Terms and

placement.

to be borrowed by virtue of the act to that effect, passed during the present session of Congress.

SEC. 3. And be it further enacted, That the said Treasof reim- ury notes shall be reimbursed by the United States, at such places respectively as may be expressed on the face of the said notes, one year respectively after the day on which the same shall have been issued; from which day of issue they shall bear interest, at the rate of five and two-fifths per centum a year, payable to the owner and owners of such notes, at the Treasury, or by the proper commissioner of loans, or by the officer designated for that purpose, at the places and times respectively designated on the face of said notes, for the payment of principal.

Commissioners of the sink

cause the re

the Treasury

fected.

(Sections 4 and 5, providing for the signing of the notes and authorizing their issue in any of several methods, are nearly identical with sections 3 and 4 of the Treasury note act of June 30, 1812; but to section 5 of the present act is added a provision that the Secretary may "sell, not under par, such portion of the said notes as the President may think expedient."

(Section 6 authorizes the employment of agents for the purpose of selling any of the notes now to be issued, and allows a commission not exceeding one-quarter of one per cent on the amount thus sold.

(Sections 7, 8, and 9, relating to the transfer of the notes, their receipt for public dues, and the manner of crediting public officers and banks with the interest accruing on them, are identical with the sections 5, 6, and 7 of the act of June 30, 1812.)

SEC. 10. And be it further enacted, That the coming fund may missioners of the sinking fund be, and they are hereby imbursement to authorized and directed to cause to be reimbursed and be made, and purchases of paid the principal and interest of the Treasury notes notes to be ef- which may be issued by virtue of this act, at the several time and times when the same, according to the provisions of this act, should be thus reimbursed and paid; and the said commissioners are further authorized to make purchases of the said notes, in the same manner as of other evidences of the public debt, and at a price not exceeding par, for the amount of the principal and interest due at the time of purchase of such notes. So much of the funds constituting the annual appropriation of eight millions of dollars, for the payment of the principal and interest of the public debt of the United States, as may be wanted for that purpose, after satisfying the sums

necessary for the payment of the interest and such part of the principal of the said debt, as the United States are now pledged annually to pay and reimburse, including therein the interest and principal which may become payable upon any loan or loans which may be contracted by virtue of any law passed during the present session of Congress, is hereby pledged and appropriated for the payment of the interest, and for the reimbursement or purchase of the principal of the said notes; and so much of any monies in the Treasury not otherwise appropriated, as may be necessary for that purpose, is hereby appropriated for making up any deficiency in the funds thus pledged and appropriated, for paying the principal and interest as aforesaid; and the Secretary of the Treasury is hereby authorized and directed for that purpose to cause to be paid to the commissioners of the sinking fund such sum or sums of money, and at such time and times as will enable the said commissioners faithfully and punctually to pay the principal and interest of the said notes.

(Sections 11 and 12 providing for the expense of preparing the notes for issue, and fixing the penalties for counterfeiting, and for uttering counterfeited notes, follow closely the corresponding sections of the act of June 30. 1812.)

Approved, February 25, 1813.

ACT OF AUGUST 2, 1813.

CHAP. LI.-An act authorizing a loan for a sum not exceeding seven millions five hundred thousand dollars.

(Section 1 empowers the President to borrow on the credit of the United States a sum not exceeding seven million five hundred thousand dollars, to be applied to defray expenses for the years 1813 and 1814, but provides that no contract shall be entered into precluding the reimbursement of the sum thus borrowed, at any time after twelve years from January 1, 1814.

(Section 2 authorizes the sale of certificates of the stock thus to be created: "Provided, That no such certificate shall be sold at a rate less than eighty-eight per centum, or eighty-eight dollars in money for one hundred dollars in stock;" and requires that an account of moneys obtained by such sales and a statement of the rate obtained shall be laid before Congress on the first Monday

75.

Banks in District of Co

lend the money,

in February, 1814, or as soon thereafter as Congress shall be in session.

(Section 3, authorizing the employment of agents in disposing of the stock, follows the terms of section 3 of the act of February 8, 1813.

(Section 4, pledging for the support of this loan the requisite amount of the sinking fund and prescribing the duties of the commissioners of the sinking fund, is identical with section 3 of the act of March 14, 1812.)

SEC. 5. And be it further enacted, That it shall be lawlumbia may ful for any of the banks in the District of Columbia to or any part lend any part of the sum authorized to be borrowed by virtue of this act, any thing in any of their charters of incorporation to the contrary notwithstanding. Approved, August 2, 1813.

of it.

100.

[Obsolete. ]

ACT OF MARCH 4, 1814.

