The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1893-08-16
THE. BONE, OF CONTENTION.
Full Text OF the Sherman Silver Pui
chns{ng Act OF 1890

Full Text Of the Sherman Silver Pur-
chasing Act OF 1890.
An act directing the purchase OF silver
bullion and the issue of treasury notes
thereon. and for other purposes.
Be it enacted by the senate and house
of representatives Of che United States Of
America. in congress assembled, That the
secretary Of the treasury is hereby direct
ed to purchase from time to time silver
bullion TO the aggregate amount OF 4,5N,-
600 ou2ces, or 80 much thereof as may be
offered each mooth. 1T the market price
thereof, not exceeding 81 for three hun
dred and seveuty-one and twenty-five
hundredths grains Of pure silver, and to
issue IN payment for sucu pure base OF sill
yer bullion treasury notes of the United
States to be prepared by the secretary VI
the treasury in such foriu and OF such de-
nominations-not less than 81 nor more
than 81, ,U0O-as he may prescribe, and
sum sufficient to carry into OBJECT the pro-
visions OF this act ts hereby appropriated
out Of any money in the treasury not 9TH
erwiss appropriated.
Sec 2. That the treasury notes issued in
accordance with the provisions OF this ac5
shall be redeemabls on demand, in coin,
at the treasury Of tho United States. or at
the Office 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 tn. cost Of the silver bullion
and the standard silver dollars coined
therefrom, ther held in tho treasury pur.
chased by such notes; and such treasury
notes shall be legal tender in payment
II -
where otherwise expressly stipulated In
the contract. and shall DO receivable for
customs, ts1es aud public dues. and when
30 received may be reissued; and such
notes, when held by any national bank
ing association, may be counted as a part
of It's lawful reserve. That upon demand
CT the holder Of any Of the tIe ,sury notes
herein provided for the secretary of tho
treasury shall, under such regulations as
he may prescribe, redeem such notes IN
gold or silver coin at his discretion, it be-
ing the establish cd policy OF the United
States to maintain the two metals on a
parity with each other upon the present
legal ratio, or such ratio aS may be pro.
vided by law.
Sec. 8. That tho secretary OF the treasu.
~ shall each mouth coin 2.oo0.0 900 ounces
OF the silver bullion purchased under the
provisions Of this act into standard silver
dollars until the 1st day Of July, 1891, and
stter 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 redemption OF the
treasury notes herein provided tor, and
and any gain or sci guiorage arising from
such coinage shall be accounted for and
paid into the treasury.
Sec. 4. That the silver bullion pur-
chased under che provisions OF this act
shall be subject to the requlren.e ITS OF
existing laws aud the regulations OF the
mint service governing the methods OF
determining the amount Of pure silver
contained and the amount OF charges OF
deductions, Ii any, to be made.
Sec. s. Ths so much OF the act OF Feb
2s, 1878 entitled "Au act to authorize the
coinage Of tho standard silver dollar. ond
to restore its legal tender character As
requires the monthly purchase and coin.
ago Of the same into silver dollars OF not
less than 81. 900 nor moro than $4,000
0O0 worth Of silver bullion is hereby re-
pealed.
Sec. 6. That upon the passage Of this
act tho balance standing with the treas
urer Of the United States to the respec-
tive credits Of national banks for deposits
made to redeem the circulating notes Of
such banks and all deposits thereafter
received for like purpose shall DO covered
into the treasury as miscellaneous re-
ceipt. and the treasurer Of the United
States shall r,deem from the general cash
in tho treasury the circulating notes o!
said banks which may come into his pos
session subject to redemption. and upon
the certificate OF the comptroller OF tho
currency that such notes have been rs
ceiyed by him, and that they have been
destroyed by him and that no new notes
will be issued IN their place, REIN burse-
nont Of their amount shall be made to
the treasurer. under such regulations as
tho secretary Of the treasury may pre-
scribe. from an appropriation hereby
created, to be known ~ national ban (
notes redemption account, but the prov!.
sions of this act shall not apply to the de-
posits received under section OF the act
Of Juno 30. 1874, requiring every national
bank to keep IN lawful money with tho
treasurer Of the United States q sum
equal to 5 per ceutum Of its circulation,
to be neld sud used for the redemption OF
its circulating notes. and the balance re-
naming Of the deposits so covered shall
ct the close Of each month be reported on
the monthly public debt statement q,
debt of the United Suites bearing no in
terest
SEQ. Z. That this act shall take effect 80
days from and after its passage.
Approved July IA, 1890.