SEC. 3. That in addition to the amount of subsidiary silver coin authorized by law to be issued in redemption of the fractional currency it shall be lawful to manufacture at the several mints, and issue through the Treasury and its several offices, such coin to an amount that, including the amount of subsidiary silver coin and of fractional currency outstanding, shall, in the aggregate, not exceed, at any time, fifty million dollars. SEC. 4. That the silver bullion required for the purposes of this resolution shall be purchased, from time to time, at market rate, by the Secretary of the Treasury, with any money in the Treasury not otherwise appropriated; but no purchase of bullion shall be made under this resolution when the market rate for the same shall be such as will not admit of the coinage and issue, as herein provided, without loss to the Treasury; and any gain or seigniorage arising from this coinage shall be accounted for and paid into the Treasury, as provided under existing laws relative to the subsidiary coinage: Provided, That the amount of money at any one time invested in such silver bullion, exclusive of such resulting coin, shall not exceed two hundred thousand dollars. Act of February 28, 1878-To authorize the coinage of the standard silver dollar and to restore its legal-tender character. Be it enacted, etc., That there shall be coined, at the several mints of the United States, silver dollars of the weight of four hundred and twelve and a half grains troy of standard silver, as provided in the act of January 18, 1837, on which shall be the devices and superscriptions provided by said act; which coirs, together with all silver dollars heretofore coined by the United States, of like weight and fineness, shall be a legal tender at their nominal value, for all debts and dues public and private, except where otherwise expressly 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 two million dollars' worth per month, nor more than four million dollars' worth per month, and cause the same to be coined monthly, as fast as so purchased, into such dollars; and a sum sufficient to carry out the foregoing provision of this act is hereby appropriated out of any money in the Treasury not otherwise appropriated. And any gain or seigniorage arising from this coinage shall be accounted for and paid into the Treasury, as provided under existing laws relative to the subsidiary coinage: Provided, That the amount of money at any one time invested in such silver bullion, exclusive of such resulting coin, shall not exceed five million dollars: 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 two hundred and fifty-four of the Revised Statutes. SEC. 2. 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 a conference to adopt a common ratio between gold and silver, for the purpose of establishing, internationally, the use of bi-metallic money, and securing fixity of 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 the same. 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 two thousand five hundred dollars and their reasonable expenses, to be approved by the Secretary of State; and the amount necessary to pay such compensation and expenses is hereby appropriated out of any money in the Treasury not otherwise appropriated. SEC. 3. That any holder of the coin authorized by this act may deposit the same with the Treasurer or any assistant treasurer of the United States, in sums not less than ten dollars, and receive therefor certificates of not less than ten dollars each, corresponding with the denominations of the 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 be reissued. SEC. 4. All acts and parts of acts inconsistent with the provisions of this act are hereby repealed. SAM. J. RANDALL, Speaker of the House of Representatives. IN THE HOUSE OF REPRESENTATIVES U. S. FEBRUARY 28, 1878. The President of the United States having returned to the House of Representatives, in which it originated, the bill entitled, " An act to authorize the coil age of the standard silver dollar, and to restore its legal-tender character," with his objections thereto; the House of Representatives proceeded, in pursuance of the Constitution, to reconsider the same; and same. Resolved, That the said bill pass, two-thirds of the House of Representatives agreeing to pass the Attest: GEO. M. ADAMS, Clerk. IN THE SENATE OF THE UNITED STATES. FEBRUARY 28, 1878. The Senate having proceeded, in pursuance of the Constitution, to reconsider the bill entitled, "An act to authorize the coinage of the standard silver dollar, and to restore its legal-tender character," returned to the House of Representatives by the President of the United States, with his objections, and sent by the House of Representatives to the Senate with the message of the President returning the bill; Resolved, That the bill do pass, two-thirds of the Senate agreeing to pass the same. GEO. C. GORHAM, Secretary of the Senate. Attest: Act of May 2, 1878-Prohibiting the coinage of the twenty-cent piece of silver, authorized by