Evening star., 1870-02-03

bill to authorize the refunding and consolida-
ton of the national debt, to extend banking
iaSl,les snned ana 70 sstaosh specie Rayments:
funding the debt of the United States and re-
ducing the interest thereon, the Secretary of
the Treasury be, and he is hereby, authorized
to issue, on the credit of the United States,
coupon or registered bonds of such denomina-
tions, not less than fifty dollars, as he may think
proper, to an amount not exceeding four hum
dred million dollars, redeemable in coin at the
pleasure of the Government, at any time after
ten years, and payable in coin at twenty years
from date, and bearing interest at the rate of
ally In coin; and the bonds thus authorized may
be disposed of at the discretion of the Secre-
tary, under such regulations as he shall pre-
scribe. either in the United States or elsewhere
at no less than their par value for coin; or they
may be exchanged for any of the outstanding
bonds of an equal aggregate par value hereto
fore issued and known as the tive-twenty bonds
and for no other purpose; 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 re-
place such amount of coin as may have been
used for that purpose.
Sec. 2. And be IL further enacted, That the Sec
retary be, and he is hereby, authorized to issue
on the credit of the United States, coupon or
registered bonds 10 the amount of S4O0 600 900 of
such denominations, not less than $50, as he may
think proper, redeemable in coin at the pleas
ure OF the government at any time after fifteen
yevrs, and payable in coin at thirty years from
date, and bearing interest not exceeding y per
cent per annum. payable semi. annually in coin;
and the bonds authorized by this section may be
disposed of under such regulations as the Sec
retary shall prescribe, in the United States or
elsewhere, at not less than par for coin; or thew
may be exchanged at at par par for any Of the out
higher rate OF interest in coin; and the pro-
ceeds of such bonds as may be sold for coin
shall be deposited in the treasury, to be used
for the redemption of such obligations bearing
interest in coin as by the terms of issue are or
may become redeemable or payable or to re-
place such coin as may have been used for that
purpose.
Sec. 3. And be it further enacted, That the Sec
retary 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 denominations not less than $50
as he may think proper, to the amount of
800 600 600, redeemabe in coin at the pleasure
OF the Government at any time after 20 years.
and payable in coin at 10 years from date, and
bearing interest at the rate of per centum per
annum, payable semi-annually in coin; and
such bonds may be disposed of either in the
UIied States or elsewhere, at not less than their
par value, for coin, or at the discretion of the
Secretary for United States notes, or may be
exchanged at not less than par for any Of the
obligations of the United States outstanding at
the date Of the issue of such bonds. And IL i'm
the opinion of the Secretary of the Treasury it
is thought advisable to issue larger amount of
per centum bonds for any of the purposes
herein or hereinafter recited than would be
otherwise authorized by this section of this act,
such further issues are hereby authorized Pro,
rided, That there shall be no increase in the
quence of any issues authorized by this act
Sec. 4. And be 1T further enacted, That the bonds
authorized by this act shall be exempt from all
taxation by or under national, state, municipal,
Sec. 8. And be IL further enacted, That the cou-
pons of said bonds may be made payable at the
Treasury of the United States; or at the office
of an authorized agent of the United States
either in the cities of London, Paris, Berlin
Amsterdam, or Frankfort, in dollars the
equivalent thereof, in sterling money, in francs
or in thalers.
Sec. 6. And be it further enacted, That the Sec
retary of the Treasury he, and he is hereby, au-
thOriZed to appoint such agents in the United
States and Europe as he may deem necessary to
aid in the negotiation of said bonds; and he may
advertise the loan herein authorized and the
conditions thereof, in such newspapers and
journals in this country and in Europe as he
may select for that purpose; and a sum not eX-
ceeding one per centum of the bonds herein au-
thOrized is hereby appropriated to pay the ex-
Iense OF preparing, issuing, and dispOsing OF
the same.
Sec. :. And be ii further enacted, That in order
to carry into execution the provisions of the
fifth section of the act entitled San act to au-
thorize the issue of United States notes and for
the redemption or funding thereof, and for
funding the floating debt OF the United States"
approved February twenty-five, eighteen hun
dred and sixty-twO, relating to the sinking fund,
there is hereby appropriated out of the duti,
derived from imported goods the sum of one hun
dred and fifty million dollars annually, which
sum during each fiscal year shall be applied to
the payment OF the interest and to the reduction
of the principal of the public debt. And the
United States bonds now held as the sinking
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 Department. And the
bonds hereafter purchased under this section
shall in like manner be Cancelled and destroyed.
And full and detailed account of the applica-
tiOn of the money herein appropriated shall be
made by the Secretary of the Treasury to Con-
gress with his annual report; and the aggregate
amount of the bonds Cancelled and DESTROYED
shall be stated in the monthly statements of the
public debt.
Sec. =. And be it, further enacted, That on and
after the 1st day of October, 1870, registered
bonds of any denomination not less than 81 900,
issued under the provisions of this act, and no
others, shall be deposited with the Treasurer of
the United States as security for the notes is
sued to national banking associations for circu-
latiOn under an act entitled " An act to provide
a national currency secured by pledge of
United States bonds, and to provide for the cir
culatiOn and redemption thereof" approved
June 8, 1864; and all national banking assoca-
tions organized under said act, or any amend
ment thereof, are hereby required to deposit
bonds issued under this act, as security for their
circulating notes, within one year from the date
OF the passage of this act; in default of which,
their right to issue notes for circulation shall
be forfeited; and the Treasurer and the
Comptroller of the Currency shall be authorized
and required to take such measures as may be
necessary to call i'm and destroy their Outstand-
ing circulation, and to return the bonds held as
security therefor to the association by which
they were deposited, in sums of not less than
one thousand dollars: Prorided, That any such
association now in existence may, upon giving
thirty days notice to the Comptroller of the
Currency, by resolution of its board of direc-
tors, deposit legal tender notes with the Treas
urer Of the United States to the amount of its
outstanding circulation, and take up the bonds
pledged for its redemption: And ndprorided further,
That not more than One-third of the bonds de-
posted by any bank as such security shall be of
either Of the classes of bonds hereby authorized
on which the maximum rate Of interest Is fixed
at four and one-half or five per centum per an
mum.
Sec. Q. And be IL further enacted, That the
amount OF circulating notes which any bank
may receive from the Comptroller Of the Cur
rency, under the provisions of section twenty
one Of said act may equal but not exceed eighty
per centum Of the par value Of the bonds de-
posted, but shall not exceed in the aggregate
the amount to which such bank may be entitled
under said section.
Sec. 10. And be it further enacted, That any
banking association organized or to be organ
lied under the National Currency act and the
acts amendatory thereof, may, upon depositing
with the Treasurer United States notes to an
amount not less than one hundred thousand dol
bonds of the United States Of the kind and de-
scription provided for by section three of this
act, and may deposit the same as the security
for circulating notes; and thereupon such bank
ing association shall be entitled to and shall re-
ceive circulating notes upon terms and c0ndi-
ti0ns and to the extent provided in the said Ma
tiOnal Currency acts, and without respect to the