The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1881-01-25
THE PUDDING BILL.


Tho following is complete text of tn
nding bill as passed the house of repre-
enlGtives on the 18th and is now before th,
nate. The anal veto was 1873 ayes and o.
oes
Be 1t enacted by tho senate and house o
preaentStives OF the United States o
merica in congress assembled, That all OK
ting provisions of law authorizing refund
nc of the national deb. shall apply to any
bonds of tie United States bearing higher
ate of interest than 4! per cent. per annum
which may hereafter become redeemable
provided, that in lieu thereof bonds author
lied TO be issued by tho act of July IA,
179, entitled ian act TO authorizes the
refunding of the national debt" and acts
ameudOtory thereto, and certificates athor-
zed by the act Of February 26, 1879, enti-
tied ian act to authorize tho issue of certiA-
Gates of deposit in aid Of refunding of the
ublic debt," the secretary Of the treasury
hereby authorized to issue bonds in an
amount not exceeding $500, 100000, which
shall bear interest at the rate of per cent,
per annum, redeemsble at tho pleasure of
the United States after five years, and pay
ableten years from date Of issue; also Ger
tiiicates to the amount of $80000e,00O in
denominations Of $40, $40 and $50, either
rnuietnrp1 nr cnuNon ho.e;n,. ;,tcn,,, =, A.. .
rate of 3 per cent, per annum, reedeems-
BILE at the pleasure of the United States after
one year, and payable in ten years from
date. The bonds and certificates
shall be in all other respects
OF like character and subject to tho same pro.
visions as bonds authorized to be issued by
the act of July IA, 1870 entitled "An act to
authorize refunding Of the national debt,
q acts amsnGatory hereto; provided, that
thing in this act shall be so construed 40
authorize increase of the public debit pro.
ded further, that before any OF tho bonds or
erhicates authorized by this act are issued
shall be the duty Of the secretary of the
reasury to pay on bonds scoruing during
ho yesr 1881 Nil the silver dollars Of 4I2I
grains, and all gold over and above S5O,OOO,s
900 now held in the treasury for redemption
purposes; and provided further, that interest
upon per cent. bonds hereby authorized TO
DO refunded shall cease at the expiration of
thirty days after notes that tho same have
been designated by tho secretary of the
treasury for redemption.
Sec. 2. The secretary Of the treasury "a
hereby authorized, ia process of reiundipg
the natio nal debt, TO exchange at not less
than par any bonds or certificates herein au-
thorized for any of the bonds of the United
States outstanding and uncallei, bearing y
highter ratio of interest than ! per cent. per
annum, and on bonds SO redeemed the Secre-
tary OF the treasury may allow 10 holders the
difference between interest on such bends
from date of exchange to the tins Of mSluri.
ty, and interest fer like period on bonds
or certificates Issued; but none of the pro-
visions of this act shall apply TO redemption
or exchange of any of the bonds issued to the
Pacific railway companies, and bonds SO re-.
ceivod and exchanged in pursuance of the
provisions of this set shall be cancelled and
destroyed.
Sec. :. Authority to issue bonds and
cernncates to the aTount necessary to carry
out the provisions Of the act is hereby grant,
ed and the secretary of the treasury is here,
by authorized and directed TO make suitable
rules and regulations to carry this act into
effect; provided, THAT the expenses of prepar-
Ing, issuing, advertising and disposiue of
bonds and certificates authorized to be issued
shall not exceed / of per cent.
Sec d. That the secretary of the treasury
is hereby authorized, if in his opinion Il
snail seeome necessary, TO use not exceeding
$So,OOoOoO of standard gold aud silver coin
10 the treasury in redemption of 6 and nor
cent. bonds OF the United States authorized
to be refunded By the provisions of the act
and he may at any time apply surplu. money
In tie treasury not otherwise appropriated
orso much thereof as he may consider prop-
or, TO the purchase or redemption of tIni,ea
States bonds or certificates, provided that
bonds and certificates so purchased or re-
deemed shall constitute no part of the sink.
ing fund, but shall be cancelled.
Sec. 8. From and after the hrst d.v az
May, 1881, the 8 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.
keeping and prompt payment of public
money deposited with such bank, but when
any such bonds, deposited for the purposs
aforesaid, shall be designated for purchase or
redemption by the secretary of the treasury,
the banking association depositing the
same shall have tho right TO substitute
other issues of bonds of the United