Daily press and Dakotaian. [volume] (Yankton, Dakota Territory [S.D.]) 1875-1880, 1880-02-20
REBUILDING OPERATIONS.
The Bin Agreed Upon by tho Committee
on Ways aud Means.

en- Ways aud Means.
Washington, Feb. 1S.-The following ia
the text Of the bill to facilitate the refundin9
Of the national debt agreed upon by the
committee on ways and meane:
Be it enacted, etc.:-That all the existing
provisions of the law authorizing the re-
funding of the national debt shall apply to
any bonds of the United States bearing
a higher rate of interest thar Al per centum
per annum, which may hereafter become re.
deemable; provided, that in lieu of bonds
authorized to be issued by the act of Julv
IA, 1870, entitled. can act to authorize the
~refunding of the national debt" and acts
a%mendatory thereto, and certificates author
lied by an act of February 26, 1879. enti.
tied, IAN act to authorize the issue of certi
6cates of deposit in aid of the
refunding of the public debt.O
that the secretary Of the treasury
is hereby authorized to issue bonds ia an
amount not exceeding five million dollars
which shall bear interest at the rate of
three and q half per centum, per mum.
redeemable at the pleasure of the United
States, after 20 years. and payable 40 years
from the date of the issue; and also notes
in an amout of20O million dollars. bearing
interest at the rate of 9& per centum, per
annuu, redeemahle at the pleasure OF The
United States. after two years, and PAYABLE
10 years from the date of the issue. But
90: more than forty million dollars of said
notes she'll be redeemed in any one fiscal
wear, and particular notes to be re-
deemed from time to time shall
be determined by lot under such rules. as
the secretary of the treasury may prescribe.
The bonds and notes shall be in all other
respects Of like character and subject TO the
same provisions az the bonds authorized to
be Issued by the act of July lst, 1870. emit.
tied AN act to authorize the refundipp of
the national debt" and acts %amendatory
thereto, provided that nothing in this act
shall be so construed az to authorize any
increase in the public debt.
Sec. 2. The secretary of the treasury ia
hereby authorized, in the process of refund.
ing the national debt, to exchange at not
less than par any Of the BOMBS or notes
herein authorized for, any of the
bonds of the United States outstanding
and uncalled bearing a higher rate Of
interest than Al per centum per annum'
and on bonds so redeemed the score.
tary Of the treasury may allow to holders
the difference between the interest en-
such bonds from the date of exchange to
inc Time OF Their maturity and interest for a
like period on the bonds or notes issued /:
out none OF the provisions this act shall
any bono issued to Pacific railway COM
panies. and the bonds so received and eI-
changed in pursuance of the provisions of
this act shall be cancelled and destroved
Sec. 8. Authority to issue bonds and
nnfQa tn fho aNnonnf noo,.~.
the provisions of this act is hereby Granted.
Sec. 4. The act approved February 26,
1873, authorizing the issue of certificates of
deposit is hereby amended so as to continue
and limit the amount of certificates to be
issued to $50,OO0,0O0 to be outstanding at
any one time, and fixing the rate of interest
be allowed thereon at 81 per cent. per
annum for a year after which the interest
shall cease, and said certificates be convert.
BILE at the option Of the holders, when pre-
scented in sums of $50 or multiples thereof.
INTO the coupon or registered bonds author.
ICED by this act !; and whenever any of SAID
certificates shall be converted into bonds the
shalt be cancelled and DESTROYED: but the
'ecretary of the treasury may in bis discretion
issue new certificates in place of those 40 !
up to a limit of $4,000 900. un.
II the aggregate amount of bonds authoriz.
d by this act, and of eaid certificates com.
lined then outstanding, shall equal the
mount Of bonds hereby authorized. I'll
hall be unlawful for any person or persons
o form q combination BY which to procure
aid certificates of deposit authorized under
bis act for the purpose of sale to others. or
or acting as agents of others, and any per.
on SO offending shall be liable, on conyic.
ion, to be fined $1,000, or imprisonment
lot to exceed n year. The secretary Of
he treasury is authorized and directed to
make suitable regulations in compliapce
Nth this act, providing that the expense
or disposing of the certificates and bonds
authorized to be issued shall not exceed one
Of D per centum provided that
aid certificates shall not be sold or con-
'erted at less than par.
Sec. 5. From and after the LIST dav of
!uly. 1880, the 319 per centum bonds au.
BY the first section of this actI
hall betbe only bonds receivable as secu-
Ivy for national bank calculations.
Sec. 8. This act shall be known a. the
unding act of 1880. and oil acts and parts
acts inconsistent with this act are hereby
STRAIGHT UNITED STATES TALK.