The Sun.
London, England, 1870-03-29 00:00:00

THE FUNDING BILL.

We give the following copy of the Funding Bill
as it passed the Senate on the evening of March
11:

Section 1. That for the purpose of funding the debt of
the United States and reducing the interest thereon, the
Secretary of the Treasury be and he is hereby authorized
to issue on the credit of the United States coupon or regis-
tered bonds of such denominations, not less than $5O, as
he may think proper, to an amount not exceeding four
hundred millions of dollars, redeemable in coin, at the
pleasure of the Government of the United States at any
time after ten years, and payable in coin at forty years from
date, and bearing interest at the rate of five per centum per
annum, payable semi-annually in Coin • and the bonds thus
authorized may be disposed of at the discretion of the
Secretary, under such regulations as he shall prescribe,
either in the United States or elsewhere, at not less than
their par value for coin ; or they mly be exchanged for
any of the outstanding bonds, of an equal aggregate par
value, heretofore issued and known as the Five-Twenty
Bonds, and for no other purpose; and the proceeds of so
much thereof as may be disposed of for coin, shall be placed
in the Treasury, to be used for the redemption of such 6
per centum bonds at par as may not be offered in ex-
change, or to replace such amount of coin as may have
been used fur that purpose.
Section 2. And be it further enacted, that the Secretary
of the Treasury be and he is hereby authorized to issue on
the credit of the United States coupon or registered bOods
to the amount of $400,000,000, of such denominations, not
less than $5O, as he may think proper, redeemable in coin
at the pleasure of the Government of the United States, at
any time after 15 years, and payable in coin at 40 years
from date, and bearing interest not exceeding 41 per cent.
per annum, payable semi-annually; and the bonds autho-
rized by this section may be disposed of under such regu-
lations as the Secretary of the Treasury shall prescribe
in the United States or elsewhere, at not less than par for
coin ; or they may be exchanged at par for any of the out-
standing obligations of the Uited States bearing a higher
rate of interest in coin, and the proceeds of such bonds
as may be sold for coin shall be deposited in the Treasury,
to be used for the redemption of such obligations bearing
interest in coin as, by the terms of issue, are or may be-
come redeemable or payable, or to replace such coin as
may have been used for that purpose.
Section 3. And be it further enacted, That the Secretary
of the Treasury he and he is hereby authorised to issue,
on the credit of the United States, from time to time,
coupon or registered bonds of such denominations, not
less than $5O, as be may think proper, to the amount of
1100,000,000, redeemable in coin, at the pleasure of the
Government, at any time after twenty years, and payable
in coin at forty years from date, and bearing interest at the
rate of 4 per centum per annum, payable send-annually in
coin ; and such bonds may be disposed of either in the
United States or elsewhere, at not less than their par value
for coin, or, at the discretion of the 3 ecretary, for United
States notes, or may be exchanged at not less than par for
any of the obligations of the United States outstanding
at the date of the issue of such bonds, and if, in the opinion
of the Secretary of the Treasury, it is thought advisable
to issue a larger amount of 4 por centum bonds for any of
the purposes herein-or hereinafter recited than-would be
other wise authorised by this section of the Act, such
further issues are hereby authorised. Provided, That there
shall be no increase in the aggregate debt of the United
States in consequence of any issues authorised by this
Act.

