Mexico weekly ledger., 1893-07-27
THE SHERMAN LAW.
Thu Contents of the Bill That Will En-
gage the Attention OF Congress
Next Month.

Next MOntn.
The unpopular silver law that has
been attracting so much attention
and upon which page after page has
been written will be OF interest to
our readers, hence we publish it.
The following is a copy of the docu-
ment: Be it enacted by the Senate
and House of Representatives of the
United States of America, in Con-
gress assembled, that the secretary
Of the treasury is hereby directed to
purchase from time to time silver
bullion to the aggregate amount of
100000 ounces, or so much there
of as may be offered, in each month,
at the market price thereof, not ex-
ceeding 81 for 371.25 grains pure
silver and to issue in payment for
such purchases 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 81 900, as he may
prescribe, and a sum sufficient to
carry into effect the provisions of
this act is hereby appropriated out
of any money in the treasury not
otherwise appropriated.
Sec. 2. That the Treasury notes
issued in accordance with the pro-
visions of this act shall be redeem
able on demand in coin at the treas
ury 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 bull
lion 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
otherwise expressly stipulated in the
contract, and shall be receivable for
customs, taxes, and all public dues,
and when SO received may be re-
issued; and such notes when held
by any national banking association
may be counted as part of its lawful
reserves. That upon demand of the
holder of any of the treasury notes
herein provided for, the secretary of
the treasury shall, under such regu-
lations as he may prescribe, redeem
such notes in gold or silver coin at
his discretion it being the establish
ed policy of the United States to
maintain the two metals on a parity
with each other, upon the present
legal ratio, of such ratio as may be
provided by law.
Sec. 3. That the secretary of the
treasury shall each month coin
1000, 900 ounces of the silver bull
lion purchased under the provisions
of this act into standard silver dol
lars, until the first 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 OF
seigniorage arising from such COIN
age shall be accounted for and paid
into the treasury.
Sec. 4. That the silver bullion
purchased under the provisions OF
this act shall be subject to the re-
quirements of existing laws and the
regulations Of the mint service gov.
erning the methods of determining
the amount of pure silver contained
and the amount of charges or re.
auctions, if any, to be made.
Sec. 5. That so much of the ACT
of February %, 1873, entitled, Gan
act to authorize the coinage of the
standard silver dollar and to restore
its legal tender character" as re.
quires the monthly purchase and
coinage of the same into silver dol
lars of not less than 80, 0OO, 900 mol
more than 81 ,OOO, 900 worth of sill.
yer bullion, is hereby repealed.
Sec. 6. That upon the passage
OF this act the balance standing with
the treasury of the United States to
the respective credits of national
banks for deposits made to redeem
the circulating notes of such banks
for deposits thereafter received for
like purposes shall be covered into
the treasury as a miscellaneous re-
ceipt, and the treasury of the United
States shall redeem from the general
cash in the treasury 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 de-
stroyed, and that no new notes will
be issued in their place, reimburse
ment of their amounts shall be
made to the treasurer, under such
regulations IS the secretary of the
treasury may prescribe, from an APP
preparation hereby created, to be
known as national bank notes, re-