Arizona weekly citizen., 1893-07-29
The Act Over Which There
is so Much Talk.
FULL TEXT OF THE ACT.
The Great Question Now Agitat-
ing the Public is, VIII it be
Repealed9

A discussion of the Sherman silve
bill the other day says the Phoeni,
Herald by a gentleman in this city
disclosed the fact that there are some
men prominent ia politics who car
not remember even the substance of tht
act.
For the benefit of the people gener
ally the text of the act is here printed
1t is entitled: San act directing the pur
chase OF silver bullion and the Issue
of treasury notes thereon and for other
purposes" The bill was approved July
IA, 1890.
SEC. l. That the secretary of the
treasury is hereby directed to purchase
from time to time silver bullion to the
aggregate amount of 100000 ounces,
or so much thereof as may be offered in
each month, as the market price there
of, not exceeding one dollar for 81. Is
grains of pure silver, and t1 issue ID
payment OF such purchases of silver
bullion treasury notes of the United
Ststes, to be prepared by the secretary
of the treasury in such form and of
denominations, not less than one dollar
or more that $1,000, 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
treasury not otherwise appropriated.
SEC. 2. That the treasury notes issued
in accordance with the provisions of this
act shall be redeemable on demand, II
coin at the treasury of the United States
or at the Office Of any assistant treasurer
of the United States; and when so re-
deemed 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 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 otherwise
expressly stipulated in the contract,
and sEall be receivable for all customs,
taxes and ell public dues, and when so
received may be reissued; and such
notes, when held by any banking
association, may be counted as part of
10 l3w:3.. reserve. ThEt unon 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
it being the established
the metals on parity with each other
ratio as may be provided by law.
Sec. 3. That the secretary OF the
treasury shall each month coin 100000
OF. of the silver bullion purchased under
the provisions Of this act into standard
silver dollars until the 1st day of June,
1891, and after that 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 re-
demption of the treasury notes herein
provided for, and any gain or seignlorage
arising from such coinage shall be ac-
counted for and paid into the treasury.
Sec. 4. That the silver bullion pur-
chased 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, if any, to be made.
Sec. D. That SO much of the act OF
February %, 1878, entitled "An act to
authorize the coinage of the standard
silver dollar and to restore its legal
tender characters" as requires the
purchase and coinage of the
same into silver dollars of not less than
3, 100000, nor more than 1000 600
worth of silver bullion, is hereby re-
pealed.