£ft\ \*&k CORNELL UNIVERSITY LIBRARY BUSINESS Cornell University Library HG 493 1.A4 1886 Regulations of the Treasury department 3 1924 019 363 229 I8SG Cornell University Library The original of this book is in the Cornell University Library. There are no known copyright restrictions in the United States on the use of the text. http://www.archive.org/details/cu31924019363229 REGULATIONS TREASURY DEPARTMENT IN RELATION TO UNITED STATES BONDS. WASHINGTON: GOVERNMENT PRINTING OFFICE. 188G. 10800 <& Treasury Department, ' Document No. 934. Divmon of Loans and Currency. Treasury Department, Office of the Secretary, Washington, D. C, January 1, 1887. The following Begtjlations in regard to transactions with this De- partment in United States Bonds are published for the information ot all concerned, and will supersede all other Eegulationp on the same subject heretofore issued. DANIEL MAKSVSGr, Secretary. TABLE OF CONTENTS. Page. Bonds of the United States 7 Bonds outstanding and bearing interest on January 1, 1887 7 Bonds which have matured and ceased to bear interest 7 Coupon Bonds 1 8 No charge by Department for conversion into registered bonds 9 Form of letter for conversion of coupon bonds into registered bonds 9 Registered Bonds „ 9 Assignment of bonds 9 Assignments by representatives and successors . 10 Foreign snccessorship assignments 11 Assignments by attorney 11 Form of power of attorney 11 Form of authority by resolution -. 12 Form of authority under by-laws 1? Acknowledgments 12 Foreign acknowledgments 13 No fees 13 Translations - 13 Execution of powers — 13 Powers of substitution - 13 Transmission of bonds .- 13 Form of letter transmitting bonds for transfer -. -- 14 New bonds - 14 Interest on Registered Bonds 14 Closing of transfer books 15 Form of power of attorney to collect interest-checks 15 Execution of powers of attorney to indorse interest-checks 15 Form of authority by resolution for the indorsement of interest-checks 16 Interest to joint holders of registered bonds * -. 16 Interest on registered bonds inscribed in the names of minors 16 Unclaimed interest -- - - 17 XiOSt Registered Bonds 17 Form of request for caveat -- 17 Lost Coupon Bonds, Notes, and Coupons... 18 Relief in Cases of Destroyed and Defaced Bonds and Lost Registered Bonds of the United States - 18 General form of affidavit - 19 Destroyed Coupons 20 Called Bonds 21 Coupons detached from Called Bonds 22 Exemption of United States Bonds from Taxation 22 5 REGULATIONS OF THE TREASURY DEPARTMENT N , IN RELATION TO UNITED STATES BONDS. BONDS OF THE UNITED STATES. ' The original issues of bonds of the United States under the several authorizing acts of Congress are divided into Coupon and Begis- teeed Bonds. Of these issues the following are the Bonds Outstanding and Bearing Interest January 1, 1887. Title of loan and date of author- izing act. Denominations. Bate of interest. "When redeemable or pay- able. Currency 6'b, Pacific Railroad: July 1, 1862, and July 2, 1864— $1,000; $5,000; $10,000 . $50; $100; $500; $1,000. $50; $100; $500; $1,000; $5,000; $10,000; $20, 000 ; $50, 000. $50; $100; $500; $1,600. $50; $100; $500; $1,000 ; $5,000; $10,000; $20,000; $50,000. $50; $100; $500; $1,000; $10, 000. Per cent. 6 4 3 Funded Loan of 1891: July 14, 1870, and January 20, issue. (Dates of issue, 1865 to 1869.) ber 1, 1891. CONSOLS OF 1907: July 14, 1870, and January 20, 1907. Funded Loan of 1882: July 12, 1882— Registered Redeemable at the pleas- ure of the Government. The following are the Bonds which have Matured and Ceased to Bear Interest. Loan of 1858 : $1,000 5 5 6 6 FIVES OF 1860: $5, 000. years from January 1, 1859. Registered! SlXKS OF 1880: February 8, 1861— Coupon Registered — Oregon- Wak Loan: March 2, 1861— Coupon. . . ., $1,000; $5,000. $1,000 from Jannary 1, 1861. Payable after December $1,000; $5,000; $10,000. 31, 1880. from July 1, 1861. Bonds which have Matured and Ceased to bear Interest — Continued. Title of loan and date of authorize ing act. t Denominations. Rate of interest. When redeemable or pay- able. Sixes OF 1881 : Per cent. July 17 and August 5, 1861 — $50; $100; $500 ; $1,000.. $50; $100; 500; $1,000; 6 Redeemable after June 30, Registered 1881. $5,000; $10,000. Five-twenties of 1862 : February 25, 1862— Coupon $50; $100; $500; 1.000.'. 6 Redeemable after five and Registered - . . $50; $100; $500; 1,000; payable twenty years from May 1, 1862. $5, 000 ; $10, 000. Sixes of 1881 : i March 3, 1 803 — Coupon . - $50; $100; $500; $1,000.. 6 Redeemable after June 30, Registered $50; $100; $500; $1,000: $5,000; $10,000. 1881. Five-twenties of 1864 : v March 3, 1864— Registered $100; $500 ; $1, 000; 6 Redeemable after five and • $5, 000. payable twenty years from November 1, 1864. Ten-fobties : March 3, 1864 — Coupon $50; $100; $500; $1,000.. 5 Redeemable after ten and $50 ; $100 ; $500 ; $1, 000 ; payable forty years $5, 000 ; $10, 0000. from March 1, 1864. Five-twenties of 1864 : June 30, 1864— Counon $50; $100; $500; $1,000.. 6 Redeemable after five and Registered $50 ; $100 ; $500 ; $1, 000 ; payable twenty years from November 1, 1864. $5, 000 ; $10, 000. Five-twenties of 1865 : J March 3, 1865 — Coupon $50; $100; $500; $1,000.. 6 Redeemable after five and Registered $50 ; $t00 ; $500 ; $1, 000 ; payable twenty years from November 1, 1865. $5,000; $10,000. Consols of 1865 : March 3, 1865— Coupon $50; $100; $500; $1,000.. 6 Redeemable after five and Registered $50; $100; $500; «1,000; payable twenty years $5, 000 ; $10, 000. from July 1, 1865. Consols of 1867 : , March 3,1865 — Coupon '.... $50 ; $100 ; $500 ; $1, 000 . - 6 Redeemable after five and $50; $100; $500; $1,000; payable twenty years from July 1, 1867. $5,000; $10,000. CONSOLS OF 1868 : March 3, 1865 — Coupon $50; $100; $500; $1,000.. 