The Canton advocate. [volume] (Canton, D.T. [S.D.]) 1877-1897, 1881-03-03
The Funding Bill.

The Funding Bill.
WASHINGTON, Feb. 18.-The following
is the full text of the funding bill, as
passed by the senate,
BILL to facilitate the refunding of tho nation
al debt.
BE it enacted, by the senate and house of rep
resentatiyes of the United States of America in
congress assembled that all existing provisions Of
law authorizing the refunding of the national
debt shall apply to any bonds of the United States
bearing higher rate of interest than n per
cent. per annum, which may hereafter become re-
deemable; provided, that in lieu of the bonds
authorized to be issued by an act of July a. 1870
entitled IAN act to authorize the rcfunding of the
national debt" and the a9.s amendatory thereto,
and certificates authorized by the act of Feb 26,
1879, entitled. IAN act to authorize the issue of
certificates Of deposits in aid of tho refunding Of
the public debt"
by authorized to issue bonds to an amount not ex-
ceeding $400 900 900, in denomination of fifty dol
lars some multiple Of that sum which shall bear
interest at rate not exceeding per cent. per
annum payable semi-annualy redeemable at
the pleasure of the United States after five years,
and payable in twenty years from date of issue;
and also treasury notes to an amount not exceed
ing $500 900, 600 in denominations of TO- or some
multiple Of that sum not exceeding $1,000,
either registered or coupon, bearing interest at
payable semi annuity redeemable at the
pleasure OF the United States after one
year, and payable in ten years from date, and
no treasury note of less denomination than $lO0
shall be registered Bonds and treasury
notes shall be in all other respects
sions as the bonds authorized to be issned by the
act of July IA, 1870, entitled Gan act to author
ize the refunding of the national debt, and acts
| amendatory thereto; providing that nothing in
this act shall be construed to authorize the in
crease of the public debt; provided further that
thorized to be refunded, shall close at Che ex-
piration of 80 days, after the publication or no.
tice that the same has been designated by the
secretary of the treasury for redemption. shall
be the duty of the secretary Of the treasury under
such rules and regulations as he may prescribe,
to authorize public subscription at not less than
par, to be received at all repositories of the
United States, and at all national banks and
such other banks as he may designate for bonds
! and treasury notes herein provided for, for 80
days before he shall contract for or award any
portion Of said bonds or treasury notes to any
syndicate of individuals, of bankers or otherwise
than under such public subscription; and if it
| shall happen that more than the entire
amount Of said bonds and treasury notes,
or either, have been subscribed for within
said thirty days he shall award the full amount
| subscribed to all persons who shall have made
bona ide subscriptions for the sum of $2O,O 900 or
less at rates most advantageous to the United
States and residue ratably among subscribers in
| proportion to the amount by them respectively
| subscribed at rates most advantageous to the
United States.
Section 2. The secretary Of the treasury is
hereby authorized in the process Of refunding the
national debt to exchange at not less than par any
bonds or treasury notes herein authorized for any
| bonds of the United States outstanding and un-
called bearing higher rate of interest than ~
| cantum redeemed
the secretary Of the treasury may allow to the
holder the difference between the interest such
bonds from the date of exchange to the time of
maturity, and the interest for like period Of
| bonds or treasury notes issued; and bonds so
received and exchanged in pursuance of the pro-
] visions of that &C. shall be cancelled and de-
stroyed; but none Of the provisions of this act
| shall Apply to tho redemption or exchange of any
OF the bonds issued to the Pacific railroad COM
| panics.
Section 3. The secretary of the treasury is
hereby authorized and directed to make suitable
ID gdlations t5 carry rns at inte ssect
and the expense of preparing, issuing, advertls-
ing and dsposing of bonds and treasury notes au-
thorized to be issued, shall not exceed one-half Of
| per cent. y
| Section T. The secretary of the treasury is
hereby authorized, if in his opiuon it shall be-
come necessary, to use temporarily, not exceeding
$50 100000 Of standard gold and silver coin in
the treasury, in the redemption : of and per
|
refunded by the provisions Of this act, which shall
from time to time be repaid and replaced out OF
| the proceeds of tho sale Of bonds treasury
notes authorized by this act, and he may at any
time apply the surplus money in the treasury not
other wise appropriated, or so much thereof as he
may consider proper to the purchase on redemption
| Of United States bonds or treasury notes author
led by this act provided that the bonds or treas
| ury notes so purchased redeemed shall consti-
tute no part of the sinking fund, but shall be can
! ,ellrI
Section S. From and after the first day Of July
1881, per centum bonds, authorized by the first
section of this act shall be the only bonds receivable
as security for safe keeping and prompt payment
of public money deposited with such banks, but
when. any such bonds deposited for purposes
demption by the secretary of the treasury the
banking association depositing the same shall
have the right to substitute other issues bonds of
the United States in lieu thereof; provided, no
bonds upon which interest has ceased shall be ac-
cepted shall continue on deposit as security for
circulation or safe keeping of public money In case
the bonds so deposited shall not be withdrawn, as
provided by law, within 80 days after interest has
ceased thereon, the banking association deposit
ing the same shall be subject to tho liabilities and
| proceedings on the part of the comptroller, pro-
yided for in section 1924 revised statutes Of the
United States; and provided further, that the
ton of the act Of June 20, 1874, entitled, ian
| act fixing the amount Of United States notes. and
providing for the distribution of national bank
currency, and for other purposes" be-, and the
same is hereby repealed; and sections $3.50 and
$3.50, revised statues of the United States be and
the same are hereby re-enactsd. ,---.
Section G. That the payment of any of the
bonds hereby authorized, after tho expiration of
five years, shall be made in amounts to be
determined from time to time, by the secretary of
the treasury, at his discretion The bonds to be
distinguished and described by dates and num-
bers, beginning each successive payment with
| Of the time of which Che intended payment or re-
demption will be made. The secretary of the
treasury shall give public notice, and the interest
on the particular bonds SO selected at any time to
be paid shall cease at the expiration Of thirty
days from the publication of such notice.
Section {. That this act shall be known as the
funding act of 1881 and all acts and parts of acts
inconsistent with this act are hereby repealed.