The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1881-02-19
Last Nights Dispatches.
W WASHINGTON,
Fhe FINDING gtll.


of Fernando Wood have arrived and are
now living 10 the parlor of his late resi-
deuee. The funeral services to morrow
will be private.
The senate commerce committee will to
morrow take up the river and harbor bill
and sit day and night until completed.
Last session it took two weeks, but no sueb
time can be consumed now. The senate
viii increase the aggregate considerably,
aud there will also be dete: @ined oppo-
sition to its passage in the senate by MANY
Republicans, aided by few Democrats
Its goal passage is somewhat doubtful. il
5;story motions are made.
Leading members of influential COM NIT
tees OF the house say the funding bill will
pass the house as it cams from the senate.
without delay. The president will doubt
less be urged to veto it and call an extra
session. en the ground that il is q risky
experiment, and because the section con-.
pelIing national banks to deposit three per
cents for circulation is oppressive.
The house ludian com mittse will not
report the bill tor reliei of the Poncas, but
will request 100000 to carry oIt the
msnt With that tribe.
The president has nominated Hiram
Barber, Jr., OF Illinois. as receiver of the
land Office at Mitchell, Dakota.
The following 10 the text Of the funding
bill as it passed the senate:
Be it enacted, ETC., That all existing
provisions of the law authorizlng the
refunding of the national debt. shall apply
10 any bonds of the United States bearing
= higher rate OF interest than 43 per cent
psr annum, which may hereafter become
reasonable; provided that in lieu of the
bond authorised to bs issaed By the act Of
j uly IA, 1880, entitled IAN act to author-
ize the refunding of the national debt and
acts amendatory thereto" and certificates
authorized by the act of February 26. 1879
entitled AN act to authorize the issue of
esstifcates of deposit in aid of rsfunding
the public debt" the Secretary of the
Treasury is hereby authorized to Issue
bonds to an ameunt not exceeding $780,
000, 900 10 denominations of $50 or some
multiple Of that sum. which shall bear
interest at the rate of three per cent. per
snnum, payable semi-annually redeema-
bic at the pleasure of the United States
after five years, and payable in twenty
years from the date of issue; and also
Treasury notes to an amount not exceeding
$500, ,OOO, 900, in denominations of $40 or
soms multiple Of that sum, not exceeding
$1,000, either registered or coupon, lhear-
ing interest at rate not exceeding three
per cent payable semi annually, redeem
able at the pleasure of the United States
after one year, and payable in ten
years from the date OF the issue aud no
Treasury note of less denomination
than sl00 shall be registered; bonds
and Treasury notes SHALL be 10 all other
respects of like character and subject to
the same provisions as bonds authorized
to be issued by the act of July IA, 1880,
untitled IAN act to authorize the refund.
ng of the RAtionaa debit and acts agaend.
atory thereto; provided nothing ID this
act shall be SO construed as to authorize
10 Increase of the public debt: and pro
vided further that interest upon six per
ssnt bonds hereby authorized TO be refund
ID shall cease at the expiration of 90 days
after publication of notice that the same
navs been designated by the Secretary of
,hs Treasurysfor redemption.
1t shallb be the duty of the Secretary of
he Treasury. under such rules and regu
ations as he may prescribe, to authorise
public subscriptions, at net less than par,
10 be received at all repositories of the
United States and at all national banks
md such other banks as be may designate
or bonds and for the Treasury notes
rereiu provided for, thirty days before lie
shall contract for or award any portion
IF said bond or Treasury notes to any
otherwise than under such public sub
'cription: and ifit shall happen that more
han the entire amount of said bonds and
Treasury notes. or OF either OF them. haYe
been subscribed within thirty days, he
Al S,,lI
Ill persons who shal! have made bona fide
subscriptions for The sum of two
thousand dollars or less, at rates most
to the United States and
he residue ratably among subscribers in
a proportion to the amount by them res
psctively subscribed most advantageous
TO the United States.
Sec. 2. The Secretary of the Treasury
10 hereby authorized in the process oil re
funding national debt to exchange at net
Isss than par any bonds or Treasury
notes herein authorised for any bonds of
the United States outstanding and uncal
cd bearing higher rate of Interest than
II per cent per annum. and on bonds SO
redeemed the Secretary Of tbs Treasury
may allow to holders the difference
between the interest on snch bonds from
the date Of exchange to the time of matur-
lty and interest for like period on bonds or
Treasury notes issued, and bonds so
received and exchanged in pursuance oi
the provisions Of this act shall apply to the
or exchange of any of the bonds
issued to the Pacific railway companies.
Sec, g. The Secretary of the Treasury
Is hereby authorized and directed to make
suitable rules and the expense of prepar-
ing. issuing. advertising and disposing of
the bonds and treasury notes authorized
to be issued shall not exceed one-half of
one percentum.
Sec. 4. The Secretary of the Treasury
is thereby authorized, if In his opinion it
shall become paeessary,to use temporarily
not exceeding $50 100000 Of the standard
gold and silver coin in the treasury
ia redsmpti of FIVE and six per
cent Ebonds of the United States au-
lhorized TO /. be refunded by the provi-
sions OF this act. which shall from time to
time be repaid aud replaced out of the
proceeds of the sale of the bonds or treas.
ury notes authorized by this act, and he
may at any time time apply the surplus
money in the treasury not otherwise
appropriated or SO much thereof as he may
consider proper to purchase. for the
of United States bonds or
treasury notes authorized by this act,
provided the bond and treasury notes so
purchased or redeemed shall constitute no
part of tho sinking fund, bat shall be
Id