New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-03-12

thdu &0, az nc tnBk prOpcf,
able In coin the pleasure OF tho Government OF the
United States at any time after lhTeaps af payable in
at 40 years from ate Ana bearing interest not eI
ceed1g A per per annum, payable semiannualy
and the authorized by this section be disposed
under such regulations as the Secretary Of the Treasury
than par for con they may be EXCHANGED NJ par
for any of the outstanding OBLIGATIONS OF the United
proceeds Of such bonds be sold for coin shall be
deposited in the Treasury to be used for the
OF such obligations bearing interest In coin as by tho
terms Of issue may become redeemabe or payable
replace such coin as may have been USED ior hae
SEC g. And be il further enacted. That the Secretary
Treasury be and he is hereby authorized to Issue
coupon or registered bonds of such denominations not
less than $50 he think proper to the amount OF
sCO co., redeemabe in coin, at the pleasure OF the
Government any time after 20 years and payable In
coin at 40 years from date and bearing az the
rate OF per eentum per annurD, payable semlann9ay
in coin; and such bonds may be disposed OF OF
either in tho United States or elsewhere where "a at
at the discretion Of the Secretary, for United
States notes may be EXCHANGED at not less tnan par
ing Of the issue Of such bonds ana ~ IN the
opinion Of the Secretary OF tho Treasury Is
ad visabe to issue larger amount OF centum bonds
any purposes herein hereinafter reced than
would be otherwise authorized by this section OF the
such further issues are hereby aathorlzed ir9saed
That shall be increase In the aggregate DEBT OF
the United States in consequence OF any Issues
SIC L. And be Il further enacted, That the bonds, and
he annual income thereon, authorized by TINS act snal'
be exempt from all taxation by or under national state
municipal and local authority.
SEC. s. And be II further enated, That the Secretary OF
the Treasury be- and he hereby authorized 10 appoint
agents in the United States and III Europe as nc
deem me 20 aa the ' loan
and the condition thereof in such newspapers ana jour
thai purpose and sum not exceeding onehalf Of ono
per OF the bonds therein authorized hereby a
proprated pay the expense OF preparing Issuing ana
SIC G. And be further enacted That in order to carry
act entitled An act to authorize the issue OF United
States notes. and for the redemption or fundlng thereo
and for funding floating debt of the United states
approved Feb as 1862 relating to the sinking fund there
hereby appropriated out 81 tse duties
during each fiscal year. shall be applied TO the pay
ment OF the interest and the reduction OF the prnc'
PPonds Vi move oH9 held as the sinking fund and
the United states bonds held IN the Treasury shall
Inc first made in the books Treasury Department
And the bonds hereafter purchased under TINS section
shall i'm like manner be Cancelled and DESTROYED and
fun and detailed account OF the application OF the money
herein appropriated shall be made Dy lhe sSSe ad a
amount OF the bonds Cancelled and destroyed
shall be stated in the monthly statement OF the puDilo
debt. ,,, ,,. On am, alton tbo
first day OF October 1870 registered bonds OF any deDo
this act and Others shall be deposited with the reas
of the United States as security Tor tnG n
der an act entitled An act to provide Saonal cur
and to provide for the circulation and redemption
thereof" approved June 3. le6i, ana ali tne Naoha
any amendment thereof, the bonds OF which
az ,hen Irdeemable, by their terms, and a.
thew shall thereafter become redeemaDie, are
hereby authorized to deposit bonds issued under ths
ACT s security their circulation notes Wlth one year
from the date Of tho passage OF this act IN default o.
which their right Issue notes for circulation sha De
forfeited the Treasurer ana the Cohtroer Oh tne
cnrreucy shall DO authorized ana required 10 take sucn
IA may TO call H. ana destroy tnelr
circulation, and to return the bonds hed %
c1Ttv therefor to the association by which they were
d.nositcd in sums Of not less than $1,000 0rided tat
any such association now III existence may upon giving
an 'days' notice to the Controller OF the currency
Lv rcsoluion Of its board OF directors, deposit
icyalender notes with the Treasurer or tue Unlteo
fake up tho bonds pledged for its redemption and pro
rided further that not more than one-tId OF the Doh
Deposited bank such security SHAH DE OF elhi
OF the classes bonds hereby authorized on when INT
maximum OF interest Is liked at TOUR anu nan VI
five per centum per annum -, -, -. -.
SIC q And be IL further enacted, That the amount OF
Circulating notes which any bank may receive from tht
Controller Currency under the provisions OF sector
q OF said act may equal but not exceed 90 per cetun VI
the par value of the bonds deposited D ena not Aceeu
i'm the aggregate the amount OF when such Dahk may
be entitled under said section.
SEC. o. And be II further enacted Ihat any BahKint
Association organized TO be organized under tne Ma
topn Currency act and the acts amendatory Thereon
NAV upon depostng with the Treasurer United state
notes 10 any amount less than $4,000 receive al
canal amount Of registered bonds OF the United states
the kind aud description provided for by section three
this act and may deposit the same as the security fo
circulation notes. and thereup0n such BANKING AssOca
ton shall be entitled 10 and shall receive Circulating
notes upon and conditions and TO the extent pro
yided the said National Currency ACT ana Without re
tonal currency prescribed by said act; pr0rded now
ever that as circulating notes Issued under TINS sec
ton an equal amount Of United States notes shall DC can
ceed and destroyed.