Iowa voter. [volume] (Knoxville, Iowa) 1867-1874, 1870-04-07

others i-e authorized by this section
d this at. such further issues are
+ hereby authorized. Provided. that
there -1sali IL 10 increase II the
aggregate Debt IS the United States
Ia consequence Of any issues author
lied by this act-
sc. !. .srd Je 4 further tyacctei,
That the bonds, and the annual In
eTs.ls- thereon, authorized by this at.
shall i@7 exempt irons ali taxation ~
nr under national, state, Elgalci pal
and Is,cai authority.
s4ss. = ind Ge II .fryfle- sss0cted,
That the Secretary of the Treasury
IL. ard ht. j. hereby. authorized 20
appoint sgzch agents ia the United
-tate- and IN En-erse - he may deem
rezs---ary to aid In the negotiation OF
aid lords, and be- may advertise the
ss.ar. sssrpIn authorize! and the con-
difi0rs thereof IN sgch Eewspa peYs
ana Journals in this country and III
Europe a. he may select FOR the pur-
rs1~a, ard suns not exceeding one
half ~ one rer ceDtuII Of the bonds
herein authorized j. hereby appro-
,sr.ztg.d IL ~. ~ pepsi. ~ seses!,er r
iDg. issuing, and diepGsing OF tie
same.
4 Sgr. g. mi ~ r fUrtter e,lqc'cd.
That in order II carry into execution
the provisions u tire fifth section u
the set entitled ''AG act 10 authorize
the issue. Or United states notes, and
for the redemption or funding there
OF. and for funding the floating debt
Of the United States" approved Feb
ruarv -. 1862. relating To the sink
ing fund. there is hereby appropri-
attd ont of tie duties derived from
imported gp,ds, the sum OF one hun
bred and fifty millions Of dollars
annually, which SUM during each
f-cai year shall he applied TO the
payment of the interest and to the
reduction of the principal OF the pub
lie debt; and the United States bonds
row held a. tho sinking fund, and
tho United States bonds now held in
the Treasury shall he Cancelled and
destroyed, detailed record thereof
being first made in the books Of the
Treasury bnrartn"ct. And TIC
bonds hereafter purchased tnGer this
sccriOn ~Eall In like manner be can
cphd ard destroyed. and full and
detailed account Of the application Of
the money herein appropriated shall
he made By the Secretary Of the
TrcasurytoC ongrcss with his annual
report, and the aggregate amount OF
the bonds cancelled and destroyed shall
be stated in the monthly statement
Of the public debt.
sEc. 7. 4nd he II f.rt,ter eJ.acfcd,
fi.sx, ~
October, 1870, registered bonds OF any
denomination not lessthan one thou
sand dollars, Issued under the pro
visions or this act, and 10 others,
shall bcdepoeited with the Treasurer
Of the United States as security Tor
the notes Issued to the National
Banking Associations for circulation
under and act entitled "An act to
provide a national currency secured
bv a pledge Of the United States
bonds, and to provide for the circula-
ton and redemption thereof" APP
proved June 3, 1864, and all the
national banking associations, organ
lied under said act, or any amend
i mcnt thereof, are hereby required to
4 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 he forfeited, and the
Treasurer and the Comptroller Of
Currency shall be authorized and
required to take such measures as
may be necessary to call in and de-
stroy their outstanding circulation,
and to return the bonds held as secu-
rity therefor, to the association by
: which they were deposited, in sums
Of not less than 81 ,OC0; provided, that
anysuch association now III existence
may, VI on giving thirty dsy.' notice
to the Comptroller Of the Currency,
by resolution Of its Board Of Direc-
tors, deposit legal tender notes with
the Treasurer Of the United States to
the amount Of its outstanding circu-
latiou, and take upt bonds pledged
for its redemption. And proridel
further, That not more than one-third
OF the bonds deposited by any bank,
as such security, shall be Of the class
Of bonds herein authorized, bearing
the rate Of interest of ) per cent, and
no more than one-third shall be Of
the class OF bonds herein authorized,
bearing the rate Of interest of 4! per
cent.
SIC. s. Ind be IL further enacted,
That the amount Of circulating notes
which any bank may receive from
the Comptroller Of the Currency,
under the provisions Of section q of
said act, may equal but not exceed
50 per centum OF the par value of the
bonds deposited, but shall not exceed
in the aggregate the amount to
: which such bank may be entitled
under said section.
SEC. .. Aad bel further enacted,
That any banking association organ
lied Or to be organized under the
National Currency acts, and the acts
amendatory thereof, may, upon
depositing with the Treasurer United
States notes to any amount not less
than $4,000, receive an equal
amount of registered bonds of the
United States Of the kind and de-
scription provided for by section 3 Of
this act, and may deposit the same as
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