The Evening critic., 1882-02-04
THE FUNDING BILL.
It's Text MS it Passed the Sem,


Since the 9th of January the Funding
bill has been pending in the Senate, and
during this time the debate has taken
wide range. Nearly every question that
the honorable Senators could think of, ex-
cept the real question at issue, was dis.
cussed. The bill was so amended as to
make it an entirely new and different
measure from the original.
The following is the full text of the bill
as it finally passed the Senate yesterday
evening.
Treasury is hereby authorized to receive at
the Treasury, and at the Office of any assistant
treasurer Of the United States, and at any pos
tai money-order Office, lawful money Of the
United States TO the amount of $50 or any
multiple Of that sum, or any bonds of tho
United States bearing three and onehalf per
valid, and 10 issue in exchange therefor an
equal amount Of registered or coupon bonds
of the United States Of the denomination of
$50, 500, $500, 81, 900 and $4,000, of such
form as he may prescribe, bearing interest at
the rate Of three per cent. per annum, pay
able either quarterly or semi-annually, at the
Treasury of the United States. Such bonds
shall be exempt from all taxation by or under
state authority and be payable at the pleasure
of the United States.
Progided, That the bonds herein authorized
shall not be called in and paid so long as any
bonds of the United States heretofore issued
bearing higher rate of interest than three per
cent, and which shall be redeemable at the
pleasure OF the United states, shall be out
standing and uncalled. The last Of the said
bonds originally issued, and their substitutes
under this act, shall be first called in, and
this order of payment shall be followed until
all shall have been paid.
The money deposited under this act shall be
promptly applied solely to the redemption of
the bonds Of the United States, bearing three
and a-half per cent interest and the aggregate
amount of deposits made and bonds Issued un-
der this act shall not exceed the sum of $780,
O0o,0O0. The amount of lawful money so re-
ceived on deposit Aforesaid shall not ex-
ceed at any timc the sum of S25,00O000. Be-
fore any deposits are received at any postal
money order office under this act the post
master at such office shall nle with the Secre-
tary OF the Treasury his bond, with satlsfac-
| tory security, conditioned that he will
| promptly transmit to tho Treasurer Of the
| United States the money received by him in
| conformity with regulations to be prescribed
| by such Secretary, and the deposit with any
| postmaster shall not, at any time, exceed the
| amount of his bond.
Sec. 2. Any national banking association
| now organized, or hereafter organized, desir-
| ing to withdraw its circulating notes upon n
| deposit OF lawful money with the Treasurer Of
| the United States, as provided in section four
| of the act of juno 20, 1874, entitled +" An act
| fixing the amount Of tho United States notes,
| providing for redistribution OF national bank
| currency and for other purposes, shall be re-
quired to give thirty days notice TO the Comp
| troller Of the Currency OF its intention to de-
! posit lawful money and withdraw its clrculat
ing notes
| Pgopided, That not moro than Ave millions
Of dollars Of lawful money shall be deposited
| during any calendar month for this purpose
| and provided further, that the provisions ol
this section shall not apply to bonds called foi
| redemption by the secretary Of the Treasury
SEC. 3. That nothing in this act shall be 81
construed as TO authorize an Increase Of the
| public debt.