Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1881-03-16
THREE PER CENTS.
THE FUNDING BILL AS 1T HAS
PASSED.
TEXT OF THE NEW MEASURE AS FINALLY
ADOPTED by BOTH BRANCHES OF
CONGRESS AND READY FOR THE
ACTION OF THE PRESIDENT
--Low.RATE BONDS.
THREE PER CENTS.


debt shall apply to any bonds OF the
United States bearing higher rate of
interest than four and-a.half per cent
um per annum which may hereafter
become redeemable provided, that in
lieu of the bonds authorized TO be is.
sued by the act Of July II, 1870, enti.
tied "An act to authorize the refund
ing of the national debt" and the acts
amendatory thereto, and the certif.
Gates authorized by the act Of Februa.
ry 26, 1879, entitled "An act to au.
thorize the issue OF certificates Of de-
posit in aid of the refunding OF the
public debt" the Secretary of the
Treasury Is hereby authorized to issue
bonds TO an amount not exceeding
four hundred million dollars, of de.
nominations of fifty dollars, or some
multiple of that sum, which shall bear
interest at the rate OF three per oentum
per annum, payable semi.annually, re-
decmable at the pleasure Of the United
States after five years and payable
twenty years from date, and also
Treasury notes to an amount not ex-
cceding three hundred million dollars
in denominations Of ten dollars, or
some multiple of that sum, not exceed
ing one thousand dollars either regis
tered or coupon, bearing interest at
rate not exceeding three per centum per
annum, payable Hemiannually, re.
deemable at the pleasure OF the United
States after one yoar and payable in
ten years from the date of issue; and
no Treasury note Of less denomina.
tion than one hundred dollars shall be
registered. The bonds aud their notes
shall be in all other respects Of like
character and subject to The provisions
as the bonds authorized to be issued
by the act OF July II, 1870, entitled
"An act to authorize the refunding of
the national debt" and acts amenda.
tory thereto; provided, that nothing
in this act shall be so constructed as
TO authorize an increase of the public
debt; provided, further, that interest
upon the six per cent bonds hereby
authorized to be refunded shall cease
at the expiration of thirty days after
publication Of notice that the same
have been designated by the Secretary
of the Treasury for redemption. II
shall be the duty Of the Secretary of
the Treasury, under such rules and
regulations as he may prescribe, to
authorize public subscriptions at not
less than par, to be received at all de-
positories of the United States and at
all national and such other banks as
he may designate for the bonds and
for the Treasury notes herein provided
for, for thirty days before he shall
contract for or award any portion of
said bonds or Treasury notes to any
syndicate Of individuals or bankers or
otherwise than under such public sub.
scriptions; and if it shall happen that
more than the entire amount of said
bonds and Treasury notes, or Of either
Of them, has been subscribed within
said thirty days, he shall award the
full amount subscribed TO all persons
who shall have made bona fde sub.
scriptions for the sum of 81, 900 or less
at rates most advantageous to the Uni
ted States, and the residue ratably
among the subscribers in proportion
to the amount by them respectively
subscribed, at rates most advantageous
to the United States
See. 2. The Secretary of the Treas.
ury is hereby authorized, in the pro.
cess of refundng the national debt,
to exchange at not less than par
any of the bonds or their notes herein
authorized for any of the bonds of the
United States outstanding and uncalled
bearing a higher rate of interest than
four d.ahalf per centum per annum;
and on bonds so redeemed the Secre.
! tary of the Treasury may allow TO the
holders the difference between the in.
terest on such bonds from the date of
exchange to the time Of their maturity,
and the interest Of q like period on the
bonds or Treasury notes issued, and
the bonds so received and exchanged
in pursuance of the provisions of this
act shall be cancelled and destroyed /;
but none Of the provisions OF this act
shall apply to the redemption or ex.
change Of any of the bonds issued to
the Pacific railway companies,
Sec. 3. The Secretary of the Treas.
ury is hereby authorized and directed
to make suitable rules and regulations
to carry this act into effect, and the
expense of preparing, issuing, adver.
tising and disposing OF the bonds and
their notes authorized TO be issued,
shall not exceed onehalf Of one per
contum.
Sec. 4. That the Secretary of the
Treasury is hereby authorized, II in
his opinion il shall become necessary,
to use temporarily not exceeding fifty
million dollars of the standard gold
aud silver coin in the Treasury De.
partment for the five and six per cent
bonds of the United States authorized
to be refunded by the provisions OF
this act, which shall from time TO
time be repaid and replaced out of the
proceeds Of the sale Of the bonds or
Treasury notes authorized by this act,
and he may at any time apply the
surplus money in the Treasury not
otherwise appropriated, or 50 much
thereof as he may consider proper, TO
the purchase or redemption OF United
States bonds or their notes authorized
by this act provided that tho bonds
and Treasury notes so purchased or
redeemed shall constitute no part OF
the sinking fund, but shall bo cancelled.
Sec 8. From and after the first
day of July, 1881, the three per centum
bonds authorized by the first section
of this act shall be the only bonds re
oeivable as security for national bank
circulation, or as security for the safe.
keeping and prompt payment Of the
public money deposited with such
banks but when any such bonds de-
posted for the purpose aforesaid shall
be designated for purchase or redemp.
tion by the Secretary of the Treasury
the banking association depositing the
same shall have the right to substi-
tute other issues Of tho bonds Of the
United States in lieu thereof provided,
that no bond upon which interest has
ceased shall be accepted, or shall be
continued on deposit as security for
circulation or for the safe keeping Of
tho public money and in case bonds
so deposited shall not be withdrawn,
as provided by law, within thirty days
after interest has ceased thereon, the
banking association depositing the
same shall be subject 70 the liabilities