Evening star. [volume] (Washington, D.C.) 1854-1972, 1880-02-18
The New Funding Bill.

The Committee Of ways and means met this
morning for final revision of the funding bill,
which was ordered to be reported to the House
this afternoon, with the request that the first
Tuesday in March be assigned for its considera-
ton. The following is the exact and full text
of the bill ''to facilitate the refunding OF the
national debit"
Be it enacted, ETC., That all existing provisions
debt shall apply to any bonds of the United
States bearing higher rate of interest than
four-and-one-half per centum per annum
nrided r T That G in lieu Of the % bonds % anthorized
to be issued by the act Of July A. 1870, entitled
San act to authorize the refunding of the ma
tlonal debt" and the acts amendatory thereto,
and the certificates authorized by the act of
February 26, 1879, entitled "An act to authorize
the issue of certificates of deposit in aid Of the
refunding OF the public debt" the Secretary Of
bonds in the amount Of not exceeding $780,,
100000, which shall bear interest at the rate of
81 per centum per annum, redeemable at the
pease Of the gnted fo er 20
and also notes in the amount Of $500, ,0O0,-
eco, bearing interest at the rate of
per eentam PEI, am annqm redeem
after 2 years, and payable in 10 years from
the date of issue; but not more than forty mill
lion dollars Of said notes shall be redeemed In
any one fiscal year, and the particular notes to
be redeemed from time to time shall be deter
mined by lot under such rules as the Secretary
OF Treasury shall prescribe. The bonds and
notes shall be in all other respects of like char
acter, and subject to the same provisions as the
BONDS authorized to be issued by the act of July
IA, 1870, entitled AN act to authorize the refund
thereto: Provided, That nothing ia this act shall
be construed as to authorize an increase OF the
pubic debt.
Sec. 2. The Secretary of the Treasury is here
by authorized in the process OF refunding the
national debt to exchange at not less than par
any of the bonds or notes hereing authorized
for any of the bonds OF the United States out
standing and uncalled bearing higher rate of
interest than ~ per centum per annum and on
the bonds so redeemed the Secretary of the
Treasury may allow to the holders the differ
ence between the interest on such bonds from
the date of exchange to the time OF their ma
turity and the interest for like period on the
bonds or notes issued, but none of the provi-
sions Of this act shall apply to the redemption
Pacific railway companies and the bonds so re-
ceived or exchanged in pursuance OF the pro-
visions Of this act shall be cancelled and de-
stroyed
Sec. 8. Authority to issue bonds and notes to
the amount necessary to carry out the provi-
sions of this act is hereby granted.
authorzpe the issue Of Of enos Il
hereby amended SO as to continue and limit the
amount OF certificates to be issued to fifty mil
lions OF dollars to be outstanding at any one
time, and fixing the rate of interest to be al
lowed thereon at 81 per centum per annum for
one year after which interest shall cease, and
the said certificates shall be CONVEX Ctble at the
option OF the holders when presented in sums of
$50, or multiplies thereof into the coupon or
registered bonds authorized by this act; and
whenever any Of the said certificates shall be
converted into bonds the same shall be can
celled 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 $50 O00, 900, until the aggre-
gate amount OF the bonds authorized by this
act, and OF the said certificates combined, then
outstanding shall equal the amount of bonds
hereby authorized 1t shall be unlawful for any
which to procure said certificates Of deposit al
thorized under this act for purposes OF sale to
Others or for acting as agents of others; and
any person so offending shall be liable, on con-
vtct1on to be fined 81 OGO and Imprisonment not
to exceed one year. The Secretary of the Treas
ury Is authorized and directed to make suitable
regulations In compliance with this act, pro-
ldlng that the expense for the diSpoStng of the
certificates and bonds authorized to be issued
shall not exceed one quarter of one per centum:
P1-ortded, That said certificates shall not be
sold or converted at less than par.
Sec. 8. From and after the first day of July,
1850, the 81 per centum bonds authorized by
the first section Of this act shall be the only
bonds receivable as security for national bank
Sec. 9. This act shall be known as THE Fund
ing Act OF $780, and all acts and parts of acts
inconsistent with this act are hereby repealed"
fE party went to house wherein a we'd
ding was going on, at Rome, Ohio, rang bells,
The husband told her to stand at window and
smile, which she did. Then he gave the sere-
naders money to buy liquor, and they went
Sg VIEW eaey Of tSe 6S Ta
more money; but the bride refuse to smile
again, and the husband sent out bullets instead
Of coin. Halt an % hour Of lrtng ensued, during
eEIt is announced that the Dutch are intent
upon third Arctic expedition with their tiny
sailfng schooner Willem Barents, ,on;the strength