6 Redeemable after five and Registered $500;$1,000; $5,000; $10, 000. payable twenty years from July 1, 18B8. Funded loan of 1881 : July 14, 1870, and January 20, 1871 — Coupon $50 ; $100 ; $500 ; $1, 000 ; 5 Redeemable after May 1, 1881. $5,000; $10,000. $50; $100; $500; $1,000; $5, 000; $10, 000; $20,000; $50,000. Sixes of 1881 : July 17 and August 5, 1861 (con- tinued under Department Cir- cular No. 42, dated April 11, 1881)— Registered $50; $100 ; $500; $1,000 ; 34 Redeemableatthe pleasure $5, 000 ; $10, 000. of the Government. Sixes of 1881 : March 3, 1863, (continued under Department Circular No. 42, dated April 11, 1881)— $50 ; $100 ; $500 ; $1, 000 ; 3J Redeemable at the pleasure of the Government. $5, 000 ; $10, 000. Funded loan of 1881 : July 14, 1870, and January 20, . 1871, (continued under Depart- . ment Circular No. 52, dated 31 May 12, 1881)— Registered $50; $100; $500; $1,000; Redeemable at the pleasure ' $5,000; $10,000 ; of the Government. $20, 000 ; $50, 000. COUPON BONDS. Coupon bonds of the United States are payable to bearer, and pass by delivery, without indorsement. They are convertible into registered bonds of the same loan, but the law does not authorize the conversion of registered into coupon bonds. Coupon bonds forwarded to the Department for exchange into reg- istered bonds should be addressed to the Secretary of the Treas- ury, Division of Loans and Currency. There is no expense attending the exchange at the Department; but when bonds are sent by express the charges must be paid by the party transmitting them. , FOKM OP LETTER FOR CONVERSION OF COUPON BONDS INTO REGISTERED BONDS. . — , ..18-. Hon. Secretary of the Treasury, Washington, D. C. : • Sir : Herewith I send $ U. S. coupon bonds of the act of July 14, 1870, per cent, loan of ; which please exchange into registered bonds in the name of . Please send the new bonds to the subscribed address. Mail checks for the interest to , , . Very respectfully, REGISTERED BONDS. Registered bonds of the United States differ from coupon bonds in the following respects, namely: (1) They have inscribed or expressed upon their face the names of the parties who own them, denominated payees ; (2) they are payable only to such payees or their assigns; and (3) the property or ownership in them can be transferred only by as- signment. For the purpose of assigning them, there are forms printed on the backs of the bonds, together with directions to be followed in the execution of such assignments. A ledger account is opened in the Department with each holder of one or more registered bonds ; and in this account each bond is fully described. All recognized transfers must be made upon the loan-books in the office of the Register of the Treasury. ASSIGNMENT OP BONDS. The directions printed on the backs of the bonds should be carefully followed in the execution of assignments, and the name of the assignee should be written plainly in the space left for that purpose. . Assign- ments must be dated and properly acknowledged. 1 If a bond is to be divided among two or more parties, their namos and the amount to each should be stated in the assignment. If only a part of a bond is assigned, a new issue for the remainder will be made to the former payee of the whole bond : Provided, however, That the amount assigned shall correspond with one or more of the denomina- tions in which the bonds are issued. , Registered bonds should not be assigned in blank, as such assign- 10 ment would, make them payable to bearer and render them available to any holder thereof; in other words, under an assignment in blank the title to the bonds would pass by delivery, i A detached assignment should never be resorted to, except when the blank form for an assignment which'is printed on tbe bond shall have been already used ; and in this case only when there shall not be suffi- cient space on the back of the bond for another assignment. The payee should sign his name to the assignment as the name is written on the face of the bond. If the bond be issued to a firm, the assignment must be subscribed in the name of the firm by a member thereof, who shall be possessed of authority to sign for the firm, of which authority the officer witnessing the signature must be satisfied ; if issued to joint owners, co- trustees, executors, administrators, or guard- ians, each person must sign for himself; if to a corporation or com- pany, the official character of the person executing the assignment, and the authority of such person to dispose of the bond or bonds in ques- tion, should be duly verified by vote or resolution of the board of direct- ors of the corporation or company, certified under its seal. Where such officer is authorized by virtue of his office to execute the assign- ment, a certificate, under seal, of this fact and of his election to the office, and that he still holds and exercises such office, must be fur- nished, together with a certified copy of the charter or by-laws of such corporation or company, showing the authority claimed thereunder. All such evidence of authority will be placed on file in the Depart- ment, and if general and permanent in its character, need not be repro- duced in subsequent transactions under the same power, if proper reference be made thereto. An assignment made by mark (x ) must be witnessed by at least one person besides the officer verifying the assignment. A bond standing in the maiden name of a woman, who has married since its issue, should be assigned in such a manner that both maiden name and married name will appear in her signature to the assignment; i. e., Mary Jones, now by marriage Mary Brown. Bonds should be as- signed to a married woman as follows : Mrs. Mary Brown, not Mrs. John Brown. ASSIGNMENTS BY REPRESENTATIVES AND SUCCESSORS. In case of death or successorship, the representative of the deceased person, or the successor, must furnish official evidence of such decease or 6uccessorship, and of his own appointment,, authority, or power. An executor or administrator may assign bonds standing in the name of the deceased person in whose stead such executor or administrator shall be acting. Wher^ there are two or more legal representatives, all must unite in the assignment, unless by a decree of court or testamentary provision some one or more of them is or are designated and empow- ered to dispose of the bonds. 