How holders five and two-fifths per centum per annum; or they may be made payable to bearer, and transferable by delivery alone, and bearing no interest, as the Secretary of the Treasury, with the approbation of the President of the United States, shall direct. SEC. 4. And be it further enacted, That it shall be lawury notes bear- ful for the holders of the aforesaid Treasury notes, not of the Treas ing an interest, and not bear bearing an interest, and of the Treasury notes bearing an fund interest at the rate of five and two-fifths per centum per ing an interest, may them. annum, to present them at any time, in sums not less than one hundred dollars, to the Treasury of the United States, or to any commissioner of loans; and the holders of the said Treasury notes not bearing an interest, shall be entitled to receive therefor, the amount of the said notes, in a certificate or certificates of funded stock, bearing interest at seven per centum per annum, and the holders of the aforesaid Treasury notes bearing an interest at the rate of five and two-fifths per centum, shall be entitled to receive therefor the amount of the said notes including the interest due on the same, in a like certificate or certificates of funded stock, bearing an interest of six per centum per annum, from the first day of the calendar month next ensuing that in which the said notes shall thus be respectively presented, and payable quarter-yearly, on the same days whereon the interest of the funded debt is now payable. And the stock thus to be issued shall be transferable in the same manner as the other funded stock of [the] United States; the interest on the same, and its eventual reimbursement, shall be effected out of such fund as has been or shall be established by law for the payment and reimbursement of the funded public debt contracted Faith of the since the declaration of war against Great Britain. And United States the faith of the United States is hereby pledged to estabpayment of the lish sufficient revenues and to appropriate them as an principal and addition to the said fund, if the same shall, at any time pledged for the certificates, interest. hereafter, become inadequate for effecting the purpose aforesaid: Provided however, and be it further enacted, That it shall be lawful for the United States to reimburse the stock thus created, at any time after the last day of December, one thousand eight hundred and twenty-four. Treasury SEC. 5. And be it further enacted, That it shall be lawever redeemed ful for the Secretary of the Treasury to cause the Treasury notes which, in pursuance of the preceding section, shall be delivered up and exchanged for funded stock, and also the Treasury notes which shall have been paid to notes howso may be reissued. the United States for taxes, duties, or demands, in the manner hereinafter provided, to be re-issued, and applied anew, to the same purposes, and in the same manner, as when originally issued. notes made ceivable for SEC. 6. And be it further enacted, That the Treasury Treasury notes authorized to be issued by this act, shall be every everywhere rewhere received in all payments to the United States. On public dues. every such payment the note or notes shall be received for the amount of both the principal and the interest, which, on the day of such payment, may appear due on such of the notes as shall bear interest, thus given in payment; and the interest on the said notes bearing an interest, shall, on such payments, be computed at the rate of one cent and one half of a cent per day, on every hundred dollars of principal; and each month shall be computed as containing thirty days. (Section 7 provides for crediting collectors and other receivers of public moneys with the principal of the notes received by them in payment, and makes the same provisions for crediting and charging interest, in case the notes so received bear interest, as are made in the Treasury note act of June 30, 1812, and in subsequent acts.) be paid by the under their par Money may Treasury notes. SEC. 8. And be it further enacted, That the Secretary Notes not to of the Treasury be, and he is hereby authorized, with the United States approbation of the President of the United States, to value. cause the said Treasury notes to be issued at the par value thereof, in payment of services, of supplies, or of debts, for which the United States are or may be answerable by law, to such person and persons as shall be willing to accept the same in payment; and to deposit portions of the said notes in the loan offices, or in State banks, for the purpose of paying the same to the public creditors as aforesaid; and to borrow money on the credit of the said notes; or to sell the same, at a rate not under par; and it shall be a good execution of this provision, to pay such notes to such bank or banks as will receive the same at par. and give credit to the Treasurer of the United States for the amount thereof, on the day on which the said notes shall thus be issued and paid to such bank or banks respectively. be borrowed on Holders of received from Treasury notes the Treasury SEC. 9. And be it further enacted, That it shall and may be lawful for the holder of any Treasury notes issued, or authorized to be issued, under any laws heretofore passed, may convert to convert the same into certificates of funded debt, upon ed stock. the same terms, and in the same manner herein before them into fund 227. provided, in relation to the Treasury notes authorized by this act, bearing an interest of five and two-fifths per centum. (Sections 10 and 11 provide, as in previous acts, for the expense of preparing the notes, and for the punishment of counterfeiting or uttering counterfeited notes.) Approved, February 24, 1815. ACT OF MARCH 3, 1815. 3 Stat. L., CHAP. LXXXVII.