Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1880-02-19
Text OF the BIN to Facilitate Rounding OF
the National Debt.
wAsHrSovos, Fserumy = ls.-1rhe fol

WAsHrNaros, February ls.--fhe fol-
lowing is the text OF the bill to facilitate
rciunding the National debt, agreed to
by the Committee on Ways and Means
"Bs Il enacted, etc., That all existing pro-
visions OF the law authorizing the re-
funding Of the National debt shall apply
To any bonds Of the United States bear
ing a higher rate Of interest than q per
cent. per annum, which may hereafter
become redeemable Provided, That in
lieu Of the bonds authorized To be issued
by the act Of July IL, 1879, entitled, An
act To- authorize the refunding of the
National debt and the acts amcndatory
thereto. and the certificates authorized
by the act OF Feb. 26, 1873, entitled, An
act to authorize the issue OF certificates
of deposit IN aid Oi the rciundlng OF the
public debt that she Secretary OF the
Treasury is hereby authorized To issue
bonds in amount not exceeding souu,-
OOO. on, which shall bear interest at the
rate Of 81 per cent per annum, redeem
able at the pleasure ot the Inlted States
after twenty wears, payable iorty years
from the date of issue, and also notes m
the amount OF 500, On, 600, bearing in
tcrcst at the rate Of ~ per cent per an'
mum, rcdccmablc at the pleasure oi tho
United States after twenty year, and
PAYABLE IN ten years from the date ol
issue. but not more than slO,OOOUn
oi said notes shall be redeemed
i'm any one fiscal year. aud the particu'
lar notes 10 be redeemed from time to
time shall be determined by tot, under
such rules "a the Secretary OF the Trnas-
ury may direct. The bonds and notes
shall he in all other respects OF like char
actcr and subject To the same provisions
"a the bonds authorized To be- issued by
the act oi July -, 1870, entitled I'm
act To- authorize the rct1nding OF the Ma
tional debt, aud the acts amendatOry
thereto. provided nothing in this act
shall be- construed a. to authorize an IN
crease oi the public debt.
SEC ,. The Secretary OF the Treasury
i. hereby authorized IN process OF rc-
funding the National debt, tn exchange
nj not less than par, any ot the bonds
on notes herein authorized ioT any ol
the Ionls uf the Unitcl States outstand-
ipr and uncailed. bearing a higher rate
of interest than a per cent per annum,
and on bonds 50 redeemed the Secre-
tarv oi the Treasury NAV allow !"
holders the difference between the IN
t.rrSt un sucl bonds from the date oi
th,, exchange tn the time oi their ma
lur,ty. aud Interest ior like period on
the bonds or notes issued, but none oi
the provisiOns Oi this act shall apPlp to
the rclcmption or exchange OF any oi
the bonds issued 10 Pacific Railroad
COMPANIES. AMI the bonds 80 received
and exchanged ia pursuance OF the pro.
visions Oi this act shall be cancelled or
destroyed.
SEy. , Authority to issue bonds and
notes to the amount necessary To carry
ont the provisions of this act - hereby
granted.
SEC. 4. The act approved February
III. 1872. authorizing the issue oi ccrtlh-
cafes ol deposits j. hereby amended 50
a to continue and limit the amount OF
certificates to be issued 90 $5O,OOO,OO to
be outstanding at any one time, and NIX.
iuy the rate Of interest 10 be allowed
thereon at 81 Of per cent per annum
i1r one year, alter which inienest shall
rsase. and said certificates shall be con
yertible. at the option of the bondhold-
ers when presented in sums oi SO OF
muItiples thereof, into coupon OF regis-
,rrrd bonds authorized by this act, and
whenever any said certificates shall be
converted into bonds, the same shall be
cancelled and destroyed; but the Secre-
tAry OF the Treasury may, in his discre-
ton. issue new certificates IN place
of those 50 converted up 10 the limit
of fity thousand dollars until
the aggregate amount Of the bonds
authorized by this act and OF the said
certificates combined, then outstanding,
shsll equal the amount OF the bonds
hereby Authorised. II shall be nnlaw-
iul ior any peeson or persons to foFm
combination BY which 10 procure the
said certificates oi deposit authorised
under this oct Tor the purposcs ot Gala
10 others, or ior acting a the sksuts o.
others. and any person % ouenoins