3 Stat. L. CHAP. XVIII.—An act to authorize the issuing of Treas ury notes for the service of the year one thousand eight hundred and fourteen.

exceeding

Be it enacted by the Senate and House of Representatives of the United States of America in Congress as

A sum not sembled, That the President of the United States be, and $5,000,000 in he is hereby authorized to cause Treasury notes, for a to be prepared, sum not exceeding five millions of dollars, to be preetc., etc. pared, signed, and issued, in the manner hereinafter pro

Treasury notes,

$5,000,000 in

may be issued,

sidered as part

thorized to be borrowed.

vided.

Additional SEC. 2. And be it further enacted, That the President Treasury notes of the United States be, and he is hereby authorized to but to be con- cause Treasury notes for a further and additional sum of the sum au- not exceeding in the whole five millions of dollars, or such part thereof as he shall deem expedient, to be prepared, signed, and issued, in the manner hereinafter provided: but the amount of money borrowed or obtained for the notes which may be issued by virtue of this section, shall be deemed and held to be in part of the sum which may be authorized to be borrowed by virtue of an act authorizing a loan which may be passed during the present session of Congress.

Where, when, and terms on

imbursed.

SEC. 3. And be it further enacted, That the said Treaswhich to be re- ury notes shall be reimbursed by the United States at such places respectively, as may be expressed on the face of such notes, one year respectively after the day on which the same shall have been issued; from which day

of issue they shall bear interest at the rate of five and two-fifths per centum a year, payable to the owner or owners of such notes, at the Treasury, or by the proper commissioner of loans, or by the officer designated for that purpose, at the places and times respectively designated on the face of said notes for the payment of principal.

(Sections 4, 5, and 6, providing for the signing of the notes and for their issue or sale, and for the employment and compensation of agents in their sale, follow the language of the corresponding sections 4, 5, and 6 of the act of February 25, 1813.

(Sections 7, 8, and 9, relating to the transfer of the notes, their receipt for public dues, and the manner of crediting public officers and banks with interest accruing on them, are identical with the sections 5, 6, and 7 of the Act of June 30, 1812.

(Section 10, containing the sinking fund provisions, is identical with section 10 of the Treasury note act of February 25, 1813.

(Sections 11 and 12, providing for the expense of preparing the notes for issue and fixing the penalties for counterfeiting and for uttering counterfeited notes, follow the language of the corresponding sections of the act. of June 30, 1812.)

Approved, March 4, 1814.

ACT OF MARCH 24, 1814.

111.

CHAP. XXIX.-An act to authorize a loan for a sum not. 3 exceeding twenty-five millions of dollars.

(Section 1 empowers the President to borrow, on the credit of the United States, a sum not exceeding twentyfive millions of dollars, to be applied to defray any expenses authorized by law, during the present year: Prorided, that no contract shall be made to preclude the reimbursement of the sum thus borrowed, at any time after twelve years from December 31, 1814.

(Section 2 authorizes the sale of the stock thus to be created, but fixes no limit as to the rate, and requires the Secretary of the Treasury to lay before Congress during the first week of February, 1815, an account of the moneys procured by sale of the stock and a statement of the rate obtained.

Stat. L.,

3

144.

(Section 3, authorizing the employment of agents in disposing of the stock, follows the terms of section 3 of the act of February 8, 1813.

(Section 4, containing the sinking fund provisions, is identical with section 3 of the act of March 14, 1812.) Approved, March 24, 1814.

ACT OF NOVEMBER 15, 1814.

Stat. L., CHAP. IV.—An act to authorize a loan for a sum not exceeding three millions of dollars.

notes due be

receivable in

or any other loan.

(Section 1 authorizes the President to borrow, on the credit of the United States, a sum not exceeding three millions of dollars, to be applied to defray any expenses authorized by law during the present year: Provided, that no contract shall be entered into precluding the reimbursement of the sum thus borrowed at any time after twelve years from December 31, 1814.

(Section 2 authorizes the Secretary of the Treasury to sell the stock thus to be created, but fixes no limit as to the rate of sale, requiring him to lay before Congress an account of the moneys thus procured and the rate obtained.

(Section 3, authorizing the employment of agents in disposing of the stock, follows the terms of section 3 of the act of February 8, 1813.)

Treasury SEC. 4. And be it further enacted, That it shall be lawfore January ful to receive in payment of any loan obtained under payment of this this act, or under any other act of Congress authorizing a loan, Treasury notes which have been issued according to law, and which shall become due and payable on or before the first day of January next, at the par value of such Treasury notes, together with the interest thereon accrued, at the time of the payment on account of the loan.

priated for the

terest and re

principal of

by virtue 01 this act.

Fund appro- SEC. 5. And be it further enacted, That so much of payment of in- the funds constituting the annual appropriation of eight imbursement of millions of dollars, for the payment of the principal and stock created interest of the public debt of the United States as may be wanted for that purpose, after satisfying the sums necessary for the payment of the interest and such part of the principal of said debt, as the United States are now pledged annually to pay or reimburse, is hereby pledged and appropriated for the payment of the interest, and for the reimbursement of the principal of the