River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1881-03-03
Tie Funding Bill.

Tie Funding Bill.
WASHINGTON, Feb 1S-The following
is the full text of the funding bill, as
passed by the senate,
A BILL to facilitate the refunding of the nation
al debt.
resentatives Of the United States Of America, in
congress assembled that all existing provisions OF
law authorizing the refunding Of the national
debt shall apply to any bonds Of the United states
bearing n higher rate OF interest than u per
cent. per annum, which may hereafter become re-
deemsble; provided, that in lieu of the bonds
authorized TO be issued by an act Of July Ia 1870,
entitled An act to authorize the refunding of the
national debt" and the acts amendatory thereto,
and certificates authorized by the act of Feb. 20,
1879, entitled. San act to authorize the issue OF
certificates of deposits in aid of the refunding sf
the public debt"
Section l. The secretary of the treasury is here
by authorized to issue bonds to an amount not e1-
eeeding 500 600 o00 in denomination of fifty dol
lars or some multiple of that sum which shall bear
interest at rate not exceeding per cent. per
annum, payable femi-annually redeemabe at
the pleasure of the United States after five years,
and payable in twenty years from date OF ISSUE
and also treasury notes to an amount not exceed
ing $500 coo 600 in denominations Of 10, or some
multiple Of that sum not exceeding 81 1000,
either registered or coupon, bearing interest at
the rate not exceeding of per cent. per annum
payable semi-annually redeellable at the
pleasure OF the United States after one
year, and payable in ten years from date, and
no treasury note of less denomination than 500
shall be registered. Bonds and treasury
notes shall be in all other respects
or like character and subject 10 the same provi-
sons as the bonds authorized to be issned by the
act Of july IL, 1870, entitled, AN act to author
ize the refunding of the national debt, and acts
amendatory thereto; providing that nothing IN
hall he an
crease of the public debt; provided further that
| the interest upon per cent. bonds hereby au-
| thorized to be refunded, shall close at the ex-
| piraton of so days, after the publication or no
| lice that the same has been designated by the
secretary of the treasury for redemption 1t shal
be the duty of the secretary of the treasury under
| such rules and regulations as he may prescribe,
TO authorize public subscription ut not less than
| par to be received at all repositories OF the
| United States and at all national banks ana
| such other banks as he may designate for bonds
| and treasury notes herein provided for, Tor ~
/ days before he shall contract for or award any
| portion of said bonds or treasury notes 10 any
/ syndicate of individuals, OF bankers or otherwise
/ than under such public subscription; and II II
| shall happen that more tnan the entire
| amount of said bonds and treasury notes
| or either, have been subscribed Tor within
| said thirty days he shall award the tull amount
| subscribed to all persons who shall have mad'
bona tide subscriptions for the sum of $1,000 o.
| less at rates most advantageous TO the United
States and residue ratably among subscribers II
| proportion to the amount by them respectively
| subscribed at rates most advantageous TO th'
| United States.
Section 2. The secretary of the treasury Il
| 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 un
called bearing higher rate of interest than 4 u
per centum per annum and on bonds SO redeemed
Ftou Of 49, tn n IN
holder the difference between the interest on sucl
bonds from the date of exchange 10 the time oil
| maturity, and the interest for like period o.
bonds or treasury notes issued; and bonds 81
received and exchanged in pursuance of the pro-
visions of that act shall be cancelled and de
stroyed; but none of the provisions of this ac
shall apply to the redemption or exchange of AM
of the bonds issued to the Pacific railroad com
pancs.
Section 3. The secretary of the treasury i
hereby authorized and directed to make suitable
rules and regulations to carry this act into effect
and the expense of preparing, issuing, advertls
ing and disposing of bonds and treasury notes au
thJrized to be issued, shall not exceed one-half
per cent.
Section 4. The secretary of the treasury il
hereby authorized, if in his opuion it shall be
come necessary, TO use temporarily, not exceeding
$50, 600, goo of standard gold and silver coin II
the treasury, in the redemption of and pc
cent. bonds of the United States, authorized to b
|
from time to time be repaid and replaced out o
the proceeds of the sale of bonds or TREASURY
notes authorized by this act, and he may at an
time apply the surplus money IN the treasury no
other wise appropriated, or so much thereof as n
may consider proper to the purchase on redemption
Of United States bonds or treasury notes author
lied by this act provided that the bonds or treas
ury notes purchased or redeemed shall constl
tate no part of the sinking fund, but shall be can
eellcd
Section 5. From and after the first day Of July
1881, per centum bonds, authorized by the frs
section of this act shall be the only bonds receivable
as security for safe keeping and prompt paymen
of public money deposited with such banks, bu
when any such bonds deposited for purpose
aforesaid, snail be designated for purchase or re
demptiOn by the secretary of the treasury tn
banking association depositing the same shal
have the right to substitute other issues bonds o
the United States in lieu thereof; provided, m
bonds upon which interest has ceased shall be ac
eepted or shall continue on deposit security 70
circulation or safe keeping of public money In cas-
the bonds so deposited shall not be withdrawn, a
provided by law, within 80 days after interest ha
ceased thereon, the banking association deposit
ing the same shall be subject to the liabilities anC
proceedings on the part of the comptroller, pro
yided for in section 1924. revised statutes of tn
United States; and provided further, that the sec
ton Of the act of June 20, 1874, entitled, al
act fixing the amount of United States notes, ant
providing for the distribution of national banl
currency, and for other purposes" be- and thu
same is hereby repealed; and sections 5l59 anC
5l60 revised statues of the United States be anC
the same are hereby re-enactsd. .~,ts
Section 6. That the payment of any of th
bonds hereby authorized, after the expiration o.
FIVE years, shall be made in amounts to b,
determined from time to time, by the secretary o
the treasury, at his discretion. The bonds to b,
distinguished and described by dates and mum
bers, beginning each successive payment witt
the bonds of each class last dated and numbered
Of the time Of which the intended payment or re
demption will be made The secretary of tn,
treasury shall give public notice, and the interest
on the particular bonds so selected at any time Il
be paid, shall cease at the expiration of thirty
days from the publication of such notice.
Section Z. That this act shall be known as tn,
funding act of 1891 and all acts and parts of act
inconsistent with this act are hereby repealed