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Subject Area: Economics
Subject Area: Political Theory
Subject Area: History

FUND, FUNDING, REFUNDING. - John Joseph Lalor, Cyclopaedia of Political Science, Political Economy, and of the Political History of the United States, vol. 2 East India Co. - Nullification [1881]

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Cyclopaedia of Political Science, Political Economy, and of the Political History of the United States by the best American and European Authors, ed. John J. Lalor (New York: Maynard, Merrill, & Co., 1899). Vol 2 East India Co. - Nullification

Part of: Cyclopaedia of Political Science, Political Economy, and of the Political History of the United States, 3 vols.

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FUND, FUNDING, REFUNDING.

FUND, FUNDING, REFUNDING. In finance "fund" signifies a sum of money set apart for some specific purpose, or a source whence money may be obtained. In England the national debt is called "the funds". The term "funds" is not so applied in the United States.—"The funding of a debt" according to Mr. J. S. Gibbons, "consists in dividing it into parts, or shares, which are represented by certificates, and on which interest is paid to the holder. These certificates are known as stock, or bonds, indifferently." The term "funding," as it is used in the laws of the United States, signifies the conversion of floating or temporary indebtedness into indebtedness having a longer time to run before maturity. (See act of Feb.25, 1862.) Funding in this sense may consist in converting floating debt, or evidences of public debt bearing no interest (such as United States notes), into interest-bearing bonds, or it may consist in converting one form of interest-bearing bonds or notes into another form having a longer time to run.—"Refunding," as the term is used in laws of the United States signifies the renewal, or continuance in a new form, of debt that has once been funded and has matured or is about to mature. (See title of act of July 14, 1870.)

HAYDN SMITH.

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