Sunbury American. [volume] (Sunbury, Pa.) 1848-1879, 1870-03-19
Exemption Of them from 1drdtion-Nd-
tionol Banks TO be Compelled 10 Ec-
change their Securities for the
Ne,c Bonds


That for the purpose of funding the deot
of the United States, and reducing the IN
terest thereon, the Secretary OF the lrea-
sury be and he is hereby authorized to
issue, on the credit of the United States,
coupons or registered bonds of such de-
nominations, not less than fifty dollars, as
he may think proper, to an amount not
exceeding S400, 100000, redeemable III com,
at the pleasure of the Government OF the
United States at any time after ten years,
and PAYABLE in coin at forty years from
date. asd bearing interest at the rate of.
five per centum per annum, payable semi
annually in coin, and the bonds thus au-
thorized may be disposed of at the discre-
ton of the Secretary, under such regula-
tions as he shall prescribe, either III the
United States or elsewhere, at not less than
their par value for coin or they may be
exchanged rany of the outstanding bonds
of an equal aggregate par value heretofore
issued, and known rs the tlve-twenty
bonds, and for no other purpose and the
proceeds of so much thereof as may be
disposed of for coin shall be placed in the
Treasury, to be used for the redemption of
such six per ccntum bonds at par as MAY
not be offered in exchange, or to replace
such amounts of coin as may have been
used for that purpose.
SEC. 2. 1nd be 1t further enacted, That
the Secretary of the Treasury be and is
hereby authorized to issue on the credit of
the United States coupon or registered
bonds to the amount of four hundred mil
lion dollars, of such denominations, not
less than fifty dollars, as he may think
proper, redeemable in coin at the pleasure
of the Government of the United States at
any time after fifteen years, and payable in
coin ut forty years from date, and bearing
interest not exceeding 4@ per ccntum per
annuln, payable semi-annually in coin !;
and the bonds authorized by this section
may be dis sposcd of under such regulations
rs the Secretary shall prescribe, in the
United States OF elsewhere, at not less than
par for coin A.; or they may be exchanged,
ut phr, for any of the outstanding Obliga-
tiOns of the Government, bearing higher
! rate ofinterest in cOin and the proceeds of
such bonds as may be sold for coin shall be
deposited in the Treasury, to be used for
the redemption of such obligations, bearing
interest in coin, as by the terms of issue,
are, or may become, rcdcemable or payable,
or to replace such coin as may have been
used for that purpose.
/ SEC. 3. Ind be IL fjutler enacted, That
the Secretary Of the Treasury be and he is
hereby authorized to issue on the credit Of
! the United States from time to time, cuu-
]
I tiCns not less than fifty dollars us lie may
think proper, to the amount of four hun
dred million dollars, rcdeemblc in coin at
the pleasure Of the Government ut any
time alter twenty years and payable in coin
ut forty years from date, and bearing inter-
est at the rate Of four per ccutum per
annum, payable sCml-annually III coin,
and such bonds may be disposed of either
! III the United States OF elsewhere at not
| less than their par value for coin, or at The
+ discretion Of the Secretary, for United
States notes, or may bc exchanged at not
thc United States, outstanding 1T the date
OF the issue Of such bonds ana if in the
opinion Of the Secretary of the Treasury it
is thought advisable to issue larger
amount of four per centUm bonds for any
Of the purposes herein or hereinafter reel
ted than would be otherwise authorized bv
this section of this act, such further issues
are hereby authorized Preceded, That
there shall be no increase in the aggregate
OF the United States in consequence of any
issue authorized by this act.
SEC. 4. Ind be il ttutbCr enacted, That
the bonds authorized by this act shall be
exempt from all taxation by or under Ma
tional, State, municipal, or local authority.
SEC. ). AudJe il tutter enacted, That
the Secretary Of the Treasury be, and he
is hereby authorized TO appoint such agents
in the United States and in Europe as he
may deem necessary to add III the uegoti-
alton of said bonds, and he may advertise
the loan herein authorized, and the condi-
tions thereof, i'll such newspapers and
journals in this country and in Europe, as
he may select for the purpose, and sum
not exceeding one-half Of one per centum
of the bond herein authorized is hereby !
,l fA p.
issuing and disp0SnG Of the same
SEC. 9. Ind Je dttashcr enacted That
in order to carry into execution the provi- /.
sions of the fifth section of the act entitled
AN act to authorize the issue of United
states notes, aud for the resumption or
funding thereof, and for funding the float /
ing debt oi the United States approved .
February -, 1852, relating to the sinking .
fund, there is hereby appropriated out of .
the duties derived from imported goods the /
sum Of fSl5J,UJU, 900 annually, which sum
during each fiscal year shall be applied to .
the paymcntspf the interest and to the re-
ducti0n ol The principal of the public debt
ana the United States bonds now held in
the sinking fund, and the United states
bonds now held in the Treasury, shall be
cancelled aud destroyed, detailed record
lhrreol beng first made in the books of the
'N'"''N ~ lSi tl!tht ana lhc DDllUS /.
hereafter purchased under tins section
sha!i, IN Ike manner, be cancelled and de
strolcd and II full and detailed account
OF the application of the money herein APP
prolrill,d shal! be made by the Secretary
o. Tie Treasury to Congress with his an
nr'! report, and the aggregate amount of
Tue bonds cancelled and DESTROYED shall be
sNi'c" IN The monthly statements Of the
public debt.
SIC. :. Ind be utUrttcr enacted, That
on ana a'tcr the first day of October, 1870,
registered bonds of any denomination not
les than 81 900 ISSUED under lhc provisions
u th!s act aud hu others, shall be- deposited
"ilh The Tr,asurvr of the United States rs
'rclu'y Tor the notes issued ia the national
banking associations for circulation, under
'h aci entitled, An act to provided a ma
-hal currency secured by a pledge of
nsted States bonds, aud to provide for
ae circulation aud redemption thereof"
june 3, ieJl and all national
'ah"InS associations organized under said
icl, 90 any Amendment thereof, the bonds
d which are then rvdccmab.e by thpsu
crms, aud rs they shall thereafter bccuIue
u. d D