Democratic messenger. [volume] (Snow Hill, Md.) 1869-1973, 1882-02-11
Tie Bill as Passed.

The following is the full text OF the
Sherman Three Per Cent. Bill. as 1t
passed the U. S. Senate
"Bc IL enacted, ETC., That the Secre-
tary Of the Treasury is hereby author
lied to receive at the Treasury and at
the offiee OF any Assistant Treasurer OF
the United States, and at any postal
money-order Office, lawful money OF the
United States. to the amount of $50 or
any multiple of that sum, or any bonds
of the United States bearing 81 per
cent. interest. which are hereby de-
clared valid. and to issue in exchange
therefor an equal amount of registered
or coupon bonds Of the United States
of the denominations of $50, 800, $500,
81, 900 and $4,000, of such form as he
may prescribe, bearing interest at the
rate of per centum per annum, paya-
BILE either quarterly or semi annually ut
the Treasury of the United States.
Such bonds shall be exempt from all tax
alton by or under State authority and be
payable at the pleasure of the United
States, provided, that the bonds herein
authorized shall not be called IN and
paid so long as any bonds of the United
States heretofore issued, bearing a
higher rate of interest than per CEN
tum. and which shall be redeemable at
the pleasure of the United States, shall
be outstanding and uncalled. The last
of the said bonds originally issued and
their substitutes under this act shall be
first called in, aud this order of pay
ment shall be followed until all shall
have been paid. The money deposited
under this act shall be promptly ap-
piled eolely TO the redemption OF the
bonds of the United States bearing
81 per centum interest, and the ag-
eregate amounts of deposits made and
bonds issued under this act shall not ex-
ceed the sum of 5000, 100000. The
amount of lawful money so received on
deposit as aforesaid shall not exceed at
any time the sum of S25, ,000, 900. Before
any deposits are received at 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
Treasurer OF The United States the
money received by him IN conformity
with regulations TO be subscribed by
such Secretary, and the deposit with
any postmaster shall not any time exceed
the amount of his bond.
"SEc. .. Any national banking asso-
citation now organized, or hereafter or
canized, desiring to withdraw its circu-
lating notes upon deposit of lawful
money with the Treasurer of the United
States, as provided in section four OF
the act of June 20, 1874. entitled AN
act fixing the amount of United States
notes. providing for redistribution oi
national bank currency and other pur-
poses. shall be required to give thirty
days notice to the Comptroller OF the
Currency of its intention to deposit
lawful money and withdraw its circulat-
ing notes; provided, that not more thar
5000, 900 OF lawful money shall be de-
posted during any calendar month fol
this purpose; and provided further
that the provisions of this section shat
not apply to bonds called for redemp
ton by the Secretary of the Treasury
"SEc. 3. That nothing in this ac
shall be construed as to authorize al
Increase of the public debt