Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1878-03-13
The following is the full text Of SEN
ator Wallace's long bond bill passed
In the Senate March 9th. 1ai

In the Senate March 9Th.
Be 1t enacted, ETC., That in lieu ol
that amount Of 4 per cent. bonds ol
the United States authorized to be
issued by act of July Ia, 1870, the Sec.
rotary of the Treasury Of the United
States 10 hereby authorized and direc.
ted to issue q sum not exceeding one
hundred million dollars coupon
bonds of the United States of the de.
nominations of TWENTY-FIVE dollars
| fifty dollars, one hundred dollars. and
of equal sums Of each said den omina.
tions, redeemable in coin fifty years
from the date Of their issue, and bear
ing interest payable semi annually al
the rate of4 per cent. per annum and
said bonds shall be exempt from tax
alton in like manner as those in place
Of which they are to be issued. 80
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 per-
SON, or his or her assignee, or of any
subsequent assignee, and his or her
residence shall be registered as the
owner of such bond in like manner
as if the same was registered bond,
and such coupon bonds shall be trans
ferable only by assignment duly
acknowledged before and certified
under the seal of the clerk Of State
court of record or Federal court or
United States Commissioner, which
assignment shall also be executed in
the presence OF two subscribing wit.
nesses and such assignment may also
be made leaving the name of the as
signee blank, and when so made in
blank and executed as hereinbefore
provided, said coupon bond shall be
transferable by delivery in like man.
ner as il payable to bearer. So.
Sec. 3. That the coupons attached
to said bonds shall be payable either
in United States legal tender notes or
in coin at the option of tho United
States, and the same shall be paid at
any of the Sub.Treasuries or money
repositories of tho United States, or
at any national bank, and it is hereby
made the duty of each Of said nation
al banks to paw said coupons upon
presentation without charges, and re-
init the same to the Treasury for re-
demption, bet 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. Fsg
Sec. 4. That the Secretary shall
keep said bonds for sale at the diff
ferent 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 totes
at their nominal value, and such ie-
gal-tender notes shall be reissued
and their proceeds and the coin re.
ceived for such bonds shall be applied
to the redemption Of outstandin ing
bonds of the United States which are
redeemable and bear the highest rate
interest of such bonds.
Sec. 5. That the provisions of Sec
tions 3,704 and 3,705 of the revised
Statutes Of the United States, author
izing the issue Of another bond in
room of any registered bond lost or
destroyed, are hereby made applica-
BILE to the bonds to be issued under
this statute, but only in case Of de-
struction or loss thereof before the
execution of the assignment in blank
thereon. The Secretary of the Treas
ury is authorized to make such rules
and orders as may be necessary to car
ry out the provisions of.this act.