Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1882-02-04
FUNDING BILL.
Full Text of the Three Per Cent. Fund.
ing Bill Passed by the Senate.

! WASHINGTON, Feb. ;.
The following is full text of the three per
cent. funding bill passed by the Senate to-
day:
| Be it enacted, etc, that the secretary of
the treasury is hereby authorized to receive
at the Treasury and at the office of any AS
sistant treasurer of the United States and at
any postal money order Office, lawful money
of the United States to the amount of fifty
dollars OF any multiple of that sum or any
bonds of the United States bearing three and
a half per centum interest, which are hereby
declared valid and to issue in exchange there
for an equal amount of registered or coupon
bonds of the United States of denominations
of $50, 500, $500, $1,000 and $40, 900 of such
form as he may prescribe, bearing inter-
est at three per ccntum per annum, parable
either quarterly or semi annually, at the
Treasury Of the United States. Such bonds
shall be exempt from all taxation, by or I'M
der state authority. and be payable at the
pleasure of the United States, provided that
the bonds therein authorized shall not be
called in so long as any bonds of the United
| States, heretofore issued, bearing higher rate
than three per centum and which shall be
redeemable at the pleasure of the United
States, shall be outstanding and uncalled
The last of 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 re-
demption of the bonds of the United States
bearing three and half per centum interest
and the aggregate amount of deposits made
and bonds issued under this act shall not ex.
ceed the sum of two hundred million dollars.
The amount of lawful money SO received on
! tpnpsif Ia aforesaid shall
time the sum of twenty-five million dollars
| Before any deposits are received at any post.
al money order office, under this act the
postmaster of such Office shall file with the
secretary of the treasury his bond with salts
| factory security, conditioned that he will
promptly transmit to the treasurer of the
| United States the money received by him. in
conformity with the regulations to be pre-
scribed by such secretary. and the deposit
with any postmaster shall not at any time ex-
! coed the amount of his bond
| Section 2-Any national banking associa
ton now organized or hereafter organized.
desiring to withdraw its circulation notes up-
on deposit Of lawful money with the treas
urer of the United States, as provided in
section four of the act of June Goth.
| 1874, entitled IAN act fixing the amount of
United States notes and providing for the re-
distribution of national bank currency and
for ether PURPOSES shall be required to give
thirty days notice to the comptroller Of cur
rency, of its intention to deposit lawful mon
ey and withdraw its circulating notes ,lpro-
viding that not more than FIVE millions of
dollars of lawful money shall be deposited
during any calendar month for this purpose
and provided further that the provisions of
this section shall not apply to the bonds
called for redemption by the secretary Of the
| treasury.
Section 3-That nothing in this act shall
be so construed as to authorize an increase of
the public debt.