New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-02-19
TEXT OF THE BILL.

\
| WASHINGTON, Feb. 19.-FIllowing is tho full
text Of the Funding bill passed by the Senate to-
! day:
an Act TO facilitate the Refada9 Of the National Debt
! Be il enacted by the senate and House Of Il D.
| reSentatves Oi the United states OF Az erica IN
Congress assembled That all Is Ing provisions OF
law authorizing the retuUdng OF IN" National debt
shall apply to auy 6nlds Of tJe United STATES o'ar-
| ing higher rate o! interest thau 4I2 Cer trnium
per annum which may hereIIter become r",lch,"@-
| be provided, that III lieu of the bonds aut0tz ii
! to I've issued by the Act Of July IA. loGO. er'lie'i
"Au Act to authorize tie Rounding OF TIE National
| debt" and the acts amcndL;OrY thereto and mo
| ce' fcates au hCrzed by the Act of February ~,
1879, entitled. " All Act to rhOrlze the ISSUE Of
cert 6cctos of deposit IN aid Of ttt Trfnnning Of
the puhuc deOt the Secretary OF the treasury IL
| here Dy authorized TO issne bonds 10 an amonnt not
ex eedng $4OO000 900 OF demon H.. lions OF 800 or
sone muipe Ot thai sum, which shall OeGr interest
at The rate OF 8 per centnm per annum C1yaolo
semi-annuallv. redeenable at tne pleasure OF Tie
Unltd States af,er five years dni PAYABLE twenty
{eas a. from ue ,os u 'o9uS f's $500 6 58 DsTS ~
nomna ions of 81 or some multiple
at 1aie net exceeding pei c"ntnu pay--
abb semi.annually. rcdermnle at me pleasure Jl
the United States after OF G N'a aud phYabi" IN zen
wears from The Gd'c of issu"; ahd no llelrlfE more
Of "A less dcn0mlnfllOn than$l0p shall be clislc d.
The bonds and ttca.prv notes sud be- IN AL oth"r
respects of like character aud sulrct 90 the Hi"e
| provisions as the bonds author zed to he l.sIl-d
| by the Act ot July II, 1870. cuti'i"d An Act TO
author rpt'n ing -: ~ Ndilodl 'lt' mn
| acts amcndatoIy thereto; provided th4t notnh@ III
fhI. act shall be Construed an t " M N
creasc Of he putc debt: provided urihri tIiil M
q rest unou the ,iX per con. bpds hrreoN amino Z-u
10 be refunded Gi tll crai" at III" IDTdtl"h ol t'S
days after p,iU!cauci 0I notice that tr sane haY'
reu lesiga cd by tie Srcle,a at the icasnrN Tor
redenp ion. Il snail ~ thcddtv OF IN" Secretary 81
the Treasury rnGcr sucn nes and regulations - ho
NAV prcsciibr. 70 authorize public sub'cnptlonS at
not lr,s than par br rcceIvcd at all d"posiofta "t
t1p Imtsd State a"r At all National hanNE and -hcn
other banks he may Designate Ior tlIr Dohd. ll
for he ire''uiy noie' hrr"'n proPidru Inr, o ''S
davs before c shall cU::tract for or award any ppr-
ton OF SAID hOnds or treasury notes To any Syhdicl
| of iudividuas bankers, or otherwise thal nhler
such puulIc subscT ptiOns: and II II shali happen
In1t more tnuI the entire l;u,Int of laid bonds aI
Treasury nnteo o. cIther OF them. has Deci sup-
scrlbru W thIn saId thirty davs. he shall award the
fu amount SUBS rIboi 70 ali persons wac snail nave
| made bona tde subscrptIoGs l0r lho sum oi
So 900 or loss, at RACES most advantageous 7" me
| United State aud the iesIiue rataDiS am ne
.ul8crIrIs I proportion 10 tIC amount ny tIen re-
sprc.,vey subscr6 bed at rates Js' advantageous 10
The United States.
