where, and to dollars for any such note, to be prepared, signed, and issued in the manner hereinafter provided. How, when, SEC. 2. And be it further enacted, That such Treasury whom issued, notes shall be paid and redeemed by the United States at deemed. the Treasury thereof after the expiration of one year paid, and re not to exceed from the dates of said notes, from which dates, until they shall be respectively paid and redeemed, they shall bear such rate of interest as shall be expressed in said notes, First issue which rate of interest upon the first issue, which shall not $6,000,000. exceed six millions of dollars of such notes shall be fixed by the Secretary of the Treasury, with the approbation Rate of in- of the President, but shall in no case exceed the rate of six per centum per annum. The residue shall be issued terest not over 6 per cent. Residue, how issued. Interest, in whole or in part, after public advertisement of not less than thirty days, as the Secretary of the Treasury may direct, by exchanging them at their par value for specie to the bidder or bidders who shall agree to make such exchange at the lowest rate of interest, not exceeding six Proviso. per centum, upon the said notes: Provided, That after when to cease. the maturity of any of said notes, interest thereon shall cease at the expiration of sixty days' notice of readiness to pay and redeem the same, which may at any time or times be given by the Secretary of the Treasury in one or more newspapers published at the seat of Government. The payment or redemption of said notes herein provided shall be made to the lawful holders thereof, respectively, upon presentment at the Treasury, and shall include the principal of each note and the interest which shall be due Faith of the thereon. And for such payment and redemption, at the pledged for time or times herein specified, the faith of the United States is hereby solemnly pledged. United States their tion. redemp sued in place (Section 3 provided for the signing of the notes, and the accounts to be kept of their preparation, redemption, and cancellation. (Sections 4 to 7, providing for the issue, transfer, receipt, and payment of the notes, follow the language of sections 4 to 7 of the act of January 28, 1847. (Section 8 authorizes the establishment of rules for the custody and disposal of notes received; and section 9 makes the same provision for the redemption of the notes at maturity and their purchase at any time as section 8 of the act of October 12, 1837.) May be is- SEC. 10. And be it further enacted, That, in place of re- such Treasury notes as may have been paid and redeemed, of those deemed. Total outstanding at no $20,000,000. sued after Jan. other Treasury notes to the same amount may be issued: Provided, That the aggregate sum outstanding, under the authority of this act, shall at no time exceed twenty mil- time to exceed lions of dollars: And provided further, That the power to Not to be isissue and reissue Treasury notes, conferred on the Presi- 1, 1859. dent of the United States by this act, shall cease and determine on the first day of January, eighteen hundred and fifty-nine. (Sections 12 and 13 provide for the punishment of counterfeiting and of the like offenses; and section 14 requires the publication of a monthly statement of the amount of Treasury notes issued, paid, redeemed, and outstanding under this act.) Approved, December 23, 1857. ACT OF JUNE 14, 1858. 11 Stat. L., 365. CHAP. CLXV.-An act to authorize a loan not exceeding 351 the sum of twenty millions of dollars. (Section 1 empowers the President to borrow on the credit of the United States, within one year from the passage of this act, a sum not exceeding twenty millions. of dollars, provided that the loan thus made shall be reimbursable at any time after fifteen years from January 1, 1859.) therefor shall 5 per cent insemiannually, SEC. 2. And be it further enacted, That stock shall be Stock issued issued for the amount so borrowed, bearing interest not bear not over exceeding five per centum per annum, payable semi-terest, payable annually, with coupons for the semi-annual interest at- with coupons. tached to the certificates of stock thus created, and the Secretary of the Treasury be, and hereby is, authorized, with the consent of the President, to cause certificates of Certificates, how prepared stock to be prepared, which shall be signed by the Regis- and signed, and ter, and sealed with the seal of the Treasury Department, for the amount so borrowed in favor of the parties lending the same, or their assigns, Provided, That no certificate -hall be issued for a less sum than one thousand dollars. By section 3 the Secretary of the Treasury is required before awarding the loan to advertise that sealed pro al for the stock will be received until a date not less than thirty days distant, and to "accept the most favorable proposals offered by responsible bidders; " and he is also required to report to Congress, at its next session, all amount of. Faith of the United States transactions under this act, "Provided, That no stock shall be disposed of at less than its par value.") SEC. 4. And be it further enacted, That the faith of the pledged for its United States is hereby pledged for the due payment of the interest and the redemption of the principal of said stock. payment. 425. (Section 5 appropriates for the expenses of preparing said certificates of stock, etc.) Approved, June 14, 1858. ACT OF MARCH 3, 1859. 11 Stat. L., CHAP. LXXXII.