The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-01-20
The Funding Bill.

The following is the full text OF the bill as
passed in the House of Representatives yes
terday:
A BILL TO FACILITATE THE REFUNDING OF TIE
NATIONAL DEBT.
Be ii enacted by The Senate and House Of
Representatives of the United States of
america IN Congress assembled, That all
existing provisions OF law authorizing the
refundlng Of the national debt shall apply to
any bonds OF the United States bearing
higher rate OF interest than AZ per GEN.
tum per anDum which may hereafter
become redeemable: Provided That
in lieu Of the bonds authorized to
be issued by the act Of July II, 1870 en-
titled Gan act TO authorize the refunding OF
the national debt" and the acts amendalory
thereto, and the certificates authorized by
the act of February 2G, 1879, entitled San
act 10 authorize the issue OF certificates OF
deposit IN aid OF the refunIing of the pub.
lie DEBT" the Secretary OF the Treasury Is
hereby authorized to issue bonds in the
amount Of not exceeding 100000 900,
which shall bear interest at the rate OF per
centum per annum, redeemaDle, at the
pleasure OF the United States, after
five aud payable ten wears from the date Of
issue, and also certificates in the amount OF
$300.000.000, in denominations OF so, $50,
and $50, either registered or coupon, bear
ing interest at the rate OF per centum per
annum, redeemable at the pleasure OF the
United States after one year, and payable in
ten years from the date OF issue. The bonds
and certifca' es shall be, in all other respects
OF like character and subject to the same pro-
visions as the bonds authorized TO be issued
by the act OF July II, 1870, entitled can
act TO authorize the rounding OF the ma
tiOnal debt" and acts amendatOry thereto
Provided, That nothing in this act shall be
so construed as to authorize an increase OF
the public debt. And provided further,
That interest upon the per centum bonds
hereby authorized 10 be refunded shall
cease at the expiration OF thirty days after
notice that the same have been designated
by the Secretary OF the Treasury for re-
demption.
Section >. That the Secretary OF the
Treasury is hereby authorized, in the pro-
cess Of refunding the national debt, to ex-
at not less than par, any OF the
bonds or certificates herein authorized for
any OF the bonds OF the United States out.
standing and uncalled bearing higher rate
OF interest than ~ per centum per annum
and on the bonds so redeemed the Secre-
tary 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 |
aud the interest for like period |
on the bonds or certificates issued; but |
none OF the provisions OF this act shall |
apply TO the redemption or exchange Of any |
Of the bonds issued to the Pacific railway |
and the bonds so received and |
as oh in al bn icin
Of this act shall be cancelled and DESTROYED. |
Section 3. Authority 10 issue bonds and |
certificates TO the amount necessary TO carry |
out the provisions OF this act is hereby |
granted; and the Secretary OF the Treasury |
IS hereby authorized and directed to make |
suitable rules and regulations 10 carry this
act into effect: Provided, That the eX-
penscs Of preparing. issuing, advertising,
md disposing OF the bonds and certificates
authorized TO be issued shall not exceed 4 |
)f per centum.
Section 4. That the Secretary OF the Trea-
ury is hereby authorized, il in his opinion
{ shall become necessary, to use not exceed
ne Sj0,000,000 OF the standard gold and
lyer coin in the Treasury in the redemp-
ion of the ) and per centum bonds OF the
United States authorized to be refunded by
he provisions Of this act; aud be may at
my time apply the surplus money in the
Treasury not otherwise appropriated, or so
much thereof as he may consider proper,
o the purchase or redemption Of United
states bonds or certificates Provided, That
he bonds and certificates so purchased or
shall constitute no part Of the
linking fund, but shall be cancelled.
Section 3. From and after the 1st day OF
Nav, 1881, the 3 per centum bonds author
zed by the first section OF this act shall be
he only bonds receivable as security for
circulation, or as security for
he safe-keeping and prompt payment OF the
public money deposited with such banks
,ut when any such bonds deposited for the
purposes Aforesaid shall be designated for
purchase or redemption by the Secretary
II the Treasury, the banking associa-
ion deposlting the same shall have
he right to substitute other issues
VI the bonds Of the United States in lieu |
hereof Provided, That no bond upon
which interest has ceased shall be accepted !