The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1880-02-19

| I"AohiNdAONi GVpuOy AS' 1AS ASA
lowing is the text Of the bill to facilitate
the refunding Of the National debt, agreed
on by the Committee on Ways and Means
Bet enacted, &C., That oil existing pro
visions of law authorizing the refundint
Of the National debt, shall apply to any
bonds Of the United States bearing {
higher rate OF interest than per centun
per annum which may hereafter become
Tedeemable, provided that in lieu OF the
bonds authorized to be issued by the act o
July IA, 1870, entitled "An act TO authorize
the refunding OF the National debt" and
acts amendatory thereto, and certificates
authorized by the actof February 90, 1879
entitled "An act to authorize the issue ol
certificates OF deposit in aid Of refundine
the public debt, that tho Secretary of the
Treasury Is hereby authorized to issue
bonds in amount not exceeding $500, ,0O0,.
600, which shall bear interest at the rate
OF 8! per centum per annum, redeemable
at the pleasure Of the United States alter
twenty years and payable forty years
from the date OF issue and
also notes in the amount oil
$500, ,000, 900, bearing interest at the rate Of
81 per cent per annum, redeemable at the
pleasure OF the United States after two
years and payable in ten years from date
Of issue, but not more than 100000 OF
said notes shall be redeemed in any one
fiscal year, and the particular notes to be
redeemed from time TO time shall be de-
dermined by lot, under such rules as the
Secretary OF the Treasury may direct.
The bonds and notes shall be in all other
respects OF like character, and subject to
the same provisions rs the bonds author.
lied by the act Of July II, 1870, entitled
"An act to authorize the refunding OF
the national debt, and acts amendatory
thereto, provided nothing in this act shall
be 80 construed as to authorize the in.
crease Of the public debt"
SEC. 2. The Secretary OF the Treasury
Is hereby authorized in the process OF re.
funding the national debt TO exchange, at
not less than par, any Of the bonds or
notes herein authorized for any OF the
bonds of.the United States, outstanding
and uncalled, bearing higher rate Of in
terest than ~ per centum perannum, and
on the bonds 80 redeemed the Secretary OF
the Treasury may allow to the holders be-
tween the interest on such bonds from the
date OF the exchange to the time OF their
maturity and interest for like period on
the bonds or notes issued, but none OF the
provisions Of this act shall apply to the re-
demption or exchange OF any Of the bonds
issued to the Pacific railway companies,
and the bonds so received and exchanged
in pursuance OF theprovisions OF this act
shall be cancelled and destroyed.
SIC. 3. Authority to issue bonds and
notes 10 the amount necessary TO carry
out the provisions OF this act is hereby
granted. a.s
SIC. 4. The act approved February 90,
1870, authorizing the issue OF certificates
OF deposit, ia hereby amended SO as 10
continue and limit the amount OF certin-
Gates 10 be issued to $50 900 to be out
standing at any one time aud fixing the
rate OF interest 70 DO allowed thereon at
81 OF per cent per annuln for one year,
after which interest shall cease and said
certificates shall be convertible atSthe op.
ton OF the holders when presented, in
sums Of $50 or multiples thereof, into
coupon or registered bonds authorized by
this act, and whenever any OF said certii-
Gates shall be converted into bonds the
same shall be Cancelled and destroyed; !;
but the Secretary OF the Treasury may.in
his discretion issue new certificates in
place Of those so converted up to the limit
OF S50,O00,000, until the aggregate
amount OF bonds authorized by this
act and OF said certificates COM
bined then outstanding shall equal
the amount Of bonds hereby authorized.
II shall be unlawful for any person or
persons to form q combination by which
to procure said certificates Of deposit,
authorized under Il: r>ct, for purposes OF
sale to others, or for acting as the agents
OF others, and any person SO offending
shall be liable, on conviction, TO be fined
81 900 or imprisonment MOTTO exceed one
year. The Secretary of the Treasury is
authorized and directed to make suitable
regulations in compliance with this act,
providing the expenses for disposing OF
the certificates and bonds authorized to be
issued shall not exceed one quarter of
one per centum, provided that the said
certificates shall not be sold or converted
atless than par.
Section 8. From and after the first day
Of July, 1880, the three and one.half per
centum bonds authorized by the first
section OF this act, shall be the only bonds
receivable as security for National bank
circulation.
Section 8. This act shall be known as
the Funding Act OF $780, and all acts and
parts OF acts inconsistent with this act are
hereby repealed. =
EXODUS INVESTIGATION.
The Senate exodus committee resumed
the examination Of witnesses. The com.
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