h::M^:^^-- ^■M^: =^:5x>S3» i" ife-'-J -3» 3» .:>'.^^ 2> >5r^ 3» ^> :3» > >> • :?► ^ ^ , ■> f>> :y- ^ > ' r:t :> - s> • > ->> ^D'' 55S^^^^ ;? J sEM^^y ^§^S"> ^ L^-^ *%.-«_' fS. ^-:>»« ^%^^^: >:> ^fc^^ -* -> ^:3'- ^^■'-v-^^--^^'^iS^3;g^; OlnrnfU Slaw Bt\^Ba\ ^Itbraty CORNELL UNIVERSITY LI 3 1924 062 059 369 Cornell University Library The original of this bool< 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/cu31924062059369 X. AW S THE UNITED STATES RELATING TO LOANS AID THE CURRENCY, [SmOE I860.] ; INCLUDING THE OOIN^A.aE ^OTS. y.^ OOMPILBD AS- THE TEEASURT DEPARTMENT. K WASHINGTON: aOVERNMENT FEINTING OFFICE. 1878. LIST LAWS AND SECTIONS OP THE REVISED STATUTES CON- TAINED IN THIS COMPILATION. Page Coinage of gold eagle, half-eagle, quarter-eagle, silver dollar, half-dollar, quarter-dol- lar, dime, half-dime, copper cent, and half-cent. An act establishing a Mint and regulating the coins of the United States. (Act of April 2, 179 " coinatobe time to time struck and coined at the said mint, coins of^*™""^- , ^ ^, ' See act of J?eb- gold, silver, and copper, of the following denominations, ruaiy 12, 1873, values and descriptions, viz. Eagles — each to be of the Eagles.' value of ten dollars or units, and to contain two hundred 28,1834, a. 1, post, and forty-seven grains and four eighths of a grain of pure, ^Actofjanuar? or two hundred and seventy grains of standard gold. Halfpok.p.H'. ^' ' eagles— each to be of the value of five dollars, and to con- ^^^^^^^^^' tain one hundred and twenty three grains and six eighths of a grain of pure, or one hundred and thirty five grains of standard gold. Quarter Eagles — each to be of the value of Quarter eagles. two dollars and a half dollar, and to contain sixty one grains ^'^' and seven eighths of a grain of pure, or sixty seven grains and four eighths of a grain of standard gold. Dollars or Dollars or units — each to be of the value of a Spanish milled dollar as jji^_ g, g. the same is now current, and to contain three hundred and na?y''i8?i837,^s^9' seventy-one grains and four sixteenth parts of a grain of ^''^-JJ.- ^^^^^^^^^ pure, or four hundred and sixteen grains of standard silver. 1^, 1873, post, p. Half Dollars — each to be of half the value of the dollar or Half dollars. unit, and to contain one hundred and eighty five grains swfactofFeb and ten sixteenth parts of a grain of pure, or two hundred ^"^"^y^j'- J^-'^' and eight grains of standard silver. Quarter Dollars — each Quarter doi- to be of one fourth the value of the dollar or unit, and to ^^im. contain ninety two grains and thirteen sixteenth parts of a grain of pure, or one hundred and four grains of standard silver. Dismes — each to be of the value of one tenth of a Diames. dollar or unit, |ind to contain thirty seven grains and two sixteenth parts of a grain of pure, or forty 0^" grains and vices. t LAWS RELATING TO LOANS AND THE CURRBNOY. Half dismes. three fiftb parts of a grain of standard silver. Half Dismes — each to be of the value of one twentieth of a dollar, and to contain eighteen grains and nine sixteenth parts of a grain of pure, or twenty grains and four fifth parts of a Cents. grain of standard silver. Cents — each to be of the value of See act of Jan. 14, 1793, post, p. 7 ; act of Mar. 3, 1795, s. 8, post, p. 9 ; act of Feb. 21,1857, s. 4, post, p. 25. the one hundredth part of a dollar, and to contain eleven Half cents. penny-weights of copper. Half Cents — each to be of the lua. value of half a cent, and to contain five penny-weights and half a penny-weight of copper. M what de- gEC. 10. And 1)6 it further enacted, That, upon the said coins respectively, there shall be the following devices and legends, namely : Upon one side of each of the said coins there shall be an impression emblematic of liberty, with an inscription of the word Liberty, and the year of the coinage; and upon the reverse of each of the gold and silver coins there shall be the figure or representation of an eagle, with this inscription, " United States op America," and upon the reverse of each of the copper coins, there shall be an in- scription which shall express the denomination of the piece, namely, cent or half-cent, as the o;ise may require. Proportional Sec. 11. And 1)6 it further enacted, That the proportional suver." ^° ° value of gold to silver in all coins which shall by law be current as money within the United States, shall be as fifteen to one, according to quantity in weight, of pure gold or pure silver ; that is to say, every fifteen pounds weight of pure silver shall be of equal value in all payments, with one pound weight of pure gold, and so in proportion as to any greater or less quantities of the respective metals. standard for Sec. 13. And he it further enacted, That the standard for filoy, how^to^e all gold coius of the United States shall be eleven parts fine rega a e( . ^ ^^^ ^^^j. ^^{q^ j aud accordingly that eleven parts in twelve of the entire weight of each of the said coins shall consist of pure gold, and the remaining one twelfth part of alloj'; and the said alloy shall be composed of silver and copper, in such proportions not exceeding one half silver as shall be found convenient; to be regulated by the director of the mini, for the time being, with the approbation of the President of the United States, until further provision shall be made by law. And to the end that the necessarj^ information may be had in order to the making of such further provis- Director to re- ion, it shall be the duty of the director of the mint at the port the practice . . „ ... . , ■ oftheminttouch- expiration of a year alter commencing the operations of g"fd coins. "^ " the said mint, to report to Congress the practice thereof during the said year, touching the composition of the alloy of the said gold coins, the reasons for such practice, aud the experiments and observation which shall have been ACT OP SEVENTEEN HUNDEBD AND NINETY-TWO. 5 made concerning the effects of different proportions of sil- ver and copper in the said alloy. Sec. 13. And be it further enacted, That the standard of all standard for silver coins of the United States, shall be one thousand four loy, how to be hundred and eighty five parts fine to one hundred and sev- ™^" ^ " ' enty-nine parts alloy; and accordingly that one thousand four hundred and eighty five parts in onethousaud six hun- dred and sixty four parts of the entire weight of each of the said coins shall consist of pure silver, and the remaining one hundred and seventy-nine parts of alloy ; which alloy Aiicy. shall be wholly of copper. Sec. 14. And he itfurtlier enacted, That it shall be law- Persons may ful for any persou or persons to bring to the said mint goldsUw /aUion?to and silver bullion, in order to their being coined ; and that elpmsl.'' ^^^^ °^ the bullion so brought shall be there assayed and coined as speedily as may be after the receipt thereof, and that free of expense to the persoa or persons by whom the same shall have been brought. And as sooa as the said bullion shall have been coined, the person or persons by whom the same shall have been delivered, shall upon demand receive in lieu thereof coins of the same species of bullion which shall have been so delivered, weight for weight, of the pure gold or pure silver therein contained : Provided nevertheless, Actof Aprii24, That it shall be at the mutual option of the party orhow'the lui-ector parties bringing such bullion, and of the direction of the said To\n a fterlfor! mint, to make an immediate exchange of coins for standard percent!" '^"''' bullion, with a deduction of one half per cent, from the weight of the pure gold, or pure silver contained in the said bullion, as an indemnification to the mint for the time which will necessarily be required for coining the said bull- ion, and for the advance which shall have been so made in coins. And it shall be the duty of the Secretary of the DntyofSecre- Treasury to furnish the said mint from time to time when-herlicL ^''^^^™''^ ever the state of the Treasury will admit thereof, with such sums as may be necessary for effecting the said exchanges, to be replaced as speedily as may be out of the coins which shall have been made of the bullion for which themoniesso furnished shall have been exchanged; and the said deduc- The half per tion of one half per cent, shall constitute a fund towards t™6afun™&c!' defraying the expenses of the said mint. Sec. 15. And he it further enacted. That the bullion which order of deiiv- shall be brought as aforesaid to the mint to be coined, shall p^LsTri'Dging be coined, and the equivalent thereof in coins rendered, if aity'^on^gmTi demanded, in the order in which the said bullion shall haveen°e,"&c. been brought or delivered, giving priority according to pri- ority of delivery only, and without preference to any xserson b LAWS RELATING TO LOANS AND THE CUBEENOT. or persons ; and if any preference shall be given contrary to the direction aforesaid, the officer by whom such undue preference shall be given, shall in each case forfeit and pay one thousand dollars ; to be recovered with costs of suit. And to the end that it may be known if such preference shall at any time be given, the assayer or officer to whom the said bullion shall be delivered to be coined, shall give to the person or persons bringing the same, a memorandum in writing under his hand, denoting the weight, fineness and value thereof, together with the day and order of its delivery into the mint. lawfS^ "tender" ^^^- ^^- ■^'^^ ^^ it further enacted, That all the gold and silver coins which shall have been struck at, and issued from the said mint, shall be a lawful tender in all payments whatsoever, those of full weight according to the respective values herein before declared, and those of less than full weight at values proportional to their respective weights. and to be mode Sec. 17. And he it further enacted. That it shall be the coDformable to ' tiio standard duty of the respective officers of the said mint, carefully and faithfully to use their best endeavors that all the gold and silver coins which shall be struck at the said mint shall be, as nearly as may be, conformable to the several standards and weights aforesaid, and that the copper whereof the cents and half cents aforesaid may be composed, shall be of good quality. Sec. 18. And the better to secure a due conformity of the said gold and silver coins to their respective standards. The Treasurer Be it further cnttcted, That from every separate mass of to reserve not t t i t .i i - -. i ,, i , . less than three Standard gold or Silver which shall be made into coins at coin to be^^as- the Said mint, there shall be taken, set apart by the treas- saye . yj,pj. ^^^.| reserved in his custody a certain number of pieces. When and by not Icss than three, and that once in every year the pieces "^8oi', ch.'ai. so set apart and reserved, shall be assayed under the inspec- tion of the Chief Justice of the United States, the Secretary w,mi%\post(^nd Comptroller of the Treasury, the Secretary of the De- ''■'''■ partment of State, and the Attorney General of the United States, (who are hereby required to attend for that purpose at the said mint, on the last Monday in July of each year,) or under the inspection of any three of them, in such man- ner as they or a majority of them shall direct, and in the presence of the director, assayer and chief coiner of the said mint; and if it shall be found that the gold and silver so assayed, shall not be inferior to their respective stand- ards here-in before declared more than one part in one hun- dred and forty-four parts, the officer or officers of the said mint whom it may concern shall be held excusable ; but if ACT OP SEVENTEEN HUNDRED AND NINETY-THKEE. 