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The Re-funding Bill

The Re-funding Bill image
Parent Issue
Day
20
Month
January
Year
1881
Copyright
Public Domain
OCR Text

We give in-luw the important seetion ui' the r&ifunding 1 ï 1 1 as it passed the house i 11 1 1 1 i 1 1 cc pf the whole: "That all existing provisions of the law autborizing the refunding of Uie national deb haU apply in any bonds df the Ünitéd statcs hearing a bigher rate of interest than 4J percent, por ainiiun whi'ch rnay hefeaftér become redeemable: Prbvided that, in lieu of tJie bonds authorized to be issued by the act of July 14, 1870, entitled 'an iel to authorize the refunding of the national debt,' and acts amendatory tlicrctd and ccrtiiicatcs authorized bj iet of February 26, 1879, entitled 'an iet tu authorize the Issue of certifleates of deposit in aid (' the refunding of he public debt,' the secretary of the reasury s bereby authorized to issue Kin.ls in amounl ui' notexceeding$400,100,000 which shall bear interest at the ;itc ui '■', pee cent. per aiiiniin. icdecinililc the United States, af ter lh( jt ars, and payable 10 ears fiom the date of issue: and also iertificates in amount not exceeding 800,000,000, bearing interest at the 'ilte of :! peí cent. per anniim, redecina ile at (lic pleasure of the United Siales ifter one year, and payable in 10 yeara fOm the date of issue. The bonds and tertifieatea shall be in all othei respecta )f like character, and Subjecl to the anie piiivisiuns as the bonds authoiiz■d to be issued by the act of July 1 1. 870, entitled 'an act to authorize tin cf i indi ng of the national debt' and acts tnendatorythereto; provided ili.il nothng in this act shall be so construed as ' o authorize an increasp of the public ebt; and provided further, thai before ny of the bonds or certifleates authored by this act are issued. it shall lic he dutyof the seeretaiy of the ticasuiy o pay on bonds accruing during the ear 1881, all the silver dollars nf -11 'JA rrains, and all the gold over and aboye 50,000,000 in tlie treasury for redempion purpnses: and provided forther, liat the interest on the 6 per cent. londs bereby authorized to berefunded hall cease at the expiration of 30 davs fter notice that the sanie have lieen esignated by the secratary of tlm truasry for redemption."

Article

Subjects
Old News
Ann Arbor Democrat