Mississippi leader. (Jackson, Miss.) 1892-1895, 1893-07-18
THE SHERMAN LAW.
Full Text of the Much-TaIked-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, .
bill directing the purchase Of silver bullion and
the issue Of treasury notes thereon prepared
by Mr.. Window, then secretary Of the treas
Jury. The senate rejected important clauses of
the house bill and passed what was known as
the.scnate bill The house rejected all the SEN
ateSmcndments except one and conference
committee was appointed to prepare compro-
mise bill
On July 7, 1890. committee Of conference
consisting Of Senators Sherman; JONES' Of Ne
vada; Vest, Of Missouri, and Harris, and Repre-
sentstives Conger: Walker, of Massachusetts,,
and Bland (Messrs Vest and Bland not sign
4ng the report, reported An agreement as fol-
lows:
"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 500 900 ounces, or so much thereof as may
be offered, in each month, at the market price
thereof, not exceeding u for S1 25 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 sec
rctarv OF the treasury In such form and OF such
denominations, not less than 81 nor more than
81, ,000 as he may prescribe, and sum suficiont
to carry into effect the provisions OF this act is
hereby appropriated out Of any money in the
treasury not otherwise appropriated
"Sec That the treasury notes issued in &C
cordsncc 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 ressued but no
greater or less amount of notes shall be out
standing Al 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, pub
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 a part Of its
lawful reserve. That upon demand OF tho
holder OF any Of the treasury notes herein pro-
vided for the secretary Of the treasury shall,
under such regulate 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 parity with each other upon the present
| legal ratio or such ratio as may be provided by
| law.
"sec g. That the secretary Of the trearury
shall each month coin 2 600 900 ounces Of the sill
| yer bullion purchased under the provisions OF
thts-act into standard silver dollars until the 1st
| day OF July 1885, and after that time he shall
| coin of the silver bullion purchased under the
PROVISIONS VI s1.' sos "s niUen 90 me! oo
sary 70 prosioe ioI tno feusnlpston y, .nc
Iea'uiy ' notos nofoii pio'tooa 80 Ioi, "au saS
Esln U, seiSnIoHee "f.sins -oht SuSn uo".s. -
treasury.
= InN. tne stIoI ounoi pn..
hiuer WIG pIeeiso.' .. tul9 a. sIan uo sL"'.Ss
70 Ine reqpilenehts oi eAlslhs ~ Ia"s snu ,ue
resWa nohs oi .nc mlnt service soselhius .ne
methoos OF ooteIniltns tho anoun. y. puie
silver eohtsinea anu inc amount VI 0hAiseS vi
aeuuotiohs, IL any 10 pe m4uo,
oec' o ihat 80 niuch Vi .ho aot y. roo,u
sry 20 100 ehutieu An aot " au'notilo 'uo
coinage Oh Inc stanuaru sii'cr ooitai sno W re
storo us iesui 'ehuof oiiaI~ as tequos
,ne nohtnly purohHso anu ooin-se =. VI IN ono ssluo
INTO siver aoliars SO OF not iess tnah nor
more tnah sf,soo'"o worth oi sh'er Ouiilen ~