7 any greater inferiority shall appear, it shall be certified to the President of the United States, and the said officer or officers shall be deemed disqualified to hold their respect- ive offices. Seo. 19. And he it further enacted, That if any of the gold Penalty on de- •^ ' . basing the coins. or silver coins which shall be struck or coined at the said mint shall be debased or made worse as to the proportion of fine gold or fine silver therein contained, or shall be of less weight or value than the same ought to be pursuant to the directions of this act, through the default or with the connivance of any of the officers or persons who shall be employed at the said mint, for the purpose of profit or gain, or otherwise with a faudulent intent, and if any of the said officers or persons shall embezzle any of the metals which shall at any time be committed to their charge for the pur pose of being coined, or any of the coins which shall be struck or coined at the said mint, every such officer or per- son who shall commit any or either of the said offenses, shall be deemed guilty of felony, and shall suffer death. Sec. 20. And be it further enacted, That the money of ac- Money of ao- /..T-r.Tr>. .1,1 1-1 ti count to bo ex- count of the United States shall be expressed in dollars or uressea in doi- units, dismes or tenths, cents or hundredths, and milles or ^e' s.^sses, jjosj, thousandths, a disme being a tenth part of a dollar, a centP^'^^ the hundredth part of a dollar, a mille the thousandth part of a dollar, and that all accounts in public offices and all pro- ceedings in the courts of the United States shall be kept and had in conformity to this regulation. Approved, April 2, 1792. CHAP. II.— AN ACT TO AMEND AN ACT ENTITLED "AN ACT ES- J-on. 14, 1793. TABLISKENG A MINT, AND EEGULATING THE COINS OP THE UNITED " STATES," so FAE AS EESPECTS THE COINAGE OF COPPER. Vol. 1, p. 299. Be it enacted by the Senate and House of Bepresentatives of ^-^i^^b m^ali' the United States of America in Congress assembled, Thati'-^ every cent shall contain two hundred and eight grains of cents and bait copper, and every half cent shall contain one hundred and four grains of copper; and that so much of the act, entitled ^^se^e a'' 1795 "s! "An Act establishing a mint, and regulating the coins of the ".^o**. ly-'p^i^j.^. United States," as respects the weight of cents and half ruary 21, pv, s. ' *■ 4,2)OSC, p. 25. cents, shall be, and the same is hereby repealed. Approved January 14, 1793. 8 LAWS RELATING- TO LOANS AND THE CUERENOT. March 3, 1795. CHAP. XL VII.— AN ACT SUPPLEMENTAET TO THE ACT ENTITLED "AN Yol 1 p 439 -^CT ESTABLISHING A MINT, AND EEGULATING THE COINS OF THE UNITED STATES." Act of April 2, Section 1. Be it enacted by the Senate and Souse of Bepre- 17D2, ante, p. 1. ■' . „ n j sentativesofthe United States of America in Congress assemblea, AdciitinnaiofE-a^^ H is herebv enacted and declared, That for the better eer ot the mint •' ' tt • i □ j- by the name ot conductiuff of the busiiiess of the mint of the United States the melter and ° i i ■ i ^i, refiner. there shall be an additional officer appointed therein by the His duty. name of the melter and refiner, whose duty shall be to take charge of all copper, and silver or gold bullion delivered out by the Treasurer of the mint after it has been assayed, agree- ably to the rules aud customs of the mint already directed and established, or which may hereafter be directed and es- tablished by the accounting officers of the Treasury, and to reduce the same into bars or ingots fit for the rolling mills, and then to deliver them to the coiner or treasurer, as the director shall judge expedient; and to do and perform all other duties belonging to the office of a melter and refiner or which shall be ordered by the director of the mint. To take oath Sec. 2. And be it further enacted, That the melter and re- fty. ^^^ ^^''"^' finer of the said mint shall, before he enters upon the execu- tion of bis said office, take an oath or affirmation before ' some judge of the United States, faithfully and diligently to perform the duties thereof. And also shall become bound to the United States of America, with one or more sureties to the satisfaction of the Secretary of the Treasury, in the sum of SIX thousand dollars, with condition lor the faithful and diligent performance of the several duties of his office. His compenaa- Sec. 3. And be it further enacted. That there shall be al- tion. lowed aud paid, to the said melter aud refiner of the mint as a compensatioQ for his services, the yearly salary of fifteen hundred dollars. mrkftempoSry ^^^- ^- ^'^''^ ^^ it further enacted, That the director of the appointment. mint be, and hereby is authorized, with the approbation of the President of the United States, to employ such person as he may judge suitable to discharge the duties of the melter aud refiner, until a melter aud refiner shall be appointed by the President, by aud with the advice of the Senate. Sec. 5. Andbeitjurther enacted, That the treasurer of the the^mfntTo ?e-niiut shall, and he is hereby directed, to retain two cents ioiuieposited^&c! P^^ ouncc from cvcry deposit of silver bullion below the stand- ard of the United States, which hereafter shall be made for the purpose of refining and coining; and four cents per ounce from every deposit of gold bullion made as aforesaid, below the standard of the United States,uulessthesameshall be so far below the standard as to require the operation of the ACT OP SEVENTEEN HUNDRED AND NINETY-EIYE. 9 test, in which case, the treasurer shall retain six cents per ounce, which sum so retained shall be accounted for by the said treasurer with the treasury of the United States, as a compensation for melting and refining the same. S^G. 6. And be it further enacted, That the treasuTeT of the Treasnrer of mint shall not be obliged to receive from any person, for the not browige"! "to purpose of refining and coining, any deposit of silver bullion, de™03U8 of^tair. below the standard of the United States, in a smaller quan-'""' tity than two hundred ounces ; nor a like deposit of gold bullion below the said standard, in a smaller quantity than twenty ounces. Sec. 7. And be it further enacted, That from and after the Offiofirs oi the ,, mint may give a passing of this act, it shall and may be lawful for the ofB-prefi^renoe to /. ji . , , . „ ., . T . n- bullion of the cers 01 the mint to give a preference to silver or gold bullion, standard of the deposited for coinage, which shall be of the standard of the "" ^ United States, so far as respects the coining of the same, although bullion below the standard, and not yet refined, may have been deposited for coinage, previous thereto, any law to the contrary notwithstanding ; Provided, That noth- is^^ie^p. s^' ^'^'^ ing herein shall justifly the officers of the mint, or any one of them, in unnecessarily delaying the refining any silver or gold bullion below the standard, that may be deposited, as aforesaid. Sec. 8. And be it further enacted, That the President of President may the United States be, and he is hereby authorized, when- weight of cop- ever he shall think it for the benefit of the United States, ^""^ '™'°' to reduce the weight of the copper coin of the United States; Provided, such reduction shall not, in the whole, exceed two pennyweigh ts in each cent, and in a like proportion in a half cent ; of which he shall give notice by proclamation,* and communicate the same to the then next Congress. Sec. 9. And be it further enacted, That it shall be the Mode of die- duty of the treasurer of the United States, from "time to and haif'cents" ^ time, as often as he shall receive copper cents and half cents from the treasurer of the mint, to send them to the bank or branch banks of the United States, in each of the states where such bank is established; and where there is no bank established, then to the collector of the principal town in such state (in the proportion of the number of inhabi- tants of such state) to be by such bank or collector, paid out to the citizens of the state for cash, in sums not less than ten dollars value ; and that the same be done at the risk and expense of the United States, under such regula- tions as shall be prescribed by the department of the treas- ury. Approved, March 3, 1795. * Weight changed by proclamation of the President, January 26, 1796. 10 LAWS RELATING TO LOANS AND THE CUEEBNCT. jMne28,1834. CHAP. XCT.-AN ACT CONCEENING THE GOLD COINS OF THE tTNITED Vol. 4, p. 699. STATES, AND FOK OTHBE PUKPOSBS. Be it enacted hy the Senate and Rouse of Representatives of Standard and f ^e United States of America, in Congress assembled, That the weight ot coins. j j £/ ? ^ SeeactofApriigold coius of the United States shall contain the following 2,1792, B.9, ante, q„autities of metal that is to say; each eagle shall contain wfim°!a.8°T^^, t^'' hundred and thirty two grains of pure gold, and two ^■^^- hundred and fifty-eight grains of standard gold ; each half eagle one hundred and sixteen grains of pure gold, and one hundred and twenty nine grains of standard gold ; each quarter eagle shall contain fifty-eight grains of pure gold, and sixty -four and a half grains of standard gold; every such eagle shall be of the value of ten dollars ; every such half eagle shall be of the value of five dollars ; and every such quarter eagle shall be of the value of two dollars and fifty cents ; and the said gold coins shall be receivable in all payments when of lull weight according to their respect- ive values; and when of less than full weight, at less values, proportioned to their respective actual weights. Gold and silver Seg. 2. And be it further enacted. That all standard gold deposited tor ./ ? o coinage to be or silver deposited for coinage after the thirty first of July paid for ■within * " ■' . •' five days. next, Shall be paid for in coin under the direction of the Sec- retary of the Treasury, within five days from the making of such deposit, deducting from the amount of said deposit of Proviso. gold and silver one half of one per-centum; Provided, That no deduction shall be made unless said advance be required by such depositor within forty days. Bate at which Seo. 3. And be it further enacted. That all gold coins of gold com shall be .'70 receivable. the United States, minted anterior to the thirty first day of July next, shall be receivable in alt payments at the rate of ninety four and eight-tenths of a cent per pennyweight. Gold coins to Sec. 4; And be it further enacted, That the better to secure alsa^. ^^'"^' " a conformity of the said gold coins to their respective stand- ards as aforesaid, from every separate mass of standard gold which shall be made into coins at the said mint, there shall be taken, set apart by the treasurer and reserved in his custody, a certain number of pieces, not less than three. See act of April and that oucc in every year the pieces so set apart and re- a»te,".6! ^ ^^' served shall be assayed under the inspection of the officers, and at the time, and in the manner now provided by law, and, if it shall be found that the gold so assayed, shall not be inferior to the said standard, hereinbelore declared, more than one part in three hundred and eighty four in fineness, and one part in five hundred in weight, the officer or officers of the said mint, whom it may concern, shall be held excus- able; but if any great inferiority shall appear, it shall be ACT OF EIGHTEEN HUNDRED AND THIRTY-SEVEN. 