The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1882-02-04
The Funding Bill

Washington, 3.-Following is the
full text OF the 3 per cent. funding
bill passed to-day:
Be 1t enacted, ETC.. that the secre-
tary of the treasury is hereby
authorized to receive at the treas
ury. and at the Office of any assis-
tant treasurer Of the United States,
and at any postal money order
office, lawful money of the United
States TO the amount of $50, and any
multiple of that sum, or any bonds
Of the United States bearing 81
per cent. interest, which are hereby
declared valid, and to insure III ex-
change therefor an equal amount of
register or coupon bonds CT the
United States. OF the denomination
of so, 800, $500, $1,000 and S1O,-
900 Of such forms as he may pre-
scribe, bearing interest at the rate
Of 81 per cent. per annum,
payable either quarterly or
semi-annaally at the treasury of the
United States. Such bonds shall be
exempt from al taxation by or
under state authority, and be paya-
Die at the pleasure OF the United
States, providing that the bonds
herein authorized shall not be called
in and paid so long as any bonds of
the Unit d States, heretofore issued
at higher rate of interest than
three per centum, and which shall
be redeemable at the pleasure of the
United States, shall be outstanding
and uncalled. The last of the bonds
originally issued and their subSti-
tutes under this act, shall be the
first called in, and this order of pay
ment 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 bonds of the United
States bearing 81 per centum i'll
terest, and the aggregate amount of
deposits made and bonds issued
under this act shall not exceed the
sum of $2OO,O0O,0O0. The amount of
lawful money so received on de-
post as aforesaid, shall not exceed
at any time the sum of S25 100000.
Before any deposits are received at
any postal money order Office under
this act, the pC s.maSter at such
Office shall file with the secretary of
the treasury his tond with salts
factory security, that he will
promptly transmit to tie treasurer
Of the United States the money re-
ceived by him in conformity with
the regulations to be prescribed by
such secretary, and the deposit with
any postmaster shall not at any
time exceed the amount of his bond.
Sec. Amy national banking as
ISOLATION now organized or here
after organized, desiring to with
draw its circulating notes, upon the
deposit of lawful money with the
treasurer Of the United States, as
provided in section 4 of the act of
June 20, 1874, entitled, An act
fixing the amount OF United States |
notes, providing for the redistribu-
ton of national bank currency.
and for other purposes, shall
be required TO give thirty days no
tice to the comptroller of the cur
rency of its intention to deposit
lawful money and withdraw its cir
culating notes; provided that not |
more than S5,o00,O00 lawful money |
shall be deposited during any calen- |
dar month for this purpose; and,
provided further, that the provis- |
ions of this section shall not apply |
10 the bonds called for redemption |
by the secretary Of the treasury.
Sec. 8 That nothing in this act |
shall be SO construed as 10 authorize
tie increase of the public debt.