Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1881-01-20

Dwight, Morse, Willis,
Einstein, Morton, W.A.Wood,Nl
Ellis, Murch, Wright,
, Errett, Neal, Yocum,
Ferndon, Newberry, Young, Ok
Field, Norcross,
Fisher, O'Neil,
The following is the full text of the bill al
passed:
A bill to facilitate the funding of the national
debt.
Be it enacted By the Senate and House q
Representatives Qfthe United States Of Amer
tcG IN Congress assembled, that all existing
provisions of the law authorizing the refund
ing of the national debt shall apply to any
bond of the United States bearing higher rate
of interest than Ak per cent. per annum which
may hereafter become redeemable; prorided,
that in lieu of bonds authorized to be issued
by the act of July IA, 1870, entitled, Gan act
to authorize the refunding of the national
debt" and the acts amendatory thereto, and
the certificates authorized by the act of Feb
ruary 20, 1879, entitled, Gan 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 author
ICES to issue bonds In all amount not
exceeding S400, 900, 900, which shall bear inter-
est at the rate of 3 per cent, redeemable at the
pleasure of the United States after five years,
and payable ten years from date Of issue, and
also certificates in the amount OF $500, 100000,
| in denominations of $40, $40 and $50, either
registered or coupon, bearing interest at the
rate of 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 re-
speets of like character and subject to the
same provisions as bonds authorized to be is
sued by the act of July H. 1870, entitled can
act to authorize the refunding of the national
thereto; prorided, that nothing in this act
shall be SO construed as to authorize the
increase of the public debt. Prouided further,
that interest upon the G per
cent. bonds hereby authorized to be re-
funded shall cease at the expiration Of thirty
days after notice that the same have been des-
ignated by the secretary of the treasury for re-
demption.
Sec. 2. The secretary of the treasury is
hereby authorized in the process of refunding
the national debt to exchange at not less thau
par any bonds or certificates therein au-
thorized for any bonds of the United States
outstanding and uncalled bearing
higher rate of interest than ~ per cent.
per annnm, and on bonds so redeemed the Sec
retary of the treasury may allow to holders the
difference bdtween the interest Oh such bonds
from date of exchange to the time of maturity,
and the 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 railway companies; and the bonds go
received and exchanged in pursuance of the
provisions of this act, shall be cancelled and
deposited.
3. Authority TO Issue honds and certificates
to the amount necessary to carry out the pro-
visions of this act is hereby granted, and the sec.
retary of the treasury is hereby authorized and
directed to make suitable rules and regula-
tions to carry this act into effect; provided,
that the expenses of preparing, issuing,
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, if in his opinion it shall
become necessary, to use not exceeding
S50,000,000 of standard gold and silver coin
i'll the treasury in the redemption of 5 and
per cent. sbonds of the United States author
act, and he may at any time apply the sur
plus smoney in The treasury not otherwise
appropriated, or so much thereof as he may
consider proper to purchase, for the redemp-
ton of the United States bonds or certif-
Gates; proridcd, that the bonds and certif-
Gates 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, 1851, the 3 per cent. bonds authorized by
the first section of this act shall be
the only bonds receivable rs security for the
national bank circulation, or as security for
the safc-keeping and prompt payment of
public money deposited with such banks;
but when any such bonds deposited for the
purpose aforesaid shall be designated for
the purchase or redemption by the secre-
tary of the treasury, the banking associa-
ton depositing the same shall have the right
to substitute other issues of bonds of the
United States in lieu thereof provided, that
no bonds upon which interest has ceased shall
be accepted or shall be continued on deposit as
security for circulation or for the safe keeping
of public money, and in case the bonds so de-
posted shall not be withdrawn, as provided by
law, within thirty days after interest has ceas-
ed thereon, the banking association depositing
the same shall be subject to the liabilities and
proceedings on the part of the comptroller pro-
vided for in section 1884 of the revised statutes
of the United States; and provided further,
that section of the act of June 20, 1874, en-
titled, can act fixing the amount of United
States notes, providing for redistribution of
national bank currency, and for other pur-
poses," be and the same is hereby repealed,
and sections $3.50 and $3.50 of the revised
statutes of the United States be and the same
are hereby repealed
Sec. 6. That this act shall be known as the
Funding act of 1SS1,' and all acts and parts
of acts inconsistent with this act arc hereby
repealed.
Adjourned.