-An act to authorize a loan for a sum not exceeding eighteen millions four hundred and fiftytwo thousand eight hundred dollars. Banks of the District of Co ized to lend. (Section 1 authorizes the President to borrow, on the credit of the United States, a sum not exceeding eighteen million four hundred and fifty-two thousand eight hundred dollars, to be applied to defray any expenses authorized by law during the present year: Provided, That no contract shall be made precluding the United States from reimbursing the sum thus borrowed at any time after twelve years from December 31, 1815. (Section 2 authorizes the Secretary of the Treasury to sell the stock thus to be created, but without fixing any limit of rate, and requires an account of the moneys thus procured and of the rate obtained for the stock, to be laid before Congress during the first week of February, 1816. (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.) SEC. 5. And be it further enacted, That it shall be lawlumbia author- ful for any of the banks of the District of Columbia, to . lend any part of the sum authorized to be borrowed by virtue of this act, any thing in any of their charters to the contrary notwithstanding. notes issued Treasury SEC. 6. And be it further enacted, That it shall be lawprevious to ful for the Secretary of the Treasury to accept in paybe received. ment of any loan obtained in virtue of this act, such this act may Treasury notes as have been actually issued, before the passing of this act, and which were made by law a charge upon the sinking fund, such Treasury notes to be credited for the principal thereof, and the amount of interest actually accrued at the time of the payment. etc. Interest on SEC. 7. And be it further enacted, That it shall be law- Treasury notes ful for the Secretary of the Treasury to cause to be paid, due, to be paid, the interest upon Treasury notes which have become due, and remain unpaid, as well with respect to the time elapsed before they become due, as with respect to the time that shall elapse after they become due, and until funds shall be assigned for the payment of the said Treasury notes, and notice thereof shall be given by the Secretary of the Treasury. Approved, March 3, 1815. RESOLUTION, APRIL 30, 1816. VIII-A Resolution relative to the more effectual collec-343 Stat. L., tion of the public revenue. Collection of Resolved 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 hereby is, the revenue. required and directed to adopt such measures as he may deem necessary to cause, as soon as may be, all duties, taxes, debts, or sums of money, accruing or becoming payable to the United States, to be collected and paid in the legal currency of the United States, or treasury notes, or notes of the Bank of the United States as by law provided and declared, or in notes of banks which are payable and paid on demand in the said legal currency of the United States, and that from and after the twentieth day of February next, no such duties, taxes, debts, or sums of money accruing or becoming payable to the United States as aforesaid, ought to be collected or received otherwise than in the legal currency of the United States, or treasury notes, or notes of the bank of the United States, or in notes of banks which are payable and paid on demand in the said legal currency of the United States. Approved, April 30, 1816. ACT OF MARCH 3, 1817. 3 Stat. L., CHAP. XXXVIII.-An act transferring the duties of 368. Be it enacted by the Senate and House of Representatires of the United States of America, in Congress assembled, That the Bank of the United States, and its several the United perform the The Bank of branches, shall be, and they are hereby, required to do and States, etc., to perform the several duties of commissioners of loans for duties of com- the several States; and the Bank of the United States 1836, ch. 50, and its several branches, and such State banks as the Bank missioners of loans. tary of the of the United States may employ in those States where no branch bank shall be established, shall observe and conform to the directions which have been or may hereafter be prescribed by the Secretary of the Treasury, with the approbation of the President of the United States, touching the execution of the duties aforesaid. SEC. 2. And be it further enacted, That all such duties and acts as are now done and performed by the commissioners of loans, in transferring stock from the books of one loan office to another, or to the books of the Treasury, or from the books of the Treasury to the books of the loan offices, shall be done and performed by the president of the Bank of the United States, the president of the several branches of the said bank, and by the president of such State banks as the Bank of the United States may employ, (in States where no branch of the United States Bank shall be established:) and the acts of the presidents aforesaid shall be countersigned by the cashiers of those banks, respectively. The Secre- SEC. 3. And be it further enacted, That it shall be the Treasury to duty of the Secretary of the Treasury to notify the presiident of the dent of the Bank of the United States, that the duties notify the pres Bank of the etc. United States, now performed by the commissioner of loans will be transferred to the Bank of the United States, and he shall direct the commissioners of loans and the agents for military pensions, where there is no commissioner, respectively, in the several States, to deliver to the president of the Bank of the United States, or to the president of a branch thereof, or to the president of such State bank as the Bank of the United States may employ, on such day or days as he may designate, the register, and all the records and papers of their respective offices; and it shall be the duty of the said commissioners of loans and agents for pensioners to comply with the said direction, and also to take duplicate receipts for the delivery of the records and papers herein described, one of which shall be transmitted, without delay, to the SecProviso; as to retary of the Treasury: Provided, however, That the Secretary of the Treasury may designate such time before the first day of January, one thousand eight hundred the time, etc. |