The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1881-12-15
TELEGR.APHIC
REDEMPTION.
RandaIl's Bill for RefnndiDR
the National Debt.

ING NHCAOH4A O6OBa
Washington, 13.-Randall, on Friday
next will introduce bill to redeem and
refund portion of the funded debt of the
United States.
Section /. The secretary of the treasury
is directed to retain in lawful money
and bullion:an reserve equal in amount to
30 per cent. Of the aggregate amount Of
liabilities due and unpaid, with the ex-
ception Of gold certificates, silver certii-
Gates and certificates Of deposit. This
will not interfere with sections of the Re-
yised Statutes governing this matter.
In addition, the secretary of the treasury
shall retain in the treasury in lawful
money and bullion reserve equal 10 the
amount Of 80 per cent. OF the aggre-
gate amount of United States
notes in circulation. Fractional silver
coin and minor coin in the treasury shall
not be counted in the reserve as lawful
money in the treasury. All lawful money
and gold bullion, when coined in excess
OF the amount of the reserve herein re-
quire1. shall be applied to the redemp-
ton OF continued Is. Particular bones
will be redeemed as designated by the
treasury department, and bonds so des-
ienated shall cease to bear interest after
the expiration Of sixty days from the
publication OF the notice. Whenever
the whole Of said bonds shall be called in
for redemption and surplus, and there
after existing or accrulng in the treas
ury, they shall be applied to the redemp-
ton of continued IS on ninety days no.
tice; or any such surplus may, 10 the
discretion of the secretary OF the treas
ury, be applied to the purchase of any
Understanding bonds of the United
States.
Section 2 directs the secretary Of the
treasury to issue coupon registered
bonds Of the United States 10 denomina-
tons of $50 and multiple thereof, redeem
able on the pleasure Of the United States
after FIVE years, and payable twenty
years from date Of their issue, bearing
interest at per cent. quarterly or semi
annually, in direct and even exchange,
dollar for dollar, for the continued IS
known as BIS. Four months time being
given on these bonds. These 3per cents.
ehsll not be taxable for any purpose.
Sec. 3. After the expiration of four
months from the date Of the passage of
this act the secretary of the treasury may
offer for sale, by public proposal, and
sell to the highest bidders, under such
rules ard re>RlA:ions as he msy pre-
scribe. but at not less than Par and &C.
ciued interest, sucn an amount Of per
cent bonds as mry be necessary, in sd-
diuon 10 any surplus money applicable
to this purpose then st his disposal, to
provide for the redemption of any SIS
which shall rot have been previously re
deemed or exchanged, and shall apply
the proceeds Of such sales to the redemp-
ton ofsueh outstanding 81 bonds, under
the conditions prescribed in section one,
and whenever all said bonds shall have
been extinguished by exchange or re-
dempiion, or their redemption shall have
been fully provided for, all authority for
the issue Of bonds under this act shall
cesse.
Sec. 4 provides that no bonds upon
which interest has ceased shall be ac-
copied or continued on deposit as security
for the circulation of national banks and
for the safe keeping Of public money land
in case the bonds so described shall not
be withdrawn within thirty days after
the interest has ceased, and after due
notice FROM the comptroller of currency,
any banking association depositing the
same shall Be subject to liability therefor.
Section 52s4 Of the Revised Statutes il
so amended e. to provide for national
banks intending to withdraw the whole
or any part of bonds upon which interest
has not been ceased, held by the treasurer
Of the United States to secure their circu-
lating notes, and to deposit lawful money
in lieu thereof for the purpose of retiring
or redeeming their circulation, shall be
required to give ninety days notice of
such intention. It reenacts sections 5159
and $3.50, but provides that nothing con-
tanned Ia this act shall be construed to
repeal or IN any manner affect existing
provisions in the law respecting national
banks in process of liquidation.
Sec. provides that payment of any of
the bonds hereby authorized, after the
expiration Of five years. may be made in
amounts to be determined by the secre-
tary Of the treasury, in conformity, how
ever, with any laws which may then
exist regulating the disposition Of the
surplus revenues, operations of the
sinking fund, or the amount of reserve to
be retained In the treasury. The secra-
Lsry shall give public notice of the time
Of redemption, and interest on bonds so
selected shall cease at the expiration of
ninety days from the publication Of such
notice, provided the secretary Of the
treasury may, in lieu of giving such pre-
Fious notice, offer to purchase any of
she bonds 1t price not exceeding the
amount which would be due sud payable
FOR the bonds called In for redemption.
Section 6 authorizes the secretary of
he treasury to coin the geld bullion in
the treasury into double eagles so far as
may be necessary to execute the provi-
,ioDs of this act.
Section 7. Nothing in this act shall
be construed as authorizing any increase
IN the public debt, and repeats all acts
inconsistent with the provisions of this
act.