The People's vindicator. [volume] (Natchitoches, La.) 1874-1883, 1881-02-12
The House Funding Hill.
WASHINGTON, January 10.

FOLLOWING Is the full text of the Funding
bill as finally passed by the House to-day:
sEcTl0N1. BE it enacted, etc. That al! ex.
listing provisions Of the law authorizing the re-
funding OF the National debt shall apply to
any bonds Of the United States bearing high.
or rate OF interest than ~ per cent. PER annum
which may hereafter become rcdcemable; pro.
vidcd that, In lieu Of the bonds authorized to
he issued by the act of July Il, 1870, entitled
IAN act to authorize tho refunding of the
National debt" and acts amendatory there
to, and the certificates authorized BY the
act of February 20, 1879, entitled IAN act to
authorize the issue of certificates of de-
post In aid of the refInding of tho
publicdcbt," hcSecretary of the Treasury is
hereby authorized to issue bonds in an amount
not exceeding $500 00O,O1O, which shall bear in.
terest at the rate Of three per cent. per an.
mum. redcemable ut the pleasure Of the
United States after five years, and payable
ten years from date OF issue. and also certli.
Gates to the amount of $500, 100000, in Genomi-
nations Of $40, $50 or $50, either registered or
coupon, bearing interest at the rate of three
per cent, per annum, redeemab!c at the pleas
ure of the United States after one year, and
payable IN ten years from date. The bonds
and certificates Shall be in all other respects OF
like character, and subject to the same provis.
ions as the bonds authorized to be issued
by tho act of July II, lS7O, entitled IAN
act to authorize tho, rcfunding of the
National debt" aud acts Gnendstory thereto;
provided, that nothing III this act shall he so
construed as to authorize an increase of the
public debt; AMI provided. further, that in
terest upon the siA-per-cent. bonds hereby au.
thorized to be refunded shall cease at the
expiration Of thirty days after notice that tho
same have been designated by the Secretary
of the Treasury for redemption: q
SEC. 2. The Secretary Of the Treasury is
hereby authorized, in process os refunding the
National debt, to exchange, at not less than
par, any bonds or certificates herein author
lied for any Of the bonds of the United States
outstanding and uncalted bearing 1 higher
rate Of interestthan AZ per cent. per auntsn,
and on bonds 20 redeemed the Secretary IL the
Treasury may allow to holders the difference
between the interest on such bonds from the
date of exchange to the time OF maturity, and
the interest for like period on the bonds or
certificates issued; but none Of the provisions
of this act shall apply to the redemption or
exchange Of any Of tho bond, issued to the
Pacific Railway Companies, and the bonds 80
received and EXCHANGED III pursuance of the
provisions OF this act shall be Cancelled and
destroyed.
Sec. 3. Authority to raise bonds and certia.
Gates to the amount necessary to carry out the
provisions of this act Is hereby granted, and
the Secretary Of the Treasury is hereby au.
thorized and directed to make suitable rules
and regulations to carry this act into effect:
provided, that the expenses of preparing, issu.
ing, advertising and disposing of the bonds
and certificates authorized to he issued shall
not exceed one-fourth Of one percent
sso. 4 That ne Secretary of the Treasury Il
hereby authorized IT in bis opinion it shall BIZ.
come necessary, to use not exceeding $4,000.
0cO Vt the standard gold and silver coin in the
Treasury in the redemption of tho five and six.
percent. bonds Of the United States, authorized
to be refunded BY the provisions of this net,
and he may, at any time, apply the surplus
money in tho Treasury, not otherwise sppro.
prtated, or 20 much thereof 40 he may conside.
proper, to the purchase or redemption Of
United Ststos bopds Of certificates; provided
that the bonds and certificates 60 purchased
OF redeemed shall constitute no part of the
Sinking fund, but shall be Cancelled.
SIC. S. From aud after the first day Of May.
1851, the thvee-per-cent. bonds authorized by
the first section of this act shall be the only
bonds receivable as security for National. bank
circulation. Oras security for the safe-keep.
ing and prompt payment of public money d ,.
posted with such banks: but when any such
bonds deposited for the purpose aforesaid
sa N I've designated for purchase or rcdemp.
ton by the Secretary Ut the. Treasury, the
banking association depositing the same shall
have the riRlit to substitute other Issues Of
bonds Of tho United Stases IN lien thereof:
provided, that no bond upon which interest
has ceasei shall be accepted cr shall he contin.
ued on deposit ~ security tor the circulation
OF for the safe-keep!ns Of the public money +;
and IN ease tue bonds 80 deposited shall not be
withdrawn, as pr,vldel b. law, within thirty
days after interest has ceased thereon, the
banking association depos sting the same shall
be subject to the liabilities and prOcc .dings
ON the part OF tho Comptroller provide for in
Sec. 5,2s4t of tho Revised Stat,ltesof thu United
States; and provided, further, that SIC. Of
the act Of June 20, 1874, entitled IAN act fixing
the amount Of United States notes, providing
for redistribution Of the National Bank cur
rency and for other purposcs." be, ind the
same y. thereby, repealed, and Secs. $3.50 and
6,lo0 Of the Revised Statutes OF the United
States be, and the Same are hereby, re-en.
acted. %tts1 r. 5lfI1aTGa 7o5 4.
SEC. q That this ct shall be known % "The
Funding Act Of 1881" and al acts and parts Of
acts inconsistent with this act are hereby n.
pealed. fs !.
A WIsHBoNE-
He held one side and she the other;
What did he wish? lcould not tell;
He pulled. she pulled, and then her mother
Came In: perchance twas Just as well.
4 BosroN merchant predicts q year
of cheap coffee.