New-York tribune., 1880-01-12
4 R[LL
To authorize the refndmg OF the National debt for
reducing the burd O1 annual interest thereon. ana
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To authorize the refndmC OF the National debt for
reducing tie buId Ol annual interest thereon. and
20 improve the pub credit.
SECTION l. BE IL tndced by the Senate and House OF
Representatives OF thc United states OF America 10 Con-
grcss assembled tla much ~ the authority conferred
uuon Secretary ~ the Treasury bv Tire acts of july
II, 1870, and January 20, ISL, TO refund me
been exhausted and executed, ee, ana me same i
hereby, suspended ana mouiDod so as 10 nm, IL t1 c
lied by these acts. 10 rate OF interest not 70 exceed
3 per ceutGm per auHum. as hereinafter provided:
SIC 2 rhat the secretary Of the Treasury is hereby
uuthCrIZ la lsue from time 10 mc rs may pe heces
any for hr purposes OF t1s act to aggregate amount
OF 2OOO.OOO,oO0 but not TO exceed IN
any event the present sum or the puonc iunoeo
debt and ten bcr ceutulh au,leu tneietO -, I
three per stock ~ The United States. when GER
dcaes NAV be registered in the name the owner on
the books Treasury In the manner now provided Tor
registered bonds; or he secretary OF the treasury may
a the requct purchaser Of sucn stock,
ISSUE therefor certificates tor the principal sum thereof,
with seventy scml-aLnu3l interest coupons Httacben
thereto dating from the date of issue, which stock shall
bear at the rate Of per cehtum per annum,
pa, able IN coin oi the present standard Vaue p e
principal OF said stock sbail not be lnahe ue-
nandabr of payable redeemabe by The United states
~ dae rtain and fixed In the future but when
condition or the Treasury OF the United states
Will justly the secretary OF the Treasury snail purchase
hc same under such regulations Congress may mere
AFTER provide, IN open market. paving therefor the
market pico In lawful money aforesaid.
SIC B. That the secretary OF the Treasury IS hereby
authorized to sell and dispose OF any 0f sald STOCK
Issued under this act upon tue best 0Dtanabe teInsi
AT not less. however, hau 90 per centum OF It's par
value, IN coin, and to apply the proceeds 'htre-
of t. the redemption of any bonds OF the
United Sptrs outstanding bearing a rate OF interest
higher than per centum per ahnuh at hc' moic thal
par value: or he may exchange tue same Tor any
such outstanding bonds, ALLOWING IN the rN-
ng the sad clp3O.idatcd per cent stock
he rate Of 30 per ccntum of lis par value ana 10
facilitate such txcaange OF securities herein coniem.
plated he may, his drcrctOD, allow sixty dtys III
erest be pal upon any q rad outstanding bonds
winch NAV matur,, or b. On led in tor pay
mrnt or redcmpu n. beyond the date OF
maturity or redemption; bur SAID stock Ecrcby
authorized aha Dee issued aud used for oihcr par
po-c wha,eyrr aud Ofmoney not exceeding one
Ia OF per q! stock hereby authorized ls
hereby appropriated pay the expense OF pr larng,
i--niue. ADVERTISING ana disDo-Iug Of tue same.
-lc l. That stock OF thr United states ana the
interest thereon snail he EXEMPT from the payment or
500 kos or duties OF the United states, "a
W-n as from taxation in any form by or
under any state: municipal or local authOrty, and
t.c certificates thcreoi shall have get form ana
expressed rou their face the above specified conditions,
tur the tutcrcst thereon. whether OF registered or
coapon stock shall be- made payable al the Treasury OF
tnc United states the manner as that OI The
outstanding bonds.
HI he LIT " Etlnnndo Wo0Ta Bil s1s Second Ilgs