Mexico weekly ledger., 1896-02-13
CObb'S Financial Bill.
SILVER BULLION PURCHASED
UNDER THE SHERMAN ACT
TO BE MINTED.
The Bill Provides For the Redemption
OF Sherman Notes in Com and
Their Cancellation.

tive Cobb of Missouri introduced the
following important bill to-day in the
House:
Be it enacted, ETC., that the Treas
ury notes issued in accordance with
the provisions of the act of July IA,
1890, entitled an act directing the pur-
chase of silver bullion and the issue of
Treasury notes thereon, and for other
purposes, shall be redeemable on de-
mand, 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 shall be
cancelled and not reissued, and such
Treasury notes shall be legal tender
in payment of all debts, public and
private, except where otherwise ex-
pressly stipulated in the contract, and
shall be receivable for eu3tcmes, taxes
and all public dues, and when so re-
ceived shall be cancelled and not re-
issued. That upon demand of the
holder of any of said Treasury notes
the Secretary of the Treasury shall,
under such regulations as may be pre-
scribed, redeem such notes in gold or
silver coin at his discretion, and when
so redeemed, the notes shall be can
celled and not reissued.
Sec. 2-That Immediately after the
passage of this act the Secretary of
the Treasury shall authorize and order
the coinage into dollars containing
1925 grains of standard silver, of all
silver bullion remaining uncoined
which was purchased under the pro-
visions of the act of July Il, 1890, en-
titled an act directing the purchase
of silver bullion and the issue of
Treasury notes thereon, and for other
purposes, and said silve dollars shall
be held in the Treasury y of the United
States for the redemption of the
Treasury notes issued in the purchase
of said bullion. The gain arising from
the coinage of said silver bullion shall
be credited to special fund denomi-
mated the silver profit fund. This
fund shall be charged with the wastage
incurred in the coinage of said bullion.
The balance to the credit of this fund
shall be, at least twice year, paid in
to the Treasury of the United States.
Section 3-That as soon as all the
bullion purchased under the act of
July IA, 1890, entitled an act directing
the purcnase or s1Iver nuifiun aud tho
issue of Treasury notes thereon and
for other purposes, shall have been
coined in accordance with section 2 of
this act, the Secretary of the Treasury
shall cause to be transferred into the
Treasury of the United States, to be
used in the payment of public expend-
itures, silver dollars to the amount of
the Treasury notes redeemed in gold
orreceived in the payne MT of customs,
taxes and all public dues, and can
celed in accordance with the provis-
ions of section ] of this act, and such
transfer shall be made in January and
July of each year until all theTreasury
notes shall have been Cancelled.
Section THAT any holder of silver
dollars authorized under this or any
previous act may deposit the same
with the treasurer or any assistant
Treasurer of the United States in sums
not less than 800, and receive there
for certificates of denominations OF 81,
50, S5 and $40 each; and when said
certificates are received for redemp-
ton, they shall be cancelled and not
reissued. That such silver certificates
shall be legal tender in the payment
of all debts, public and private, and
shall be receivable for customs, taxes
and all public dues.
Section 5-That hereafter no gold or
silver certificates of higher denomi-
nation than $40 shall be issued.
Section 6-That hereafter natio-ial
banking associations may take out
circulating notes in the manner now
provided by law to an amount equal
to the par value of the bonds deposited
to secure the same.
Section THAT hereafter no national
bank notes of less denomination
than $40 shall be issued and as rapidly
as such notes of denominations less
than $40 shall be received into the
treasury, otherwise than for redemp-
tion and retirement, they shall be
cancelled, and an equal amount of
notes of like character, but in denomi-
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