The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1878-03-15

Providers of the Wallace Bni.

Provisisns Of the Wallace BnI.
Following is the text OF the bill
passed by the United States Senate for
the promotion of savings. 1t was intro
duced and engineered by Mr. Wallace,
OF Pennsylvania
Be Il enacted, etc., That in lien OF that
amount Of 4-per-cont bonds of the United
States authorized to be issued by the act Of
July IA, 1870, the Secretary Of the Treasury is
hereby authorized and directed to issue q sum
not exceeding e100. 000, 900 coupon bonds Of
the denominations of &25, $50, and 800, and
OF equal sums Of each of said denominations, re-
deemable in coin fifty years from the date Of
their issue, and bearing Interest payable semi
annually at the rate of 4Nper centum per ar
mum, and said bonds shalrbe exempt from tax
alton II like manner as those in the place Of
which they are to be issued.
SEC; 2; That said coupon bonds shall be made
payable to the order Of the person who shall
pay the money therefor. and the name Of such
person or his or her assignee, or OF any subse-
quent assignee, and his or her residence, shall
be registered as owner of such bond in like
manner as II the Same was q registered bond,
and such coupon bonds shall be transferable
only by assignment duly acknowledged before
and certified under the seal OF the ClefF\of q
State court Of record, or Fedeial courA or
United States Commissioner, which assignment
shall also be executed in the presence o. two
subscribing witnesses, and such assignment,
made, leaving the name Of the assignee blank,
and when 30 made in blank and executed az
hereinbefore provided said coupon bond shall
be transferable by delivery in like manner as if
payable to bearer
SEC. 3. That the coupons attached to said
bonds shall be payable either in United States
legsl-tender notes or in coin, at the option of
the United States, and the same shall be paid
at any of the sub-treasur1es or money deposit
tories Of the United States, or at any national
bank, and il is hereby made the duty of each
Of the said national banks to pay said coupons
upon presentation without charges, and remit
the same to the treasury for redemption but
said national banks shall only be required to
do so upon the production of the proper bond
to which the coupon presented shall have been
attached.
SEC. 4. That the Secretary shall keep such
bonds for sale at the different sub-treasuries,
national banks, and money repositories of the
United States, and shall dispose of the same at
par and accrued interest for coin or for United
States legal-tender notes at their nominal value,
and such legal-tender notes shall be reissued,
and their proceeds and coin received for such
bonds shall be applied to the redemption of
outstanding bonds of the United States which
are redeemable and bear the highest rate of in
terest of such bonds.
SEC. 8. That the provisions of sections 8, 704
and 3,705 OF the Revised Statutes Of the United
States, authorizing the issue of another bond
lin room Of any registered bond lost or de-
stroyed, are hereby made applicable to the bonds
to be issued under this statute, but only in case
Of loss or destruction thereof before tho exc
cution of an assignment in blank thereon.
The Secretary of the Treasury is authorized to
make such rules and orders as may be necessary
to carry out the provisions of this act.