Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1881-02-19


new bonds security for their circulation
is oppressive to those. bonds, and there
fore Injurious to the financial stapil.ty
of the country. The Senats Commerce
Committee will lake up the
River and Harbo- Bill
.o.morrow morning, and will continue
lis session day and night until they com
plete il. At the last session 1t took the
committee two weeks to get through
with the bill, but no such time can be
consumed NJ. IN it now. A large num-
her of amendments, increasing the az
oreoate OF the bill considerably, will be
ofTered by the Senate. A most deter
mined opposition OF the same
CHARACTER as existed in the
House will be made against
the bill in the Senate for the purpose OF
preventing its passage, il possible. TINS
opposition will come largely irom the
Republicans. The short time oil the ses,
sion now remaining renders the hnai
passage OF the bill somewhat doubtful,
II the Senators who intend to fight 1t re-
sort to dilatory tactics to beat 1t.
Conknng's Victory.
The President has nominated Etiott
+. Sheperd U. s. District Attorney Tor
the Southern district oil New lorK'
Text OF .he Funding Bill as 1t Passed the
Senate.
The following is the text OF thetunding
bill which passed the Senate to-day;
An act to facilitate the reiunding OF the
National Debt.
Re Il enacted, etc, That all existing pro-
visions and laws authorizing the refund
ing OF the National Debt shall apply to
anv bonds of the United States bearing
a Lipherrate of interest than 4 per cent.
per annum which may hereafter become
redeemable; provided, that In lieu oi
bonds authoriz ID there be issued
by the act OF July IT,. 1850, emil
tied, An act 10 authorize the re,
funding of the National Debt, anu
the acts amendatory thereto and earthly
AS authorized by act OF ~, en- ltled
an act to authorize the issue oil certin'
Gates of deposits IN aid OF relundlng the
public debt The Secretary OF the Treas
nry is hereby authorized TO issue bonds
10 an amount not exceeding Sioo,uoo,ooo
of the denomination OF SoO, or some
multiple of that sum which shall bear
interest at the rate OF 3 per cent. per al
num. payable semi annually, redeema.
bic al the pleasure of the United States
after five years and payable twenty
wears from the date OF issue, and al, o
treasury notes 10 the amount OF S3OO,-
900 900 in denomination oi Slo or
some multiple of that sum not exceed
ing 81 900, either registered or coupon,
hearing interest at rate not exceeding
3 per cent per annum, payable semi:
annually, redeemable at the pleasure OF
the United States after one year, ana
payable in ten years from the date oi
issue, and no Treasury note OF less de.
nomination than 500 shall be registered
bonds, and Treasury notes shall be IN
all other respects OF like character ana
subject TO the same provisions as the
bonds authorized TO be issued
by the act Oi July 18th, lSoO, en-
titled: can act to authorize the re,
funding OF the national debt, ana
acts amendatory thereto, provided
nothing in this act shall be- construed as
to authorize al increase in the pubic
debt. Provided further that the inter-
est on the 6 per cent. bonds hereby au-
thorized 10 be refunded snail case AT
the expiration OF thhty days alter IN
publication of a notice Of the same has
been designated by the Secretary o the
Treasury for redemption. 1t shai De
the duty Of the Secretary oil the lreasu-
ry under such rules and regulations AS
he NAV prescribe to authorize public
subscriptions at not less than par u be
received at all repositories OF the United
States. and at all National banks
and such other banks as lie
may designate for bonds and for the
treasury notes herein provided Tor, Tor
Thirty days before, he shall contract
for or award any portion OF said bonds
or treasury notes to any syndicate OF IN
dividuals, or bankers, or otherwise than
under such public subscriptions, and II
il shall happen that more than the en-
tire amount OF said honds and treasury
notes, or either OF them, have been sub.
scribed within the said 30 days. he sha'l
award the full amount subscribed to all
persons who shall have made bona tide
for the sum OF $40, 900 or
less, AT rates most advantageous to the
United States, and the residue ratably
among the subscribers in proportion TO
the amount by them respectively SUBJ
scribed, at rates most advantageous 10
the United States.
SEC. 2. The Secretary of the Treasury
is hereby authorized, In the process OF
National debt, to exchange,
at not less than par. any bonds or Treas
ury notes herein authorized for any
OF the bonds of the United States out
standing and uncalled, bearing higher
rate OF interest than A. per cent. per an-
nun, and on the bonds so redeemed the
Secretary OF the Treasury may allow to
the holders the difference between the
interes; Oh such bonds from the date OF
exchange to the time OF their maturity,
and interest for the ike period on bonds
as Treasury notes issued, and bonds so
received and exchanged, in pursuance
of the provisions this act shall be can
celled and destroyed, but none OF the
provisions OF this act shall apply to the
redemption or exchange OF any Of the
bonds issued 10 the Pacific Railroad
Companies.
SEC. ). The Secretary OF the Treasury
is hereby authorized and directed TO
make suitable rule and regulations to
carry this act into effect, and the ex-
pense OF preparing, issuing, advertising
and dispOsing OF the bombs and treasury
notes authorized to be issued shall not
exceed one-hali OF one per centum.
SEC. The Secretary Of the Treasury
is hereby authorized, II in his opinion it
shall become necessary. tn use tempo
rarily not exceeding 500, 900 900 of stand
ard gold and silver in the Treasury in
the redemption OF the 3 and 6 per cent.
bonds OF the United States, authorized
10 be refunded by the provisions OF this
act, which shall iron time 10 time be
repaid and replaced out oi the proceeds
OF the sale OF the bonds and treasury
notes authorized by this act, and he may
at any time apply the surplus money IN
the Treasury not otherwise appropriat-
ed, or so much thereof as he may con-
slider proper, to the purchase or re-
demption OF thu United Stltes bonds or