Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1881-02-25
The Funding Bill.

WASHINGTON, Feb. 1S.-The following
Is the full text of the funding bill, as
passed by the senate,
A BILL to facilitate the refunding of the gation-
al debt.
Be 1t enacted. by the senate and house of rep
resentatives of the United States Of America, in
congress assembled, that all existing PROV sions of
law authorizing the refunding 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 re
deemable; provided, that in lieu of the bonds
authorized TO be issued by an act of July Ia, 1870
entitled An act to authorize the refunding of the
national debt" and the acts amendatory thereto,
and certificates authorized by the act of Feb. e.
1879, entitled. AN act to authorize the issue of
certificates OF deposits in aid of the refunding Of
the public debt"
Section l. The secretary of the treasury is here
by authorized to issue bonds to an amount not eS-
ceeding $400 600 o00 in denomination of fifty dol
lars or some multiple of that sum which shall bear
| interest at a rate not exceeding ; per cent. per
annum, payable semi-annually redeemabIe at
the pleasure of the United States after five years
and payable in twenty years from date of issue;
and also treasury notes to an amount not exceed
| ing $500 600 900 in denominations of TO- or some
multiple OF that sum not exceeding $1,000
either registered or coupon, bearing interest at
the rate not exceeding of per cent. per annum,
payable semi-annualy redeemable at the
pleasure Of the United States after one
year, and payable in ten years from date, and
no treasury note of less denomination than 500
shall be registered. Bonds and treasury
notes shall be in all other respects
of like character and subject to the same proyi-
sions as the bonds authorized to be issned by the
act of July IA, 1870, entitled, An act to author
iZe the refunding of the national debt and acts
amendatory thereto; providing that nothing in
this act shall be so construed to authorize the in
crease of the public debt; provided further that
fhnT Trknr q IL l,rxn
thorized to be refunded, shall close at the ex-
piration of 30 days, after the publication or no
tice that the same has been designated by the
secretary of the treasury for redemption 1t shall
be the duty of the secretary of the treasury under
such rules and regulations he may prescribe,
to authorize public subscription at not less than
par, to be received ut all repositories of the
United States, and ut all national banks and
such other banks he may designate for bonds
and treasury notes herein provided for, for 30
days before he shall contract tor or award any
portion of said bonds or treasury notes TO any
syndicate of individuals of bankers or otherwise
than under such public subscriptions and if it
shall happen that more tnan the entire
amount Of said bonds and treasury notes,
or either, have been subscribed for within
said thirty days he shall award the full amount
subscribed to all persons who shall have made
bona tide subscriptions for the sum of $50 900
less at rates most advantageous to the United
States and residue rataby among subscribers in
subscribed ut rates most advantageous to the
United States
Section 3 The secretary Of the treasury is
hereby authorized in the process of refundng the
national debt to exchange at not less than par any
bonds or treasury notes herein authorized for any
bonds of the United States outstanding and un-
called bearing higher rate of interest than "A
per centum per annum and on bonds so redeemed
the secretary of the treasury may allow to he
holder the difference between the interest such
hnn nHS dat, - at,n tlgE
maturity, and the interest for a like period of
bonds or treasury notes issued; and bonds
received and exchanged i'll pursuance of the pro-
visions OF that act shall be cancelled and de-
stroyed; but none of the provisions of this act
shall apply to the redemption or exchange of any
OF the bonds issued to the Pacific railroad com
panies.
Section 3. The secretary of the treasury is
hereby authorized and directed to make suitable
rules and regulations to carry this act into effect,
and the expense of preparing issuing advertis-
ing and disposing of bonds and treasury notes u
thorized to be issued, shall not exceed onehalf Of
per cent.
Section 4. The secretary Of the treasury is
hereby authorized, If in his opiuion it shall be-
come necessary, to use temporarily, not exceeding
800 300 900 of standard gold and silver coin in
the treasury, in the redemption of and per
cent. bonds of the United States, authorized to be
refunded by the provisions of this act which shall
from time to time be repaid and replaced out OF
the proceeds OF the sale bonds treasury
notes authorized by this act, and he may at any
time apply the surplus money in the treasury not
other wise appropriated, or SO much thereof as he
may consider proper to the purchase on redemption
Of United States bonds or treasury notes author
ICED by this act, provided that the bonds treas
ury notes purchased redeemed shall consti-
ute no part of the sinking fund, but shall be can
ecled.
Section ). From and after the first day of July,
1881 8 per centum bonds, authorized by the first
oft thS Shall ba tho bla
as security for safe keeping and prompt payment
of public money deposited with such banks, but
when any such bonds deposited for purposes
aforesaid, shall be designated for purchase re-
demption by the secretary of the treasury the
banking association deposting the same shall
have the right to substitute other issues bonds of
the United States in lieu thereof; provided no
bonds upon which interest has ceased shall be ac-
cepted or shall continue on deposit security for
circulation safe keeping of public money. In
the bonds SO deposited shall not be withdrawn as
provided by law within 30 days after interest has
ceased thereon, the banking association deposit
ing the shall be subject to the liabilities and
proceedings on the part of the comptroller, pro-
vided for IL section 1924 revised statutes of the
United States and provided further, that the sec.
ton of the act of June 20, 1874, entitled, 'an
act fixing the amount of United States notes and
providing for the distribution Of national bank
currency, and for other purposes" be, and the
same is hereby repealed and sections 5I59 and
$780, revised statues of the United States be and
the same are hereby re-enacted
Section 6. That the payment of any of the
bonds hereby authorized, after the expiration Of
FIVE years, shall be made in amounts to be
determined from time to time by the secretary Of
the treasury at his discretion. The bonds to be
distinguished and described by dates and mum
bers, beginning each successive payment with
the bonds of each class last dated and numbered,
of the time of which the intended payment or re-
demption will be made. The secretary of the
treasury shall give public notice, and the interest.
on the particular bonds selected at any time to
be paid shall cease at the expiration of thirty
days from the publication of such notice
Section 7. That this act shall be known as the
funding act of 1881 and all acts and parts of acts
inconsistent with this act arc hereby repealed.