11 Bonds standingin the name of a person in the capacity of a fiduciary or trustee cannot be assigned after his death by his executors or admin- istrators, but must be assigned by a successor duly appointed by the court having jurisdiction. An executor, administrator, trustee, guardian, or attorney cannot assign bonds to himself, unless he be specially authorized to do so by a court possessing jurisdiction of the matter. FOREIGN STJCCESSORSHIP ASSIGNMENTS. Where a payee, at the time of his death, was a resident of a foreign country, the party claiming to direct and execute the transfer must furnish an exemplified copy of the will or other instrument conveying the requisite authority, duly certified under the hand and seal of the proper officer, attested by the certificate of a United States minister, charge, consul, vice-consul, or commercial agent, or, if there be none such accessible (which fact shall, in such case, be certified), by that of a notary public, to the effect that such exemplified copy is executed and granted by the proper tribunal .or officer, and is in due form and according to the laws of that country. The assignment should be exe- cuted as hereinbefore directed. ASSIGNMENTS BY ATTORNEY. Persons entitled to assign bonds may appoint for that purpose an attorney, who, by virtue of the authority so conferred, can execute the assignment in the same manner as provided for the constituent and can appoint one or more substitutes for that purpose ; but an attorney or substitute must not assign the bonds to himself individually. ISo officer of the Treasury of the United States should be selected as such attorney. Powers of attorney authorizing the assignment of bonds should be sent, for record, to the Eegister of the Treasury. FORM OF POWER OF ATTORNEY. Know all men by these presents : •■ That I, > do hereby appoint my attorney to sell and as- sign any and all United States bonds now standing (or which may hereafter stand) in my name, or which may be assigned to me, granting to said attorney full power to appoint one or more substitutes for that purpose; hereby ratifying and confirming all that may be lawfully done by virtue hereof. Witness my hand and seal this the day of , A. D. 18 — ,. Executed before me this the day of , A. D. 18- [ seal. 3 [Official seal.] •Note. To be verified in accordance with instructions contained on page 12 under head of acknowl- edgments. 12 FORM OF AUTHOP.1TY BY RESOLUTION. At a regular meeting of the board of directors of the , of , held , 18 — , it was, on motion, " Resolved, That A. B., president, and C. D., cashier, are, or either of them is, hereby authorized and empowered to assign any and all United States bonds now standing (or which may hereafter stand) in the name of this bank [or institution]." , I certify that the above is* a true copy from the minutest Secretary of the Hoard. [Corporate seal.] Note. — This resolution should be certified by some officer of the institution other than the one em- powered to assign the bonds. It is recommended that resolutions be adopted only at regular meet- ings. But when passed at a special meeting, the certificate should be signed by two officers of the institution, and may be as follows: We certify that at a special meeting of the board of directors of , duly held at , on the day of — : , at — o'clock — M., 18 — , the foregoing resolu- tion was adopted, and is now in full force. And we certify that notice was duly given, personally, to all the members of the said board of directors of the time and place of said meeting, and of the object thereof, for more than days prior thereto, and in time to enable all to attend said meeting; and that at such meeting so held a quorum of all the members of said board was present and voted for the adoption of said resolution. (Corporate seal.] FORM OF AUTHORITY UNDER BY-LAWS. At the annual meeting of the stockholders of the , of • , held , 18—, was duly elected president, and was duly elected cashier ; and as such they are jointly or severally empowered by the by-laws (a certified copy of which is hereto annexed) to sell and assigu any and alj United States bonds now standing (or which may hereafter stand) in the name of this bank [or institution]. , Secretary. [Corporate seal.] If the "bank or institution has no corporate seal an affidavit of one of the officers to that effect should accompany the authority. ACKNOWLEDGMENTS Of assignments, when not made at this Department, must be made either before an assistant treasurer of the United States, a United States judge or district attorney, clerk of a. United States court, col- lector of customs or internal revenue, or president or cashier of a na- tionalbank. A notary public is authorized to take acknowledgments only on the Pacific Kailroad bonds and on the 3 per cent, bonds of 1882. The witnessing officer should append his official title and affix his seal of office, if he have one ; if he have no seal of office, he should certify such to be the fact. The president or cashier of a national bank must append the title and affix the seal of the bank. The impress of the seal must in every case be made upon the bond. 13 FOREIGN ACKNOWLEDGMENTS May be made before a United States minister, charge^ consul, vice- consul, or commercial agent. A notary public, or other competent officer, in a foreign country may take acknowledgments ; but his offi- cial character and jurisdiction must be properly verified.