Herald and tribune. [volume] (Jonesborough, Tenn.) 1869-current, 1893-07-19
ted. When treachery such as that Of
Tillman sis rewarded. honesty in poll
tics becomes q mythical dream.
The Sherman Law.

The importance attached to the
silver purchase Act known as the Sher-
man law, and the fact that its repeal is
likely to be the paramount question
before Congress next month, causes us
to give the Act in full for the benefit
of our readers. Preserve it for re:
ference when Congress begins to deal
with 1t. The Act was the result of a
conference between the House and
Senate viz:
On July 7, 1890, a committee of con
ference, consisting of Senators Sher-
man, Jones, of Nevada, Vest, of Mis-
souri, and Harris, and Representatives
Conger, Walker, of Massachusetts, and
Bland (Messers, Vest and Bland not
singing the report reported an
agreement as follows:
"Be it enacted, ETC., That the Secre-
tary of the Treasury is hereby directed
to purchase from time to time silver
bullion to the amount of $500, 900
ounces, or 80 much as may be offered
In each mcnth, at the market price
thereof, not exceeding 81 for 81. %
grains of 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 $1,000, as he may pre-
scribe, and q sum sufficient to carry in
to effect the provisions of this act is
hereby appropriated out of any money
in the treasury and not otherwise ap-
propriated.
Sec. 2. That the treasury notes
issued in accordance with the provis.
ions of this act shall be redeemable on
demand in coin in the Treasury of the
United States OF at the office of any
Assistant Treasurer of the United
States, and when 30 redeemed may be
reissued; but no greater or less amount
of notes shall be outstanding at any
time than the cost of sill yer bullion and
the standard silver coined therefrom
then, held in.the treasury purchased by
said notes; and such treasury notes
shall be o legal tender in payment of
all debts, public and private, except
where otherwise expressly stipulated
in the contract, and shall be receiva-
BILE for customs, taxes, and all public
dues, and when so received may be re.
issued, and said notes when held by
any national banking association may
be counted as a part Of its lawful re-
serve. That upon demand of the hold.
er 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 and silver coin at his discretion,
it being the establishtd policy of the
United States to maintain the two
metals on a parity with each other up
on 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,
600 ounces of the silver bullion pur,
chased under the provisions of this ACT
into standard silver dollars until the
list day of July, 1891, and after thai
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 treas
ury notes herein provided for, and any
gain or seigniorage arising from such
coinage shall be counted for and paid
into the treasury.
Sec. A. That the silver bullion pur.
chased under the provisions of this &C,
shall be subject to the requirements OF
existing laws and the regulations OF
the mint service governing the methods
of determining the amount of charges
or deductions, if any, to be made.
Sec. 8. That so much of the act OF
February 28, 1878, entitled An act to
authorize the coinage of the standard
silver dollar and to restore it's legal
tender character as requires the
monthly purchase and coinage of the
same into silver dollars of not less
than 81, 900, 900 nor more than $4,000,
600 worth of silver bullion is hereby
repealed.
"Sec. 9. That upon the passage OF
this act the balances standing with the
Treasurer of the United States to the
respective credit of national banks fol
deposits made 10 redeem the circulat.
ing notes of such banks, and all depos.
its thereafter received for like purpose,
shall be covered into the treasury as a
miscellaneous receipt, and the Treas.
urer 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 redemption; and upon the
certificate of the Comptroller of the
Currency that such notes have been
destroyed and that no new notes will
be issued in their place, reimbursement
of their amount shall be made to the
Treasurer, under such regulations as