New-York tribune., 1880-01-12
the State, TO the General Government with cordS
:hat can never be broken"

FERNANDO WOODS REFUNDING BILL
THREE AxDA HALF PER CENT BONDS TO BE losolD 'i-i
roR ruc REDEMPTION OF FIVE AND SIX PER
CENT BONDS.
W.surxGTOy Jan. 1.-THE following is the
tho p,nd,ng nlll which Representative Fer
rauao W,,l # New-York, will introduce in the House
,rorrov and move to have referred 20 the Committee
ni WAYS and Means.
J.H 10 ra,cuiiq'e ne Rcnmaipg ofhe Nati9ani Debt
Ben o"e cicd 10y the Senate ana House OF Erll''r
tycs Of t,c United states o America, in Congress a.
sp"T,oIi That All existing provisions Of law
nurbplier Tic refundiuc OF tnc N1tiouW aCt eE' p-
plg 10 arv bonds % the Uni eel rates hearn2 un'
rate of IN ,rcst thrn per cert per aHnnm, whrh NAV
I.ro ff.t 81, rcGrcmahlc ana me secretary al INC
'I.i ,'r ,,,,,,'l.9 I'm fhc process of ry 'uudlug
The Sat 'oual .cbi. 10 exchange directly 40 par
Inc limited states bearuc interest ar 3l2 per ccntuh b
,,H,, otLcrWise provided ior in section five
al ms ... ma rcdcsmahc at the pleasure oi '"c
Iuiicd ~, after fity years from me d9tc "I & &in,r
Ss'gei 1S1Sor raSi e. of JAW H. $50 enjitled Az
oct 10 , ave-. ihe re;rudme of the National de',,
spds Try ,aerco ,,5 for any oia ggmos G G.sher h@g
rate a. .i.... man pcr cent per annum. ana ~
sbc as horG. 20 lseGctued Tor period o. not les,
than month nor more than In.f r crs at
or q p.r cent per anuum, the SrciSlaiS % we
Treasury may allow to the h2Ia'is Ie 6,a,rcnre be-
tween W ,;o on 81 sucS cr 0GnG, %s1nrT iom and the
rteresf m U GIG per cent bonds for IKE period pre-,
Vided ,.. in6crity IN this act 8 al be construed
aYH. g
".v"U 49,, .itv To issue bonds 60 the amount ne
cesser, "a. the provisions o' '"i' "'' - "'''
granted. D., ,.,,. s,.,.,o, IN i,,v,st
m uopey m the Treasury from timC t0 time IN excess
of - per cent OF the outstanding leg ,'orI noS ~ III
the purchase at maturing ana o pc G evn,"in nn,'in
advett..,f,rut AT the rate of not lc-s thaI
$40 OOn 600 in each month until the ole o lhe su
sIccss over twenty-five per cenum shall be lnyesieH
Profided however, that the SAID hye per cehium ho
tix tcr crutum bonds can be bough at pre- al Wch
they Will yield not less Than 34 10 coh @ l0I men & ~
prrd term: bu more than lOOOoOOo par N"i"V "l
: ia maturing bonds shall be purchased III anN ohc
month and an bonds purchased shall cease 10 pea
80, IVTbc net approved February &c, 1879, author
iziUg the issue OF certificates OF d posl Is he'eN
amended so as continue aud limit me amount oI GER
any one tme, and fxlug m rate OF luIc.cst 10
lie allowed thereon az 3i2 per cen. um ,IVn,
Tor Que wear aier Wmeh ii tn'ero, m on,,I,olc
nj he option of the holders, when presented III sums {"
$50 or mu pes thereof INTO ,hc coupon Oi Iesttfeu
bona. an nor ii by this dct and, whenever al OF 'c
ad ctteattS shall be converted into bonds, the same
shall De tAcslled and DESTROYED. but tAe secretary g"
the Treasury may, IN has dsCietlon ISSUE le
SO 600 until he eCate amount or the ppndS
nb1z-d hy this act. ana ~ the S1id crlhcteS COM
bned thea outstanding shall equal the amount OF D'hds
IN 6.l be unlawful Tor any person persons 20 form
combinations hv which 10 procure s3ld celthcdlcs oI
dpuost at hoilZcd under tins act for t purpose o sale
e. ber- or acting OF Oihcr-. ana any per-
snr - OF udnc shall bo hic on CoIN'coh 10 DC Hntd
~ OGn ,r .npri-oncd NOT 10 *, ecd one year.
Tne Secretary OF the Treasury Is authorized aud a.
rrted To- make suitable regulations IN COMPLIANCE Win
ti- act rroylGur that The expense ior he sposns oi
the certificates aud bonds aunof1rd I" De lsueu sAaI
not exceed onC-Q uarlCr oi per crttulu' .
SFc N.-FIou ana after the passage or thls act me
ON hDuds receivable as security for National bank err
CuittIou shall bc the bonds hcic IL Aulhol-zg q.
Act Of So and al acts and parts OF acts lHconsst u,
NIth this ltrcoy repeated.