The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1882-02-10
THE SHERMAN BILL.
Full Text Of the Three-per Cen g.
Funding Act.

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
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 ESQ, or
any multiple of that sum. or any bonds of
the United States bearing 3l9 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, 500, $500,
VI, 900 and $1,000 OF such form as he may
prescribe, bearing interest at the rate OF per
centum per annum, payable either quar-
terly or semi-annually at tho treasury
of the United States Such bonds
shall be exempt from ali taxation
be PAYABLE at the pleasure of the United States.
Preceded 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 uncaued. The last OF
said bonds originally issued and their sub
stltutes, under this act, shall be first
called in, aud this order of payment
shall be followed until all shall have 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
81 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,
100000. The amount Of lawful money 30 re-
ceved on deposit aforesaid shall not exceed
at any time the sum Of SOS, 100000.
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 prescribed
by such Secretary and the deposit with any
Postmaster shall not at any time exceed the
amount of his bond.
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 III
section Of act of June 20, 1874. entitled
"An act fixing the amount of United States
notes, providing for redistribution of NATIONAL
bank currency, and for other purposes, shall
be required to give thirty days notice 10
the Comptroller of the Currency of its in
tention TO deposit lawful money and with
draw It's circulating notes; provided,
that not more than S5000,000 in lawful
money shall be deposited curing any calendar
month for this purpose and, prooided further,
that the PROVISIONS of this act shall not apply
to bonds called for redemption by the Secretary
of the Treasury.
SEo 8. That nothing in this act shall be SO
construed as to authorize an increase Of the
public debt.