Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1893-07-15
TIE SHERMAN LAW.
Full Text of the Much -Tallket-Of Meas

Full Text of the Much-Talked-Of Meas
Following is a brief history and full text OF
the law which is now causing so much discus
sion and agitation throughout the country.
The house had passed early in June 1890 n
bill directing the purchase OF silver bullion and
the issue OF treasury notes thereon prepared
by Mr.. Window, then secretary of the treas
ury The senate rejected important clauses OF
the house bill and passed what was known as
the senate bill The house rejected all the sen.
ate amendments except one and conference
committee was appointed to prepare q compro-
mise bill
On July :. 1890, committee OF conference,
consisting of Senators Sherman; Jones, of Me-
vada; Vest, of Missouri, and Harris, and Repre-
sentatives Conger Walker, of Massachusetts,
and Bland (Messrs Vest and Bland not sign;
ing the report), reported an agreement as fol-
lows:
"Be II enacted, etc, That the secretary OF
the treasury is hereby directed to purchase
from time to time silver bullion to the amount
of 4,500 900 ounces, or so much thereof rs may
be offered, in each month, at the market price
thereof, not exceeding 81 for S7l. % grains of
pure silver and to issue in payment for such
purchases of silver bullion treasury notes OF
the Unitsd States, to be prepared by the
retary OF the treasury In such form and OF such
denominations, not less than 81 nor more than
81, ,0OO 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
I treasury not otherwise appropriated
"Scc. . That the treasury notes issued in
cordance with the provisions of this act shall
be redeemable on demand in coin in the treas
ury Of the United States or at the ONCE Of any
assistant treasurer OF the United States, and
when so redeemed may be reissued: but no
greater or less amount OF notes shall be out
standing at any time than the cost of the silver
bullion and the standard silver dollars coined
therefrorl then held in the treasury purchased
by such notes; and such treasury notes shall
be a legal tender in payment of all debts, Ib-
lie 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 reiSSued,
and such notes when held by any national bank
ing association may be counted as part Of its
lawful reserve. That upon demand OF the
holder Of any Of the treasury notes herein pro-
vlded for the secretary OF the treasury shall,
, under such regulations as he may prescribe, re-
deem such notes in gold or silver coin at his
/ discretion, 1t being the established policy OF
the United States to maintain the two metals
on q parity with each other upon the present
legal ratio or such ratio may be provided by
law.
"Sec. 3 That the secretary OF the treasury
shall each month coin 20O0,0OO ounces OF the sill
yer bullion purchased under the provisions OF
this act into standard silver dollars until the LIST
day Of July, 1881, and after that time he shall
coin OF lut SlINcT OUIllOu puEClldSGl uIlNAeT tic
provisions Of this act as much as may be neccs
sary 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. g. That the silver bullion purchased
under the provisions OF this act shall be subject
/ to the requirements OF existing laws and the
regulations of the mint service governing the
methods OF determining the amount OF pure
/ silver contained and the amount OF charges or
deductions, II any to be made.
''Sec. 3 That so much OF the act OF Febru-
ary23, 1873 entitled An act to authorize the
coinage OF the standard silver dollar and to re-
| store Its legal tender character, as requires
| the monthly purchase and coinage OF the same
into silver dollars Of not less than 100000 nor
| more than s4,0O0,000 worth of silver bullion IS
! hereby repealed.
Sec O. That upon the passage OF this act the
| balances standing with the treasurer OF the
! United States to the respective credit Of ma
! tonal banks for deposits made to redeem the
| circulating notes OF such banks and all de-
| posts thereafter received for like purpose,
shall be covered into the treasury as a mis-
! cellancous receipt, and the treasurer OF the
United States shall redeem from the gen.
eral cash in the treasury the circulating
notes OF said banks which may come
into his possession, subject to redemp-
ton; and upon the certificate OF the
have been received by him and that they have
been destroyed and that no new notes will be
issued in their place reimbursement NJ their
amount shall be made to the treasurer, under
| such regulations as the secretary of the treas
| ury may prescribe, from an appropriation
hereby created, to be known national
bank notes, redemption account but the
provisions of this act shall not apply to the
deposits received under section ,, Of the
act OF June 20, 1874 requiring every nationa
bank to keep in lawful money with the treas
urcr OF the United States sum equal to pei
cent OF its circulation, to be held and used fol
the redemption of its circulating notes: ant
the balance remaining OF the deposits so GOV
cred shall at the close Of each month, be re
ported on the monthly public debt statement q:
debt Of the United States, bearing no interest
"Sec Z. That this act shall take effect thir ty
days from and after its passage"