The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1881-02-24


Columbia must first ask it, and without such
request or demand the United States shall not
intervene.
The Funding Measure.
The following is the full text Of the
funding bill recently passed by Con
gress:
An act to facilitate the refunding of the na..ona
debt: Be it enacted ETC., That all existing proye-
al debt shall apply to any bonds of the United States
bearing higher rate of interest than Az per cent
per annun, which may hereafter become redeema-
ble provided, that in lieu OF the bonds authorized
to be ssuea by the act of July H. 1880 entitled an
act to authorize the refunding Of the national debt
and the act amendatory thereto, and the certificates
an act to authorize the issue Of certificates
Of deposit IN aid of refunding the public debt The
secretary OF the treasury is hereby authorized to
sue bonds to an amount not exceeding 100000 600.
of the denomination of $50, some multiple Of that
SUM, which shall bear interest at the rate Of per
cent per snnum, payable seni-annualy, redeemable
at the pleasure OF the United States after 1--WE years.
and payable in twenty years from date of issue and
also treasury notes to en- amount ceeding $780,
in the denomination of $40 or some multiple Of
that sum, not exceeding $780, either registered or
coupon, bearing interest at rate not exceeding 8
per cent, payable semi annually, redeemable at
of the United States after one year and paw
ury note Of less denomination than 500 shall be in
all other respects of like character and subject to
same provisions bonds authorized to be issued by
the act of July 14th entitled act to authorize re-
funding OF the national debt and acts anendatory
thereto; provided, nothing in this act shall be SO
construed as to authorize increase of the public
debt; provided further, that interest on the per
cent. bonds hereby authorized to be refunded shall
at the expiration of thirty days after publica-
ton OF the notice Of the same has been designated
by the secretary Of the treasury for redemption.
1t shall be the duty Of the secretary of the treas
ury under such rules and regulations as he may pre-
SCRIBE to authorize public subscription at not less
United States and at all national banks and such
other banks as he may designate for the bonds and
for thirty dsys bsors he Ss
for or award any portion Of eaid bonds or treasury
notes to auy syndicate of individuals or bankers or
otherwise than under such public subscription, and
OF said bonds and treasury notes. either has been
subscribed within said thirty days. he ehall award
the fu amount subscribed to all persons who shall
ADVANTAGEOUS ss sss to 1i the h United rates States m sns
the residue rataoly among subscribers in pro-
portion to the amount by them respectively sub.
States.
Sec q The secretary Of the treasury is here
national debt to exchange at not less. ta par any
Fbonds or treasury notes. herein authnrzed for any
bond Of the United States and uncalled
bearing higher rate of interest than Az per cent.
per annum, and Oh the bonds go redeemed the sec
rotary OF the treasury may allow to the holder the
dlnerence between the interest such
bonds from date of exchange to the time of ma
turlty interest for like period of bonds treasury
notes issued. And the bonds SO received and ex-
changed IN pursuance OF the provisions of that act
shall be cancelled and destroyed. but none Of the
provisions of this act shall apply to the REDEMPTION
or exchange of any of the bonds issued to the Pa
ci6c railroad companies.
Sec. 3. The secretary of the treasury is hereby
authorized and directed to carry this act into effect
and the expense of preparing, issuing and advertis
ing and disposing of the bonds and treasury notes
authorized to be issued, shall not coed onehaf of
] per cent.
Sec. 4. The secretary of the treasury is hereby
authorized, If in his opinion 1t shall become neces-
sary, to use, temporarily not exceeding $4,000 900
OF standard gold and silver coin III the treasury,
redemption of the aud per cent. bonds Of the
United States authorized to be refunded by the pro-
visions of this act which shall from time to time be
repaid and replaced out of the proceeds of the sale
of the bonds or treasury notes authorized by this
a0. and ne may ia at 3Sa time apply the
otherwise appropriated, or SO much
thereof as he may consider proper, to the purchase
or redemption of the United States bonds or treas
ury notes authorized by this act provided the bonds
and treasury notes purchased or redeemed shall
constitute no part of the sinking fund, but shall be
Cancelled.
Sec. s. From and after tbs LIST day of July 1881
the per cent bonds authorized by the first section
OF this act shall be the only bonds receivable Sc
curly for the safe keeping and prompt payment of
banks: but when any such bonds
deposited for the purposes aforesaid shall
be designated for purchase or redemption by
the secretary of the treasury, the banking assoca
ton deposing the same shall have the right to sub
stiute another issue of bonds Of the United States
n lieu thereof, provided no bonds upon which in
terest has ceased shall be accepted or eha be con-
hnued on deposit as security for the circulation or
cafe keeping OF public money In case the bonds
so 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 liability and proceeding
on the part of the comptroller, provided for in Sec
ton revised statutes Of the United States; and
provided further that the section of the act of June
TO- 1874, entitled, an act fixing the amount of United
dona1 bank currency, and for other purposes. be-
and the same is hereby repealed and sections $3.50
and 5l60, revised statutes of the United states be
and the same are hereby re-enacted.
Sec. 6. That payment OF any of the bonds hereby
authorized after the expiration Of five years, shall be
made in amounts to be determined from time to
time by the secretary Of the treasury at his dscre
ton, the bonds to be distinguished and described by
dates and numbers beginning for each successive
payment, with bonds OF each class last dated and
numbered at the time, of which intended payment or
redemption the secretary of the treasury shall
give public notice, and interest on the particular
bonds selected ut any time to be paid shall cease
ct the expiration Of thirty days from the publication
of such notice.
Sec. 2. That this set shall be known as the fund
ing act of 1884, and all acts and parts of acts incon
sistent with this act are hereby repealed.
A Long Riddle.