Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1870-06-08
The Funding Bill.
w ASHlNGTONs JUNE U.
The following is the funding bill reported
from the Ways and Means Committee

from the Ways and Means Committee
81 900 600 900 AT FOUR PER CENT.
That the Secretary of the Treasury is
hereby authorized to issue in a sum or sums,
not exceeding in the aggregate one thousand
millions of dollars, coupons or registered
bonds of the United States, in such form as
be may prescribe, and of denominations of
$50 or some multiple of that sum, redeema
bic 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
in such coin, at the rate of four per centum
per annum which said bonds and the inter
est on them shall be exempt from the pay
ment of all taxes OF duties of the United
States, as well as from taxation in any form,
by or under state, municipal OF local author
ity; and the said bonds shall have set forth
and expressed 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.
NOT TO BE SOLD LESS THAN PAR
Section 2.-That the Secretary of the
Treasury is hereby authorized to sell and
dispose of any of the bonds issued under
this act at not less than their par value in
coin, and 10 apply the proceeds thereof to
the redemption of any of the bonds of the
United States outstanding and known as
fye-twenty bonds at their par value; or he
may exchange the same for such fve-twenty
bonds par for par, but the bonds hereby
agthori5sd shsl .se ussi sIE no other I.s2ose
TINE AND MANNER OF REDEMPTION.
Section 3.-That the payment Of any Of the
bonds hereby authorized, after the expiration
Of the said term of thirty years, shall be
made in amounts to be determined from time
to time by the Secretary of the Treasury,
at his discretion and by classes, to be dis
tinguished and described by the date and
numbers, beginning for each successive pay
ment with the bonds last dated and mum
bered of the time of which intended pay
ment or redemption the Secretary of the
Treasury shall give public notice and the
interest upon the particular bonds selected
at any time to be paid shall cease at the
expiration of three months from the date of
such notice.
REDEEMING AND EXCHANGING so BONDS.
Section THAT the Secretary of the
Treasury is hereby authorized and instructed,
with any coin in the Treasury of the United
States, which in his opinion and discretion
can be conveniently applied to that purpose,
| TO pay at par and cancel any SIX per cent.
/ bonds of the United States of the kind known
as fve-twenty bonds, which have become or
shall hereafter become redeemable by the
terms Of their issue but the particular bonds
to be paid aud cancelled shall in all cases be
indicated and specified by class, date, and
number in the order of their numbers and
issue, beginning with the first numbered and
issued, in public notice to be given by the
Secretary of the Treasury and in three
months after the date os such public notice
the interest on the bonds so selected and
advertised TO be paid shall cease; but it
shall be competent for the holders and own
ers of any such bonds so specified for pay
ment to exchange the same for bonds issued
under the authority of this act, at any time
before the end of the notice provided for in
the second section of this act.
PURCHASED BONDS TO BE DESTROYED.
Section blank.-And be it further enacted
that the U. s. bonds purchased and now held
10 the Treasury, in accordance with the act
of February 25th. 1862, and all other q. 5.
Bonds, which have been purchased by the
Secretary of the Treasury with the surplus
funds in the Treasury, and now held in the
Treasury of the Z. S, 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
fund, and all other U. S. bonds redeemed OF
paid hereafter by the U. s., shall also in like
manner be Cancelled and des troyed and the
amount of the bonds of each class that have
been Cancelled and destroyed, shall be de.
Quoted respectively from the amount of each
class of the outstanding debt of the U. S
In addition to other amounts that may bt
applied to the redemption or payment of the
public debt, an amount equal to the interes
l l.. Ill. IL !
ing fund shall be applied, as the Secretary o
the Treasury shall from time to time direct
to the payment of the public debt as pro
vided for in section five of the act aforesaid
GOLD DEPOSITS.
Section blank.-And be it further enactet
; that the Secretary of the Treasury is hereb,
authorized to receive gold coin of the Unite'
States, or bullion, on deposit for not less thai
thirty days, in sums of not less than on
hundred dollars, with the Treasurer, or an
Assistant Treasurer of the U. s. authorizes
to receive the same, who shall issue thereto
, certificates of deposit made in spch form a
the Secretary of the Treasury shall prescribe
and said certificates of deposit shall bea
interest at n rate not exceeding three pc
} centum per annum and any amount of gol,
coin or bullion so deposited may be with
drawn from deposit at any time subsequent
to thirty days from the date of deposit, afte
ten days notice, and on the return of sal,
, certificates provided that the interest on al
e such deposits shall cease and determine q
the pleasure of the Secretary of the Treas
ury and not less than 25 per centum of tn
coin and bullion deposited for, or represent
! ing said certificates of deposit, shall be re
tanned in the Treasury for the payment o
said certificates, and the excess beyond 2
per centum may be applied at the discretion
of the Secretary of the Treasury to the pay
ment or redemption of such outstandin.
bonds of the United States, heretofore issueC
Lad The fra honds h.