The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1881-01-28
THE FUNDING BILL,
Full Text Of the Funding Bill as IL
Passed the House of Representa-
tSvaS

The FUNDING BILL.
Full Text Of the Funding Bill as IL
Passed the House of Representa-.
tives.
A BILL to facilitate the refunding of the ma
tional debt
SECTION /. Be II 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 the national debt shall
apply to any bonds of the United
States bearing higher rate Of interest
than ~ per cent. per annum which may
hereafter become redeemable provided that
In lieu of the bonds authorized to be issued BY
the act of July A. 1870. entitled SAN act to au-
thori1e refunding OF the national debt" and
acts amendatOTy thereto, and the certificates
authorized by the act of Feb 26, 1879 entitled
An act to authorize the issue of certificates of
deposit IN aid OF the refunding of the public
debt, the Secretary OF the Treasury is
hereby authorized to issue bonds in
an amount not exceeding $500, 000,O
which shall bear interest at the rate of 8 per
cent per ann1n, redeemabe at the pleasure
OF the United States after five years, and pay
able ten years from date of issue and also GER
tihcates to the amount of $780, 0OO. 900. in de-
nominations of $40, $50, or $50, either regis
tered or coupon, bearing interest at the rate
OF per cent. per annuml, redeemable at
the pleasure 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 provisions as the bonds
authorized to be issued by the act of July a.
1870, entitled "An act to authorize the re-
funding Of the national debt" and acts amend
atory thereto; provided, that nothing in this
act shall be SO construed as to authorize an
increase of the public debt and pro-
vided, further, that interest upon the
6-per-cent. bonds hereby authorized to
be refunded shall cease at the expiration of
thirty days after notice that the same have
been designated by the Secretary of the Treas
ury for redemption
Sec. 2. The Secretary of the Treasury is
hereby authorized, in process OF refunding the
national debt to exchange, at not less than
par, any bonds or certificates herein authorized
for any of the bonds of the United States out
standing and uncalled bearing higher rate of
interest than AZ per cent. per annum, and on
bonds SO redeemed the Secretary of the
Treasury may allow to holders the diff
ference between the interest on such bends
from the date Of exchange to the time of ma
turity and the interest for like period on the
bonds or certificates issued, but none of the
provisions OF this act shall apply to the re-
demption or exchange of any of the bonds is
sued to the Pacific Railway Companies, and the
bonds SO received and exchanged in pursuance
of the provisions of this act shall be Cancelled
AMI destroyed.
SEC. 8. Authority to raise bonds and cert1-
hcates to the amount necessary to carry out the
provisions of the act is hereby granted. and the
Secretary OF the Treasury is hereby authorized
and directed TO make suitable rules and regrl-
lations to carry this act into effect provided,
that the expenses of preparing, issuing adver-
tisang and disposing of the bonds and certif-
Gates authorized to be issued shall not exceed
onefourth Of per cent.
SEC. 4. That the Secretary of the Treasury
is hereby authorized, if in his opinion it shall
become necessary, to use $50,000,000 of the
standard gold and silver in the treasury in the
redemption of the and 6-per-cent. bonds of the
United States authorized to be refunded by the
provisions of this act, and he may, at any
time, apply the surplus money in the treasury,
not otherwise appropriated. or so much thereof
as he may consider proper, to the purchase or
redemption of United States bonds or certifi-
Gates provided that the bonds and certificates
SO purchased or redeemed shall constitute no
part of the sinking fund but shall be Cancelled.
Sec. 5. From and after the 1st day of May,
1881, the 3-per-cent. bonds authorized by the
first section of this act shall be the only bond
receivable as security for national-bank circu-
lation, or as security for the safe-keeping and
prompt payment of public money deposited
with such banks but when 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 in
lieu thereof; provided, that no bond upon
which interest has ceased shall be accepted or
shall be continued on deposit as security
for the circulation or for the safe-keeping
Of the public money, and in case
the 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 to the liabilities and proceedings on
the part of the Comptroller provided for in sec
ton 5, 244 of the Revised Statutes of the United
States and provided, further, that section of
the act of June 20, 1874, emitted San act fixing
the amount of Uuited States notes, providing for
redistribution of the national-bank currency,
and for other purposes" be, and the same is
hereby, repealed, and sections 5,159 and $3.50
of the Revised Statutes of the United States be,
and the same is hereby, re-enacted.
Sec. 6. That this act shall be known as THE
Funding Act of 1884," and all acts and parts of
acts inconsistent with this act are hereby re-
pealed