persons, to monopolize any part of the trade or commerce among the several States, or with foreign nations, shall be deemed guilty of a misdemeanor, and, on conviction thereof, shall be punished by fine not exceeding five thousand dollars, or by imprisonment not exceeding one year, or by both said punishments, in the discretion of the court.

SEC. 3. Every contract, combination in form of trust or otherwise, or conspiracy, in restraint of trade or commerce in any Territory of the United States or of the District of Columbia, or in restraint of trade or commerce between any such Territory and another, or between any such Territory or Territories and any State or States or the District of Columbia, or with foreign nations, or between the District of Columbia and any State or States or foreign nations, is hereby declared illegal. Every person who shall make any such contract or engage in any such combination or conspiracy, shall be deemed guilty of a misdemeanor, and, on conviction thereof, shall be punished by fine not exceeding five thousand dollars, or by imprisonment not exceeding one year, or by both said punishments, in the discretion of the court.

SEC. 4. The several circuit courts of the United States are hereby invested with jurisdiction to prevent and restrain violations of this act; and it shall be the duty of the several district attorneys of the United States, in their respective districts, under the direction of the Attorney-General, to institute proceedings in equity to prevent and restrain such violations.

SEC. 6. Any property owned under any contract or by any combination, or pursuant to any conspiracy (and being the subject thereof) mentioned in section one of this act, and being in the course of transportation from one State to another, or to a foreign country, shall be forfeited to the United States, and may be seized and condemned by like proceedings as those provided by law for the forfeiture, seizure, and condemnation of property imported into the United States contrary to law.

SEC. 7. Any person who shall be injured in his business or property by any other person or corporation by reason of anything forbidden or declared to be unlawful by this act, may sue therefor in any circuit court of the United States in the district

in which the defendant resides or is found, without respect to the amount in controversy, and shall recover three fold the damages by him sustained, and the costs of suit, including a reasonable attorney's fee.

SEC. 8. That the word "person," or "persons," wherever used in this act shall be deemed to include corporations and associations existing under or authorized by the laws of either the United States, the laws of any of the Territories, the laws of any State, or the laws of any foreign country.

No. 182. Silver Purchase Act

July 14, 1890

IN his annual message of December 3, 1889, President Harrison called attention to the decline in the market price of silver, and expressed fear of the effect of a further decline on the value of gold and silver dollars in commercial transactions. The accompanying report of the Secretary of the Treasury proposed the issue of treasury notes "against deposits of silver bullion at the market price of silver when deposited, payable on demand in such quantities of silver bullion as will equal in value, at the date of presentation, the number of dollars expressed on the face of the notes at the market price of silver, or in gold, at the option of the Government, or in silver dollars at the option of the holder"; together with "the repeal of the compulsory feature of the present coinage act." A bill authorizing the issue of treasury notes on deposits of silver bullion was introduced in the House January 20, 1890, by E. H. Conger of Iowa, and referred to the Committee on Coinage, Weights, and Measures. The bill was reported April 9. Another bill directing the purchase of silver bullion and the issue of treasury notes thereon was introduced by Conger April 24, and referred; June 5 an amended form of this bill was substituted for the bill already before the House, and the bill passed, the vote being 135 to 119, 73 not voting. In the meantime a bill prepared by the Secretary of the Treasury, in accordance with the recommendations of his annual report, had been introduced in the Senate January 20, by Morrill of Vermont, by request, had been taken up March 31, and was under consideration when the House bill was received. June 13 the House bill was substituted for the bill before the Senate. On the 17th a free coinage amendment, offered by Plumb of Kansas, was agreed to by a vote of 43 to 24, and the amended bill passed, the final vote being 42 to 25, 17 not voting. The House disagreed to the Senate amendments, and a conference committee settled the final form of the bill. The report of the committee was agreed to by the Senate July 10, by a vote of 39 to 26, and by the House July 12, by a vote of 122 to 90, 116 not voting. So much of the act as provided for the

purchase of silver bullion and the issue of notes thereon was repealed by the act of November 1, 1893 [No. 183].

REFERENCES.-Text in U.S. Statutes at Large, XXVI., 289, 290. For the proceedings see the House and Senate Journals, 51st Cong., 1st Sess., and the Cong. Record. The texts of the bills of April 24 and June 5 are in the Record, June 7, House proceedings. On Conger's bill of January 29 see House Report 1086. On the amount of coinage under the act see Senate Doc. 163, 55th Cong., 2d Sess.

An act directing the purchase of silver bullion and the issue of Treasury notes thereon, and for other purposes.

Be it enacted..., That the Secretary of the Treasury is hereby directed 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 twenty-five hundredths grains of pure silver, and to issue in payment for 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.

...

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 bullion and the 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 . . . [July 1, 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. 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.

No. 183. Repeal of the Silver Purchase Act of 1890

November 1, 1893

A BILL to repeal the silver purchase act of July 14, 1890 [No. 182], was introduced in the House August 11, 1893, by William L. Wilson of West Virginia. A free coinage substitute was offered by Bland of Missouri. On motion of Bland it was agreed that the debate should continue for fourteen days, eleven days to be allotted to general debate under the rules of the last House, and the last three days to the consideration of the bill and amendments under the five-minute rule; that upon the close of the debate, votes should be taken in the following order: on free coinage of silver at the present ratio, then at the ratio of 17 to 1, then at the ratio of 18 to 1, then at the ratio of 19 to 1, and finally at the ratio of 20 to 1; and that in the event of these several votes resulting in the negative, the House should vote on an amendment to revive the so-called Bland-Allison act of February 28, 1878 [No. 178]. The bill was then taken up, and formed the principal subject of debate until August 28. The disastrous panic, due in part to the anxiety caused by the shrinkage of the gold reserve notwithstanding the rapid increase in the volume of silver certificates, made the debate one of extraordinary public

interest, while the advocates of silver carried on a vigorous agitation for free coinage in the event of a repeal of the compulsory purchase clause of the act of 1890. The votes taken August 28 resulted as follows: on the free coinage substitute, 125 to 226; on free coinage at the ratio of 17 to 1, 101 to 241; at 18 to 1, 103 to 240; at 19 to 1, 104 to 238; at 20 to 1, 122 to 222; on reviving the Bland-Allison act, 136 to 213. The bill was then read a third time and passed, the vote being 239 to 109, 5 not voting. The Senate had under consideration a bill to the same effect as the House bill, so far as repealing the purchase clause of the act of 1890 was concerned; August 29 this was reported by the Committee on Finance as a substitute for the House bill. The bill was not considered until October 30, when the substitute was agreed to and the bill passed, the final vote being 43 to 32. November 1, by a vote of 194 to 94, 65 not voting, the House concurred in the Senate amendment. A bill to "coin the seigniorage" was vetoed by President Cleveland May 27, 1894.

REFERENCES. ·Text in U. S. Statutes at Large, XXVIII., 4, 5. For the proceedings see the House and Senate Journals, 53d Cong., 1st Sess., and the Cong. Record. Practically every aspect of the silver question was touched on in the debate.

An Act to repeal a part of

...

[the Silver Purchase Act of July 14, 1890].

Be it enacted That so much of the . . . [Silver Purchase Act of July 14, 1890]. . ., as directs the Secretary of the Treasury 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 seventyone and twenty-five one-hundredths grains of pure silver, and to 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 secured 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 efforts 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.