the act of March 3, 1875. Be it enacted, etc., That from and after the passage of this act, the coinage of the twenty-cent piece of silver, by the Government of the United States, be, and the same is hereby prohibited. And all laws in conflict with this act are hereby repealed. Act of June 19, 1878-Making appropriations for the legislative, executive, and judicial expenses of the Government for the fiscal year ending Junė 30th, 1879, and for other purposes. And for the purpose of enabling the several mints and assay-offices of the United States to make returns to depositors with as little delay as possible, the provisions of section 3545 of the Revised Statutes of the United States shall hereafter apply to the several mints and assay-offices of the United States; and the Secretary of the Treasury is hereby authorized to use, as far as he may deem it proper and expedient, for payment to depositors of bullion at the several mints and assay-offices, coin certificates, representing coin in the Treasury, and issued under the provisions of section 254 of the Revised Statutes of the United States; all of said acts and duties to be performed under such rules and regulations as shall be prescribed by the Secretary of the Treasury. And it shall be lawful to apply the moneys arising from charges collected from depositors at the several mints and assay-offices pursuant to law, to defraying the expenses thereof, including labor, material, wastage, and use of machinery; and only so much of the appropriations herein made for the mints and assay offices respectively, shall be used for said mints and assay-offices as shall be necessary for the operations of the same, after the moneys arising from the charges aforesaid shall have been exhausted as herein provided. But in no event shall the expenditures of said mints and assay-offices exceed the amount of the specific appropriations herein made for same. Act of March 3, 1879-Making appropriations for sundry civil expenses of the Government for the fiscal year ending June 30th, 1880, and for other purposes. Be it enacted, etc., That the following sums be, and the same are hereby appropriated for the objects hereinafter expressed, for the fiscal year ending June 30th, 1880, namely: * * * * * * Transportation of United States securities: For transportation of notes, bonds, and other securities of the United States, sixty thousand dollars; and so much of the act "making appropriations for the legislative, executive, and judicial expenses of the Government for the fiscal year ending June 30th, 1879, and for other purposes," approved June 19th, 1878, as authorizes the Secretary of the Treasury to issue coin certificates in exchange for bullion deposited for coinage at mints and assay-offices other than those mentioned in section 3545 of the Revised Statutes, be, and the same is hereby repealed; said repeal to take effect at the end of the present fiscal year. Act of June 9, 1879-To provide for the exchange of subsidiary coins for Jawful money of the United States under certain circumstances, and to make such coins a legal tender in all sums not exceeding ten dollars, and for other purposes. Be it enacted, etc., That the holder of any of the silver coins of the United States of smaller denomination than one dollar, may, on presentation of the same in sums of twenty dollars, or any multiple thereof, at the office of the Treasurer or any assistant treasurer of the United States, receive therefor lawful money of the United States. SEC. 2. The Treasurer or any assistant treasurer of the United States who may receive any coins under the provision of this act shall exchange the same in sums of twenty dollars, or any multiple thereof, for lawful money of the United States, on demand of any holder thereof. SEC. 3. That the present silver coins of the United States of smaller denominations than one dollar shall hereafter be a legal tender in all sums not exceeding ten dollars in full payment of all dues public and private. SEC. 4. That all laws or parts of laws in conflict with this act be, and the same are hereby repealed. Act of May 26, 1882-To authorize the receipt of United States gold coin in exchange for gold bars.1 Be it enacted, etc.. That the superintendents of the coinage mints, and of the United States assay office at New York, are hereby authorized to receive United States gold coin from any holder thereof in sums not less than $5,000, and to pay and deliver in exchange therefor gold bars in value equaling such coin so received. 