River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1880-02-26
The Rnfnndinp BILL.

The following IS the text OF the biti 10
facilitate the refunding of the national
debt agreed upon by the committee OF
ways and means, and reported favor
ably to the house on the 18Th inst.
BE 1t ENACTED, ETC., That all existing
provisions of the law authorizing the
refunding of the national debt shall
apply to any bonds Of the United States
bearing a higher rate OF interest than
Al per centum per annum which may
hereafter become redeemable, provided
that in lieu of the bonds authorized by
All act of July 14th, 1870, entitled an
act to authorize the refunding of the
national debt and ali acts amendatory
thereto" and certificates authorized by
act of February %, 1873, entitled Fan
act to authorize the issue of certificates
of deposit in aid of the refunding OF the
public debt; that the secretary OF the
treasury is hereby authorized to issue
bonds in amount not exceeding $00p,-
100000, which will bear interest at the
rate of three and one.half per centum,
per annum, redeemable at the pleasure
of the United States, after twenty years,
and payable forty years from date of
issue, and also notes in the amount Of
$500, 000, 900, bearing interest at the rate
of three and one-half per centum, per
annum, redeemable at the pleasure of
| the United States, after two years, and
| payable after ten years from date of Is
! sue, but not more than $40 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
determined by lot, under such rules as
the secretary of the treasury shall make.
The bonds and notes shall be in all
other respects of like character and sub
! ject to the same provisions as bonds au'
thorized to be issued by the act of July
IA, 1870, entitled an act to authorize
the refunding of the national debt, and
acts amendatory thereto, provided that
nothing in this act shall be so construed
as to authorize the increase of the pub
lie debt.
Section 2-The secretary of the treas
ury is hereby authorized in the process
| of refunding the national debt, to ex-
change at not less than par any OF the
bonds or notes herein authorized for
any of the bonds of the United States
outstanding and uncailed bearing a
higher rate of interest than AZ per
| centum per annum, and on bonds SO re-
deemed the secretary of the treasury
may allow to holders the difference be-
! tween the interest on such bonds from
date Of exchange to time OF their ma
turity and interest for a like period or
bonds or notes issued. But none Of the
provisions of this act shall apply to re
demption or exchange of any bonds
issued TO the Pacific railway compf lies
and bonds so received and exchanged
in pursuance of the provisions of this
act shall be cancelled and destroyed.
Section 3.--Authority to ISSUE
bonds and notes to the amount neces
sary to carry out the provisions OF TIM
act is hereby granted.
Section 1.-The act approved Febru-
airy &c, 1879, authorizing the issue o.
certificates of deposit, is hereby amend
ed so as to continue and limit the
amount of certificates to be issued tC
fifty millions to be outstanding at any
| one time, and fixing the rate at 80 pei
cent. per annum, for one year, after
which the interest shall cease; and eald
certificates shall be convertible at the
option of the holders, when presented
in sums of $50 or multiples thereof, III
to coupon or registered bonds, author
| lied by his act, and whenever any Of
said certificates shall be converted into
bonds, the same shall be cancelled and
destroyed, but the secretary of the
treasury may, in his discretiC J, issue
new certificates in place Of those 81
converted, up to the limit of fifty mil
lions, until the aggregate amount OF
bonds authorized by this sct. and Of
said certificates combined. then out
standing, shall equal the amount OF
bonds hereby authorized; 1t shall be
unlawful for any person or persons to
form a combination by which to
procure said certificates of deposit au-
| 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 conviction, to be fined
$1,000, or imprisonment not to exceed
one year. The secretary of the treasu-
ry is authorized and directed to make
suitable regulations, in compliance with
this act, providing that expense for dis
posing of certificates and bonds author
lied to be issued shall not exceed one
quarter OF one per centum, provided
that said certificates shall not be sold or
converted at less than par.
Section 5-From and after the 1st day
of July, 1880, the 81 per centum bonds
authorized by the first section of this
act shall be the only bonds receivable
as security for national bank circu'a-
ton.
Section 6-This act shall be known as
the funding act of 1880, and all acts and
parts of acts inconsistent with this 2ct
are hereby repealed.
ANTI-P0LYGAMY.