Huntsville gazette., 1893-08-12
THE BONE OF CONTENTION.
Full Text of the sherman Silver Pur-
chasing Act of 1890.


chasing Act of 1890.
WASHINGTON, Aug. THE following
is a full text of the Sherman silver pur-
chasing law of 1890:
An act directing the purchase of silver
bullion aud the issue of treasury notes
thereon, and for other purposes.
Be it enacted by the senate and house
of representatives of the 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 or 4,ooO,-
100 ounces. or so much thereof as may be
offered each moDJh at the m ;rket price
thereof not exceeding 81 for three hun
ired and seyenJy-One and twenty nve-
huudredtns grains OF pure silver, ana TO
issue in payment for sucu pure hase OF silt
yer bullion treasury notes or the United
States to be prepared by the secretary Oh
the treasury in such form aud of such de-
Dominations-not less than 81 nor more
than 81, ,U0U-is he may prescribe, ana
sum sufficient to carry into effect the pro-
visions OF this act is hereby appropriated
ont of any money in the treasury not 9TH
erwiS appropriate l.
Sc q That the treasury notes issued In
shall be redeemable on demand, in coin,
at the treasury of the United States, or at
the office of any assistant treasurer of the
United States and when so reQeeme may
be raiSsued, 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 colned
therefrom, then held III the treasury pur-
chased 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 shall be receivable for
customs, taxes aud public dues, and whe
40 received may be relssued; and such
notes, when held by any national bank
ing association, may be counted as part
of its lawful reserve. That upon demand
of the holder of any of the tie lsury notes
herein provided for the secretary of the
treasury shall under such regulations as
he NAV prescribe, redeem such notes III
gold or Silver coin at his discretion, it be-
Ing the established policy of the United
State. to maintain the two metals on \
parity with each other upon the present
legal ratio, or such ratio as may be pro-
vided by law.
Sec 8 That the secretary of the treasu-
ry shall each month coin 2,0J00 00J ounces
Of the silver bullion purchased under the
provisions of this act into standard silver
dollars until the lst day OF July, 1891. and
after that time he shall coin of le silver
bullion purchased under the provisions
of this act as much as may be nece airy
to provide for the redemption of the
treasury notes herein provided for, nd
and any gain or sci gnlorag1 arising fro II
snch coinage shall be accounted for and
paid into the treasury.
Sec A. That the silver bullion pur-
chased under the provisions of this act
II 70 hA mi flf nf
existing laws and the gulations 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 ma ie.
Sec. 5. That SO much of the act of Feb.
2S. 1878, entitled "An act to authorlz1 the
coinage of the standard silver dollar. and
to restore its legal tender Character as
requires the monthly purchase ald coin
age of the same into silver dollars of not
les than 81 o., 900 nor more than 81, 000,-
O0O worth of silver bullion~is hereby re-
pealed.
Sc g. That upon the passage of this
act the balaT ce standing with the treas
urer of the United States to the respec-
tive credits national ban IS for dep Isits
made to red, the circulating notes of
such banks and all deposits ther latter
received for Ike purpose shall be covered
into the tire" "sury as miscellaneous re-
ceipt, aud t. treasurer of the United
States shall redeem fro IL the general cash
in the treasury the circulating notes of
said banks which may CO ne into his pos
session subject to redemption, and upon
the certificate of the comptroller of the
currency that such notes have been re-
ceived by him, AMI that they have been
destroyed by him and that no new notes
will be issued in their place reimburse
ment of their amoInt shall be made &c
the treasurer. under such regulations as
the secretary Of tn. treasury may pre-
scribe. from an appropriation hereby
created, to be known as national bank
notes redemption account, but the provi-
siols Of this act shall not apply to the de-
posits received under section of the act
of June 90, 1874, requiring every national
bank to keep in lawful money with the
treasurer of the United States a sum
equal to 5 per centum of its circulation,
to be neld and used for the redemption of
its circulating notes. and the balance re-
manning of the posits 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 n
terest
Sec T. Tha; t,4is act shall take effect 80
days from and after its passage.
Approved July IA, 1890.