Rensselaer Union, Volume 10, Number 24, Rensselaer, Jasper County, 28 February 1878 — The Silver Bill. [ARTICLE]

The Silver Bill.

The following is the full text of the Silver bill as amended and passed by the Senate on the morning of the 16th. It is entitled “ A bill to authorize the coinage of a standard silver dollar, and restore its legal-tender character:’’ hf it enacted, «(r,. Section 1, That there shall lie coined at the several minis of the United State* silver dollars of the weight of 41214 grains troy, of standard silver, as provided in the act of Jan. 18.1837, on which shad lie the devices and superscription provided by mid act. which coins, together with all silver dollars heretofore coined by the United Htates of like weight and fineness, shall be a legal-tender at their nominal value for all debt* and dues, public and private, except where otherwise expressed and stipulated in the contract; and the Secretary of the Treasury is authorized and directed to purchase from time to time silver bullion, at the market price thereof, not less than #2.lloo,(Kin worth per month, nor more than #4,000,(0.1 worth per month, and cause the same to lie mined monthly, as fast as ho purchased, into such dollars, and a sum sufficient to carry out the foregoing provision of this act is tiereby appropriated nut of any money in the Treasury not otherwise appropriated. And any gain sir seigniorage arising from this coinage shall be accounted for and paid into the Treasury, ns provided under existing laws relative to the subsidiary a innge; provided, that the amount of money at any one time invested in such silver bullion, exclusive of such resulting coin, shall not exceed #6,000,000; and provided, further, that nothingin this act shall be construed to authorize the payment, in silvor, of certificates of deposit issued under the provisions of Sec. 264 of tne Revised Statutes. Sec. 2. All acts and ports of acts inconsistent with the provisions of this act are hereby repealed. Ski. 3. 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 a common ratio hetecn gold and silver, for the purpose of establishing internationally the use of bi-metallic money and securing a fixity of the relative value between those metals; such Conference to be held at such place in Europe, or in the United States, at such time within six months as may be mutually agreed upon by the Executives of the Governments joining in the same, whenever the Governments so invited, or any three of them, shall have signified their willingness to unite in theHame. The President shall, by and with the advice and consent of the Senate, appoint 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 #2,500 and their reasonable expenses, to be approved by jthe Secretary of State, and the amount necessary to pay such compensation and expenses is hereby appropriated out of any money in the Treasury not otheiwise appropriated. Sec. 4. That any holder of the coin authorized by this act may deposit the same with the Treas.urer or any Assistant Treasurer of the United States in sums of #lO, ami receive therefor certificates of not leas than #lO each, corresponding with the denominations of United States notes. The coin deposited for, or representing, the certificates, shall be retained in the Treasury for the payment of the same on demand. Said certificates shall be receivable for customs, taxes and all public dues, and when so received may lie re issned.