The Elk County advocate. [volume] (Ridgway, Pa.) 1868-1883, 1878-03-14


AIRY s, AND PASSED THE U. S. SEN
ATE MARCH 8.
A bill to authorize long bond for the
investment of savings.
BE it enacted, etc., That in lieu of |
that amount of four per centum bonds |
of the United States authorized to be |
issued by the act of July fourteenth, !
eighteen hundred and seventy, the
secretary of the treasury is hereby |
authorized and directed to issue sum |
not exceeding one hundred millions of
dollars of coupon bonds of the United
States, of the denominations of
twenty-five, fifty and one hundred
dollars, and of eqral sums of each of
said denominations, redcemable in
coin fifty years from the date of their
issue, and bearing interest, payable
semi-annually, at the rate of four per
centum per annum and the said
bonds shall be exempt from taxation
in like manner as those in place of
which they are to be issued.
SEC. .. That the 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 resi-
dence, shall be registered as the owner
of such bond, in like manner as if the
same was registered bond; and such
l., l,,1l IL.
only by assignment duly acknowl-
edged before and certified under the
seal of a state court of record or federal
court or United States commissioner,
which assignment shall also be exc
cuted in the presence of two subscrib-
ing witnesses and such assignment
may also be made leaving the name Of
the assignee blank, and when so made
in blank and executed as hereinbefore
provided, the 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 sub-treasuries or money de-
positories of the States, or at any ma
tional bank and it is hereby made
the duty of each of the said national
banks to pay the said coupons upon
| presentation, without charge, and re-
| plit thn fn thn
demption; but the said national banks
shall only be required to do so upon
the production of the proper bond to
which the coupon presented shall
have been attached.
SEC. 4. That the secretary of the
treasury shall keep said bonds for sale
at the different sub-treasuries, national
banks and money repositories of the
United States, and shall dispose of the
sans at par and accured interest, for
coin or for United States legal tender
notes, at their nominal value; and
such legal tender notes shall be re-
issued and their proceeds, and the coin
received for such bonds, shall be ap.
piled to the redemption of outstanding
bonds of the United States which are
redeemaDje and bear the highest rate
of interest of such bonds.
Sec. o. That the provisions of
sections 9,704 and 3,705 of the revised
statutes of the United States, authoriz-
| ing the issue of another bond in the
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 de-
struction thereof before the execution
of an assignment in blank form. The
secretary of the treasury is authorized
to make such rules and orders as may
be necessary to carry out the provis-
ions of this act.