The People's vindicator. [volume] (Natchitoches, La.) 1874-1883, 1881-01-08
New Bills Introduced.
THE FUNDING BILL,

The following are the provisions of the
Funding bill introduced by Mr.. Wood 3D..
n. -, Chairman of the Committee of Ways
and Means: @ da.aa
Be It enacted, etc.. That all existing pro
visions of law authorizing the refunding of
the national debt shall apply to any bonds of
the United States bearing q higher rate of in.
tercst than ~ per centum per annum which
may hereafter become reGeemable, provided
that IN lieu OF the bonds authorized to be is.
sued by the act of July II. 1870, entitled IAN
net to authorize the refunding Of the national
debt and the acts amendatory thereto" and
the certificates authorized the act of Febru.
ary q. 1873, entitled "An act to authorize the is.
sue of certificates of deposit in aid of the re.
d,,ndlngottheru public debt, the Secretary of the
the amount OF not exceeding 500, 900 600, which
shall bear interest at the rate of 3 Der centum
per annum, redecmable at the pleasure of the
u~ited States after twenty years, and payable
forty years from tho date of issue; also notes
In the amount of 500, 900 &C., bearing interest
ut the rate OF 3H per centnm per allnuu,, re-
deemable at the pleasure OF the United States
after two years, and payable in ten years from
the date Of issue; but not more than $40 Co.,.
wv % said notes SHAH be redeemed in any one
fiscal year. And the particular notes to lie re.
deemed from time to time shall be determined
by l0t, under such rules as the Secretary of
the Treasury shall prescribe. The bonds and
notes shall be In all other respects of like
character and subject to the same provisions
as the bonds authorized to be issued by the
act Of July H. $50. entitled IAN act TO author.
acts amendatory thereto" provided : that
nothing in this act shall be so construed as to
authorize an increase of the public debt,
sec. The Secretary of the Treasury is here.
ny authorized, In the process of refunding the
nataonai aebt, to exchange at not less than
par any OF the bonds OF notes herein author.
lied, Tor any bonds Of the United States out.
standing and uncalled, bearing higher rate
OF interest than ~ per centuIn per annum.
ana ON the bonds SO redeemed the Secretary
81 tne Treasury may allow to the holders the
%sanerence between the intereston such bo,,ds
rom the date OF exchange to the time of their
maturity and the interest for a like period on
the bonds or notes issued. but none Of the
prOVlslOm OF this act shall apply to the re.
9empti0n or exchange of any Of the honda
Issued to thu Pacific Railway Companies: and
sne Oonds 50 received and exchanged in pur.
suance 81 the PROVISIONS Of this act shall he
Cancelled and destroyed. s,,E3tivIf - -
4, sec. 3. Authority to issue bonds and notes tn
the amount necessary to carry out the nr1.
visions $50 q 9th tai 60 act Is hereby granted.
~. :: inc ect approved February IS, 1879.
nhereDy amended 80 as to continue and lim;p
tne am"unt OF certificates to be issued tn s3ois
WONOO TO be outstanding at any one time. and
nxMs the rate OF interest to BIO allowed tIere.
o,,s -. 49, NM Vho- max OF per ceIltum Der
annum TOT one year. after which interest shali
ceasS sno mo said certificates shalt he CON.
vestDls, q the option Of the holders. wbrn
f.ssenteQ ~ sums of $50 or multiples thereof.
; sns0 the coupon or registered bonus author.
~, Wy inns act. And whenever any OF the
saiO certificates shall be ,conyerip,l into
Dnds the same shall be, cancelled and de,
s.IvyeQ, but tue Secretary of the Treas5ry
IN ma discretion, issue new certificatesinn
R.sce o. those So converted up to the limit of
TNhAMD until the aggregate amount ,,f the
oOnus auth0 lied by Til, act and Of the said
ccrtancates coa,bined then ontstmdins. sitoii
e90a! tue amount OF bonds hereby authoriz.
GU. ~ snail be unlawful for any person or nor.
sonStotorm combinations By which to nroe,,re
said Gen tihcates OF deposit authorized under
tiis act Tor purposes Of sale to Others or e,
uCtng agents Of others; and any person SO
onendans shall DO liable, on conviction. to he
hned SlVoO o. 1mDrisOnnlent not to exceed
one year. The Secrtttiry OF the Treasury. ia
atith0llAed and directed 40 make ssitub,e
regulations IN compliance with this act. p,O.
xl0lng tnat the eXl ense for the dl,posins of
!ne certlratrs and bonds authorized to he
ISSUED snail not exceed nne.quarter of / ner
ce1tuhi. provided that said certificates shall
not be SOLD OR renyer ed NJ less than BAR.
,.s SSc .. From no alter the is. CAV OF ,TuIv.
1881. tile per entuM bonds au, horiZed by tie
nIst section OF tl.s act shs llbe the onI, bonds
,nereaiter receivable as security for national
bank circulation. it4i:t '"'' AA'
-, sec. &. That this act shall be known as "the
running act OF $780," and ali acts and Darts If
acts inconsistent with this act are hereby re.
pealed. w "ot'D' ie-