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

This measure being Of the greatest
National importance, and there being
such various views in regard 10 it,
bearing and effects, we give herewith
The text Of it in full ~ 1t passed the
! senate:
That, for the purpose Of funding
/ the deDt Of the lniled States anu
reducing the interest thereon, the
secretary OF tue Treasury BE-, and Is
hereby, authorized 10 isSte Oh the
! credit Of the United States coupons
or registered bonds % such denOinin-
aiiuI.s not Icfs than so as he may
/ think proper, to an amount not
exceeding .4D0, UUO,OO0, fedeemabie
/ III coin at the pleasure Of the govern
ment 81 the United States, at any
/ time after ten years, and payable in
cola in forty years from date, and
/ bearing interest at the rate OF per
centun per aunuGi, payable SEMI
annually, in coin; and the bonds thus
authorized may be disposed Of at the
| discretion Of the Secretary, under
such regulations rs hesball prescribe,
either in the United States or else
where, at not less than their par
value, for coin, or they may be eX-
| changed for any Of the outstanding
bonds Of an equal aggregate par value
! heretofore issued and known as the
| 5-20 bonds, and for no other purpose.
and the proceeds Of so much thereof
rs may be- disposed Of for coin shall
be placed in the Treasury, to be used
for the redemption OF such 6 per
centum bonds, at par, as may not be
offered in exchange, or to replace
such amount of coin as may have
been used for that purpose.
SEC. 2. And be IL fusfher enacted,
That the Secretary Of the Treasury
be, and he Is hereby, authorized to
issue, on the credit OF the United
States, coupon or registered bonds To
the amount Of four hundred millions
Of dollars, Of such denominations, not
less than fifty dollars, as he may
think proper, redecmable in coin at
the pleasure Of the government OF
the United States at any time after
| fifteen years, and payable in coin at
| forty years from date, and bearing
interest not exceeding four and one
half per ccntum, per annuin, payable
semi.annually,a and the bonds author
| lied by this section may be disposed
| OF under such regulations rs the Sec
rotary of the Treasury shall prescribe,
| in the United States or elsewhere, at
not less than par for coin; or they
may be exchanged at par for any of
the outstanding obligations of the
United States bearing n higher rate
of interest in coin, and the proceeds
of such bonds as may be sold for coin
shall bedeposited In the Treasury, to
be used for the redemption of such
obligations bearing interest in coin
as To- the terms of issue are, or may
become redeemable or payable, or to
replace such coin as may have been
used for that purpos G.
SEC. 3. Ind be IL further enacted,
! That the Secretary OF the Treasury
be and he IL hereby authorized to
issue, on the credit Of the United
States, from time to time, coupon or
registered bonds of such denOmina-
tions, not less than fifty dollars. as he
may think proper, to the amount Of
800, 900, 600, redeenahle in coin at
the pleasure Of the Government at
any time after twenty years, and
payable In coin Mt forty years from
date, and bearing int, rest at the rate
of four per centum per annum, paya-
bic semi-annually in coin; and such
bonds may be disposed Of either in
the United States or elsewhere, at
not less than their par vniue for coin,
or, ut the discretion Of the Secretary,
for United States notes, or may be
exchanged nj not less than par for
any Of the obligations Of the United
States outstanding nj the date Of the
Issue of such bonds, and If in the
! opinion Of the Secretary OF the Treas.