11 certified to the President of the United States, and if he shall so decide, the said ofiQcer or oflQcers, shall be thereafter disqualified to hold their respective offices ; Provided, That if, making any delivery of coin at the mint in payment of a deposit, the weight thereof shall be found defective, the officer concerned shall be responsible to the owner for the full weight, if claimed at the time of delivery. Sec. 5. And be it further enacted. That this act shall be. Act to be in ' force after July in force Irom and after the thirty first day of July, in the3i,i834. year one thousand eight-hundred and thirty-four. Approved, June 28, 1834. CHAP. lEL-AN ACT STJPPLBMENTAEY TO THE ACT ENTITLED "AN ACT ESTABLISHING A MINT, AND REGULATING THE COINS OP THE ' UNITED STATES." Jan. 18, 1837. Vol. 5, p. 136. Officers. Be it enacted by the Senate and Souse of Eepresentaiives of Act of April 2, the United States of America in Congress assembled. That the officers of the mint of the United States shall be a director, a treasurer, an assayer, a melter and refiner, a chief coiner and an engraver, to be appointed by the President of the United States, by and with the advice and consent of the Senate. Seo. 2. And be it further enacted, That the respective du- Daties of. ties of the officers of the mint shall be as follows : First. The director shallhave the control and manage- Director, ment of the mint, the superintendence of the officers and persons employed therein and the general regulation and supervision of the business of the several branches. And in the month of January of every year he shall make re- port to the President of the United States of the operations of the mint and its branches for the year preceding. And also to the Secretary of the Treasury, from time to time, as said Secretary shall require, setting forth all the operations of the mint subsequent to the last report made upon the subject. Second. The treasurer shall receive, and safely keep all Treasurer, moneys which shall be for the use and support of the mint; shall keep all the current accounts of the mint, and pay all moneys due by the mint, on warrants from the director. He shall receive all bullion brought to the mint for coinage ; shall be the keeper of all bullion and coin in the mint, except while the same is legally placed in the hands of other offi- cers, and shall on warrants from the director, deliver all coins struck at the mint to the persons to whom they shall 12 LAWS EELATINa TO LOANS AND THE CUREENOY. be legally payable. And he shall keep regular and faithful accounts of all the transactions of the mint, in bullion and coins, both with the officers of the mint and the depositors, and shall present, quarter-yearly, to the Treasury Depart- ment of the United States, according to such forms as shall be prescribed by that Department, an account of the receipts and disbursements of the mint for the purpose of being ad- justed and settled. Assayor. Third. The assayer shall carefully assay all metals used in coinage, whenever such assays are required in the opera- tions of the mint ; and he shall also make assays of coins whenever instructed to do so by the director. fln^r^"^"" ""^ "" Fourth. The melter and refiner shall execute all the oper- ations which are necessary in order to form ingots of stand- ard silver or gold, suitable for the chief coiner, from the metals legally delivered to him for that purpose. Chief coiner. Fifth. The chief coiner shall execute all the operations which are necessary in order to form coins, conformable in all respects to the law, from the standard silver and gold ingots, and the copper planchets, legally delivered to him for this purpose. Engraver. Sixth. The cDgraver shall prepare and engrave, with the legal devices and inscriptions, all the dies used in the coin- age of the mint and its branches. Appointment Sec. 3. Andhe it further enacted, That the director shall clerks. appoint, with the approbation of the President, assistants to the assayer, melter and refiner, chief coiner, and engraver, and clerks for the director and treasurer, whenever, on rep- resentation made by the director to the President, it shall be the opinion of the President that such assistants or clerks Their duties, are necessary. And it shall be the duty of the assistants to aid their principals in the execution of their respective offices, and of the clerks to perform such duties as shall be prescribed for them by the director. Vacancies in Sec. 4. And be it further enacted, That whenever any offi- case of temporary „ ,, ■ ^ > ,■ i . •, , absence, howccr 01 the mmt shall be temporarily absent, on account ot sickness, or any other sufficient cause, it shall be lawful for the director, with the asseut of said officer, to appoint some person attached to the mint, to act in the place of such offi- cer during his absence, and that the director shall employ Employment such workmen and servants in the mint as he shall from of workmen and . ^ , . _ , . /. t servants. time [to time] time, find necessary. Oath to be Sec. 5. A7id bc it further enacted, That every officer, as- sistant, and clerk of the mint, shall, before he enters upon the execution of his office, take an oath or affirmation before some judge of the United States, or judge of the superior ACT OF EIGHTEEN HUNDRED AND THIRTT-SEVEN. 13 court or any court of record of any State, faithfully and diligently to perform the duties thereof. Sec. 6. And he it further enacted, That the following offl- Bonds recimred. cers of the mint, before entering upon the execution of their respective offices, shall become bound to the United States, with one or more sureties, to the satisfaction of the Secre- tary of the Treasury, in the sums hereinafter mentioned, with condition for the faithful and diligent performance of the duties of their offices, viz : The treasurer in the sum of ten thousand dollars; the assayer in the sum of five thou- sand dollars; the melter and refiner in the sum of ten thou- sand dollars ; the chief coiner in the sum of ten thousand dollars. And that similar bonds may also be required of the assistants and clerks, in such sums as the director shall determine, with the approbation of the Secretary of the Treasury. Sec. 7. And he it further enacted, That there shall be Salaries of offi- *' ' cers, clerks, and allowed to the officers of the mint the following salaries per assistants. annum : To the director, for his services, including travel- ling expenses incurred in visiting the different branches, and all other charges whatever, three thousand five hun- dred dollars; to^the treasurer, assayer melter and refiner, chief coiner and engraver, each, two thousand dollars; to the assistants and clerks, such annual salaries shall be allowed as the director may determine, with the approba- tion of the President: Provided, That an assistant shall Proviso, not receive more than I fteen hundred dollars; and that a clerk shall' not receive more than twelve hundred dollars; to the workmen and servants shall be allowed such wages, 'wagesofwork- ^ 'men ana serv- to be determined by the director, as may be customary and ants. reasonable, according to their respective stations and occu- pations; and that the salaries provided for in this section, shall be payable in quarterly installments. Sec. 8. And he it further enacted, That the standard for standard for -1 n 1 P"'*-^ ^^'l Silver both gold and silver coins of the United States shall here- coins. after be such, that of one thousand parts by weight, nine seeaotof judw hundred shall be of pure metal, and one hundred of alloy ; ante, p. lo.' and the alloy of the silver coins shall be of copper ; and Alleys. the alloy of the gold coins shall be of copper and silver, provided that the silver do not exceed one half of the whole alloy. Sec. 9. A7id he it further enacted, That of the silver coins, ^J'g'o'fnj': °^ *"" the dollar shall be of the weight of four hundred and twelve g^^ ^^ ^ and one half grains; the half dollar of the weight of two 2. i""2. "■ ». ""fc, hundred and six and one fourth grains; the quarter dollar ^^ActFebrnaTv ' - . , , 21, 18j3, post, 11. of the weight of one hundred and three and one eighth 23. 14 LAWS RELATING TO LOANS AND THE OUBEENCT. 12^ fsTsf ^isi gi^aiis ; the dime, or tenth part of a dollar, of the weight of ^ Act' r'ebrnar ^orty-onc and a quarter grains ; and the half dime, or twen- 28,^ 1878, post, p. tieth part of a dollar, of the weight of twenty grains and Dollars, &c., fivc-eigbths of a grain. And that dollars, half dollars and teudersj'&c. '"^"^ quarter dollars, dimes and half dimes, shall be legal tenders iMd. of payment, according to their nominal value, for any sums whatever. Weight of gold Sec. 10. And he it further enacted^ That of the gold coins, seoactof April t^^ Weight of the cagle shall be two hundred and fifty eight p. 3*°^' ^' "' ™'^' grains ; that of the half eagle one hundred and twenty nine grains ; and that of the quarter eagle sixty four and one shSt^be'a if ai ^'^^^ grains. And that for all sums whatever, the eagle shall toDder, &0. be a legal tender of payment for ten dollars ; the half eagle for five dollars, and the quarter eagle for two and a half dollars. siiTor coins Sec. 11. And he it further enacted, That the silver coins and gold coins heretofore issued at the mint of the United States, and the .il,i8jjr8iiaUcoiJgold coins issued since the thirty-first day of July, one tenders" ^ '^"" thousand eight hundred and thirty four, shall continue to be legal tenders of payment for their nominal values, on the same terms as if they were of the coinage provided for by this act, Weight of cop- Sec. 12. And he it further enacted, That of the copper coins, the weight of the cent shall be one hundred and sixty- eight grains, and the weight of the half cent eighty four Proportional grains. And the ccut shall bo cousidcred of the value of one " hundredth part of a dollar, and the half cent of the value of one two hundredth part of a dollar. De-ficos and Sec. 13. And hc it further euofited, That upon the coins legends of coins. Struck at the mint there shall be the following devices and legends : upon one side of each of said coins there shall be an impression emblamatic of liberty, with an inscription of the word Liberty, and the year of the coinage; and upon the reverse of each of the gold and silver coins, there shall be the figure or representation of an eagle, with the inscription United States of America, and a designation of the value of the coin ; but on the reverse of the dime and half dime, cent and half cent, the figure of the eagle shall be omitted. Gold and silver Sec. 14. And he it further enacted, That gold and silver (ov J:o?nago°8ifaii bullion brought to the mint for coinage, shall be received cnin^eT'™ *° and coined, by the proper officers, for the benefit of the Proviso. depositor : Provided, That it shall be lawful to refuse, at the miut, any deposits of less value than one hundred dollars, and any bullion so base as to be unsuitable for the opera- Further pro-tions of the mint; And provided also, That when gold and silver are combined, if either of these metals be in such ACT OP EIGHTEEN HUNDRED iND THIRTY-SEVEN. 