River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1881-01-27
III NDING BILL.

WASHINGTON, Jan. 1S.-The follow
ing is full text of the funding bill
agreed to in tie committee of the
whole, and reported to the house:
4 bill to facilitate the refunding of the raton-
al debt:
BE it enacted by the senate and house Of repre-
sentatiycs of the United States of America, in con
gress assembled that all existing provisions Of Law
authorizing the refuuding Of the national
debt shall apply to any bond of the United States
bearing higher rate of interest than - per
cent. per antlum, which may hereafter become
deemable; provided, that in lieu of the
bonds authorized to be issued by the net of July
IT, 1870, entitled An act TO authorize the refund
ing Of national debt and acts amenda.ory there
TO- and certificates authorized bv the act of Feb.
26 entitled An act to authorize the issue of GER
tificates of deposits in and of the refunding Of
the public debt the secretary of the treasury is
hereby authorized to issue bonds in an amount not
exceeding $500 0O0 600, which shall bear interest
at tho rate of ) per cent. per annum redeemabe
ut the pleasure Of the United States after
five years and payable in ten years from date OF
issue and also certificates in the amount of $500,
600 900 in denomination of 10, 20, and % dollars
either registered or coopon, bearing interest at
the rate OF per cent. per annum, redeemabie at
the pleasure of the United States after one
wear from date. The bonds and certificates shall
be in all other respects of like character and sub
ject to the same provisions the bonds authoriZ-
ed to be issued by the act of July II,
1870 entitled AN act to authorize
the refunding OF the national debt, and
acts amendatory thereto; providing that nothing
in this act shall be so construed to authorize the
increase of the public debit and provided, further,
that the interest upon SIX per cent bonds, hereby
authorized to be refunded shall at the eXpi-
ration of thirty days after notice that the same
have been designated by the secretary OF the trea-
sury for redemption
See . The secretary Of the treasury is hereby
authorized in process of refunding the debt. to
exchange at not less than par any bonds or Ger
tifcates therein authorized for any bonds OF the
United States outstanding and uncalled, bearing
a higher rate Of interest than Z per cent. per
annum; and on bonds redeemed the secretary
Of the treasury may allow TO holders the differ
ence between the interest on such bonds from date
Of exchange 10 time of maturity, and interest tor
a like period on bonds certificates issued but
none Of the provisions Of this act shall apply 10
the redemption or exchange Of any Of the bonds
issued to the Pacific railroad companies; and
bonds So received and exchanged in pursuance Of
the provision of this act shall be Cancelled and de-
stroyed.
See. 3. Authority to issue bonds and certificates
to any amount necessary to carry out the proyis-
ions Of this act is hereby granted and the secre-
tarv of the treasury is hereby authorized and d.
rected 10 make suitable rules and regulations to
carry this act into effect provided, that the ex-
penses of preparing issuing. advertising and dis
posing of bonds and certificates authorized to be
Issued, shall not exceed one fourth Of one per
cent.
See 4. That the secretary of the treasury Is
hereby Authorized TO not exceeding 800 ,ouO 200
Of the standard gold and silver coin IN the treas
ury in 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 az ne
may consider proper, to the purchase or redemp-
ton Of United States bonds or certificates; pro-
vided that bonds ard certificates so purchased or
redeemed shall constitute part Of the sinking
fund, but shall be Cancelled.
i See. 3. From and after the first day Of May,
1881. the per cent. bonds authorized by the first
section of this act shall be the only bonds receiva-
bic security for national bank circulation, Or as
security for the safe keeping and prompt pay
ment 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