The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1881-04-07
The Funding Bill as 1t Passed tho
Senate.
WASHINGTON, Fabrnarx

The Funding Bill as It Passed tho
| Senate.
! WASHINGTON, February 10.
| FOLLOWING is the text of the Fund.-
ing bill as it passed the Senate to-day.
AN ACT to facilitate the refundine Of the
| National debt:
| SECTION l. Be Il enacted, etc., That all exist
ing provisions of the law authorizing the re-
funding of the National debt shall apply to any
bonds Of the United States bearing higher
rate Of interest than ~ per centum per annum
which may hereafter become redeemable;
| provided, that, in lieu of the bonds authorized
to be issued by the act of July IA, 1880, entitled
! IAN act to authorize the refunding of the Ma
tional debit" and acts amendatory thereto,
I and the certificates authorized by the act Of
February %, 1873, entitled IAN act to author
lie the issue of certificates Of deposit in aid Of
refunding the public debt, the Secretary OF the
Treasury is hereby authorized to issue bonds
TO an amount not exceeding $4OO, OOO, 900 in de.
nominations of $50, or some multiple of that
sum, which shall bear interest at the rate Of
three per cent. per annum, payable semi-au-
nually ,redeemable at the pleasure of theUnited
States after five years. and payable in twenty
years from the date of issue; and also Treas
ury notes to an amount not exceeding $780,
100000, in denominations Of $10 or some null
| tiple of that sum not exceeding $l,OOO either
registered or coupon, bearing interest at d
rate not exceeding three per cent, payable
semi-annually, redeemable at the pleasure OF
the United States after one year. and payable
In ten years from the date of issue: and no
Treasury note of less denomination than 500
shall be registered. The bonds and Treasury
notes shall be, in all other respects, of like
character and subject to the same provision
a. the bonds authorized to be issued by the
act of July IA, 1881, entitled IAN act to author
lie the refunding Of the National debt" and
acts amendatory thereto; provided that moth
ing in this act shall be SO construed as to AID
thorize an increase of the public debt; pro-
vided, further, that interest upon the six-per-
cent. bonds hereby authorized to be refunded
shall cease at the expiration of thirty days
after publication Of notice that the same
has been designated BY the Secretary of
the Treasury for redemption. It shall be the
duty of the Secretary of the Treasury, under
such rules and regulations as he may pre.
scribe, to authorize public subscriptions at not
less than par, to be received at all repositories
of the United States, and at all National
Banks, and such other banks as re may desiQ-
nate, for the bonds and Treasury notes here,s
provided for, for thirty days before he shall
contract for or award any portion of said bonds
or Treasury notes to any syndicate, or indi-
viduals, or bankers, or otherwise than Under
such public subscriptions; and if it shall hap
pen that more than the entire amount of said
bonds and Treasury notes, or either, have
been subscribed within the said thirty days, he
shall award the full amount subscribed to all
persons who shall have made bona fide sub
scriptions for the sum of $1,000 or less at the
rates most advantageous to the United States,
and the residue ratably among subscribers in
proportion to the amount by tn EN- respective
ly subscribed, at the rates most advantageous
to the United States.
Sec. 2. The Secretary Of the Treasury is
hereby authorized, in the process Of refunding
the National debt, to exchange, at not less
than par, any bonds or Treasury notes herein
authorized for any bonds of the United States
outstanding and uncalled, bearing a higher
rate of interest than four and one-half Der
centum per annum, and on the bonds so re-
deemed the Secretary of the Treasury may
allow to the holders the difference between
the interest on such bonds from the date of
exchange to the time of maturity, and the in
terest for like period on the bonds or Treas
ury notes issued; and the bonds so received
and exchanged in pursuance of the provisions
of this act shall be Cancelled and DESTROYED.
But none Of the provisions of this act shall ap-
ply to the redemption or exchange of any of
the bonds issued to the Pacific Railway Com
panies.
SEC. 3 The Secretary of the Treasury is
hereby authorized and directed to make suita-
BILE rules and regulations to carry this act int
effect, and the expense of preparing, ISSUING,
advertising and disposng Of the bonds and
Treasury notes authorized to be issued shall
not exceed onehalf of one per centum.
A Tho
hereby authorized, if, in his opinion, it shall
become necessary, to use temporarily
not exceeding $5O,O0O,OOO of the standard
gold and silver coin in the Treasury in
redemption of i've and six-per-cent,
bonds of the United States authorized to be
refunded by the provisions of this act, which
shall, from time to time, be repaid and re-
placed out of the proceeds of the sale of the
bonds or Treasury notes authorized by this
act, and he may, at any time, apply the sur
plus money in the Treasury not otherwise ap-
propriated, or SO much thereof as he may con-
slider proper, to the purchase or redemption
of the United States bonds or Treasury notes
authorized by this act; provided, that the
bonds and Treasury notes so purchased or re-
deemed shall constitute no part Of the sinking
fund, but shall be Cancelled.
Sec. S. From and after the LIST day of July,
1881, the three-percent. bonds authorized by
the first section of this act shall be the only
bonds receivable as security for National
Bank circulation, or as security for safe-keep-
ing and prompt payment Of public money de-
posted with such banks; but when any such
bonds, deposited for the purposes aforesaid,
shall be designated for the purchase or re.
demption by the Secretary of the Treasury,
the banking association depositing the same
shall have the right to substitute other issues
OF bonds of the United States in lieu thereof;
Provided. that no bonds upon which interest
has ceased shall be accepted. or shall be con-
tinued on deposit as security for circulation, or
for safe-keeping of public money; and in case
the bonds so deposited shall not be withdrawn,
as provided by law, within thirty days after in
terest has ceased thereon. the banking asso.
citation depositing the same shall be subject to
the liabilities and proceedings on the part of
the Comptroller provided for in Sec. 1894 Of the
Revised Statutes of the United States; and
provided, further, that Sec. of the act of
June 20, 1874, entitled IAN act fixing the
amount OF United States notes, providing for
redistribution Of the National Bank currency,
and for other purposes,' be and the same is
hereby repealed; and Secs 8, 159 and 5,16O of
the Revised Statutes Of the United States be
and the same are hereby re-enacted.
SEC. 9. That payment Of any of the bonds
hereby authorized, after the expiration IL five
years. shall be made in amounts to be deter
mined from time to time by the Secretary of
the Treasury at his discretion, the bonds so to
be paid to be distinguished and described by
dates and numbers, beginning for each sue
cessive payment with the bonds of each class
last dated and numbered; of the time of which
intended payment or redemption the Secre-
tary OF the Treasury shall give public notice,
and the interest on the particular bonds so
selected at any time to be paid shall cease at
the expiration of thirty days from the publ
cation of such notice.
Sec. !. 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.
Railroad Accidents.
THE Railroad Gazettc Of q recent date pub
fishes the number Of railway accidents occur
ring in the United States in 1850, and the num-
Der of persons killed and injured, and also
gives the accidents for eight years past, from