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TheFunding Act of 1870 (41st Congress, Sess. 2, ch. 256, 16 Stat. 272, enacted July 14, 1870) was anAct of Congress to re-fund thenational 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."
The bill was sponsored by SenatorJohn 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]
18thPresident of the United States (1869–1877) | |||||||||
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