The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1868-07-18
The Funding Bin.

The following is the funding bill, as it passed
the Senate on the l4th:
Be ii enacted, etc., That the secretary Of the
treasury is hereby authorised to issue coupons or
registered bonds of the United States in such
form and of such denominations as he may pre-
scribe, redeemable in soin at the pleasure OF the
government, after twenty, thirty and forty years
respectively, and bearing the following rates of
yearly interest, payable semi annually In coin /:
That is TO say the issue of bonds falling due in
twenty years shall bear interest at five per cent
the bonds falling due in thirty years shall bear
interest at four per cent, which said bonds shall
be exempt from taxation in any form under
any State, municipal or local authority; and
tberefrom shall be exempt from the payment Of
all taxes or duties to the United States other than
such income tax as may be assessed upon other
incomes and the said bonds and the proceeds
thereof shall be exclusively used FOR the redemp-
ton or payment, at the option of the holder or
purchaser, in exchange for an equal amount OF the
present interest bearing debt of the United States,
other than the existing five per cent. bonds and
the three per cent. certificates, and may be issued
TO an amount in the aggregate sufficient TO cover
the principal Of all outstanding or existing obliga-
tons as limited herein, and no more; but not to
exceed 500 900 900 shall be of the issue redeem
able in twenty years.
EAnd be ii further enacted, That there Is hereby
appropriated out Of the duties derived from i'm
ported goods sl35, 100000 annually, which sum
during each third year shall be applied TO the
payment of the interest, and the reduction Of the
principal Of the public debt in such manner
as may be determined by the secretary Of the
treasury, or as Congress may hereafter direct,
and such reduction shall be in lieu OF the sink
ing fund contemplated by the fifth section OF the
act entitled " an act to authorize the issue oil
United States notes, and for the redemption OF
funding thereof, and for funding the floating debt
of the United States" approved February 18TH
1862.
And be it further enacted, That any contract
made hereafter, payable specifically in coin, shall
be legal and valid, and may be enforced according
to its term, anything in the several acts relating
to the United States notes to the contrary not
withstanding, provided that this section shall moi
apply TO contracts for the borrowing of currency,
the removal or extension Of any indebtedness;
unless such contract originally required payment
in coin.
And be IL further enacted, That from and after
the passage Of this act, no per centage, deduc'
ton, commission or compensation OF any amour
or kind, shall be allowed to any person for thu
sale or regulation of any bonds or securities o
the United States disposed of at the Treasury De
partment or elsewhere on account OF the United
States; and all acts or parts OF acts authOrzlnI
| or permitting, by construction or otherwise, TIL
| secretary of the treasury to appoint any agen
| other than some proper officer of his department
| TO make such sale or negotiation Of bonds an
securities, are hereby repealed.