The sun. [volume] (New York [N.Y.]) 1833-1916, 1870-02-04
SHERNiN's FUNDING SCHEME.
Ten-Sesr Bonds ut Five Per Ccut.-Eincsu-
Year Bonds ut Four and One-iia Per
Ccui.-Twenty-Yca Bonds ut -Four Per
lcnt.-ConaolIdniIng the National ncbt.

Ccut.-Twentv-Y Year Bonds Mt -Four Per
tcnt.-ConsolidatinG the National Dcbt.
In the Senate, yesterday, Mr. Sherman (Rep,
Ohio, NON tue COMMITTEE IN Finance reported the
following bill to authorize tue iunjIns anu CONSOLE
ddon OF tic national debt to extend banking ilcIi.
t'Is. and toe, 20 estsbllsh specie paym,n,s;
dcht OF tue United states and reducing tho iut,rc,t
hereby 20 !.uo on the eS, Of The United
& eypeoa 3s lcsi,'sred oond. ~ sach denomlna.
amount cxcseiitg slOc5OCcS rSdsehabe in com
years and PAY ate N COIN at weny yeslt rom date aud
is m VtsSe S eg n son sr @@s1
trled he spjscd Of at The aisereia q tae Sec.
EN-, Tic rnted sisiSs or eseSbere, at not ies;
5hsn tht5 ar ,eae loI coin or the may &c EXCLAIMED
par va.ue heretofore issued. aud known the Flvo.
o,o nleG theoi q, may 6e disposed Of toT ia
] pe p' &c n ,e irsIy 70 &c used Iot the re-
NO. be ohtcd IN oNchange, OF to replace euch amount
. &c = ia' lae Se,c.y,ary Of tas treasury oe and he
a 1 sI oS s 70 oD s sr. E, o. tie limited
t0 S6eC q such deoon nation. 10, les. 1naa 80.
pleasure q INC al amy line "a a pP ss
sg yea aId Pa aos n e9ia at try years from date.
ana m, pa5 ao,c semtannu.y IN cola aud tag Dohl,
,sen reSsaaon. a; a.. s,eiesry OF e treasury shah
ss tnan par tor coin or they ma, be SxchaFe At mar
Tor any OF tue outstanding ooEaton. OF the Govern.
% o sa Of ~. geRs. AZ & be 9G G5 con mail be
tenn OF ssue redecmahlc " pa able
o. TO .euac. sueh con as may have been Tor that
sac s. That the Secretary OF the Treasury be and he
sLeeOy sneo.lted 70 i-ue on tue credit OF the United
60. ~. ,i1s ~ unie, eeul "a 20 rs-stercd bonds
Pr9res; 10 TIE am.ant % ..co ooyoO. Iedeemable ll
IRON twenty years, aud plyAcla forty year,
amer date and tearing Io,gst At The L.ur IeI
ID ,uch uay pe d, posed u ether 10 inc rSt'i
eon. or At the dscre ION OF tie S,eie"sfs % he ffe lvI
ei Ios 1nned s,ates Lo,es 90 nay b exchanged At
led states outstanding at the OF ,uch
lnoa ne o. ,iS S sfss S S S@s
er tU1f Per .sn9m sonds o any q The pnr osei
authorized o. a. section o. h sect sGcu further isucs
increase N the aggregate deUl OF Uutea states IN
sEe That hs TO ds sGhSiiad ~ IN aes ,h,n be
exempt from al 'nhiion oy or under nat'onai otsts.