15 small proportion that it cannot be separated advantageouslj', no allowance shall be made to the depositor for the value of such metal. Sec. 15. And he it further enacted, That when bullion is Eeceipt to be 1 1 i 1 . /. • ...11 .11.1 given for bullion. brought to the mint for coinage, it shall be weighed by the treasurer, in the presence of the depositor, when practicable, and a receipt given which shall state the description and weight of the bullion: Provided: that when the bullion is Proviso. in such a state as to require melting before its value can be ascertained, the weight after melting shall be considered as the true weight of the bullion deposited. Sec. 16. And be it further enacted. That from evevYvavcul Bullion depos- „.,,,., 1 1, -I 1- i^®^ ^^^ coinage of bullion deposited for coinage, the treasurer shall deliver to be assayed. to the assayer a sufficient portion for the purpose of being assayed ; but all such bullion remaining from the operations of the assay shall be returned to the treasurer by the assayer. Sec. 17. And be it further enacted, That the assayer shall ^^^^^^ ^"i^l"' report to the treasurer the quality or standard of the bullion *<=. assayed by him ; and he shall also communicate to the Treasurer such information as will enable him to estimate the amount of the charges hereinafter provided for, to be made to the depositor, for the expenses of converting the bullion into standard metal fit for coinage. Sec. 18. And be it further enacted, That the only subjects .^^h^^'*?^! /» of charge by the mint to the depositor shall be the follow- j'^'jf^t or is sub- ing : For refining when the bullion is below standard ; for toughening when metals are contained in it which render it unfit for coinage ; for copper used for alloy when the bullion is above standard ; for silver' introduced into the alloy of gold ; and for separating the gold and silver when these metals exist together in the bullion : and that the rate of^^^'" "f- '"""^ these charges shall be fixed, from time to time, by the di- rector, with the concurrence of the Secretary of the Treasury, so as not to exceed in their judgment, the actual expense to the mint of the materials and labor employed in each of the cases aforementioned ; and that the amount received from Disposition of ' amount received. these charges shall be accounted for, and appropriated for defraying the contingent expenses of the mint. Seo. 19. And be it further enacted, That from the report o^^Zit'^^e^ h™ the assayer, and the weight of the bullion, the treasurer estimated.' shall estimate the whole value of each deposit, and also the amount of the charges or deductions, if any of all which be shall give a detailed memorandum to the depositor ; and he shall also give, at the same time under his hand, a cer- tificate of the nett amount of the deposits, to be paid in coins of the same species of bullion as that deposited. 16 LAWS RELATING TO LOANS AND THE CUERENGY. buuiontrtreas* ^^^- ^^- ^"'^ *^ *^ further enacted, That parcels of bullion aud^refine™"*"^ sball be, from time to time, transferred by the treasurer to the melter and refiner ; that a careful record of these trans- fers, noting the weight and character of the bullion shall be kept ; and that the bullion thus placed in the hands of the melter and refiner shall be subjected to the several pro- cesses which, may be necessary to form it into ingots of the legal standard, and of a quality suitable for coinage. assafed^o" ^^ Seo. 21. And he it further enacted, That the ingots thus prepared shall be assayed by the assayer, and if they prove to be within the limits allowed for deviation from the stand- ard, they shall be transferred by the melter and refiner to the treasurer, accompanied by the assayer's certificate of their fineness ; and that a careful record of the transfer shall be kept by the treasurer. le'irs'andarfaT ^^^' ^^" '^"'^ ^* it further enacted. That no ingots of gold lowed in ingots shall bc uscd for coiuage of which the quality differs more of gold and silver. " n. ^ than two thousandths Irom the legal standard and that no ingots of silver shall be used for coinage of which the qual- ity differs more than three thousandths from the legal stand- ard. Treasurer's ao- Sec. 23. And hc it further enacted. That in the treasurer's count with mel- '' ' ter and refiner, account with the mcltcr and refiner, the melter and refiner shall be debited with the standard weight of all the bullion placed in his hands, that is to say, with the weight of metal of legal standard fineness which it will makej and that he shall be credited by the standard weight of all the ingots delivered bj him to the treasurer ; and that once at least in every year, at such time as the director shall appoint, the melter and refiner shall deliver up to the treasurer all the bullion in his possession, in order that his accounts may be settled up to that time ; and, in this settlement, he shall be entitled to a credit for the difference between the whole amount of bullion delivered to him and received from him, neces8rry°™tr siucc the last Settlement, as an allowance for necessary Proviso. waste : Provided, That this allowance shall not exceed two thousandths of the whole amount of gold and silver bullion, respectively, that had been delivered to him by the treas- urer. Ingots for ooiii Sbc. 24. And be it further enacted. That the treasurer shall from time to time, deliver over to the chief coiner, ingots for the purpose of coinage ; that he shall keep a care- ful record of these transfers, noting the weight and descrip- tion of the ingots ; and that the ingots thus placed in the hands of the chief coiner shall be passed through the seve- age. ACT OP EIGHTEEN HTJNDRED AND THIRTY-SEVEN. 17 ral processes necessary to make from them coins, in all respects conformable to law. SiEG. 25. And be it further enacted. That in adiustiner the Deviation from . , , „ ,, . , ,. ,, . , . . „ , legal standard al- weights of the coins, the tollowing deviations from the lowed in tbe standard weight shall not be exceeded in any of the single S'sfngfe pieces"^ pieces : In the dollar and half dollar, one grain and a half; in the quarter dollar, one grain ; in the dime and half dime, half a grain ; in the gold coins, one quarter of a grain ; in the copper coins, one grain in the pennyweight ; and that in inaiargenum- weighing a large number of pieces together, when delivered ^^"^ ^"setiier. from the chief coiner to the treasurer, and from the treasurer to the depositors, the deviations from the standard weight shall not exceed the following limits : Four pennyweights in one thousand dollars ; three pennyweights in one thousand half dollars ; two pennyweights in one thousand quarter dol- lars ; one pennyweight in one thousand dimes ; one penny- weight in one thousand half dimes ; two pennyweights in one thousand eagles ; one a half pennyweight in one thousand halfeagles; one pennyweight in one thousand quarter eagels. Sec. 26. And be it further enacted, That the chief coiner coins to b& shall from time to time, as the coins are prepared, deliver ^^'^ them over to the treasurer, who shall keep a careful record of their kind number and weight ; and that in receiving the coins it shall be the duty of the treasurer to see whether the coins of that delivery are within the legal limits of the standard weight ; and if his trials for this purpose shall not prove satisfactory, he shall cause all the coins of this delivery to be weighed separately, and such as are not of legal weight shall be delivered to the melter and refiner, as standard bullion, to be again formed into ingots and recoined. Sec. 27. And be it further enacted, That at every delivery coinato bepre- of coins made by the chief coiner to the treasurer it shallMmfaitriai.. be the duty of the treasurer, in the presence of the assayer, to take indiscriminately, a certain number of pieces of each variety for the annual trial of coins (the number being pre- scribed by the director) which shall be carefully labelled,, and deposited in a chest appropriated for the purpose, kept under the joint care of the treasurer and assayer, and sa secured that neither can have access to its contents with- out the presence of the other. Sec. 28. And be it further enacted. That the chief coiner Disposition of shall, from time to time, deliver to the treasurer the clip- '"^''°^°' *"' pings and other portions of bullion remaining after the proc- ess of coining, and that the treasurer shall keep a careful record of their amount. 2 18 LAWS RELATING TO LOANS AND THE CURRENCY. coantTitr'ohief ^■^^" ^^' '^'"'^ ^^ it further enacted, That in the treasurer's coiner. account with the chief coiner, the chief coiner shall be debited with the amount in weight of standard metal of all the bullion placed in his hands, and credited with the amount, also by weight, of all the coins, clippings, and other bullion delivered by him to the treasurer ; and that once at least in every year, at such time as the director shall appoint, the chief coiner shall deliver to the treasurer all the coins and bullion in his possession, so that his ac- uetessrt°"wa8t™ counts may be settled up to that time ; and in this settle- ment, he shall be entitled to a credit for the difference between the whole amount of the ingots delivered to him, and of the coins and bullion received from him, since the Proviso. last settlement, as an allowance for necessary waste : Pro- vided, That this allowance shall not exceed two thousandths of the whole amount of the silver, or one and one half thou- sandths of the whole amount of gold, that had been deliv- ered to him by the treasurer. Payment for Sec. 30. And be it further enacted, That when the coins ballion deposited "^ ' to be coined. which are the equivalent to any deposite of bullion are ready for delivery, they shall be paid over to the depositor, or his order, by the treasurer, on a warrant from the direct- or; and the payment shall be made if demanded, in the order in which the bullion shall have been brought to the mint, giving priority according to priority of deposite only ; and that in the denominations of coin delivered, the treas- urer shall comply with the wishes of the depositor, unless when impracticable or inconvenient to do so; in which case the denominations of coin shall be designated by the director. Depositof pub- Sec. 31. And be it further enacted. That for the purpose of lie money to be "^ ' *■ kept in tiie mint enabling the mint to make returns to depositors wirh as by Secretary of Treasury. little delay as possible, it shall be the dnty of the Secretary of the Treasury to keep in the said mint, when the state of the treasury will admit thereof, a deposit of such amount of public money, or of bullion procured for the purpose, as he shall judge convenient and necessary, not exceeding one million of dollars, out of which those who bring bullion to the mint may be paid the value thereof, as soon as practi- cable, after this value has been ascertained ; that the bull- ion so deposited shall become the property of the United States; that no discount or interest shall be charged on moneys so advanced ; and that the Secretary of the Treas- ury may at any time withdraw the said deposite, or any part thereof, or may, at his discretion, allow the coins formed at the mint to be given for their equivalent in other money. ACT OF EIGHTEEN HUNDEED AND THIETY-SEVEN. 