The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1881-01-25
The Funding Bill.

1he 'oloWieg Is the teXt OF the Dill
as it passed The House:
BE it enacted by the Senate and House
OF Representatives Of the United States
Of America in Congress assembled that
all existing provisions Of law authori-
zlng the refunding of the national debt
shail apply to any bonds of the United
States bearing higher rate OF interest
than four and one half per centum per
annum which may Hereafter become re-
deemahle, provided that in lieu of the
bonds authorized to be issued bv the
act of July IA. 1879, entitled "An act to
authorize the refunding of the national
debt" and the acts amendatory thereto
and the certificates authorized by the act
Of February 26, 1879, entitled "An act
10 authorize tue Issue of certificates of
deposit in aid Of the rsrunding OF the
public debt" the Secretary of the Treas
ury is hereby authorized to issue bonds
in the amount OF not exceeding $780,
600 600, which shall bear interest at the
rate OF three per cent per annum, re-
deemahle at the pleasure of the Uoited
States after Eve AMI payable ten years
ftom the date Of issue; and also cerlifi-
Gates in the amount OF $500, 900, ,000 in
denominations of SO, $40 and $50,
either registered or coupon. hearing it,
terest at the rate of three per cent per
annum, redeeushle at the pleasure of
the United States after one year and
payable 10 ten years from tho date of
issue. The bonds and certificates shall
bs 10 all other respeots of like character
and subject TO the same provisions as
The bonds authorized to be issued by the
act Of July IA. 1870, entitled An act
| to authorize the refundin2 Of the na,inn.
al debt" and acts smcnlatory thereto ,
provided that nothing in this net shat
be so construed as to authoriz, an in
crease of the public debt; provided that
interest upon the six per centum bonds
hereby authorized to he refunded shal
cease al the expiration OF thirty days
after notice that the same have been dc.
signated by the Secretary OF the Treas
urY for redemption.
RxCHANGE OF BONDS
SEC 2-rhat the Secretary Of IN,
Treasury is hereby authorized, in tn,
process OF refunding the national debt
to Exchange, at not less than par, AM
?t ii,c bende OF the United States on,
Standing and uncalled hearing highe
rate Of interest than four and one-ha!
per centum per annum, and On the bond
80 redeemed the Secretary OF the Treas
ury uaY allow to the holders the differ
ence between the interest on such bond
from the date Of exchange to the Tim
iof their maturity, and the interest for
like period on the bonds or certificate
issued; hat none OF The provisions o
This act shall apply TO the redemptio,
or exchange of any OF the bonds issue,
to the Pacific Railway companies, sn'
The hondS so received and exchanged il
pursuance Of The provisions of this &C
shal he cancelled and destroyed
| SEC S.-Authoriy to issue bonds ant
certificates TO the amount necessary I,
carry out the provisions Of this act i
hereby granted, and the Secretary of tn
Treasury is hereby authorized and d
rected to make sui'able rules and regn
lstions to carry this act into effect; pro
vided that the expenses Of preparing
Issuing, advertising and disposing OF .h
honds and certificates authorized to
issued shall MT eXeeed one quarter G
one per cenum.
GOLD AND SILVER TO BE USED.
Sec. 4-That the Secretary cf tn
Treasury is hereby authorized, il in hi
opinion it shall become necessary, t
use not exceeding S50,000,000 Of th
stsndard gold and silver in the Treasur
IN the redemption of the ise and 81
per centum bonds OF the United State
authorized to be refunded ey the pre-
visions OF this act, and he may at an
time employ the surplus money in Il,
Treasury not otherwise appropriated
or 30 much thereof as he may conside
proner, 10 the purchase or redemplio
of United States bonds or certificates
provided that the bonds and certificate
, so purchased or redeemed shall const
tute no part OF the sinking fund, br
shall be cancelled.
SECURITY FOR BANK CIRCULATION.