New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-07-02
THE HOUSE FUNDING BILL.

WASHINGTON, July 1.-The following is the
House substitute for the Senate Funding blu as passed
the House to-day:
That the Secretary of the Treasury is hereby author
ized to issue in q sums, not exceeding In the
aggregate 100000 coupon registered bonds OF
the United States such form he way prescribe and
of denemlna tons Of $50 some multiple OF that sum,
redeemabe coin of the present standard value at the
pleasure OF the United States after 80 years from the
date Of their ISSUE and bearing interest payable semi
annually in such at the rate Of four per centum
annum which said bonds and the interest thereon shall
the United States as well as from taxation in any form
by under state municipal or Local agsao ana ba ne
face the above specified conditions, and shall with tner
States but nothing in this act in any other law now
force, shall be construed 10 authorize any increase
whatever OF the bonded debt OF the United States.
SEC a. That the Secretary Of the Treasury is hereby
thorized sell and dispose OF any OF the bonds Issued
10 apply the proceeds thereof to the redemption of any
OF the bonds the United States outstanding and known
as INV or ss a. bonds for
but the bonds hereby authorized snail DC Issued iof no
sEc s. That the payment of any of the bonds hereby
authorized after the expiration said term of 80 years
shaI be made In to be determined from time 10
time by the Secretary Of the Treasury at his discretion
and by be distinguished and described ny tne
dates and numbers beginning for each successive pay
ment with the bonds dated and numbered OF the
time Of which intended payment or ene zee
interest on the particular bonds selected at any time
TO paid shall at the expiration OF three months
SEC That the Secretary Of the Treasury is hereby
authorized and instructed with any coin I'D tne treasury
of the United States which he may lawfully apply 10
snch which be derived from the sale OF
the bends issue OF which IL provided Tor III tns act
10 nav at par and cancel any cent bonds OF the
limited states of the kind known hyetwenty bonds,
which have become shall hereafter become redeem
able Of their issue but the particular
an To be maid Cancelled shall In all cases be Indicated
and % S gyep hs secretary Of the Treasury and
three months after the date OF such pubic noce tue
on the selected ana advertised 10 DE PAID
shall cease but IL shall be competent Tor the hoders
owners of any of said bonds SO specified Iof
exchange the same Tor bonus issueu unuof .ne "u''
SIC s. That the Secretary Of the Treasury s hereby
sssayed and stamped under the laws OF the United
deposit for not less than 80 IN sums vi hot
less than so the Treasurer or any Assistant treas
Of the United States by the @ cers
Gates of post made In such form as the secretary OF
the Treasury shall prescribe, and said Oh ue
post shall interest ut rate not thfee per
centu per annum, and any amount OF gold CON- or Vu-
lion 40 may be withdrawn from deposit at any
time after days from the date OF deposit anu er 10
DAVIS notice and the return OF said eeitncass pro
yided that the interest ON All sucn aePo - 80
and determine at the pleasure OF the secretay OF zoe
Treasury and not ess than 25 per centu o he CON anu
bullion deposited for represented by saa
OF deposits, shall be retained In ths ,or .as
mant OF said and the excess beyond per
centum may he applied at the Oh tne secre-
tsry OF the Treasury TO the payment OF redemption
Of such outstanding bonds Of the gnea 5'sss hereto
under the provisions OF the fourth section
81 mis- act and any certificates OF deposit issued as
aforesaid may be received at par, Win the lhteres
accrued thereon In payment for any bonds authoIeo
SEC a That the United States bonds purchased and
now held In Treasury accorqance with the prov
soas at 70 authorize Of United
n"s ana FOR the redemption funding thereof and
sSsS tSs sosns debt q tho United states sUpeevsd