Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1868-09-23
The Funding bill as it Passs d
- .ss4 .Ea,fbe Congress. .~.- .t hs-,


The Funding Bill as it Passs d
rss.4 ia9ibs Congress. .r- au tst
Below we give a copy of the Funding
Bill, as it passed Congress during the last
hours of that body, but which is not yet
law, because the President did not sign it.
the time not being sufficient before the adj
tournament, to enable him to prepare q
veto. sl5ito
1t is DondhoIder's Bill. Its syobiect to
make a new contract with the bondhold-
ers by which they will get gold interest
and gold principal for all their debts, and
that, too, with an express understanding,
that these bondholders are to be exempt
from the payment of all, taxes to the Uni
ted States and to the States, for State, coun-
ty, town, road, poor, school or other pur-
poses. sr- as...r1 o4qy .qgrr7E II 100
For this bill of denominations every Repub-
lican member of Congress from Ohio, who
was in his seat at the time, voted. while the
Democratic members, true to their princi-
Piles, voted against it. 5uf9 sd3 vr-mB
An act providing for the payment of the National
debt and for the reduction of the rate of interest
thereon. H5i 1f9nJ 10 torDGuJ F'l# % NI
Be it enacted, &C., That the Secretary of
coupons or registered bonds of the United
States in such form as he may prescribe,
and in denominations of 800. or any null
tiple of that sum. redeenaable in coin at the
pleasure of the United States after thirty
and forty years, respectively, and bearing
the following rates of yearly Interest, pay
able semi annually in coin, that is to say !:
the issue of bonds falling due in thirty years
shall bear interest at four per cent; and
bonds falling due in forty years shall
bear interest at four and one-half per
cent; which said bonds and the interest
thereon shall be exempt from the payment
of all tax or duties to the United States,
other than such income tax as may be as.
sessed on other incomes, as well as taxation
in anyoform by or under State, municipal,
or local authority, and the said bonds shall
be exclusively. used par for par, for the re.
demption or in exchange for an equal
amount of any of the present outstanding
bonds of the United States, known as the
$40 bonds. and may be issued to any
amount, in the aggregate, sufficient to
cover the principal of all such $40 bonds,
and no more. 4-' i"' .
SEC. 2 And be it further enacted, That
there is hereby appropriated out of the du-
ties derived from imported goods the sum
of $l35 100000 annually, which sum during
each fiscal year, shall be applied to the pay.
fnent ofthe interest and to the reduction of
the principal of the publioidebt, in. such
manner as NAV be determined by the Sec
retary of the Treasury, or as Congress may
hereafter direct; and such reduction shall
be in lieu of the sinking fund Contemplated
by the fifth section of the act entitled "An
act to authorize the issue of. United States
notes, and tor the redemption or funding
thereof, and funding the floating debt of
the United States" approved Feb %, 1862.
SIC. 8. And be it further enacted, That
from and after the passage of this act no
percentage, deduction, commission or COM
pensation, of any amount or kind, shall be
allowed to any person tor the sale, negoti-
alton, redemption, or exchange of any
bonds or securities of the United States, or
of any coin or bullion disposed of at the
Treasury Department or elsewhere on ac-
count of the United States; and all acts
and parts of acts authorizing or permitting,
by construction or otherwise, the Secretary
of the Treasury to appoint any agent, other
than some proper officer of his department.,
to make sale, negotion, redemption Or ex-
change OF bonds and securities, are hereby
repealed.