Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1893-07-12

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 accordance with the proyi-
sions of this act shall be redeemable
on demand in coin in the treasury of
the United States or at the Office of
any assistant treasurer of the United
States, and when 50 redeemed NAV
be reissued; but no greater or less
amount of notes shall be outstanding
at any time than the cost of silver
bullion and the standard 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.
public and private. except where
otherwise expressly stipulated in the
contract. and shall be receivable for
customs, raNes and all public dues,
and when so received NAV be reis-
sued, and such notes when held by
any national banking association NAV
be counted as part of its lawful re-
serve. That upon the demand of the
holder of any of the treasury notes
herein provided for the secretary of
the treasury shall under such regula-
tions as he may prescribe, redeem
such notes in gold or silver coin at
his discretion. it being the estab-
lished policy of the United States to
maintain the two metals on a parity
with each other upon the present le-
gal ratio o. such ratio as may be pro-
vided 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 first day of July, 1891, and after
that he shall coin of the silver bull
lion purchased under the provisions
of this act as much as NAV be neces-
sary to provide for the redemption of
the treasury notes herein provided
for. and any gain or seigniorage arts
ing from such coinage shall be ac-
counted for and paid into the treas
ury.
Sec. 4. That the silver bullion
purchased under the provisions of
this act shall be subject to the re-
quirements of existing laws and the
regulations of the mint service gov
erning the methods of determining
the amount of pure silver contained
and the amount of deductions. il any.
to be made.
.'Sec. D. That so much OF the act
of Feb. 2S, 1878, entitled An act to
authorize the coinage of the stand
ard silver dollar and to restore its
legal tender character as requires
the menthly purchase and coinage of
the same into silver dollars Of not
less than s.. 900. 900. nor more than
81, 900, 900 worth of silver bullion is
hereby repealed.
"Sec. 6 That upon the passage
Of this act the balances standing with
the treasurer of the United States to
the respective credit of national
banks for deposits made to redeem
the circulating notes of such banks.
and all deposits thereafter received
for like purpose, shall be covered
into the treasury as a miscellaneous
receipt, anC the treasurer Of the
United States shall redeem from the
general cash in the treasury the cir
culating notes of said banks which
may come into his possion subject to
redemption; and upon the certificate
OF the comptroller OF the currency
that such notes have been received
by him and that they have been de-
stroyed and that no new notes will
be issued in their place, reimburse
ment of their amount shall be made
to the treasurer under such regula-
tons as the secretary of the treasury
may prescribe, from an appropria-
ton hereby created, to be known as
national bank notes. redemption ac-
count, but the provisions of this act
shall not apply to the deposits re-
ceived under section ,, of the act of
June 20, 1874, requiring every ma
tional bank TO keep in lawful money
with the treasurer of the United
States sum equal to per cent of
its circulation, to be held and used
for the redemption of its circulating
notes; and the balance remaining of
the deposits so covered shall. at the
close of each month, be reported on
the monthly public debt statement
as debt of the United States, bearing
no interest.
."Sec. 4. That this act shall take
effect 80 days from and after its pass
are