Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1881-02-24

VI tils conhtc llOn lnat IL y Il splendid
compliment to the Republican party
that the Democrats in Congress have 50
much confidence in the Republican adj
ministration rs to believe that under it
such large amount Of money can be
borrowed at such low rate of interest:
especially after predicting that ruin and
financial disaster would follow the cleo
ton OF Garfield We give the bill in full
below:
An Act TO facilitate the funding Of the
public debt:
Be Il eaocted. d.. That all existing
propositions OF law authorizing the re-
funding of the national debt shall apply
70 any bond, of the United States bear
Ing higher rate Of interest than a. per
ccntum per annum which may hereafter
become redeemable, provided that in
lieu Of the bonds authorized to be issued
by the act Of July Ii, 1880, entitled IAN
act to authorize the refunding Of the ma
tional debt, and the acts amendatorv
thereto. and the certificates authorized
by the act of February 26, 1870, entitled
An act TO authorize the issue of certif-
icates OF deposit in aid of the refundinr
oi the public debt, the Secretary of the
treasury IS hereby authorized to issue
bonds to an amount not exceeding $780,
100000, of the denomination of $50 or
some multiple Of that sum, which shall
bear interest at the rate Of 3 per centum
per annum, payable semi-annuallv. re-
deemable at the pleasure of the United
states after five years, and PAYABLE in
twenty years from the date of issue, and
also treasury notes to an amount not ex-
ceeding $500, 900, in denominations
of $40, or some multiple of $40 not ex-
ceeding $1,000, registered or coupon.
bearing interest ut a rate not exceeding
3 per cent, payable sem-annually, re-
deemable at the pleasure of the United
States after one year, and PAYABLE in
ten years from the date of issue. and no
treasury note OF less denomination than
500 shall be registered Bonds and
treasury notes shall be in all other re-
spects OF like character and subject to
the same provisions rs the bonds author
lied to be issued by the act Of July IL.
1881, entitled 50 An act TO authorize the
refunding Of the national debt" and
acts amendatOry thereto, provided moth
M IN this act shall be so construed as TO
authorize the increase of the public debt;
provided, further that the interest upon
the per cent. bonds hereby authorized
to be refunded shall cease al the expira-
ton OF thirty days after the substitution
notices have been designated by the See
retary OF the Treasury for redemption.
1t shall be the duty of the Secretary of
the Treasury under such rules and regu-
latlons as he may prescribe to authorize
public subscriptions ut not less than par
To be received at all the repositories in
the United States, and at all the national
banks and such other banks as he NAV
designate for the bonds and treasury
notes herein provided for thirty DAYS be-
fore he shall contract iOr or award any
portion OF said bonds N treasury notes
TO any syndicate of individuals or bank
ers, or otherwise than under such public
subscriptions, and if it shall happen that
more than the entire amount of said
bonds and treasury notes or either have
been subscribed within said thirty DAYS
he shall award the full amounts sub
scribed to all persons who shall have
made bona tida subscriptions for the sum
of ~, 900 or less ut rate most adyan-
tageous to the United States and the res
idue ratably among the subscribers in
proper ON to the amount by them re-
spectilely subscribed.
SEC. ,. The Secretary of the Treasury
IS hereby authorized in the process OF
refunding the national debt. 10 exchange
at not less than par any of the bonds or
treasury notes herein authorized for any
bonds OF the United States outstanding
and uncalled, bearing Il higher rate Of
interest than A. per cent. per annum, and
ON 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 10
the time of maturity and the interest for
like period on the bonds or treasury
notes issued, and bonds so received and
exchanged IN pursuance of the proyis-
ions of this act shall be cancelled and
destroyed, but none of the provisions of
this act shall apply to the redemption or
exchange of any of the bonds issued to
he Pacific railway companies.
SEC. 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 ex-
pense of preparing. issuing, advertising
and disposing of the bonds and the
treasury notes authorized to be issued
shall not exceed one-half of one per
cent
SEC. H. The Secretary of the Treasury
is hereby authorized, If in his opinion it
shall become necessary, to use Temporal
riiy not exceeding $50,000,000 of the
standard gold and silver coin in the
Treasury in redemption of the five and
six per cent. bonds of the United States,
authorized 10 be refunded by the pro-
visions of this act, which shall from time.
to time be repaid and replaced out Of
the proceeds of the sale of the bonds and
notes authorized by this act and he may
at any time apply the surplus money in
the Treasury not otherwise appropriated,
or SO much thereof as he may consider
proper 10 the purchase or redemption of
the United States bonds or treasury
notes authorized by this act, provided
the bonds and treasury notes so pnr-
chased or redeemed shall constitute no
part Of the sinking fund, but shall be
cancelled
SEC, .. From and after the first dav
Of July, 1881, the 3 per centum bonds
authorized by the first section of this act
shall be the only bonds receivable as Sc
eurity for national bank circulation, or
as security for the safe keeping and
prompt payment of public money depos-
tied with such banks, but when any such
bonds deposited for the purposes afore-
said shall be designated for purchase or
redemption by the Secretary Of the
Treasury, the banking association de-
posting the same shall have the RIGHT
to substitute other issues of bonds of the
nited States in lieu thereof. provided
10 bonds upon which the interest has
ceased shall be accepted. or shall be con-
tinued ON deposit as security for cireu-
lation or for the safe keelang of public
money. In case the bonds.so deposited
shall not be withdrawn, as provided bv
law, within thirty days after the interest
has ceased thereon, the banking associa-
ton depositing the same snail be subject
to the liabilities and proceedings on the |
part Of the Comptroller provided for in !
section 5234 of the Revised Statutes of
the United States; and provided further
that section ! OF the act of June 20 |
1874, entitled An ae, fixing the amount |
Of United States notes. providing for !
the redistribution Of national bank cur
reney, and for other purposes, be and
the same is hereby repealed. and sec
ton 5l50 and 5160 of the Revised Stat /