The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-08-09
THE LAW OF 1878.
Return to Bimetallism-siiver Dol

Return to BimetalIism-Silver Dol
lars Legal Tender to Any Amount.
1878. Chap. Xxx. An act to author
ize 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 4121a grains troy of standard
silver. as provided in the act of Janu-
airy Is, 1887, on which shall be the de-
vices and superscript4Ons provided by
said act; which coins, together with all
silver dollars heretofore coined by the
United States, Of like weight and fine
ness, shau be a legal tender, at their
nominal value, for all debts and dues,
public and private except where other
wise stipulated in the contract. And
.de secretary OF the treasury is author
lied and directed to purchase from time
to time silver bullion at the market
price thereof, not less than $1,000, 900
worth per month, nor more than $4,000
600 worth per month, and cause the
same to be coined monthly, as fast as
so purchased, into such dollars; and a
sum sufficient to carry out the forego-
ing provision of this act is hereby APP
propriated out of any money in the
And amy gain or seigniorage arising
from this coinage shall be accounted
for and paid into the treasury as pro-
vided under existing laws relative to
the subsidiary coinage; provided, that
the amount OF mony at any one tine in
vested in such silver bullion, exclusive
of such resulting coin, shall not ex-
coed $5,000,000 And, provided further,
that nothing in this act shall be con-
,eTt1
yer of certificates CT deposit issued I'M
der the provision OF section 254 of the
revised statutes.
Sec. 2 That Immediately after the
passage of this act the president shall
invite the governments of the countries
composing the Latin union, so-called
and of such other European nations as
he may deem advisable, to join the
United States in conference to adopt
q common ratio between gold and sill
yer, ror the purpose of establishing in
teTnationaliy, the use of bimetallic
money, and securing fiXity of relative
value between those metals; such con-
ference to be held at such place, in
Europe or in the United States, at SUCH
time within six months as may be nu-
tually agreed upon by the executives OF
the governments joining in the same,
whenever the governments so invited,
or any three of them, shall have sig
nified their willingness to unite IN the
same.
The president shall, by and with the
advice and consent of the senate, ap-
point three commissioners, who shall
attend such conference on behalf Of
the United States, and shall report the
doings thereof to the president, who
shall transmit the same to congress.
Said commissioners shall each receive
the sum of $3.50 and their reasonable eX-
penses. to be approved by the secretary or
state; and the amount necessary TO pay
such compensation and expenses is hereby
appropriated out of any money in the
treasury not otherwise appropriated.
Sec g. That any holder OF the coin au-
thorzed by this act may deposit the same
with the treasurer, or any assistant treas
urer OF The United States, in sums not
less than SO, and receive therefor certl-
ficates of not less than $40 each, CORE
spoDding with the denominations of the
United States notes. The coin deposited
for or representing the certificates shall
be- retained in the treasury for the pay
nent of the same on demand. Such GER
tif1oates shall be receivable for customs,
taxes and all pubic dues ana When SO
received may be reissued.
Sec 4. All acts and parts OF acts 1ncon-
sstent with the provisions OF TINS act are
hereby repealed.
CNote-Ifhe above act having been re-
turned by the president of The United
States. with his objections, to the house
of representatives, February e, 1873, was
passed by both houses and became law
on the same day.