Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1881-01-27
FUNDING BILL.

WASHINGTON, Jans 1S.-Following is
the full text of the funding bill agreed
to in committee of the whole and re-
ported to the house:
A bill to facilitate the retunding Of the national
debt.
Be il enacted by the senate and house of reprA
septatiyes of the United States of America in CON
greSs assembled that all existing provisions of
law authorizing the refunding OF the national
debt, shall apply to any bond of the United
States, bearing higher rate OF interest than 4 =
per cent. per annum, which may hereafter become
redeemable; provided, that in lieu of the bonds
authorized to be issued by the act of July Ii 1870
entitled AN act 10 authorize rhe refunding of the
national debt, y and acts amenGatory thereto, and
certificates authorized by the act of Feb 26, 1879
entitled An act TO authorize the issue of certf-
Gates of deposits in and of the rounding Of the
public debt the secretary Of the treasury is
hereby authorized to Issue bonds in an amount
not exceeding $500 900 600 which shall bear inter
est at the rate of per cent. per annum, redeem
able at the pleasure of the United States after
ave years and payable in ten years from date Of
issue; and also certificates in the amount OF $500
600 600 in denomination of 10, 20 and 30 dollars,
either registered coupon, bearing interest az
the rate of per cent per annum rdeemable at
the pleasure of the United States after one year
and payable in ten years from date. The bonds
and certificates shall be iii all other respects OF
like character, and subject to the same provisions
ms the bonds authorized to be issued by the act Of
july II 1870 entitled AN act TO authorize the
refuudmg of the national debt, and acts amenda
tory thereto; providing, that nothing in this act
shall be so construed as To authorize an increase
of the public debt and provided fur
ther, that interest upon per cent bonds
hereby authorized to be refunded, shall cease nj
the expiration OF thirty days after notice that
same having been designated by the secretary of
the treasury for redemption.
Sec. .. The secretary of the treasury is hereby
authorized, in process OF reiundlng the debt, To
exchange at not less than par, any bonds or Ger
tihcates therein authorized for any bonds OF the
United States outstanding and uncalled, bearnga
higher rate of interest than ~ per cent per an
mum; and on bonds SO redeemed the secretary of
the treasury may allow to holders the difference
between the interest on such bonds from date of
exchange to time OF maturity and interest for
like period on 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 railroad companies and
bonds so received and exchanged in pursuance of
the provisions of his act shall be Cancelled and de-
strcyed.
Sec 3. Authority to issue bonds and certificates
TO any amount necessary to carry out the provisions
of this act is hereby granted and the secretary OF
the treasury is hereby authorized and directed to
make suitable rules and regulations to carry THU
act into effect; provided that the expenses OF pre-
paung, issuing, advertising and dispusng of bond.
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, if in his opinion 1t shall be
come necessary to use not exceeding $40 1000 600
of the standard gold and silver coin in the treasury
in redemption of the and per cent, bonds of the
| United States, authorized to be refunded by the
provisions of this act and he may nj any time APP
ply the surplus money in the treasury, not other
wise appropriated, or so much thereof rs he may
consider proper, to the purchase or redemption OF
United States bonds certificates; provided, that
bonds and certificates so purchased redeemed
shall constitute no part of the sinking fund, but
! shall be Cancelled.
Sec. ). 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 receya
bic as security for national bnnk circulation, or rs
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
banking association depostlng same shall have the
right to substitute other issues of bonds Of the
| United States in lieu thereof provided that no
bona upon which interest has ceased shall be ac-
cepted shall be continued on deposit as security
for circulation or for safe keeping OF public mon
! ey, and in case bonds so deposited shall not be
withdrawn rs pro ,ided by law, within thirty days
after interest has ceased thereon the banking as
sociatons depositing same shall be subject to the
liabilities and proceedings on the part OF the
comptroller provided for in section 1924 OF the re
vsed statutes of the United States, and provided
further that section of the act of une 20, 1874
| entitled, "An act fixing the amount Of United
States notes, providing for a redistribution OF ma
| tional bank currency, and for other purposes,
be, and the same is hereby repealed; and sections
j59 and jl6O Of the revised statutes of the United
States be and the same are hereby repealed.
| See 6. That this act shall be known as the
Funding act of 1881 and all acts and parts OF
acts inconsistent with this act are hereby repealed