The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1878-03-14
FIFTY-YEAR BONDS.
Provisions of the Wallace Bill.

Following is the text of the bill
passed by the United States Senate fol-
the promotion of savings. It was intro
duced and engineered by Mr. Wallace,
of Pennsylvania
BE at enacted, ETC., That in lieu of that
amount of 4-per-cent. bonds of the United
States authorized to be issued by the act of
July A. 1870 the Secretary of the Treasury is
hereby authorized and directed to issue q sum
not exceeding 800, 600 coupon bonds of
the denominations of 1875, $50, and 500, and
Of equal sums of each of said denominations re-
deemable in coin fifty years from the date of
their issue, and bearing interest payable semi
annually at the rate of per centum per an
mum, and said bonds shall be exempt from tax
alton IL like manner as those in the place Of
which they are to be issued.
Sec. q 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
person or his or her assignee, or of any subse-
quent assignee, and his or her residence, shall
be registered as owner Of such bond IN like
manner as if the same was registered bond,
and such coupon bonds shall be transferable
only by assignment duly acknowledged before
and certified under the seal of the Clerk of a
State court of record, or Federal court, or
United States Commissioner, which assignment
shall also be executed i'll the presence o. two
subscribing Witnesses, and such assignment,
made, leaving the name of the assignee blank,
and when SO made in blank and executed as
hereinbefore provided said coupon bond shall
be transferable by delivery in like manner as if
payable to bearer.
SEC. 8. That the coupons attached to said
bonds shall be payable either in United States
legal-tender notes Or in coin, at the option OF
the United States, and the same shall be paid
at any of the Rub-traasur1es or monav denosi.
| tories of the United States, or at any nationa
bank, and it is hereby made the duty of each
of the said national banks to pay said coupons
| upon presentation without charges, and remit
| the sanae to the treasury for redemption but
said national banks shall only be required tc
do SO upon the production of the proper bond
| to which the coupon presented shall have been
| attached
Sec. 4. That the Secretary shall keep such
| bonds for sale at the different sub-trea8J1ries
| national banks and money repositories of the
United States, and shall dispose of the same al
| 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 applied to the redemption OF
| outstanding bonds of the United States which
| are redeemable and bear the highestrat of in
terest of such bonds.
| Sec. 5. That the provisions of sections 3,704
| and BIOS of the Revised Statutes of the United
States, authorizing the issue Of another bond
In room of any registered bond lost or de-
stroyed, are hereby made applicable to the bonds
to be issued under this statute, but only in case
of'loss or destruction thereof before tho exc
cution of an assignment in blank thereon
The Secretary of the Treasury is authorized to
make such rules and orders asmay be necessary
to carry out the provisions of this act.