Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1881-03-03
The Funding Bill.
wAsHrNarox. February Is.

AN ACT to facilitate Chs <refqsipS Of The
National debt: MY ~ 81 4
SECTION I. BE IL crldtedl -, Dat nj exist
ing provisions of the law RIth1 lzinr the re-
funding of the Nation& ID sh0 Apply 10 am
bonds Of the United etata bed ng,a highe9
rate of interest than ex pcS eenttm PER amy
which may hereafter become redeemable;
provided, that, In lieu of the bonds authorized
to be issued by the &C: of July II, 1880, entitled
An act to authorize the rcfunding OF the Ma
tional debt" and acts amendatory thereto,
and the certificates authorized by the act of
February &c, 1879, entitled IAN act to author
ize the issue of certificates of deposit in aid OF
tefunding the public debt" the Secretary OF the
Treasury is hereby authorized to issue bonds
to'anNnspNntN0e-ex cocdinx e40osseo,cce IN DC
Nominations of $40 or some multiples Of that
sum, which shan bear interest at the rate OF
three per cent. per annum, payable serni-an-
nualiy, redeemable at the pleasure of theUpited
States after1ive years, and payable in twenty
years from the date of issue; and also Treas
ury notes to an amount not exceeding $780,
coo 900, in denominations of SO. or some null
.tiple of that sum not exceeding 5000. either
registered or coupon, bearing interest nc a
rate not exceeding three per cent, payable
semiannualiy, redeemable 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 SlO0
shall be registered. The bonds and Treasury
notes shall be, in all other respects. of like
character and subject to the same provision
as the bonds authorized to be issued by the
act Of July H. 1881, entitled "Anact to author
ize the refunding of the National debt" and
acts amepdatory thereto; provided that moth
ing in this act shall be so construed as to au-
thorize an increase of the public debt; pro
vided, further. that interest upon the six-per-
cent bonds hereby authorized to be refunded
shall cease, at the expiration OF thirty days
after publication OF notice that the same
has been designated by the Secretary or
the Treasury for redemption. 1t shall be the
duty of the Secretary of the Treasury, under
such rules and regulations ns he may pre-
scribe, to authorize public sub scriptions at not
less than par, to be received at all repositories
os the United States, and at ali National
Banks, and such other banks as he may desig-
nate, forthe bonds and Treasury notes herein
provided for. for thirty days before he shall
contract for or award any portion of said bonds
or Treasury notes to any syndicate, or indi-
viduals, or bankers, or otherwise than under
such public subscriptions; and IL 1t shall hap
pen that 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 all
persons who shall have made bona fde sub
scriptions for the sum of $4,000 or less, at the
and the residue rataby among subscribers in
proportion to the amount by tn em respective
ly subscribed, at the rates most advantageous
to the United States.
Sec. 2. The Secretary of the Treasury Is
hereby authorized, in the process of refunding
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 uncalled, bearing higher
rof pf inf hmm, fn md ppea y, IN r,ar
centum per annum, and on the bonds so re-
deemed the Secretary of the Treasury may
allow to the holders the difference bet ween
the interest on such bonds from the date of
exchange to the time of maturity. and the in
terest for a like period on the bonds or Treas
ury notes issued; and the bonds SO received
and exchanged in pursuance of the provisions
of this act shall be Cancelled and destroyed.
But none Of tho provisions of this act shall ap-
ply to the redemption or exchange of any Of
he bonds issued to the Pacific Railway Com
panies. t at. zee. .-,...
Sec. 8. The Secretary OF the Treasury is
hereby authorized and directed to make suita-
BILE rules and regulations to carry this act into
effect, and the expense of preparing, issuing,
advertising and disposing OF the bonds and
notes authorized to be issued shall
not exceed one-half of one per centum. 49,,
SEC. 4. The Secretary OF the Treasury is
hereby authorized, IL, in his opinion, 1t shall
become necessary, to use temporarily
not exceeding $4,000, 900 Of the standard
gold and silver coin in the Treasury in
redemption of five and sfx-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 re-
placed out of the proceeds of the sale 81 the
bonds or Treasury notes auth orzed by this
act, and he may, at any time, apply the sur
plus money in the Treasury not otherwise APP
oropriated or so much thereof as he may con-
slider proper, to the purchase or redemption
of the United States bonds or Treasury notes
authorized by this act: provided, that the
bonds and Treasury notes so purchased or ro-
deemed shall constitute no part OF the sinking
fund, but shall be Cancelled.
SEC. s. From and after the LIST day OF July,
1881, the three-per-cent. bonds authorized by
the first section Of this act shall be the only
bonds receivable as security for National
Bank circulation, or as security for safe-keep-
ing and prompt payment OF public money de-
posted with such banks: but when any such
bonds, deposited for the purposes aforesaid,
shall be designated for the purchase or re-
demption by the Secretary Of the Treasury.
the banking association depositing the same
shall have the right to substitute other issues
Of bonds of the United States In lieu thereof;
that no bonds upon which interest
has ceased shall be accepted, or shall be con-
tinued on deposit as security for circulation or
For safekeepinR OF public money; and fri case
the bonds SO deposited shall not be Withdrawn.
rs provided by law. within Thirty days after In
ercst has ceased thereon. the banking asso-
,iation depositing the same shall he subject to !
The liabilities and proceedings on the part OF |
he Comptroller provided for in Sec. 5e3i of the
Revised Statutes OF the United states; ana
further, that Sec. Of the act OF
June 81, 1874, entitled An act fixing the I
AMOUNT of United States notes, providing for
of the National Bank currency.
ind for other purposes be and the samo Is 4
hereby repealed; and Secs s, l5J AMI s, 100 of |
he Revised Statutes OF tho United States DO |
md the. same are hereby re-enacted.
SEC. 8. That payment OF any of the bonds |
hereby authorized, after the expiration of five |
ears, shall be made in amounts to be deter |
mined from time TO time by the Secretary OF |
he Treasury at his discretion. the bonds so to |
De paid to be distinguished and described by |
lates and numbers beginning for each sue
,essive payment with the bonds OF each class |
asst datad AMI numbered:f of the time OF which 1
Intended payment or redemption the secre-
airy ofithe Treasury shall give public notice. |
md tho interest on the particular bonds so |
elected at any time 10 DO paid s1 all cease at A
he expiration of thirty days from tho publ |
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