure silver,
and to issue in payment for such pur-
chases treasury notes of the United
States, be, and the same is hereby, re-
pealed but this repeal shall not i'm
pair, or in any manner affect, the legal
tender quality of the standard silver
dollars heretofore coined and the faith
and credit of the United States are
hereby pledged to maintain the parity
OF the standard gold and silver coins OF
the United States at the present legal
ratio, or such other ratio as may be
established by law"
This bill is more radical than the
other, since it does not even suggest
that any more silver money is to be
added to the present stock, although il
takes care of the present stock. 1t was
at an early day in the extra session that
this bill passed the House by nearly
100 majority There will, in all pro
liability, be little time lost in concurrins
in the Voorhees, bill. Then it will be
in order to adjourn and to give the law
makers a rest until next December
when the regular session begins.
Next will come the business of revis
ing the tariff, of providing a revenue
and of creating solid and sutficien
financial system for this great country