, 1870-06-09

WssulSGIoy, June G.
TIE following is tho Funding bill reported
from tho WaFs and Means Committee to-
day:
That the Secretary OF the Treasury is hereby
authorized to issue in 3 sum. or SUMS. not e1-
ceeding in the aggregate 81 900, ,000, 900,
coupon or registered bonds OF the United
States, in Buch form al he may prescribe, and
Of denominations OF ESQ, or some multiple Of
that sum, redeemable in coin of the present
standard value, at the pleasure Of the United
States, after thirty years from the date OF
their Issue, and bearing interest payable semi-
annually III such coin ct the rate OF per
centum per annum and said bonds, with the
interest thereon, shall be exempt from the
payment of all taxes or duties Of the United
States, rs well all from taxation in any form
br or under State, municipal, Or local authority;
and the said bonds shall have set forth
and expressed upon their face the above apeci-
lied conditions, and shall. with their coupons:
be made payable at tho Treasury OF the United
States. But nothing in this act, or in anJ other
law now in force. shall be construed to author-
ixe any increase whatever OF tho bonded bebt
Of the United S!ates- ...
SEC. q That the Secretary Of tho Treasury
iB hereby authorized to sell and dispose OF any
of the bonds issued under thus act at not less
than their par value in coin, and to apply tbs
rrcceeds thereof to tho redemption Cf any Of
the bonds OF the United States outstanding
and known as fye-tuenty bonds at their par
value; or he may exchange the same Tor such
five-twenty bonds par for par but the bonds
hereby authorized shall 10 used for no other
purpose whatever.
SIC 3. That tho payment Of any Of the
bonds hereby authorized after tho expiration
Of the said term Of thirty years. shall be made
~ t;,,aa hr t1,a sec,ctaw ~ the Tre,surv at f;s
discretion, and BY classes to be distinguished
and described BY the date and numbers be-
ginning for each successive payment with the
,S%ch ifhs ts ;ntsrast narment or reclamation
the s ha Of atsfe the sha sss RuSe
on;is sa1nctaI n AT ~ nv t,no tn he np shaIl
.oase ~ tLa a1n;-at;nn ~ thrae months frorn
ISas9 IL az ~ ~ ~ s,,nf, nnt;c.
Tug Ing " ,Thnt tLs secra,a,v ~ TIM Traasnrv
i; ohe herehv antbozed tn and instructed WEE any
no;1 n ia TraasnTro ~ tha I1nitsJ Statea which,
so'ts - a.s;. i;.arat;a4, az, 10 nar@sa
~ ont1r ~ arnri;ed to ,h.t nnrnose ~ nav st mar
a,.1 r,ncaf 1pt anv six nsr cent bo13a of the
Mn;,ed I'M sta,es n the kinl known "a fsve-tventy
bonus, "tuSn hs tha ~ ~ tha;- ;ssnc
~ .1 .to,,1s .7a ~ =, r.. NH s.,d ran,
Nv M a1e =, III sa ~ ;nG;.a+ad ,nd snec3.
Ga -. Lac - daIa g. I'D n,nohs- r.; the nrier ri
usG ~ rn,f,.re nnI ;os,,a hnr,,rnpc srth the
,ne,r @ h1 nuorS a .pa ;ssnsd S1,h1;c nnt;ce to
ilrst numbered ano lssueo P'pnet ~ a'tsv Tra.s ~
pe saen ~ ~ .,raa auo Tnaut1,s after tha data
Wy, anu III tnee H. 1to-,at a., tta honJs
ol suGn pa1ne ~ np.de n1,art;ons IT, bc maid thall
10 seieu ~ - A .I,,1i hs co1nnetcnt far fhe hold
ers s1,d nSynora Of any Of said bonds so gpeci-
fcl for nav1ncnt to exchange tie same for
j,onds ;ss1e;4 nndcr tho authority of this act
~ .nv tYnc beforn tho end of tho notice pro-
s.;1nj for IN tha sacond section Of Ills act.
SEc. 5. TL,t tie United States bonds pur-
cbrscd and nng held in the Treasury IN accord
,nca ,rith tha provisions relating to sinking
| fnnd nf Section i've. OF IN act entitled !" An
NJ ~ anthorize the ISSUE of United States
notos and for tfc reclamation or funding there
| n md for funding the floating
3ai+ ~ fhe United States" aE-
| ,soSoa Fe1,rra-v 05 1869. and all
pttar initial Statcs bonds which haze boon
.nrcisseI hr tho Secretary Of the Treasury
III, sT,nluv fund4 in the Treasury. and now
| hn1I in tbe Treasury OF the United States,
| 1bs1l },a cancelled and DESTROYED. a detailed
rscori of such bonds so cancelled and
! deetroyed to be first made in the books OF the
Ts lie asn1y y Department. Any bonds hereafter
| irancd ia said sinkine fund. and ali other
| I1n;tet1 States bonds retIeemed or paid here
! sftar 1r .hc I7nitel statcs shall also in like
raannaI i:c c,nco1,eI AID destrnyed. and
thHAns1 tIo s1nonnt ~ h hnnda of esch cias.
tbot have hean co,ce11ed snI destroved shs III be
tiaauctoJ 1aanact,rair fro1n tha omn1nt al
asJu o,, nio.a ~ t3,o nt.;nT tioht ~ the
Tfa;,os Stn,os - ,Sd;t;o-, ~ nthor amornts
vnaeo nAa.e ~ 3 ~ ~ n ra1aronti,+' AZ 49,
Ita. nas 10 alp1;eo a ~ 'sn en,int aon.I y
TcHt q. .uo ous'c uopt, ,,, a. ha1onr 70 ~ ~
tho lnteres1 On gu po1aS ueloasug ~ H. H.
AFORESAID elnklnF 1uhu enali ~ apl'leo. ~ lux