The Portland daily press., 1882-02-04
THE FUNDING BILL.


Full Text of the Measure Adopted by the
Senate.
WASHINGTON, Feb. 3.-The following is the
full text of the three per cent. funding bill
passed by the Senate to-day:
Be il enacted 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 pos
tai money order office lawful money OF the
United States to the amount of $50 or any null
tiple of that sum or any bonds OF the United
States bearing three and a half per centum in
terest 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 three per cent
um per annum, payable either quarterly or
semi-annualy at the Treasury of the United
States. Such bonds shall be exempt from a !
taxation by or under State authority and to be
payable at the pleasure of the United States,
provided that bonds herein authorized shall
not be called in and paid so long as any bonds
of the United States heretofore issued bearing
q higher rate of interest than three per centUm
and which shall be redeemable at the pleasure
of the United States shall be outstanding and
uncalled. The last of said bonds originally is
sued 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.
% Bnd s IBIS ags sbatIn Rs
bonds of the United States bearing three and a
half per centum interest and the aggregate
amount of deposits made and bonds issued un-
der this act shall not exceed the sum of $780,
100000. The amount of lawful money SO re-
ceiyed on deposit as aforesaid shall not exceed
at any time the sum of $4,000, 600. Before
any deposits are received at any postal money
order office under this act the postmaster Of
such of Office shall file with the Secretary of
the Treasury his bond with satisfactory securi-
ty conditioned that he will promptly transmit
TO the Treasurer of the United States money
received by him in conformity with the regulA-
lions to be prescribed by such Secretary and de-
posits with any postmaster shall not at any
time exceed the amount of his bonds.
Sect. 2. ANY national banking association,
nor organized or hereafter organized, desiring
to withdraw its circulating notes upon depos-
il Of lawful money with the Treasurer of the
United States as provided in Sec. OF the act
Of SuDe 20'h, 1874, entitled ian act fixing the
amount of United States notes providing for
the redistribution of national bank currency
and for ether purposes" shall be required to
give thirty days notice to the Comptroller of
the Currency Of its intention to deposit lawful
money and withdraw its circulating notes pro-
vided that not more than $5,000000 of lawful
money shall be deposited during any calendar
month for this purpose and provided further
that the provisions of this section shall not ap-
ply to bonds called for redemption by the Sec
rotary of the Treasury.
Sec. 3. That nothing in this act shall be so
construed as to authorize an increase of the
public debt