New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-07-14
THE NEW FUNDING ELL.

WASHINGTON, July 13.-The following is the
Funding bill agreed on by the Committee OF Confer
ence, and concurred in by both Houses to-day:
An act to authorize Refnnting Of the National Debt
BE IL enacted De- That the Secretary OF the Treasury is
hereby authorized to ISSUE in sums not exceed
ing in the aggregate $OOOOOOOO coupon registered
bonds Of the United States in such form he may pre-
SCRIBE and of denominations Of $50 or some multiple or
that sum- redeemabe in coin of the present standard
value at the pleasure Of the United states after 10 years
from date OF their ssue and bearing interest, payable
seannuay, in such coin at the rate Of i've per cen
tum per annlm also, SUN or sums n4t e4eeeding III
respects. but payable at the pleasure OF inc Ohted
States after years from date OF their issue ana
centum per annIn; also, not exceeding in
the aggregate sOOOOOOOO Of like bonds, the same in all
respects but payable at the pleasure OF the states
after from the date of their ISSUE and bearing IN
terest at the rate OF four per eentum per ann4 an Oh
shall be exempt from the payment OF all taxes or duties
form nv or under state municipal or local authority
and the said bonds shall have set forth and expressed
upon their face the above specified conditions, and SNAIL
with their coupons he made payable at the treasury OF
the United States. But nothing in this act or IN any
other law in force, shall be construed 10 authorize
any increase whatever Of the bonded debt of the United
states.
SEC O. That the Secretary Of the Treasury is hereby
under this act at less than their par value for COIN
and to apply the proceeds thereof 10 the redemption
any of the bonds of the United States outstanding ana
known as $50 bonds, at their par value, he may ex
change the for such $40 bonds par for par but the
q.
pose Whatsoever. And sum not exceeding nehaf OF
one per Of the bends herein authorized is hereby
appropriated 10 pay the expense OF preparing issuing
and dispOslng OF the same
SEC g. That the payment Of any OF the bonds hereby
authorized after the expiration of the said several terms
of TO- I5 and years shall be made in amounts 10 he de
ternined from time 10 time by the Secretary OF the
distinguished and described by the dates and numbers
beginning for each successive payment with the bona,
last dated and numbered OF the time OF wch Intehdea
payment redemption the Secretary Of the Treasury
Shall give public notice and the interest on the Partcu
Cd AZ
at the expiration OF three months from the date OF such
| notice.
SEC That the Secretary Of the Treasury is hereby
| authorized with any coin IN the treasury OF we
United States, which he may lawfully apply TO suGh
! Of any of the bonds, the issue OF which Is
provided for in this act, to pay at par ana 10
Tho kind known Five-Twenty bonds, which have be
come shall hereafter become redeemabe by the terms
of their issue but the particular bonds so to be lld ana
cancelled shall in all cases be indicated and specified by
class, date, and number in the order OF their hummer
public notice is to be given by the Secretary of the Treas
uy and in three months after the date OF sueh pubic
notice the interest the bonds so selected ana ad'e
| tised shall cease
SEC g. That the Secretary Of the Treasury is hereby
authorized any time within two years from the pass
age of this act 10 receive gold coin OF the United states
deposit for not less than thirty days on sums oi o'
Treasurer of the United states authorized by @ Seefe
taTy of the Treasury 10 receive the same VINO snail ISSUE
secretary of the Treasury shall prescribe ana sau oeI
tcates Of deposit shall bear interest at rate NOT
| gold coin or bullion deposited may De WlIncraHl
from deposit time after thirty days from tine uhle
of deposit and after ten days notice, ana on tie fet's
of said certificates provided the interest on all suc ue
posts shall and determine at the pleasure oi tue
Secretary of the Treasury; and not less than 70 per
centu OF the deposited for or represented ny Su
certificates Of deposit shall he retained IN Tue lfets!
for payment of said certificates; and II the Excess
beyond per centum be applied at the discretion
of the Secretary of the Treasury to the pay eht OF
denption of such outstanding bonds Of the United States
heretofore issued and known "a the flNe-lweny pos'
as designate under the provisions Oi the FOUR
section of this act, and any certificate OF deposit ssue
as aforesaid be received at par, with ne inteIert
accrued thereon, payment Tor any bonus auihoiA0u
| 10 be issued 10y this act.
nov held in the Treasury in accordance with the pfov
sions relating To sinking fund.- OF section nye o '.
entitled "An act 10 authorize the Issue OF uhlteu
notes and for the redemption or funding thereof ana io
funding the floating debt Of the United states approves
February o. 1861, and all other United States oonns
which have been purchased by the Secretary OF tbs
Treasury with the surplus funds IN me anu
now held In the Treasury of the United states Snail VIC
canccled and destroyed detailed record OF sch pons
an canceed and DESTROYED to he hrst made IN M pookr
of the Treasury Department. Any Donds nersae, ~
ied 10 the said sinking fund.- and all other United sihtn
bonds redeemed paid hereafter by the United ot,s
shaIl also, In Ike manner he recorded, canceed h u
stroyed and the of the bonds of each clss '
have Cancelled and destroyed shall De deducted ~
snecfiycly from the amount ~ cacI class OF the ou
stnnding debt the United states In addition 10 o'eI
amounts that may be applied To the redemption W ,e
uaylueu Of the public debt an amount eqhhl "a tnr III
irrst oil the bonds belonging % the sioresaiu
fund shall le applied the secretary OF Ihr Iehsu
shall from time 10 time Direct 10 the paSneh. of vi,
,nI,Iie debt provided for Ia section nSe o. the se'
nfnresuid and the amount TO he appel herrlo az
annually for that purpose out Oh the rccePe
| f,v .Ipties an imported goods