Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1881-02-24
The Funding Bill.

passed by the senate,
A BILL to facilitate the refunding of the yat0p.
al debt
Be il enacted. by the senate and house of rem.
resentatives of the United States of America in
congress assembled, that all existing provisions of
law authorizing the resunding of the national
debt shall apply TO any bonds of the United States
bearing higher rate Of interest than q per
cent. per annum, which may hereafter become re-
deemable; provided, that in lieu of the bonds
authorized to be issued by act of July IA 1870.
entitled IAN act to authorize the refunding of the
national debit and the acts amendatory thereto
and certificates authorized by the act of Feb 26
1879 entitled. IAN act to authorize the issue of
certificates of deposits in aid OF the refunding Of
the public debt"
Section /. The secretary of the treasury is here
by authorized to issue bonds to amount not ex-
ceeding $500 600 600, in denomination of fifty dol
lars some multiple OF that sum which shall bear
interest at rate not exceeding per cent. per
annum, payable semi-annually redeemable 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 $500 600 600 in denominations Of TO- or some
multiple of that sum not exceeding 81 ,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
notes shall ls in a., other respects
of like character and subject to the same provi-
sors as the bonds authorized to beissned by the
act OF july II, 1870, entitled, IAN act to author
izo the refunding of the national debt, and acts
amendatory thereto; providing that nothing in
this act shall be construed to authorize the in
crease of the public debit provided further that
the interest upon per cent. bonds hereby au-
| thorzed to be refunded shall close at The ex-
piration of 30 days, after the publication or no
tce 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 as he may prescribe,
to authorize public subscription at not less than
par, to be received at all repositories Of the
United States, and at all national banks and
such other banks as he may designate for bonds
and treasury notes herein provided for, for so
days before he shall contract for or award any
portion of said bonds or treasury notes 20 any
syndicate of individuals, of bankers or otherwise
than under such public subscription; and if it
shall happen that more than 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 $4,000 or
less at rates most advantageous to the United
! States and residue ratably among subscribers in
| proportion to the amount by them respectively
subscribed at rates most advantageous to the
| United States.
Section 2. The secretary Of the treasury is
hereby authorized liz the process of retunding 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 a higher rate of interest than ~
per centum 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
| maturity, and the interest for a like period of
| 10y. IL L..
received and exchanged in pursuance of ne pro
visions If that act shall be cancelled md de-
| stroyed; bu5 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
panics
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, advertls-
ing and disposing of bonds and treasury notes au-
thoriaed to be issued, shall not exceed one-halfot
| l 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
500 900 600 of standard gold and silver comm
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 of bonds treasury
! poteS authorized by this act, and he may at any
time apply the surplus money in the treasury not
| other wise appropriated so much thereof as he
may consider proper to the purchase on redemption
| ct United States bonds treasury notes author
laci by this act provided that the bonds or treas
ury notes so purchased or redeemed shall constl-
tule no part OF the sinking fund but shall be can
! ;ccd.
Section 5. From and after the first day of July
| 1881, per centum bonds, authorized by the first
section of this act shall be the only bonds receivable
as securi 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 or re-
! demptiOn by the secretary of the treasury the
| banking association depositing the same shall
have the right to substitute other issues bonds OF
! the Un:'od States in lieu thereof provided no
bonds upon which interest has ceased shall be ac-
cepted or shall continue on deposit as security for
circulation or safe keeping of public money In case
the bonds so deposited shall not be withdrawn, as
! provided by law within 80 days after interest has
! ceased thereon, the banking association deposit
ing the same shall be subject to the liabilities and
! proceedings on the part of the comptroller, pro
! vded for in section 1924 revised statutes of the
United States; and provided further that the Sec
! tion of the act OF June 90 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 $3.50 ana
| $3.50 revised statues of the United States, be and
| the same are hereby re-enacted.
Section 6. That the payment of any Of the
J 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 particuer bonds 50 selected at any tine 20
! be nail .LnLl caasa M the eNnira.inn OF thirty