Funding Act of 1870

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The Funding Act of 1870 was a post–Civil War U.S. federal law that refinanced and consolidated the national debt by authorizing the issuance of new long-term government bonds.

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Label Occurrences
Funding Act of 1870 canonical 1

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Statements (38)

Predicate Object
instanceOf United States federal statute
funding act
appliesTo United States national debt
authorizes conversion of outstanding federal debt into new bonds
issuance of new long-term United States government bonds
chamber United States House of Representatives
United States Senate
country United States of America
surface form: United States
economicContext Reconstruction era finance
enables replacement of short-term obligations with long-term bonds
field macroeconomic policy
sovereign debt management
follows Civil War–era emergency debt issuance
hasEffect improved marketability of United States government securities
restructuring of postwar federal debt portfolio
standardization of federal bond issues
historicalPeriod Reconstruction era
surface form: Reconstruction era in the United States
jurisdiction United States government
surface form: United States federal government
language English
legalForm public law
legalSystem common law
legislativeBody United States Congress
mainSubject United States government bonds
consolidation of United States national debt
refinancing of United States national debt
partOf United States public finance legislation
purpose to consolidate multiple federal debt issues
to extend the maturity of federal obligations
to reduce interest costs on the national debt
to refinance existing federal debt
regulates interest rates on certain United States government bonds
maturity structure of United States government bonds
terms of federal bond issues
relatedTo Civil War debt
United States Department of the Treasury
surface form: United States Treasury
sector public finance
signedBy Ulysses S. Grant
temporalContext post–American Civil War era

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Referenced by (1)

Full triples — surface form annotated when it differs from this entity's canonical label.

41st United States Congress passed Funding Act of 1870