* The official seal, where there is one, should in all cases be affixed, as per forego- ing direction ; and where there is none, this fact should be made known and attested. NO FEES Will be charged by the United States minister, charge^ consul, vice- consul, or commercial agent for witnessing and certifying an assign- ment of, or power to assign, bonds, or collect interest thereon, jjlo charge is made by the Department for transferring registered bonds. TRANSLATIONS. Powers of attorney, and all other legal documents executed in the United States, must be in the English language. If executed abroad in any other language, such powers must be accompanied by an ac- curate translation into English, and by a sworn certificate of the per- son who made such translation, properly acknowledged before a notary public or other competent officer having a seal, to the effect that the translation is correct and complete. EXECUTION OP POWERS. Powers of attorney for the transfer of bonds must be acknowledged in the presence of some one of the officers authorized to take acknowl- edgments of assignments ; and where such officer has an official seal, it must be affixed ; where he has none, he should so state. POWERS OP SUBSTITUTION Must be executed and acknowledged in the same manner as powers of attorney, and should likewise follow the same general form. TRANSMISSION OP BONDS. -When registered bonds are properly assigned, they should be trans- mitted to the ^Register of the Treasury for reissue, and should be accompanied by a letter of explicit instructions, stating the amount in- closed, the loan to which the bonds belong, the denominations of the bonds desired in exchange therefor, the name and residence of each as-, signee, and the post-office address to which it is desired the interest- checks shall be mailed. When bonds of different loans are forwarded in one remittance, a separate letter of instructions should accompany the bonds of each loan. * See under head "Foreign successorship assignments," page 11. 14 Whk coupon and registered bonds are transmitted at the same time, the former should be sent to the Secretary of the Treasury and the latter to the Register of the Treasury. FORM O.P l^ETTER TRANSMITTING REGISTERED BONDS FOR TRANSFER. , , , 18—. Hou. Register of the Treasury, , Washington, D. C: Sir : Herewith you will receive $ U. S. registered bonds of the per cent. joau of , which please transfer, as per assignment, to , of , ' Please send the new bonds to the subscribed address. Mail checks for the interest to , , . Very respectfully, NEW BONDS. Eegistered bonds received for transfer are canceled, and new bonds in their stead are issued in the name of the assignee. These bear in- terest from the first day of the quarter or half-year (as their interest term may run) in which the transfer shall have been made. As a rule, returns are made on the same day that the bonds are received, and made invariably by registered mail, unless otherwise instructed. When bonds are sent, or returned, by express, the entire expense thus incurred must be borne by the party desiring the transfer. INTEREST ON EEGISTERED BONDS. « The interest on registered bonds of the existing loans falls due upon the following dates, respectively : Currency sixes, Pacific Railroad January 1 ; July 1. Four-and-a-half-per-cent. funded loan of 1891 March 1 ; June 1 ; Sept. 1 ; Dec. 1. Four-per-cent. consols of 1907 January 1 ; April 1 ; July 1 ; October 1. Three-per-cent. funded loan of 1882 February 1 ; May 1 ; August 1 ; November 1 Interest on registered bonds of the above-described loans is paid by checks drawn at this Department. These checks will be sent by mail when the post-office address is known ; when this is not known, they will be held by the Treasurer of the United States until called for by the payees thereof. , • The checks are payable, when properly indorsed, on presentation at the CJnited States Treasury or at the office of any assistant treasurer of the United States. - Holders of these bonds should notify the Register of the Treasury of any change in their post-office address at least fifteen days before the interest falls dne; and in case of the appointment of an attorney to in. dorse the interest-checks, notice of this fact should likewise be given to 15 the Eegister. Such holders should also transmit to the First Auditor of the Treasury all powers of attorney authorizing the indorsement of interest-checks, and advise him, specifically, at which of the offices re- ferred to above it is desired that the interest-checks, under such pow- ers, shall be paid. CLOSING OF TRANSFER-BOOKS. For the purpose of preparing the interest-schedules, the transfer-books are closed during the month immediately preceding the date of pay- ment of the interest. If bonds forwarded for transfer be not received prior to or upon the day fixed for closing the transfer-books, the transfer will not be effected until after the reopeniug of the books ; and consequently the interest for that quarter or half-year (as the interest term may be) will be de. clared in favor of the parties whose names appear upon the face of the old bonds, and to them the assignees must look for any interest claimed FORM OF POWER OF ATTORNEY TO COLLECT INTEREST-CHECKS. Know all men by these presents, that , of , do appoint attorney to receive from the proper officer and to indorse checks for interest * in name on the books of the Treasury Department of the United States ; granting to said attorney power to appoint one or more substitutes for the purposes herein expressed ; hereby ratifying and confirming all that may lawfully be done by virtue hereof. Witness hand- aud seal- this day of , 18—. . [L. s.j , , [L. S.j Signed, sealed, and acknowledged in the presence of — (To be acknowledged as directed below.) * When intended to be special, insert fdue on tbe day of , 18 — , on all bonds standing in * When intended to be general, insert [now due and which may hereafter accrne on all bonds stand- ing, or which may hereafter stand, in 1. EXECUTION OF POWERS OF ATTORNEY TO INDORSE INTEREST-CHECKS. Powers of attorney must be acknowledged either before the Treasurer or an assistant treasurer of the United States, a United States judge, United States district attorney, clerk of United States court, col- lector of customs, collector of internal revenue, president or cashier of a national bank, or a notary public. If in a foreign country, powers must be acknowledged either before a United States minister, charge^ consul, vice-consul, commercial agent, or notary public. If before the latter, his official character and the genuineness of his signature must be properly verified. The acknowledging officer must add his official designation, residence, and seal, if he have one ; if he have no seal of office, he should certify such to be the fact. 16 Powers of attorney and testamentary evidence designed as authority to collect interest-checks should be filed with the First Auditor of the Treasury. FORM OF AUTHORITY BY RESOLUTION FOR THE INDORSEMENT OF INTEREST-CHECKS. At a regular meeting of , held at , in the State of , on the • day of , 18 — , a quorum being present, it wag, on motion, "Resolved, That be, and is hereby, authorized to receipt for and to in- dorse checks for interest due, or to become due, on all United States bonds registered in the name of on the books of the Treasury Department, with power to appoint one or more substitutes for the purposes herein expressed, until such authority is officially revoked, and notice of revocation is properly given to the Treasury De- partment." A true copy of the minutes. (Signed) ' , — , President. [seal.] Attest: , Secretary. Note. — Where the society or institution has no seal, it will he requisite to acknowledge the instru- ment hefore a notary or some other competent officer having an official seal. If the president, cashier, secretary, or treasurer he authorized to indorse the checks, the instrument must he certified hy aD officer other than the one empowered to make the indorsement. The First Auditor of the Treasury should be advised where interest-checks indorsed hy attorneys will be presented for payment. INTEREST TO JOINT HOLDERS OP REGISTERED BONDS. Interest will lie paid to any one of several joint holders, or co- trustees, executors, administrators, or guardians; but in the execution to a third party of a power to collect interest-checks all must join. In case of the death of any of such joint holders, co-trustees, &c, the survivor or sur- vivors will be recognized as having full authority, upon due proof of such death and survivorship. PAYMENT OF INTEEEST ON UNITED STATES EEGISTEKED BONDS INSCEIBED IN THE NAMES OF MINOES. The following synopsis of the decision of the First Oomptrollor of the Treasury, of February 4, 1881, respecting the payment of interest on United States registered bonds inscribed in the names of minors, is published for the information and guidance of the officers of this Department. (1) When Government bonds are registered in the names of infants, interest-checks issued in payment of interest thereon will be delivered and paid only to the proper guardian of such infants, when the Secre- tary of the Treasury has been notified of such infancy. (2) Neither the father nor mother of an infant has the right, as a general rule, to indorse or collect such interest-checks. (3) The guardian of an infant, in order to indorse and collect interest- checks in favor of his ward, is required to file with the First Auditor 17 evidence (1) of guardianship, (2) of his authority being in force, and (3) of the identity of his ward as the payee in the bonds. (4) The Government is not liable to refund to an infant, on his arriv- ing at the age of majority, money paid to him on his indorsement of interest-checks during minority, when the Secretary of the Treasury had not been notified of the fact of infancy. (Department Circular No. 6, dated February 7, 1881.) TJNCL AIMED INTEREST. The interest on registered bonds of the loans authorized previously to the funded loans (act of July 14, 1870) which has been returned to the Treasury as unclaimed, can be collected only in person or by attor- ney at the office of the Treasurer of the United States, in Washington. For the convenience of the public, and to save charges, powers to col- lect specified unclaimed interest may be made in favor of the Chief op the Division op Loans and Currency of the Secretary's Office, under authority of the following order : Treasury Department, Office of the Secretary, May 1, 1879. Ordered : That from and after this date, the pro forma receipt on the books of this Department for interest on registered bonds of the United States, due claimants •who do not desire to employ resident attorneys, may be signed by the Chief of the Division of Loans and Currency of this office, or, in his absence, by the Acting Chief of said Division, as attorney for the claimants. That checks in payment of such interest drawn by the Treasurer of the United States in favor of the claimants be transmitted to their address by the officer acting as attorney. JOHN B. HAWLEY, Acting Secretary. LOST EEGISTEEED BONDS. In case of the loss of registered bonds, the Secretary of the Treasury should be promptly notified, in order that a caveat may be entered against the transfer of the missing bonds on the books of the Depart- ment. FORM OF REQUEST FOR CAVEAT. ' , , ,18-. Hon. Secretary of the Treasury, Washington, D. C. . Sir : The registered bonds described below, standing in my name, were stolen from the undersigned on or about the of last. Please enter a caveat against their transfer : No. , for $ , act of 18, — , per cent., and No. , for f , act of , 18 — , per cent. Very respectfully, 18 LOST COUPON BONDS, NOTES, AND COUPONS. In