redeemable. notes, denomi est, when payable. ury notes may exchange for Revised Stat Bonds, when twenty years, and after that period redeemable at the Treasury pleasure of the United States; and the Treasury notes to nation, inter- be of any denomination fixed by the Secretary of the Treasury, not less than fifty dollars, and to be payable three years after date, with interest at the rate of seven and three-tenths per centum per annum, payable semiCertain Treas-annually. And the Secretary of the Treasury may also be issued in issue in exchange for coin, and as part of the above loan, coin, etc. or may pay for salaries or other dues from the United utes, 3589. States, Treasury notes of a less denomination than fifty dollars, not bearing interest, but payable on demand by the assistant treasurers of the United States at Philadelphia, New York, or Boston, or Treasury notes bearing interest at the rate of three and sixty-five hundredths per centum, payable in one year from date, and exchangeable at any time for Treasury notes for fifty dollars, and upwards, issuable under the authority of this act, and bearing interest as specified above: Provided, That no exchange of such notes in any less amount than one hundred dollars shall be made at any one time: And provided further, That no Treasury notes shall be issued of a less denomination than ten dollars, and that the whole amount of Treasury notes, not bearing interest, issued under the authority of this act, shall not exceed fifty millions of dollars. Proviso. Proviso. Notes and bonds, how signed, etc. SEC. 2. And be it further enacted, That the Treasury notes and bonds issued under the provisions of this act shall be signed by the First or Second Comptroller, or the Register of the Treasury, and countersigned by such other officer or officers of the Treasury as the Secretary of the Treasury may designate; and all such obligations, of the denomination of fifty dollars and upwards, shall be How trans-issued under the seal of the Treasury Department. The registered bonds shall be transferable on the books of the Treasury on the delivery of the certificate, and the coupon bonds and Treasury notes shall be transferable by delivery. The interest coupons may be signed by such person or persons, or executed in such manner as may be designated by the Secretary of the Treasury, who shall fix the compensation for the same. ferable. (Section 3 authorizes the Secretary of the Treasury to open books for subscriptions for the Treasury notes at such places as he may select; and, if he thinks expedient, before opening such books, to pay out for public dues, or for coin or for the public debt, any amount of said Treasury notes not exceeding one hundred millions of dollars. (Section 4 provides for the issue of proposals in the United States for such portion of the loan in bonds as the Secretary may determine: "Provided, That no offer shall be accepted at less than par." (Section 5 authorizes the Secretary of the Treasury to negotiate any part of the loan, not exceeding one hundred millions of dollars, in any foreign country; to make the principal and interest payable either in the United States or in Europe; and to fix the rate of exchange at which the principal shall be received, which rate shall also be the rate of exchange for the payment of the principal and interest in Europe.) notes under 1862. Proviso. SEC. 6. And be it further enacted, That whenever any Treasury Treasury notes of a denomination less than fifty dollars, $50 may be reissued prior to authorized to be issued by this act, shall have been re- December 31, deemed, the Secretary of the Treasury may reissue the same or may cancel them and issue new notes to an equal amount: Provided, That the aggregate amount of bonds and Treasury notes issued under the foregoing provisions of this act shall never exceed the full amount authorized by the first section of this act; and the power to issue or reissue such notes shall cease and determine after the thirty-first of December, eighteen hundred and sixty-two. SEC. 7. And be it further enacted, That the Secretary Treasury of the Treasury is hereby authorized, whenever he shall issued in exdeem it expedient, to issue in exchange for coin, or in coin, etc. payment for public dues, Treasury notes of any of the denominations hereinbefore specified, bearing interest not exceeding six per centum per annum, and payable at any time not exceeding twelve months from date, provided that the amount of notes so issued, or paid, shall at no time exceed twenty millions of dollars. notes may be change for the Treasury report to Congress. SEC. 8. And be it further enacted, That the Secretary of Secretary of the Treasury shall report to Congress, immediately after to the commencement of the next session, the amount he has borrowed under the provisions of this act, of whom, and on what terms, with an abstract of all the proposals, designating those that have been accepted and those that have been rejected, and the amount of bonds or Treasury notes that have been issued for the same. United States SEC. 9. And be it further enacted, That the faith of the Falth of the United States is hereby solemnly pledged for the pay- pledged. ment of the interest and redemption of the principal of the loan authorized by this act. visions of act Certain pro- SEC. 10. And be it further enacted, That all the proof 1857, ch. 1, visions of the act entitled "An act to authorize the issue revived. 313. of Treasury notes," approved the twenty-third day of December, eighteen hundred and fifty-seven, so far as the same can or may be applied to the provisions of this act, and not inconsistent therewith, are hereby revived or reenacted. (Section 11 makes an appropriation to defray the expenses attending this act.) Approved, July 17, 1861. ACT OF AUGUST 5, 1861. 12 Stat. L., CHAP. XLVI.