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About: Funding Act of 1870     Goto   Sponge   NotDistinct   Permalink

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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."