The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1893-08-10
The SHERMAN kc-.
About which There Has Been 40 Much
Discussion.

Discussion,
WASHINGTON, d. c., Aug. 9.-The
following is full text of the Sherman
silver purchasing law of 1890, about
which there has been and is TO be so
much discussion and legislative action
BE IL enacted by the senate and house of rep
resentatives of the United States Of America
In congress assembled. That the secretary of
the treasury is hereby directed to purchase
from time TO time silver bullion to the aggre
gate amount of 4,50000O ounces. or so much
thereof as may be offered each month at the
market price thereof not exceeding 81 for
three hundred and seventy one and twenty
hvo-hundredths grams 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 ACKNOWLEDGEMENTS
less than 81 nor more than sl,OOO-as he may
prescribe and a sum sufficient 10 carry into
effect the provisions Of this act is hereby ap.
porpriated out of any money in the treasury
not otherwise appropriated.
SEC. 2. That the treasury notes issued in ac.
cordance with the provisions of this act 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 redeemed may be ressued, but
no greater or less amount of such notes shall
be outstanding at any time than the cost of
Int hllNtT UullOn anu lle cllluhItl SllNtE uOl'
lars coined therefrom then held in the
treasury purchased by such notes; and such
treasury notes shall be legal tender in pay.
ment Of all debts, public and private except
where otherwise expressly stipulated in the
contract and shall be receivable for customs
taxes and public dues, and when so received
may be reissued; and such notes when held
by any national banking association may
be counted as q part of its lawful reserve.
That upon demand Of the holder Of any of the
treasury notes herein provided for the seCre.
tary of the treasury shall, under such regula.
tlons as he may prescribe, redeem such notes
In gold or silver coin at his discretion, it being
the established policy of the United States 10
maintain the two metals on q parity with
each other upon the present legal ratio, OF
such ratio rs may be provided by law.
SEC. g. That the secretary of the treasury
shall each month coin 100000 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 the silver bullion purchased
under the provisions Of this act as much as
may be necessary to provide for the redemp.
ton of the treasury notes herein provided for,
and any gain or seignioragc arising from such
coinage shall be accounted for and paid into
the treasury.
SEC. L. That the silver bullion purchased un.
der the provisions Of this act shall be subject
to the requirements of existing law and the
IekultllOUh vi lllt llllllJ stINlCe governing
methods Of determining the amount of pure
silver contained and the amount of charges OF
deductions, II any, 70 be made.
SEC. g. That so much Of the act Of Feb. 2S,
1873, 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 than S2,000,0OC
nor more than Si,OJ0,OOO worth of silver bullion
is hereby repealed.
SEC. o. That upon the passage of this act
the balances standing with the treasurer Of
the United States TO the respective credits 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 misCel.
laneous receipt, and the treasurer of the
United States shall redeem from the general
cash in the treasury the circulating notes Of
said banks which may come into his posses.
sion subject to redemption, and upon the Ger.
tificate of the comptroller of the currency that
such notes have been received by him, and
that they have been destroyed by him and
that no new notes VIII be issued in their place.
reimbursement of their amount shall be made
to the treasurer, under such regulations as
the secretary Of the treasury may prescribe,
from an appropriation hereby created, to be
known as national bank notes redemption
account, but the provisions of this act shall
not apply 10 the deposits received under sec.
every national bank TO keep in lawful money
with the treasurer of the United States sum
equal TO per centum Of its circulation, TO be
held and used for the redemption of its circu.
lating notes, and the balance remaining Of
the deposits so covered shall at the close Of
each month be reported on the monthly pub,
lie debt statement as debt Of the United States
bearing no interest
SEC. 7. That this act shall take effect 30
days from and after its passage.
AS a result of the fight in the Ohio
delegation, five Ohio men, who are EN-.
ployed under Sergeant-at-arms Yoder,
will probably be compelled to give up
their positions TO men from Illinois,
under Mr.. Yoder's successor, Snow.
The men referred to are w. w. Pen
nell of Brown county, bookkeeper at
81 800 a year, and four police officers,
George Gumm of Lima, James Byrle
of Columbus, John Gates of Harter's
district, and Sam Kerr of Troy. Each
of these men drew 81, 100 year.