Democratic Sentinel, Volume 2, Number 5, Rensselaer, Jasper County, 15 March 1878 — FIFTy-YEAR BONDS. [ARTICLE]

FIFTy-YEAR BONDS.

Provisions at the WallaCe Bill. Following is the text of the bilF passed by the United States Senate for the promotion of satifigs. It was irifroduced afnd engine£red ! oy Mt 1 Wallace, of Pennsylvania : 7 “• 1 " : ■ amount of 4-per-cent. bonds of the United crazed.to Jlßli b sfled, not exceeding $100,000,000 cqupqnjbonds or thb denominations df s2ff, SSO, and stto, Aid ofetjdat tetotisof iarth'ofwididenoriiMMttionß, deemable m coin fifty year» from [the; date of their issue, apd bearing interest payable semiannually at the rate of 4, per centmh pbr to-.' num, and paid bpnds shall be exempt'from taxation inlike manner aft those m the place tof wbidh they are to be issued.., ebj'd ■ j; Sec. 2. That said cqupfP bondsshajlbe made payable to the order of 'the person who shall pay the feoiiey therefor, and ftie nMnJ’bf' such person or hite or her assignee,'-<Jr of any qnent assignee, -and his or har reflidepee. s«h*R bq registered owner of tech bond in dike, manner as if the same was a registered bond, and such coupon bonds shall be transferable only by MsigMaexit duly acknewtetigudbefore and certified under the the Clerk of State tqurt of record, or Federal court, or United State ft ObrhmiHSioncr, which assignment shall also he 'exeeiited m the presence (rt iflwa subsbrihing witnesses, and:.'such<-asqigigfieDtj made, leaving the name of the assignee blank, and when so made in blank, ana exfecutea’as hereftibPfoMt -"prtwinS Mw oWprtpJknftt’Aall be transferable by ■delivery to like maaner m if payable to bearer. u ■Bec. 3. That the .coupons attached to said bonds shall Unpayable either 'iii Utiited Btfites fegal-tehfier ildtes erib' ‘com, aVthe option afr the United States, and the jntme shall be paid at any of tpe suMreaswies or money depositories of the United States, or at any natidnal. bank, and, it is herdby maae the duty of each of the said national banks to pay Baid coupons upon presentation witfioto eterges? Abd remit the aarne to the treasury.for said national banks shall only be ( j-eqtlired to, do so iipoii the production of tne proper bond to which the coupon presented shall have been at bonds for sale at the different sub-treasuries, national banks, and iriofiey r depositories of the United States, and shall dispose of the same at par and accrued interest for coin or for United States legal-tender notes at their nominal value, and sfich legal-tender notes' shall be reisshed, and their proceeds and coin received for snob bonds'shall be applied to the redemption of . jgutsjanding bonds of the United States which are redeemable and bear the highest fate" Of *ta‘ r terest of such bonds. SfA S- Thatjhe provisions of sectipns 3JWti and ,f,705 of the of?theJfadtai States, authorising > of in reom of any registered bond lost cjr def■frayed, are betetomideeniilicablefolhfeJlondiß to be issued under this statute, but only in case tags or destnictten thereof before tho exeCutidn of an assiMiment in Blank thereon. |Thefeecretary of tiffe Treasury iS authorized to tnalte such rules to efrry out the prmnsions of this