Daily Kennebec journal., 1881-02-22
The Refuntling Bill.

The Refunding Bill.
The text of the bill as passed by the SEN
ate is as follows:
national debt.
Be it enacted by the Senate and House of
Representatives. Of the United States of
America IN Congress assembled. That all ex-
isting provisions OF law authorizing the re-
funding Of the national debt shall apply to
anv bonds of the United States bearing a
higher rate of interest than IL per centum
per annum which may hereafter become
redeemablc; provided, that in lieu of
the bonds authorized to be issued by the act
of July II, 1880, entitled. An act To author
ize the refundng OF the national debt and
the acts amcndatory thereto. and the certti-
Gates authorized by the act of Feb. 20. 1879,
entitled An act TO authorize the issue of GER
tifcates of deposit in aid. of the refund
ing of the public debt the Secretary
of the Treasury is hereby authorized to
issue bonds to an amount not exceeding Si00-
00O, 900 of denominations of $50 or some
multiple OF that sum, which shall bear inter-
estrat the rate of ) per centum per annum,
PAYABLE semi annually. rcdeemable at the
pleasure of the United States after ) years
and payable 30 years from date of issue;
and also Treasury notes to an amount not
exceeding $500 600. 900. in denominations of
$40 OF some multiple of that sum not exceed
ing 81 900, either registered or coupon, bear
ing interest ut a rate not exceeding ; per
centum, PAYABLE semi-annually, redeemable at
the pleasure of the United States after one
year and payable in 10 years from the date
of issue; and no Treasury note of a less de-
nomination than 500 shall be registered.
The bonds and Treasury notes shall be in all
other respects of like character and subject
to the same provisions the bonds author
lied to he issued by the act of July II,
1870 entitled 'An act to authorize the re-
funding of the national debt" and acts
amendatory thereto, provided that nothing in
this act shall be so construed as to authorize
an increase of the public debt: provided
further. that interest upon the per centum
bonds hereby authorized to be refunded shall
! cease at the expiration of 30 days after pub
location of notice that the same had been
designated by the Secretary of the Treasury
for redemption. 1t shall be the duty of the
Secretary of the Treasury, under such rules
and regulations as he may prescribe. to au-
thorize public subscriptions at not less than
par t. be received at all repositories of the
United States, and at all national banks, and
such other banks as he may designate for the
bonds and for the Treasury notes herein pro-
vided for. for 30 days before he shall contract
for or award any portion of said bonds or
Treasury notes to any syndicate of individ-
uals or bankers. or otherwise than under
such public subscriptions: and if it
shall happen that more than the entire
amount of said bonds and Treasury notes, or
of either of them, has been subscribed within
said 80 DAYS, he shall award the full amount
subscribed to all persons. who shall have
made bona tde subscriptions for the sum of
lnr los r,f, nIxlr m 10
the United States, and the residue rateably
among the subscribers in proportion to the
amount by them respectively subscribed. at
rates most advantageous to the United
States.
SEC . The Secretary of the Treasury is
hereby authorized. in the process of refund
ing the national debt, to exchange at not less
than par any of the bonds or Treasury notes
herein authorized for any of the bonds of the
United States outstanding and uncalled. bear
ing higher rate of interest than l-2 per
centum per annum: and on the bonds so re-
deemed the Secretary of the Treasury may
allow to the holders the difference between
the interest on such bonds from the date of
exchange to the time of their maturity and the
interest for a period on the bonds or Treas
urv notes issued and the bonds so received
and exchanged, in pursuance of the provisions
of this act, shall be cancelled and destroyed
but none of the provisions of this act shall ap-
ply to the redemption or exchange of any of
the bonds issued to the Pacific railway COM
panies.
SEC. ). The Secretary of the Treasury is
hereby authorized and directed to make
suitable rules and regulations to carry this
act into effect and the expense of preparing
issuing, advertising and disposing of the
bonds and Treasury notes authorized to be
issued shall not exceed one-half of | per
centum.
SEC. 4. The Secretary of the Treasury is
hereby authorized, if in his opinion it shall
become necessary. to use temporarily not ex-
ceeding $50 600. 900 of the standard gold and
silver coin in the Treasury in the redemp-
ton of the and per cent. bonds of the
United States authorized to be refunded by
the provisions of this act, which shall from
time to time be repaid and replaced out of
the proceeds of the sale of the bonds or
Treasury notes authorized by this act, and
he may at any time apply the surplus money
in the Treasury not otherwise appropriated,
or so much thereof as he may consider proper
to the purchase or redemption of United
States bonds or Treasury notes authorized
by this act: provided, that the bonds and
Treasury notes so purchased or redeemed
shall constitute no part of the sinking fund, |
but shall be Cancelled.
SEC. ). From and after the lst day of |
July. 1881. the per centum 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 the safe. /
keeping and prompt payment Of the public |
money deposited with such banks: but when |
any such bonds deposited for the purposes |