Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1893-07-19
The sherman Silver Law.

or Representatives of the United
States OF America, In Congress as
Sembled:
SECTION l. That the secretary of
the treasury Is hereby directed to pur-
chase from time to time, silver bullion
to the aggregate amount of 4 500, 600
ounces, OF so much thereof as may be
offered, in each month, at the market
price thereof, not exceeding ST for 371 .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 secretary
of the treasury, in such form and Of
such denominations, not less than 81
nor more than 81 600, as he may pre-
scribe, and sum sufficient to carry in
to effect, the provisions of this act, Is
hereby appropriated out of any money
in the treasury, not otherwise appropri-
ated.
SEC. 2. That the treasury notes issued
in accordance with the provisions of
this act. shall be redeemable on de-
mand, in coin, at the treasury OF the
United States, and when 80 redeemed,
may be re-lssued, but no greater or less
amount of such notes shall be out
standing at any time, than the cost of
the silver bullion and the standard sill
yer 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
wise expressly stipulated in the con-
tract, and shall be receivable for Gus
toms, taxes and all public dues, and
when so received, may bere-issued; and
such notes, when held by any national
banking association, may be counted a
part of its lawful reserves. 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 two metals on parity with each
other, upon the present legal ratio, or
such ratio as may be provided by law.
SEC. 8. That the secretary of the
treasury shall, each month, coin 2,O0O,-
600 ounces of the silver bullion, pur-
chased under the provisions Of this act,
into standard silver dollars, until the
first 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 neces-
sary to provide for the redemption of
the treasury notes herein provided, and
any gain or seigniorage arising from
such coinage, shall be accounted for
and paid into the treasury.
SEC. 4. That the silver bullion pur-
chased under the provisins of this act,
shall be subject to 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 reductions, if any, to be made.
SEC. 5. That 80 much OF the act of
February %, 1878, entitled, IAN 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 thar
$1,000 600, nor more than $4,000, O0(
worth of silver bullion, is hereby re-
pealed.
SEC. 6. That upon the passage o.
this act, the balance standing with the
treasurer of the United States, to tn,
respective credits of national banks foI
deposits made to redeem the circulat
ing notes of such banks for deposits
thereafter received, for like purpose
shall be covered into the treasury as
miscellaneous receipt, and the treasury
of the United States shall redeem from
the general cash in the treasury, tn,
circulating notes of said banks, which
may come into its possession subject t,
redemption; and upon the certificate Of
the comptroller of the currency, thai
such notes have been received by him
| duu IudI Gucy have Dc6Il uCbIIOy0u, ant
that no new notes will be issued II
their place, reimbursement of thei
amount shall be made to the treasurer
under such regulations as the secretary
of the treasury may prescribe. from ar
appropriation hereby created, to b,
known as national bank notes redemp
ton account, but the provisions of thi
act shall not apply to the deposits re
ceived under section of the act of jun
20, 1874, requiring every national bank t
keep in lawful money with the treasure
of the United States, sum equal t
per centum of it's circulating notes
and the balance remaining of the de
posits so covered shall, at the close o
each month, be reported on the month
ly public debt statement as debts of tn
United States, bearing no interest.
SEC. Z. That this act shall tax
effect thirty days from and after it
passage.
Approved July 1t, 1890.
| -----.-.-.--.------