The People's vindicator. [volume] (Natchitoches, La.) 1874-1883, 1881-03-12

WARRINGTON. February 70.

lnr provisions of the law authorizing the re-
funding Vt the National debt shalt apply to any
bonds of the United States bearing higk.r
rate ~ interest than T., per ccntum pcrannum
which may hereafter bccOnc rcdcemable:
provided, that, In lieu ~ to- bonds authorized
W b" ss,icd by the nc; oi July II, ls$D. entitled
AN net tn authorize the rcfun'ing Of the Nh.
honal debt" AMI acts amcnlaiury thereto,
and toe certificates authorized by the net Of
fr''ns y ~. l,.a. entitled IAN at to author
TIC the issue " cert 'tcatcs Of deposit In aid Of
r'nhdiny the patlie debt, the Secretary al the
Treasury IL hereby authorized to Issue bonds
u an xMohat not ekeecdiag V,yDO la de-
nominations al SO, or some multiple OF that
sum, which shall bear interest nj the rae Of
three per cent. per nnnum, payable semi-an.
ouSily ,redcetrabic at the pleasure Ut thet nitcd
states after i've years, ami payable IN twenty
years from the date Of issuc; aud also Treas.
ury notes To nh amount not exceeding ! ~.
WOVSo tn denominations Of $40, or some mul-
tip'c OF that sum not exceeding Sl.WO. either
registered or coupon. bearing interest ut 4
rate not exceeding three per cent, payable
semi-snndaiiy. tctce,nattc ut the pleasure Of
the United states alter one year, and payable
Treasury note of less denomination than 500
shall bc registered. The bonds and Treasury
notes shall b., In all other respects. Of like
character and adbject to the same provision
~ the BOMBS authorized to be issued ny the
oct OF July II. 1sst, entitled AN act to author.
Inc the rcfundine Of the National debt" and
acts amendatory thereto: provided that moth
ing In this act shall he - construed ~ to all-
thOrize Nm increase Ut the public debt; pro-
vided, further. that interest upon the six.per.
cent. bonds hereby authorized to be refunded
shall cease ut the expiration OF thirty days
after publication Of notice that the same
has been designated bv the Secretary Of
the Treasury for redemption. II shall be the
duty Of the Secretary Of the Treasury, under
such rules and regulations a he may prc.
scribe, TO authorize public subscriptions ut not
lessthan par, to he received at all repositories
OF the United States, and at all National
Banks. and such other banks as he may desie.
nate. for the bonds and Treasury notes herein
provided for. for thirty days before he shall
contract for Oraward any portion Of said bonds
or Treasury notes to any syndicate, or indi.
viduAls, or bankers, or otherwise than under
such public subscriptions; and II Il shall han.
pen tina, more than the entire amount OF said
bonds and Treasury notes. or either, have
been subscribed within the Q lid thirty days, he
shall award the full amount subscribed to al
persons who shall have made bona fidc sub
scriptions for the sum of 5000 or less. at the
rates most advantageous to the United States.
and the residue ratably among subscr.b In
proportion 10 the amount by them respective.
" subscribed. NJ the rates most advantageous
10 the United States.
Sec. 2. The Secretary Of the Treasury 10
hereby authorized, In the process OF refuuding
tho National debt. to exchange, at not less
than par any bonds or Treasury notes herein
authorized for any bonds Of tho United States
outstanding and uncalled. bearing a higher
rate OF interest than four and one-hak per
centrum per annum, and on the bonds 30 ne.
deemed tho Secretary Of the Treasury NAV
allow to the holders the difference between
the interest ON such bonds from the date Of
exchange to the time Of maturity, and the In.
forest for like period on the bonds or Treas.
ury notes issued; and the bonds 70 received
end exchanged In pursuance Of the provisions
Of this net shall be Cancelled and DESTROYED.
But none ct the provisions Of this act shall a.
ply 70 the redemption or exchange OF any OF
tho bonds issued To the Pacific Railway Com.
psnies. " I'
SIC. 3 The Secretary Of the Treasury n
hereby authorized and directed 70 make euita.
bic rules and regulations to carry this oct into
effect, and the expense Of preparing, issuing.
advertising and Aisp0sins OF the bonds and
Treasury notes authorized 70 be issued shall
not exceed one-half Of one per centum.
SEC. !. The Secretary OF the Treasury Il
hereby authorized, il, In bis opinion. II shall
become necessary, to use temporarily
not exceeding $saOO.OOo OF the standard
gold and silver coin In tho Treasury ir
redemption Of i've and six.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 NJ
placed out Of the proceeds Of the tale of the
bonds or Treasury notes authorized BIZ thts
oct, and be may, at any time, apply the sur.
plus money In the Treasury not otherwise IN.
propriated, or % much thereof - he may con-
elder proper, to the purchase or redemption
Of the United States bonds or Treasury notes
authorized By this aot; provided, that the
bonds and Treasury notes 20 purchased or IA.
fund, but shall be Cancelled. Pr,
SEC. 8. From and after the lot day OF July.
lssl, the three-percent. bonds authorized by
the 6rst section Of this oct shall be tho only
bonds receivable - security for National
Bank circulation, OF - security for safe.koop.
Ina and prompt payment of public money de.
posted with such hanks; but when any such
bonds deposited Cor the purposes aforesaid.
shall be Designated Tor the purchase or n.
demptiou BY the Secretary Of the Treasury.
the banking association depOsitins the same
shall have tho right to substitute other issues
Of bonds Of the United States In lieu thereof:
Provided that no bonds upon which interest
has ceased shall be accepted. Or shall be CON.
tinued on deposit as security for circulation. or
tor safe-keeping Of public money; and in case
the bonds 90 deposited shall not be withdrawn.
- provided by law, within thirty days after in.
forest has ceased thereon. the banking asso.
citation depositins the same shalt be subject to
the liabilities and proceedings on the part Of
the Comptroller provided for IN Sec. hs3l Of the
Revised Statutes Of the United states: and
provided, further, that Sec. 1 OF the net Of
June 81, 1874, entitled "An act fixing the
amount OF United States notes, providing for
redistribution Of the National Rank currency.
and for other purposes" be and the same IA
hereby repealed; and Secs 5,lss and 6, 100 OF
the Revised Statutes Of the United States be
and the same are hereby re-enacted.
Sec. 9. That payment OF any. of the bonds
hereby authorized. after the expiration Of five
years, shall be made In amounts to bc deter.
mined from time to time BY the Secretary Of
theTrcasury 1t his discretion. the bonds 20 to
% paid tn DO distinguished and described BY
dates and numbers. bcginning for each sue.
cess've payment With the bonds Of each class
!ast dated and numbered: OF the time of which
intended payment or redemption the secre.
ary OF the Treasury shall give public notice,
snd the interest on the particular bonds so
selected At any time TO he paid shall cease a.
tae expiration Of tttrty days from the publ.
cation Of such notice.
SEt. :. That this act shall be known q 1.-THE