The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-06-06
FIFTH EDITION
THE LATE II NE Tvs,
The New Funding Bill.
Western Hospitality.
ETC., ETC.. Etc. Etc, Etc.
FROM w 4CUJ NIrTr/1 IN
from W.ASHINGUON
The New Funding Bill.


WASHINGTON, June 6.-The following is the
Funding Bill which was reported in the House
to-day from the Committee on Ways and
Means-
BE IL enacted, etc., That the Secretary of the
Treasury is hereby authorized to issue, in a sum
or sums not exceeding in the aggregate one thou
sand millions of dollars, coupon or registered
bonds of the United States, in such form as he
may prescribe, and of denominations of five hun
dred dollars or some multiple of that sum, redeem
able in coin of the present standard value, at the
pleasure of the United States after 80 years
from the date of this issue, and bearing interest
payable semi-annually in such coin at the rate
of per cent. per annum; which said bonds and
the interest thereon shall be exempt from the
payment of all taxes or duties of the United
States, as well as from taxation in any form by
or under State municipal, or local authority,
and the said bonds shall have set forth and ex-
pressed upon their face the above speci
lied conditions and shall, With their cou
pons, 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 con-
strued to authorize any increase whatever of the
bonded debt of the United States.
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 for coin, and to apply the
proceeds thereof to the redemption of any of
the bonds of the United States outstanding and
known as 500 bonds, at their par value, or he
may exchange the same for such $50 bonds or
LOT par out Lne DOnuS nereOy auJnOrlZeQ snail
be used for no other purpose whatsoever.
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 direction,
and by classes to be distinguished and described
| by the dates and numbers, beginning for each
| successive payment with the bonds last dated
| and numbered, of the time of which intended
payment or redemption the Secretary of the
| Treasury shall give public notice, and the in
terest on the particular bonds so selected at any
| time to be paid shall cease at the expiration of
| three months from the date of such notice.
Section 4. 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 be conve-
| niently applied TO that purpose, to pay at par
and cancel any six per cent bonds of the United
States of the kind known five-twenty bonds,
which have become, or shall hereafter become
redeemable by the terms of their issue. But the
| particular bonds so to be paid and 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
number and Issue: in public notice to be given
| by the Secretary of the Treasury, and in three
months after the date Of 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 owners of any of said bonds
80 specified for payment, to exchange the same
for bonds issued under the authority of this act,
| at any time before the end of the notice pro-
vided for in the second section of this act.
| Section -. And be it further enacted, Tha
the United States bonds purchased and now
held in the Treasury in accordance with the
| provisions relating to a sinking fund of section
five Of an act entitled san Act to authorize the
issue of United States notes, and for the redemp-
tion or funding thereof, and for funding the
floating debt of the United States, approved
February 25 1862, and all other United States
bonds which have been purchased by the Secre-
tary of the Treasury, with surplus funds In the
Treasury, and now held in the Treasury of the
United States, 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. Any bonds hereafter
applied to said sinking fund and all other
United States bonds redeemed or paid here
after by the United States shall also in like
manner be cancelled and destroyed, and the
amount of the bonds of each class that have
been cancelled and destroyed shall be deducted
respectively from the amount of the class of
the outstanding debt of the United States. In
addition to other amounts that may be applied
to the redemption or payment of the public
debt, an amount equal to the interest on all bonds
belonging to the aforesaid sinking fund shall be
applied, as the Secretary of the Treasury shall
from time 10 time direct, to the payment of the
public debt, as provided for in section of the
act Aforesaid
Section (no number). And be it further en-
acted, That the Secretary of the Treasury is
hereby authorized to receive gold coin of the
United States, or bullion, ON deposit for not less
than thirty days, in sums of not less than one
hundred dollars, with the Treasurer or any
Assistant Treasurer of the United States autho-
rized to receive the same, who shall issue there
for certificates of deposit, made in such forms
the Secretary of the Treasury shall prescribe,
and said certificates of deposit shall bear interest
at a rate not exceeding three per centum per
annum, and any amount of gold coin or bullion
SO deposited may be withdrawn from deposit
at any time subsequent to thirty days from the
date of deposit, 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
rot less than twenty-five per centum of The coin
and bullion deposited for or representing said
certificates of deposit shall be retained in the
Treasury for the payment of said certificates,
and the excess beyond twenty-five per centum
may be applied, at the discretion of the Seere-
tary of the Treasury, to the payment orredemp-
tion of such outstanding bonds of the United
States heretofore issued and known as the five
twenty bonds, as he may designate, under the
provisions of the 4th section of this act, and
any certificates of deposit issued as aforesaid,
may be received at par with the interest accrued
thereon, in payment for any bonds authorized
to be issued by this act.
| Passage fthe Tax-Tarin Bill.
WASHINGTON, June 6.-The House, at 345
this afternoon, passed the bill to reduce taxa
ton, with Schenck's tariff bill attached.
nDDH TUR H1EOm