The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1882-02-10
THE SIBERIAN BILL.
Full Text of the Three-per Cen Z.
Funding Act.

Full Text OF the Three-per Gent
Funding Act.
The following is the full text of the 3-per-
cent. Funding BILL as passed by the Senate of
the United States.
Be IL enacted, ETC., That tho Secretary of the
Treasury is hereby authorized to receive at the
treaEuEy and at the Office of any Assistant
Treasurer of tho United States, and at anv
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 centum in.
terest, which are hereby declared valid. and to
issue In exchange therefor an equal amount of
registered or coupon bonds of the United
States, OF the denominations of $50, $780, $500,
$1,000 and $4,000, of such form as he NAV
prescribe, bearing interest at the rate of per
centum per annum, payable either quar-
terly or semi-annually at the treasury
OF the United States. Such bonds
shall be exempt from ali taxation
by or under State authority, and
be payable at the pleasure of the United States.
ProUlded, 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 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 sub
stitutes, under this act, shall he first
called in, and this order of payment
shall be followed until all shall 1--we been
paid. The money deposited under this act
shall be promptly applied solely to the redemp-
ton of the bonds of the United States bearing
315 per centum interest and the aggregate
amount Of deposits made and bonds issued I'M
der this act shall not exceed the sum of $780,
000,000. The amount of lawful money SO re-
ceived on deposit as aforesaid shall not exceed
at any time the sum of $25, 600, 900.
Before any such deposits are received
at any such postal money-order Office I'M
der this act the Postmaster at such office shall
file with the Secretary of the'Treasury his bond
with satisfactory security. conditioned he will
promptly transmit to the Treasurer of the
United States the money received by him in
conformity with regulations to be prescli bed
by such Secretary and the deposit with any
Postmaster shall not at any time exceed the
amount Of his bond. a EaR
Sec. 2. Any national banking association
now organized, or hereafter organized, de-
string to withdraw its circulating notes, upon
the deposit of lawful money with the Treas
urer of the United States, as provided in
section 4 of act of June q, 1874, en- tiled
An act fixing the amount of United S ates
notes, providing for redistribution of rational
bank currency, and for other purposes, = shall
be required to give thirty days notice to
the Comptroller of the Currency of its in,
tention to deposit lawful money and vi Ii
draw its circulating NOES; propidtd,
that not more than S5,000000 InzlaNful
money shall be deposited uring any calendar
month for this purpose; and, pr0Ui1ed farther,
that the provisions of this act shall not apply
to bonds called for redemption blythe Secretary
of the Treasury.
Sec. 8. That nothing in this act shall be SC.
construed as to authorize an increase Of the
public debt. ~