National Republican. (Washington City (D.C.)) 1872-1888, 1884-02-13
THE NEW POTTER BANKING BILL.
Text OF the Substitute Measure Provid-
ing for Refunding the National Dsbt.

Text OF the Substitute Measure Provid-
ing for Rerunding the National Dsbt.
The following is the text Of the bill intro.
duced in the house to-day by Representative
Potter, aud referred to the ways and means
committee. 1t is intended as n substitute for
the bill providing for 2 per cent. twenty-five
year bonds recently introduced by him and
now before the committee on banking and
currency:
Bet enacted, &c, That the secretary of the treas
ury is hereby authorized to receive at the treasury
any bonds OF the United States bearing interest ut
the rate of per cent. per annum, and TO issue In
and number of registered bonds of the United
States of the denominations of $50 $780, $780, 81 600
and bearing interest at the rate Of 2l2
per cent; per annum, payable quarterly az a.
per cent bonds TO be issued in exchange
for 8 per centum bonds shall be payable at
the pleasure ofthe United States, and shall be re-
spectvely and seyeraly for the same amounts,
and be numbered with the same numbers borne
wheS they are H to be sucd de as sabsu1es and
shall be called and pnid in tho same order as said
3 per cenlum bonds for which they shall be
substitutes are to be called and paid as now pro-
vidod by law.
SEC. O. The secretary of the treasury is hereby
authorized 10 receive at the treasury any bonds OF
the United States bearing interest at the rate OF
annam, and TO issue in exchange 'Gns therefor an an
| equal amount Of registered bonds Of the United
states of the denominations of fifty, one hundred,
| five hundred, one thousand, ten thousand, and
| ifty thousand dollars OF such form as he
may prescribe, aud bearing interest at the
rate OF "a por c9ntu% per S1nIn tTS
United States. Said % per centum bonds to
be issued in exchange for 4 per centum bonds
States after the first day OF July, 1907. Said 2la
per centum bonds to be Issued in exchange for
~ per centum bonds shall be payable at the
pleasure OF the United States after the hrst day oil
SIC. g. In tho said exchange of two and enc
half per centum bonds for four per centum
| and four and one-half per centum bonds, provided
always the moneys on hand and applicable are
sufficient, the secretary OF the treasury is hereby
authorized to pay such sum in each case us snail
| several quarter yearly payments OF interest from
which the United States Is released by such ex.
change All interest, in ascertaining said preseu
worth, being computed nt the rate of por centum
por annum reinvested quarter yearly.
SEC, 4. All said two and one-hGlf per centnm
bonds and the interest thereon shall be eNempl
from the payment Of all taxes and duties OF the
United States, aud from taxation in any form by
or under state, municipal or local authority.
SEC. 5, Upon the circulating notes of any anc
all national banking associations which shall b'
secured by deposit OF two and one-hah pc
centum bonds the duty to be paid 10 the treasury
of the United States, shall be one quarter OF on
per centum each half year. instead OF one. hali o
one per centum, the same TO be ascertained an'
paid as now provided by law. .,r.,
SEC, g. When not otherwise provided by law III
secretary OF the treasury Is hereby authorized 1
apply any moneys ut his disposal for payment o
OF the bonded debt of the United States, either I
the payment of the bonds redeemabea ut the plea,
ure OF the United states or to purchase OF BOND
not due as viii, in his Judgment cause the great
est saving OF interest; and In determining this th
duty or tax received upon circulating notes Z
national banking associations shall be considere
u deduction from the interest paid upon bond
held by the United States treasury to secure sal
notes.
SEC, 2 Nothing in this act shall be construed
authorize any increase of the debt OF the Unite
states, and all acts or parts of acts inconsisler
with the provisions OF this act arc hereby re
pealed.
SEC 8, This act shall take effect Immediately.