—An act making appropriations for sundry civil expenses of the Government for the year ending the thirtieth of June, eighteen hundred and issue and rels notes under act 1857, extended 1858, ch. 1. thereof. Proviso. sixty. * Authority to SEC. 5. And be it further enacted, That the power to sue Treasury issue and reissue Treasury notes, conferred on the Presiof Dec. 23, dent of the United States, by the act entitled "An act to to July 1, 1860. authorize the issue of Treasury notes," approved the twenty-third December, eighteen hundred and fifty-seven, be, and the same hereby is, revived and continued in force from the passage of this act until the first day of July Expenses eighteen hundred and sixty; and to defray the expenses thereof the sum of five thousand dollars is hereby appropriated: Provided, That the said notes may be issued bearing an interest not exceeding six per centum per annum; and that it shall not be necessary, as directed by the original act, aforesaid, after advertisement to exchange them for specie to the bidder or bidders who shall agree to make such exchange at the lowest rate of interest upon said notes; and that in all other respects the reissue of said Treasury notes shall be subject to the terms and conditions of the act aforesaid. registered issued. Couponor SEC. 6. And be it further enacted, That the Secretary of stock may be the Treasury is hereby authorized, under the act of June 1858, ch. 165. fourteenth, eighteen hundred and fifty-eight, to issue coupon or registered stock, as the purchaser may elect. ACT OF JUNE 22, 1860. 79. CHAP. CLXXX.-An act authorizing a loan providing 12 Stat. L., for the redemption of Treasury notes. Twenty-one million dollars be bor Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the President of the United States be, and hereby is, authorized, at any time within twelve months. from the passage of this act, to borrow, on the credit of the United States, a sum not exceeding twenty-one millions of dollars, or so much thereof as, in his opinion, may the exigencies of the public service may require, to be deem Treasury used in the redemption of Treasury notes now outstanding and to replace in the Treasury any amount of said notes which shall have been paid and received for public dues, and for no other purposes. rowed to notes, etc. re Stock to be issued at inter 6 per cent. Certificates. SEC. 2. And be it further enacted, That, stock shall be issued for the amount so borrowed, bearing interest, not est of not over exceeding six per centum per annum, and to be reimbursed within a period not beyond twenty years and not less than ten years; and the Secretary of the Treasury be, and is hereby authorized, with the consent of the President, to cause certificates of stock to be prepared, which shall be signed by the Register, and sealed with the seal of the Treasury Department, for the amount so borrowed, in favor of the parties lending the same, or their assigns, which certificates may be transferred on the books of the Treasury, under such regulations as may be established by the Secretary of the Treasury; Provided, That no certificate shall be issued for a less sum than one thousand dollars; And provided also, That, To be in sums whenever required, the Secretary of the Treasury may $ith coupons cause coupons of semiannual interest payable thereon to when required. be attached to certificates issued under this act; and any certificate with such coupons of interest attached may be assigned and transferred by delivery of the same, instead of being transferred on the books of the Treasury. (Section 3 provides for sealed proposals, and the acceptance of the most favorable, and for a report of all transactions to Congress, as in section 3 of the act of June 14, 1858: "Provided, That no stock shall be disposed of at less than its par value.") 15712-10--11 of not less than $1.000. Assignment thereof. United States Faith of the SEC. 4. And be it further enacted, That the faith of the pledged. United States is hereby pledged for the due payment of the interest and the redemption of the principal of said stock. Approved, June 22, 1860. ACT OF DECEMBER 17, 1860. 12 Stat. L., CHAP. I.-An act to authorize the issue of Treasury notes, and for other purposes. 121. amount, and denomination. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assemnotes, how to bled, That the President of [the] United [States] be be issued hereby authorized to cause Treasury notes, for such sum or sums as the exigencies of the public service may require, but not to exceed at any time the amount of ten millions of dollars, and of denominations not less than fifty dollars for any such note, to be prepared, signed, and issued in the manner hereinafter provided. To be redeemed in one date. terest, and SEC. 2. And be it further enacted, That such Treasyear from their ury notes shall be paid and redeemed by the United States at the Treasury thereof after the expiration of one year from the date of issue of such notes; from which dates, until they shall be respectively paid and redeemed, they shall bear such rate of interest as shall be expressed in such notes, which rate of interest shall be six per centum Rate of in per annum: Provided, That, after the maturity of any of when interest said notes, interest thereon shall cease at the expiration to cease. of sixty days' notice of readiness to redeem and pay the same, which may at any time or times be given by the Secretary of the Treasury in one or more newspapers at Who to re- the seat of government. The redemption and payment of said notes, herein provided, shall be made to the lawful holders thereof respectively upon presentment at the Treasury, and shall include the principal of each note and the interest which shall be due thereon. And for the payFaith of the ment and redemption of such notes at the time and times pledged. therein specified, the faith of the United States is hereby solemnly pledged. ceive payment. United States Notes may be issued at par (Section 3 provides for the signing of the Treasury notes and the accounts to be kept thereof.) SEC. 4. And be it further enacted, That the Secretary to pay public of the Treasury is hereby authorized, with the approbation of the President, to cause such portion of said creditors. |