The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1881-01-19

| Hull NeGk uN tuo FNuluWh Bill IN agreed
To In Committee Of the Whole aud Re
port d 10 the HOusO for Its Considers
IIon.
WASHINGTON January lS.-The follow
ing is the full text Of the funding bill az
agreed to in Committee OF the Whole and
reported to the House:
bill to facilitate the funding Of the ma.
tionAl debt. te4
Bet Macttd by The Slnb and House of Rrp,
reS!ntatiuss in Oogress Assembled, That uIl
exisling provisions OF law authorizing the
retunding Of the National dabt Shalf ap
ply to any bonds Of the United States
bearing q higher rate OF interest than
4 per cent per annun which may here.
after become redeem able, provided that
in lien nf bonds antholiz d to be issued by
act Of July II, 1870, entitled ian act to
authorize the retunding OF the national
debt and acts amendstory thereto" and
certificates authorized by act OF February
26, 1870, entitled ian act 10 authorize the
issue of certificates Of deposits IN aid OF re.
funding otthe publtCdebt,"
The Secretary VI the Treasury is hereby
authorized to issne bonds in an amount
not exceeding $400 900 900 which shall
bear interest At the Tale Of three per cent
per annum, redeemsble at the pleas.
u'e OF the United States after
five years and payablel 10 years
from the date Of issue, and allah certificates
In the amount Of $500 000,O00 in demon.
nations Of $40. 500 aud $50, either reg.
istered 0r coupon, bearing interest at the
rate OF per cent per annum, redeemabIe
at the pleasure OF the United States after
one year and payable In ten years from
the date ot issue.
The bonds and certificates shall be In all
other respects In like characters, and sub.
jeCt 10 the same provisions as the bonds
authorized TO he issued by the act OF July
II 1870, entitled "An act 10 authorize the
refuudlng OF the National debt" and the
acts amendStory thereto, providing that
nothing In this act shall be 30 construed 90
to authorize an increase OF the public debt
provided further that before any Of the
bonds or certificates authorized by this
act are issued 1t shall be tho duty Of the
Secretary Of the Treasury TO pay in bonds
aCcIuing during the year 1881 all the silver
dol lars Of 4l24 gains, and all gold over
and above fifty milltens OF dol.
lars now held In the Treasury
for REDEMPTION purposes; and provided
further that the interest on six per cent
bonds hereby authorized to be refunded
shall cease at the expiration olthirty days
alter notice thst the same has been desig.
mated by the Secretary OF the Treasury for
redemption.
sEc 2. The Secretary OF the Treasury is
hereby authorized In the process OF refund.
ing the national debtto exchange, at not
less than par, any bonds or certificates
herein authorized Tor any OF the bonds Of
the United States outstanding and
uacalled bearing higher rate
ot interest than a per cent
per annum, and on bonds 40 redeemed
the Secretary Of the Treasury may allow
the holders the difference between the In.
terest on such bonds from the date Of ex.
change 10 the time Of their maturity, and
interest for like period on the
bonds or certificates issued; but
none OF the provisions of this act shall
apply TO the redemption or exchange Of
any OF the bonds issued to the psci6c
Railroad Company, and the bonds go re-
Celved and exchanged In pursuance Of the
provisions ol this act shall be cancelled
and destroyed.
SEC. 3. Authority 10 issue bonds and
certificates TO the amount necessary To
carry out the provisionB This act 10 here.
hy granted and the Secretary OF the
Treasury is hereby authofizeda and directed
to make suitable rules and regulations 10
carry this act into effect, provided that the
expenses preparing the issuing, advertis.
Ing and disposing Of bonds and certificates
authorized To be issued shall not exceed
one fourth Of one per cent.
SIC 4 That the Secretary OF the Treas
ury is hereby authorized, II In bis opinion
II shall become necessary, to use not ex.
ceeding $50, 100000 nf standard gold and
silver coin Ia the Treasury In redemption
of five and ak per cent bondsof the United
States, authorized 10 be refunded by
the provisions Of this act and he may at
any time apply the surplus money
In the treasury not otherwise appropria.
ted, or 80 much thereof as he may con.
slider proper tn purchase for the redemp.
ton OF United States bonds or certificates
provided the bonds and certificates pur.
chased or redeemed shall constitute no
part oil the sinking fund, but shall be can.
celled.
SEC. 8 From and after the let day Of
May, 1881, the per cent hondS author.
lied by the fret section, this act shall be
the only bond receivable as security ior
National Bank circulation, or as security
Tor safe keeping and prompt paw.
ment Of public money deposited
with such banks, hut when any such
bonds deposited Tor the purpose aforesaid
shall be designated for purchase or re.
demption by the Secretary Of theTreasury,
tho bankit association deposiliDg the
same shall have the right tn substitute
other Issues Of bonds Of the United States
In lieu thereof, provided that no bond upon
which the inteteBt has ceased shall be con.
tinued on deposit as security for the Cifcu.
lation, or for the safe keeping OF public
money, and In care the bonds 30 deposited
Ahall not be Withdrawn, as provided by
law, within thirty days after the interest
thereon has ceased, the banking associa.
lion depssitinv the same shaIl be
subject 10 the liabilities and proceedings
on the part Of the Comptroller; provided
for ID section 734 Of the revised statues
Of the United States; aud provided
further, that section 4 Of the act
Of June 20tb, 1874 entitled an act
fixing The amount Of Uuited States notes,
providing for redistribution Of the Ma.
tlohal Bank currency and for othet pur.
poses be and the pame Ia hereby tenealed,
aud sections 6l5g and 5lG0 Of the Revised
Statutes Of the United States be and the
same are hereby re enacted.
sRC 0 That this shall be known az The
Funding Act OF 1881, aud all acts OF parts
Of sCts inconsistent with this act are
hereby repealed.
A Newspaper change.
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