Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1881-01-28
EtNnsNG alLI.

WASHINGTON, Jan. lS.--rhe follow.
ing is Il full text Of tho funding hill
agreed to in the committee of the
whole, and reported to the house;
hill g facilitate the rtandinSot thu nation.
ii debt
Rr !, cusredh 10y the senate aud house vt repre-
SeptauNNS et the CuitNl States Of America, in con.
grSSs assembled that all cNisting provisions Vt law
authorizing the refuuing Il the national
debt shall apply ~ any bond vt the Cnicd States,
heariUg higher rate VI intepS, than ~ per
CENT. PER annum, which may hcNaNcr become NJ.
dcemaNlc provided that in lieu &c the
bonds authorized TO b. i>Suci by the act vt July
Il lSin, entitled An act tN authorize the rcIUnd
INK q national debt and acts amcuda;ory thrn-
81, and certificates authnriEEl hN the act ot Feb
~ entitled 'An net tn authorize the issue OF cr
uhcaicS " deposits IN aud of the NtWnllng Vt
the public debit the secretary Of the treasury IS
hcnhN authorized tN ISSUE bonds in an amount NOT
IcNrccdug StOn 600 600, which shall hgar ntCr,st
nj tho rate at per cent, per anntun NNlccmahle
At tar plcGSuW " the United States amer
! five Wears and PAYABLE in ten wears tN,m date et
issue ANA also certificates IN tho amount ~ $500,
,Noe Ill denomination Vt ~ ~. and - dollars
elthcr Ngistcrd ar coopon, bearing interest at
the rate vt per ccnt per annum r,iecmahc at
the pleasure &C tho lnitel States AFTER enc
year trom date. The honls and certificates shall
be TALL other NSp,VtS ctlikc character and sub.
jNN to the SaluC provisions Us thu bonds mthorii
81 " he issued by the act 1T July 1t
| lS,n, entitled "An art to authorize
the r'tundmg vt the national debt and
acts amcndatorN thereto, providing that nothing
N thus act shall he 81 construed 60 Nuthnrisc the
inepasc ~ thu public debit and provided further
that the mtcpSt upon SlN per cent bonds, hoNhS
authorized TO he pntndEi shall cease NJ the cNpi.
ration ot thirty days after naticc that the Same
haze hrrn designated Us the sGcVtnry IT thu tl,W.
SnrN for rdcmption
Sec. >, Thu sccNtAry IT thu TREASURY is hcrhy
authorized IN process W Nnmdlng the debt to
exchange ut not less than par, Ruy bonds or Ger.
titeatcS thcVm authorized for any hnniS nf the
United States outstanding and uncalel hNring
u higher rate ot interest than e., per cent. Yer
| auuuul, aud on bonds rcdccmcd the srcrctarV
II the treasury may allow ~ holicrS the diNrr-
ence between the interest On such bonds from date
nt exchange To time nf maturity, and ntrrrst far
q llhc period on bonds or certificates issued hut
nnno - thu provisions Of this act shull apply to
| the redemption or exchange 81 any ct the hnnls
issued 20 the Pacific railroad companies; mud
bonds So received and exchanged IN pursuance III
the provisions Of this act shall hc cancelled aud de.
straNcl
| Sec, T. Authority 10 issue hendS aud certificates
| Ia any amount nctyvS'ry to carry out tho proNS-
ions Of this net is hereby granted, aud the Nrcre.
tlrN ot the treasury is hereby authorized and III
rooted to make suitable rules aul regulations "a
pcnscs OF preparing, issuing advertising aud dis
posing " honda and certificates authorized ~ be
issued, shall not exceed one fourth 1t one rcr
cent
Sec. I, That the secretary nj the treasury Is
hereby nthurlfcd TO use not exceeding 500 900 900
~ the standard gold mud silver coin IN the trrns
nry in redemption OF the and PER cent bonds
OF the United States authorized tn hr refunded
! by the provisions Of this act md no may ut ANY
tlmc apply thu surplus money IN the tmusury, not
otherwise appropriated, or ~ much thereof ns he
may consider proper, TO the purchase or rcdcmp-
| ton of United States bonds or certificates pro-
Nidcd tlnt bonds md certificates 50 purchased or
redeemed shall constitute no part ot the sinking
fund hut shall he cancelled
See. ,. From and after the first dny ot MAY
! lSSl the J per cent bonds authorized Nv the first
section u this net shnll be- the only hounds rcccvN
BILE us security for national hank circulation or ~
security Tor the safe keeping and prompt pny
ment nt public money deposited with such banks,
hut when amy such bonds deposited Tor the pnrv
! pose aforesaid, shull he designated for purchase ~
redemption by the secretary Of the treasury, the
hnnhng association dcpnsitng same shall have the
right ~ substitute other issues ot bonds Of thu
United States IN lieu thereof, provided that M
bond upon which interest hns ecnscd shall hc ne
| ceptcd or shall he continued ON deposit rccur
| ~ Tor circulation or for safe keeping oi public
money, and IN cnSc bonds deposited shah not
withdrawn as provided by law, within thirty
days after interest has ceased thereon, the hnnk-
ing associations dcpoSiting same shall bc subject
t. the liabilities aud proceedings on thr part Of
the comptroller provided for IL section 523i nt thr
revised statutes Of the United States, AMI provid.
| ed further. that section Of the net Of june 20
1871, entitled An net fixing tho amount of Unit
ed States notes, providing for u redistribution II
national hnnk currency, and for other purposes
be, nnd the same is hereby repealed, nnd sections
5ljH md 6lG0 Of the revised statutes Of the United
States h. and the same hereby nrr repealed,
See. a. That this net shah be known as the
Funding net of 1881, aud NIL acts and pnris OF
acts inconsistent with this act ARE hereby repealed