Year: 1870

The following is the full text of
the Funding bill as passed by both
Houses on the 18th, which has
since received the prompt signature
Of the President, and is now law /:


SEC. l. Be it enacted, dc. The
Secretary Of the Treasury is hereby
auth orized to issue in sum or sums
not exceeding in the aggregate
$200,000.000, coupon or registered
bonds of the United States in such
form as he may prescribe, and of
denominations of $50 or some null
tiple Of that sum, redeemable in
coin of present standard value at
the pleasure of the United States
after ten years from the date Of
their issue, and bearing interest
payable semi-annually in such coin
at the rate Of five per cent. per an
mum. Also in sum or sums not eX-
ceediRg in the aggregate 100000
Coo Of like bonds, the same in all
respects, but payable at the plea
sure Of the United States after fif-
teen years from the date of their is
sue, and bearing interest at the rate
of ] per cent. per annum. Also a
sum or sums not exceeding in the
aggregate $1,000, 100000 of like
bonds, the same in all respects, but
payable ut the pleasure of the Uni
ted States in thirty years from the
date of their issue, and bearing in
terest at the rate Of per cent. per
annum; all of which said several
classes of bonds, and interest there
on, shall be exempt from payment
of all taxes or duties of the United
States, as well as from taxation in
any form by or under State, munic-
ipaI or local authority; and such
bonds shall have set forth and ex-
pressed upon their face the above
specified conditions, and shall
with their coupons be made paya-
hle 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 increase
whatever of the bonded debt Of the
United States


SEC. 2. Ind be it turthes' enacted,
That the Secretary of the Treasury
is hereby authorized to sell and dis
pose Of any of the bonds issued un
der this act, at not less than their
par value for coin, ana to apply the
proceeds thereof in redemption of
any bonds of the United States out
standing and known as five twenty
bonds for par, but the bonds here
by authorized shall be used for no
other purpose whatever; and sum
not exceeding one-h half of one per
cent. of the bonds herein authorized
is hereby appropriated to pay the
expense of preparing, issuing, ad
vertising and disposing of the same


SEC. 3. Be it furtter enacted, That
the payment of any of the bonds
hereby authorized, after the expira-
ton of the said several terms of
ten, fifteen and thirty years, shall be
made in amounts to be determined
from time to time by the Secretary
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 success
sive payment with the bonds Of
each class last dated, numbered at
the time at which the payment or
redemption isintended. The Sec
retary 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 no
tice.


SEC 1. Bea further enacted, That
the Secretary of the Treasury is
hereby auth orized with any coin in
the Treasury of the United States
which he may lawfully apply to
such purpose, or which may be de
rived 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 kiGd known as
500 bonds. which have become or
may hereafter become redeenAble
bv the tornos Of their iSsle hjt the