consequence of the increasing trouble, wholly without practical benefit, arising from notices which are constantly received at the De- partment, respecting the loss of coupon bonds, which are payable to bearerj and of Treasury notes issued and remaining in blank at the time of loss, it becomes necessary to give this public notice, that the Government cannot protect, and will not undertake to protect, the owners of such bonds and notes against the consequences of their own fault or misfortune. Hereafter all bonds, notes, and coupons, payable to bearer, and Treasury notes issued and remaining in blank, will be paid to the party presenting them in pursuance of the regulations of the Depart- ment, in the course of regular business ; and no attention will be paid to caveats which may be filed for the purpose of preventing such payment. (Department Circular of April 27, 1867.) BELIEF IN CASES OF DESTROYED AND DEFACED BONDS AND LOST REGISTERED BONDS OF THE UNITED STATES. The following are the provisions of the Revised Statutes of the United States, and the regulations thereunder, concerning relief in cases of bonds of the United States which have been defaced, destroyed, or lost: DUPLICATES FOB DESTROYED OK DEFACED BONDS. Sec. 3702. Whenever it appears to the Secretary of the Treasury, by clear and un- equivocal proof, that any interest-hearing bond of the United Spates has, without bad faith upon the part of the owner, been destroyed, wholly or in part, or so de- faced as to impair its value to the owner, arid such bond is identified by number and description, the Secretary of the Treasury shall, under such regulations and with such restrictions as to time and retention for security or otherwise as he may prescribe, issue a duplicate thereof, having the same time to run, bearing like interest as the bond so proved to have been destroyed or defaced, and so marked as to show the original number of the bond destroyed and the date thereof. But when such destroyed or defaced bonds appear to have been of such a class or series as has been or may, before such application, be called in for redemption, instead of issuing duplicates thereof, they shall be paid, with such interest only as would have been paid if they had been presented in accordance with such call. Sec. 3703. The owner of such destroyed or defaced bond shall surrender the same, or so much thereof as may remain, and shall file in the Treasury a bond in a penal sum of double the amount of the destroyed or defaced bond, and the interest which would accrue thereon until the principal becomes due and payable, with two good and sufficient sureties, residents of the United States, to be approved by the Secretary of the Treasury, with condition to indemnify and save harmless the United States from any claim upon such destroyed or defaced bond. DUPLICATES FOR LOST REGISTERED BONDS. Sec. 3704. Whenever it is proved to the Secretary of the Treasury, by clear and satisfactory evidence, that any duly registered bond of the United States, bearing interest, issued for valuable consideration in pursuance of law, has been lost or de- stroyed, so that the same is not held by any person as his own property, the Secre- 19 tary shall issue a duplicate of such registered bond, of like amount, and bearing like interest and marked in the like manner as the bond so proved to be lost or destroyed. Sec. 3705. The owuer of such missing bond shall first file in the Treasury a bond in the penal sum equal to the amount of such missing bond, and the interest which would accrue thereon, until the principal thereof becomes due and payable, with two good and sufficient sureties, residents of the United States, to be approved by the Secretary of the Treasury, with condition to indemnify and save harmless the United States from any claim because of the lost or destroyed bond. Parties presenting claims on account of a coupon or registered bond of the United States which has been destroyed, wholly or in part, or on account of a registered bond which has been lost, will be required to present evidence showing — 1st. The number, denomination, date of authorizing act, and rate of interest of such bond, whether coupon or registered; and, if registered, the name of the payee. In the case of a registered bond, it should also be stated whether it had been assigned or not previous to or since the alleged loss or destruction, and, if assigned, by whom, and whether as- sighed in blank or to some person specifically by name ; and if assigned in the latter manner, the name of theassignee should be given. 2d. The time and place of purchase, of whom purchased, and the consideration paid. "* 3d. The place of deposit of the missing bond ; whether or not any person or persons, other than the owner, had access thereto; and in the event of its having been accessible to other parties, their affidavits, in addition to that of the owner, should be furnished, showing their knowledge of the existence of the bond, and of the fact of its loss or destruction. 4th. The material facts and circumstances connected with the loss or destruction of the bond. 5th. It should be shown by the affidavits of credible persons, if practi- cable by United States officers, that the statements of the claimant as set forth in his affidavit are worthy of the confidence of this Depart- ment ; and that he is the identical person named in the application. In all cases, the evidence should be as full and clear as possible, j that there may be no doubt of the good faith of the claimant. Proofs may be made by affidavits duly authenticated, and by such other competent evidence as may be in the possession of the claimant. GENERAL POEM OF AFFIDAVIT. Personally appeared before me, a notary public in and for the city of , county of , and State of , the subscriber, , of , county of , and State of , who, being duly sworn according to law, deposes and says, that is the lawful owner of the following-described registered bonds of the United States, viz : No. , for $ , act of -, 18—, per cent. ; and No. , for $ , act of , 18 — , per cent., registered in name on the books of the Treasury Department , 1.8 — ; that no assignment or transfer of said bonds [or either of them] has been made or authorized by or attorney, either in blank or by a specific assignment, or in any manner whatever ; that said bonds have not, nor has ..... 