The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1878-03-07
THE NATIONS WISDOM.
CONGRESSIONAL
PROCEEDINGS.
Passage by the Senate OF wsllaee's
Long Bond Bill for savings
Deficiency Appropriation
Bill IN the House.
WASHINGTON, March 6.
SENATE.

Mr.. Paddock, from the Committee on
Public Lands, authorizing the commit
tee consideripg the memorial Of William
McGsrrshan to send for persons and pa
pers in the taking of testimony, and to
employ a stenogrspher. Agreed to.
The Senate bill 10 authorize the
Worthington and Sioux Falls Railroad
Company 10 extend its road into the Ter.
ritory of Dakota to the village of Sioux
Falls, was taken up, discussed and passed.
The Senate resumed consideration OF
unfinished business, it being Senator
Wsllace's long bond bill for the invest
ment of savings.
After long debate the bill was
amended and passed without roll call.
The following is the full text OF the
bill as passed: >.
Be it enacted by the Senate and House Of
Representatives. Of the United States ot
america, in Congress assembled, that in
lieu of the amount Of 4 per cent
bonds of the United States, authorized to
be issued by the act of July IA, 1870, the
Secretary of the Treasury Is hereby au-
tnorized and directed 10 issue sum not
exceeding Sl000OO000 of coupon bonds
of the United States, of the denomina-
tions OF SO, $50 and 500, and OF equal
sums Of each, said denominations TO be re-
Geemable in coin fifty years from the
date of their issue and bearing interest,
PAYABLE semi-snnually, a. the rate
of 4 per cent. per annum; snd said bonds
shall be exempt from taxation IN IKE
manner rs those in place OF which they
are 70 be issued.
SEC. 2. That the said coupon bonds
shall be made payable 10 the order OF
TIE person who shall pay money therefor,
and the name of such person, or his or
her assignee, or OF any subsequent as
signee, and his or her residence shall be
registered as the owner OF such bond In
like manner as if the same was register
Cd bond, and such coupon bonds shall be
transferable only by assignment duly
acknowledged before and certified under
tue sea! OF the clerk Of a State Court OF
record or Federal Court or United States
Commissioner, which assignment shall
a.so be executed in the presence OF two
subscribing witnesses, aud such assign
meDt ma" also be made leaving the name
of the assignee blank, and when so made
n blank and executed AS eInbetore
provided, said coupon bond shall be trans
ferrsble by delivery in like manner as II
payable TO bearer.
SEC. 3. That the coupons attached to
said bonds shall be payable either
in United States legal tender
notes or in coin a. the option Of
the United States, and the same shsll be
paid at any OF the Sub-Tressurles or
monetary repositories of the United
States, or at any National bank, aud it IS
hereby made the duty of each said Ma
tional bank to pay said coupons on pre-.
sentstion without charge, and remit the
same to the Treasury for redemption, but
said Nations! banks shall only be requir-
Cd 10 do so upon the production of the
proper bond, TO which the coupon pre-.
sented shall have been attached.
SEC. 4. That the Secretary shall keep |
said bonds for sale ut the different Sub.
Treasures, National banks and money
deposetories OF the United States, and |
shall dispose Of the same a. par and &C
crued interest for coin or Tor United |
States legal tenders At their nominal
value, and such legal tender notes shall
be reissued and their proceeds and the
coin received for such bonds shall be sp- |
pied to the redemption of the outstsnd-
ing bonds OF the United States, which |
are redeemabe and bear the highest rate
of interest of such bonds.
SIC. 3. That the provisions OF sections
S 7O4 and 3,7O5 OF the revised statutes
o. the United States authorizing the
issue OF another bond in the room
of any registered bond lost or destroyed,
are hereby made applicable to bonds to
be issued under this statute, but only IN |
case of loss or destruction thereof before !
the execution o! the assignment IN |
blsnk thereof. The Secretary Of the
Treasury is authorized to make such |
rules and orders Us may be necessary to
carry out the provisions OF this act.
On motion of Mr.. Sargent, the JOINT
resolution submitted by him in regard to
Chinese immigration was taken up to be
unfinished business tomorrow, when he
will address the Senate with regard
thereto.
Alter executive session, adjourned.