The Eaton Democrat. (Eaton, Ohio) 1875-1903, 1882-02-09
THREE PER CENTS.
Text OF the Measure as Passed by tn
United states Senate.

Text OF the Measure m Passed by the
United states Senate.
The following is the full text Of the per
cent funding bill passed by the United States
Senate on the Sd inst:
Be it enacted, etc., that the Secretary Of the
Treasury is hereby authorized to receive at
the Treasury, and at the Office 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 80 per centum interest,
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, 800, $500,
$1,000, and $40, 600, of such form as he may
prescribe, bearing interest at the rate Of per
centum per annum, payable either annually
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:
Provided, that the bonds herein authorized
shall not be called in and paid 80 long as any
bonds of the United States heretofore issued
bearing higher rate of interest than 8 per
centum, and which shall be redeemable at the
pleasure Of the United States, shall be out
standing 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
posted under this act shall be promptly
applied solely to the redemption Of bonds Of
the United States bearing 80 per centum in
terest and the aggregate amount of deposits
made and bonds issued under this act shall not
exceed the sum of $200, 100000. The amount
of lawful money so received on deposit as
aforesaid shall not exceed at any time the sum
of $25, 900, 900. Before any deposits are re-
ceived 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 prescribed
by such Secretary, and the deposit with any
Postmaster shall not at any time exceed the
amount Of his bond.
SECTION 2. Any National Banking Association
now organized, or hereafter organized, desiring
to withdraw its circulating notes upon deposit
of lawful money with the Treasurer of the
United States, as provided in Section ~. of the
act of June 20, 1874, entitled San act fixing
the amount of United States notes, providing
for the redistribution of National Bank cur
rency, and for other purposes" shall Q re-
quired to give thirty days notice to the Comp
troller of the Currency of its intention to
deposit lawful money and withdraw its circu-
lating notes Provided, that not more than
So, 600, 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
redemption by the Secretary of the Treasury.
SECTION 8. That nothing in this act shall be
so construed as to authorize an increase Of the
public debt.