The Tiffin tribune. (Tiffin, Ohio) 1868-1887, 1870-07-21
TUF FVVDING RIII
The following is the full text OF tn,
Funding bill as passed ~ both House.
OF Congress on the 18th inst:

lttdi "a tlt lIttSiTN i lltltuN Al
; thOriZei to i~>ne in a sum Or sums NJ
: exceeding in the ass.sree:its SAM, O,hI0
: iND, coupon Or registered bonds Of th
/ United States, in such form as he ma
: prescribe, and of denominations 1
: - ar some multiple uf that sum. r.
, deemable IN coin of present standar
, value at the pleasure "f the Unite,
States after ten wears from tI,.. dst
Of their iSsiIe, and bearing intert--
payable semi-annuilly in such coil
at the rate of five per cent. per annum
Also ia sum or Sums not exceeding ii
the aggregate 500, ,001, ,OJO of hk
bonds, the same in all respects, bu
payable al the pleasure of the Unite,
states after fifteen years from tn,
date OF their issue, and bearing inter
est AT the rate OF A per cent. per an
fnum. Also a sum or sums Not eX
ceedlng in the aggregate 81 ,OjlJ, 900, 90
OF like bonds, the same in AL respects
but payable at the pleasure of TIT
United States in thirty years from tn,
date Of their issue, and bearing inter
est at the rate of per cent. per an
mum; all of which said several classe
of bonds, and interest thereon, shaI
be exempt from payment of all take.
or duties of the United States, as vel
as from taxation in any form by o.
under State, municipal or local au
thority; and such bonds shall have Sc
forth and expressed upon their face
the above specified conditions, anC
shall with their coupons be made pay,
able at the Treasury of the United
States But nothing in this act Ol
any other law now in force, shall be
construed To authorize any increase
whatever of the bonded debt of the
United States:
SIC. ?. And Be- it further enacted,
That the Secretary of tie Treasury Is
hereby authorized to sell and dispose
OF any of the bonds issued under this
act, at not less than their par value
for coin, and 10 apply the proceeds
thereof in redemption of any bonds OF
the United States outstanding and
kEOwe as five-twenty bonds at their
par value; or he may exchange the
same for such tiYe-twenty bonds for
par, but the bonds hereby authorized
shall be used for no other purpose
whatever; and Il sum not exceeding
One-half of one per cent. of the bonds
herein authorized Is hereby appro-
priated to pay the expense of prepar-
ING, issnin%, advertising and dispo-
sling of the same.
SEC. 5. Be IL further enacted, That
the payment of any of the bonds
hereby authorized, after the expiration
of the said several terms of ten, fif-
teen and thirty years, shall be made
i'm amounts to he determined from
time to time 10y the Secretary of the
Treasury at his discretion; the bonds
So To he paid to be distinguished and
described by dates and numbers, be-
ginning for each successive payment
with the bonds of each class last da-
ted, numbered ut the time at which
the payment or redemption is intend
ed. The Secretary of the Treasury
shall give public notice ut any time
of bonds To be paid, interest on which
shall cease at the expiration of three
months from the date of such notice.
SEC. 4. BE 1t further enacted, That
the Secretary of the Treasury is here
by authorized with any coin i'm the
Treasury of the United States which
he may lawfully apply to such pur
pose, or which may he derived from
the sale of any bonds, the sum of
which is provided for in this act, 10
pay at par and cancel any six per
cent. bonds of the United States of
the kind known Us 5 20 bonds, which
have become or may hereafter be-
come redcemable by the terms
of their issue, but the particular
bonds 40 To he paid and cancelled shall
in all eases be indicated aud specified
by the class, date and number i'm the
order of their number and issue, be-
ginning with the first numbered and
issued, public notice to he given by
the Secretary of the Treasury, and in
three months after the date of such
public notice, interest on bonds so Sc
iected and advertised to be paid shall
cease.
SEC. 3. BE IL further enacted, That
the Secretary of the Treasury is here
10y authorized ut any time within two
years from the passage of this act to
receive gold coin of the United States
on deposit, for not less than 80 days,
i'm sums of not less than SlO0 with the
Treasurer, or any Assistant Treasu-
Ter, 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 in
terest at a rate not exceeding two and
a half per cent. per annum, and any
amount of gold coin so deposited may
be withdrawn from deposit at any
time after thirty days from the date
of deposit and after ten days notice,
and on the return of said certificates,
provided that the 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 coin deposited for or
represented by said certificates of de-
posits shall be returned in the Treas
ury for the payment of said certifi-
Gates, and the excess beyond p 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 $40 bonds, as may be designated
under the provisions of the fourth
section of this act, and any certifi-
Gates of deposit issued as aforesaid
may be received at par with the in
terest accrued thereon, in payment
for any bonds authorized to be issued
by this act.
SEC. 6. Be It further enacted, That
the United States bonds purchased,
and now held in the Treasury in ac-
cordance with the provision relating
to a sinking fund of section five of
the act entitled an act to authorize
the issue of United States notes, aud
for the redemption or funding there
az. and for funding the floating debt
of the United States, approved Feb
ruaPy ., 1862, and all other United
States bonds which have been pur-
chased 10y the Secretary Of the Treas
Ury, with the surplus funds in the
Treasury, and now held in the Treas
ury of the United States, shall he can
celed and destroyed, q detail record
of such bonds So cancelled and de-
stroyed To I've first made in the books
of the Treasury Depart menI. Any
bonds hereafter applied to said sink
ing funds and all other United States
bonds redeemed and paid hereafter
l,y the United States shall also in like
manner he recorded, Cancelled and de
and the amount of tho bonds |
Of each class that have been cancel
eel and destroyed shall he deducted
respectively from the amount of each
class of the outstanding debt of the
United States i'm addition Ia the other
amount that may he applied t0 the !
or payment of the public /
debt, and an amount equal tO the i'll |
terest OH all bonds belonging to the
aforesaid sinking fund shall bc ap- |
pIie,l as the Secretary of the Treasury
Shall, from time TO time direct, to the
OF the public debt, as l'rovi- |
lied for i'm section of the aforesaid /
act, and 'he amount 80 tO be applied Is /
hereby appropriated annually fer
that purpose out of the receipts for |
duties on imported goods.
A Fish Story.