The Ketchum keystone. [volume] (Ketchum, Idaho) 1885-1899, 1893-07-22
The Sherman Law.

of next month for the special pur-
pose of repeating the fisherman
Act" it might be we'll that our
readers know just what President
Cleveland intends doing for silver,
80 below we publish the full text of
the Sherman law. It is not neces-
sary for us to call attention to the
sections of the Act which our last
two administrations have totally
ignored, as they are, after reading
the law, perceptible to all who have
ordinary intelligence, and it will be
also readily seen that by repeating
this law the legal tender qualities
of silver will be removed and that
already coined will be valueless:
FULL TEXT OF THE LAW.
"Be it enacted, ETC., That the
Secretary of the Treasury is hereby
directed to purchase from time to
time silver bullion to the amount
of four million, five hundred thou
sand ounces, or so much thereof az
may be offered, in each month, at
the market price thereof, not ex-
ceeding 81 for 371.25 grains ofpure
silver, and to issue in payment for
such puschases of all 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 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 in the
Treasury of the United States or at
the office of any Assistant Treasur-
er Of the United States, and when
so redeemed may be reissued; but
no greater or less amount Of notes
shall be outstanding at any time
than the cost of the silver bullion
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 receiva-
bic for customs, taxes and all pub
lie dues, and when so received may
be reissued, and such notes when
held by any National banking as
ISOLATION may be counted as part
of it's 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 regulations 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
present legal ratio, or 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
ion purchased under the provisions
of this act into standard silver dol
lars 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 seigniorage arising from
such coinage 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
governing the methods Of determ.
lining the amount of pure silver con.
tanned and the amount Of charges
or deductions, if any, to be made.
Sec. 5. That 80 much of the act
of February %, 1873, entitled AN
| 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 $4,000, 600 MOI
more than $4,000 900 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 credit Of
National banks for deposits made
to redeem the circulating notes Of
such banks, and all deposits there
after received for like purpose, shall
be covered into the Treasury as mis-
cellaneous receipt, and the Treas
urer of the United States shall re-
deem from the general cash in the
Treasury the circulating notes o.
said banks which may come into
his possession subject to redemp
ton; and upon the certificate o.
the Comptroller of the Currency
that such notes have been received
by him and that they have been