The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1878-03-07
CONGRE SSIONAL
SENATE .

WASHINGTON, March 6.-After a long
debate the long bond bill was amended and
passed without roll call.
Following is full text of the bill as it
passed:
Be it enacted by the senate and house of
representatives of the United States of
America, in 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 El4, 1870, the
secretary of the treasury is hereby au-
thoriZed aud directed to issue loan not
exceeding 100000, 900 of coupon bonds of
the United States of denominations of $25.
$50 and 500 and of equal sums of each
said denominations, redeemabe in coin
fifty years from the date of their issue,
bearing interest payable semi annually at
the rate of four per csntum per annum,
and said bonds shall be exempt from tax
alton in like manner 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 money therefor, and the
name of such person or his assignee or of
any subsequent assignee, and his or her
residence, shall be registered as the owner
of such bond in like manner as if the same
was a registered bond, and such coupon
bonds shall be transferable only by assign
ment duly acknowledged before and certi
fed under the seal of the clerk of state
court of record, of federal court or
United States commissioner. which assign
ment shall also be executed in the presence
of two suscribing witnesses, and such
assignment may also be p ade leaving the
/ oe th he hfan nd co
made in blank and executed, as herein
be transferable by delivery 10 like manner
as if payable to bearer.
| SEC. 3. That the coupons attached to
said bonds shall be payable either 10
United States legal tender notes or 10 coin,
at the optien of the United States and the
same shall be paid out of the sub treasures
or money repositories of the United States
or at any national bank, and it is hereby
made the duty of each of said nationa
banks to pay said coupons upon presenta-
ton without charges and remit to the Sec
retary of the Treasury for redemption
but said national banks shall only be re
quested to do SO on presentation Of the
proper bond to which the coupon presented
shall have been attached.
Sec. t. That the Secretary shall keeI
said bonds for sale at the different sub
Treasures, national banks aud money
depositors of the United States and shall
!, dispose of the same at par and accrued
interest for coin or for United States iega
tender notes at their normal value ant
such legal tender notes shall be reissuet
and their proceeds and the coin receive,
for such bonds shall be applied to the re
demption of outstanding bonds of tn
|, United States which are redeemable an
: bear the highest rate of interst for sue
bonds.
SEC. 5. That the provision of Sectlo
! 3,704 and 3.705 of the revised statues Q
the United States authorizing the issue O
. another bond In the room of any registere
J bond lost or destroyed, are hereby mad
applicable to the bonds to be issued unde
this statute, but only in case of the loss @
destruction thereof before the executio
". ". of the assignment in blank thereon. Th
Secretary of the Treasury is authorized
!. make such rules and orders as may
= necessary to carry out the provisions of th
act.
n On motion of Mr.. Sargent the joint rel
!, olution recently submitted by him in regal
g TO Chinese immigration was taken up, {
. as to be unfinished business to-morro,
: when he will address the Senate in regal
. thereto,
70 After an executive session adjourned.
IL HOUSE.
}. WASHINGTON, March 6.-The Comm
E, tee resumed consideration of the deficien,
70 bill. Mn Hooker opposed that portiC
to which appropriated $4,000 to carry {
suits against alleged trepassers on Il
1t public timber lands.
he MIR. Patterson opposed the same pr
D. visions of the bill and said these seizur
would work great hardship to many cit
l. ems of Colorado.
i'll Mr.. Foster called attention
the fact that the only suits th