Year: 1870

- " CftNsOCCIsg W. \ AAC Nv
retary of the Treasury is hereby au-
thOrized to issde in a sum or sums not
exceeding in the aggregate 100000
600, coupon or registered bonds of the
United States in such form as he may
prescribe, and of denominations of $50
or some multiple of that sum, redeem
able in coin of present standard value
at the pleasure of the United States, af-
ter ten years from the date of their is
sue, and bearing interest payable semi
annually in such coin at the rate of
five per cent. per annum. Also in sum
or sums not exceeding in the aggre-
gate $30O,OO0,OO0 of like bonds, the
same in all respects, but payable at the
pleasure of the United States after fif-
teen years from the date of their issue,
and bearing interest at the rate of II per
cent. per annum. Also a sum or sums
not exceeding in the aggregate 81, ,OOO,-
100000 of like bonds, the same in all
respects, but payable at the pleas
ure of the United States in thirty
years from the date of their issue, and
bearing interest at the rate of 4 per
cent. per annum all of which said
several classes of bonds, and interest
thereon, shall be exempt from pay
ment of all taxes or duties of the Uni
ted States, as well as from taxation in
any form by or under State, municipal
or local authority; and such bonds
shall have set forth and expressed up
on their face the above specified con-
ditiOns, and shall with their coupons
be made payable at the Treasury of
the United States. But nothing in
this act or any other law now in force,
shall be construed to authorize any in
crease whatever of the bonded debt of
the United States:


SEC. 2. And be it further enacted,
That the Secretary of the Treasury is
hereby authorized to sell and dispose
Of any of the bonds issued under this
act, at not less than their par value for
coin, and to apply the proceeds thereof
in redemption of any bonds of the
United States outstanding and known
as fve-twenty bonds at their par value !;
or he may exchange the same for such
tive-twenty bonds for par, but the
bonds hereby authorized shall be used
for no other purpose whatever and a
sum not exceeding One-half of one per
cent. of the bonds herein authorized is
hereby appropriated to pay the ex-
pense of preparing, issuing, advertis-
ing and disposing of the same.


SEC. 3. Be 1t further enacted, That
the payment of any of the bonds
hereby authorized, after the expira-
tiOn of the said several terms of ten, ff-
teen and thirty years, shall be made in
amounts to be determined from time
to time by the Secretary of the Treas
ury at his discretion the bonds so to
be paid to be distinguished and de.
scribed by dates and numbers, begin
ming for each successive payment with
the bonds of each class last dated,
numbered at the time at which the
payment or redemption is intended
The Secretary of the Treasury shall
give public notice at any time of bonds
to be paid, interest on which shall
cease at the expiration of three months
from the date of such notice.


SEC. 4. Be it further enacted, That
the Secretary of the Treasury is here
by authorized, with any coin in the
Treasury of the United States which
he may lawfully apply to such purpose,
or which may be derived from the
sale of any bonds, the sum of which is
provided for in this act, to pay at par
and cancel any six per cent. bonds of
the United States of the kind known
as 5 20 bonds, which have become or
may hereafter become redeemable by
the terms of their issue, but the partic-
uIar bonds so to be paid and Cancelled
shall in all cases be indicated and spec
flied by the class, date and number in
the order of their number and issue,
beginning with the first numbered and
issued, public notice to be given by
the Secretary of the Treasury, and in
three months after the date of such
public notice interest on bonds so Sc
lected and advertised to be paid shall
cease.


SEC. 5. Be it further enacted, That
the Secretary of the Treasury is here
by authorized, at any time within two
years from the passage of this act, to re-
ceive gold coin of the United States on
deposit for not less than 30 days in
sums of not less than 500 with the
Treasurer or any Assistant Treasurer
of the United States authorized by
the Secretary of the Treasury to re-
ceive the same, who shall issue there
for certificates of deposit made in such
form as the Secretary of the Treasury
shall prescribe, and said certificates Of
deposit shall bear interest at a rate not
exceeding two and half per cent. per
annum, and any amount of gold coin 50
deposited may be withdrawn from de-
posit at any time after thirty days
from the date of deposit and after ten
days notice, and on the return of said
certificates, provided that the interest
on all such deposits shall cease and de-
termine at the pleasure of the Secretary
of the treasury, and not less than
twenty-five per cent. of coin deposited
for or represented by said certificates
of deposit shall be returned in the
Treasury for the payment of said GER
tificates, and the excess beyond % per
cent. may be applied at the discretion
of the Secretary of the Treasury to the
payment and redemption of such out.
standing bonds of the United States
heretofore issued and known as 500
bonds, as may be designated under the
provisions of the fourth section of this
act, and any certificates of deposit is
sued as aforesaid may be received at
par with the interest accrued thereon,
in payment for any bonds authorized
to be issued by this act.


SEC. 6. Be it further enacted, That
the United States bonds purchased,
and now held in the Treasury in ac-
COrdance with the provision relating
to a sinking fund of section five of the
act entitled an act to authorize the
issue of United States notes, and for
the redemption or funding the floating
debt of thel States, approved