The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1881-01-27
OF GENERAL INTEREST.


@N WAsHEN0TON, January 10.
FOLLOWING is the fdll teks Of the Banding
bin q finally passed bt the House today {
SECTION !. BE it enScteds etc. 11At an En-
Using provisions of the law authorisfng the re-
funding of the National debt, shall app1y to
any bonds Of the United States bearing high
er rate OF interest than ~ per cent. per annum
which may hereafter become redeemable; pro-
vided that, in lieu of the bonds authorized to
BE issued by the act of July Il, 1870. entitled
AN act to authorize the refuuding Of the
National debt" and acts amendatory there
to, aud the certificates authorized by the
act Of February q, 1873, entitled IAN act to
authorize the issue Of certificates of de-
post in aid Of the irefunding Of the
public debit" the Secretary of the Treasury is
hereby authorized to issue bonds in an amount
not exceeding 500, 900 900, which shall bear in
terest at the rate of three per cent. per an
mum. redeemable at the pleasure of the
United States after Ave years, and payable
ten years from date Of issue. and also certifi-
Gates to the amount of $500, 900. in denomi.
nations of 80, go or $50, either registered or
coupon, bearing interest at the rate Of three
per cent. per annum, redeemable at the pleas.
ure 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 proyis.
ions as the bonds authorized to be issued
by the act of July IA, 1870, entitled I" An
act to authorize the refunding of the
National debit" and acts amendatory thereto:
provided, that nothing in this act shall be 30
construed as to authorize an increase Of the
public debt; and provided, further, that in
terest upon the six-per-cent. bonds hereby au-
thorized to be refunded shall cease at the
expiration Of thirty days after notice that the
same have been designated by the Secretary
Of the Treasury for redemption.
SEC. 2. The Secretary of the Treasury IL
hereby authorized, in process of refunding the
National debt, to exchange, at not less than
par, any bonds or certificates herein author
lied for any Of the bonds Of the United States
outstanding and uncaled bearing a higher
rate OF interest than ~ per cent. per annum,
and on bonds 60 redeemed the Secretary of the
Treasury may allow to holders the difference
between the interest ON such bonds from the
date of exchange to the time of maturity, and
the interest for a like period on the 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 Railway Companies, and the bonds 80
received and EXCHANGED in pursuance of the
provisions of this act shall be Cancelled and
destroyed.
Sec. 8. Authority to raise bonds and certifi-
Gates to the amount necessary to carry out the
provisions of this act is hereby granted, and
the Secretary of the Treasury is hereby atl-
thOrized and directed to make suitable rules
and regulations to carry this act into effect:
provided, that the expenses of preparing, issu-
ing, advertising and disposing of the bonds
and certificates authorized to be issued shall
not exceed one-fourth Of one per cent.
Sec 4. That the Secretary of the Treasury is
hereby authorized. II in his opinion it shall be-
come necessary, to use not exceeding go, 0OO,-
00O of the standard gold and silver coin in the
Treasury in the redemption of the FIVE and six
percent. bonds Of the United States, authorized
to be refunded by the provisions of this act,
and he may, ut any time, apply the surplus
money in the Treasury, not otherwise appro-
priated, or SO much thereof as he may consider
proper, to the purchase or redemption Of
United States bonds or certificates; provided,
that the bonds and certificates so purchased
or redeemed shall constitute no part OF the
Sinking fund, but shall be Cancelled.
SEC. 5. From and after the first day of May,
1881, the three-per-cent. bonds authorized by
the first section of this act shall be the only
bonds receivable as security for Nationalbank
circulation, or as security for the safe-keep-
ing and prompt payment of public money de-
posted with such banks; but when any such
bonds deposited Tor the purpose aforesaid
shall be designated for purchase or redemp.
ton 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 bond upon which interest
has ceased shall be accepted or shall be contin-
ued on deposit as security for the circulation
or for the safe-keeping of the public money:
aud in case the bonds 80 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
on the part of the Comptroller provided for in
Sec. 5,244 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 q redistribution of the National Bank cur
rency and for other purposes" be, and the
same is hereby, repealed, and Secs. $3.50 and
5l6O of the Revised Statutes of the United
States be, and the same are hereby, re-en-
acted.
SEC. g. That this act shall be known as 1.-The
Funding Act of 1884," and all acts and parts of
acts Inconsistent with this act are hereby re-
pealed.