19 Seo. 32. And be it further enacted, That, to secure a due ^^^n^""! t"ai of conformity in the gold and silver coins to their respective standards and weights, an annual trial shall be made of the i^ieces reserved for this purpose at the mint and its branches, before the judge of the district court of the ^ot of Marcii United States for the eastern district of Pennsylvania, the at- i repealed. ' torney of the United States for the eastern district of Penn- sylvania, and the collector of the port of Philadelphia, and such other persons as the President shall, from time to time, designate for .that purpose who shall meet as commission- ers, for the performance of this duty on the second Monday in February, annually, and may continue their meetings, by adjournment, if necessary ; and if a majority of the commis- sioners shall fail to attend at any time appointed for their meeting, then the director of the mint shall call a meeting of the commissioners at such other time as he may deem con- venient ; and that before these commissioners, or a majority of them, and in the presence of the officers of the mint, such examination shall be made of the reserve pieces as shall be judged sufficient ; and if it shall appear that these pieces do not differ from the standard fineness and weight by a greater quantity than is allowed by law, the trial shall be considered and reported as satisfactory; but if any greater deviation from the legal standard or weights shall appear, this fact shall be certified to the President of the United States, and if on a view of the circumstances of the case, he shall so decide, the officer or officers implicated in the error shall be thenceforward disqualified from holding their respective offices. Sec. 33. And be it further enacted, That copper bullion Purchase of "^ ^ copper bullion. shall be purchased for the mint, from time to time, by the treasurer, under instructions from the director that the cost shall be paid from the fund hereinafter provided for ; and that the copper bullion shall be of good quality, and in form of planchets fit for passing at once into the hands of the chief coiner. Sec. 34. And be it further enacted, That the copper plan- p^5""^^^°^™^' chets shall be delivered from time to time, by the treasurer to the chief coiner, to be by him coined ; and all such cop- per shall be returned to the treasurer, by the chief coiner, weight for weight, without allowance for waste. Sec. 35. And be it further enacted, That it shall be the Copper coins •' ' m ay b e ex- duty of the treasurer of the mint to deliver the copper coins, ctanged for ■' J. i 7 other money. in exchange for their legal equivalent in other money to any persons who shall apply for them : Prot/ided, That the Proviso. sum asked for be not less than a certain amount, to be de- 20 LAWS RELATING TO LOANS AND THE CUEKENOY. terniined by the director, aud that it be not so great as, in his judgment, to interfere with the capacity of the mint to supply other applicants. traMpori;ed™'a t ^^'^- ^^- ^"'^ ^^ ** further enacted, That the copper coins rniSt"'"' "^ *^'' ^^y^ ^^ ^^^ discretion of the director, be delivered in any of the principal cities and towns of the United States, at the cost of the mint for transportation. Disposition of Sec. 37. And be it further enacted, That the money re- money received "^ ' -in in exchange for ceived by the treasurer in exchange for copper coins shall copper coins. i form a fund in his hands, which shall be used to purchase copper planchets, and to pay the expense of transportation of copper coins ; and that if there be a surplus, the same shall be appropriated to defray the contingent expenses of the mint. Former acts re- Sec. 38. And be it further enacted, That all acts or parts of acts, heretofore passed, relating to the mint and coins of the United States, which are inconsistent with the provis- ions of this act, be, and the same are hereby repealed. Approved, January 18, 1837. pealed. March 3, 1849. CHAP. CIS.— AN ACT TO AUTHOEIZB THE COINAGE OF GOLD DOLLAES '■ AND DOUBLE EAGLES. VoL 9, p. 397. Be it enacted by the Senate and House of Representatives Coinage otof the United States of America in Congress assembled, That ■double eagles and , -, t, i /. • - . i -i - -i , gold dollars au-tbere Shall be, from time to time, struck and coined at the Sot act Eebm- ™i^* <^f the United States and the branches thereof, con- pmt!l'.l3^^' ^' ''' formably in all respects to law (except that on the reverse ar^Ts^wJs^M *^^ the gold dollar the figure of the eagle sliall be omitted,) post,p.a2. ' 'and conformably in all respects to the standard for gold coins now established by law, coins of gold of the following denominations and values, viz ; double eagles, each to be of the value of twenty dollars, or units, and gold dollars, each to be of the value of one dollar, or unit. Double eagle Seo. 2. And be it further enacted. That for all sums what- to be^kgai °ten^- ever, the doublc cagle shall be a legal tender for twenty '^^jiiid. dollars and the gold dollar shall be a legal tender for one dollar. All laws now seo. 3. And be it further enacted. That all laws now in in force in rela- •' ' tionto the coins force iu relation to the coins of the United States, and the of the United , . . , ' states to apply striking and coining the same, shall so far as applicable, in authorized, have full force aud effect in relation to the coins herein authorized, whether the said laws are penal or otherwise ; and whether they are for preventing counterfeiting or abase- ment, for protecting the currency, for regulating and guard- ing the process of striking and coining, and the prepara- ACT OF EIGHTEEN HUNDRED AND FIFTY-ONE. 21 tions therefor, or for the security of the coin, or for any other purpose. Sec. 4. And he it further enacted, That, in adjusting the o^oiS'^'^ "^ weights of gold coin henceforward, the following deviations from the standard weight shall not be exceeded in any of the single pieces — namely, in the double eagle, the eagle, and the half eagle, one half of a grain, and in the quarter eagle and gold dollar, one quarter of a grain ; and that in weighing a large number of pieces together, when delivered from the chief coiner to the treasurer, and fromt he treas- urer to the depositors, the deviation from the standard weight shall not exceed three penny weights in one thou- sand double eagles; two penny weights in one thousand eagles; one and one half penny weights in one thousand half eagles; one penny weight in one thousand quarter eagles ; and one half of a penny weight in one thousand gold dollars. Approved, March 3, 1849. CHAP. XX.— AN ACT TO EBDUCB AND MODIFY THE BATES OT POST- March 3, 1851. AGE IN' THE UNITED STATES, AND EOS OTHER PUPvPOSES. ^ , „ — Vol 9, p. 587. Be it enacted by the Senate and House of Bepresentatives of the United States of America in Congress assembled, * * * Sec. 11. And be it further enacted. That from and after New coin of •^ ' Talue 01 3 cents. the passage of this act, it shall be lawful to coin at the mint see act of of the United States and its branches, a piece of the denom- ?, Jost, p! 24!" ' ^' ination and legal value of three cents, or three hundredths ar^ia, m^l'is," of a dollar, to be composed of three fourths silver and one*"**''^"^^' fourth copper, and to weigh twelve grains and three eighths "^^ of a grain ; that the said coin shall bear such devices as shall be conspicuously different from those of the other sil- ver coins, and of the gold dollar, but having the inscription United States of America, and its denomination and date ; and that it shall be a legal tender in payment of debts for all Made a tender. sums of thirty cents and under. And that no ingots shall be used for the coinage of the three-cent pieces herein authorized, of which the quality differs more than five thou- sandths from the legal standard ; and that, in adjusting the '^s^s'^'- weight of the said coin, the following deviations from the standard weight shall not be exceeded, namely, one half of a grain in the single piece, and one pennyweight in a thou- sand pieces. Approved, March 3, 1851. '22 LAWS EELATIKa TO LOANS AND THE CURRENCY. Feb. i\,la53. CHAP. LXXIX.— A^^ ACT AMENDATORY OF EXISTING LAWS EBLA- Vol 10 B ICO '^■^'^■^ ^° ^-^^ HALF-DOLLAR, QUARTER-DOLLAR, DIME, AND HALF- ■ ■ ■ DIME. poif p 83' ^^' ^ '' -^^ *' enacted by the Senate and the Souse of Representatives of V li^^H "^ *'^? the United States of America in Gonqress assembled, That from half dollar and •' \ quarter, dime and after the first day of June, eighteea hundred two (three) and half dime, .i t a , ,, alter junei, 1853. the Weight of the half doHar, or piece of fifty cents, shall See act of ^pr. 2, 1792, 3. 9, cmtn, p. 3 ; act Jan. 18, 1837, s. 9, ante, p. 13 ; act Feb. 12, 1873, s. 15, post, p. 93. be one hundred and ninety two grains, and the quarter dol- lar, dime and half dime, shall be respectively, one half, one fifth, and one tenth of the weight of said half dollar. suchooinswhen Seo. 2. And be it further enacted. That the silver coins to be a legal ten- *^ ' June in each year, so that the same may appear in his annual report to Congress on the finances. Approved, February 21, 1857. Jttaeaa, I860. CHAP. CLXXX.— AN ACT AUTHORIZING A LOAN AND PROVIDING FOE VoL XII p 79 ^^^ EEDEMPTION OF TEBASUEY NOTES. (See Act of 8th Fedhuaet, 1861, Section 5.) Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the President of the United States be, and hereby is, author- ized, at any time within twelve months from the passage $31,000,000 may of this act, to borrow, on the credit of the United States, be borrowed to ^ redeemTreaanry a sum not exceeding tweutv-one millions of dollars, or so notes, &c. , , „ . . ' Posi, p. 31, 8. 15. much thereof as, in his opinion, the exigencies of the pub- lic service may require, to be used in 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 dacs, and for no other purposes. 8..ld"'S;*i'n?6ri8t ^^^- ^- ■^'^^ ^^ ** further enacted. That stock shall be "ercent^'^'^ ^'^ issued for the amount so borrowed, bearing interest not exceeding six per centum per annum, and to be reimbursed within a period not beyond twenty years, and not less than ten years ; and the Secretary of the Treasury be, and is hereby authorized, with the consent of the President, to Certificates, causc certificates of stock to be prepared, which shall be signed by the Register, and sealed with the seal of the Treasury Department, for the amount so borrowed, in favor of the parties lending the same, or their assigns, which certificates may be transferred on the books of the Treas- ury, under such regulations as may be established by the of''^not lis" ttiZ Secretary of the Treasury : Provided, That no certificate fi.ooo. shall be issued for a less sum than one thousand dollars : With coupons, j^jj^^ provided, also. That, whenever required, the Secretary wlieu required. ± i i i a 7 %; of the Treasury may cause coupons of semi-annual interest ACT OF EIGHTEEN HUNDRED AND SIXTY. 