Evening star. [volume] (Washington, D.C.) 1854-1972, 1868-07-16
The Sherman Fusdiuy Bill.

The funding bill, as passed by the Senate On
Tuesday evening last authorizes the Secretary
of the Treasury 10 issue coupon or registered
bonds OF the United States in such form and of
sueh denominations as be may prescribe. re-
deemable IN com al the pleasure or the United
States, after twenty, thirty, and fortV Years
respectively, and bearing the following rates
OK yearly interest, payable semi AM 3aily IN
coin, that is 10 say: The issue of bonds f,lIin =
due In twenty years sAell bear interest at Ave
per eentumi bonds fsiling due in thirty years
shall bear Interest a fosr and hal< per CEN
toH; and bonds falling due ~ forty wears snail
bear interest al four per centum: which said
eonds shall be exesHpt from taxa.on i'm any
iorm by or under Sts1e, municipal, or local
futhorliy, ana The same and the Interest there.
on, and the income thoneirom. shall be ex em Mt
rom lbe payment of all axes or ties 10 the
United States. otasr ssan such income TAX as
may De assessed upon other incomes, and the
said bonds and the proceeds thereof, shall he
exclusively used Tor tue redemrtiCn. or nav.
mfnt AT the opIon si the holdeG, Oh purchase
Oh or exchange sor, aaa equal amount of auy of
ne Preseat inteIest-hearing dekt of the United
states, osher than the existing Eve per centum
bonds aud the three per ceatum certificates
ana may oe issued &c an amour7' IN the agsre-
gate. suttcient TO cover the principal OF all
outstanding or existing obligations as limited
herein, and no more, but not 20 exceed seven
hundred millions Of dollars shall be OF the
is,he reasonable IN twenty years.
Ii appropTiates out of the duties derived
nom ipPorted goods the sum Of one hundr.d
anu thnly.hve millions Of dollars annually,
plled 10 the payDen, of he interest. and to the
reduction of The prsneipal of The Pab3ic debt. IN
sucn manner as may be determined by the
Secretary OF the Treasury. or as Congress NAV
bereafter direct, and such reduction shall bs in
lieu OF the sinking fund contemplated by the
n1tn section OF The act entitled AN act to an.
thorlZe the Issue OF United States notes and
for the redsmptsen or funding thereof and for
fnndiKS The floating debt OF the United states
approves February twency-ffth, eigh cen
hundred and sIxty.two.
Ii ueRActs fhAt any contract hereafter I1ade,
spec10caa&y payable In com, -shslI be LEGAL and
valid. and may be enforced according 20 il.
terms anythiDg IN the several acts relating To
United states notes 70 the oon ntrary potwith.
sfandtag- Pr0rseed, That this section shall not
apply to contracts for the borrowing of cur.
rsncy Sr the renewal or extension of an indebt.
edness under a con tract already entered in TO-
unless such contract originally REQ uired nav.
ment - coin. II enacts further that from and
after TIE passage Of this ACT ro per censase de.
duction, commission, compen satior ef auv
amount or kiHd SHALL BE- allowed tv any pers on
for The sale or negeNation Of any bonds or Sc
curftSes 81 the United States disposed sf At the
Treasury Department or elsewhere on accoun,
OF the United States; and al acts and parts
OF acts Suthorizing or permitting, by construc.
lon or Otherwise, the Secretary of the Treas q.
ury 20 appoint any agent other than some pro-
per oHicer OF his department 70 make uch sale
or neeotia tiaton Of bon De and securities are here.