New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-02-25
INITIATION BY SAVINGS BONDS.
A sTECIAL ISSUE OF T1O,UUUUUU n LLGAl-lENDERs
AIMED AT IN THE POSTAL SAVINGS BILL.

AIMED Al IN THE POSTAL SAVINGS BILL.
IBY TELEGRAPH TO THE TEIBUSE.i
WASHINGTON, Feb. 24.-Tbe following is the text
of the Postal Savings Bill. prepared by the Sub
Committee of the House on Banking and Currency,
and which will probably he agreed TO by a ma
iorty of the full committee at its meeting Tomorrow
morning:
BE it enacted etc. That any holder OF lawful money
treasury notes or may make deposit thereof in any
sum not less than % cents more than - in any
week at any postal ONCE OF The United
states OF which deposit book account sbai be Kept
aud pass-boOk receipt gwen 70 the deIOsltof;
and when ,uea account sn IeoGe e sum %
shall Issue TO such dePOsltor, free OF charge,
ncI shall be in The form following to-wit Itbe form Of
the order has not yet been agreed upOn and shall he
designed aud engraved to afford complete security
possible against counerfeitlng or imitation and shall be
printed upon paper of the kind and quality now used
so or any multiple of $40 shall be receivable in ex
change bonds OF the United states OF the kind and
NAV also be Issued in exchange for lawful money
or treasury notes, or coin az the hoasury OF
Assistani-Trcasurer designated depository; and the
postal orders heeinbeforo provided for sns be transfer
hoder provided however, that no order shall be
bic OF receiving than five indoir nente, and pro
order offices according TO the provisions OF THE act snail
be accounted for by such offices. and under rules and
regulations be prescribed by the secretary OF The
Treasury and the Postmaster-General.
sHc 2 The bonds herein provided for shall he called
shall be issued by the Secretary or the Treasury OF such
form and description, with accompanying coupons 81 he
aud 90 and shal bear interest at the rate VI 3G
cent per annum. cent on each 800 for eacn day
after issue the term Of three years aud longer;
anu 90 onds ~ The Tinted states auh6riz>d 10 he is
fned by the act entitled "An Act to authorize the
funding % the National debt" approved july IA,
ie1n The interest ON TIC 365 bonds herein provided
for shall be pay every three months IN currency
OF the United states. and ead bonds, present.. on Ia
the easrcr of Inc United states or e. any se istant
OF
states the principal ana interest b'lng payable 10
he date Of presentation dist ana dno dpg postal or
be redeemable in currency or com ON presentation at
and at such postal mODcy-Order offices The Secretary
OF the Treasury and the PostmasterGcnera may des-
isnate for that pur1 , ana ce hec7fR regulations
s onyertbil,ty of 365 bonds and the redemption OF
postal orders shall be prescribed by the Secretary OF The
All moneys received into the Treasury in pur-
sance of the provisions OF this act shall b. rppliod
cusvey to the payment OF such bonds OF the United
states and The Secretary of the Treasury shall call
Of such bonds those ta bear the highest rae OF interest
at the time ana the sectttary OF ~. IrSsGy Is hereby
ISSUE OF United staes notes. identical III all respects
for ali debts, pubic and private, except duties On i'm
ports and payment OF Interest on puhhc debt to the
amount OF 10 r ccnt Of the actually outstanding posal
orders aud 800 hOnds herein provided for, until the
Whole amount of such special issue shall reach the sum
nf $50 900 900 which special issue of United saica
lrgalienier notes stall be used wholly aud exclusively
in The redemption OF tue $50 bonds herein provided Tor
under such rules and regulations the Secretary OF the
Treasury shall establish for Tie purpose.
SIC A. All expenses incurred under this act, except
as urovidcd for by appropriation for engraving aud
uriuting The pub ic securities shall be paid the
annropration made by the Act OF July ii, 1870 Tor
funding the National debt and It shall be the duty OF the
SECRETARY OF the Treasury and the Postmaster General
TO provide rules ana regulations. and prOnuigate the
same to carry out the provisions OF tsact and they
shall require adequate security from al officers whose
responsibility shall be increased 10y TINS act. aud shall
see Is increased from time 10 time IL the
hubble iuiercs, may demand.
SEC All acts and parts Of acts conflicting With the
provisions VI this act are hereby repealed