The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1882-02-15
The Funding Bill.

The funding bill which has been pend.
ing in the U. S. Senate for several weeks,
passed on the 3rd by vote of 80 to 10.
The negative vote consisted of Hawley,
ingalls,, Lapham, Platt, and Windom on
the Republican side, and Bayard, Fair,
Garland, Groome, Hampton, Johnston,
Morgan, Pugh, Slater, Vest, Voorhees,,
Walker, and Williams on the Demo.
cratic.
1t provides for the issue of 5000, 000,-
900 of three per cent bonds, payable at
the option of the Government.
Many Senators who have opposed the
bill voted for it because>it accomplishes
nothing but to make it legal for the
Secretary of the Treasury to reduce the
rate Of interest on the continued bonds
if he can get any of their holders to con-
sent. The restriction of the privileges
of national banks in regard to the retire
ment Of circulation is not as severe as
the Carlisle section, but is of the same
character, as it will take it out of the
power of the banks to effect contractions
Of the currency by suddenly Withdraw
ing bonds and surrendering circulation.
The bill as it passed is as follows:
Be 1t enacted, etc, That the Secretary of the
Treasury is hereby authorized to receive at
the Treasury, aud at the office of any Assis-
Gant Treasurer of the United States, aud at
any postal money-order office, lawful money
Of the United States to the amount Of fifty
dollars, or any multiple Of that sum, or any
bonds Of the United States bearing 81
per centum interest, which are hereby de-
clared valid, and to issue in exchange there
Tor an equal amount of registered or coupon
oonds OF the United States of the denomi-
lation of fifty, one hundred, five hundred,
one thousand, and ten thousand dollars, of
such form as he may prescribe, bearing in
Eerest at the rate of three per centum per au-
num, payablee quarterly or semi-annual- /
iy at the Treasury of the United States Such /
bonds shall be exempt from all taxation by |
n under State authority, and be payable at |
The pleasure of tie United States.
Pr0tided, That the bonds herein author /
zed shall not be called in and paid so long /
Is any bondsof the United States heretofore (
issued bearing higher rate of interest than 3 I
per centum. and which shall be outstanding
md uncalled. The last of the said bonds
originally issued, and their substitutes
Inder this act, shall be first called in, and
This order of payment shall be followed until
Ill shall have been paid.
The money deposited under this act shall
be promptly applied solely to the re-
lemption of the bonds of the United
states bearing three and half per centum
interest; and the aggregate amounts Of de
1oslls made and bonds issued under this act
hall not exceed the sum of $200, 900 900
The amount OF lawful money so received on
ieposit as Aforesaid shall not exceed at any
line the sum OF T25, 0O0, 900.
Before any deposits are received at anvI
1nstai money order Office under this act, the
postmaster at such Office shall file with the
secretary of the Treasury his bond, with
atisfac sory security conditioned that he will
,romptly transmit to the Treasurer of the s
United STATES the money received by him in /,
ontormity with regulations to be prescribed
y such Secretary; and the deposit with {
ny Postmaster shall not at any time exceed t
be amount of his bond
SEC. 2. Any National Banking Associa- z
AStt
esiring to withdraw its circulating notes
pom deposit Of lawful money with the
treasurer of the United States, as provided
9 section of the act of June 20, 1874, EN-
tiled An act fixing the amount off
United States bonds. providing for 8 redis-
ribution OF National Bank currency, and I
y other purposes, shall be required thirty t
avs notice to the Comptroller of the Cur |
ancy of It's Intention to deposit lawful :
loney and withdraw its circulating notes. f
Pforided, That not more than I've mil T
ons of dollars Of lawful money shall be de-
osited during any calendar month for this e
urpose; and e
t'roridsd further, That the provisions Of !,
lis section shall not apply 10 bonds called 2
i redemption By tie Secretary Of the v
reasurer.
SEC y That nothing IN this act shall be
continued As 70 authorize an Increase OIL
le public debt.