The Worthington advance., 1881-02-24
The Funding Measure.

lne 1OllOWlng Is tie full text OF the
f,,,,l;rr b;1, rocop+I,, ,,,e.o1 ,,,, r.,,
''iit'AAiS "'i1 Ao0eH.'y pt'oocV ny OOH'
rreSS:
Anact to facilitate the refunding Of the nat:ons
debt: Be il enacted etc. That all existi.u pro>ir
ions cf la,v authorizing, tha rcf,,d,n, - ~ ..;.
-, s.,>. .s",, .Sa',.. - Wv -. y, 'm7 nsoon-
a. oeo' fnaa .ppS !" .ns oonos OF 'ne United States
mr. .nnum, which may hereafter become redoem..
70 5. of Ei
sod -. ~. tne OF mo nAuonsi DEBT,
s.os .o1 ~ !ne.Sto, ana me oeruncates
:" ~ ~ W % .ne az. Oh 1eo1naty 20, ;o'' enuted
~. " ~ u o1 i"1unoine me PUBIC deot' The
secretary OF e treasury Is hereby authorized to is
o9 e Son 10 40 M s" not exceeding
sum which .h.ll bear interest It the rate Of Per
ceot per snnum, payable semi '-snnusly, redeems6le
Ut the pleasure Of the United states after ve years,
aeo treasury notes to an amount not exceeding $780,
Mooln the denomination Of SO or some multiple of
snAt s0n, not e1' eeona leUl, et:er registered or
coupon. bearing inte est at rate no: exceeding
PER cent.. PaSnoe semi annuaIy' 'edeemab'e at
OF ne United states after one year and pay
.ole ~ teL yeals rom GAZE OF iseuo AND no treas
a. o'ner re OF me character and subject to the
sane provisions a. bonds suthorzed to be isaucd b,
tho act of Ivy litl, emitted an act to authorize re-
iunding OF the national debt, and acts smendatory
III reto; provided notElrg in It's act shall Re 20
construed as to authcrzs increase Of the public
DEBT; provided furfh,r. that interest on th- per
cent bond hereby snthoriz ed to be refunded shall
cease st the expiration Of thirty days after pnblca-
ticn OF ths notice of the sane has been designated
,y the secretary Of tho treasury f,r redemption.
1t shall be the duty Of the ry Of the treas
ury under srca rn!es and regulations he tray pre-
scribe, to authorizs public tubscrp:on 1t no: lees
than sr, to be received at all dcpo-itories Of the
United States ard at sli national banks aud such
other banks ~ he may designate for tho bonds and
treasury notes herein provided for,
for tairty Gays before he shsll contract
for, or award sny portion cf ead bends treasury
Locs to a"y -yEd cate Cf individuals or bankers,
otherwise than under such public subscription, snd
il 1t shall h,ppen that more than the entire amount
e%oscr,oed t,t M within said thty days. he shall award
mo iul amount SUBSCRIBED to al persons who shall
nay nsve made bona hdc subscriptions for sum Of S2o
sdy'nt.seou. '' to, the q Unttea sta,e', ~S'i and
the residue rata ly among Subscribers in pro.
~ rtion to the amount ny them respectively cub.
etates.
Zee. 2. The secretary Of the treasury ia here
by authorized Ia tho process Of rsfundiuR the
naton'l debt to exchange At not le:s than par any
bords or treasury notes, herein authorized, for any
bond Of tho United States, outstanding and unca,led
bearing higher & rate Of interest than ~ psr cent
Ct The sessuas may allow to 'ha holder s The The
difference b-tween tho interest on such
bonds i'sm Gao OF s1change to the time OF ma
tufly interest ior Ke period OF bonds or treasury
notes Issued. And the bonds so received AMI ex-
changed in pursuaace Of the p7ovsi ns Of that act
sh@ll te . Inceled and destroyed. bu: mono Of the
provisions OF TINS act sna apply to the redemption
OF eAcnsnS1 VI ahS OF the oohos Issued 70 the "a
e'Gc TAI oa1 ~ eonpaaes:
.,,,.,c.;:a ~ Sy 0. tne treasury hereby
shGl:Heu snu ulfectoo "a carry tn's sct INTO enec:
sno .hs sApeDso Oh Prepsnng, Issuing ana advertte-
ns Ano us!osnl VI ms p nos ana treasury notes
susno11ed 10 oe 1s'ea, snail not exceed one"hsf OF
! Per cent ~,
nec. =. Inc ,ec1etssy OF the treasury ls hereby
satno.1zea, IN h,s opinion sh I'll become necee.
ts'y, 10 uso' 'enpots1y' Hot e1ceeoirf SeO'0oo,0U
OF stsnosto goo ana silver coin III the treasury tn
!eeeMpt1on OF 'he aud Per cent. bonds OF tbs
Unko etates aushorHra 10 % refunded by the pro-
lslocs OF tnis ect whhh enal from time to time be
lepSo shd tepiacod ONT cf 'he proceeds OF the sac
OF the oonds tr treasury notes authorized BY this
se1, sno ne may at any time apply the
surplus money IN the treasury not
Otherwise appropriated, or 50 much
toeIeo' ss ne may consider roper TO The purchase
OF Ieosmlsen Oh me United S:a es bonds or treas
ury no'os aho11ed py ms act proFided,' me bords
.;.. anu u"Iy no.es ~ p"1cNas.u az receemea sha'
so:"S III fs't u mo HnA'pg luho' pu' email oe
csnee ,,,
jee. .. EIon ana a1ser IN -! dav oi july, 1881,
.1o ~ .ott 1uoas a"'no onzea oy tne hiet section
9. tn Luz. aet tn" ne .ne on!y onnes receivsoe as se
,,,h1ic ' ,n,ns, S...tad .nd pronT pa; ment oi
deposited for tho purposes afo1e.ait shall