The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1893-07-07
THE SHERMAN LAW.
Text of the Famous Bill Which Is So Mucl
Talked of at the Present Time.


Talked of at the Present Time.
WASHINGTON, June 30.-The much
talked Of Sherman bullion law is as
follows:
The secretary Of the treasury is hereby d.
rected to purchase, from time to time, silver
bullion to the aggregate amount Of 4,5oO,005
ounces, or so much thereof as may be offered in
each month, 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,
10 such form and of such denominations, not
less than 81 nor more than 81 ,00O. as he may
prescribe, and sufficient sum to carry into
effect the provisions of this act is hereby ap-
propriated out Of any money In the treasury
not otherwise appropriated
Sec. 2 That the treasury notes issued in &C
cordance with the provisions OF this act shall
be redeemable on demand, in coin, at 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 such 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 legal tender in payment of all
debts, public and private, except where other
shall be receivable for customs, taxes and all
public dues, and when so received may be re-
issued: and such notes, when held by any ma
tional banking association, may be counted as o
part of its lawful reserve That upon demand
of the holder Of any Of the treasury notes here
in provided for the secretary OF the treasury
shall, under such regulations as he may pre-
scribe redeem such notes in gold or silver coin.
at his discretion, II being the established policy
If no cd int IN m
on a parity with each other upon the present
legal ratio, or such ratio as may be provided by
law.
Sec That the secretary OF the treasury
shall each month coin 100000 ounces of the
silver bullion purchased under the provisions
of this act into standard silver dollars until the
LIST day of July, 1891, and after that he shall
coin of the silver bullion purchased under the
provisions of this act as much as may be neces-
sary to provide for the redemption OF the treas
ury notes herein provided for, and any gain or
seirniorage arising from such coinage shall be
accounted for and paid into the treasury.
Sec l. That the silver bullion purchased
under the provisions of this act shall be subject
&c 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 or
deductions If any. to be made.
Sec s. That so much OF the act of February
2s 1878 entitled, AN act to authorize the coin
age OF the standard silver dollar and to restore
its legal tender character" as requires the
monthly purchase and coinage of the same into
silver dollars Of not less than s2,O00O0) nor
more than a, 900 900 worth Of silver bull ion is
hereby repealed
Sec G 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
,,nI kn,.f III all