Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1882-02-16
The Funding Bill

rolio"IHS s lne Iull text or the 5
per cent funding bill as passed by the
senate:
Be it enacted, ETC., That the secre-
tary of the treasury is hereby author
lied 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 81
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,
81 900 and $4,000, of such form as he
may prescribe, bearing interest at the
rate of 8 per cent 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 bonds herein author
lied 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 three per centum,
and which shall be redeemable at the
pleasure of the United States, shall be
outstanding ar uncalled. The last of
said bonds originally issued, and their
substitutes under this act, shall be the
first called in, and this order of pay
ment shall be followed until all shall
have been paid.
Money deposited under this act shall
be promptly applied solely to the re-
demption of bonds of the United States
bearing 81 per cent interest, and the
aggregate amount of deposits made and
bonds issued under this act shall not ex-
ceed the sum of $200,000,000. The
amount of lawful money so received on
deposit as aforesaid shall not exceed at
any time the sum of $25,000,000.
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 Sc
curity, conditioned that he will prompt
ly transmit to the treasury of the United
States, money received by him in con-
formity with the regulations to be pre-
scribed by such secretary, and the de-
posit with any postmaster at any time
shall not exceed the amount of his
bond.
Sec. 2. Any national banking asso-
citation now organized, or hearafter or
ganized, desiring to withdraw its cir
culating notes upon the deposit Of
lawful money with the treasury OF the
United States, as provided in section
4, act of June 20, 1874, entitled. can
act fixing the amount of United States
notes, providing for the redistribution
of the national bank currency and for
other purposes" shall be required to
give thirty days notice to the comp
troller of the currency of its intention
to deposit lawful money and Withdraw
its circulating notes, provided, that not
more than $5,OOO,00C 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. 8. That nothing in this ac'
shall be so construed as to authorize az
increase of the public debt.