The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1882-02-16
Funding Bill.

The following is the full text of the Three
Per Cent. Funding bill as passed by the Senate
on the 3rd:
Be ii enacted, dc., That the 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 pos
tai 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 one-half 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
500, $500, 81 900 and $40 900, ofsuch form as
he may prescribe, bearing interest at he rate
OF three per cent. per annum, payable either
quarterly or semi-annually at the Treasury OF
OF the United States. Such bonds shall be ex-
empt from all taxation by or under state ALL
thorlty, 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 here
sofore issued bearing higher rate of interest
than the three per centuIu and which shall be
redeemaole at the pleasure OF the United
states, shall be outstanding and uncalled. The
last OF the said bonds originally issued and
their substitutes under this act, shall be first
called in, and 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 redemption of
The bonds of the United States bearing three
and half per centum interest, and the aggre-
gate amount of deposits made and bonds issu-
ed under this act shall not exceed the sum OF
$500 ,000,0 900. The amount OF lawful money so
received on deposit as aforesaid shall not ex-
coed at any time the sum of $25, 900, 900
Before any deposits are received at any pos
tai money-order office under this act, the post
master at such Office shall file with the Secreta-
ry of the Treasury his bonds, with satisfactory
security conditional that he will promptlynans
init 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 postma ster shall
not at any time exceed the amount of his
bond.
Sec. 2. Any national banking association
now organized, or hereafter organized, desiring
to withdraw its circulating notes upon a de-
post Of lawful money with the Treasurer of
the United States, as provided in section four
of the act of June 20th 1874, entitled IAN act
fixing the amount of United States notes,
providing for redistribution ofnatonal bank
currency, and for other purposes shall be re-
quired to give thirty days. notice TO the Comp
troller of the Currency of its intention to de-
post lawful money and withdraw its circula-
ting notes, provided that not more than
s5,0O0,000 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.
See 8. That nothing in this act shall be so
construed as to authorize an increase of the
public debt