Rensselaer Republican, Volume 22, Number 35, Rensselaer, Jasper County, 1 May 1890 — THE SILVER BILL. [ARTICLE]

THE SILVER BILL.

The Republicans of, the House and: Senate have agreed, upon the basis fer tha preparation of a silver biiL The following is.the full text of the biU: Section 1. That the Secretary of the Treasury i» hereby directai $9 pun&M* from time to time silver buHion to th< aggregate amount of 4,500,600 ounces of pure silver in each month, at market price thereof, not exceeding $1 for 371 25-100 grains of pure silver, and to issue in payment for such purchases of silver bnllion'treasury notes of the United States, to be prepared by the Seoretary of the Treasury.in such form and such denominations, not less than $1 nor more than $1,900, as he 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 otherwise appropriated.

Sec. 3. That the treasury notes issued in accordance with the provisions of this act shallbe redeemableon demand in lawful money of tne United States, at the Treasury of the United States, or at the office of any assistant treasurer ot the United’Gtates, and when so redeemed, may bo-reissued, bat no greater or less amount of such-notes shall be outstanding at any time-than the cost of the silver bullion then held-in the treasury, purchased by such note 3; and such treasury notes shall 1 bo receivable for customs, taxes, and all public dues, and when so received may be reissued; and sucb note 3 when held by any national banking association, may be counted as part of its lawful reserve: Provided, that upon the demand of any holder of any treasury notes herein provided for, the Secretary of the Treasury may, in his discretion, and under such regulations as he may prescribe, exchange for such notes an amount of silver bullion which shall bei equal in value,'at tho market price thereof on the day of exchange, to the amount of such notes.

Sec. 3. That the Secretary of the Treas. ury shall coin such proportion of the silver bullion purchased under tho provisions of this aot as may be necessary to provide for' the redemption of treasury notes herein provided for, and any gain of seignorage, arising from such coinage shall be account-' ed for and paid into tbo Treasury. Sec. 4. That the silver bullion purchased! under the provisions of this act shall be subjected to the requirement of existing law, and tho regulations of the mint service governing the methods of determining the amount of pure silver contained, and the amount of charges or deductions, if any, to be made. Sec. 5. That so much of the act of Fobs ruary 28, 1878, entitled “An act to authorize the coinage of the standard silver dollar and to restore its legal tender character" as to require tho monthly purchase and coinage of the same into silver dollars of not less than $2,000,000 nor more than $4,000,000 worth of silver bullion, is hereby, repealed. . j