The New York herald., 1879-12-04
GENERAL WASHINGTON DISPATCHES.

WASHINGTON. Dcc 8. 1879.
Mr.. sHERMAN's FUNDING oPERATIoNs-BILLs
INTRODUCED IN THE HOUSE.
Two bills were introduced in the House to-day. re-
garding future funding operations of the govern
ment-one by Mr.. Garfield. Of Ohio. entitled. can
Act to Facilitate the Refundng of the National
Debt" and another by Mr.. Wood, OF New York. en-
titled, IAN Act Respecting the Refunding of the
National Debt" The difference in the titles Of the
bills indicates the difference in their scope. Mr..
Woods bill merely limits the maximum rate Of
interest future interest bearing refunded bonds
at throe and one-half per cent per annnm. Mr. Gar
fields bill authorizes the Secretary of the Treasury
10 begin ut and issue four per cent bonds in
change for outstanding and uncalled bonds bearing
higher rate OF interest than four per 1t under
stood that this bill was prepared at the Treasury
Department by Secretary sherman. and contains
him to carry ON successfully work of refunding
the $500 OF five aud six per bonds which
fall due in 1881. The following Is the full text
of Mr.. Garfeld's BILL
That al existing provisions of all law authorizing
the refunding OF the national debt sha apply to any
bonds of the United States bearing higher rate of
interest than four per cent which may hereafter
become redeemable, and the Secretary of the Treas
ury Is hereby authorized, in the process of refund
ing tho rational debt, to exchange directly ut
par bonds of the United States bearing interest at
four per cent per annun, OF the description author
lied by the OF July a. 1870 entitled IAN act to
authorize the refunding OF the national debt, and
acts amendatory thereto. For any bonds of the
United States outstanding and uncaled. bear
ing higher rate of interest. and in any
such exchange interest may be allowed the
bonds so redeemed for q period of three months.
And whenever any of the bonds so redeemed
bear interest at veor six cent cent
the Secretary of the Treasury my allow to tho
holders, IN lieu OF the three months interest pro-
vided above. the difference between the interest
such bonds from the date of the exchange to the
per cent bonds for like period Authority to issue
such per cent bonds to the amount necessary to
carry out the provisions OF this act IL hereby
granted.
Tho full text of Mr.. Woods bill Is as follows:-
Be 1t enacted. That uch OF the authority con-
ferrcd the Secretary of the Treasury by tho acts
public debt the extent of as has not
been exhausted and executed be aud tho N
hereby modified so as to limit the rate OF interest
on bonds yet to be issued authorized by these
to a rate of interest not to exceed three and o
halt per cent per annum.
PURCHASE OF GOVERNMENT sIxEs-cIRcuIAn
FROM THE TREASURY DEPARTMENT..
The following circular in relation to the purchase
Of United States bonds for tho sinking fund was
issued this afternoon -
TREASURY DEPARTMENT. !
OFFICE SEcRErARY, !
WAsHrNaroS. D. c., Dec. 2, 1879.
The Secretary or the Treasury hereby gives notice
81 OO0, 900 OF any of the six percentum interest
bearing bonds OF the United States. known as the
'sxes of 1885,, will be received at the Office OF the
Assistant Treasurer uf the United states at New
York until OF Saturday. the 9th inst, at which
time the bids will be opened and tho awards de-
clarcd; the bonds thus purchased to be applied to
the sinking fund.- provided In section 369i OF tho
Revised Statutes OF tho United States. The propo-
sails should state the specific character of the bonds
offered, whether registered or coupon. and under
what acts they issued and they may DO for any
amount not less than 5000. The offers must be
the sale or the bonds. with accrued interest to
and including the 9th inst, and each proposal
must enclose certified check for Ave per cent of
the amount OF the bonds offered The checks of un-
successful bidders will be returned as soon as tho
result is ascerained, and those of others the fol-
lowing business day. when the bonds must be de-
livered. and the payment in lawful money will be
made soon as they bo duly examined. Tho
right Is reserved to reject any all bids and
amy defects. JOHN SHERMAN, Secretary.