The Funding Act of 1870 (41st Congress, Sess. 2, ch. 256, 16 Stat. 272, enacted July 14, 1870) was an Act of Congress to re-fund the national debt. It allowed the exchange of high interest, short-term floating bonds bearing lower interest and terms of up to 30 years. Principal and interest of the new issues would be paid in "coin of the present standard value."
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Legislative history
The bill was sponsored by Senator John Sherman (R) of Ohio. The debate over the funding bill was long and intense.[citation needed] The discussion focused very heavily on public virtue, national honesty, and avoiding "repudiation" on the one hand and unearned reward to speculators on the other.[citation needed] Members generally agreed that an investor should finally receive no more and no less than he lent on a contract at the beginning.[citation needed]
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This page was last edited on 31 May 2024, at 08:11