Page:United States Statutes at Large Volume 26.djvu/343

 r1r·rY-r11zs*r ooneanss. _ Sess. 1. os. ros. isso. 289 CHAP. 708.-An act directing the purchase of silver bullion and the issue of Jul! NJN0- Treasury notes thereon, and for other purposes. """_'“ Be it enacted by the Senate and House of Representatives of the United States of America in Congress assem Zed, That the Secretary Sum bmw to M of the Treasury is hereby directed to purchase, from time to time, purchased. silver bullion to the aggregate amount of four million Eve hundred Mmhiv ¤s¤=¤s¤*¤~ thousand ounces, or so much thereof as may be offered in each -- ·-·—- ~ ··~»~··-·., month, at the market price thereof, not exceeding one dollar for Limitofprlceetc. three hundred and seventy-one and twenty-five hundredths grains of pure silver, and to issue in ayment for such purchases of silver Treuury notes to bul ion Treasury notes of the {United States to be prepared by the *I;’;'°,,,§,_P°Y”*°”” °’ ‘ Secretag of the Treasury, in such form and of such denominations, D¤¤<>mi¤¤cio¤¤,ecc., not lessbe an (ans dollar nipir moretthan one thouspnd dollars, as he may °f "°°°°' rescri, an a sum su cient o ca into e act the rovisions of this act is hereby appropriated outldtrany money in the Treasury Am¤¤v¤¤¤•>¤· not otherwise appropriated. . Sec. 2. That the reasury notes issued in accordance with the lwdvmptionctnotes. provisions of this act shall be redeemable on demand, in coin, at the i"°°h' reasury of the United States or at the office of any assistant treasurer of the United States, and; when so redeemed mgybe reissued; M f but no greater or less amount of such notes shall be out nding at any demqlix, ° °°' "’ time than the cost of the silver bullion and the standard silver dol- mg‘j,}}{eF:'{f¤‘;{*,;f;,m¤d· lars coined therefrom, then held in the Treasury purchased by such` notes- and such Treasury notes shall be a lega tender in payment e{§‘°1 °°“d°"*°‘°°*"· of all debts, public and private, except where otherwise expressly stipulated in the contract, and shallp be receivable for customs, R¤=¤*v¤¤1¤ for cus taxes, and all public dues, and when so received may be reissued; °iiZ°¤.’L$'e°&:m»¤sap; and such notes, when held by any national banking association, Pam H mm may be counted as a part of its lawful reserve. That upon demand m¤¤·v•». of the holder of any of the Treasu notes herein provided for the R¤g°¤P**¤!·i¤ sqm Secretary of the Treasury shall, under such regulations as he may giedeteirdggiidiiéhge prescribe, redeem such notes in gold or silver coin, at his discretion, ““° '*"°“““’Y· it being the established policy 0 the United States to maintain the two metals on a parityewith each other upon the present legal ratio, Parity and ratio or or such ratio as may provided by law. ¥°"’ ‘“"‘ S""'- Sec. 3. That the Secretary of the Treasury shall each month coin ,}¤<>¤¤·¤r wm? or two million ounces of the si ver bullion purchased under the provis· ;u¤h°i{»?1°uu:;1h°¤¤i°m ions of this act into standard silver dollars until the first da of _,,§;*{"}’,;,,,°¤° ·*¤¤‘· July eighteen hundred and ninety-one, and after that time he shall ° ' coin of the silver bullion purchased under the provisions of this act as much as may be necessary to provide for the redemption of the Treasury notes herein provided for, and any gain or seigniora e ¤¢¤s¤¤<>r¤§. grising rom such coinage shall be accounted for and paid into the v° `2°’p‘ ‘ reasury. Sec. 4. That the silver bullion purchased under the provisions of wP¤!°*¤¤•=¤ ri mgm this act shall be subject to the requirements of existing law and the ver 20, p. 2; ' regulations of the mint service governing the methods of determin. Mcmmmm of ing the amount of pure silver contained, and the amount of charges Nueor deductions, if any, to be made. Sec. 5. That so much of the act of February twenty-eighth, eight- m;'ggh&’» M- 1. p- 25. een hundred and seventy-eight entitled "An act to authorize the ` coinage of the standard silver dollar and to re tore its legal-tender ehm-acter," as re uires the monthly purchase and coinage of the m‘f,‘°§gPu{{gg¤;g}:gg same into silver (dollars of not less than two million dollars, nor repealed- ‘ moreltllian four million dolla.rs’ worth of silver bullion, is hereby re a e . Site. 6. That upon the passage of this act the balances standing Ni£ with the Treasurer of the United States to the respective credits of ,'ft'}?,',{‘p§],°“b°°{,0§ national banks for deposits made to redeem the circulating notes into Treasury. of such banks, and all elposits thereafter received for like pu ose, shall be covered into the reasury as a miscellaneous receipt, add the srs! L-VOL XXVI-—-19