27 payable thereon to be attached to certificates issued under this act; and any certificate with such coupons of interest -^s sign ment attached may be assigned and transferred by delivery of the same, instead of being transferred on the books of the Treasury. Sec. 3. And be it further enacted, That before awarding adreXed fo? ^^ said loan, the Secretary of the Treasury shall cause to be Inserted in two of the public newspapers of the city of Washington, and in one or more public newspapers in other cities of the United States, public notice that sealed proposals for such loan will be received until a certain day, to be specified in such notice, not less than thirty days from its first insertion in a Washington newspaper ; and such notice shall state the amount of the loan, at what periods the money shall be paid, if by instalments, and at what places. Such sealed proposals shall be opened on the day opl^d'anci what appointed in the notice, in the presence of such iiersons as i'' shall keep in a book, or books, provided for the purj)ose, separate, full, and accurate accounts, showing the number, date, amount, and rate of interest of each Treasury note signed and countersigned by them respectively ; and, also, similar accounts showing all such notes which may be paid, redeemed, and cancelled, as the same may be returned ; all which accounts shall be carelully preserved in the Treasury Treasnrertoao- Department. And the Treasurer shall account quarterly count quarterly. '■ x .7 for all such Treasury notes as shall have been counter- signed by the Eegister and delivered to the Treasurer for issue. isS^at™pIr to ^^^- ■*• ^^^ ^'^ **/«^<'*er enacted, That the Secretary of pay public cred- {jhe Treasury is hereby authorized, with the approbation of the President, to cause such portion of said 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 ACT OF EIGHTEEN HUNDRED AND SIXTY. 29 receive sach notes in payment at par; and the Secretary of the Treasury is hereby authorized, with the approba- tion of the President, to issue the notes hereby authorized to be issued, at such rate of interest as may be offered by ?*>*» "i '°t<"' ' ^ "^ estoQBnch notes, the lowest responsible bidder or bidders who may agree to 'lo'r to be deter- 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 percentum per annum. Sec. 5. And be it further enacted, That said Treasury .TrMofer able -^ ' "y indorsement notes shall be transferable by assignment indorsed thereon and delivery. by the person to whose order the same may be made pay- able, accompanied together with the delivery of the note so assigned. Sec. 6. And he it further enacted, That said Treasury To be received in payment of notes shall be received by the proper omcers in payment dnes tb tbe uni- of all duties and taxes laid by the authority of the United States, of all public lands sold by said authority, and of all debts to the United States, of any character whatever, which may be due and payable at the time when said Treasury notes may be offered in payment thereof; and upon every such payment credit shall be given for the Amount of '^ *> ^ *^ ° note, how aecer- amount of principal and interest due on the note, or notes, tained. received in payment, on the day when the same shall have been received by such officer. Sec. 7. And be it further enacted. That every collector when taken by •^ ' ^ collectors, receiv- of the customs, receiver of public moneys, or other officer ers, &c., receipt ' ' to be given, ao- or agent of the United States, who shall receive any Treas- count to be kept, ury note or notes in payment on account of the United States, shall take from the holder of such note, or notes, a receipt en the back of each, stating distinctly the date of such payment, and the amount allowed on such note ; and every such officer or agent shall keep regular and specific entries of all Treasury notes received in payment, showing the person from whom received, the number, date, and amount of principal and interest allowed on each and every Treasury note received in payment, which entries shall be delivered to the Treasury with the Treasury note or notes mentioned therein ; and, if found correct, such officer or agent shall receive credit for the amount, as provided in the sixth section of this act. Sec. 8. And be it further enacted, That the Secretary of 5,s^™*^'^^ftb6 the Treasury be, and he hereby is, authorized to make and regulations, &c. 30 LAWS RELATING TO LOANS AND THE CrEEENCT. issue from time to time such instructions, rules, and regu- lations to the several collectors, receivers, depositaries, and all others who may be required to receive such Treasury notes in behalf of, and as agents in any capacity for, the United States, as to the custody, disposal, cancelling and return of any such notes as may be paid to and re- ceived by them respectively, and as to the accounts and returns to be made to the Treasury Department of such receipts, as he shall deem best calculated to promote the public convenience and security, and to protect the United States, as well as individuals, from fraud and loss. To pay notes at Sec. 9. And be it further enacted, That the Secretary of matnrity and to */ 7 parchasethematthe Treasury be, and hereby is, authorized and directed to cause to be paid the principal and interest of such Treasury notes as may be issued under this act, at the time and times when according to its provisions the same should be paid. And said Secretary is further authorized to purchase said notes at par for the amount of principal and interest due thereon at the time of such purchase. And so much of any unappropriated money in the Treasury as may be necessary Appropriation for the purposc, IS hereby appropriated for the payment of the principal and interest of said notes. New notes may Qec. 10. And be it further enacted, That in place of such DHissueainplace "^ 7 jr . of those redeem- Treasury notes as may have been paid and redeemed, other Treasury notes to the same amount may be issued : Provid- time* to 'exceed ^'^' '^^^^ ^^^ aggregate sum outstanding under the author- s^o.ooo.ooo. ity of this act shall at no time exceed the sum often millions of dollars: And provided further, That the power to issue and reissue Treasury uotes conferred by this act shall cease 1863 ^^*'"^ '^^^' ^^^ determine on the first day of January, in the year eight- een hundred and sixty-three. fortl^enses^&r ^^^" ^^- ^'"'^ ^^ ** further enacted. That to defray the °f^p '"paring expenses of engraving, printing, preparing, and issuing the Treasury notes herein authorized, the sum of fifteen thousand dollars is hereby appropriated, payable out of any unappro- Proviao. priated money in the Treasury : Provided, That no compen- sation shall be made to any officer whose salary is fixed by law for preparing, signing, or issuing Treasury notes. terfeitli"!' To"; ®^^- 1^- ^"'^ ^^ ** further enacted, That if any person 'unisM °' ^"^ shall falsely make, forge, or counterfeit, or cause or procure to be made, forged, or counterfeited, or willingly aid or assist in falsely making, forging or counterfeiting, any note in imitation of, or purporting to be a Treasury note, issued as aforesaid, or shall pass, utter, or publish, or attempt to pass, utter, or publish, any false, forged, or counterfeited note, purporting to be a Treasury note as aforesaid, knowing the ACT OP EIGHTEEN HUNDKBD AND SIXTY. 31 same to be falsely made, forged, or counterfeited, or shall falsely alter, or cause or procure to be falsely altered, or will- ingly aid or assist in falsely altering, any Treasury note issued as aforesaid, or sball pass, utter, or publish, or at- tempt to pass, utter, or publish, as true, any falsely altered Treasury note, issued as aforesaid, knowing the same to be falsely altered, every such person shall be deemed and ad- judged guilty of felony, and being thereof convicted by due course of law, shall be sentenced to be imprisoned and kept ' at hard labor for a period not less than three years nor more than ten years, and to be fined in a sum not exceeding five thousand dollars. Sec. 13. And he it further enacted, That if any person Engraving , 1, , , , -, plate to print Shall make or engrave, or cause or procure to be made or forgmi notes, iiow engraved, or shall have in his custody and possession any ^"""^ metallic plate engraved, after the similitude of any plate from which any notes issued as aforesaid shall have been printed, with intent to use such plate, or cause or suffer the same to be used, in forging or counterfeiting any of the notes issued as aforesaid, or shall have in his custody or posses- Possession ot sion any blank note or notes engraved and printed after theintentrfeo^^'"' similitude of any notes issued as aforesaid, with intent to use such blanks, or cause or suffer the same to be used, inforging or counterfeiting any of the notes issued as afore- said, or shall have in his custody or possession any paper adapted to the making of such notes, and similar to the paper upon which any such notes shall have been issued, with intent to use such paper, or cause or suffer the same to be used, ia forging or counterfeiting any of the notes issued as aforesaid, every such person, being thereof convicted by due course of law, shall be sentenced to be imprisoned and kept to hard labor for a term not less than three nor more than ten years, and fined in a sum not exceeding five thou- sand dollars. Sec. 14. And he it further enacted, That it shall be the Secretaryofthe duty of the Secretary of the Treasury to cause a statement ii3h^a°8tatemeEt to be published monthly of the amount of Treasury notes ™™' ^' issued and paid and redeemed under the provisions of this act, showing the balance outstanding each month. Sec. 15. And he it further enacted, That all money here- -Money hereaf- after contracted for under the authority of the act entitled nndreactonseo^ "An act authorizing a loan, and providing for the redemp-pued to^redemp^ tion of Treasury notes," approved June twenty-second, eight- notes".^ Treasury een hundred and sixty, shall be used in the redemption of -A»i«e,p-2c. Treasury notes now outstanding, and those to be issued under this act, and to replace in the Treasury any amount 32 LAWS RELATING TO LOANS AND THE CURRENCY. of said notes which shall have been paid and received for public dues, and for no other purposes. Approved December 17, 1860. Feb. 8, 1861. CHAP. XXIX.