Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1881-01-20
The Funding Bill, as Passed by the
E0use,

The Funding Bill, as Passed by the
House.
WAsHIEGToN, January 19th.-Following is
the full text Of the funding bill, as passed by
the House to day:
bill to faei itate the refunding of the national
debt. Be it enacted by the Senate and House OF
Representatives of the United States of America in
Congress assembled That all existing provisions of
the law authorizing the refInding Of the national
debt shall apply to any bonds Of the United States
bearing higher rate of interest than four and one
half per cent. per annum, which may hereafter be-
come rede mabe; provided, that in lieu OF the
bonds authorized to be issued by the Act OF July a.
1870 entitled 'An Act to author re he refunding
OF the national debt" and the Acts amendat0Ty
thereto, and the certificates authorized by the
Act of February 26, 1879, entitled can
Act to authorize the issue of certificates
OF deposits in aid OF the refundng OF the public
debt" the Secretary OF the Treasury is hereby
authorized to issue bonds in an amount not exceed
ing $500 ZOO 900, which shall bear interest at the
rate OF three per cent. per aunum, redeemable at
the pleasure of the United States after five wears
and payable ten years from the date Of ISSUE and
also certificates in the amount Of $500 coo 600 in de-
nominations OF ten dollars, twenty dollars and fifty
dollars, either registered COUPON bearing interest
at the rate of three per cent. per aunum redeeua.
BILE at the pleasure of the United States
from the date of issuance. The bonds
and certificates shall be in all other respects Of like
character and subject to the provisions as the
bonds authorized to be issued by the Act of July
A. 1870 entitled an Act to authorize the refunding
of the national debt and the Acts amendatory
thereto provided. that nothing in this Act shall
be so construed as to authorize an increase of the
public debt and provided, further, that the inter
est upon the SIX per cent bonds hereby authorized
to be refunded shall at the expiration Of thirty
DAYS after notice that the same have been desig-
mated by the Secretary OF the Treasury for redemp
ton.
Section > The Secretary of the Treasury is hereby
authorized in the process Of refundng the national
debt to exchange at not less than par any
Of the bonds or certificates herein authorized for
any of the bonds Of the United States outstanding
and uncalle bearing higher rate of interest than
four and a half per cent per annum, and on bonds
go redeemed the Secretary of the Treasury may allow
to the holders the difference between the interest
such bonds from the date of exchange TO the time
of their maturity and interest for like period on
the bonds or certificates issued. But none of the
or exchange of any bonds issued to the Pacific Rail
way Companies and the bonds so received and ex-
changed in pursuance of the provisions Of this Act
shall be Cancelled and destroyed.
Section 3. Authority to issue the bonds and GER
tifcates to the 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 suiiahie rules and regulations to
carry this Act into effect; provided, that tie ex-
penses Of preparing, Issuing, Advertising and dis
posing of the bonds and certificates authorized to
be issued shall not exceed one fourth OF one per
cent.
Section The Secretary of the Treasury is hereby
authorized, if in his opinion it shall become neces-
sary to use not exceeding $50 COO 600 of the standard
gold and silver coin in the Treasury in the redem,
ton of five and six per cent. bonds of the ULited
States authorized to be refunded by the provisions
of this Act, and he may at any time apply the
Surplus money in the Treasury otherwise appro-
printed, or so much thereof he may consider
proper, TO the purchase or redemption of United
h.. AtE1ta f,laI s1a+
bonds and certificates so purchased or redeemed
shall constitute no part OF the 81 king fund, but
shall be cancelled
Seotion 5 From and after the first day of May,
1884, the per cent. bonds authorized BY the first
section Of this Act shall be the only bonds receivable
as security for National Bank cireu'atiou or as
security for the safekeepng and prompt payment of
public money deposi ed with such banks; bus when
any such bonds deposited for the purpose aforesaid
shall be designated for purchase redemption by the
Secretary of the Treasury, the banking association
deposit ng the shall have the right to suhSti-
tute other issues of bonds Of the United States in
lieu thereof: provided that bond upon which
interest had ceased shall be accepted, or shall be
continued on deposit security for circulation or
for the safe keeping of public money and in case
the bonds so deposited shall not be withdrawn, as
provided by law, within thirty das after the inter
est has ceased thereon the banking association de.
posting the shall be subject to the liabilities
and proceedings the part Of the Comptroller pro
vided for in Section 52S5 of the Revised Statutes
sections of the Act OF June 20, 1874, entitled an
Act fixing the amount of United States notes. pro-
viding for Redistribution OF the national bank cur
rency and for other purposes, be and the same is
hereby repealed, and Sections $3.50 and 560 of the
Revised Statutes OF the United States be and the
same are hereby re-enacted
Section 6. 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 repealed.
ANALYSIS OF TIRE FUNDING BILL.
WASHINGTON, January 19h.-An analysis
of the vote on the passage Of the funding bill
to-day shows that the House divided sub.
stantially on party line there being only
seven Republicans recorded in the affirmative
aud only 10 Democrats in the negative The
Republicans who separated from their party
friends on this question are Kelley and Smith
of Pennsylvania, Ketcham of New York,
Marsh of Illinois, Russell of North Carolina,
Updegrsff of Iowa, and Washburne of Min
nesota. The dissenting Democratic votes
were given by Aiken of South Carolina,
BeltZhoover and Ryan of Pennsylvania,
Bland of Missouri, Colerick of Indiana,
Ellis tof Louisiana, Morse of Massa-
chusetts, Phelps of Connecticut, Smith
Of New jersey, and Speer of Georgia
The Pacific coast Representatives were
all present, Berry and Whitaker voting for
the bill, and Davis, Page, Pacheco and Dag
was based upon belief that the bib, in pro-
viding for three per cent. short-time bond
and certificate, is impracticable for refunding
purposes, except in so far as it provides for
the compulsory use of three per cent. bonds
as basis for national bank circulation, and
that this requirement is unjust and danger
Gus, by threading the stability Of the present
volume of currency. Undoubte lily most of
the members who voted for the bill believed
it practicable and wise measure, but many
votes were given for it only because of a con.
f1dent expectation that the Senate will amend
the bill either by increasing the rate of inter.
est or frightening the duration of the bonds
Percentage OF Census Increase.
CHICAGO, January 19th-The Trt5une's
Washington special says General Walker
states that the percentage of census increase
is as follows
Alabama per cent. 26 Mississippi, per cent 81
Arkansas. ............ 65 Minnesota ..... II