The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1882-02-11
The Senate Thrce-per-cent. Fundins
Bill.
wAsH1NGrov, February 3,

WAsHINGToN, February g.
Following Is the full text of the Three-per.
cent. Funding bill as passed by the Senate to.
day:
BE Il enacted, etc., That the Secretary OF the
Treasury is hereby authorized TO receive ~ the
Treasury aud at the office Of any Assistant
Treasurer of the United States, aud at any
postal mpncy-order Office, lawful money of the
United states to the amount of $50, or any mul-
tple OF that sum, or any bonds of the United
States bearing three and half per centum in
terest, which are hereby declared valid and to
issue in exchange therefor an equal amount OF
reg stored coupon bonds of The United
States OF the denominations of $j1. 500 $50
$1,000 and $1,000, of such form as h. may pre-
scribe, bearing interest at the rate of three
per cent. per Hnnum, payable either quarterly
or scmi-annually, at the Treasury of the United
States. Such bonds shall be exempt from all
taxation by or under STATE authority, ana he
payable ut the pleasure of the United States;
provided that the bonds herein authorized
snail not be called in and paid so long rs any
bearing higher rate of interest than three
per cent and which shall be rrdcCmahle ut
the pleasure of the United states. shall he
outstanding and uncalled. The last of said
bonds originally issued and their substitutes,
under this act, shall be the first called in, and
this order of payment shall be followed until
all shall have been paid. 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. inter-
est and the aggregate amount of deposits
made and bonds issued under this act shall not
exceed the sum of S2jO0OO,000. The amount of
lawful money so received on deposit, ms afore-
said, snail not exceed mt any time the sum OF
S25,0OO,0OO Before any deposits are received
Mt any postal money-order office under this
act the Postmaster at such Office shall file with
the Secretary of the Treasury his bond with
satisfactory security, conditioned that he will
promptly transmit to the Treasury 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 exceed
the amount of his bond.
SEC. 2. Any National banking association
now organized or hereafter organized desiring
to withdraw its circulating notes, upon de.
post of lawful money with the Treasurer OF
the United States, as provided in section of
the act of June 20. 1874, entitled IAN act fixing
the amount of United States notes, providing
for redistribution of National Bank cur
rency, 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-
post lawful money and withdraw its oirculat.
ipg notes; provided that not more than $780,.
900 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 bonds called for re,
demption by the Secretary of the Treasury.
SEC. 3. That nothing in this act shall be so
construed as to authorize an increase of the
public debt