Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1881-02-19

| some debate, but without action, the commit
| tee rose and the House adjourned till to-mor-
row.
The Funding Bill.
The following is the text of the funding bill passed
| by the Senate to-day.
An act to facilitate the refunding of the national
debt: Be it enacted, ETC., That all existing provis-
ions of law authorizing the refunding of the nation
al debt shall apply to any bonds of the United States
bearing higher rate Of interest than AZ per cent
| per annum, which may hereafter become redeema-
BILE; provided that in lieu of the bonds authorized
to be issued by tbs act Of July II. 1880, entitled
act to authorize the refundiDg of the national debt
and the act amendatory thereto, and the certificates
authorized by the act of February 26, 1879, entitled
an act to authorize the issue of certificates
of deposit IN aid Of refunding the public debt. The
secretary of the treasury Is hereby to is
sue bonds to amount not exceeding $400,OOO OC0,
of the denomination Of $50, some multiple of that
sun which shall bear interest at the rate OF per
cent. per annum, payable semi-annualy, 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 amount not exceeding $780,
0OO the denomination Of $40 some multiple of
that sum, not exceeding $1,000 either registered or
coupon, bearing interest at rate not exceeding
per cent, payable semi annually, redeemable at
pleasure of the United States after year and
able in ter years from date Of issue. And no treas
ury note of less denomination than 500 shall be in
all other respects of like character and subject to the
provisions as bonds authorized to be issued by
the act Of July 14h entitled an act to authorize re-
funding Of the national debt and acts amendatory
thereto; provided, nothing in this act shall be so
construed as to authorize an increase Of the public
debt; provided further, that interest on the per
cent bonds hereby authoTiz I'D to be refunded, shal
at the expiration of thirty days after publica
ton of the notice of tbs has been designated
by the secretary of the treasury for redemption
1t shall be the duty of the secretary of the treas
ury under such rules and regulations as he may pre-
n subScrfDtiOQ
than par to be received at all repositories of the
United States aud at all national banks and such
other banks as he may designate for the bonds and
treasury notes herein provided for,
for thirty days before hs shall contract
for award any portion of said bonds or treasury
notes to ny syndicate of individuals bankers,
otherwise than under such public subscription, and
if it shall happen that more than the entire amount
of said bonds and treasury notes, either has been
subscribed within said thirty days, he shall award
the full amount subscribed to all persons who shall
have made bona fde subscriptions for of $2o,-
advantageous adv '''t to the United States, and
the residue ratahly among subscribers in pro-
portion to the amour. by them respectively sub
scribed at rates most advantage ous to the United
States.
Sec. Q. The secretary of the treasury is here
by authorized in the process of refunding the
national debt to exchange at not less than par any
bonds treasury notes, herein authorized, for any
bond of the United States, outstanding and uncaed,
bearing higher rate of interest than AZ per cent.
per annun and Oh the bonds 30 redeemed the sec
retary of the treasury may allow to the holder the
difference between the interest on such
bonds from date of exchange to the time of ma
turity interest for like period of bonds treasury
notes issued. And the bonds 30 received and ex-
changed in pursuance of the provisions of that act
shall be clnceled and destroyed. but none of the
provisions of this act shall apply to the redemption
or exchange of any of the bonds issued to the Pa
ci6c railroad companies.
Sec. 8. The secretary of the treasury is hereby
authorized and directed to carry this act into effect,
and the expense of preparing issuing and advertts-
ing and disposing of the bends and treasury notes
authorized to be Issued shalt not exceed onehaf of
1 per cent.
Sec. 4. The secretary of the treasury is hereby
authorized, if in his opinion shall become neces-
sary, to use, temporarily, not exceeding 600
of standard gold and silver coin il the treasury, in
redemption Of the aud per cent. bonds of the
United States authorized to be refunded by the pro-
visions of this act which shall from time to ms be
repaid and replaced out of the proceeds OF the sale
of the bonds or treasury notes authorized by this
surplus money in the treasury not
otherwise appropriated, or so much
thereof he may consider proper, to the purchase
or redemption of the United States bonds or treas
ury notes authorized by this act; provided the bonds
and treasury notes 30 purchased or redeemed shall
constitute no part of the sinking fund, but shall be
cancelled.
Sec. s. From and after tn, 1st day of July, 1881,
the per cent. bonds authorized by the first section
curity for the safe keeping and prompt payment of
public money deposited with national
banks: but when any such bonds
deposited for the purposes aforesaid shall
be designated for purchase or redemption by
the secretary of the treasury, the banking associa
ton depositing the SAT bonds have the right to SUBJ
sttute another 1ssueme shall onds Unit ed States
in lieu thereof, provided no bpted,h pom which in
terest has ceased shall be acce or or shall be
tinued on deposit as security fouohe circulation
safe keeping of public money mt case the bonds
so deposited shall not be withdrawn as provided by
law, within thirty days aftsr interest has ceased
thereon, the banking association depositing
the shall be subject to liability and proceeding
the part of the comptroller, provided for In
ton 534 revised statutes of the United States and
provided further that the section of the act of June
20, 1874, entitled, act fixing the amount of United
States notes aud providing for the destruct on of
tional bank currency, and for other purposes. be,
and the is hereby repealed and sections 5,159
and $780, revised statutes OF the United States, be
and the same are hereby re-enacted.
Sec. 6. That payment of any Of the bonds hereby
authorized after the piraton of five years, shall be
made In amounts to be determined from time to
time by the secretary of the treasury at his discre
tio the bonds to be distinguished and described by
dates and numbers beginning for each successive
payment with bonds of each class last dated and
numbered at the time, of which intended payment or
redemption the secretary of the treasury shall
give public notice, and interest on the particular
bonds SO selected at any time to be paid shall
at the expiration of thirty days from the publication
of such notice.
Sec. 7. That this set shall be known the fund.
ing ct of 1884, and all acts and parts of acts incon-
sistent with this act are hereby repealed