, 1870-02-04
FQRTY.FIR6T CONGRESS.
WASHINGTON, FEB. ).
TIE FUNDING ElI

nj. SaEHMAN, from Inc FJdbEte EoUIpsLseFs
reported the IolIos lng bin 10 autnoizs me fund.
trR and consolidation Of the national debit 70 ex-
tttd txtktn2 Iac.lltles auh eatahlss1 epset paJ-
nentf: The bill T. as iolosa .~. -,
fuot.ing mo debt Of Inc United s:sfes. nnd rc-
Teattity Ii bereoy authorized to tssuc, "a tne
c1t hit Of lhe United Ststee. coapoo or rega:cted
bonds Q: such denoniuauon., no: les: thaa 50.
ceedlIg 800. .oh0. c0o, redeem able IL CON n 1ne
pleasure II Tbs goyetunens At any 4 ne after ten
9eATs, ard payabe IN coin u. twenty years iron
date. and bearing 'n,eIes. II tue rate Of ove per
cert per annuu, paysb'e sent annually 10 colo, i
& taas q Se
e sss un'sea sstes Or ese.heze i oes less tesa
any OF the outstanding boBds Of ~ equal sxgre.
gate par yatue. heretofore teaued, and kuown -
% 11a S ssa s
ul Ter coin shall be placed IN the Treasury. 10 oo
used fof TIC redemption OF such G phr cent oonds |
replace such amount Of coin II may hsvs been |
ussa fos that pnipote. n :.
here's, "a 70 ssse he 's' e.sais II tbs
tic amount q stac' 'ooo Co., q such deuoaia.ioas
ssnme5s. nsai''i Il T % sDy t9s 1ser arsssn ri.
;ea ;es f1o Rs2s'' ea,. and s0a se.1s t:eis: e5
!: the Ia.e Of * Per cent neT aanu 2. PARABLE
regulations as ID. sscretary 81 tne Trea,9r7 sa1u
prescrbe, in The Cnt1ed ststea and efae@heFe. At
charged 1t pa. for auf Of the outst&ndieg oolza.
tons OF the government bearing higher rae oi
= t Ia ean ,9e Sc t.
Trra4ur5,Eto be used for the tedeuaston Of Auc7
ob:igssons bearing interest in coln -. b re
nsy hare becn uied for that purpose.
SEC 8. That 1he Secretary Of tho TrtsEurJ u
n fAH C0n0npA p
lstered bonds OF such dsnom!n1t!en+ no. lesB than
-, a. be may think proper, 70 the amount OF
| government NJ MY time AFTER twenty years. aod
payable IN coin At forty yes1a from date. At rate
q i ss5 esni Per ponat na.9e
d,epostd Of either in the United srstes Or else.
where At not less than their par value for con or,
at the discretion Of the Secretary Of the Treat
ury, for United states notes. o. mar be exenang-
ed at1 OF less than PAT. for snY OF tha oolxa Ions
Il the II i,saa Q. suc5 Sons aad It. ID ne @ op'nioa Of
The Sec1etsf1 Of the Treasury. It is thought
ads1isble 10 iszue larser a1onnt Of per csat
alttr reclted than won!d be otherwise ar.ho:,x.d
bJ this section OF this act such further issues
ees II
IN consequence Of any tssue4 authorized b. this
SIC. 4 That bcuda authorized By thIa act shall
be e1enp: from all taI b! ur uCder national,
| safe, muntctna,, or local authority.
ssy1s IT, 4 tSs e sur nas e 9s s
States. OF at the ONCE Of the asents Of the Uo,ted
atet, either In the cities Of London Paris, AM
ths,eoi il tte,ne money. 10 F7coch. Or Il ii :s1s.
SEC q. 1hst tEa Secretary OF the Treasury Ii
Tinted States os Europe - be usay deem uecss. I
saEJ to aid tn the rezotlatlon Of ez1d hondt ;and
he uaJ advertise the loan hereia authorized, and
1ais il inis counsry and Europe as he uasy seiees
, for The purpose, and sum not exceeding per
cent Q, The nonds herein authorized il nefchy ap.
| nffEtf&$nH
custnF, srd d!aposrK Of he sane.
tled IAN act 10 authorize 1ne tttue Of Jailed
S:arca notes AID for the redemption Of funding Of
s'is s le.ns q 10 ankna
. nved nan loSrotted goods sae nun q ens h9a-
sun. da11nR each nacal Jear, anall b appl,ed %
o ths payment OF Interest tud to th. 1cductou Of
stascl bonds nov he'd ~ itnnng fapd, and tae
= Unied sfa:es bonds now held IN tae Tressory,
ea ,ses. e ssSsfsa s, a1a 4 aesd Fe
the Treasury Department: and The bnuds ne1eaf-
~ ter ouscnased under this section shall ii Ike
e sas The se?
