Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1882-02-09
TIE Senate Funding Bill.

Ia- funding Ill. introduced bs Senator
sherman Of ONO. after na,u. teea 4e84,-
cI ilr some week, and considerably mull-
fed. passed the Senate FRIDAY b., a de Of
y - i.
The b... 9, passed j, as follows:
b, X enacted. Ac.. That the secretary r
tie Treasury j. hereby authorized To- receive
a. the Treasury and AZ the office Of am A.
s.>,aut Treasurer of the United States and
Al Any p9>ta. money order office. Lawful.
money Of tile United States 70 the amour.
%; so OF any multiple q that sum. or an,
bond, u the United States bearing -
per cent; interest. which ere hereby declared
valid. and TO issue in exchange therefor an
equal amount Of registered OF coupon bond,
Of the uitcd State, Of the denominations
Of SO 800, 800. & 900. and SlO,OOO. of
such form a, be may prescribe. bearing IN
tere,t at the rate Of 3 per cent. per annum,
PAYABLE either quarterly or >emi-annualiy at
the Treasury of the United States Such
bonds shall be exempt from all taxation by or
under state authority. and be payable al the
pleasure Of the United States provided that
the bonds herein authorized shall not be
called in and paid so long a. any bonds Of
the United States heretofore issued bearing
a higher rate Of interest THAI per cent,
and which shall be redeemable al the pleas
ure Of the United States. shall be outStand-
ing and uncaucd. The last Of the SAID
bonds originally issued and their substitutes
under TINS act shall be frs, called in. and
this order Of payment shall be followed until
all shall haye been paid. The money depos-
tied under this act shall be promptly ap-
piled solely TO the redemption Of the bonds
of the UnIted States bearing - per cent.
interest: and the aggregate amounts Of de-
post, made and bonds issued under lhi, act
shall not exceed the sum Of 300 200 900.
The amount Of lawful money 50 received on
depcsi, as aforesaid shall not exceed at any
time the sgn Of S2j.pOO,OO0. Before any de-
posts are received az any postal money order
office under this act. the Postmaster al such
office shall file with the Secretary OF the
Treasury his bond, with satisfactory security,
conditioned that he viii promptly transmit
! to the Treasurer Of the United States the
money received by him in conformity with
/ regulations to be prescribed BY such Secre-
tary; and the deposit with any Postmaster
shall not at any time exceed the amount OF
his bond.
Sec , ANY national banking association
y
string to withdraw it, circulating notes upon
a deposit of lawful money xith the Treas
urer Of the United States, as provided in
/ section of the act Of June 20, 1874, en-
titled. An act fixing the amount Of L. S.
notes, providing for redistribution of ma
tional bank currency. and for other purpos-
e." shall be required to give &c days notice
to the Controller of the Currency of its in
| tention to deposit lawful money and with
draw its circulating notes provided that not
more than S5,000,000 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.
Sec s. That nothing in this act shall be
so construed as TO authorize an increase of
| the public debt.