Stevens County tribune. (Morris, Minn.) 1877-1880, 1880-01-15

Tor department had given strict orders that
they should not be allowed to talk to any one
previous to the council at the department. They
remained in their rooms all day. Secretary
5churz stated this morning that he had not yet
decided upon the programme to be followed In
their examination, az be is awaiting the ar
rival of Gen. Adams, who is expected tenor
row.
MISSISSIPPI UNITED STATES SENATOR.
Representative Morey received telegram
to-day relating to Joint caucus of the Demo-
cratic members IF the Mississippi legislature
held at jackson, Miss, last evening, for the
purpose of nominating successor to Senator
Bruce. Six ballots were taken resulting in no
choice and the caucus adjourned till Monday
evening. The sixth ballot resulted as follows:
Barksdale, 81; Waltham, 80; Singleton, 10;
scattering, 5.
THE INGALLS, CASE.
Before the Senate committee ON privileges
Mr.. Smith, Western Union telegraph manager
at Topeka, Ks. testified neither Ingalls, nor his
attorney had seen any kilograms since he had
them in his possession. The chairman an
nounced the receipt of a letter from President
Green stating that the additional kilograms
called for al the last meeting, and supposed to
relate to the Ingalls, case, had, under the usual
practice of the company, been destroyed after
being kept six months, and he regretted he
couldn't forward them.
WOODS REFUNDING BILL.
The following is full text of the funding
bill which Representative Wood will introduce
in the House tomorrow and move to havere
ferred to the committee of ways and means:
Be it enacted by the Senate and House OF Rep
rpsentaIives of the United States in Congress
assembled:
That all existing provisions of law authOriz-
ing refuDding of the national debt shall apply
to any bonds of the United States bearing q
higher rate of interest than per cent. per an
mum which may hereafter become redeemable,
and the secretary of the treasury is hereby au-
| thorized in the process of refunding the ma
tional debt to exchange directly at par bonds of
the United States bearing interest at three and
q half per cent. per annum, except otherwise
provided for in section Of this act,
aPd the Un,S States d. the after ft
years from date of their issue, but in all other
| respects like those authorized by the act of
July 18th, 1870, entitled an act to authorize re-
| funding of the national debt and acts amenda-
| tory thereto, for any bonds of the United
| States outstanding and uncalled, bearing a
| higher rate Ofinterest han four per cent. per
, aunum; and in any such exchange interest may
| be allowed ON the bonds 40 redeemed for n pc
| rid of not less than one month nor more than
| three months; and whenever the bond
so redeemed bear interest of
or per centum per annum the secretary of the
| treasury may allow to holders IN lieu of inter-
est provided for above, the difference between
the interest ON such bonds from the date of ex-
| change to the time of their maturity, and An
terest on 31S per centum bonds for u like pc
| Rod, provided that no authority in this act
| shall be construed into authority to increase
| the public debt.
| Sec 2. Authority to issue bonds to the
| amount necessary to carry out the provisions
of this act is hereby granted.
| Sec 8. And the secretary is hereby di-
| rected to invest money in the treasury from
time to time in excess of rs per cent. of out
| standing legal tender notes in the purchase of
maturing and per cent. bonds from the
| lowest bidder, after due public advertisement,
at rate of not less than $4,000, 900 in each
month, until the whole excess over Is per cent.
shall be invested; provided that said per cent.
and 6 per centum bonds can be bought at
| prices as which they will yield not less than
33 per cent. interest for their unex pired term,
but not more than ten million dollars par val
| ne of said maturing bonds shall be purchased
| in any one mouth, and all bonds so purchased
| shall cease to bear interest and shall be can
celled.
Sec. 4. The act approved February Goth
| 1870, authorizing the issue of certificates OF
deposit, Is hereby amended as to continue
| and limit the amount of certificates to be used
| to fifty million dollars to be outstanding at
any one time, and fixing the rate of interest tc
be allowed thereon at 81 of one per centum
! per annum, for one year, after which interest
shall cease and said certificates shall
| be convertible at the option of the
holders wheR presented in sums Of $50
or multi plies thereof into coupon or registered
bonds authorized'by this act; and whenever
any of said certificates shall be converted into
| bonds the same shall be cancelled and de-
stroyed The secretary of the treasury may in
| his discretion Issue new certificates in place OF
those 80 converted up to the limit of So, O00, QUO
until the aggregate amount of bonds author
| lied by this act, and of said certificates COM
! bined, then outstanding, shall equal the amount
of bonds hereby authorized. 1t shall be IN
| lawful for any person or persons to form
a combination by which to procure
| said certificates of deposits authorized
under this act for purposed sale to Others o:
| for acting as agents of others, and any person
| SO offending shall be liable on conviction to be
| fined 81 ,000 or imprisonment not to exceed one
year.
The secretary of the treasury is authorized
| and directed to make suitable regulations in
| compliance with this act, providing that the
expense for disposition of certificates and bonds
| authorized to be issued shall not exceed one
| quarter OF one per centum.
See. 5. From and after the passage of this
act only bonds receivable a. security for ma
tional bank circulation shall DO bonds herein
authorized.
| Sec. 6. This act shall be known as the funding
| act of 1880, and all acts and parts of acts in
consistent with this are hereby repealed.