Southern standard. (McMinnville, Tenn.) 1879-current, 1881-01-29
The Funding BiiL
WASHINGTON. January 10.

The Funding Biii.
WASHINGTON, January 10.
FOLLOWING Is the full text Of the Funding
bill as finally passed by the House to-day:
SECTION /. BE it enacted, etc. That all ex'
listing provisions Of the law authorizing the re-
funding of the National debt shall apply to
any bonds of the United States bearing high
er rate of interest than41i per cent. per annum
which may hereafter become redeemable; pro-
vided that, in lieu of the bonds authorized to
be issued by the act Of July IA, 1870, entitled
IAN act to authorize the refundng of the
National debt" and acts amendatory there
to- and the certificates authorized by the
act of February 20, 1879, entitled IAN act to
authorize tho issue OF certificates of de-
post 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 Si0O0D,0D, which shall bear in
terest at the rate of three per cent. per an
nun, redeemable at the pleasure of the
United States after five years, and payable
ten years from date Of issue, and also certih-
Gates to the amount of $500, 100000 in denomi-
nations of $40, $50 or $50, either registered or
coupon, bearing interest at the rate of three
per cent. per annum, redeemable mt the pleas
ure 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 provis-
Ions as the bonds authorized to be issued
by the act of July IA, 1870, entitled An
act to authorize the refunding of the
National debt" and acts amendatory thereto;
provided, that nothing in this act shall be so
construed rs to authorize an increase of the
public debt; and provided further, that in
terest upon the six-per-cent bonds hereby au-
thorized to be refunded shall cease Mt the
expiration of thirty days after notice that the
same have been designated by the Secretary
of the Treasury for redemption.
SEC. 2. The Secretary of the Treasury ID
hereby authorized, In process of refunding the
National debt, to exchange, at not less than
par any bonds or certificates herein author
| lied for any of the bonds of the United States
outstanding and uncalled bearing a 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 difference
between the interest on such bonds from the
date of exchange to the time of maturity, and
the interest for like period on the bonds or
! certificates issued; but none of the provisions
! of this act shall apply to the redemption or
exchange of any of the bonds issued to the
| Pacific Railway Companies and the bonds so
! received and exchanged in pursuance of the
! provisions of this not shall be Cancelled and
destroyed.
SEC 3. Authority to raise bonds and certla-
Gates to the amount necessary to carry out the
provisions of this act is hereby granted, and
the Secretary of the Treasury is hereby au-
thorized and directed to make suitable rules
and regulations to carry this act into effect
provided, that the expenses Of preparing, issu-
! ing, advertising and disp0sing of the bonds
and certificates authorized to be issued shall
not exceed one-fourth of one per cent.
SEC. 4. That the Secretary of the Treasury is
hereby authorized, II in his opinion it shall be-
come necessary, to use not exceeding S50,0O0,-
coo Of the standard gold and silver coin in the
Treasury in the redemption of the FIVE and six.
percent bonds of the United States, authorized
l to be refunded by the provisions of this net,
and he may, at any time, apply the surplus
money In the Treasury, not otherwise appro
priated, or so much thereofa as he may consider
proper, to the purchase or redemption OF
United States bonds or certificates; provided
that the bonds and certificates so purchased
or redeemed shall constitute no part of the
Sinking fund.- but shall be Cancelled.
SEC. S. From and after the first day of May
1881, the three-per-cent. bonds authorized by
the first section of this act shall be the only
bonds receivable as security for National-banl
circulation, or as security for the safe-keep
ing and prompt payment of public money de
posted with such banks; but when any -suci
bonds deposited for the purpose aforesaid
shall be designated for purchase or Tedemp
ton by the Secretary of the Treasury, thu
banking association depositing the same shall
have the right to substitute other issues O
bonds of the United States in lieu thereof
provided, that no bond upon which interes
has ceased shall be accepted or shall be contin
ued 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 b.
withdrawn, as provided by law, within thirt!
days after interest has ceased thereon, tn
banking association depositing the same shal
be subject to the liabilities and proceeding
on the part of the Comptroller provided for II
Sec 5,2H of the Revised Statutes of the Unite
States; and provided, further, that Sec. 4 o
the act of June 20, 1874, entitled IAN act fixin
the amount of United States notes, providn
for a redistribution of the National Bank cur
: rency and for other purposes" be, and tn
same is hereby, repealed, and Secs. $3.50 an
/ 5l60 of the Revised Statutes of the Unite
States be, and the same are hereby, re-en
acted.
SEC. @. That this act shall pe known as 9Th
Funding Act of 1884," and all acts and parts o
, acts inconsistent with this act are hereby RI
pealed.
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