The advocate., 1896-07-15
The Bland-AlllBOn Law and the Sherman
Law.

Law.
Questions being asked concerning
the provisions of these two laws, we
print below such parts of each as re-
late to coinage and legal tender.
The Bland Allison act of February
%, 1878, provided in section L
That there shall be coined at the several
mints OF the United States, silver dollars OF
the weight OF 4l219 grains troy OF standard
silver rs provided in the act Of January 1S
1887, on which shall be the devices and super
sCriptions provided by said act; which coins
together with all silver dollars heretoIore
coined by the United States of like weight and
fineness, shall be legal tender OF their nomi-
nal value for all debts and dues, public and
private, except where otherwise expressly
stipulated in the contract. And the Secretary
of the Treasury ls authorized and directed to
purchase, from time to time, SILVER bullion Sl
the market price thereof, not less than S2OOOS
600 worth per month nor more than @,OOO.OOC
worth per month, and cause the same to be
coined monthly, 60 fast as so purchased, into
such dollars; and . sum sufficient 70 carry
out the foregoing provision OF this act ID
hereby appropriated, ont OF any money In the
treasury not otherwise appropriated. And
any gain or seigniorsgs arising from this coin
age shall be accounted for and paid into the
treasury, as provided under existing laws rel
stive TO the subsidiary coinage: PrOUided
That the amount of money at any one time In
vested in such silver bullion, exclusive Of such
resulting coin, shall not exceed S5,OO0OOO: And
provided further, That nothing in this'act shall
be construed to authorize the payment In
silver Of certificates Of deposit issued under
the provisions Of section 254 OF the Revised
Statutes.
That act wss repealed July IA, $780,
by what has been commonly known as
the Sherman law, which required the
purchase Of 100000 ounces Of silver
monthly and the coinage Of enough Of
it to redeem the treasury notes paid
for it, with the clause that It 10 the 90,
tabllGhed policy Of tho United States
to maintain the parity of the two
metals.
The following are the sections Of The
Sherman law relating to silver and
coinage:
Be ii enacted by the Senate and House Of Repre-
sentattves Of the United States Of America IN Con
Oress assembled, That the Secretary Of the
Treasury is hereby directed to purchase, from
time to time, silver bullion to the aggregate
amount Of 4y5OO,OOO ounces, or 80 much th0reOi
az may b0 offered In each month, at the market
price thereof, not exceeding 81 for 81 &-1O(
grains Of pure silver, and to issue in payment
Of such purchases Of silver bullion treasury
notes Of the United States, to be prepared BY
the Secretary Of the Treasury, in such form
and Of such denominations, not less than 81
nor more than $1,000, as he may prescribe, and
. sum sufficient to carry into effect the pro
visions Of this act is hereby appropriated, out
Of any money In the treasury not otherwise
appropriated.
SEC 2 That the treasury notes issued in &C
cordSncs with the provisions Of this Sct shall
be redeemable on demand, In coin, at the
treasury Of the United States. or Nt the Office
OF any Assistant Treasurer Of the United
States, and when so redeemed may be refs
sued but no greater or less amount Of suct
notes shall be outstanding St any time thar
the cost Of the silver bullion and the standard
silver dollars coined therefrom then held II
the treasury purchased by such notes; ant
such treasury notes shall be legal tender ir
payment Of all debts, public and private, OK
cept where otherwise expressly stipulated II
the contract, and shall be receivable for Gus
toms, taxes and al public dues, and when 81
received may be reiSsusd; and such notes
whom held by any national banking sSsocia
tion, may be counted 30 q part Of its Lawful
reserve. That upon demand Of the holder o
any Of the treasury notes herein provided To-