New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-07-17
FULL TEXT OF THE FUNDING BILL.
We publish from a special to the St. Louis
Dena0cS,0f tho fn1J <avt nf tho f,,ndiny hi1r

| Representatives of the United States il
Congress assembled, That the Secretary o
the Treasury is hereby authorized to issu
| III sum or sums not exceeding in ag
tered bonds of the United States, il
such form as he may prescribe. an,
of denominations of $50, or some multi
pie Of that sum, redeemable in coin of pres
ent standard value, at pleasure of the United
States after ten years from date Of their is
sue, and bearing interest, payable semi-an
nually in such coin, at rate OF five per cen
per annum also sum or sums not exceed
ing in the aggregate $500, 100000 Of like
bonds, the same in all respects, but payable
at the pleasure Of the United States aftel
fifteen years from date of their issue, anC
bearing interest at the rate of four and 6
half per cent per annum; also a sum OF
sums not exceeding in the aggregate
$l ,OOO, DOC, 900 of like bonds, the same in al
respects, but payable at the pleasure of the
United States in thirty years from date OF
their issue, and bearing interest at the rate
OF four per cent per annum; all OF which
said several classes Of bonds and interest
thereon shall be exempt from payment OF
all taxes or duties of the United States, as
well as from taxation i'll any form, by or un
der State, municipal or local authority; and
said bonds shall have set forth and ex.
pressed upon their face the above specified
conditions, and shall, with their coupons, be
made payable at the treasury of the United
States. But nothing in this act, or in any
other law now in force shall be construed to
authorize any increase whatever of the
bonded debt Of the United States.
SEC. 2. Be it further enacted, That the
Secretary of the Treasury is hereby author
lied 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 pro-
ceeds thereof in the redemption of any
bonds Of the United States outstanding and
known as fve-twenty bonds at their par
value; or he may exchange same for such
five-twenty bonds at par; but the bonds
hereby authorized shall be used for no other
purpose whatever, and sum not exceeding
One-half Of one per cent Of bonds herein au-
thorized is hereby appropriated to the ex-
pense of preparing issuing, advertising and
dispOsing of the same.
Sec. 3. Be it further enacted, That pay
ment of any Of the bonds hereby authorized,
after the expiration of the said several
terms Of ten and thirty years, shall be made
in amounts to be determined from time to
time by the Secretary of the Treasury, at
his discretion, the bonds so to be paid to be
distinguished and described by dates and
numbers, beginning for each successive
payment with the bonds of each class last
udCCu dAu uuuUcIcu III luC tlIuC, VI W Hull
intended payment or redemption the Secre-
tary of the Treasury shall give public notice
at any time to be paid, when interest shall
cease at the expiration of three months from
the date of such notice.
Sec. 4. Be it further enacted, That the
Secretary of the Treasury is hereby au-
thorized with any coin in the Treasury of
the United States which he may lawfully
apply to such purpose, which may be de-
rived from the sale of any of the bonds, the
sale of which is provided for in this act, to
pay at par and cancel any six per cent.
bonds of the United States, of the kind
known as five-twenty bonds, which may
have become or shall hereafter become re-
deemable by the terms of their issue; but
the particular bonds's to be paid and can
celed shall in all cases be indicated and
specified by class, date and number in the
order of their number and issue, beginning
with the first numbered and issued in the
public notice, to be given by the Secretary
of the Treasury; and in three months after
date of such public notice, interest on bonds
SO selected and advertised to be paid, shall
cease.
SEC. 5. Be it further enacted, That the
Secretary of the Treasury is hereby author
lied at any time within two years from the
passage Of this act to receive gold coin of
the United States on deposit for not less
thirty days, in sums not less than 500,
with the Treasurer or any Assistant Trea-
surer of the United States authorized by
the Secretary of the Treasury to receive the
same, who shall issue therefor certificates of
deposit made in such form as the Secretary
of the Treasury shall prescribe, and said
certificates of deposit shall bear interest at
IA rate not exceeding two and a-half per
cent per annum, and any amount of gold
coin so deposited may be withdrawn from de-
post at any time after thirty days from date
of deposit and after ten days notice, and
on return Of said certificates, provided that
interest on all such deposits shall cease and
determine at the pleasure of the Secretary
of the Treasury, and not less than twenty
five per cent of the coin deposited for Or
by said certificates of deposits,
shall be retained in the Treasury for the
of said certificates, and any excess
beyond twenty-five per cent, may be applied
at the discretion Of the Secretary of the
Treasury, to the payment and redemption of
such outstanding bonds of the United States
heretofore issued, and known as 500 bonds,
as he may designate under the provisions of
the fourth section of this act and any GER
titicates of deposit issued as aforesaid may
be received at par, with interest accrued
in payment for any bonds author
lied to be issued by this act. >.
SEC. 6. Be it further enacted, That United
States bonds purchased and now held in the
Treasury i'll accordance with the provision
relating to sinking fund of section 5 of an
act entitled IAN act to authorize the issue of
United States notes and for the redemption
or funding thereof. and for funding the
floating debt of the United States" APP
proved February 25, 1862, and all other
United States bonds which have been pur-
chased by the Secretary of the Treasury
with a surplus of the funds of the Treasury,
and now held in the Treasury of the United
States, shall be Cancelled and destroyed-a
detailed record of such bonds so Cancelled
and destroyed to be first made in the books
of the Treasury Department Any bonds
applied to said sinking fund, and
all other United States bonds redeemed and
paid hereafter by the United States, shall
also in like manner be recorded. Cancelled
and destroyed; and the amount of bonds of
each class that have been Cancelled and de-
strOyed shall be deducted respectively from
the amount of each class of the Outstand-
ing debt of the United States, in addition
to other amounts that may be applied to
the redemption or payment of the public
debt. An amount equal to the interest on
all the bonds belonging to the aforesaid
sinking fund shall be applied as the Secre
tary of the Treasury shall from time to
time direct to the payment of the public
debt, as provided for in section five in the
act aforesaid: and the amount so to be APP
Piled is hereby appropriated annually for
that purpose out of the receipts for duties
OH imported goods.
An Unfortunate Paragraph.
A few weeks ago the death of Captain
John d. Robertson, of the frigate Pensaco-
tnJo 4, Gov,