New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-03-07
A PROPOSED ISSUE FOR THE PEOPLE.
TIE BILL WHICH PASSED THE SENATE YESTERDAY
FOR THE SAFE INVESTMENT OF EAgSINGS.

GENERAL FRS, DlsPATCH.l
WAsurNGroN, March 6.-lhe Senate passed the
bill of Senator Wallace for long bond for the in
ycstmcnt OF popular earnings yesterday On Mr..
Blainc's motion 1t was amended 50 to maze the
rate of interest per cent instead Of $50 per cent
The following is the text of the bill:
he erc,eJ. etc.. That in lieu of that amount Of per
cent bonds tHr United states authorized 10 be issued
by the Ac; OF July f-7O the Secretary OF the Treas
ury hereby authorized and directed not
exceeding -lOpoJpoUu al coupon bon's Of The United
States Of the denominations u 50 so and $780, ana
Of equal sums o. each uf said denominations, redeem
able IN coin my years from the date Of tntr ISSUE aud
BEARING interest payable >cniinnuay. AT the rate OF
per per and the said bonds shall be exempt
from taxation IN Ike manner those In place OF which
they t. he issued.
SEc . That sad coupon bonds shall be made payable
20 the order ~ the person who sha pay tine money
therefor, and the OF such person his or her
residence shall be- registered the Of such bond
in ike II the registered bond and
such coupon bonds -idh he if3isteraple ohy
by assignment duly Acknowledged before and cfr-
OF record. or Federal courts or thci states Commis-
siOner. which assignment shall also b. executed the
presence 81 two subscribing witnesses, aud such assign
en may alsO b. made leaving the name OF the nce
blank, and when made IN blank and executed Lcre
nbcOre provided. the said coupon bond shall be trans
fcIIble by delivery IN He manner rs II payable II
bearer
De payable either IN United states egatender notes or
In cOin al the option q" the United States and the saue
shall be paid ~ any OF the Sulirc.iric money de-
p0,loilrs W tHr bLcl 1ttt or M any Nai!oha pdH",
and 70 II hereby made the ddy of each Of SAID National
banas 10 pay said coupons upon IcS'na' on without
charge and remit the 10 the Treasury Tor frdlnp
ton the said National banks shall only DC required
do upon the production OF the proper bond. To
winch the coupon presented shall have been attached
SIC 4. Tuat the Secretary of TIE Treasury shall keep
said bOlis for sale the different SubIreasur,s, Ma
tiona banks AMI money REPOSITORIES oil inc United
siates and shall dispose Of tie par aud accrued
interest Tor coin United Siates cgd-tender notes
their nominal value. and such legaender notes shall
be rcssurd AID the proceeds and tne coin received for
such bond. snail be applied To the redemption OF out
standing bonds Of the United states, winch redeem
abe and the highest az nteist Of such bonds.
). That tine provisions 81 Sections 7Oi and j. 7JJ
% the Revised statutes Of tno United Sttcs author
ling the issue OF another bond Of regis
tered bond lost destroyed hereby made applicable
the bonds To- b. issued under this statute but only Ia
the of the loss destruction thereof the
cuiiDn OF an assignment In blank thereon
The Secretary of the Treasury is authorized 10
make such rules and orders as may be necessary to
carry out the provisions of this act.