20 either of them, by hypothecation, pledge, loan, or otherwise, passed from the custody or control of said with [his or her] knowledge or consent; that the said bonds were stolen from , the said , at , on the , by some per- son or persons unknown to ; and that due diligence has been exercised in en- deavoring to recover the said bonds without success. [State what has been done.] of- Sworn to and subscribed before me, this the day of , A. D. 18 — ;. and I certify that said is personally well known to me to be the identical person mentioned in the foregoing affidavit. Notary Public. [Notarial seal.] Affidavits and other evidence pertaining to the claim should be transmitted to the Secretary op the Treasury. Upon receipt of such documentary evidence it will be referred to the First Comptroller of the Treasury for his opinion as to its sufficiency. The appli- cant will be advised of the decision as soon as it is reached ; if it be favorable to such applicant, a blank indemnity-bond will be forwarded to him for execution ; and when this indemnity-bond shall have been duly executed, returned to the Department, and ap- proved by the First Comptroller and the Secretary, the relief desired will be granted. A duplicate in lieu of a lost registered bond will not be issued within six months from the time of the alleged loss. The interest on an uncalled registered bond will be paid to the payee thereof, even though the bond has been lost or destroyed. These regulations do not apply in any way to coupon bonds which have been lost, or to coupons lost or destroyed which have been de- tached from the bonds to which they belonged, as no relief, in such cases, can be granted under existing laws. DESTROYED COUPONS. In reply to an inquiry whether section 3702 of the Eevised Statutes, above cited,* authorizes the Secretary of the Treasury to give relief in cases where coupons previously detached from bonds have been de- stroyed, the Attorney-General of the United States has given the fol- lowing opinion : Department of Justice, January 29, 1878. Hod. John Sherman, Secretary of the Treasury. Sir: Referring to your letter of the 1st ultimo, in which is presented for my con- sideration the question whether section 3702 of the Revised Statutes authorizes the Secretary of the Treasury to give relief in eases where coupons, previously detached from the bonds, have been destroyed, 1 have the honor to reply : The provisions of that section do not, in my opinion, extend to coupons which have * See page 18, " Destroyed and Defaced Bonds," &c. 21 been destroyed or defaced after their separation from the bonds to which they were attached. By the first clause of the section, in case of the total or partial destruction of an interest-bearing bond of the United States, or in case such a bond has been so defaced as to impair its value to the owner, the Secretary of the Treasury is authorized, under certain conditions, to " issue a duplicate thereof," &c. The language of this clause limits the authority thereby conferred to the mere issuing of duplicate bonds in the cases mentioned. So long as coupons remain attached to the bonds with which they were issued, they must be deemed to constitute parts thereof ; and, therefore, if one or more coupons, whilst attached to a bond of the above description, become destroyed or defaced, this would be a case of partial destruction or defacement of the bond, and fall within the statute. But after the severance of the coupons from the bonds, they can no longer be regarded as forming parts thereof. They then cease to be incidents even of the bonds, and become, in fact, independent claims, possessing the essential attributes of commercial paper. (Clark vs. Iowa City, 20 Wall., 589.) Accordingly, should coupons, after having been detatched by the holder of the bonds, be transferred to another person, in whose hands they afterwards become destroyed or defaced, the latter would clearly have no right to any relief which the Secretary is by the said clause authorized to give, since the authority of the Secretary, except in cases falling within the second or last clause of section 3702, is confined to the issuing of duplicate bonds, which the detached coupons thus destroyed or defaced are not. Yet the result would be the same should such detached coupons not be transferred by the holder of the bonds, but become destroyed or defaced while both they and the bonds are still owned by him ; as it is by the severance of the coupons from the bonds that the former cease to be parts of the latter, not by any change of ownership which may subsequently ensue. By the second or last clause, to which I have above adverted, when any suoh destroyed or defaced bond' belongs to a class or series that has been or may, before the application, be called in for redemption, in this case the Secretary is authorized, in. stead of issuing a duplicate thereof, to pay the bond, with such interest as would have been paid if it had been presented in accordance with the call. This clause is not more comprehensive than the other, but haB precisely the same scope in respect to the subject-matter of relief; in other words, it extends solely to destroyed or defaced in- terest-bearing bonds. The mode of relief only is varied thereby in cases where such bonds are of a class or series already called in for redemption. While the provisions of section 3702 were enacted