Chapter 24.
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/statutes-at-large/vol-20/chapter-24-1094409·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
CHAP. 24.— An act to facilitate the refunding the national debt. Jan. 25, 1879. *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, That the Secretary of the TreasuryPublic debt. is hereby authorized in the process of refunding the national debt under existing laws to exchange directly at par the bonds of the UnitedExchange of six for four per cent. bonds. States bearing interest at four per centum per annum authorized by law for the bonds of the United States commonly known as five-twenties outstanding and uncalled, and, whenever all such five twenty bonds shall have been redeemed, the provisions of this section and all existing provisions of law authorizing the refunding of the national debt shall apply to any bonds of the United States bearing interest at five per centum per annum or a higher rate, which may be redeemable.
In any exchangeInterest. 266 FORTY-FIFTH CONGRESS. Sess. III. Ch. 24, 25, 26. 1879. made under the provisions of this section interest may be allowed, on the bonds redeemed, for a period of three months. Approved, January 25, 1879.