1 See Act of March 3, 1891, p. 21. Act of August 7, 1882-Sundry Civil Appropriation Law. * * * * * * For the transportation of silver coins: That the Secretary of the Treasury be, and he is hereby, authorized and directed to transport, free of charge, silver coins when requested to do so: Provided, That an equal amount in coin or currency shall have been deposited in the Treasury by the applicant or applicants; and that there is hereby appropriated ten thousand dollars, or so much thereof as may be necessary, for that purpose, and that the same be available from and after the passage of this act. * * * ** * * * * * Act of August 4, 1886-Making appropriations for sundry civil expenses of the Government for the fiscal year ending June 30th, 1887, and for other purposes. Be it enacted, etc., * And the Secretary of the Treasury is hereby authorized and required to issue silver-certificates in denominations of one, two, and five dollars, and the silver certificates herein authorized shall be receivable, redeemable, and payable in like manner and for like purposes as is provided for silver-certificates by the act of February 28th, 1878, entitled An act to authorize the coinage of the standard silver dollar, and to restore its legal-tender character," and denominatians of one, two, and five dollars may be issued in lieu of silver-certificates of larger denominations in the Treasury or in exchange therefor upon presentation by the holders and to that extent said certificates of larger denominations shall be canceled and destroyed. TRANSPORTATION OF SILVER COIN: For transportation of silver coin, including fractional silver coin, by registered mail or otherwise, forty thousand dollars; and in expending this sum the Secretary of the Treasury is authorized and directed to transport from the Treasury or subtreasuries, free of charge, silver coin when requested to do so; Provided, That an equal amount in coin or currency shall have been deposited in the Treasury or such subtreasuries by the applicant or applicants. And the Secretary of the Treasury shall report to Congress the cost arising under this appropriation. [Similar provisions are contained in succeeding Sundry Civil Appropriation laws.] Act of February 19, 1887—An act for the retirement and recoinage of the trade dollar. Be it enacted, etc., That for a period of six months after the passage of this act, United States trade dollars, if not defaced, mutilated or stamped, shall be received at the office of the Treasurer, or any assistant treasurer of the United States, in exchange for a like amount, dollar for dollar, of standard silver dollars, or of subsidiary coins of the United States. SEC. 2. That the trade dollars received by, paid to, or deposited with the Treasurer orany assistant treasurer or national depositary of the United States shall not be paid out or in any other manner issued, but, at the expense of the United States, shall be transmitted to the coinage mints and recoined into standard silver dollars or subsidiary coin, at the discretion of the Secretary of the Treasury; Provided, That the trade dollars recoined under this act shall not be counted as part of the silver bullion required to be purchased and coined into standard dollars as required by the act of February 28, 1878. SEC. 3. That all laws and parts of laws authorizing the coinage and issuance of United States trade dollars are hereby repealed. Received by the President, February 19, 1887. [NOTE BY THE DEPARTMENT OF STATE.--The foregoing act having been presented to the President of the United States for his approval, and not having been returned by him to the house of Congress in which it orig nated within the time prescribed by the Constitution of the United States, has become a law without his approval.] Act of March 2, 1889,—Sundry Civil Appropriation Law, That hereafter it shall not be lawful to use any portion of the so-called "silver profit fund" or of the appropriation for "storage silver transportation "for the purpose of paying the expenses of the transportation of standard silver dollars from the mints or the sub-treasuries to the Treasury at Washington, District of Columbia. Act of July 14, 1890–Directing the purchase of silver bullion and the issue of Treasury notes thereon, and for other purposes, Be it enacted, etc., That the Secretary of the Treasury is hereby dircted to purchase, from time to time, silver bullion to the aggregate amount of four million five hundred thousand ounces, or so much thereof as may be offered in each month, at the market price thereof, not exceeding one dollar for three hundred and seventy one and twentyfive hundredths grains o 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 one dollar nor more than one thousand dollars, 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 Treasury not otherwise appropriated. SEC. 2. That the Treasury notes issued in accordance with the provisions of this act shall be redeemable on demand, in coin, at the Treasury of the United States, or at the office of any assistant treasurer of the United States, and when so redeemed may be reissued; but no greater or less amount of such notes shall be outstanding at any time than the cost of the silver and the bullion standard silver dollars coined therefrom, then held in the Treasury purchased by such notes; and such Treasury notes shall be a legal tender in payment of all debts, public and private, except where otherwise expressly stipulated in the contract, and shall be receivable for customs, taxes, and all public dues, and when so received may be reissued; and