Sgr2 2 The secret ary 0f the Treasury is hereby
auiuOr,Z Il, III the process ot Tefindlng
the Na ional debt, 10 exchange at "0t less THAI
mar any Of the bonds or iIcasurY n0i > hofu,
authorzei Tor any o. u.o n,'n % or tn" nm,c" er
rate of interest tnan 4l2 ger ccntum per aEnnn; /;
aud on the nOllds redeemed the 'ecrctary 0 the
treasury may allow the 10 c holders the dhl fehce
| between the interest sucn bonds from tnc datc
ut exchange to he I'M, OF their nIatnrltY and the
interest for Iiko p-rIod on the h0nds or Treasury
| notes issued; aad the bOuds 80 re- e,veh and rx
changed III pursuance Oi the PROVISIONS of tnis act
| shal @ cancelled AID destroyed. Bat noIe OF the
provisI0ns Of this act shall apply to tIe resumption
Uf any of the bonds ISSUED to tue PacIhc
| RAILWAY cOhlpdulFs.
| SEC g. lhe Secretary of tho TIE lsnry is hereby
authorized ana directed to make suitable rnreI an
regulations to cary tins act INTO effect ard tdc
expense Of prtpalng issuing, advertising add I'll 8
! psIng of the bonds and Treasury notes authOrz"d
4 10 be issu,d shall not exceed One-hLn 0l l per
| centum
| SIC A. The Secretary Of the Treasury is Ieroby
author zed If III hls opinion u s9ll bec0he nere :
,ary, 10 Use temporarily no exccedhng $JooOo'o"O
ut the standard god and silver COIN ~ tue Treasury
IN the reuemp, ION OF the five Dd s1 per cent JOhi5
of he Uni. I'd = ateS authOrzed 10 40 refunded by
The provisuns of this act whlch shall from time to
time he REPAID and replaced out of tho prOceedh OF
the sale o the bonds or Treasury notes authorized
bv tlis act, and lie NAV NJ any tune dppy tine sur
plus mOaey in the Treasury not OiherwIse aDpi 0prl
| a,rd, or 50 much thereof IN no may consider DrOp'r
| T., the purchase or rrdenp ION OF United states
| bonds or lreasury notes auth hor zed by thls act
Provided, that tue bOuds aud Ire .sdIy notes 81
purchased redeemed sudil constitute no part oi
Inc Sinking Fund, but ohdil be Cancelled.
s. c. g. FrUm and after the irsG day OF July. 1881,
tie tnree per centuuu bonds authorized ny the Ht
| section Of THIS act shall be cue only bonds re-
cbivabe as security fUr National bank circulation,
or ~ security for the sale ke|phR aud prompt pa
| mont uf the public money depOsI.e" w'h such
banks; but when any snch Hnnds Iep'altrd Ior ,ne
| or redemption by tue earY ~ th6 Treasury,
the banking association depOsing tue SANE sndll
hnv, Line rgnt tO su ,stltue OtDer Issufs OF the
hands of he Uuited states III lieu thereof; provided
that no ponds upon which interest has ceased slaI
| lie accepteu or suall "e continued Oh deposit as
sacIr, for olrculatlO or Tor tho safe kerphB ct
I'm. nu6lic nouey aud IN case bonds so drpos'Iod
shall no, be withdrawn, ~ pr"vided by law wlChn
thirty days after interest has ceased theIe"h me
h,ukIup association uCDO5ltinR Jnt same Shall pe
I,niect TO the liabilities and proceedings Oh tne
Uart Of tue Controller, provided t,r III section o. 3l
~ te Rsyisei sta. .utrs Of the United Sta o. Ana
orov,d,.n ur her JuAt Of the Act OF June
20. 1874. emitted An Act hAng tue anonnt Oh
Uu,ten states notes, pI''vidng Tor redistribution
of the N1tlOnAl bauR currency, anu IOf othcr phr-
noses be- aud the saiue ~ hereby repeated; ahd
sections 100 AID 6.10O Of the heyised Statues OIL
tns Uulteu States bc, and Che same are hereoy 4d
SEc g. That the. payment of any OF the bonds
henhv antburlged n Ter the expiration OF I'VE years
shall 10 mude amounts " DC ueleilniheu .'el S