, 1881-12-14
Friday ,,oxt, will Introduce a bill In redeem
and refund portions Of tho funtted debt Ut

Friday ,,oxt, will Introduce a bill In redeem
at,d refund portions Of tho funtted debt Ut
tho UnIted Statcs:
sEerion !. Tim sccrotary nf the Treasury Ia
authorized an,l directed to yotalu In tho .fraas.
ury, In lawful Donny and bEilpn, n rcsorvo
equat IN amount to 10 per cent IT tho nRgrcgate
nm0tlnt 0f liabilities tlltu aud nnpat,l, With tho
exception Ut tho tbrcc following GLASSES Of ltn-
btlIties: Tho Voll certificates, tho silver
certificates and ccrtlaoHtcs Of deposit, no
that tho existing provisions of tho law
requiring tho fotetjtlon in ths Tscnsa,ry Of g0td
coin, Silver coin, mud United Statcs notes de-
posltod for, or representing such csrllnontca,
contained IN sce. ssaa Of tho nev!4al atat.,tos
6cc. i Of tho ltet approved Eoh. oS 1915 md SEQ.
61o3 and 6. toi Of tho lsoviscA etatuses respcct-
lively, ahalf In ,,o Ttsc be Inturfosall With or
modified, by renson Of ahy prpvlatona OF thls nct
nnu In ntidltton tho 8tcrotary OF tho TrnasuFy
shall retnln in tho TroaaurY, In iawful
money aud bullion. Il reserve equal In
nnaolnt to 10 por cont of the aggregate amount
OF United Btatea notes It, circulation. to moot
my iosnand for payment In cuIn OF tho said
United stalos notua outstanding. The fractional
silver coin and minor coin n tho Treasury shali
not 10 connlcd In tho reserve ~ lawful n,onuy
In tho TruAstlry ip execution Ut thu provisions
OF this eaqtlon Of this aott All lawful ulpnuy mud
gold builun whcn coined In excoss Of the
amount 0r ruservo hbreIn required shull
bo nrplcd to tho redemption Of tho con.
ttnuod 6s, tho nurtiotlar houts tn DO rndpnmcd to
be tteaK1tatol by the Treus,lry tjcpArtmcpt, aud
the huUtls 80 tfos!Rnntot} snal cotsa In benr In.
tcrost nttqr tho expiration of,sIxty dnys from
publication Ut tho notice. Whonuvpr the whplo
OF said b'nds shRlt have haen called IN for re-
tlemptiog, nuy surptus thereafter existing ur
nccru'nR IN tho Treasury shall be applied toiho
redemption OF continued livcs, except thar mono
OF tho continued tlyes s.ll beou,uc payutlc. ar
Ittk1k FyIt4 sf.,+,s
publication OF notice that tho sumo tlnyo
bceu designated by tho sccretury OF the l'rcns-
ury for redemption; at any such SURPLUS. nav.
Ia tho discretion NJ Tho Secretary OF tte Truus.
ury, be applied to tue purchase of nny
Interest," boar!ng bonds Of tho United States,
src.rtnn r,vo
,,,rccta Inn aoo-.,as,, ~ ~ 14.,. ..
couppna or regfstaruu bonds OF tho United States
In tho denomination oE a50, atld such m,I,tI,,1es
thoreof ~ he niyy prescribe, redrcnublu at tho
plsasuro Of tho United States nftcr tyu yrnrs.
and payable twenty years from tho date of their
tssno, bcarIng Interest Mt tho rate Of pos cont
pnr a1,illitu, puyubIe quarterly or sonf. an n,ally
Ms hu mny deem most expedleut iu dlraos dpd
even exchange, dollar Tor tloIi4r, with tho
proper adjustment Of hucrue1 interest to
dates Ut such exchange for any OF tho bunds Of
of the Unitetl States bearing tntores. at 3.< per
centum nor aunum, known rs continued bs,
upon presentation Of such bonds at the Trcas.
ury Department within four months after tito
date OF the p#asaRq OF this act;. provided, The
samo shall nat nt tho tImp OF such presentation
have been previously called In for reclamation,
and the bonds tssucd under tho pruylstons Of
this net, mud interest thorcon. shaft ,a cxemut
from the payment OF taxus Of tho
United States. as weIt M fron, tnIn.
uon iu any form by or untar Htato
,uunicpaI or local authorities, oltbor us to tnelr
par value or as to any premium IN market
value, aud durlno d ncrtotl ut four months fu,m
tho dpta Of tho pAsaage Of thls uct tho .buuds
therotn authorized sbutI 10 iss,led oily for tho
purpose and In tho mannor Ia this euctlnn pro-
vidcd, after which tha right at holders OF bonds
hearlny intaroat'a at tho r1to of p.s por cent per
annum to rocelvo b,nds authorized by this aot
In oven exchange therefor shall ccasc,
arcr,ov ,r,,,,pp, .
After tho exntrntton ri Ym,r ,north. tro,, ~.
tlnto Of tho nussnuo rf ,hI, nrt Tho sr,rnt"rv ~
the 1rnaarv ,,,np nfrcr ~ so,n h, ,,,,,a 49, -
posa and snl1 to thc b,rhra, ,,tJor. "a ~,
ruios aud reculotons ~ o n,ny nrc,nr,ha 'nva .
at not less linn uar and ncar,,cd intat,st s,,os
amount OF 0 por cunt bonds nutbnrirnd aor, Es ~
muy In necc.sory IN "dI,tsan =, om, pe." a.,,. s
monoys nnntcnhis In IN, m,rrnse ,,;.,, n, h,s
disposal, to nr,yidc for rho rcacmr,,on ~ ,ns
Of said bouds bearing Intcroat nt thc ra,a as NJ:
ner cont mr. nmn,,n, whIc sta,, nv, H. w. ~ , 81
previously redocmed ~ orcsonnos ,,nd,r .tha ,ta
proysipnso Of thia ont nnd w,c,, nav ~" ,,'n., ~
outst nn,i,nr. and ehntl annIv tho ,,roa"a,. s ~
such sntcs Il, tho r.,lcmntinn nr a,ch o,,,s,.,S ~
,ur bonds hnartnr tntcrast NJ" ~ 49,
OF 8h nor; amt = mr. snn,,n, ,,as, ~
conditions nrosnrlbed in Mo- -. ~ ~
public nutlca, leaJ9nation Of nu,nl,er. ann Tina
Ut which lntosost shnli oeuss on rnnh @ @as. a W
bonds rosuuotiyeiv: ami wlorovor Mi 's,ii
bonds shnll have haon oxt.nhuIbhod ly exchanao
or redum ptiou, or thnlr redem nttnn ahnit ho"r
been fully proylacd for, ali authority for The
Issue OF bonds under th,s not shail cense.
sEf,r1nv Fam,
proy[dcs that no ho,,d linn ,vhc, tr,,ro., In.
ceased ahuji ho ncccn.cS! r. con,a,,od ~ s,a uas
as security for clroulat,ou of NatIona1 s, hanis.
md gor snfc. .nccnsns ~ nuh,, ~ noan' ,anua oa!Rs
oaso In fond, A., rnosited snn,1 ~ n "au .n,,h ~
drawn within tblrtw d.v. "rsar a ,n,o.n,. w "s .
ceased md nftcr ,o nntirc from ~" ron,ro,," "s
Of tho Currenoy. .he hantino o.aocln ,ton dana.
i,EnT tho samo sbn,i h" sI','sact ~ IL uspi,I,
prcytded Inr fl, sec XII NJ th,, ,,a,;."s sy ely.
,,,cs. juno "a 1s74. Ia sn nmerod 49,, re,aa. u