New-York tribune., 1876-02-04
vol. L.XXXV....No' l0.S73'
WASHINGTON.
MR.. WOODS REFUNDING BILL.
. pan TO SECURE TnE DISPOSAL OF TIE %o0O'
100000 TOUR AND A HALF PER CENT BONDS

. PLAN TO SECURE THE DISPOSAL OF THE pow
100000 TOUR AND HALF PER CENT boND'
THE TINE TO BE EXTENDED 10 80 YEARS
IBY TELEGRAPH TO THE TRIBUNE
WAsHINGToy Feb. "a bull ih'rouu0'u :"
House by Mr. Wood, fOr tie purpose Oh aiio"u"e b
A. Pafnodinc act WAS the subject OF carelul coh-
.,Iorotion Inv the Committee on Ways and Means To-
6av. The Secretary Of the Treasury, VINO I'D" o''"
,eoueeted to give his opinion respecting the Pio''
tons Of the proposed measure, replied tha' 'nes Eon.
.rallv met his approval. lie is OF OPINION 'Hs'
.hould the time during which the Az per cei' 00"'
authorized by the several refundmg acts n"'o "
nm lie extended TO 80 years, he "oulu no "a, 900
tronble in negotiating in Europe the @ooV'oV0'o
Of bonds bearing this rate oil Il'eie'' "A"N"
remain ,,a .bo lfe of
.bose bonds be extended, large sums OF money
80 oocnnulate in the form of trust funds IN the
go of New-York. Boston, Philadelphia, Baltl-
80 aud elsevh here, and which are constantly seek
a., ,,ermauent and safe investment, would be con-
-ar.ad into these bonds, and that in this way the
a,.ort;on NJ our National debt held at home ana
90, o,,p citizens would be greatly increased In
a. rosnect the French people are much better OH
n. 60 Almost the entire debt created by .the
- prrssian war and by the large indemnify
which her Government had to pay TO Germany, mas
nm taken nv her own citizens. The COMMITTEE
.l,houch il did not finish discussion of the bill, VIII
without donbt al an early meeting, recommend lis
massage Ihe following is the text OF tie pIoposed
act: ,..
That in lieu ~ $500 100000 Of bonds, bearing ltertS'
st lilo rate of lla per ccntum, naSaDc sem ah
sntbori1ed y the act OF july IA, 1870, the eectI! VI
fbe Treasury Is hereby authorized, for the PURPOSE VI
satd relnur 10 issue in sum or sums not eActtut
g. 80 a.,re,,,te $500 OOO 600 coupon or registered
bonds of the United states, in such form as nc S
scrbe aud Of denominations OF 30 or some lhuupv "
thaf suU rdeeluable III coin OF the present s,aiii
yae u the pleasure the United states aiter 90
frm the e of their issue, and bearing Interest pay "e
ouarterly In such coin al the rate OF 42 p'i cen, ,u
snnum, which bonds aud interest thereon si",i ~ ,
sxe,nnf FROM payment OF all taxes or dhucs vi tut
limited states as We'll from taxation IN ANY loiin
or Under state uunci, al, or local authority ana s','
bonds shall have forth and expressed upon th, idye
the above specified conditions, ahd shtn, mIti tnoI
coupus be made pay at the Treasury vi ue Cu''u
States. =. =, -...,oa 60 ~,
tholizs any increase OF the total amount O bonus pro
yidea for by tue acts which tits act ID an ancia
nor 10 authorize any increase whatever nt the bonded
q, t Of the Unuei states and all provisions OF he's 10
which this act Is aInendatJrY, not neOnSSht WIN ue
prUvi iUus tDis act hereby Continued III iO'e anu
effect
1t is curious fact that some Of the bonds issued
under the funding acts had attached to them coupons
for only ten years. and these are now held abroad.
The Government is now obliged either to exchange
these for new bonds. in which they will have To
be cent home, OF treat them as registered bonds.