The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1882-02-09
THE SHERMAN BILL.
Full Text Of the Thrcc-pef Ger,
Eumdfm1 Act.

Fall Text Of the Thrcc-pcr Cen {.
Funding Act.
The folloying is the full text Of the 3-per.
cent. Funding bill, as passed by the Senate Of
the United States.
Be II enacted, etc., That tho Secretary OF the
Treasury 10 hereby authorized to receive at the
treasury and at tho Office Of any Assistant
Treasurer Of the United States. and at any
postal ssmoney-order Office, lawful money OF
the United States to tho amount OF $50, or
any multiple Of that sum, or any bonds Of
the United states bearing 81 per centum in
terest, which are hereby declared valid, and to
issue in exchange therefor an equal amount OF
registered or coupon bonds Of tho United
$1,000 and 10000 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 bc exempt from all taxation
by or under State authority, and
be PAYABLE at the pleasure Of the United Statce.
Prorild. that the bonds herein authorized
shall not be called in and paid 70 long as any
bonds Of the United States heretofore issued
bearing higher rate Of interest than per
ccntum, and which shall b. redeemable at
the pleasure OF the United States, shall be
outstanding and uncalled. The last Of
said bonds originally issued and their sub
called in, aud this order OF payment
shnll be followed until oil .hall have been
paid. The money deposited under this net
shall be promptly applied solely to the redemp-
tion Of the bonds OF the United States bearing
81 per centum interest and the aggregate
amount OF deposits made and bonds issued un-
der this act shall not exceed the sum OF $780,
900. The amount Of lawful money so re-
ceived on deposit M Aforesaid shall not exceed
at any time the sum Of &25,000, 900.
Before any such deposits are received
at any such postal mOney-ordcr Office un-
der this act, the Postmaster at such Office shall
file with the Secretary Of the Treasury his bend
with satisfactory security. conditioned he will
promptly transmit to the Treasurer OF the
United states tho money received by him IN
conformity with regulations to be prescribed
by such Secretary; and the deposit with any
Postmaster shall not ut any time exceed tho
amount Of his bond.
SEC. 2. Any national-banking association
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 in
section Of act Of .hlne 20, 1874, entitled
IAN act fixing the AMOUNT Of United States
notes, providing for redistribution OF national.
bank currency, aud for other purposes" shall
be required to give thirty days notice t.
the Comptroller Of tho Currency Of its in
tention to deposit lawful money and with
draw its circulating notes; proridsd
that not moro than s5.00O,OO0 in Lawful
money shall be deposited during any calendar
month for this purpose; and, pT0rided further
that the provisions OF this act shall not apply
to bonds called for redemption by the Secretary
Of the Treasury.
Sec 8. That nothing in this act shall be st
construed as to authorize an increase OF thu
public debt.