The Cheyenne daily leader. [volume] (Cheyenne, Wyo.) 1870-1884, 1881-01-20


the national debt. Be it enacted by the
Senate and house of representatives of
the United States of America in con-
gress assembled, that all existing pro-
visions of law authorizing the refund
ing of the national debt, shall apply to
any bonds of the United States bearing
higher rate of interest than A per
cent. per, annum, which may hereafter
become redeemable, provided that in
lieu of the bonds authorized to be is
sued by the act of July 14th, 1870, en-
titled IAN act to authorize the refund
ing of the national debit and acts
amendatory thereto, and certificates
authorized by act of February 26th, '79,
entitled san act to authorize the issue
of certificates of deposit in aid of re-
funding the public debt" the secretary
Of the treasury is hereby authorized to
issue bonds in amount not exceeding
S400 600. 900, which shall bear interest
at the rate of three per cent per an
mum, redeemable at the pleasure of the
United States after five years, and pay
able in ten years from the date of
issue, and also certificates to the amount
of 100000, 900, in denominations of
$40, $20 and $50, either registered or
coupon, bearing interest at the rate of
three per cent. per annum, redeemable
at the pleasure of the United States
after one year, and payable in ten years
after date of issuance. The bonds and
certificates shall be in all other respects
of a like character and subject to the
same provisions as the bonds author
lied to be issued by the act of July IA,
1870, entitled San act to authorize the
refunding of the national debt" and
acts amendatory thereto, provided
that nothing in this act shall be SO con-
strued as to authorize an increase of
the public debt; and provided further,
that the interest upon the six per cent.
bonds hereby authorized to be refunded
shall cease at the expiration of 30 days
after notice that the same have been
designated by the secretary of the trea-
sury for redemption.
Sec. 2. The secretary of the treasury
is hereby authorized, in the process of
refunding the national debt, to ex-
change, at not less than par, any of the
bonds or certificates herein authorized, ,
for any of the bonds of the United
States outstanding and uncalled, bear
ing a higher rate Of interest than four
and a half per cent per annum, and on
bonds so redeemed, the secretary of the
treasury may allow to the holder the
difference between the interest on such
bonds from the date of exchange to the
time of their maturity, and interest for
like period on the bonds and certifi-
Gates issued. But none Of the provi-
sions of this act shall apply to the re-
demption or exchange of any bonds
issued to the Pacific railway companies,
and bonds so received and exchanged
in pursuance of the provisions of this
act, shall be Cancelled and destroyed.
Sec. 3. Authority to issue bonds and
certificates to an 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 maka snitabIe r,,os ond
regulations to carry this act into effect,
provided that the expenses of prepar-
ing, issuing. advertising and disposinp
of the bonds and certificates authorized
| TO be issued. shall not exceed one.fourth
Of one per cent.
Sec. 4. The secretary of the treasury
is hereby authorized. if in his opinion.
it shall become necessary. to use not
exceeding $50. .OOO. 900 of the standard
gold and silver coin in the treasury in
the redemption Of the five aud six per
cent. bonds of the United States au-
thorized to be refunded by the proyi-
sions of this act. And he NAV at any
time apply the surplus money In the
treasury. not otherwise appropriated
or so much thereof as NAV consider
proper. for the REDEMPTION of o.. S,
bonds and certificates. provided that
the bonds and certificates so purchased
or redeemed shall constitute no part of
the sinking fund, but shall be can
celed.
Sec. 5. From and after the first day
of Nav 1891 tho threa nor cont honds
ou,hs-, - -, .no 'n.s. 60 po. .o.i'. Dve- ~.
au.norizea ny the nrsG secelon Oh thls
act, shall be the only bonds receivable as