The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1896-08-04
THE LAW OF 1878.
A Return to Observation-Disclosures Dollars
as Legal Tender to Any Amount.

as Legal Tender to Any Amount
1878. Chapter Xxx. An act to au-
thorize the coinage of the standard silver
dollar, and to restore it's legal tender
character.
Be it enacted, That there shall be
coined at the several minis OF the United
States, silver dollars of the weight OF
412 10 grains troy of standard silver, as
provided In the act of January Is, 1887,
on which shall be the deyices and super
soliptiona provided by said act; which
coins. together with all silver dollars
heretofore coined By the United States,
of like weight and fneness, shall be q
legal tender, at their nominal value. for
all debts and Iues, public and private,
except where otherwise stipulated in the
contract. And the Secretary of the
Treasury is authorized and directed to
purchase from time to tire silver bull
ion, at the market price thereof, not less
Than 81, 600, 600 worth per month, nor
more than 81, 90, coo worth per month, and
cause the same TO be coined monthly. as
fast rs SO purchased, into such dollar ;
and sum sufficient TO carry out the fore
going provision of this act is thereby ap-
propriated out of any money IN the Treas
uiy net otherwise appropriated And
any gain or seigniorage arising from this
coinage shall be accounted for and paid
into the Treasury as provided under ex-
listing laws relative to tho subsidiary
coinage; provided, that the amount of
money at any one time invested in snch
silver bullion, exclusive of such result
ing coin, shall not exceed So, 00), 600. And,
provided, further, that nothing in this
act shall be construed to authorize the
payment in silver of certificates Of de-
posit Issued under the provisions of Soc
ton 2E4 of the Revised STATUTES
Sec. 3. That Immediately after the
passage of this act the President shall
invits the Governments Of the countries
composing the Latin Union. so-called,
ana of such other European nations as
he may deem advisable. to join the Unit
ed States in conference to adopt COM
mon ratio between gold snd silver, for
the purpose of establishing, information
ally, the use of bimetGllic money, and
securing tixity OF relative value between
those metals; such conference TO be held
at such place, in Europe or in the United
States, at such tiIne within six months,
as may be mutually agreed upon by the
executives of the Governments joining in
the same, whenever the Governments SO
invited, or any three of them, shall have
signified thor willingness to unite in the
same.
The President shall, by and with the
advice and consent of the Senate, APP
point three Commissioners, who shall at
tend such conference OH behalf of the
United States and shall report the doings
thereof to the President, who shall trans
nit the same TO Congress.
Said Commissioners shall each receive
the sum of $500 and their reasonable ex-
penses, to be approved by the Secretary
of State; and tho amount necessary to
pay such compensation and expenses is
hereby appropriated out OF any money in
tho Treasury not otherwise appropriated.
Sea- 3. That any holder of the coin
authorized by this act may deposit the
same with the Treasurer, or any Assis-
tant Treasurer of the United States, in
sums not less than SO, and receive there
for certificates Of not less than $40 each,
corresponding TO the denominations of
the United States notes. The coin depos-
tied for or representing the certificates
shall DO retained in the Treasury for the
payment of the same on demand. Such
certificates shall be receivable for customs
taxes aud all public dues, and when SO
received may be reissued.
Sec. 4. All acts aDd parts of acts in.
consistent with the provisions of this act
are hereby repealed.
Mote. The above act having been
returned by thu President of the United
States, with his objections, to the House
of Representatives. February %, 1878, was
passed by both houses and became law
on the same day.