Chapter 20.
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CHAP. 20.— AN ACT to authorize the coinage of the standard silver dollar, and to restore its legal-tender character.Feb. 28, 1878. *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*,Silver dollars to be coined. 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 of1837, Ch. »,5 Stat., 136. standard silver, as provided in the act of January eighteenth, eighteen hundred thirty-seven, on which shall be the devices and superscriptions provided by said act; which coins 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 Legal tender.and dues public and private, except where otherwise expressly stipulated in the contract.
And the Secretary of the Treasury is authorized and directedPurchase of bullion. 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 carryAppropriation.Seigniorage. out the foregoing provision of this act is hereby appropriated out of any money in the Treasury not otherwise appropriated.
And any gain or seignior-age arising from this coinage shall be accounted for and paid into the Treasury, as provided under existing laws relative to the subsidiaryInvestment in bullion.Gold certificates.R. S., 254, p. 41. 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 PresidentInternational conference. 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 bimetallic money, and securing fixity of relative value between those metals; such conference-to be held at such place, in Europe or in the United Stales, 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,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 fiveAppropriation.Allowance to commissioners. 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. 26 FORTY-FIFTH CONGRESS.
Sess. II. Ch. 20, 22, 25. 1878. Sec. 3. That any holder of the coin authorized by this act may depositSilver certificates.For what receivable. 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 March 4, 1878.certificates shall be retained m 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.* W. A. WHEELER *Vice-President of the United States and President of the Senate* 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 coinage 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 *Resolved*, That the said bill pass, two thirds of the House of Representatives agreeing to pass the same.
Attest: GEO. M ADAMS *Clerk* By GREEN ADAMS *Chief 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..
Attest: GEO C GORHAM *Secretary of the Senate*