The Camden chronicle. (Camden, Tenn.) 1890-current, 1893-07-14
The SHERMAN LAW.
An Act of Congress Which is Causing all
the Financial Trouble.

of the Sherman silver purchasing
law, about which so much has been
said through the press during the
past few months:
"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, at the
market price thereof, not exceeding
81 for 37l25 grains Of pure silver,
and to issue in payment for such
purchases Of silver bullion Treas
ury notes of the United States, to
be prepared by the Secretary of
the Treasury, in such form and Of
such denominations, not less than
ST. nor more than 81 900, as he may
describe, and a sum sufficient to
carry into effect the provisions of
this act is hereby appropriated out
of any money ia the Treasury not
otherwise appropriated.
"SEcTIoK 2. That the Treasury
notes issued in accordance with the
provisions of this act shall be re-
deemable on demand, in coin, at
the Treasury Of the United States
OF 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 thar the cost of the silver
bullion, and the standard silver dol
| lar 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, ex-
cept where otherwise expressly
stipulated in the contract, and shall
be receivable for customs, taxes and
all public dues, and when SO re-
; ceived may be reissued; and such
notes, when held by any national
, banking association, may be count
ed as a part of it's lawful reserve.
That upon demand Of the holder
) Of any Of the Treasury notes herein
: provided for, the Secretary Of the
Treasury shall, under such regula.
tons as he may prescribe, redeem
: such notes in gold or silver coin, al
his discretion, it being the estab
! lished policy Of the United States
: to maintain the two metals on {
parity with each other upon thu
: present legal ratio, or such ratio al
: may be provided by law.
"SEc. 3. That the Secretary O
: the Treasury shall each month coli
100000 ounces Of silver bullion
purchased under provisions Of Thu
S act into standard silver dollars, un
u til the first day Of July, 1891, ant
: after that time he shall coin of Tia
u silver bullion purchased under tn
0 provisions Of this act as much a
I may be necessary to provide for til
: redemption of the Treasury note
$ herein provided for, and any gal
L. or seigniorage arising from sue
IA coinage shall be accounted for an
1t paid into the Treasury.
rs "SEC. 4. That the silver bullio
IS purchased under the provisions {
e this act shall be subject to the II
Ie quirements Of existing law and th
% regulations Of the mint service go'
IL erning the methods Of determinin
II the amount Of pure silver contain
te ed, and the amount Of charges {
TO deductions, if any, to be made.
ST "SEo. 5. That so much of the a,
Of February %, 1878, entitled "A
OF act to authorize the coinage of IL
* standard silver dollar and to restol
81 its legal tender character as +
us quires the monthly purchase al