The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1880-01-12


which Representative F. Wood will intro
duce in the House tomorrow and NOV,
to have it referred to the Committee OF
Ways and Means:
Be il enacted by he Seaate and RouSe o
Representatives. Of he United States in Congres
assembled, That all existing provisions o.
the law authorizing the reiunding Of the
National Debt shall apply to any bonds o.
the United States bearing higher rate o.
interest than four per centum per annun
which may hereafter become redeemable
and the Secretary OF the Treasury
Is hereby authorized in the process oi
refunding the national debt, to exchange
directly at par, bonds Of. the United States
bearing interest at 8! per cent per annum,
except as otherwise provided for in Sec
ton Of this act, and redeemable ut the
pleasure OF the United States after fifty
years from the date OF their issue, but in
allother respects like those authorized by
act OF July IA, 1870, entitled an "act 10
authorize the refunding Of the national
debt, and acts amendatory thereto for any
bonds OF the United States outstanding
and uncalled, bearing higher rate OF in-
terest than four per cent per annum,
and in any such exchange inter-
est may be allowed on bonds so
redeemed ior q period not less than one
month, nor more than three months, and
whenever any OF the bonds redeemed and
bearing interest ut five or six per centum
per annum, the Secretary OF the Treasury
may allow 10 the holders in lieu OF the
interest provided for the above, the differ.
ence between the interest on such bonds
from the date OF the exchange to the time
OF their maturity and interest on the three
a like period provided that no authority in
this act shall be construed into an authority
10 increase the public debt.
SEC. 2. That authority to issue bonds to
an amount necessary to carry out the pro.
visions Of this act is hereby granted.
SEC. 8. Said Secretary Is hereby
directed 10 invest money in the Treas
ury from time to time in excess OF
twenty-five per centum OF the outstanding
legal tender notes i'll the purchase OF the
maturing six and five per centum bonds
from the lowest bidder after public ad.
vertisement, at the rate OF not less than
ten million dollars in each month until the
whole OF said excess over % per centum
shall be invested. Provided, however.
that said five per centum and six percen.
tum bonds. can be bought at a price at
which they will yield not less than three
and a quarter per centum interest for their
unexpired term, but no more than ten
million dollars par value ot said maturing |
bonds shall be purchased in any one |
month, and all bonds 80 purchased shall |
cease to bear interest and shall be can. |
celled.
Sec. 4. The act, approved February 20,
1879, authorizing the issuance Of certifl- |
Gates OF deposit, Is hereby amended so as |
continue aud limit the amount OF certifi- |
Gates to be used to fifty millions Of dollars
TO be eoutstandinga at any time, and fixing |
the rate OF interest to be allowed thereon
at 81 OF per cent per annum for one |
year, after which the interest shall cease |
and said certificates shall be convertible,
at the option OF the holders, when pre-
sented in sums OF fifty dollars, or multples
thereof into coupon or registered bonds
authorized by the act, and whenever any
OF said certificates shall be converted into
bonds, and the same shall be cancelled
and destroyed, the Secretary OF the
Treasury may in his discretion issue new
certificates OF those so converted, up to
the limit OF S50,000,000, until the aggre-
gate amount Of bonds authorized by this |
act and OF said certificates combined then |
outstanding, shall equal the amount Of
bonds hereby authorized. 1t shall be un-
lawful for any person or persons to form
combinations by which to procure said GER
tifcates Of deposit authorized under this act |
for purposes OF sale to others or for acting |
as agents OF others, and any person 80 OF
Tending shall be liable, on conviction, to |
fine OF $1,000 or imprisonment not to |
exceed one year. The Secretary OF the |
Treasury is authorized and directed to
make suitable regulations in compliance
with this act, providing that the expense
for disposing OF the certificates and bonds |
authorized to be issued, shall not exceed
one quarter Of one per centum.
SEC. 8. From and after the passage OF
this act the only bonds receivable as
security for national bank circulation
shall be the bonds herein authorized.
Sec. Q. This act shall be known as "the
funding act OF 1885," and all acts and
parts OF acts inconsistent with this act are
hereby repealed.