hkc :. hal the eou ons y said bonus may be made
tncc o. the hs United STATES either Is tSs
sy ., Lordoo; PARE; A@s.e dan or fI.nsiort u
sAoe That the secretary OF the Treasury be and he
j. hereby authorz-d 20 APPOINT slch asents iu the
ntel states aud N turoIe AZ lac may Gccm necessary
Nsrtse the oan hcreiu Luthol.,d snd conditions
anu N Lulope he n,a, sr Ihai rarpose. SaG
sun ~ sN' 81 ~ Shs 20 een,uI oi tue oold- herein
otple.'Llg 9, s.u ~, and dsio-iBg Of lie same
ys ~, OF Inc nth .,et on Of ihe SrSsle enGtsS An
fSr the cienpIo ON of fuUding thtr o. and loS tu.s
the H. aunE deUt OF the neu sta.,s proved July
aGprolriscd, ihc duties derived ron imported
Ss t4eh r.ss yea '1, Os aP G 10 ,s Tsyn ~ Ia Of
pae est ana II ~ s' SS, o. We paneI 81 90.
tse ,nAins mndi a1e Us Unite sttys bonds now acid
Ggsheq bo Eeord, there ,Ei ct beng nf,t male
aud lie boGds hereScr IS-ca.cd ude liz .eet1
shal - Ike mann,i lie IA ehe aad destroyed, ALL
money here'n Aprrotra,. s.sI De W scc
to an lie S Az Sss me- me ,. q. ia1 Sa "a
ard &C.. r9ytd fun oc stated IN the monthy state
sEc Ih,t on and sitter the la day Of October 1870
isSa.Saa dolisT. issued under Inc pro,sons f th,.
act and 10 uthers suaii De deposited VITA the Treason.
| to ARuonal BanAhg Asso atoms J0r cIrcu aiion.
TsSSy seSsd o. se 81 10 lied zoe SEE s SS,
10 proybe Tor t.e aIon 'nd redeeplon thereof"
IN sS a4ss5 ..d se S5 nHy
Ssdsf jas act as .SScri,y i"r shsir Y s,ssuIa uss
notes vithln one year LON the GATE OF Toe
ticT hight 10 ,ue note. for cTraistioS shall S oe
currency saoStd sua Tsqa 81 20 ss - .aS Ss
niessaISs A. may Se ns,e AIRY 10 call ~ and destroy
ned a. ssnny .aers'oI 70 the As.oranou BY whsh
s.nd dollars. pro'ldd ulal aay .eh A,,oeaion nov
~ Sh,eheS na u!oa giving !rty a.y, nS'iee % the
Of bLcc,o' deposI esai,epder note. with tae rIea
m cireui.tlou Ana ,aAe VI lhe tOnls Isdsed Tor
oIa Of Gss S, .S nTrt mat h.. more han
.e'LIy tilal De Of eer 81 the oIAsse- OF bonds berv
| lIed ati,a 81 Der csiilnui per amman.
SAC y. That the antuat OF C.Iculat notes which
hLl Jana MAY receive nom me CoubtrUleT Cur.
Te4cy uudtr Inc PROVISIONS OF Section q OF sad
equal but not cIcc3d ~ crutu vi the value Ol
the ponds deposited put shan not exceed IN the aggTe-
ssls the amotnt ~ which such Lai. may oe cIIded
ILdrT tald SECTION.
DC. ~ ana te Jv'tler enacted. That any banding
association ofgaulzeI or 70 DC UGg under
NAuon.. CuTreLey act, ana the act. auleuGaLry thee
OIL may, hpoi dcpcHtIHg wth the treasurer VI tho
Unted atates nocs TO an amount Not hss than t0oyD
receive an equal amount OF irgntrrvd bondb OI
Uncd states " the KIM anu deeerI pTOyIucd py
section o. thls act, ana hny uel cit tie
security OF Circulating notes anu thereupon such DunA
lnk tocau,n 81 al DC entitled 10 Ahu thali receive
cIcualnG Totes ~ on terms anc cond the
eLeut pIONIued IA the sLu NaAonai urreDcy ac aud
NtUut tSspvSt 10 &c uiltatiJI Tao AZ
dlon VI tPe halOnai e rebcy Dreacr,pod by
lFohd.d nON.N-r mat Ne circulating nolcb IA issued
under TINS section al equa auCul OF Cnlted ntAtss
LOttt SHAH le Cancel. cd .uu Destroyed.