Centre Democrat. [volume] (Bellefonte, Pa.) 1848-1989, 1882-02-09

pendent nations of America. To re.
woke that invitation for any cause
would he embarrassing; to revoke il
for the avowed fear of Jealousy and
i'll will" on the part Of European pow
ers would appeal rs little TO Ameri-
can pride as to American hospitality.
Those you have invited may decline,
and having now cause to doubt their
welcome will, perhaps, do so. This
would break up the congress, but it
would not touch our dignity.
Mr.. SHERMAN carries his Funding
Bill through the Senate after amend.
ments aud notifications had been
added, as to make it doubtful whether
he can claim its paternity. The fol.
lowing is the text of the bill as it passed
and now goes to the House of Repre-.
sentatives:
Be It enacted, etc, that the Secretary
Of the Treasury is hereby authorized TO
receive at the Treasury, aud 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 fifty dollars. or
any multiple OF that sum. or any bonds
OF the United States bearing three and
a half per cent. interest, which are here
10y declared valid, and TO issue in ex.
change therefor an equal amount Of re-
cistered or coupon bonds of the United
States of the denomination of fifty, one
hundred, FIVE hundred, one thousand
and ten thousand dollars, o. such form
as he may prescribe. bearing interest at
the rate of three per centum per annum,
payable either quarterly or semi Annu.
ally 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 the bonds
herein authorized shall not be called in
and paid so long as any bonds OF the
United States heretofore issued bearing
a higher rate ot interest than three per
centum and which shall be redeemAble
at the pleasure Of the United States
shall be outstanding md uncalled. The
last Of the said bonds originally Issued
and their Substitutes u under this act shall
be first called in and this order Of pay.
ment shall be followed until all shall
have been paid. The money depoalted
under thi. act shall be promptly ap.
piled solely 10 the redemption Of the
bonds ofthe United States bearing three
and half per centum interest, and the
aggregate amount OF deposite made and
bonds issued under this act shall not
exceed the sum OF two hundred million
dollars. The amount OF lawful money
so received on deposit a. aforesaid shall
not exceed at any time the sum OF
twenty FIVE million dollars. Before any
deposits are received at any postal money
office under this act the postmaster at
such Office shall file with the Secretary
Of the Treasury his bond, with satisiac-
tory security, conditioned that 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
Sec. 2. Any national banking associa.
ton now organizing or hereafter organ.
lied desiring to withdraw its circulating
notes upon deposit Of lawful money
with the Treasury Of the United States,
az provided in section four of the act OF
June 20, 1874, entitled "An act fixing
the amount OF United States notes, pro.
viding for redistribution Of national
bank currency and for other purposes,
shall be required TO give thirty days
notice to the Comptroller of the Cut.
rency of its intention 10 deposit lawful
money and Withdraw it, circulating
notes; provided that not more than
five millions Of dollars of lawful money
snail he deposited during any c.lenjsr
month for this purpose. and provided
further, that the provisions oi tbi. sec
ton shall not apply to bonds called for
redemption by the Secretary Of the
Treasury.
Sec }. That nothing in tIi- act shalt
be so construed as to authorile an in
crease of the public debt.