Rate of interest on such Treasury notes as may be deemed expedient, to be issued by the Treasurer in payment of warrants in favor of public creditors, or other persons lawfully entitled to payment, who may choose to receive such notes in payment at par; and the Secretary of the Treasury is hereby authorized, with the approbation of the President, to issue the notes hereby authorized to be issued, at such rate of interest as may be offered by the lowest responsible notes, how to bidder or bidders who may agree to take the said notes at par after public advertisement of not less than ten days in such papers as the President may direct, the said advertisement to propose to issue such notes at par to those who may offer to take the same at the lowest rate of interest. But in deciding upon those bids no fraction shall be considered which may be less than one-fourth per centum per annum. (Sections 5 to 9, providing for the transfer, receipt, custody, redemption, and cancellation of the notes, are identical with sections 5 to 9 of the act of December 23, 1857.) be determined. may be issued those redeem any time to ex SEC. 10. And be it further enacted, That in place of New notes such Treasury notes as may have been paid and redeemed, in place of other Treasury notes to the same amount may be issued: ed. Provided, That the aggregate sum outstanding under the But not at authority of this act shall at no time exceed the sum of ceed $10,000,ten millions of dollars: And provided further, That the Nor after power to issue and reissue Treasury notes conferred by 1863. this act shall cease and determine on the first day of January, in the year eighteen hundred and sixty-three. (Sections 11, 12, and 13 make an appropriation for the expenses of preparing and issuing said notes, provides against forging, counterfeiting, engraving plates to print forged notes, etc., and having in possession blank notes, etc. (Section 14 requires the publication of a monthly statement of the amount of notes issued, paid, redeemed, and outstanding under this act, as in section 14 of the act last mentioned. (Section 15 requires that all money hereafter contracted for under the act of June 22, 1860, shall be used for the redemption of treasury notes now outstanding or to be issued.) Approved, December 17, 1860. 000. January 1, 12 Stat. L., 129. Twenty-five loan author ACT OF FEBRUARY 8, 1861. CHAP. XXIX.-An act authorizing a loan. Be it enacted by the Senate and House of Representatives of the United States of America in Congress asmillion dollar sembled, That the President of the United States be, and ized before hereby is, authorized, at any time before the first day of July 1, 1861. July next, to borrow, on the credit of the United States, a sum not exceeding twenty-five millions of dollars, or so much thereof as, in his opinion, the exigencies of the public service may require, to be used in the payment of Purpose of the current demands upon the Treasury and for 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. loan. Faith of the United States (Section 2 provides that stock shall be issued, bearing interest not exceeding six per cent, and " to be reimbursed within a period not beyond twenty years and not less than ten years," the stock being transferable on the books of the Treasury, and no certificate being issued for less than one thousand dollars. (Section 3 provides for sealed proposals, to be received for a period of not less than ten days, for the acceptance of the most favorable offers made by responsible bidders, and for a report of all transactions to Congress.) 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. Secretary of the Treasury (By section 5 the residue of the loan authorized by the act of June 22, 1860, is to be applied to the redemption of Treasury notes issued under the act of December 17, 1860; and bonds authorized by said first-mentioned act may be exchanged at par for said Treasury notes and their accrued interest. (Section 6 makes appropriation for expense of preparing said stock, etc.) SEC. 7. And be it further enacted, That the Secretary need not accept of the Treasury shall not be obliged to accept the most bids unless, etc. favorable bids as hereinbefore provided, unless he shall consider it advantageous to the United States to do so, but for any portion of such loan, not taken under the first advertisement, he may advertise again at his discretion. Approved, February 8, 1861. ACT OF MARCH 2, 1861. 178. CHAP. LXVIII.-An act to provide for the payment of 12 Stat. L., outstanding Treasury notes, to authorize a loan to regulate and fix the duties on imports, and for other purposes. may borrow twelve months not 000. How to be applied. Be it enacted by the Senate and House of Representa- President tires of the United States of America in Congress as- within sembled, That the President of the United States be, and over $10,000,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 ten millions of dollars, or so much thereof as, in his opinion, the exigencies of the public service may require, to be applied to the payment of appropriations made by law, and the balance of Treasury notes now outstanding, and no other purposes, in addition to the money received, or which may be received, into the Treasury from other sources: Provided, That no stipulation or contract shall be made to prevent the United States from reimbursing any sum borrowed under the authority of this act at any time after the expiration of ten years from the first day of July next, by the United States giving three months' notice, to be published in some newspaper published at the seat of Government, of