Wyandot County Republican. [volume] (Upper Sandusky, Ohio) 1869-1903, 1870-02-11
THE NEW
FUNDING BILL !!
WASHINGTON, Feb. 8, 1910.

WASHINGTON, Feb. 3, 1870.
Mr.. Sherman, from the Finance
Committee, reported in the Senate.
to-day, the following bill to author
ize the funding and consolidation of
the national debt. to extend banking
facilities, and to establish specie
payments:
ssBe it enacted, &C., That for the
purpose of funding the debt of the
United States, and reducing the in
terest thereon, the Secretary of the
Treasury is hereby authorized to is
sue, ON the credit of the United
States. coupon or registered bonds
of such denominations, not less than
fifty dollars, as lie may think prop
er, to an amount not exceeding
S40O, 100000, redeemable in coin,
at the pleasure of the Government,
at any time after ter years, and pay
able in coin at twenty years from
date, and bearing interest at the
rate of five per cent. per annum, pay
able. semi annually, in coin; and
the bonds thus authorized may be
disposed of at the discretion of the
Secretary, under such regulations as
he shall prescribe, eithee in the Unit
ed States or elsewhere, at not less
than par value, for coin; or they
may be exchanged for any Of the
out standing bonds of an equal ag-
gregate par value, heretofore issued.
and known as Five-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 is
sued for the redemption Of such six
per cent. bonds, at par, as may not
| lie offered for exchange, or to re-
place such amout of coin as MAJ
have been used for that purpose.
"sSEC- 2. That the Secretary oil
the Treasury is hereby authorized To
issue ON the credit of the United
States coupons or registered bonds
to the amount of $400,O00,O0O, OF
such denominations, not less thar
fifty dollars,a as he may think proper
redeemable in coin at the pleasure Of
! the Government at any time after
fifteen years, and payable in coin al
thirty years from date, and bearing
interest at the rate of four and a hal
lper centum per annum, payable
semi-annuall,yin coin; aud the bond:
authorized by this section may bt
disposed of under such regulations
as TIE Secretary Of the Treasury
shall prescribe in the United States
and elsewhere, at not less than par
for coin, or they may be exchanged
at par for any of the outstanding oh
legations of the Govern rent bear
ing higher rate of interest. in coin
and the proceeds of such bonds a:
may be sold for coin shall be de
posted in the Treasury, to be uset
for the redemption Of such obliga
tions, bearing interest in coin, as by
the terms of issue are to replace sucl
coin; as may have been used for tha
purpose.
"SEc. 3. That the Secretary O
the Treasury is hereby authorized
to issue on the credit Of the United
States, from time to time, coupon:
or registered bonds of such denom-
ination, not less than fifty dollars
as he may think proper, to thu
J amount Of $4O0,000,00O, redeema-
bic in coin, at the pleasure of thu
Government, at any time after TWEEN
ty years, and payable in coin at for
ty years from date, at a rate Of in
terest of four per centum per an
mum, payable semi annually in coin
and such bonds may be disposed OF
either in the United States or else
where, at net less than their par val
ne, for coin, or, at the discretion o
the Secretary of the Treasury, fol
United States notes, or may be ex
changed at not less than par for any
of the obligations of the Unit
ed States outstanding at thu
date of issue of such bonds, anc
if, in the opinion Of the Secretary o
the Treasury, it is thought adyisa
ble to issue a larger amount Of foul
per cent. bonds for any of the pur
poses herein or hereafter recited
than would otherwise be authorized
by this section of this act, such fur
ther issues are hereby authorize
Provided, there shall be no increas,
in the aggregate debt of the United
States in consequence of any issues
authorized by this act.
SEC 4. That the bonds authorized
by this act shall be exempt from al
tax, by or under national, State
municipal or local authority. -
Sec. 5. That the coupons of said
bonds may be made payable at the
. Treasury of the United States, eth
er in the cities of London, Paris
Amsterdam, or Frankfort, in dol
lars. or its equivalent thereof il
sterling money, in francs, or il
) thalers.
"SEc. 6. That the Secretary o
the Treasury is hereby authorized
to appoint such agents in the Unit
ed States and Europe as he may
deem necessary to aid in the nego
tiation of said bonds, and he MAY
advertise the loan herein authoriz
ed, and the conditions thereof, il
such newspapers and journals, il
lk1- 4 II