Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-03-17
THE FUNDING BILL.
Full Text Of the Important Measure as II
Passed the Senate.
It Provides for the Issuance Of Sl.20o,Oo
600 in Bonds RedeemabIe IN Coin.
National Banks Prohibited from DepOsitihl
any other than these Bends as
Security for eircEIatioa.

debt OF the Onll6u Slaleo anu Atu0SliS
the interest thereon, the Secretary OF
the Treasury be, and he is mere
bv authorized TO issue, on the credit
of the United States, coupons or reg
isteued bonds Of such denominations,
not less than $50, as he may think
proper. to an amount not exceed ing
z4O0 u0o. 600. redaemable in coin at the
TIeast,re of The United States, at any
time after ten years, and payable IN
coin at forty years from date, ana
bearing interest at the rate OF
five per centum per anbum,
pavable semi-annually IN coin
and the bonds thus authorized may De
disDossd of at the discretion OF the
Secretary. under such regulations as
heshsl prescribe, either in the United
STATE or elsewhere, at not less than
their par value, for coin; or they lnay
be exchanged for any OF the oulsIs'lu- ,Sl-i'I
ing bonds Of an equal par Val1e mere 6.Le
tOfore issued and known as the HNe-
twenty bonds, and Tor no oLeeF puT-
pose; and the proceeds o. so nuS'i
thereof as may be disposed OF Ior com
shall be placed in the treasury, 70 DC
used for the redemption OF such SIX
per cent. bonds at par as may Lot De
offered in exchange, or to replace sucn
amount of coin as may have been used
for that purpose.
So ,. AID be Il further enacted,
rrhst We Secretary Of the Treasury be,
s1J bais hereby authorized TO issue
.on <,,,- tbe credit OF the .Uniled States,
connons 90 or registered bonds to the
amount of S400, ,0O0, 900 OF such oeholn-
inations. not less than $50, as ne may
think proper, redeemable IN coin a,
fbe Measure Of the United states al
any time after fifteen years, and pay
abls in coin at forty years nom uate,
and bearing interest not eAeeellilB 3
four aud One-haIf per centum per an
Dum, PAYABLE semi-annualiy m coin !
and the bonds authorized by TINS sec
tion NAV be disposed Of under such
regulations as the Secretary shall pre-
scribe. in the United States or else
where, at not less than par for cola
or they may be exchanged at par iOI
anv of tbes outstanding obligations Of
Ire Government bearing a higher rate
,of interest in coin; and the proceeds
of sucf, bonds as may be sold for coin
Shall he de3Osited in the Treasury, 70
he used for the redemption OF such
obligations bearing interest in coin as
by the terms Of issue are or may pe-
come redeemable or payable, or u
reDlace such coin as may nave Deeh
used for that purpose.
Sec. 3. ARd be t ttUths1, e5aootsd,
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 OF
registered bonds Of such denOInlna-
tions not less than $50, as ne may
think proper, to the amount OF S4O0,-
OOO. coo, redeemable In coin at lhe
measure Of the United States, II any
time Gfter twenty years, and payaDle
IN coin at forty years nom GATE, ana
hearing interest at the rate OF fOuI
r,er centum per annum, payable semi
annually In coin; and such bonds may
be disposed OF either in the United
States or elsewhere, at not less Ihan
their par value, for coin, or, at th(
discretion Cf the Secretary, fOF United
states noted; OF may be exchanged a
not les than par for any OF the 0Dll
cations of the United States OutStand
inc at the date of the issue OF such
bonds. And if in the opinion OF the
Secretary of the Treasury, 1T IS thought
advise bic 10 issue a larger amount o
four. per centum bonds for any OF tht
rlurposes herein or hereinafter reclteo
5ban would be otherwise authorized
nv his section Of this act, such fur
s6ar fs.sues are hereby authorized
P-or,;6ed That there snail be no mor'
increase in the aggregate debt Of th'
United States in consequence OI any
issues authorized by this ACT.
Sec. 4. And Be Z Jurthei e7ldcte1
That the bonds authorized by tslis &C
and the annual interest thereon shai
be exempt from all taxation by or un
der national, State, municipal, or 10
cal authority.
Sec. 5. And be Il further enacted
That the Secretary Of the Treasury
be. and he IS hereby, authorized L
appoint such agents in the Unite'
States and in Europe as he may deen
necessary 70 aid in the negotiation G
SD bonds; and he may advertise tn
Loan herein authorized and the cond
tions thereof, in such newspapers an
iournals Ia this country and in EurOp
= he NAV select for that purpose; an
a sum not exceeding one-half OF on
Der centum Of the bonds herein au
rhorized is hereby appropriated 10 pa
the expense of preparing, issuing
and disposing OF the same.
Sec. 6. And be IL further enacted
That in order to carry into execuuo
the provisions of the eth section
the act entitled "An act TO authoriZ
the issue of United States notes an
for the redemption or funding tnereo
and for funding the floating deDt
tbe United States" approved rel
s-1ary ., 1862, relating TO the slnkln
fund. there is hereby appropriated OF
Of de duties derived from importe
Goods the sum Of Sl50,000,000 ann
sIIv- which sum during each hsc
wear sbaIl be applied to the paymei
IF the Interest and 10 the reduction
the principal OF the public debt 20 tai
effect one wear. And the United stat
bonds now held as the sinking !un'
and the United States bonds no
held in the treasury, shall be caneele
and DESTROYED. a detailed record ther
of being first made in the books OF Il
Treasury Department. And the bOn'
hereafter purchased under this secuC
shall in ike manner be Cancelled az
DESTROYED. And a full and detail,
account OF the application OF u
money herein appropriated snail
made BY the Secretary OF the Treasu
10 Congress with his annual repoT
and he aggregate amount OF q
bonds Cancelled and destroyed shall
stated in the monthly statements
the public debt.
g 7. And be Il further eaGcts
That on and after the lst dayOt OctoD'
lS7O, registered bonds OF any demon
nation not less thaR $1,000, issued ID
der the provisions Of this act, ana
Others, shall be deposited with q
Treasurer of the United States as
cur:ty for the notes issued 70 natlOn
banking associations for circulate
nnder an act entitled, " An act to pl
vide a national currency secured by
vIedge Of United States bonds, ana
5roviIe for the circulation and
demptiOp thereof" approved June
1884: and all national banking as
Citations orcsniZed under said act,
anv Amendment thereof, are here
re1uired TO deposit bondE issued unc
this act, as security for Their elrcuI ! !.
ing notes, within one year from |
date Of the passage ofEhis act; Ia
fault of which, their right 20 iss
notes for circulation shall be 4
feited; and the Treasurer and I
Comptroller of the Currency shall
authorized and required to take su
measures as may be necessary 70 C
in and destroy their outstanding cir'
IatiOn, and to return the bonds ht
as security therefor to the ASSOCIATE
by which they We're deposited,
sums of not less than $1,000: PrO0id
THAT any such association now IN