The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1880-12-31

quently modified SO as to read permitted"
ocd saesa he ss ad SesR ss
used by him was wholly untustifiable,
And he Mads his gsyad 70 sn
guage used by him on the occasion referred
to was supplementary and in conflict with
the rules Of the House. and he apoiogized for
thereupOn laid upon the table. Both Houses
adjourned till the 5th of January.
New Bills introduced.
THE FUNDING BILL.
The following are the provisions of the
Funding bill introduced by Mr.; Wood 3D.,
n ", Chairman of the Committee of Ways
Be 4 enacted, etc.. That xu existing pro-
visions of law authorizing the refunding of
the national debt shall apply to any bonds J.. OF
terest than ~ per centum per annum which
may hereafter become redeemable, provided
that in lieu of the bonds authorized to De Is
sued by the act of July IA. 1870, entitled An
act to authorize the refundfng OF the national
debt and the acts amendatOry thereto" and
the certificates authorized by the actof Febru-
airy 2e, 1873 entitled Gan act to authorize theis-
sue of certificates of deposit In aid of the re-
funding the public debt, the Secretary of the
Treasury is hereby authorized to issue bondsin
the amount of not exceeding $500. 600 600. which
shall bear interest at the rate of 8 per centum
per annum, redeemable at the pleasure Ofthe
United States after twenty years, and payable
forty years from the date of issue; also notes
in the amount of 500 100000, bearing interest
at the rate of 81 per centum per annum. re-
deemable at the pleasure of the United states
after two years, and payable in ten years from
the date of issue; but not more than 000O,-
600 of said notes shall be redeemed in any one
fiscal year. And the particular notes to be re.
deemed from time to time shall be determined
by lot, under such rules as the Secretary of
the Treasury shall prescribe. The bonds and
notes shall be in all other respects of like
character and subject to the same provisions
as the bonds authorized to be issued by he
act of July IA, 1870, entitled can act to author.
ize the reminding of the national debt. and
acts amendaitory thereto provided that
authorize an increase of the public debt.
Sec. 2. The Secretary OF the Treasury IS here-
by authorized, in the process of refunding the
national debt, to exchange at not less than
par any of the bonds or notes herein author.
lied, for any bonds of the United States out
standing and uncaied, bearing higher rate
and on the bonds so redeemed the Secretary
of the Treasury may allow to the holders the
difference between the interest on such bonds
from the date of exchange to the time of their
maturity and the interest for a like period on
the bonds or notes issued. but none of the
provisions of this act shall apply to the re-
issued to the Pacific Railway Companies; and
the bonds so received and exchanged in pur
suance of the provisions of this act shall be
cancelled and destroyed.
Sec. 3. Authority to issue bonds and notes to
the amount necessary to carry out the pro-
visions of this act is hereby granted.
Sec. 4. The act approved February 26. 1873,
authorizing the issue of certiicatesOf deposit,
is hereby amended so as to continue and limit
the amount of certificates to be issued to S50,-
O0O, eco to be outstanding at any one time, and
fixing the rate of interest to be allowed there
on at three and one half of l per centum per
annum for one year, after which interest shall
cease and the said certificates shalt be con-
vertible, at the option of the holders, when
presented in sums of $50 or multiples thereof,
into the coupon or registered bonds author
lied by this act. And whenever any of the
said certificates shall be converted into
strOyed, but the Secretary of the Treasury
may, in his discretion, issue new cert1fcatesin
place of those SO converted up to the limit OF
$50,0 900. until the aggregate amount of the
certificates combined then outstanding shall
equal the amount of bonds hereby authoriz-
ed. 1t shall be unlawful for any person or per-
sons form combinations by which to procure
said certificates of deposit authorized under
this act for purposes of sale to others or to
offending shall be liable, on conviction, to be
fined 81 600 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. pro-
viding that the expense for the dispOsing of
the certificates and bonds authorized to be
issued shall not exceed one quarter of per
centum, provided that said certificates shall
not be sold or ed at less than par.
Sec. 5. From and after the ist day of July,
1881. the per centum bonds authorized by the
first section of this act shall be the only bonds
hereafter receivable as security for national
bank circulation.
Sec. g. That this act shall be known as "the
Funding act of $780," and all acts and parts of
acts inconsistent with this act are hereby re-
pealed.