their readiness to do so; and no contract shall be made to prevent the redemption of the same at any time after the expiration of twenty years from the said first day of July next, without notice. (Section 2 provides for the issue of either registered or coupon certificates as may be required, bearing interest not exceeding six per cent, in language identical with that of section 2 of the act of February 8, 1861, omitting, however, any provision as to the time of reimbursement. (Section 3 provides for sealed proposals, to be received within a period of not less than thirty days, for the acceptance of the most favorable offers made by responsible bidders, and for a report of all transactions to Congress: -Provided, That no stock shall be disposed of at less than its par value: And provided further, That no part of the loan hereby authorized shall be applied to the service of the present fiscal year.") When to be redeemed. If proposals loan SEC. 4. And be it further enacted, That in case the pro- for propre posals made for said loan, or for so much thereof as the not satisfac exigencies of the public service shall require, shall not be ury notes may tory, Treas be issued. satisfactory, the President of the United States shall be, and hereby is, authorized to decline to accept such offer if for less than the par value of the bonds constituting the said stock, and in lieu thereof, and to the extent and amount of the loan authorized to be made by this act, to issue Treasury notes for sums not less than fifty dollars, bearing interest at the rate of six per centum per annum payable semi-annually on the first days of January and July in each year, at proper places of payment to be prescribed by the Secretary, with the approval of the President; and under the like circumstances and conditions, the President of the United States is hereby authorized to substitute Treasury notes of equal amount for the whole or any part of any of the loans for which he is now by Amount, law authorized to contract and issue bonds. And the when payable, etc. Treasury notes so issued under the authority herein given shall be received in payment for all debts due to the United States when offered, and in like manner shall be given in payment for any sum due from the United States, when payment in that mode is requested by the person to whom payment is to be made, or for their par Faith of the value in coin. And the faith of the United States is pledged. hereby pledged for the due payment of the interest and the redemption of the principal of the stock or Treasury notes which may be issued under the authority of this act; Appropria- and the sum of twenty thousand dollars is hereby appropriated, out of any money in the Treasury not otherwise appropriated, to pay the expenses of preparing the cerfificates of stock or Treasury notes herein authorized, to be done in the usual mode and under the restrictions as to employment and payment of officers contained in the laws authorizing former loans and issues of Treasury notes; and May be ex it shall be at the option of holders of the Treasury notes hereby authorized by this act, to exchange the same for the stock herein authorized at par, or for bonds, in lieu of which said Treasury notes were issued: Provided, That no certificate shall be exchanged for Treasury notes, or Notes not to bonds, in sums less than five hundred dollars: And provided further, That the authority to issue the said Treasury notes, or give the same in payment for debts due from the United States, shall be limited to the thirtieth day of Redemption. June, eighteen hundred and sixty-two; and that the same may be redeemable at the pleasure of the United States at any time within two years after the passage of United States tion for expenses. changed for bonds, etc. Proviso. be issued after June, 1862. this act; and that said notes shall cease to bear interest after they shall have been called in by the Secretary of the Treasury under the provisions of this act. Interest. clause. SEC. 31. And be it further enacted, That all acts and Repea ling parts of acts repugnant to the provisions of this act, be, and the same are hereby, repealed. 12 Stat. L., CHAP. LXX.-An act to provide for the payment of ex- be issued for these claims. SEC. 4. And be it further enacted, That for the payment of claims provided for in this act, the Secretary of the Treasury may, if he deem it expedient, issue to the claim- Bonds may ants, or their legal representatives, bonds of the United the payment of States of a denomination not less than fifty dollars, redeemable in twenty years, and bearing interest at the rate of six per cent. per annum, with coupons attached, and payable annually or semi-annually at the discretion of the Secretary of the Treasury. Approved, March 2, 1861. ACT OF JULY 17, 1861. CHAP. V.-An act to authorize a national loan, and for other purposes. 12 Stat. L., 259. the Treasury within twelve over $250,000, Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Secretary of the Treasury be, and he is Secretary of hereby, authorized to borrow on the credit of the United may borrow States, within twelve months from the passage of this months not act, a sum not exceeding two hundred and fifty millions 000. of dollars, or so much thereof as he may deem necessary for the public service, for which he is authorized to issue coupon bonds, or registered bonds, or Treasury notes, in Coupon or such proportions of each as he may deem advisable; bonds or Treas the bonds to bear interest not exceeding seven per centum be issued thereper annum, payable semi-annually, irredeemable for registered ury notes may for. |