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TeachMeFinance.com - explain Refunding acts historic definition...
Refunding acts -- The first general refunding act was approved
July 14, 1870. and the second was approved January
20, 1871. Under these acts about $1,400,000,000 bonds were
issued of which $500,000,000 were 5 per cent ten-year bonds,
redeemable May 1, 1881 ; $185,000,000 were 4 1/2 per cent
fifteen-year bonds, redeemable September 1, 1891, and the remainder
were 4 per cent thirty-year bonds, redeemable July
1, 1902. The gold standard act of March 14, 1900, provided for the
redemption into 2 per cent thirty-year bonds of the 5 per
cent bonds payable February I, 1904, the 4 per cent bonds
payable July i, 1907, and the 3 per cent bonds payable August
i, 1908.
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