The sun. [volume] (New York [N.Y.]) 1833-1916, 1870-07-02
THE FUNDING BILL PA5sED.
The Secretary Of the Treasury 60 Issue
$1,000, 10000 In Bonds Bearing 4 Fer
Cent. Coin Interest, and Redeemuble
after Thirty Yenrs.

Cent. Coin Interest, and Hedeemsble
amer Thirty Years.
WASHINGTON, July 1.-The following Is the
Funding bill as It passed the House to-day:
That the Secretary Of the Treasury Is hereby
authorized TO issue, In . sum sums mol exceeding
in the aggregate one thsreaad millions Of dollars,
coupon resis.srud bonds OF the United States. In
such forrc rs he may prescribe, and Of denomnina-
tiors OF nty dollars some multiple OF that sum,
redeemable In coin OF the present standard value,
at the pleasure Of the United States, aner thirty
years from the date OF their issue, and bearing In
terost payable semi-snnu ually in such coin Of the
rate OF four per ceotum per annum, which
said bonds and the interest thereon shall bo ex-
empt from tile payment OF oil taxes or duties
Of the United States, well as from taIation In any
form bv or under State. municpal or local authority,
and tne said bonds shall have set forth and eI-
pressed upon their face tho above specified condi-
tions, and shall with their coupons be made payable
at the Treasury OF the United states. But nothing
in this in any other law now in force saail be
consrusd to auhorizs any increase whatever Of the
bonded debt OF The United States.
Sxo. o That the Secretary OF the Treasury il
hereby authorized TO sell and dispose OF any OF the
bonds issued under this act at not less than their
value for coin, and 10 apply the proeeeds thereof to
states ou,stsndins and known as tve.twenty bonds.
their par value or he may exchange the same for
such nve.twcnty bonds par Tor par put me bonds
SEC. s. That the paYmen, OF any of the bonds
hereby authorized Aier the expiration OF the said
term OF Thirty years snail be made In amoun Is TO be
determined from time to time BY the Secretary OF
the Treasury at his discretion and BY classes 70 be
distinguished and described by the dates and num.
bers, beginning tor each successive payment with
which Intended payment or redemption the secre-
tary OF the Taersury shall siye public notice, and the
on @ ss sVps' ss 80 a. = sS.s
months IRON the date OF seeh notice.
| SEC. 4. That the Secretary Of th: Treasury e
| the Treasury OF the United States which he may
lawfully apply to such purpose, or which may be de-
which is provided for 10 this act 70 psy st par and
cancel any siI cent bonds OF the Omitted States
,nS Scso%. snSS or @ ssr become
b, the terms OF their issue but the particular bonds
so to be paid and cancelled shall In all cases be ndi-
| pabhc notice to bs eivea w the Secretary OF the
Treasury, and In three months after the date OF
such public notice the interest on the bonds
Isctsd and advertised 70 BE- paid snail eeass but It
shan be competent Tor the hoders and OF any
%. sane ior bonds Issued under the authority OF
| this act.
by authorized. to receive gold coin of the United
States, assayed and stamped under the laws OF the
uui,od States, on deeost Cor not less than thirty
any Assistant Tresuror OF the United States
BY the Secretary OF the Treasury to receive toe same.
In such form the Secretary Of the Treasury shall
prescribe. and said certificates OF deposit shall bear
interest rate not exceeding three per centum per
| annum; and any amount Of gold coin or bullion
| deposited may be Withdrawn from deposit al any
| time amer thirty DAYS nom the daIe OF deposit.
and after ten days notice. aud on the return OF said
certdcates provided, that the interest on all sucl
deposits shall cease and determine At the pleasure
Of the Secretary OF the Treasury. and not less than
2 per centum OF the coin and bullion deposited tor
or represented by said certificates Of deposi, snail
be retained In the Treasury Tor the ment OF said
| certificates, and tho oxce,s beyond - per centum
be applied thr discretion OF the Secretary OF
outstanding bonds Of he United siaies Sereto.oro
| issued and known ne the hve-twenty bonds, as he
may desi,nate, under the provisions OF the fourth
section OF this ret and certificates OF dePosi.
Issued aforesaid NAV be received nj par, with The
interest accrued thereon In payment for any bonds
| authorized to be issued by this act.
| SEC lhat The United states bonds purchased
| and nov held in the Treasury in accordance with
the provisions relating to sinking iund OF section
1Ve Of tho act entitled An to authorize issue
OF United States notes, amt Tor TIE redemption or
United States approve February 25, I6L and all
other United States bonds which bave been pur.
chased by the secretary Of the Treasury vita sur
plus funds In the Treasury. and now he, In the
Treasury Of the United States shall re cancelled
and DESTROYED detailed record OF such bonds SO
cancelled and DESTROYED to te first maze in u e
books Of the Treasury Department ANY
tonGs hereafter applied TO said sinking fluid
and all other United StatOs bonds redeemed or
paid hereafter by the United Sttes, shall also In
like manner be recorded, cancelled, and destroyed.
the amount OF tue ponds Of each class that have
been cancelled and destroy ed shall be deducted re.
spectively from the amount OF each cllss OF o out
| standing cebt OF the United States. In addition 70
| other amounts that may be applied 10 tie redemp-
| ton payment OF the public dcot nn amount equal
to the interest all bonds belonging to the afore
said sinking fund shall be applied, as tSe Secretary
| the payment OF the public debt, rs provided for In
section fve Of the act Aforesaid