Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1881-01-27
FUNDING BILL.

WASHINGTON, Jan. 18.-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 it enacted by the senate and house OF repre-
sentatives of the United States of America, in
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 u
per cent per annum which may hereafter become
redcemable; provided, that in lieu of the bonds
authorized to be issued by the act of July IA 1870
entitled "An act to authorize the refundng of the
national debt" and acts amendatory thereto, and
certificates authorized by the act OF Feb. 26 1879
entitled AN act to authorize the issue of certii
Gates of deposits in and of the refunding of the
public debt" the secretary OF the treasury is
hereby authorized to issue bonds in an amount
not exceeding S400 900 900 which shall bear inter-
est at the rate of per cent. per annum, redeem
able at the pleasure of the United States after
1--WE years and payable in ten years from date of
issue and also certificates in the amount of $500
600 900 in denomination of TO- ~, and 80 dollars,
either registered or coupon, bearing interest at
the rate of per cent per anrum, 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 respects Of
like character, and subject 10 the same provisions
as the bonds authorized to be issued by the act of
July II, 1870, entitled "An act TO authorize the
refunding 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 6 per cent bonds
hereby authorized to be refunded. shall cease at
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 refunding the debt, to
exchange at not less than par, any bonds or Ger
tiicates therein authorized for any bonds Of the
United States outstanding and uncalled, bearing a
higher rate of interest than AZ 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 a
ike period IN 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
stroyed.
Sec. .. Authority to issue bonds and certificates
to any amount necessary 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 this
act inte effect: provided that the expenses Of pre-