The Middlebury register. [volume] (Middlebury, Vt.) 1850-1882, 1870-07-19
The Funding Hill.

prescribe and of the denomination of fifty
dollars, or some multiple of that sum, re-
deemable in coin Of present standard
value at pleasure OF the United State af-
ter ten years from date Of their issue, and
bearing interest payable scmi-annually
in such coin at the rate Of five per centum
per annum, all sums not exceeding
in the aggregate three hundred millions
of dollars of ike bonds, the same in all
respects, but payable at pleasure of the
United States after fifteen years from the
date of their issue, and bearing interest at
the rate Of four and a half per ccntum.
Also sum or sums not exceeding in the
aggregate one thousand million dollars of
like bonds, same in all respects, but pay.
able at pleasure of the United States, af-
ter thirty years, from date Of their issue,
and bearing interest at the rate four per
centum per annum, all of which said sew
eral classes Of bonds and interest thereon
shall be exempt Of all taxes and duties Of
the United States, as we'll as from taxa
ton in any form by or for State, munich
pal or local authority, and said bonds
shall have set forth and expressed upon
their face the above specified conditions,
and shall, with their coupons, by made
payable at the Treasury of the United
States but nothing in this act or in any
other law now in force shall be construct
cd to authorize any increase whatever of
the bonded debt of the United States.
Section 2. That the Secetary of the
Treasury is hereby authorized to sell and
dispose of any of the bonds issued under
this act at not less than their par
value for coin and to apply the proceeds
thereof to the redemption of any of the
bonds of the United States outstanding
and known as five-twenty bonds at their
par value, or he may exchange the same
for such ive.twenty bonds par for par but
the bonds here authorized shall be used
for no other purpose whatsoever, and a
sum not exceeding one-half Of n per
centum of bonds herein authorized is here
by appropriated to pay the expense Of
preparing, issuing and ~disposing of the
same. That payment of any of the bonds
hereby authorized, after the expiration Of
the said several terms of ten, fifteen and
thirty years, shall be made in amount to
be determined from time to time by the
Secretary of the Treasury at his discre.
ton. Bonds SO to be paid to be distin-
guished and described by date and mum
Der, beginning for each successive pay.
mcnt with the bonds last dated and mum
bered, of the time of which payment OF
redemption the Secretary Of the Treasury
shall give public notice, aud interest on
particular bonds so selected at any time
to be paid shall cease at the expiration Of
three months from the date Of such no
tice.
Section 4. That the Secretary of the
Treasury is hereby authorized, with any
coin in the treasury of the United States
which he may lawfully apply to such pur
pose, or which may be derived from the
sale of any of the bonds the issue of which
is provided for in this act, to pay at pal
and cancel any six per centum bonds Of
the United States Of the kind known as
6ve-twenty bonds which have become or
shall become redeemable by the term o.
their issue, but the particular bonds so to
be paid and cancelled shall in all cases be
indicated and specified by class, date and
number, in the order of their number, land
issue, beginning with the first numbered
and issued. Public notice is to be given
by the Secretary of the Treasury and in
three months after date of such public
notice the interest on bonds selected and
advertised shall cease.
Section D.. That the Secretary Of the
Treasury is hereby ~authoized, at any time
within two years from the passage of this
act, to receive gold coin Of the United
States On deposit for not less than thirty
days, in sums of not less than one hun
dred dollars, with the Treasurer or
any Assistant Treasurer of the United
States authorized by the Secretary Of the
Treasury to receive the same, who shall
issue therefore certificates Of deposits
made in such form "a the Secretary ofthe
Treasury shall prescribe, and said ccrtif-
Gates of deposits shall bear interest at a
rate not exceeding .! per centum per
annum, and any amount of gold coin or
bullion so deposited may with drawn from
deposit at any time after thirty days from
date of deposit, and after ten days notice
and on return of said certificates, provid.
ed interest on all such deposits shall cease
and determine at the pleasure of the Sec
etary Of the Treasury, and not less than
twenty-five per centum Of coin deposited
for or represented by said certificate of
deposit shall be returned into the treasu.
ry for the payment ofsaid certificates, and
any excess beyond 25 per centum may be
applied at the discretion of the Secetary
ofthe Treasury to the payment or rcdemp.
tion of such outstanding bonds of the
United States heretofore issued and known
as 500 bonds as he may designate, under
the provisions of the fourth section of
this act, and any certificates of deposit
issued as aforesaid may be received as
par, with interest accrued thereon in pay.
ment for any bonds authorized to be issu-
ed by this act.
Section 6. That United States bonds
purchased and now held in the Treasury
in accordance with provisions relating to
the sinking fund Of section five of the act
entitled" an act to authorizes the issue of
United States notes, and for the redemp-
Zoo and -of"nl;.s theroef aud 20. d.e
funding Of the floating debt of the United
States approved FEBRUARY 25, 1862" and
all other United States bonds which have
been purchased by the Secretary of the
Treasury, with surplus funds in the
Treasury, and held in Treasury of the
United States. shall be cancelled and des-
troysd, a detailed record of such bonds
so cancelled and destroyed to be first made
in the books Of the Treasury Department.
Any bonds hereafter applied to said sink
ing funt and all other United States bonds
redeemed or paid here after dy the Unit