Democratic Sentinel, Volume 6, Number 3, Rensselaer, Jasper County, 17 February 1882 — THE SHERMAN BILL. [ARTICLE]

THE SHERMAN BILL.

Full Text of the Three-per-Cent* Funding Act. The following is the full text of the 3-per-cent Funding bill, as passed by the Senate of the United States. Be it enacted, etc., That tho Secretary of the Treasury is hereby authorized to receive at the treasury and at the office of any Assistant Treasurer of the United States, and at any postal Jnonef-order office, lawful money of the United States to the amount of SSO, or any multiple of that sum, or any bonds of the United States bearing per centum interest, which are hereby declared valid, and to issue in exchange therefor an equal amount of registered or coupon bonds of the United States, of the denominations of SSO, SIOO, SSOO, SI,OOO and SIO,OOO, of such form as he may prescribe, bearing interest at the rate of 3 per centum per annum, payable either quarterly or semi-annually at the treasury of the United States. Such bonds shall be exempt from all taxation by or under State authority, and be payable at the pleasure ot the United States. Provided, that tbe bonds herein authorized shall not be called in and paid so long as any bonds of the United States heretofore issued bearing a higher rate of interest than 3 per centum, and which shall be redeemable at the pleasure of the United States, shall be outstanding and uncalled. The last of said bonds originally issued and their substitutes, under this act, shall be first called in, and this order of payment shall be followed until all shall have been paid. The money deposited under this a,ct shall be promptly applied solely to the redemption of the bonds of the United States bearing 8X per centum interest; and the aggregate amount of deposits made and bonds issued under this act shall not exceed the sum of $200,000,000. The amount of lawful money so received on deposit as aforesaid shall not exceed at any time the sum of $25,000,000. Before any such deposits are received at any such postal money-order office under this act, the Postmaster at such office shall file with the Secretary of the Treasury his bond with satisfactory security, conditioned he wil! promptly transmit to the Treasurer of the United States the money received by him in conformity with regulations to be prescribed by such Secretary; and the deposit with any Postmaster shall not at any time exceed the amount of his bond. Seo. 2. Any national-banking association now organized, or hereafter organized, desiring to withdraw its circulating notes, upon the deposit of lawful money with the Treasurer of the United States, as provided in section 4 of act of June 20, 1874, entitled “An act fixing the amount of United States notes, providing for redistribution of nationalbank currency, and for other purposes,” shall be required to give thirty days’ notice to the Comptroller of the Currency of its intention to deposit lawful money and withdraw its circulating notes; provided, that not more than $5,000,000 in lawful money shall be deposited during any calendar month for this, purpose ; and, provided further. that the provisions of this act shall not apply to bonds called for redemption by the Secretary of the Treasury. Sec. 3. That nothing in this act shall be so construed as to authorize an increase of the public debt