Show TELEGRAPHIC 1 e REDEMPTION Randalls Bill for Refunding tbe Rational Debt Washington 13Randall on Friday next will introduce a bill to redeem and refund a portion of the funded debt of the United Slates Section 1 The secretary of the treasury is directed to retain in lawful money and bullionan reserve equal in amount to 30 per cent of the aggregate amount of liabilities due and unpaid with the exception ex-ception of gold certificates silver certificates certifi-cates and certificates of deposit This will not interfere with sections of the Revised Re-vised Statutes governing this matter In addition the secretary of the treasury shall retain in the treasury in lawful money and bullion a reserve equal to the amount of 30 per cent of the aggregate aggre-gate amount ol United states notes in circulation Fractional silver coin and minor coin in the treasury shall not be counted in the reserve as lawful money in the treasury All lawful money and gold bullion when coined in exces or the amount of the reserve herein require re-quire shall be applied to the redemption redemp-tion of continued 6s Prticular bones will be redeemed as designated by the treasury department and bonds EO designated des-ignated shall cease to bear interest fur the expiration of sixty days from the publication ot the notice Whenever the whole of said bonds shall be called in for redemption and surplus and thereafter there-after existing or accruing in the treasury treas-ury they shall be applied to the redemption redemp-tion of continued 53 on ninety days notice no-tice or any such surplus may in the discretion of the secretary of the treasury treas-ury be applied to the purchase of any interestbearing bonds of the United States Section 2 directs the secretary of the treasury to issue coupon registered bonds of the United States in denominations denomina-tions of 50 and multiple thereof redeemable redeem-able on the pleasure of the United States after five years and payable twenty years from date of their issue bearing interest at 3 per cent quarterly or semiannually semi-annually in direct and even exchange dollar for dollar for the continued 5s known as 3s Four months time being given on then bonds These 3 per cents shall not be taxable for any purpose Sec 3 After the expiration of four months from the date of the passage of I this act the secretary of the treasury may offer for sale by public proposal and sell to tbe highest bidders under such rules Ird regulations as he msy proscribe pro-scribe but at not lees than pr and accrued ac-crued interest suco an amount uf 3 per caul bonds as mny be necessary in addition ad-dition to any surplus money applicable to this purpose then at his disposal to provide for the redemption of any 338s which shall not have been previously redeemed re-deemed or exchanged and shall apply the proceeds of such sales to the redemption redemp-tion of aueh outstanding bon s under tho conditions prescribed in section one and whenever all said bonds shall have been extinguished by exchange or redemption re-demption or their redemption shall have been fully provided for all authority for the issue of bonds under this act shall cease Sec 4 provides that no bonds upon which interest has ceased shall be accepted ac-cepted or continued on deposit as security for the circulation of national banks and for the safe keeping of public moneyand in case the bonds so aescribed shall not be withdrawn within thirty days after the interest has ceased and after due notice front Uaa comptroller of currency any banking association depositing the same shall M subject to liability therefor Section 5234 of the Revised Statutes faso fa-so amended an to provide for national banks intending to withdraw the whole or any part of bonds upon which interest has not been ceased held by the treasurer of the United States to secure their circulating circu-lating notes and to deposit lawful money in lieu thereof for the purpose of retiring or redeeming their circulation shall be required to give ninety days notice of such intention It reenacts sections 5159 and 6160 but provides that nothing contained con-tained in this act shall be construed to repeal or in any manner affect existing provisions in the law respecting national banks in process of liquidation Sec 5 provides that payment of any of the bonds hereby authorized after the expiration five years may be made in amounts to be determined by the secretary secre-tary of the treasury in conformity however how-ever with any laws which may then exist regulating the disposition of the surplus revenues operations of the sinking fund or the amount of reserve to be retained in the treasury The secretary secre-tary shall give public notice of the time of redemption and interest on bonds so selected shall cease at the expiration of ninety days from the publication of such notice provided the secretary of the treasury may in lieu of giving such previous pre-vious notice offer to purchase any of the bonds at a price not exceeding the amount which would be due and payable for the bonds called in for redemption Section 6 authorizes the secretary of the treasury to coin the gold bullion in the treasury into double eagles so far as may be necessary to execute the provisions provi-sions of tbie act Section 7 Nothing in this act shall be construed as authorizing any increase in the public debt and repeals all acts inconsistent with the provisions of this act |