Year: 1870

duIllOIlLSu " sell anu UlSpOSe OF any Ol
the bonds issued under this act at not less
than their par value for coin, and to ap-
ply the proceeds thereof to the redemp-
tion of any bonds of the United States
outstanding and known as five twenty
bonds, at their par value, or ne may ex-
change the same for such five-twenty Y
bonds, par for par, but the bonds heret y
authorized shall be used for no other
purpose whatsoever, and a sum not ex-
ceeding one-half of one per cent. of the
| bonds herein authorized is hereby ap-


propriated to pay the expense of prepar-
ing, issuing, advertising and dispOsing
of the same.


SEC. 3. Be it enacted, That the pay
ment of any of the bonds hereby author
lied after expiration of said several
terms of ten, fifteen and thirty years,
shall be made in amounts to be deter
mined from time to time by the Secre-
tary of the Treasury at his discretion,
the bonds so to be paid to be distin-
guished and described by dates and
numbers, beginning for each successive
payment with the bonds of such class
last dated and numbered, of the time of
which intended payment of redemption
the Secretary of the Treasury shall give
public notice at any time tn be paid, the
interest on which shall cease at the ex-
piration of three months from the date
of such notice.


SEQ. 4 He d. further enacted, That the
Secretary of the Treasury is hereby au-
thorized, with any coin in the Treasury
of the United States which he may law
fully apply to such purpose, or which
may be derived from the sale of any of
the bonds, the issue of which is pro-
vided for in this act, to pay at par and
cancel any six per cent. bonds of the
United States of the kind known as five
twenty bonds, which have become or
shall hereafter become redeemable by
the terms of their issue. But the par
ticular bonds so to be paid and cancelled
shall in all cases be indicated and speci-
fled by class, date and number in the
order of their issue, beginning with the
first numbered and issued, in public
notice to be given by the Secretary of
the Treasury, and in three months after
date of such public notice the interest of
the bonds so selected and advertised to
be paid shall cease.


SEC. 5. Be it,ftTther enacted, That the
Secretary of the Treasury is hereby au-
thorized, at any time within two years
from the passage of this act, to receive
gold coin of the United States on deposit
for not less than thirty days, in sums OF
not less than one hundred dollars, with
the Treasurer or Assistant-Treasurer of
the United States, authorized by the
Secretary of the Treasury to receive the
same, who shall issue therefor certifi-
Gates of deposit made in such form as the
Secretary of the Treasury shall prescribe,
and said certificates of deposit shall bear
int nt 70 of
q half per cent. per annum, and any
amount of gold coin so deposited may be
withdrawn from deposit at any time
after thirty days from date of deposit,
and after ten days notice, ond on the re-
turn of said certificate provided, that
the interest on all such deposits shall
cease and determine at the pleasure OF
the Secretary of the Treasury, and not
less than twenty-five per cent. of the
coin deposited for or represented by said
certificates of deposit shall be retained in
the Treasury for the payment of said
certificates, and the excess beyond
twenty-five per cent. may be applied at
the discretion of the Secretary of the
Treasury to the payment or redemption
of such outstanding bonds of the United
States heretofore issued and known as
five-twenty bonds, as he may designate
under the provisions of the fourth sec
ton of this act, and any certificates of
deposit issued as aforesaid may be re-
ceived at par, with interest accrued
thereon, in payment for any bonds au-
thorized to be issued by this act.


SEC. Z. Be at further enacted, That the
United States bonds purchased and now
held in the Treasury in accordance with
the provisions relative to sinking fund
of section 5 of an act entitled IAN act to
authorize the issue of United States
notes and for the redemption or funding
thereof, and for funding the floating
debt of the United States" approved
February 5, 1862, and all other United
States bonds which have been purchased
by the Secretary of the Treasury of the
United States, shall be cancelled and
destroyed, detailed record of such
bonds so cancelled and destroyed to be
first made in the Treasury Department.
Any bonds hereafter applied to said
sinking fund, and all other United
States bonds redeemed or paid hereafter
by the United States, shall also in like
manner be recorded, cancelled and de-
stroyed, and the amount of bonds of
each class that have been cancelled and
destroyed shall be deducted respectively
from the amount of each class of the out
standing debt of the United States in
addition to other amounts that may be
applied to the redemption in payment
of the public debt, and an amount equal
to the interest on all bonds belonging to
the aforesaid sinking fund shall be ap-|
piled as the Secretary of the Treasury
shall from time to time direct to the
payment to the public debt as provided
for in section of the act aforesaid, and
the amount so to be applied is hereby
annually for that purpose
out of the receipts for duties on imported
goods.