New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-12-19
MR.. SANFORD'S BOND BILL
TO REFUND FOUR AND FOUR AND HALF PER
CENT BONDS INTO BONDS BEARING
~r->-

CENT BONDS INTO BONDS BEARING
TWO PER CENT INTEREST
washington Dec. IL (speciaD.-Representat San
ford OF New York to-day introduced the following b
a 10 refund the and and ono half per c0ntu
bonds into bonds bearing two per ceLtm interest ana Vo
vert the United notes into certificates Of irdeo'edhe
without interest and for other purposes
enacted that the Secretary OF the Treasury j.
hereby auorz and empowered 70 convert The -FOUR PEI
contuu and four and onohah per centum bonds C. tH'
United States both coupon and registered remaining out
standing unredeeIned the books o. The Treasury Depart
ren on the day of April 1891 into bonds bearing TWO
PER centum per The interest Oh SAD BONO
10 Re payable SEM annually by the Treasurer Of ne Cn
States rs escal agent Said per cetum bonds shall be
Issued in three OF hundred millions each the
total Of tesuo said honda shall not exceed SIN
millions and all o. the said bones shall bear n
est from Of their Issue. The rFst sercs s De-
duo and PAYABLE at the pleasure Of the United states afN
Twenty-Five hrtyfve and fifty years respectively that Il
10 say on July in the year 1916 the seeon he'leS vi
July In the year 1890 and the third series on Jul! J. IN
tho year 1871.
sac q BE It. further enscted Ina, any Of the bonds
hereby authorized after the expiration OF the l terms
Of twenty-five thrtyve and Hy years. ia before naie1
nay paid such amounts to be determined from time u
time by the Secretary Of the Treasury at his discretion M
bonds 90 70 be paid 30 distinguished and described by nc
dates numbers beginning for each SUCCESSIVE payne.
with the class last dated ana nnlnbeied Z"
tho time OF which intended payment redemption the SEQ
rotary Of the Treasury shall give public notice and the IN
teres on the particular bonds so selected at any zine 70 o.
Laid shall cease the expiration Of three months from da
OF such notice.
Soc And be IL further enacted Tha: the proceeds II
the saes Of the public lands The United States shall BE-
reserved and apart annually beginning with July J.
1901 and ,xed ether purpose Whatsoever ana the
shall be held as SINKING tnhu tof inc i"a'"pon VI
the bonds aiCrCnancd
Sec And be it further enacted That II. a: the close Of
each period named the redemption Of the bonds Nu
Gent sum has accumulated from sale Of the pubic and'
OF the United States 10 shall be the duty OF the Sece-
nNerte uck
m close OF each period hercnbfore stated into loan Ger
Gcaes bearing per ccntum interest per shhun pay
able annually and deemable a: the pleasure OF the Chd
states after yo years the date Of tho issue Of such
lean certificates.
Sec O. And be It further enacted That after the passage
Of THIS act t 81 II be the duty OF the Secretary o. the Ieo
uiy os fast they Omitted States egaeideI notes. ar
received IN the Treasury the United states Tor roip
Tia, - fame in lieu thereof certificates indcbtedn'ss IN
denominations not 81 900 more than 40 600
which certificates shall interest and shaI De 70
decable after years coin or currency then ava
able in the Treasury provided that not more than nv
millions per month than fifty millions year
shall b redeemed and shah continue such redemption
until the same are all redeemed
Sec e. And be further enacted, That the dcnpmlna
ons Of the two per centum shall not he less tha
Al 900 nor more $50 600 and further hat there shat
not be OF bonds other than those payable
order or registered
s.c And b. it further enacted That the intent
purposo Of this afford opportunity 20 the preer
organized National banks and to National banks ma may
orranyed 10 form basis for the issue Of National ban
notes Oh the deposit bonds and certificates aforesa
with tho Treasurer the United States and the amount
such hank note circulation shall not exceed the nomin
value OF the bonds and certificates so deposited The CT
tecat.s O; indebtedness also be used a. part OF
reserve at present required in the case OF United Stat
note. and other Government notes that by law are leea
tender for public and private debts.
sec s. and be II further enacted, That n order that q
uroysons OF this shall be fully carried out shall
the duty Secretary OF the Treasury % such
dons In regard the exchange and conversion OF the 70
nor centum snd onehaf eentun bonds
no, eo.flct with the interests OF the present holders
bonds but equitable adjustment Of the
n, t,e bonds shall be made ia such will lie
ssrve both the holders and the Government
that end Secretary of the Treasury hereby authorize
To publish 20 the present bcadhoders BY circulation
Otherwise giving two months notice that such bonds
he exchanged giving In lieu Of the old bonds sfor
aid 10 the amount Of the principal thereof and pav
rrcsent value Of old bonds in available funds in
Treasury AZ the date Of such exchange
Sec. o. And be II further enacted That there roma
no funds Treasury available for the payment OF
present value the four and -four and onean per centu
bonds exchanged converted. the Secretary Of {
Treasury hereby empowered pay any Of the lo