Democratic Sentinel, Volume 14, Number 2, Rensselaer, Jasper County, 31 January 1890 — THE HEW SILVER BILL. [ARTICLE]

THE HEW SILVER BILL.

. SECRETARY WINDOM'S IDEAS IM- < BODIED IN A MEASURE. 1 ? Full Text of the Statute Proposed in His Annual Report—Treasury Notes to Be Issued for Deposits of Bullion, the Same to I?o Legal Tender in the United States. { Tho bill embodying the silver measure proposed in tho annual report of Secretary Windom, and which may be regarded as an administration measure, is entitled “A bill authorizing the issue of treasury notes on deposit of silver and the full text is as follows: Bo it enacted, etc.. That any owner of silver bullion the product of tho the United States or of ores smelted or relinedin the United States may deposit the same at any coinage mint or at any assay office in the United States that the Secretary of the Treasury may designate, and receive therefor treasury notes hereinafter prbvided for, equal at tho date of deposit to the net value of such silver at the market price, such price to be determined by the Secretary of the Treasury under rules and regulations prescribed, based upon the price current in the leading sWvCr markets of the world. But no deposit consisting in whole or in part of silver bullion or foreign silver coins imported into this country, or bars resulting from m’elted or teflned foreign silver coins, shall be (received under tho provisions of this act. Sec. 2. That tho Secretary of the Treasury shall cause to bo prepared treasury notes in such amounts as may be required for tho purpose of tho above section, and in such form and denominations as he may proscrlbe;provldod,that no notes shall bo of a denomination of less than $1 nor more than SI,OOO. Sec. 3. That the notes issued under this act shall bo receivable for custom taxes and all public debts, and when received into tho Treasury may bo reissued, and such notes, when held by any national banking association, shall be counted as >art of its lawful reserve. Sec. 4. That the notes issued under the provisions of this act shall be reupon demand at tho treasury of tho United States or at tho office of an assistant treasurer of tho United States, «y the issue of a certificate of deposit for the sum of the notes so presented, payable at one of tho mlpts of the United States, in an amount of silver bullion equal in value, on tho date of said certificate, to the number of'dollars stated therein, at the market .price of silver, to be determined as provided in Section 1; or such notes may be redeemed in gold coin at the option of the government; provided that, upon demand of the holder; such' notes shall be• redeemed in silver dollars,, 4)f) Sec. 5. That when tho market price of silver, as determined by the Socrotxry of the Treasury, shall exceed ono dollar for 371.25 grains of pure silwor, it shjJl be tho duty of the Secretary of the Treasury to refuse- to receive deposits of silver bullion for the purposes of this act. ‘ ’ Sec. 6’. That it shall be lawful for th* Secretary of the Treasury, with the approval of the President of the United States, to suspend temporarily the receipt of sliver bullion for treasury notes at any time when ho is satisfied that through combinations or speculative manipulation of the market the price of silver is arbitrary, nominal, or fictitious. Sec. 7. That the sllyer , bullion deposited under this act, represented' by i treasury notes which have been redeemed in gold coin or in silver dollars, may be coined into standard silver dollars or any other denomination of silver coin now authorized by law, for the purpose of ■rejila'clng tho coin used'liD the redemption of the notes. ■ , ( . ,j. Sec. 8. That so much of the act of Feb. 28; 1878, entitled’ “An act to authorize the coinage of the standard silver dollar and to restore its legal tender character,” ah roqiif'res the' monthly purchase and coinage Into silver dollars of *ot less pqr more than $4,0000,000 worth of sliver" bullion be hereby repealed.' ’ : >*■'! Sec. 9. Tljkt any ga-in or seigniorage arising from the coinage which niay be executor-under the prbvtsldns Of this act shall be accounted for ,aud paid into the Treasury as provided by existing law. J-Sec. 10. That silver bullion received under the provisions of. this act qhall be subject to the requirements of existing law and the regulations of the mini service governing the methods of receipt, determining ‘the Amount’of ptire silver contained and the amount of charges or reductions, if any, to be made. Sec. 11. That' nothing in this act shall be construed to prevent the purchase, from time to time, as may be required,, of silver (bnllioi) for the subsidiary silver coinage.‘' 5ec.. 121 That a; turn sufficient to carry ( out prpvJsipqs of .this act is hereby appropriated otitof the money in the .Treasury hot otherwise 'appropriated.. t . , . .. Sec. 13. That all acts and parts of acts inconsistent wi th the provisions of this act are hereby repealed. Sec. 14. That this act shall take effect thirty days from and after its passage' ' - ' ■ ■ -