The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1878-03-20

The following is the full text of
Senator wallsce's Long Bond Bill,
as passed BY the Senate Yesterday.
and which is likely to become q
law:
Be AZ enacted By The House Of Rep
resentatires Of The United States, an
CONGRESS assembled, That in lieu of
that amount of four per cent. bonds
of the United States authorized to
be issued by the act of July Ia, 1870,
the Secretary of the Treasury is here
by authorized and directed to issue
a sum not exceeding q hundred
million dollars coupon bonds of the
United States, of denominations Of
twenty-five, fifty, and n hundred
dollars. and of equal sums of each Of
said denominations, redeemable in
coin City years from the date of their
issue, and bearing interest, payable
semi-annually, at the rate of four per
cent. per snnum, and said bonds shall
be exempt from taxation in like man
ner as those 10 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 mon
ey therefore, and the name Of such
person, or his or Der assignee, or OF
any subsequent assignee, and bis or
her residence, shall be registered Sc
the owner of such bond in like man.
ner as if the same was a registered
bond. ard such coupon bonds shall
be transferable only by assignment.
duly acknowledged before and GER
tilted under the seal of q Clerk of a
State Court Of Record, or Federal
Court, or Uuited States Commission
er, which assignment shall also be
executed 10 the presence of two sub
scribing witnesses, and such assign
ment may also be made, leaving the
name Of the assignee blank, and when
80 made in blank, and executed ss
hereinbefore provided, said coupon
bond shall be transferable by deliv-
ery 10 like manne as if payable to
bearer.
SEC. 3. That the coupons attached
70 said bonds shall be payable either
in United States legal-tender notes
or 10 ccin, at the option of the Uni
ted States, and the same shall be
paid at any of the b-Tressuries or
money repositories of the United
States, or at any National Bank, and
II is hereby made the duty af each Of
said National Banks to pay said cou-
pons upon presentation, without
charge, and remit the same to the
Treasury for redemption, bet said
National Banks shall only be re-
quired TO do so upon the production
of the proper bond to which the cou-
pom presented shall have been at
tached.
SEC. 4. That the Secretary shall
keep said bonds for sale at the diff
ferent sub Treasures, 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 ap-
piled to the redemption of outstsnd-
ing bonds of the United States, which
are redeemable and bear the highest
rate Of interest of such bonds.
SEC. 5. That the provisions of
sections 3, 704 and 1905 of the Re-
vised Statutes of the United States
authorizing the issue Of another bond
in the room ofany registered bond
lost or destroyed are hereby made
applicable TO the bonds to be issued
under this statute, but only in case
Of loss or destruction thereof before
the execution of the assignment in
blank thereof. The Secretary of the
Treasury is authorized to make such
rules and orders as may become nee
essary to carry out the provisions Of
this act.