—An act supplementary to an act entitled "An act to authorize a national loan, and for other purposes." Treasury notes, how executed. (Section 1 authorizes the Secretary of the Treasury to issue bonds bearing interest at six per cent per annum, and payable at the pleasure of the United States after twenty years from date, to be given in exchange for such treasury notes, bearing interest at seven and three-tenths per cent, issued under the act of July 17, 1851, as the holders may present for exchange before or at the maturity thereof. Any part of the treasury notes payable on demand, authorized by said act, may be made payable by the assistant treasurer at St. Louis, or the depositary at Cincinnati.) SEC. 2. And be it further enacted, That the Treasury notes issued under the provisions of the said act to authorize a national loan, and for other purposes, or of any other act now in force authorizing the issue of such notes. shall be signed by the Treasurer of the United States, or by some officer of the Treasury Department, designated by the Secretary of the Treasury, for said Treasurer, and countersigned by the Register of the Treasury, or by some Need not have officer of the Treasury Department, designated by the Secretary of the Treasury, for said Register, and no Treasury notes, issued under any act, shall require the seal of the Treasury Department. seal. (Section 3 provides that the demand notes issued under the previous act may be of denominations not less than five dollars. (Section 4 makes an appropriation for the expenses authorized by this act.) Notes on de ceivable for Revised Stat SEC. 5. And be it further enacted, That the Treasury mand, etc., notes authorized by the act to which this is supple- under $50 rementary, of a less denomination than fifty dollars, pay- public dues. able on demand without interest, and not exceeding in utes, 3473. amount the sum of fifty millions of dollars, shall be receivable in payment of public dues. Portions of SEC. 6. And be it further enacted, That the provisions subtre a sury of the act entitled "An act to provide for the better act suspended. organization of the Treasury, and for the collection, safekeeping, transfer, and disbursements of the public reve Deposits in nue," passed August six, eighteen hundred and forty-six, 1846, ch. 90. be and the same are hereby suspended, so far as to allow the Secretary of the Treasury to deposit any of the solvent speclemoneys obtained on any of the loans now authorized by paying banks. law, to the credit of the Treasurer of the United States, in such solvent specie-paying banks as he may select; and the said moneys, so deposited, may be withdrawn from such deposit for deposit with the regular authorized depositaries, or for the payment of public dues, or paid in redemption of the notes authorized to be issued under this act or the act to which this is supplementary, payable on demand, as may seem expedient to, or be directed by, the Secretary of the Treasury. Six per cent bonds due in may be issued per cent bonds. SEC. 7. And be it further enacted, That the Secretary of the Treasury may sell or negotiate, for any portion of twenty years the loan provided for in the act to which this is supple- for certain 7 mentary, bonds payable not more than twenty years from date, and bearing interest not exceeding six per centum per annum, payable semi-annually, at any rate not less than the equivalent of par, for the bonds bearing seven per centum interest, authorized by said act. Approved, August 5, 1861. ACT OF FEBRUARY 25, 1862. 345. CHAP. XXXIII.-An act to authorize the issue of United 12 Stat. L., States notes, and for the redemption or funding thereof, and for funding the floating debt of the United States. and fifty mil Be it enacted by the Senate and House of Representatires of the United States of America in Congress assembled, That the Secretary of the Treasury is hereby One hundred authorized to issue, on the credit of the United States, lion dollars in one hundred and fifty millions of dollars of United States authorized. notes, not bearing interest, payable to bearer, at the Treasury of the United States, and of such denominations as Treasury notes $5 each. utes. 3571. dollars to be mand notes, which are be redeemed. utes, 3473. payment of all States except Not less than he may deem expedient, not less than five dollars each: Revised Stat- Provided, however, That fifty millions of said notes shall Fifty million be in lieu of the demand Treasury notes authorized to be In lieu of de-issued by the act of July seventeen, eighteen hundred and to sixty-one; which said demand notes shall be taken up as Revised Stat- rapidly as practicable, and the notes herein provided for Receivable in substituted for them: And provided further, That the dues to United amount of the two kinds of notes together shall at no time duties on im exceed the sum of one hundred and fifty millions of dolclaims against lars, and such notes herein authorized shall be receivable States except in payment of all taxes, internal duties, excises, debts, and legal tender in demands of every kind due to the United States, except duties on imports, and of all claims and demands against the United States of every kind whatsoever, except for thereof may de- interest upon bonds and notes, which shall be paid in coin, amount not and shall also be lawful money and a legal tender in pay ports, and of the United interest, and a all cases of debt. Revised Stat utes, 3588. Holders posit any less than $50 urer or assist and receive cer vertible into bonds. with the Treas- ment of all debts public and private, within the United ant treasurer, States, except duties on imports and interest as aforesaid. tificates con- And any holders of said United States notes depositing United States any sum not less than fifty dollars, or some multiple of fifty dollars, with the Treasurer of the United States, or either of the assistant treasurers, shall receive in exchange therefor duplicate certificates of deposit, one of which may be transmitted to the Secretary of the Treasury, who shall thereupon issue to the holder an equal amount of bonds of the United States, coupon or registered, as may by said holder be desired, bearing interest at the rate of six per centum per annum, payable semi-annually, and redeemable at the pleasure of the United States after five years, and payable twenty years from the date thereof. Said notes And such United States notes shall be received the same payment of as coin, at their par value, in payment for any loans that United States. may be hereafter sold or negotiated by the Secretary of utes, 3579. the Treasury, and may be reissued from time to time as the exigencies of the public interest shall require. receivable in loans to the Revised Stat Five hundred million dollars bonds author floating debt. SEC. 2. And be it further enacted, That, to enable the of 6 per cent Secretary of the Treasury to fund the Treasury notes and ized to fund floating debt of the United States, he is hereby authorized to issue, on the credit of the United States, coupon bonds, or registered bonds, to an amount not exceeding five hundred millions of dollars, redeemable at the pleasure of the When pay- United States after five years, and payable twenty years from date, and bearing interest at the rate of six per centum per annum, payable semi-annually. And the able. |