Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1868-07-16
provisions Of the Funding BIZ.

WASHINGTON, July l5.-The following
Is the funding bill as passed by the Senate
last evening:
Be it enacted, etc, That she Secretary Of
the Treasury is hereby authorized to issue
coupons or registered bonds Of the United
States in such form and Of such denOmina-
tons as he may prescribe redeemabie in
coin. at the pleasure Of the United States,
after twenty, Thirty and forty years resPec-
lively, and bearing the following rates Of
yearly interest, payable semi-annually in
coin, that u TO say, the issue Of bonds fall
ing due in twenty years shall be an inter
est Of FIVE per cent. bo0ds falling due in
thirty years shall bear interest at
four per cent. which said bonds shall
be exempt from taxation in any form
uader any State, municipal or local au-
lhority; and the interest thereon or in
come therefrom shall be exempt from the
payment Of all lakes or duties TO the Uni
ted 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, or exchange for an equal
AADDQnl III. llAC RiE6cuk Understanding
debt Of the United States, other than the
existing per cent. bonds and the 8 per
cent. certificates, and may be issued to an
amount in the aggregate sufficient to
lower the principal of ali outstand-
| ing or existing obligations, as limited
herein and no more, but not to exceed
S7O0 O00, 600, shall be of the issue redeem
able ia twenty years. -.-. .r.--.-
And be il further enacted, That there is
hereby appropriated, out Of the duties de-
rived from imports Of goods, $I35, 600, 900
annually, which sum, during each fiscal
year, shall be applied to the payment Of
! the interest, and 10 the reduction of the
| principal of the public debt, in such man
ner as may be determined by the Secre-
tary of the Treasury, or as Congress
NAV hereafter direct, and such re-
| duction shall be In lieu Of the sink.
ing fund contemplated by the fifth sec.
| ton of the act entitled an act to authorize
the issue of United States notes and for
the redemption or funding thereof, and for
funding the floating debt of the United
States, approved February 25th, 1865; and
Be it further enacted, That any contract
hereafter made payable specifically 10
coin, shall be legal and valid, and may be
enforced according to its terms, and any
thing in the several acts relating to the
United States to the contrary notWithstand-
ing, provided that this section shall NOT
apply to contracts for the borrowing Of
currency, renewal or the extension of any
indebtedness under contract already entered
into, under such contract originally re-
quired payment in coin.
And be it further enacted, That FROM
and after the passage of this act, no per-
centage of deduction for commission OF
compensation OF any amount or kind shall
be allowed to any person for the sale or ne.
COLLATION. of any bond or securities of the
United States disposed Of at the Treasury
Department or elsewhere, on account OF
the United States and ali acts or parts o
acts authorizing, or permitting, byaeon
struction or otherwise, the Secretary of the
Treasury TO support any agent other thar
some proper officer of his Department, L
make such sale or negotiation of bonds ant
securities, are. hereby repealed.