FINANCES OF TDE UNITED STATES. 



STATEMENT OP THE PUBLIC DEBT OP THE UNITED STATES, JUNE 80, 1870. 



989 





respects, but yjayable at the pleasure of the United 

 States, after thirty years from the date of their issue, 

 and bearing interest at the rate of four per cent, per 

 annum ; all of which said several classes of bonds, 

 and the interest thereon, shall be exempt from the 

 payment of all taxes or duties of the United States, as 

 well as from taxation in any form by or under State, 

 municipal, or local authority; and the said bonds 

 shall have set forth and expressed upon their face the 

 above specified conditions, and shall, with their cou- 



Eons, be made payable at the Treasury of the United 

 tates. But nothing in this act, or in any other law 

 now in force, shall be construed to authorize any in- 

 crease whatever of the bonded debt of the United 

 States. 



Sno. 2. That the Secretary of the Treasury Is here- 

 by authorized to sell and dispose of any of the bonds 

 issued under this act at not less than their par value- 

 for coin, and to apply the proceeds thereof to the re- 

 demption of any of the bonds of the United States 

 VOL. i. 19 A 



outstanding and known as five-twenty bonds at their 

 par value ; or he may exchange the same for such five- 

 twenty bonds, par for par ; but the bonds hereby au- 

 thorized shall be used for no other purpose whatsoever. 

 And a sum not exceeding one-half or one per cent, of 

 the bonds herein authorized is hereby appropriated to 

 pay the expense of preparing, issuing, advertising, 

 and disposing of the same. 



SEC. 3. That the payment of any of the bonds here- 

 by authorized after the expiration of the said several 

 terms of ten, fifteen, and thirty years ; shall be made 

 in amounts to be determined from time to time by 

 the Secretary of the Treasury at his discretion, the 

 bonds so to be paid to be distinguished and de- 

 scribed by the dates and numbers, beginning for 

 each successive payment with the bonds or each class 

 last dated and numbered, of the time of which in- 

 tended payment or redemption the Secretary of the 

 Treasury snail give public notice; and the interest, 

 on the particular bonds so selected at any time to bo 