— AN ACT AUXHOEIZING A LOAN. ''"' ' Be it enacted hy the Senate and House of Representatives of the United States of America in Congress assembled, That the President of the United States be, and hereby is, authorized, $25 000,000 loan at any time before the first day of July next, to borrow, on anthonzedbeloro " _..,_ ,. July 1, isGi. the credit of the United States, a sum not exceeding twenty- five millions of dollars, or so much thereof as, in his opinion, Purpose ofioan. the exigencies of the public service may require, to be used in the payment 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, fofm "*' inteS ^^^- ^- -^"^^ ^^ ** further enacted, That stock shall be transfer, &o., of. issued for the amount so borrowed, bearing interest not exceeding six per centum per annum, and to bo reimbursed within a period not beyond twenty years and not less than ten years; and the Secretary of the Treasury be, and is hereby, authorized, with tue consent of the President, to cause certificates of stock to be prepared, which shall be signed by the Register and sealed with the seal of the Treasury Department, for the amount so borrowed, in favor of the parties lending the same, or their assigns, which certificates may be transferred on the books of the Treasury, under such regulations as may be established by the See- to b^eforilsfth'au ''®*-^''y °^'-*^® ''^''^^^"^y- Provided, That no certificate shall $1,000. be issued for a less sum than one thousand dollars : And lotereaiDo-a- provided also. That, whenever required, the Secretary of pons may be at- ' ' -^ ' *' tached. the Treasury may cause coupons of semi-annual interest payable thereon to be attached to certificates issued under this act ; and any certificate with such coupons of interest attached may be assigned and transferred by delivery of the same, instead of being transferred on the books of the Treasury. Proposals for Sec. 3. And be it further enacted, That, before awarding loan to be adver- ,r^. /.,rr> ,, tiaed for. said loan, the Secretary of the Treasury shall cause to be i'lserted in two of the public newspapers of the city of Washington, and in one or more public newspapers in other cities of the United States, public notice that sealed pro- posals for such a loan will be received until a certain day, to be specified in such notice, not less than ten days from its ACTS OP EIGHTEEN HUNDRED AND SIXTT-ONE. 33 first insertion in a Washington newspaper; and such notice shall state the amount of the loan, at what periods the money shall be paid, if by instalments, and at what places. Sach sealed proposals shall be opened, on the day appointed when, where, in the notice, in the presence of such persons as may choose opened?^ to attend, and the proposals decided by the Secretary of the Treasury, who shall accept the most favorable offered by responsible bidders for said stock. And the said Secre- ^ Secretary of ^ Treasury to ro- tary shall report to Congress, at the commencement of thePTttoCongresa. next session, the amount of money borrowed under this act, and of whom, and on what terms, it shall have been obtained, with an abstract or brief statement of all the proposals sub- mitted for the same, distinguishing between those accepted and those rejected, with a detailed statement of the expense of making such loans. Sec. 4. And be it further enacted, That the faith of the i^aith of the United States is hereby pledged for the due payment of the pledged. interest and the redemption of the principal of said stock. Sec. 5. And he it further enacted, That the residue of the ?'"''''l'"'/'^p^°' ' ' under act ol 18G0,. loan authorized by the act of twenty-second of June, eigh-«'>- J?g"j'^™*»'j»- teen hundred and sixty, or so much thereof as is necessary, Ante, p. 26. shall be applied to the redemption of the Treasury notes issued under the act of seventeenth of December, eighteen hundred and sixty, and for no other purpose ; and the Sec- ao?°of ^86D"''ir retary of the Treasury is hereby authorized, at his discretion, ^^- ™aT ^<> o^- to exchange at par bonds of the United States authorized Treasury uotes. by said act of twenty-second June, eighteen hundred and ^"*^'P-^^- sixty, for the said Treasury notes, and the accruing interest thereon. Sec. 6. And be it further enacted, That to defray the ex- „ Appropriation •^ ' '^ for expenses uu»- pense of engraving and printing certificates of such stock, derthisact. and other expenses incident to the execution of this act, the sum of twenty thousand dollars is hereby appropriated : Provided, That no compensation shall be allowed for any service performed under this act to any officer whose salary is established by law. Sec. 7. And be it further enacted, That the Secretary of ^^^^^^^fj-^^ the Treasury shall not be obliged to accept the most favor- ""lega^&J* '^'"^^ able bids as hereinbefore provided, unless he shall consider j.nte,p.3a. 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. 3 34 LAWS RELATING- TO LOANS AND THE CUERBNOY. March i, 1861. CHAP. LXVIIL-AIT ACT TO PROVIDE ITOR THE PAYMENT OF OUT VoL XII B 178 STANDING TREASURY NOTES, TO AUTHORIZE A LOAN TO REGU- LATE AND FIX THE DUTIES ON IMPORTS, AND EOR OTHER PURPOSES. Be it enacted hy the Senate and House of Representatives of President may the United States of America in Gonqress assembled, That the borro-w within 12 j ^/ i Q'outts not over President of the United States be, and hereby is, author- ized, at any time within twelve mouths 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 serv- How to be ap- ice may require, to be applied to the payment of appro- priations 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 Treas- ury 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 When tfl be re- 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 pub- lished at the seat of government, of their readiness to do so ; and no contract shall be made to prevent the redemp- tion of the same at any time after the expiration of twenty years from the said first day of July next, without notice. stock, isanes, Seo. 2. A7id he it further enacted. That stock shall be certincates, rate of interest, trans- issued for the amount so borrowed, bearing interest not exceeding six per centum per annum ; and the Secretary of the Treasury be, and is hereby, authorized, with the consent of the President, to cause certificates of stock to be prepared, which shall be signed by the register and sealed with the seal of the Treasury Department, for the amount so borrowed, in favor of the parties lending the same, or their assigns, which certificates may be trans- ferred on the books of the Treasury, under such regula- tions as may be established by the Secretary of the Treas- Certificates to urv : Provided, That no certificate shall be issued for a less be lor not less ^ thansi,ooo. sum than one thousand dollars: And provided, also. That, Coupons may whenever required, the Secretary of the Treasury may cause coupons of semi-annual interest payable thereon to be attached to certificates issued under this act; and any certificate with such coupons of interest attached may be assigned and transferred by delivery of the same, instead of being transferred on the books of the Treasury. lofn trbe'ldvir^ ^^^' '^- ^'^^ ^^ ^* further enacted. That, before award- tised for. jng any of said loan, the Secretary of the Treasury shall, as the exigencies of the public service require, cause to be inserted in two of the public newspapers of the city of ACTS OF EIGHTEEN HUNDRED AND SIXTY-ONE. 35 Washington, and in one or more public newspapers in other cities of the United States, public notice that sealed Notice. proposals for so much of said loan as is required, will be received until a certaia day, to be specified in such notice, not less than thirty days from its first insertion in a Wash- ington newspaper ; and such notice shall state the amount of the loan, at what periods the money shall be paid, if by instalments, and at what places. Such sealed proposals wii™ *<> te ' '- ^ opened. shall be opened, on the day appointed in the notice, in tbe presence of such persons as may choose to attend, and the proposals decided on by the Secretary of the Treasury, who shall accept the most favorable offered by responsible ^g^g^"''*"^®^"' bidders for said stock. And the said Secretary shall report Eeport to be . made to Con- to Congress, at the commencement of the next session, the gress. amount of money borrowed under this act, a.nd of whom and on what terms it shall have been obtained, with an abstract or brief statement of all the proposals submitted for the same, distinguishing between those accepted and those re- jected, with a detailed statement of the expense of making such loans : Provided, That no stock shall be disposed of at l^o/too^ *?, i^e ' "^ sold for less than less than its par value : And provided further, That no part par. of the loan hereby authorized shall be applied to the service ^oan, how ap. of the present fiscal year. Sec. 4. And be it further enacted, That in case the pro- j(,"slre°not''slt posals made for said loan, or for so much thereof as the isfactory, Treas- •; ' ury notes may be exigencies of the public service shall require, shall not 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 pre- scribed by the Secretary, with the approval of the Presi- dent ; and under the like circumstances and conditions, the President of the United States is hereby authorized to sub- stitute Treasury notes of equal amount for the whole or any part of any of the loans for which he is now by law author- ized to contract and issue bonds. And the Treasury notes Amount, when ... , 1, 1 • payable, &o. 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 36 LAWS EELATING TO LOANS AiSD THE CUREBNCY. uSted States '^ ^° ^® made, or for their par value in coin. And tbe faith pledged. of the United States is hereby pledged for the due pay- ment of the interest and the redemption of the principal of the stock or Treasury notes which may be issued under fo/expeMS*'"" *^® authority of this act ; 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 certiUcates of stock or Treasury notes herein authorized, to be done in the usual mode and under the restrictions as to employment and payment of ofiScers contained in the laws authorizing former loans and issues c han'^ ed* for ^^ Treasury notes ; and it shall be at the option of holders bonda.&c. 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 Proviso. issued : Provided, That no certificate shall be exchanged for Treasury notes, or bonds, in sums less than five hun- isMeSer June^ ^^^^ dollars I And provided further, That the authority to 18^2- issue the said Treasury notes, or give the same in payment for debts due from the United States, shall be limited to tbe thirtieth day of June, eighteen hundred and sixty-two ; Redemption, j^jj^ ^jj^jj. ^-^^ same may be redeemable at the pleasure of the United States at any time within two years after the Interest. passage of 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. ota.L!'^''^'"^ Sec. 31. And he it further enacted, That all acts and parts of acts repu gnant to the provisions of this act, be, and the same are hereby, repealed. Approved, March 2, 1861. Jfnrc7i3,186l. CHAP. LSX.— AN ACT TO PBOVIDE POR THE PAYMENT OE EXPENSES Vol xn p 198 INCURRED BY THE TERRITORIES OE WASHINGTON AND OREGON, '^' ■ IN THE SUPPRESSION OE INDIAN HOSTILITIES THEREIN, IN THE YEARS EIGHTEEN HUNDRED AND EIETT-PIVE AND EIGHTEEN HUNDRED AND FIFTY-SIX. Be it enacted hy the Senate and House of Representatives of the United States of America in Congress assemUed, # * # xs^°ned fo7the ^^^- *' ^'^d he it further enacted, That for the payment ciSr*"**'"*^''^^ claims provided for in this act, the Secretary of the Treasury may, if he deem it expedient, issue to the claim- ants, or their legal representatives, bonds of the United States of a denomination not less than fifty dollars, re- deemable in twenty jears, and bearing interest at the rate ACTS OP EIG-HTEEN HUNDRED AND SIXTY-ONE. 37 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. CHAP. LXXr.— AN ACT I'OR THE PAYMENT OE EXPENSES INCTJEEED March 2, 1S61. IN THE SUPPEESSION OE INDIAN HOSTILITIES IN THE STATE OP - CALIEOENIA. Vol. XII, p. 199. Be it enacted hy the Senate and Mouse of Representatives of the United States of America in Congress assembled. That the Payment for sum of four hundred thousand dollars, or so much thereof inSianlfostiutfes 1 1 1 u u 1 ii • 1 u i° California. as shall be necessary, be, and the same is hereby, appro- priated, out of any money in the Treasury not otherwise appropriated, to defray the expenses incurred by the State of California, in the suppression of Indian hostilities therein, in the years eighteen hundred and fifty-four, fifty-five, fifty- six, fifty-eight, and fifty-nine, and the Secretary of the Treasury, when the said expenses of the State of California shall have been audited and allowed, shall be and hereby is authorized to pay th e same in bonds of the United States authorized to be issued by the act of February the eighth, i86i,oh.2D,a»te, eighteen hundred and sixty-one. ^' Approved, March 2, 1861. CHAP. LXXXV.