Fayette County herald. [volume] (Washington [Washington Court House], Fayette County, O. [Ohio]) 1860-1???, 1881-01-27
The Funding Bill
WASHINGTON, January Il

| IeT0t1,a tsHHa a. F. et..aaH u.
The Funding Bill. F
n H WASHINGTON, January 10.
FOLLOWING is the full text of the Funding
bill as finally passed by the House to-day:
SECTION /. Be 1t enacted, etc. That all ex-
listing provisions of the law authorizing the re-
funding of the National debt shall apply to
any bonds Of the United States bearing a high
er rate of interest than "a per cent. per annum
/ which may hereafter become redeemable; pro-
| Vided that, in lieu Of the bonds authorized to
be issued by the act of July II, 1870 entitled
IAN act to authorize the refunding of the
National debit" and acts amendatOry there
to- and the certificates authorized by the
act of February 20, 1870, entitled "An act to
authorize the issue Of certificates of de-
posit in aid of the refunding of the
public debt" the Secretary Of tho Treasury is
hereby authorized to issue bonds in an amount
not exceeding 800, ,00O,000, which shall bear in
terest at the rate Of three per cent per an
mum, redeemable at the pleasure of the
United States after Ave years, and payable
ten years from date of issue, and also certih-
Gates to the amount of $500, 100000 in denomi-
nations of $40, $40 or $780, either registered or
coupon, bearing interest at the rate of three
per cent. per annum, redeemable at the pleas
nre 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 the same provis-
ions as the bonds authorized to be issued
by the act Of July II, 1870, entitled An
act to authorize tho refunding Of tho
National debt" and acts amendatory thereto;
provided, that nothing in tins act shall be so
construed as to authorize an increase Of the
public debt; and provided, further, that in
terest upon the slx-per-eent bonds hereby au-
thorlzed to be refunded shall cease at the
expiration Of thirty days after notice that the
same have been designated by the Secretary
Of the Treasury for redemption.
SEC. 2. The Secretary Of the Treasury is
hereby authorized, in process of refunding the
National debt to exchange, at not less than
par, any bonds or certificates herein author
lied for any Of the bonds of tho United States
outstanding and pncalled bearing higher
rate Of interest than ~ per cent per annum,
and on bonds 60 redeemed the Secretary of the
Treasury may allow to holders the difference
between the interest on such bonds from the
date of exchange to the time OF maturity, and
the interest for a 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
Pacific Railway Companies, and the bonds so
received and EXCHANGED in pursuance of the
provisions Of this act shAll be Cancelled and
....... .# ,
SEC. B. Authority to raise bonds and Certifi-
Gates to the amount necessary to carry ont the
provisions of this act Is hereby granted, and
the Secretary Of the Treasury is hereby au-
thorized and directed to make suitable rules
and regulations to carry this act into effect;
provided, that tho expenses ofpreparing, issu-
ing, advertising and disposing of the bonds
and certificates authorized to be issued shall
not exceed one-fOurth of one per cent.
SEC. 4. That the Secretary Of the Treasury Is
hereby authorized, If in his opinion 1t shall be-
come necessary, to use not exceeding $SO00O,-
lou Of the standard gold and silver coin in tho
Treasury in the redemption of tho Ave and six
percent. bonds of the United States, authorized
10 be refunded by the provisions OF this act,
md he may, ut any time, apply the surplus
money in the Treasury, not otherwise appro-
1riated, or so much thereofas he may consider
proper, to the purchase or redemption Of
United States bonds or certificates; provided,
hat the bonds and certificates so purchased
II redeemed shall constitute no part OF the
sinking fund, but shall be Cancelled.
SEC. 5. From and after the first day Of May,
8Sl, the three-per~oent. bonds authorized by |
he first section of this act shall be the only
,onds receivable as security for National-bnnk |
circulation, or as security for the sare-keop. |
ng and prompt payment Of public money de- |
,osited with such banks; but when any such |
'onds deposited for the purpose aforesaid |
hall be designated for purchase or redemp- |
ion by the Secretary of the Treasury, tho
anklng association depOsitlng the same shall
ave the right to substitute other issues of /
onds of the United States in lieu thereof;
rovlded, that no bond upon which interest
as ceased shall be accepted or shalt be oontin-
ed on deposit as security for the circulation
r for the safe-keeping Of the public money;
nd In case the bonds so deposited shall not be
as provided by law, within thirty
ays after interest has ceased thereon, the
anking association depOsiting the same shall
g subject to the liabilities and proceedings
n the part OF the Comptroller provided for in
&C. 5,2l4 of the Revised Statutes Of the United
tates; and provided, further, that Sec. of
nc act Of June 20, 1874, entitled IAN act fixing
le amount OF United States notes, providing
lr a redistribution of the National Bank cur
ENJOY and for other purposes" be, and the
lme is hereby, repealed and Secs. 5,l59 and
l6O of the Revised Statutes Of the United
tates be, and tho same are hereby, re-en-
oted.
SEC 8. That this act shall be known as ''The
nnding Act of 1881" and all acts and parts Of
cts inconsistent with this act are hereby re-
called.
The Episcopalians of St. Louis
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