such notes, when held by any national banking association, may be counted as a part of its lawful reserve. That upon demand of the holder of any of the Treasury notes herein provided for the Secretary of the Treasury shall, under such regulations as he may prescribe, redeem such notes in gold or silver coin, at his discretion, it being the established policy of the United States to maintain the two metals on a parity with each other upon the present legal ratio, or such ratio as may be provided by law. SEC. 3. That the Secretary of the Treasury shall each month coin two million ounces of the silver bullion purchased under the provisions of this act into standard silver dollars until the first day of July, 1891, 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 seigniorage arising from such coinage shall be accounted for and paid into the Treasury. SEC. 4 That the silver bullion purchased under the provisions of this act shall be subject to the requirements of existing law and the 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 February 28, 1878, entitled "An act to authorize the coinage of the standard silver dollar and to restore its legal tender character," as requires the monthly purchase and coinage of the same into silver dollars of not less than two million dollars nor more than four million dollars' worth of silver bullion, is hereby repealed, [SEC. 6 relates to the five per cent. redemption fund of National banks. See page 44.] SEC. 7. That this act shall take effect thirty days from and after its passage. Act of September 26, 1890-To amend section 3510 of the Revised Statutes of the United States, and to provide for new designs of authorized devices of United States Coins. [Amends sec. 3510 of Revised Statutes relating to designs, etc., of coins.] Act of September 26, 1890-An act to discontinue the coinage of the three dollar and one-dollar gold pieces and three-cent nickel piece. Be it enacted, etc., That from and after the passage of this act the coinage of the three-dollar gold piece, the one-dollar gold piece, and the three-cent nickel piece be, and the same is hereby probibited, and the pieces named shall not be struck or issued by the Mint of the United States. SEC. 2. That as fast as the said coins shall be paid into the Treasury of the United States they shall be withdrawn from circulation and be recoined into other denominations of coins. of SEC. 3. That all laws and parts of laws in conflict with this act are hereby repealed. Act of February 10, 1891–To prevent counterfeiting or manufacture dies, tools, or other implements used in counterfeiting, and providing penal ties therefor, and providing for the issue of search warrants in certain cases. * * * * * * * * * * * [Prohibits the making of molds, hubs, dies, etc., in similitude of dies for U. S. coins, or of anything in likeness of any coins of the U. S. or of any foreign Government; and provides for the seizure and forfeiture of all counterfeits, etc.] Act of March 3, 1891—An act making appropriations for the legislative, executive, and judicial expenses of the Government for the fiscal year ending June 30, 1892, and for other purposes. SEC. 3. That an act to authorize the receipt of United States gold coin in exchange for gold bars, approved May 26th, 1882,1 be amended to read as follows: 66 That the superintendents of the coinage mints and of the United States assay office at New York may, with the approval of the Secretary of the Treasury, but not otherwise, receive United States gold coin from any holder thereof in sums of not less than five thousand dollars, and pay and deliver in exchange therefor gold bars in value equaling such coin so received: Provided, That the Secretary of the Treasury may impose for such exchange a charge which, in his judgment, shall equal the cost of manufacturing the bars." Act of November 1, 1893.-An Act to repeal a part of an act approved July 14th, 1890, entitied “An Act directing the purchase of silver bullion and the issue of Treasury notes thereon, and for other purposes." Be it enacted, etc., That so much of the act approved July 14th, 1890, entitled An act directing the purchase of silver bullion and issue of Treasury notes thereon, and for other purposes," as directs the Secretary of the Treasury to purchase from time to time silver bullion to the aggregate amount of 4,500,000 ounces, or so much thereof as may be offered in each month at the market price thereof, not exceeding one dollar for three hundred and seven y-one and twenty-five one-hundredths grains of pure silver, and to 1 See p. 19. issue in payment for such purchases Treasury notes of the United States, be, and the same is hereby repealed. And it is hereby declared to be the policy of the United States to continue the use of both gold and silver as standard money, and to coin both gold and silver into money of equal intrinsic and exchangeable value, such equality to be secure through international agreement, or by such safeguards of legislation as will insure the maintenance of the parity in value of the coins of the two metals, and the equal power of every dollar at all times in the markets and in the payment of debts. And it is hereby further declared that the effort of the Government should be steadily directed to the establishment of such a safe system of bimetallism as will maintain at all times the equal power of every dollar coined or issued by the United States, in the markets and in the payment of debts. II.