The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1881-01-28
THE FUNDING BILL.


Passed the House of Reprcscntn-
lives.
A BILL to facilitate the refunding Of the ma
tional debt:
SECTION /. BE IL enacted, by the Senate and
House of Representatives Of the United States
Of America in Congress assembled, That al
existing provisions OF the law authorizing the
refunding OF the national debt shall
apply to any bonds of the United
States bearing a higher rate Of interest
than AZ per cent. per annum which may
hereafter become redeemable; provided that,
in lieu OF the bonds authorized to be issued By
the act If July IA, 1870. entitled An act to au-
thorize the refunding OF the national debt, and
acts amendatory thereto, and the certificates
authorized by the act of Feb. rs, 1879 entitled
An act TO authorize the issue of certificates OF
deposit in aid OF the refunding Of the public
debt" the Secretary Of the Treasury is
hereby authorized to Issue bonds In
which shall bear interest at the rate of 3 per
cent per annr1m, rcdeemable at the pleasure
OF the United States after five years, and pay
able ten years from date of issue, and also GER
tifcates to the amount OF $500, OOO, 600, IN de-
nominations OF $40, $40, or $50, either regis
tered or coupon, bearing interest at the rate
of 8 per cent. per annum, redeemable at
the pleasure 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 provisions as the bonds
authorized to be issued by the act of July IA,
| 1870 entitled "An act to authorize the re-
funding of the national debt, and acts amend
| atory therefor provided, that nothing III this
| act shall be so construed as TO authorize
increase of the public debt and pro-
| vided, further, that interest upon the
| 6-per-cent bonds hereby authorized to
be refunded shall cease at the expiration OF
thirty days after notice that the same have
| been designated by the Secretary OF the Treas
| urv for redemption.
| Sec. g The Secretary of the Treasury is
| hereby authorized, in process of refunding the
national debt. to exchange, at not less than
! par, any bonds or certificates herein authorized
| for any of the bonds Of the United States out
| standing and uncalled bearing higher rate OF
interest than Az per cent. per annum, and ON
| bonds 80 redeemed the Secretary OF the
| Treasury may allow TO holders the diff
| ference between the interest on such bends
| from the date OF exchange TO tho time OF ma
| turity and tho interest for like period on the
bonds or certificates issued, but none OF the
! provisions Of this act shall apply TO the re-
| demption or exchange of any OF the bonds is
| sued to the Pacific Railway Companies, and the
bonds 80 received and exchanged in pursuance
| OF the provisions OF this act shall be Cancelled
and destroyed.
SEC. g. Authority to raise bonds and certi-
| fcates to the amount necessary 10 carry out the
| provisions of the act is hereby granted, and the
| Secretary Of the Treasury Is hereby authorized
| aud directed TO make suitable rules and regu-
| lations to carry this act into effect provided
that the expenses of preparing issuing adver
tising and disposing of the bonds and certifi-
Gates authorized to be issued shall not exceed
one-fourth of l per cent,
SEC. 4. That tie Secretary of the Treasury
| is hereby authorized, if in his opinion it shall
\ lecOme n : ~ ho
standard gold and silver in the treasury in the
| 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 i'll the treasury.
| not otherwise appropriated. or so much thereof
as he may consider proper, TO the purchase or
redemption of United States bonds or certii-
Gates provided that the bonds and certificates
30 purchased or redeemed shall constitute no
part OF the sinking fund, but shall be Cancelled
Sec. 8. From and after the LIST day Of May,
1881, the 3-per-cent bonds authorized by the
first section of this act shall be the only bond
receivable as security for national-bank circu-
lation, or security for the safe-keeping and
prompt payment 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 banking association deposit
ing the same shall have the right to substitute
olhei lSbucb W DOuus Vi the Oultcu DIdleS III
lieu thereof provided, that no bond upon
which interest has ceased shall be accepted or
shall be continued on deposit as security
for the circulation or for the safe-keeping
OF the public money, and in case
the bonds 30 deposited shall not be
withdrawn, as provided by law, within thirty
| days after interest has ceased thereon, the
! banking association depositing the same shall
be subject to the liabilities and proceedings Oh
the part of the Comptroller provided for III sec
ton 8, pa Of the Revised Statutes of the United
States and provided, further, that section Of
the act of June 20, 1874, emitted San act fixing
the amount of Uuited States notes, providing for
redistribution of the national-bank currency
and for other purposes" be, and the same is
hereby, repealed and sections 8, 159 and s, 100
OF the Revised Statutes of the United States be,
and the same IL hereby, re-enacted.
| Sec g. That this act shall be known as "The
| Funding Act of 1884," and all acts and parts Of
acts inconsistent wieh this act are hereby re-
pealed.
DOcTORs say the veoripo of saoI uL;y,