National Republican. (Washington City (D.C.)) 1872-1888, 1880-01-12
CURRENT CAPITAL TOPICS.
Hon. Fernando Woods Proposed
Refunding Bill.
Substitute for the Bill of Secretary sherman
Proposed Hate OF Interest Three and
a-half Per Cent.--The Ingalls, In
vcstigation--Effort to Protect
Private TeleRrams-Tho
Indian Bureau, &c.
Mr.. woods New Rorundin1 Bill.


The following Ia the text of the bill prepared
by Mr.. Wood, aud which will probably be in
troduccd in the House to-day and referred to
the Ways aud Means Committee:
Bet enacted, &C., That NIL existing provisions OF
law authorizing the rofuudilg Of the National Debt
shall apply 10 any bonds Of the United states bear.
Ing higher rate of interest than four per centum
per nnnum which may hereafter become redeem
able and the Secretary of the Treasury Is hereby
authorized in the process Of refunding the Ma.
tional debt TO exchange, directly ut par, bonds of
the United States bearing interest Ot three and
half per centum per annum, except rs otherwise
provided for in section Of this act, and
redeemable at the pleasure Of the United
states after fifty years from the date of
those authorized by the act Of July H. 1870,
entitled AN act to authorize the refunding of the
National Debt and acts amendatory thereto, for
any bonds of the United States outstanding and
uncalcd bearing higher rate of interest than
four per centum per annum, and In any such eX-
change interest may DO allowed on the bonds so
redeemed for period of not less than one month
nor more than three months And whenever any
of the bonds so redeemed bear interest ut five or
six per centum per lnnum, the Secretary of the
Treasury may allow to the holders in lieu of the
interest provided for above, the difference between
the interest on such bonds from the date of ex-
change TO the time of their maturity and the inter-
est on the three and half per centum bonds for
q like period; provided, that no authority In this
act shall be construed into authority to increase
SECTION q Authority to issue bonds to the amount
necessary to carry out the provisions of this act is
SEC g. The said Secretary Is hereby directed TO
invest the money In the Treasury from time to time
in excess of twenty-five per cenum Oftho outstand-
standing legal.tcnder notes, in the purchase of
maturing six and five per centum bonds from the
lowest bidder after due public advertisement at tho
rate of not less than slOOOOO9O in each month until
the whole of the said excess over twenty-five per
centum shall be invested; provided however that
the said five per cent. and six per oentlIm bonds
can be bought at a price at which they will
yield not less than three and quarter per centum
interest for their uneXpired tern: but no than
slOO00,00O par value of said maturing bonds shall
be purchased In one month. And all bonds so
purchased shall cease TO bear interest and shall be
cancelled.
SEC. L. The act approved February &C. 1870 au-
thorZlng tho issue of certificates Ofdeposit Is hero
by amended SO as to continue and limit the
amount of certificates to be issued to fifty million
Of dollars to be outstanding at any one time and
fixing the rate of interest TO be allowed thereon at
three and one-half of one per centum per nnnum
for one year, after which interest shall cease; and
the said certificates shall be convertible at the op.
tion of the holders when presented, in sums OF
fifty dollars or multiples thereof into the coupon
or registered bonds authorized by this act and
whenever any of the said certificates shall be con- :
yerted into bonds, the same shall be cancelled and
destroyed; but the Secretary OF the Treasury may,
~ his dscression issue new certificates IN place of
those SO converted, up to the limit of fifty million
Of dollars, until the aggregate amount. OF
the bonds authorized by this act, and of
the said certificates combined then out
hereby authorized. It shall be unlawful for any
person or persons to form combinations by witch
10 procure salu Certllc0teS oil deposit uuthOflZcQ
under this act for purposes of sale to Others, for
acting as agents OF others, and any person so offend
ing shall be liable on conviction to be fined 81 900
or imprisoned not to exceed one year, The Sccre-
tary Of the Treasury Is authorized and directed to
make suitable regulations in compliance with this
net, providing that the expense for the disposing
sued shall not exceed one-quarter of one per cent
SEC. 5.-From and after the passage Of this act
the only bonds receivable as security for national
bank circulation shall be the bonds herein au.
thorlZcd.
SIC. G.-Thls act shall be known as "the funding
act of 1880" and all acts and parts of acts incon-
sistent with this act are hereby repealed.