-LAWS RELATING TO GOVERNMENT CURRENCY. Act of July 17, 1861.—An act to authorize a national loan, and for other pur poses. Be it enacted, etc., That the Secretary of the Treasury be, and he is hereby, authorized to borrow on the credit of the United States, within twelve months from the passage of this act, a sum not exceeding $250,000,000, or so much thereof as he may deem necessary for the public service, for which he is authorized to issue coupon bonds, or registered bonds, or Treasury notes, in such proportions of each as he may deem advisable: the bonds to bear interest not exceeding seven per centum per annum, payable semi-annually, irredeemable for twenty years, and after that period redeemable at the pleasure of the United States; and the treasury notes to be of any denomination fixed by the Secretary of the Treasury, not less than $50, and to be payable three years after date, with interest at the rate of seven and three-tenths per centum per annum, payable semiannually. And the Secretary of the Treasury may also issue in exchange for coin, and as part of the above loan, or may pay for salaries or other dues from the United States, Treasury notes of a less denomination than fifty dollars, not bearing interest, but payable on demand by the assistant treasurers of the United States at Philadelphia, New York, or Boston, or Treasury notes bearing interest at the rate of three and sixty-five hundredths per centum, payable in one year from date, and exchangeable at any time for Treasury notes for fifty dollars, and upwards, issuable under the authority of this act, and bearing interest as specified above: Provided, That no exchange of such notes in any less amount than one hundred dollars shall be made at one time: And provided further, That no Treasury notes shall be issued of a less denomination than ten dollars,' and that the whole amount of Treasury notes, not bearing interest, issued under the authority of this act, shall not exceed $50,000,000. SEC. 6. And be it further enacted, That whenever any Treasury notes of a denomination less than fifty dollars, authorized to be issued by this act, shall have been redeemed, the Secretary of the Treasury may reissue the same or may cancel them and issue new notes to an equal amount: Provided, That the aggregate amount of bonds and Treasury notes issued under the foregoing provisions of this act shall never exceed the full amount authorized by the first section of this act; and the power to issue or reissue such notes shall cease and determine after the 31st of December, 1862. SEC. 7. And be it further enacted, That the Secretary of the Treasury is hereby authorized, whenever he shall deem it expedient, to issue in exchange for coin, or in payment for public dues, Treasury notes of any denominations hereinbefore specified, bearing interest not exceeding six per centum per annum, and payable at any time not exceeding twelve months from date, provided that the amount of notes so issued, or paid, shall at no time exceed twenty millions of dollars. Act of August 5, 1861.-An act supplementary to an act entitled "An act to authorize a national loan and for other purposes." Be it enacted, etc., * * * Any part of the Treasury notes payable on demand, authorized by said act [of July 17, 1861], may be made payable by the assistant treasurer at St. Louis, or by the depositary at Cincinnati. SEC. 2. And be it further enacted, That the Treasury notes issued under the provisions of the said act to authorize a national loan, and for other purposes, or of any other act now in force authorizing the issue of such notes, shall be signed by the Treasurer of the United States, or by some officer of the Treasury Department, designated by the Secretary of the Treasury, for said Treasurer, and countersigned by the Register of the Treasury, or by some officer of the Treasury Department, designated by the Secretary of the Treasury, for said Register, and no Treasury notes, issued under any act, shall require the seal of the Treasury Department. SEC. 3. And be it further enacted. That so much of the act to which this is supplementary as limits the denomination of a portion of the Treasury notes authorized by said act at not less than ten dollars, be and is so modified as to authorize the Secretary of the Treasury to fix the denomination of said notes at not less than five dollars. * * * * * * * * * * SEC. 5. And be it further enacted, That the Treasury notes authorized by the act to which this is supplementary, of a less denomination than fifty dollars, payable on demand 1 Changed to $5 by Act of August 2, 1861, sec. 3, below. |