Show THE FUNDING BILL seven hundred million three per cent paper redeemable in fire payable in ten years bj W U telegraph to aba jusma jan 10 tho follow ing is the full text bill as passed by the house today to day A HILL TO facilitate REFUNDING or TUB DEBT se it enacted ly senate anil imwie tf f the united states america in that alt existing provisions of the law authorizing the refunding of the national debt shall apply to any bond of the united slates bearing a higher rate of interest than per cent per annum which amny hereafter bacomo redeemable provided that in beti of alo bonds authorized to bd issued by the act of july 1870 entitled an net to authorize the refunding of the national debt and act amendatory thereto and certificates authorized by the act of february entitled an act to authorize the issue of certificates of deposits in hid of the refunding of the i ablio debt bo secretary of the treasury id hereby authorized to issue bonds in amount not exceeding four hundred million of dollar which shall bear interest at the rate of per cent per annum re at the tsure ef he putted after avo year and tup ra irom baie of issue and also in abo amount of in denominations of 10 20 and 50 either registered or canpon bearing interest at the per cent per annum re dee mable at tho pleasure of the united states after one year and payable in ten years from data of issuance the bond bondt t and certificates shall be in all other respects of like character and subject to the provisions as bonds authorized to be iasu ed by the act of july 1870 entitled an act to authorize the refunding the national debt and acts amendatory thereto providing tatt nothing in this act V shall be BO constructed as to authorize an iu crease of alio public debt lead provided further that interest upon the six per cent bonds hereby authorized to bo refunded shall ceibo at alio expiration pi ration of thirty days after notice that the same have been designated by the secretary of the treasury for redemption BED the secretary of the treasury is hereby authorized in the pro benn of refunding the national debt to exchange at not les than par any ef the bonds or certificates herein authorized for any of the bond of the united states outstanding and uncalled bearing a higher rate of in terest than four and a half percent per annum and on the bonds 10 re deemed the secretary ot the trea sury my allow the holders the dito ference between the interest on such bonds from the date of exchange to the time of their and interest for a like period on the bonds or certificates issued but none of the provisions of this act shall apply to the redemption or exchange ef any bonds issued to the pacific kail way companies and the bonds so received and exchanged in burau anre of the provisions of ahr act shall be cancelled and destroyed SEC authority to issue bonds and certificates to the amount necessary to carry out the provisions of tois act is hereby granted and the secretary of the treasury is hereby authorized and directed to make suitable rules and regulations to oar ry this into effect provided that the expenses of preparing issuing ad ver and disposing of the bonds and certificate authorized 10 be IDS sued shall not exceed of oni per cen SEO the secretary of the treasury is hereby authorized if in bis opinion it become necessary to use not exceeding of the standard gold and silver coin in the treasury in the redemption of the and per cent bonds of the united sta es authorized to be refunded by the provisions of this achand he may at any time apply the surplus money in the treasury not otherwise ap or so much thereof as he may consider proper to the pur redemption of united states bonds or certificates provided that the bonds and certificates BO purchased or redeemed shall con but fidall no be cancelled from and after the first day of may 1881 the per cent bonds authorized by the first section of this act shall be the only bonda receivable as security for national bank circulation or ecurry for sae keeping and prompt public ironey deposited with such any such bonds deposited for the purpose aforesaid shall be designated for purchase or redempa tiou by the secretary of the treasury the banking depositing the same shall have the right to substitute other issues of bonds of the united stales in lieu thereof provided that no bond upon which interest has ceased shall bo accepted or shall be continued on deposit as security for or for safe keeping of public money and in case the bonds deposited shall not bo withdrawn as provided by law within thirty days after interest has ceased thereon banking associations depositing the same shall be subject to liabilities as provided for in sec of the statutes of the united states and provided further that sec of the act of june 20 1874 entitled an act fixing the amount of united states providing for a redistribution of the national bank currency and for other purposes be and the same ii hereby repealed and sections and of tho revised statutes of the united states be and the same are hereby re enacted SEC that this act shall be known as the funding act and all acts and parts of acts incon sistena with this act are hereby repealed |