The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1881-02-19

Injurious to the financial stability Of the
country.
TRXT OF TIIR BILL.
The following Is the text OF the funding
bill passed by the Senate to-day:
An Act to Facilitate the Relunding oil
the National Debt:
Be il EnGctei, &c, That all existing
provisions OF law authorizing the refund
ing OF the national debt shall apply to any
bonds OF the United States bearing Il
higher rate OF interest than 4 per Centum
per annum, which may hereafter become
redeemable, provided that in lieu Of the
bonds authorized to be Issued by All act oi
July 4th, 1880, entitled "An act to author.
izs the reiunding OF the national debt,
and acts amendatory thereto and C0rtitl'
Gates, authorized by an Act ofilS70, entitled
IAN Act to authorize the issue OF Certitl'
Gates OF deposit In aid OF relunding the
public debt" the Secretary oi the Treas
iry Ia hereby authorized to issue bonds ia
an amount not exceeding 100000, 600
in denominations of $50 or some
multiple OF that sum, which shall bear in
terest at the rate OF three per Centum pei
annum, payable semi.annually, redeema'
bio at the pleasure OF the United States
after five years, and payable in twenty
years from the date OF issue; and also
Treasury noses 10 an amount not exceed.
Ing $500, 100000, in thel denominations ol
ten dollars, or some multiple OF that sum
not exceeding Sl,00O, either registered OF
coupon, bearing interest at o rate not ex'
Ceeding three per Centum,. payable semi.
annually, redeemable at the pleasure oi
the United States after one year, and pay
able In ten years from the date Of issue,
and no Treasury note OF less denomina'
ton than 500 shall be registered. Bonds
and Treasury notes shall be In all otAsr
respects OF like character and subject to
the same provisions as the bonds Issued
bv the act Of July Il, 1880: ::entitled, can
act to authorize the refunding OF the Ma
tional debt" and acts amendatory hereto
provided nothing IN this act shall be con.
structed go as TO authorize an increase oi
the public debt; provided further that
the interest on the per Cent bonds, here.
by authorized TO be refunded, shall cease
at the expiration Of thirty days after the
publication oil notice oil the same having
been designated by the Secretary Of the
Treasury for redemption. II shall be the du'
ty OF the Secretary Of the Treasury, under
such rules and regulations as he may pre-:
scribe, TO authorize public subscriptions
at not less than par to be received at all
depositories OF the United States aud al
all National Banks and such other banks
as he may designate, for the bonds
and for the Treasury notes herein
provided for, for thirty days be-.
lore he shall contract for or
award any portion Of said bonds or treas.
ury notes to any syndicate ot individuals
or bankers or otherwise than under such
public subscriptions, and II II shall hap.
pen that more than the entire amount ot
said bonds or treasury notes, or either Of
them, have been subscribed within thirty
days, he shall award the full amount SUBJ
kcribed 10 all persons who shall have
made bonahde subscriptions for the sum
OF $4,000 or less at rates most ad.
vantageous 10 the United States, and the
residue ratably among subscribers In pro.
portion TO tho amount by them respective.
ly subscribed at rates most advantageous
10 the United States.
SIC. 2. The Secretary Of the Treasury
is hereby authorized In the process Of re-
funding the national debt to exchange at
not less than par, any bonds or treasury
notes herein authorized, for any OF the
bonds OF the United States outstanding
aud uncalled, bearing a higher rate Of In.
tetest than four and One.haf per cent per
annum, and on bonds 30 redeemed the
Secretary OF the Treasury may allow 10 the
holders the difference between the inter.
eat on such bonds from their date OF ex.
change to the time OF their maturity, and
the interest for like period on bonds or
treasury notes issued and bonds so re-.
Ceived and exchanged In pursuance Of the
provisions oil this act, shall be cancelled
and destroyed, but none OF the provisions
OF this act shall apply to the redemption
or exchange Of any OF the bonds issued 10
the Pacific Railroad Companies.
SRC. 3. The Secretary oil the Treasury
is hereby authorized and directed 10 make
sui ;able rates and regulations TO carry this
act into effect. and the expense OF pfepaf.
ing, Issuing, advertising and disposing OF
the bonds and treasury notes authorized
TO be Issued, shall not exceed one half oi
one per cent
SEC. 4 The Secretary OF The Treasury Ia
hereby authorized, II In his opinion II
shall be necessary, 10 use temporarily not
exceeding $5O, 900 900 Of standard gold and
silver coin III the Treasury, in redemption
Of i've and elk per cent bonds OF the
United States, authorized 10 be refunded
by the provisions oi this act, which shall
from time 10 time be repaid and replaced
out OF the proceeds Of the sale Of bonds
or treasury notes, authorized by this act,
and he may at any time apply the surplus
money In the Treasury not otherwise ap.
proprIaled, or 80 much thereof as he may
consider proper, to purchase and tedemp.
tion OF United States bonds, or Treasury
notes, authorised by this act; provided
that The bonds and Treasury notes 80 pur.
chased or redeemed shall constitute no
part Of the sinking fund, but shall be can
celled. "a ..,
SIC. s. From and after the let day oI
July, 1881, the 8 per cent bonds author
lied by the iitst section Of this act shall be
the only bonds receivable as security fol
National bank circulation, or as security
iof the sale keeping and prompt payment
Of public money deposited with such
banks, but when any such bonds deposit