The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1893-08-08

THE SHERMAN Law.
Full Text OF the silver Purchasing
Act OF 1890.
The following is . full text of the
Sherman silver purchasing law Of 1880,
about which there has been 80 much
discussion:
An act directing the purchase Of sill
yer bullion and the issue of treasury
notes thereon, and for other purposes.
Section /. Be 1t enacted by the sneate
and house of representatives of the United
States of America, in congress assembled:
That the secretary of the treasury Is here
by directed to purchase from time to time
silver bullion to the aggregate amount of
$4,000 600 ounces, or so much thereof as may
be offered each month at the market price
theirof not exceeding 81 for three hundred
and s~eventy-one and twenty-five hun
dredths grains 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 i'm such form and of such denom-
~inations-not less than 81 nor more than
81 ,000-as he may prescribe, and a sum
sufficient to carry into effect the provisions
of this act is hereby appropriated cut of
any money in the treasury not otherwise
appropriated.
Sec. 2. That the treasury notes issued
in accordance with the provisions of this
act shall be redeemable on demand, i'm
coin, at the treasury of the United States,
or at the office of any assistant treasurer
of the United States, and when so re-
deemed may be reissued, but no greater
or less amoun of such notes shall be out
standing at any time q the cost of the
silver bullion and the standard silver dol
lars 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 pri-
vate, except where otherwise expressly
stipulated In the contract, and shall be
receivable for customs, taxes and public
dues, and when so received may be reis-
sued; and such notes when held by any
national banking association may be
counted as a part of its 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
regulations as he may prescribe, redeem
such notes in gold or silver coin at his
discretion, it being the established policy
of the United States to maintain the two
metals on a parity with zach other upon
may be provided by law.
Sec. 8. That the secretary of the treas
ury shall each month coin 2,000,0 900 ounces
of the silver bullion purchased under the
provisions of this act into standard silver
dollars until the LIST day of July, 1891, and
after that time he shall coin of the silver
i hr1lion ,po1a oaI ,yolarf the nrox,csnps ~
this act as much as may be necessary to
provide for the redemption of the treasury
notes herein provided for, and any gain OF
seigniorage arising from such coinage
shall be accounted for and paid into the
treasury.
Sec. 4. That the silver bullion purchased
under the provisions of this act shall b.
subject to the requirements of existing
law and the regulations of the mint servic,
governing the methods of determining tn,
amount of pure silver contained and tn,
amount of charges or deductions, il any
to be made.
Sec. 5. That so much of the act of Feb
%, 1878, entitled San act to authorize tn
coinage of the standard silver dollar, ant
to restore its legal tender character" q
requires the monthly purchase and coin
age of the same into silver dollars of no
less than 100000 nor more than 1900,
600 worth Of silver bullion Is hereby re
pealed.
Sec. 6. That upon the passage of thi
act the balance standing with the tres
surer of the United States to the respee
tive credits of national banks for deposit
made to redeem the circulating notes Q
such banks and all deposits thereafter n
ceived for like purpose shall be coyere
into the treasury as q miscellaneous N
ceipt, and the treasurer of the Unite
States shall redeem from the general cas-
In the treasury the circulating notes Q
said banks which may come into his pos
session subject to redemption, and upo
the certificate of the comptroller of th
currency that such notes have been +,
ceived by him, and that they have bee
destroyed by him, and that no new note
will be issued In their place, reimburs'
ment of their amount shall be mad
TO the treasurer, under such regulation
as the secretary of the treasur
may prescribe, from an appropriate
hereby created. to be known as nations
bank notes redemption account, but til
provisions of this act shall not apply to I'll
deposits received under section 8 of the q,
Of June 20, 1874, requiring every nationi
bank to keep fin lawful money with Il
treasurer OF the United States q sum equl
to 5 per centum Of It's circulation, to I
held and used for the redemption OF 1
circulating notes, and the balance remai
: ing Of the deposits 10 covered shall at tl
close Of each month be reported ON Il
monthly public debt statement a. debt
b United States bearing no interest.