Refunding

acts. The first general refunding act was ap-: proved July 14, 1870, and the second was approved January 20, 1871. Under these acts about $1,400,000,000 bonds were i ued of which $500,000,000 were 5 per cent ten-year bonds, redeemable May 1, 1881; $185,000,000 were 4 I-2 per cent fifteen-year bonds, redeemable September 1, 1891, and the remainder were 4 per cent thirty-year bonds, redeemable July I, 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 1, 1904, the 4 per cent bonds payable July 1, 1907, and the 3 per cent bonds payable August I, 1908. 442