with a view to enable persons who may sustain loss by the destruction or damage of Government securities to obtain re- lief without resorting to Congress for special legislation, the authority conferred upon the Secretary of the Treasury by that section to afford relief must, nevertheless, be exercised in strict conformity with those provisions. He is not at liberty to give re- lief, in either of the modes provided, in cases which do not fairly come within the terms of the statute. I am, sir, very respectfully, CHAS. DEVENS, Attorney-General. CALLED BONDS. All United States called bonds, forwarded for redemption, should be addressed to the Secretary of the Treasury, Division of Loans and Currency. When registered bonds are so forwarded, they should be assigned to " the Secretary oe the Treasury for redemption." Assignments must be dated and properly acknowledged as prescribed in the note printed on the bach of each bond. 22 Where checks in payment of registered bonds are desired in favor of any one but the payee, the bonds should be assigned to the " Secretary of the Treasury for redemption for account of" — (here insert the name of the person or persons to whose order the check should be made pay- able). A party cannot, as attorney, assign bonds for redemption for account of himself as an individual. EEGULATIONS IN EEGAED TO COUPONS DETACHED FEOM CALLED BONDS. When coupons, detached from bonds that have been called in for redemption, are presented for payment, the Department will pay such portion of the interest specified in such coupons as had accrued at the day fixed in the call for the redemption of the bonds, and no more r unless the party presenting them claims payment of their nominal value, in which case the Department will retain the coupons until the bonds from which they were detacHed shall have been presented, and the conflicting claims adjusted. When a called bond is presented for redemption, from which a coupon, maturing after the day fixed in the call for such redemption, shall have been detached, the nominal value of such coupon shall be deducted from the sum due upon the bond, unless the coupon shall have been paid as above ; the sum thus deducted to be retained to await the presentation of the coupon and a settlement. All correspondence in relation to bonds that have been called in for redemption, or coupons belonging thereto, should be addressed to the "Loan Division," Secretary's Office. (Department Circular No. 48, dated May 9, 1872.) EXEMPTION OP UNITED STATES BONDS FEOM TAXATION. Section 3701 of the Eevised Statutes provides as follows: "All stocks, bonds, Treasury notes, and other obligations of the United States, shall be exempt from taxation by or under State or municipal or local authority." This section makes the exemption from taxation binding only upon "State or municipal or local authority;" but according to the express terms of the act of Congress of July 14, 1870, the bonds and the interest thereon of the funded loans which are thereby author- ized — namely, the loan of 1881, the loan of 1891, and the four-per-cent. consols of 1907 — "shall be exempt from the payment of all taxes or duties of the United States, as well as from taxation in any form by or under State, municipal, or local authority ; and the said bonds shall have set forth and expressed upon their face the above specified con- ditions." O 22 Where checks in payment of registered bonds are desired in favor of any one but the payee, the bonds should be assigned to the " Secretary of the Treasury for redemption for account of" — (here insert the name of the person or persons to whose order the check should be made pay- able). A party cannot, as attorney, assign bonds for redemption for account of himself as an individual. EEGULATIONS IN EEGAED TO COUPONS DETACHED FROM CALLED BONDS. When coupons, detached from bonds that have been called in for redemption, are presented for payment, the Department will pay such portion of the interest specified in such coupoDS as had accrued at the day fixed in the call for the redemption of the bonds, and no more, unless the party presenting them claims payment of their nominal value, in which case the Department will retain the coupons until the bonds from which they were detached shall have been presented, and the conflicting claims adjusted. When a called bond is presented for redemption, from which a coupon, maturing after the day fixed in the call for such redemption, shall have been detached, the nominal value of such coupon shall be deducted from the sum due upon the bond, unless the coupon shall have been paid as above ; the sum thus deducted to be retained to await the presentation of the coupon and a settlement. All correspondence in relation to bonds that have been called in for redemption, or coupons belonging thereto, should be addressed to the "Loan Division," Secretary's Office. (Department Circular No. 48, dated May 9, 1872.) EXEMPTION OF UNITED STATES BONDS FEOM TAXATION. Section 3701 of the Eevised Statutes provides as follows : "All stocks, bonds, Treasury notes, and other obligations of the United States, shall be exempt from taxation by or under State or municipal or local authority." This section makes the exemption from taxation binding only upon "State or municipal or local authority;" but according to the express terms of the act of Congress of July 14, 1870, the bonds and the interest thereon of the funded loans which are thereby author- ized — namely, the loan of 1881, the loan of 1891, and the four-percent, consols of 1907 — " shall be exempt from the payment of all taxes or duties of the United States, as well as from taxation in any form by or under State, municipal, or local authority ; and the said bonds shall have set forth and expressed upon their face the above specified con- ditions." 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