SECTION 1. _Be it enacted by the Senate and House of Representatives in Congress assembled_, That, for the purpose of refunding the debt of the United States and reducing the interest thereon, the Secretary of the Treasury be, and he is hereby, authorized to issue, on the credit of the United States, coupon or registered bonds, of such denominations not less than fifty dollars as he may think proper, to an amount not exceeding $500,000,000, redeemable in coin, at the pleasure of the Government, at any time after ten years, and payable in coin at forty years from date, and bearing interest at the rate of five per cent. per annum, payable semiannually in coin; and the bonds thus authorized may be disposed of at the discretion of the Secretary, under such regulations as he shall prescribe, either in the United States or elsewhere, at not less than their par value, for coin; or they may be exchanged for any of the outstanding bonds, of an equal aggregate par value, heretofore issued under the Act of February 25, 1862, and known as the Five-Twenty bonds of 1862, and for no other purpose; and the proceeds of so much thereof as may be disposed of for coin shall be placed in the Treasury, to be used for the redemption of such six per cent. bonds at par as may not be offered in exchange, or to replace such amount of coin as may have been used for that purpose. SEC. 2. _And be it further enacted_, That the Secretary of the Treasury be, and he is hereby, authorized to issue, on the credit of the United States, coupon or registered bonds to the amount of $500,000,000, of such denominations not less than fifty dollars as he may think proper, redeemable in coin, at the pleasure of the Government, at any time after fifteen years, and payable in coin at fifty years from date, and bearing interest not exceeding four and one half per cent. per annum, payable semiannually in coin; and the bonds authorized by this section may be disposed of under such regulations as the Secretary shall prescribe, in the United States or elsewhere, at not less than par, for coin; or they may be exchanged at par for any of the outstanding obligations of the Government bearing a higher rate of interest; and the proceeds of such bonds as may be sold for coin shall be deposited in the Treasury, to be used for the redemption of such obligations as by the terms of issue may be or may become redeemable or payable, or to replace such coin as may have been used for that purpose.