Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-02-04
WASHINGTON NEWS.
Full Text of the Sherman Funding Bill
Republicans Placed in an UncomfOrta-
Bile Position on the Tariff-Presidential
Appointments In Favor Of the New Party
In the South.
Tent of the Eundi,ta RilI.

WASHINGTON, Feb. S.-The following is the
full text of the per cent. funding bill as pass
ed by the senate to-day:
Section 1. Be it enancted, etc., 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 postal money order Office lawful
money OF the United States to the
to the amount of $50, or any multiple OF that
sum, or any bonds of the United States bear.
ing 81 per cent. 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 denominations of $50, 500, $500,
$1,000 and $4,000, of such form as he may
prescribe, bearing interest at the rate of per
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 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 cent, aud
which shall be redeemable at the pleasure OF
the United States, shall be outstanding and
issued. and their substitutes under this act
shall be the 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 sol " to
the redemption OF bonds of the United States
bearing Sk per cent. Interest, and the aggre-
gate amount of deposits made and bonds is.
sued under this act shall not exceed the sum
of $200, O00, 900. The amount of lawful mon
ey to be received on deposit as aforesaid shall
not exceed at any time the sum of S25 ,0O0, 900
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 security, condl
titioned that he will promptly transmit to
to the treasury of the United States the money
received by him, in conformity with the regu.
lations to be proposed by such secretary, and
the deposit with any postmaster shall not al
any time exceed the amount of his bond.
Sec. 2. Any national banking association
now organized or hereafter organized, desir
ing to withdraw its circulating notes upon
deposits of lawful money with the treasurer oil
the United States, as provided in section Of
the act of June co. 1874, entitled ian act fixing
the amount of United States notes providing
for redistribution of national bank cur.
rency, and for other purposes" shall be re-
uuiied to give thirty days notice
to the comptroller of currency of its intention
to deposit lawful money and withdraw its
circulating notes, provided that not more
than S5,0O0, 900 of lawful money shall be de.
posted during any calendar month fol
this purpose, and provided further thai
the provisions of this section shall not apply
to bonds called for redemption by the sccre
tary of the treasury.
Sec. 3. That nothing in this act shall BIZ
so construed as to authorize an increase of the
public debt