he e q Sa Sonas
ctled snall b. stated IN the noa1h!y htasenent q
y. SIC .. TINT on and aiter the IL. Of October
u ,ea, Than one thousand dol,ara Issued under u,
~a e. ae q S9s
s y aecu,ity fnr notes issued to NAtiosa
6pf1s a. q. II ss:a r. IA u q Rr,!
i united stasea aonds. snd to provide sorsos erc1
T. : is54; md al Nsuousi Bauing Association, oi
II eAniEed under any amendments thereof, ate here
oy required to depois boeda !ssued under tnls &c
~ security for theif circulating notes Within
t. year from the date Of the passage Of the ACT,
d:,.G!to Ensn tht,5 z.ght to ls.se aote.to
Of and Comptroller Of the currency shsl be author
be lied and required to take srca measures a. ula
e.. u .na tss tasf ssa
sscnrsJ tharetor TO Tho association BY which the
5s that ey.f; aen Hd rS III as
TO he Comptroller ot Inc Cni7cncj. b. resolu:lo
I: IL q e. ase0t ss un:sa
Do The snouas ct o1:stans1g G;Ic9lst.on sad 'at
ts 14eridtd rthsr. taat not mars shao one:.alrl
~ ~ tte honda depos1ed By any bank az saca secuns
lg stall oe Of either class Of hocda hereby ausho
up !zed. tn Witch The maximum Ease Of tatssess
Cd s1c.a, Thas the amount Of circulating note
n Hh!ea ~ hank ma! rees!ve ron tae comptso;lt
cent Of sne pas value .! ooads dsposited, 6us saa
=, nenf ns5 BE- entitled rudef ssid sec1loa-
~ SIC. ID That any banking ASSOCIATION orK1nt1t
q OF 10 oe organized HEceE LIS ~ lon4 Cn!fent
'ai ~ snn tne aGa ~ mat, neio
lei notea 70 IN amocnt ros iess tnA1 one aunofs
tnou.and do1art EeSeise AZ tqu'valent Of rcRi
n. na.r1+ntton n-re,ded tcr hr serinn ~ ~. ~
snn eA nas,t ens ~ 80 .ren = az o.
~ ipx notes, md fhc1cupon apcn oa1ktnr n.Soc.
uons snail % entitled 10 aud ibsli rrlei7e ct1c
lHt!pt notes ann terms ana conditions Ard to II
led eE,eEt PROVIDED ID std curreucy ac;s aud xtIhu
old Eespecs TO The Limitation Vi ma aE5reVa1e cont
ee Ton o. national currency rrtscJlpen - said act
tror'eed h0TsreF, that ~ the circulating Ep'v
tEe uu.ted States notes shall b cancelled and
rs- stroJed.
Rye xExonlA1-
Mi. MORTON presented amesaor'al nom me-
~ naae. Sa q If p1st and
I'D Refcrrrd 10 ine JudiciarJ Committen.
,w- MARINE noerirAL sEnv1cH
.,se MI. c1IANDLEK Introduced = hill 70 reorEan
.p ~ and oilahied seanen. Referred "a the Conn
ue. tee on Commerce
Rxao,rr1nys
Resolutions were onered and adopted a.
a~n loHs: ,,n~r e.,.,. r,,.n .,n .o.rrr.,
eAs " MI AhbU Ea-Se1prH 1o1;1 tas g. saf[e9 t
in Or 1rtauen. Isn,,s ~ ~ "a nav snfert,nn
life and properly oJ ZEE Rose!nmeut "As
tight OF eFsrJ Citizen, ana tnbtfnctlnk ne Ct
mNtee on tho 1odlc:a1y to irq1sre mo = tae q, 20.
ioa nsas M Win H. limits oi saeh s:aIes, and %
NJ | fort what leRa!Atioa Is reaotrea. sod sseecI
~. 10 inquire into sne consutnunnA1it1 aug 81
Fao diercy Of esAolsintng n1uonA pouoe losce
~ u Dr. MI. EELLDGG-Drecttng the COMMITTEES
lied Commerce 70 INQUIRE into Lue e 9Reueu1y y.
sat, nhinE pott OF !ns1 oeMss setrmsnf - ine n
Tis- uHPsuseo VIVA "'~
ted ee1slces
tec- TEE hNs W .", 80. ~. ,,,,. -.
-