The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1870-03-19
The Funding Bill.


of the United States, and reducing the in
terest thereon, the Secretary of the Treas
ury be and he is hereby authorized to issue,
on the credit Of the United States, coupons
or registered bonds of such denominations,
net less than fifty dollars, as he may think
proper. to an amount not exceeding $4Oo,
600, 900, redeemable in coin, 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. and bearing
interest at the rate Of 5 per centum per an
mum, payable 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,
either in the United States or elsewhere, at
not less than their par value for coin; or
they may be exchanged for any of the out
standing bonds at an equal aggregate par
value heretofore issued, and known as the
five-twenty bonds and for no other pur-
pose; 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 centum bonds
at par as may NOT be offered in exchange,
or to replace such amounts of com as may
have been used fer that purpose.
SEC. =. ind he it further enacted, That
the Secretary of the Treasury be and he is
hereby authorized to issue on the credit Of
the United States coupon OF 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 ia coin at the pleasure
of the Government of the United States at
any time after fifteen years, and payable in
coin at forty years from, and bearing inter
est not exceeding A. per centum per annum,
payable semi-annually in coin: and the
bonds authorized by this section may be
disposed of under such regulations as the
Secretary shall prescribe, in the United
States or elsewhere, at not less than par
for coin; or they may be exchanged at par,
for any of the outstanding obligations of
interest in coin, and the proceeds Of such
bonds as may be sold for coin shall be depos-
tied in the Treasury, to be used for the re-
demptien of such obligations, bearing inter-
est in coin, as. by the terms of issue, are,
or may become, redeemable or payable, or
to replace such coin as may have been used
for that purpose.
SEC. 3. and be at further 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,
coupon or registered bonds, of such demon
nations, not less than fifty dollars, as he
may think proper, to the amount of four
hundred million dollars, redeemable in coin
at the pleasure of the Government at any
time after twenty years, and payable in
coin at forty years from date, and bearing
interest at the rate of four per centum per
annum, payable semi-rnnually in coin, and
such bonds may be disposed of either in the
United States or elsewhere at not less than
their par value for coin, or ut the discretion
Of the Secretary, for United States notes. or
may be exchanged at mot less than par for
any of the obligations of the United States,
outstanding at the date of the issue of such
bonds; and if in the opinion of the Secre-
tary Of the Treasury it is thought advisable
to issue larger amount of four per centum
bonds for any of the purposes herein or
hereinafter recited than would be other
wise authorized by this section of this act,
such further issues are hereby authorized;
provided that there shall be no increase in
the aggregate of the United States in con-
sequence of any issue authorized by this
act.
SEC. 4. And be 1t .tarther enacted, That
the bonds authorized by this act shall be
exempt from all taxation by or under Ma
tional, State, municipal, or local au-
thority.
SEC. ). And be 1t .furthsr enacted, That
the Secretary of the Treasury be, and he is
hereby authorized to appoint such agents
in the United States and i'll Europe as he
may deem necessary to aid in the negotia-
ton of said bonds, and he may advertise
the loan herein authorized, and the condi-
ais in this country and in Europe, as he
may select for that purpose, and sum not
exceeding one-half of one per centum of
the bond herein authorized is hereby APP
pointed to pay the expense of preparing,
issuing, and disposing of the same.
SEC. 6. And be 1t further enacted, That in
order to carry into execution the provisions
of the fifth section of the act entitled Gan
act to authorize the issue of United States
notes and for the resumption or funding
thereof, and for funding the floating debt
of the United States, approved February
a5, 1862, relating to the sinking fund, there
is hereby appropriated out of the duties
derived from imported goods the sum of
$3.50, 900, 900 annually; which sum, during
each fiscal year, shall Ike applied to the pay
ment of the interest and to the reduction
of the principal of the public debt; and the
United States bonds now held in the sink
ing fund, and the United States bonds now
held in the Treasury, shall be cancelled and
destroyed, detailed record thereof being
first made in the books of the Treasury De-
partment; and the bonds hereafter pur-
chased under this section shall, in like
manner be cancelled and destroyed: and
full and detailed account of the application
of the money herein appropriated shall he
made by the Secretary of the Treasury to
Congress with his annual report, and the
aggregate amount Of the bonds cancelled
and destroyed shall be stated in the month
ly statements of the public debt.
SEC. Z. Ind be At further enacted, That
on and after the first day of October, 1870,
registered bonds of any denomination not
less than 1000, issued under the provision
of this act and no others, shall be deposited
with the Treasurer of the United States
as security for the notes issued to national
banking associations for circulation under
an act entitled can act to provide ma
tienal currency secured by a pledge of
United States bonds and to provide for the