American citizen. [volume] (Canton, Miss.) 1864-1890, 1881-01-01
New Bills Introduced.
THE FUNDING BILL.

THE FUNDING BILL.
The following are the provisions of the
Funding bill introduced by Mr.. Wood 3D.,
n. y, Chairman OF the Committee OF Ways
and Means:
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 n higher rate of in
terest than ~ per centum per annum which
may hereafter become redecmable. provided
that in lieu of the bonds authorized to be is
sued by the act of July "A. 1870 entitled " An
act to authorize the refuudfng of the national
debt and the acts amendatory thereto" and
the certificates authorized blythe act OF Febru-
sue OF certificates of deposit in aid of the re-
fundingofthepu public debt" the Secretary of the
Treasury is hereby authorized to issue bonds in
shall bear interest at the rate of 3 per centum
per annum. redeemahle at the pleasure of the
United States after twenty years. and payable
forty years from the date of issue; also hotcs
in the amount of 100000 900, bearing interest
ut the rate Of 81 per centum per annum. re-
decmable 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.,
600 of said notes shall be redeemed in any one
fiscal year. And the particular notes to be re-
by lot, under such rules rs the Secretary of
the Treasury shall prescribe. The bonds and
notes shall be in ali other respects 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 t. aulhor-
acts amendatory thereto" provided that
not Ting in this act shall be so construed AS to
uutnOflZc an increase OF the puDilc uebt.
sec. ,. The Secretary of the Treasury is here
by authorized, in the process of refundinss the
par any of the bonds notes herein author
lzcd, for any bonds of the United states out
standing and uncaled, bearing a his her rate
OF interest than "a per centum per sinDum
and on the bonds SO redeemed the Secretary
of the Treasury may allow to the heldJs the
difference between the interest on suclf bonds
from tue date OF exchange to the time d. their
maturity and the interest for n like per.Cd on
yiSio Of n II, he
demption or exchange of any of tho bonds
issued 20 the racine Saiway Compan! es and
suance of the provisions of this act shall be
and destroyed
Sec. 5. Authority to issue bonds anti notes to
the amount necessary to carry out the pro-
visions of this act is hereby granted.
authorizing the issue of cer.incatesSof deposit.
is hereby amended so as to continue and limit
O0o, eco TO be outstanding at any or5c time, and
fixing the rate of interest to be allowed there
on Mt three and one-h half OF per centum per
cease and the said certificates shall be con-
vertfble, at the option of the bidders, when
into the coupon registered bonds author
lied by this act. And Whenever any of the
said certificates shall be converted into
bonds the same shall be Cancelled and de-
stroyed, but the Secretary OF the Treasury
may in his discretion issue new certffcatosin
place of those SO converted up to the iimH Of
$50 100000. until the aggregate amount of the
bonds authorized by this act and of the said
combined then outstanding shall
equal the amount of bonds hereby authoriz-
ed. 1t shall be unlawful for any person or per-
sons to form combinations by which to procure
said certificates of deposit authorized under
this act for purposes of sale to others or to
offending shall be liable. on conviction. to be
fined 81 900 or imprisonment not ia exceed
one year. The Secretary of the Treasury is
authorized und directed to make suitable
regulations in compliance with this act. pro-
viding that the expense for the diSposiny of
the certificates and bonds authorized to be
issued shall not exceed one-quarter of / per
provided that said certificates shall
not be sold or converted at less than par
Sec. 5. From and aftar the LIST day of July,
1881. the per centum bonds authorized by the
first section of this act shall be the only bonds
hereafter receivable as security for national
bank circulation.
Sec. 6. That this act shall be known as "the
act of 1885," and all acts and parts of
acts inconsistent with this act are hereby re-
pealed.