Section 4. And be it further enacted, That the bonds,
and the annual income thereon, authorised by this Act,
shall be exempt front all taxatiod by or under national,
State, municipal, and local authority.
Section 5. And be it further enacted, That the Secretary
of the Treasury be, and he is hereby authorised to appoint
such agents in the United States and in Europe, as he
may deem necessary to aid in the negotiation of said
bonds, and he may advertise the loan herein authorised,
and the condition thereof, in such newspapers and jour-
nals in this country and in Europe as he may select for
that purpose, and a sum not exceeding one-half of one
per centum of the bonds therein authorised is hereby ap-
propriated to pay the expense of preparing, issuing, and
disposing of the same.
Section 6. And be it further erected, That in order to
carry into execution the provisions of the fifth section of
the Act entitled, " An Act to authorize the issue of United
States notes. and for the redemption or fending thereof,
and for funding the floating debt of the United States,"
approved February 25, 1862, relating to the sinking fund,
there is hereby appropriated out of the duties derived front
imported goods the sum of $1x0,000,000 annually, which
sum, during each fiscal year, shall be applied to the pay-
ment of the interest, and to the reduction of the principal
of the public debt; and the United States Bonds now held
as the sinking fund, and the United States Bonds now
held in the Treasury, shall be cancelled and destroyed, a
detailed record thereof first being made in the books of the
Treasury Department. And the bonds hereafter pur-
chased under this section shall in like manner be cancelled
and destroyed, and a full and detailed a,,count of the ap-
plication of the money herein appr,priated shall be made
by the Secretary of the Treasury to Congress with his an-
nual report, and the aggregate amount of the bonds can-
celled and destroyed shall be stated in the monthly state-
meat of the public debt.
Section 7. And be further enacted, That on and after
the Ist thy of October, 1870, registered bonds of any de-
nomination not less than $l,OOO, issued under the pro-
visions of this Act, and no others, shall be deposited with
the Treasurer of the United States as security for the
notes issued to the National Banking Associations for cir-
culation under an Act entitled, "An Act to provide a
national currency, secured by a pledge of the United
States Bonds, and to provide for the circulation and re-
demption thereof," approved June 3, 18,14, and all the
National Banking Associations, organized under said Act,
of any amendment thereof, the bonds of which are then
redeemable, by their terms, and as they shall thereafter
become redeemable, are hereby authorized to deposit
bonds issued under this Act as security for their circula-
tions notes within one year from the date. of the passage of
this Act, in default of which their right to issue notes for
circulation shall be forfeited, and the Treasurer and
the Controller of the Currency shall be authorized
and required to take such measures as may be neces-
sary to call in and destroy their outstanding cir-
culation, and to return the bonds held as security
therefor to the association by which they were depo-
sited in sums of not less than $l,OOO ; provided, that
any such association now in existence may, upon giving
thirty days' notice to the Controller of the Currency, by
resolution of its board of directors, deposit Legal-Tender
notes with the Treasurer of the United States to the
amount of its outstanding circulation, and take up the
bonds pledged for its redemption; and provided further,
that not more than one-third of the bonds deposited by
any bank as such security shall be of either of the
classes of bonds hereby authorised, on which the maximum
rate of interest is fixed at 4i or 5 per cent. per annum.
Section 8. And be it further enacted, That the amount
of circulating notes which any bank may receive from the
Controller of the Current under the provisions of Section
21 of said Act, may equal, but not exceed, 80 per centum
of the par value of the bonds aeposited, but shall not
exceed in the aggregate the amount of which such bank
may be entitled under said section.
Section 9. And be it further enacted, that any Banking
Association organized or to be organized under the Na-
tional Currency Act and the acts amendatory thereof, may,
upon depositing with the Treasurer United States notes
to any amount not lees thau $50,000, receive an equal
amount of registered bonds of the United States of the
kind and description provided for by section three of this
Act, and nuts deposit the same as the security for circula-
tion notes; and thereupon such Banking Association
shall be entitled to and shall receive circulating notes upon
terms and conditions and to the extent provided in the
.said National Currency Act, and without respect to the
limitation of the aggregate circulation of national cur-
rency proscribed by said Act; provided, however, that
as circulating notes are issued ardor this section an equal
amount of United States notes shall be cancelled and de-
stroyed.

TliE AUSTRIAN EmprnE.—A despatch from
Vienna states that the committee on the Galician resolu-
tion having rejected those articles of the Rechbaner
motion which grant Galicia a national administration
responsible to the Diet and a Ministry with seats in the
Cisleithan Cabinet, the Polish deputies consider the whole
resolution as rejected, and are considering what course
they shall pursue. The same despatch says that the
Ministerial crisis is delayed for the moment, but that it is
generally believed the Hasner Cabinet will not last until
the closing of the Reichsrath on the Bth of April.
SALT WATER BATHS.—Reversing the aphorism,
"If the mountain will not come to Mahomet, Mahomet
must go to the mountain," the Londoner has determined
as he cannot go the sea that the sea shall come to him.
Negotiations
are, it is said, going on to enable certain
partiesinterested in bringing salt water to London for the
purpose of providino• sea-baths, to carry out their object
by railway transit. The water is to be brought up from
Herne Bay in tanks, to be provided at the cost of the pro-
moters of the undertaking, and the charge for its con-
veyance will be so small that a sea-bath may be brought
within the reach of any person of moderate means.
ANOTHER MISSING SHIP.—The New York Herald
says that, while both the Old and New Worlds are watch-
ing the Atlantic for tidings of the long-absent City of
Boston, great anxiety prevails for the safety of another
ship that has been gone three months. On the first of
December the iron-clad Atlanta or Triumpho left Phila-
delphia for Port-au-Prince, but nothing has been received
from anyone on board since the day she steamed down
the Delaware to the ocean on her voyage to the West
Indies. A report prevailed that she had been wrecked off
Fortune Island but that was subsequently denied, and
the friends of those on board are reduced to the last ex-
tremity of hope. There were 12Q perBoll4 011 board, among
Wilow YfM two Ilaytian senators,