Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1881-01-27
THE FUNDING BILL.
Euu Text Of she Funding sin as ff
Passed che House OF Hseprcscnta-


Fan Text OF the Funding EsiH as ~
Passed che House OF Eseprcscnta-
tives.
A Bill. to facilitate the refunding Of The ma
tional debt:
Section /. Be Il enacted by the Senate and
House Of Representatives Of the United States
Of America in Congress assembled, That all
existing provisions Of the law authorizing The
refunding Of tho national debt slaIl
apply 10 any bonds Of the United
States bearing higher rate OF interest
than Az per cent. per annrm which may
hereafter become redeemable; provided that,
in lieu OF the bonds authorized to be issued by
the act of July IA, 1870. entitled San act to an
thorize yhsrefundng OF the national debt, and
acts amenhatory thereto and the certificates
authorized BIZ the act OF Feb. 26, 1879. entitled
9 Anact TO authorize the Issue OF certificates Of
deposit in aid Of the refundng Of the public
debt" the Secretary OF the Treasury il
hereby authorized to issue bonds in
an amount not exceeding S400, 600. 900
which shall bear interest at the rate OF per
cont. per annum, redeemable at the pleasure
of the United States after five years. and pay
able ten years from date Of issue, and also cef-
titicates to the amount OF 100000, 600, in de-
nominations OF $40, $40, or $50, either regis
tered or coupon, bearing interest at tho rate
Of per cent. per annuha, redeemabie at
the pleasure of the United States after
one year, and PAYABLE ia ten wears from
date The bonds and certificates shall I've
IN all other respects Of Ike character, and
subject TO the same provisions as Tho bonds
authorized to be issued by the act Of July IA
1870 entilled IAN act TO authorize the re-
funding Of the national debt" and acts amend
atoEy thereto; provided, that nothing IN this
aay ,4aatl IL.
increase OF the public debt and pro-
y1ded, further that interest npon the
6-per~cent. bonds hereby authorized TO
DO refunded shalt cease at tho expiration Of
thirty days after notice that the same have
been deeisnated ny the Secretary OF the Ieas-
urv for redemption.
Sec 2. The Secretary Of the Treasury ii
hereby authorized, III process OF refunding the
national debt, to exchange, at not less than
par, any bonds or certificates herein authorized
Tor any OF the bonds of the United States out
standing and uncaIled bearing higher rate Of
interest than ~ per cent. per annum. and on
bonds so redeemed the Secretary of the
treasury may allow to holders the diff
Terence between the interest ON such bends
from the date of exchange to the time OF ma
turity and the interest fer a like period ON tho
bonds or certificates issued, but none of the
provisions Of this act shall apply 10 the re-
demptton or exchange of any Of ihShonds IL
suedto the Pacific Rail way Companies, aud the
bonds 80 received and exchanged IN pursuance
OF the provisions Of this act shall be Cancelled
and destroyed.
SEC. ). Authority to raise bonds and certI-
icstcs TO the amount nee ,ssary to carry out the
proehions of the act IS hereby granted and the
Secretary OF the Treasury Il atrgby authorized
and directed 70 make suitable rules and regu-
latt7ns to carry this act into effect provided.
that the expenses of preparing issuing ndver-
tising and disposiig Of the bonds and ctltih-
Gates authorized to be issued shall not exceed
one-fourth of per cent
SEc. 4. That the Secretary OF the Treasury
Il hereby authorized, il ia bis opinion it shall
become necessary, to use $50 00U, 600 of tic
standard gold and silver in the treasury in the
redemption of tho and 6-psr-cent. bonds Of the
Untsd States authorized TO be refunded by tie
provisions OF this act, and lie may. at any
Time, apply The surplus mouey in the treasury,
not otherwise appropriated. or SO much thereof
~ be may consider proper, 10 the purchase or
redemption OF United States bonds or eerfifi-
oates provided that the bonds and certificates
so purchased or redeemed shall constitute no
part Of the sinking fund.- but shall he Cancelled.
Sec D. FROM and after the LIST day Of Nav.
1881, the S-per-eent. bonds authorized by the
iifst section of this act shall la the only bond
fect1yable Us security for natonai-bank circu-
prompt payment OF public money deposited
with such banks but wien any
such bonds deposited for the pur-
pose aforesaid shall be designated for
purchase or redemption by the Secretary Of
The Treasury the banking ASSOCIATION deposit
ing the same shall have the right to substitute
other issues OF bonds OF the United states Ia
lieu thereof provided, that no bond npon
which interest has ceased shall be accepted or
shall be continued on deposit as security
for the circulation or for the gafe-keepin0
OF the public money, and in ease
the bonds so deposited shall not be
withdrawn, as provided BY law, within thirty
days after interest has ceased thereon, the
banking association depos;ting the same shall
be subject to the liabilities and proceedings on
the part Of the Comptroller provided for III Sec
ton 3, pa Of the Revised Statutes Of the United
States AMI provided. further, that section OF
theact Of Jrne 20, 49,, emitted "An act fixing
the amount of Uuited States notes providing for
redistribution of the national-lank currency.
and Tor other purposes" be, and the same ID
hereby, repealed, and sections ), 1853 and s, 100
Of the Revised Statutes Of the United States be.
and the same is hereby, re-enaeted.
Sec. 9. That this act shall be known as "Ihe
Funding Act Of 1881, and all acts aud parts OF
acts inconsistent with this act are hereby re-
pealed.