The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1868-07-24
Tho Funding Bill.
The following is copy of the fund
ing bill as passed by the Senate:

The following is u copy of the fund
ing bill as passed by the Senate:
BE 1t cRoctcd, etc., That the Sccrcta-
~ Of the Treasury is hereby authorized
10 issue coupons or rcgistcred bonds of
the United States, in such form and of
such denominations as lie may pre-
scribe, redccmabc in coin at the pleas
urc of the United States after twenty.
thirty and forty years respectively, and
bearing the following rates of yearly
interest payable simiannually in coin.
that is to say, the issue of bonds falling
due i'll twenty years shall bear interest
of five per cent. Bonds falling due in
thirty years shall bear interest at four
per cent, which said bonds shall be cX-
empt from taxation i'll any form under
any State. municipal or local authority.
and the same interest thereon, AUD the
| income thCrcfrom, shall be exempt from
! thnnqymout of. all taxes or duties 10
I the United ,-fftrs, Other than Stitd ~.
come tax as may be assessed upon otb-
cr incomes; and the said bonds and the
proceeds thereof shall be exclusively
used for the redemption or payment, at
the option Of the holder or purchaser,
or exchanged for an equal amount OF
the present interest bearing debt of the
United States, other than the existing
five per cent. bonds. and the third per
cent. certificates, and may be issued to
an amount in the aggregate sufficient to
cover the principal of all outstanding
or existing obligations, as limited here
in, and no more, but not to exceed
S700,00O000, shall be of the issue re-
decmable in twenty years.
BE u fMrthcr eH0cied, That there is
hereby appropriated out of the duties
derived from imported goods one hun
bred and thirty-five millions Of dollars
annually, which sum during each fiscal
year shall be applied to the payment of
the interest and TO the reduction Of the
principal of the public debt, in such a
manner as may be determined by the
Secretary of the Treasury, or as Con-
eress may hereafter direct. and such re-
duction shall be in lieu of the sinking
fund, contemplated by the 9th section
of the act entitled an act to authorize
the issue Of United States notes, and
for the redemption or funding thereof,
and for the funding of the floating debt
of the United States, approved Fcbrua-
ry %, 1865.
BE it further enacted, That any con-
tract hereafter made payable speciiical-
" in coin shall be legal and valid. and
may be enforced according TO its terms
any thing in the several acts relating to
the United States to the contrary not.
hstanding; provided, that this sec.
ton shall not apply to contracts for the
borrowing of currency, the removal OF
the extension Of any indebtedness UNI
der contract already entered into, un
less such contract originally required
payment in coin.
BE II .fHTther cnGctcd, That from an,
after the passage of this act, 10 pc
ccntagc deduction on commission o
compensation of any amount or kind
shall be allowed to any person for sal
or negotiation. Any bond or sccuri
ties OF the United States disposed of Il
the Treasury Department or clscwhcr
on account Of the United States. am
, all acts or parts of acts authorizing o
permitting, by the Constitution or 9th
: crwisc, the Secretary of the Treasur
+ to appoint an agent other than som
= proper officer of his department., I
, make such sale or negotiations of bond
and securities, are hereby repealed.