Daily Texarkana Democrat., 1893-08-09

public or private, except where other
wise expressly stipulated in the con-
tract, and shall be receivable for Gus
toms, taxes and public dues, and when
so received may be reissued; and such
notes when held by national banking
association may be counted as part of
its lawful reserve. 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 established
policy of the United States to maintain
the two metals on parity with each
other upon the present legal ratio, or
such ratio as may be provided by law.
Sec. 8. That the secretary of the
treasury shall each month coin 2, 900, 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 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 seigniorage arising from such coin
age 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
and deductions, if any, to be made.
Sec. 5. That so much of the act of
Feb. 28, 1878, entitled Gan act to au-
thorize the coinage of the standard sill
yer 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 50, 100000
nor more than 100000 worth of sill
yer bullion is hereby repealed.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 treasurer
of the United States shall redeem from
the general cash in the treasury the cir
culating notes of said banks which may
come into his possession subject to re-
deemption, and upon the certificate of
the comptroller of the currency that
such notes have been received by him,
and that thoy have been destroyed by
him and that no new notes will be
issued in their place, reimbursement Of
their amount shall be made to the
treasurer, under regulations as the Sec
retary of the treasury may prescribe,
from an appropriation hereby created,
to be known as national bank notes 70
demption account, but the provisions of
this aot shall not apply to the deposits
received under section of the act of
June 30, 1874 requiring every national
bank to keep in lawful money with the
treasurer of the United States a sum
equal to per centum of It's circulation,
to be held and used for the redemption
of its circulating notes, and the ball
ance remaining of the deposits so COW
cred shall at the close Of each month be
reported on the monthly public debt
statement as debt of the Uuited States
bearing no interest,
Sec, !. That this act shall take effect
80 days from and after its passage.
Approved July IA, 1890.