San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1896-08-02
THE LAW OF 1890.

THE LAW OF 1890.
The Sherman Act and the Purchase
of Silver Bullion.
1SS9-90. Chapter dccviii An act
directing the purchase of silver bull
lon and the issue of treasury notes
thereon and for other purposes,
BE II enacted, That the secretary of
the treasury is hereby directed to pur-
chase, from time to time, silver bull
ion to the aggregate amount of 4. 500, :
GOO ounces, or so much thereof as may
be offered in each month at the mar
ket price thereof, not exceeding 81 for
81 25-1O0 grains of pure silver, and to
issue In payment fer 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 denominations. not
less than 81, nor more than 81, 600. as
ne may prescribe, and a sum sufficient
TO carry into effect the provisions of
this act is hereby appropriated out of
any money IN the treasury not other
wise appropriated.
sued in accordance with the provis-
ions of this act shall be redeemable
on demand, in coin, at the treasury of
the United States, and when so re-
deemed may be re-issued, but no
greater or less amount of such notes
shall be outstanding at any time than
the cost of the silver bullion and the
standard silver dollars coined there
from then held in the treasury pur-
chased by such notes; and such treas
ury notes shall be legal tender in
payment of all debts, public and pri-
vate, except where otherwise express
ly stipulated in the contract, and shall
be receivable for customs, taxes, and
all public dues, and when so received
may be re-issued: and such notes
when held by any national banking
association, may be counted as a part
OF Its lawful reserve. That upon de-
mand 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
com, at his discretion, Ii being the es-
tablished policy of the United States
10 maintain the two metals on a par
ity with each other upon the present
legal ratio, or such ratio as NAV he
provided by law.
Sec. B. That the secretary of the
treasury shall each month coin 1000 :
wv ounces of the silver bullion pur-
chased under the provision of this act
into standard silver dollars until the
list day of July. 1891. and after that
time he shall coin of the silver bull
ION purchased under the provision Of
TINS act, as much as may be necessary
20 provide for the redemption of the
treasury notes herein provided for,
ana any gain or seigniorage arising
from such coinage shall be accounted
Tor and paid into the treasuryy
Sec. a. That the silver bullioN
chased under the provisions of Nlfis
act snail be subject to the require
ments of existing law and the reenIa-
lions of the mint service governing the
methods OF determining the amount
OF pure silver contained. and the
amount OF charges and deductions. II
any, to be made.
Sec. 5. That so much of the act of
February 2S, 1878, entitled "An act Ia
authorize the coinage of the standard
silver dollar, and to restore its legal
lenoer character, as requires the
monthly purchase and coinage of the
same into silver dollars of not less
than $2,0O0000, nor more than $4,000
600 worth of silver bullion, is hereby
repealed.
Sec. s. That upon the passage of
this act the balances standing with
the treasury of the United States to
the respective credits of national
banks for deposits made to redeem the
circulating notes of such banks, and
all deposits thereafter received for like
purpose shall be converted into the
treasury as a miscellaneous receipt,
and the treasurer of the United
States shall redeem from the general
cash in the treasury the circulating
notes of said banks, which may come
into his possession subject to redemp-
ton; and upon the certificate of the
comptroller of the currency that such
notes have been received by him, and
that they have been destroyed and
that no new notes will be issued in
their place, reimbursement of their
amount shall be made to the treasur-
er, under such regulations as the sec
rotary of the treasury may prescribe,
from an appropriation hereby created,
to be known as national bank notes
Redemption account" but the provis-
ions of this act shall not apply to the
deposits received under section 3 of
the act of June 20, 1874, requiring
every national bank to keep in lawful
money with the treasurer of the Unit
ed States a sum equal to per centum
OF Its circulation, to be held and used
for the redemption of its circulating
notes; and the balance remaining of
the deposits so covered shall at the
close OF each month be reported on the
monthly public debt statement as debt
Of the United States bearing no inter-
est. - = =
Sec. Z. That this act shall take eff
feet thirty days from and after its
passage.
approved July IA. 1S9O.)
An act approved September rs. 1890,
discontinued the coinage of the SO and
81 gold pieces and &c nickel piece.
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THE LAW OF 1893.