New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-10-12
OFFICI A L.
LAWS OF THE UNITED STATES,
TPUBLIC-No. 165.
AN ACT to authorize the retunding OF the
national debt.

| America i'll Congress assembled, That the
Secretary of the Treasury is hereby author
| lied to issue, in sum or sums not exceed
| ing in the aggregate two hundred million
dollars, coupon or registered bonds of the
| United States, in such form as he may pre-
scribe, and of denominations OF fifty dol
| lars, or some multiple of that sum, redeem
| able in coin of the present standard value
at the pleasure Of the United States, after ten
| wears from the date of their issue and bear
ing interest. payable semi-annually In such
| coin, at the rate of five per cent per annum
| also sum or sums not exceeding III the
| aggregate three hundred million dollars of
like bonds, the same in all respects. but
PAYABLE ut the pleasure of the United
| States, after fifteen years from the date of
| their issue, and bearing interest at the rate
of four and half per cent per annum: also
| a sum or sums not exceeding III the aggre-
gate one thousand million dollars OF like
| bonds, the same in all respects, but payable
at the pleasure of the United States, after
| thirty wears from the date OF their issue,
| and bearing interest at the rate OF tour per
cent per annum, all OF winch salu seVef;'i
| classes of bonds, and the interest thereon.
| shall be exempt from the payment OF all
taxes or duties of the United States, as well
| as from taxation in any form, by 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 shall, with
their coupons, he made payable at
the treasury of the United States But
nothing in this act, OF in any other law row
! in force, shall be construed to authorize any
| increase whatever of the bonded debt of the
| United States.
| SEC. . And be it further enacted. That
the Secretary of the Treasury is hereby au-
thorized to sell and dispose OF any of the
bonds issued under this act, at not less than
their par value for coin, and to apply the
| proceeds thereof to the redemption OF any
| of the bonds of the United States Outstand-
| ing. and known as fivc-twenty bonds, at
| their par value. or he may exchange the
| same for such tivc-twcnty bonds, par Tor par;
| but the bonds hereby authorized shall be
used for no other purpose whatsoever. And
a sum not exceeding One-half of one per
cent of the bonds herein authorized is here
by appropriated to pay the expense of pre-
| pairing, issuing, advertising anu dispOsing
| OF the same.
! SEC. g. And be it further enacted, That
| the payment of any of the bonds hereby
| authorized after the expiration OF the said
several terms of ten, fifteen, and thirty
years, shall be made in amounts to be de
termined from time to time by the Sccre-
tary of the Treasury at his discretion, the
bonds so to be paid to be distinguished and
| described by the dates and numbers. be-
g;nn;ng for each successive novment with
| the bonds If a,cb class last dated and Num-
bered. of the time of which intended pay
| ment or redemption the Secretary OF the
| Treasury shall give public notice. and the
| interest on the particular bonds SO selected
at any time to be paid shall cease at the
| expiration of three months from the date OF
| such notice.
SEC. 4. And be it further enacted. That
| the Secretary of tbe Treasury is hereby au-
| tborized with auy,oin in the treasury of the
| United STATES which he NAV lawfully apply
To surb nurnnsr ar which NAV he de
rived from the sale of any OF the bonds. the
issue of which il provided for in this act,
to nav at par and cancel any six per cent
bonds of the United States OF the kind
| known as fiye-twenty bonds. which have
hecome mr. shall hereafter become redeem
able by the terms of their issue. But the
n ,rticular bonds so to he paid and can
c.l(lled shall in all eases be indicated and
snecitied by class. date. and number. in the
ordc[r1 of their numbers and issue. begin
ming with the first numbered and issued, in
nublic notice TO he qiycu by the Secretary
IF tbn Treasury. and in three months after
| the date of such mblic notice the interest
ON the bonds so selected and advertised 10
| he maid shall cease.
| Sc ! Aud he II further enacted That
the Secretary of the Treasury is hereby a,l-
| tborized at anv time within Two wears from
| tbc MASSAGE of this act. TO receive cold coin
| of the limited States on denosit for not less
| than thirty days. in sums of not less than one
| hundred ioIJars with tbe Treasurer or any
| assistant Treasurer of the limited States
authorized bv fine Secretary of the Treasury
| to receive the same. who shall issue there
| for certificates of drnnsit ma de in such form
as tbe Secretary of fine Treasury shall pre
scribe and said certit;catcs of d9nosit shall
! hear interest Mt a rate not exceedinr two
and n half ner cent ner annum: and any
| amount of cold coin so dcposited NAV be
| withdrawn from denosit aft any time itter
| thirty DAYS from the date of dcposit. and
| after ten dovs' notice. and on the return of
said certificates. provided. that the interest
| ON all such dennsits shall cease and deter
mine at the Measure of the Secretary of the
| Treasury. And not less than twcnty-tiye
| nrr cent of tbc coin dcnosited for or
represented by said certificates of deposits
| shall he retained in the treasury for the
payment of said certificates: and tbe excess
| beyond twentv-tiyc ncr cent may he anplied
at the discretion Of the Secretary Of the
| Treasury to tbe paymcnt or rcicmntion
of such outstanding bonds of the United
States heretofore issued and known as the
five-twenty bonds, as he NAV designate
| under the provisions of the fourth section
of this act: and apy certificates of deposit
issued as aforesaid. may be received at par
with the interest accrued thereon in nav
ment for any bonds authorized to be issued
by this act
SEC. 6. And be it further enacted. That
the United States bonds purchased and now
held in the treasury in accordance with the
provisions relating to a sinking fund, of sec
ton five of the act entitled IAN act to an
thorize the issue of United States notes. and
for the redemption of funding thereof, and
States" approved February twenty fifth.