— AN ACT MAKING APPEOPEIATIONS EOE THE CUEEENT jj^arch 2 1861. AND CONTINGENT EXPENSES OF THE INDIAN DEPAETMENT, AND - FOR FULFILLING TEEATY STIPULATIONS WITH VAEIOUS INDIAN Vol. XII, p. 221. TEIBES, FOE THE TEAE ENDING JUNE THIRTY, EIGHTEEN HUNDEED AND SIXTY-TWO. Be it enacted by the Senate and Souse of Representatives of the United States of America in Congress assembled, * * * For payment to the Sisseeton and Wah-pa-ton bands of paymenttosia- the Dakota/^ or Sioux Indians, for their reservation on the piston bands ''of Minnesota Elver, in the State of Minnesota, containing five hundred and sixty-nine thousand six hundred acres, at thirty cents per acre, one hundred and seventy thousand eight hundred and eighty dollars : Provided, That the said sum Maybemadein may be paid, at the discretion of the Secretary of the Treas- bonds.^ ury, in bonds of the United States authorized by law at ii^Q ^^ff, im^'^a'^, present Session of Congress. p-^^- For payment to the Choctaw nation or tribe of Indians, $5j'o%"™o'choc^ on account of their claim under the eleventh and twelfth *g^°|^™;^°^'ig^J articles of the treaty with said nation or tribe made the ^'JJJf/ ^°^ ''^'* twenty-second of June, eighteen hundred and fifty -five, the 38 LAWS RELATING TO LOANS AND THE OUREENCY. sum of live hundred thousand dollars ; two hundred and fifty thousand dollars of which sum shall be paid in money ; and for the residue, the Secretary of the Treasury shall cause to be issued to the proper authorities of the nation or tribe, Ibid. on their requisition, bonds of the United States, authorized by law at the present session of Congress : Provided, That in the future adjustment of the claim of the Ohoctaws, under the treaty aforesaid, the said sum shall be charged against the said Indians. Approved, March 2, 1861. July 17, 1861. CHAP, v.— AN ACT TO AUTHOEIZE A NATIONAL LOAN, AND FOE OTHEE -— PTJEPOSBS. Vol. Xn, p. 259. Be it enacted by the Senate and House of Representatives of Pos(,p.42. tlie United States of America in Congress assembled, That the Secretary of tiie Secretary of the Treasury be, and he is hereby, authorized borrow witiiin 12 to borrow ou the Credit of the United States, within twelve $230,000 000. mouths from the passage of this act, a sum not exceeding two hundred and fifty millions of dollars, or so much thereof as he may deem necessary for the public service, Coupon or reg- for which he is authorized to issue coupon bonds, or Treasury notes registered bonds, or Treasury notes, in such proportions uierefor'! '^™ of cach as hc may deem advisable; the bonds to bear Posi, p. 43, 8. 7. jQterest not exceeding seven per centum per annum, payable semi-annually, irredeemable for twenty years, and Bonds, when after that period redeemable at the pleasure of the United re eema e. gfates : and the Treasury notes to be of any denomination Treaanrvnotes, j ^ °^6n^t of such other rules and regulations as he may deem expedient 40 LAWS EELATING TO LOANS AND THE OUEHENCY. touching the iustalment to be paid on any subscription at the time of subscribing, and further payments by instal- ments or otherwise, and penalties for non-payment of any instalment, and also concerning the receipt, deposit, and safe-keeping of money received from such subscriptions, until the same can be placed in the possession of the offtcial depositaries of the Treasury, any law or laws to the con- of''^?50™md"'*°^ trary notwithstanding. And the Secretary of the Treasury ward may be ox- is also authorized, if he shall deem it expedient, before changed lor coin, ' ^ ' &0- opening books of subscription as above provided, to ex- change for coin, or pay for public dues or for Treasury notes of the issue of twenty-third of December, eighteen hundred and fifty-seven, and falling due on the thirtieth of June, eighteen hundred and sixty-one, or for Treasury notes issued and taken in exchange for such notes, any amount of said Treasury notes for fifty dollars or upwards not exceeding one hundred millions of dollars. loan^to^be^ ^nb'^ ^•^*^' ^- ^'"'^ ^^ ** further enacted, That before awarding lisbed. any portion of the loan in bonds authorized by this act, the Secretary of the Treasury, if he deem it advisable to issue proposals for the same in the United States, shall give not less than fifteen days' public notice in two or more of the public newspapers in the city of Washington, and in such other places of the United States as he may deem advisable, designating the amount of such loan, the place and the time up to which sealed proposals will be received for the same, the periods for the payment, and the amount of each instalment in which it is to be paid, and the penalty for the non-payment of any such instalments, and when and where such proposals shall be opened in the presence of Most favorable such pcrsous as may choose to attend; and the Secretary cepted, bntatnotof the Treasury is authorized to accept the most favorable an par. pjQpQgals offered by responsible bidders: Provided, That no offer shall be accepted at less than par. Portion of loan Seo. 5. And he it furtlier enacted. That the Secretary of may be negotiat- */ 3 ti ed in foreign the Trcasury may, if he deem it advisable, negotiate any portion of said loan, not exceeding one hundred millions of dollars, in any foreign country and payable at any designated place either in the United States or in Europe, and may issue registered or coupon bonds for the amount thus negotiated agreeably to the provisions of this act, bearing interest payable semi-annually, either in the United sncb^oase'"^^ '° ^tates or at any designated place in Europe; and he is fur- ther authorized to appoint such agent or agents as he may deem necessary for negotiating such loan under his instruc- tions, and for paying the interest on the same, and to fix ACTS OF EIGHTEEN HUNDEBD AND SIXTY-ONE. 41 the compensation of such agent or agents, and shall pre- scribe to them all the rules, regulations, and modes under which such loans shall be nogotiated, and shall have power to fix the rate of exchange at which the principal shall be received from the contractors for the loan, and the exchange for the payment of the principal and interest in Europe, shall be at the same rate. Seo. 6. And he it further enacted, That whenever any Treasury notes Treasury notes of a denomination less than fifty dollars, be reissued prior authorized to be issued by this act, shall have been re-ises/"^"" " ' 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 Proviso. 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 of Treasury notes ■^ ' '^ may be issued in the Treasury is hereby authorized, whenever he shall deem exchange for •' ■' ' coin, &c. it expedient, to issue in exchange for coin, or m 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 exceed- ing twelve months from date, provided that the amount of notes so issued, or paid, shall at no time exceed twenty millions of dollars. Sec. 8. And be it further enacted. That the Secretary of secretaryof the J J ^ Treasury to re- the Treasury shall report to Congress, immediately after port to congress. 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, desig- nating 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. , Sec. 9. And be it further enacted. That the faith of the^^fi*'' °/ p» •^ ' UniteQ States United States Is hereby solemnly pledged for the payment p^dged. of the interest and redemption of the principal of the loan authorized by this act. Sec. 10. And be it further enacted, That all the Provisions .^certam progs. of the act entitled "An act to authorize the issue of Treas- ch.i, revived. nry 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 in- consistent therewith, are hereby revived or re-enacted. 42 LAWS RELATING TO LOANS AND THE CUEBENOY. to ex'peS'*uii° Sec. 11. And be it further enacted, That, to defray all the der this act. expeuses that may attend the execution of this act, the sum of two hundred thousand dollars, or so much thereof as may be necessary, be, and the same is hereby, appropri- ated, to be paid out of any money in the Treasury not otherwise appropriated. Approved July 17, 1861. Aug. 5, 1861. CHAP. XLVI.— AN ACT SUPPLEMENTAEY TO AN" ACT ENTITLED "AN ACT .^ , ^„ TO ATJTHOEIZE A NATIONAL LOAN, AND FOE OTHEE P0EPOSES." Vol. XII, p. 313. Be it enacted by the Senate and House of Representatives of Six per cent, the United States of America in Congress assembled. That the bonds may be is- sued redeemable Secretary of the Treasury is hereby authorized to issue in twenty years _,„,._.. ..^ ,.., and excbange- bonds of the United states, bearing interest at six per Treasury notes, ccutum per annum, and payaible at the pleasure of the United States after twenty years from date; and if any holder of Treasury notes, bearing interest at the rate of seven and three-tenths per centum, which may be issued under the authority of the act to authorize a national loan Atite.p.za. and for other purposes, approved July seventeenth, eight- een hundred and sixty-one, shall desire to exchange the same for said bonds, the Secretary of the Treasury may at any time before or at the maturity of said Treasury uotes issue to said holder, in payment thereof, an amount of said bonds equal to the amount which, at the time of such pay- ment or exchange, may be due on said Treasury notes; but Denominationno such bonds Shall bo issucd for a less sum than five hun- and amount of bonds. dred dollars, nor shall the whole amount of such bonds exceed the whole amount of Treasury notes bearing seven and three-tenths per centum interest, issued under said ^^ te" ^"^"if ^^^ ' ^^^ ^^^ P^'"'' ^^ ^^^ Treasury notes payable on demand, made payable, authorized by Said act, may be made payable by the Assist- ant Treasurer at St. Louis, or by the depositary at Cincinnati. Treasury notes, Sec. 2. And be it further enacted. That the Treasury notes how executed. •' ' •' 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 Sec- retary of the Treasury, for said Treasurer, and countersigned by the Register of the Treasury, or by some officer of the Treasury Department, designated by the Secretary of the ^Need not have Treasury, for said Register, and no Treasury notes, issued under any act, shall require the seal of the Treasury Depart- ment. ACTS OF EIGHTEEN HUNDEED AND SIXTY- ONE, 43 Seo. 3. And be it further enacted, That so much of the act. May te issnea •' ' for not less than to ■whicb this is supplementary as limits the denomination S3. of a portion of the Treasury notes authorized by said act at not less than ten dollars, be and is so modiiied as to author- ize the Secretary of the Treasury to fix the denomination of said notes at not less than five dollars. Seo. 4. And be it further enacted, That, in addition to the , Appropriations •^ ' tor purposes of amount heretofore appropriated, the sum of one hundred tws act, &o. thousand dollars, or so much thereof as may be necessary, be, and the same is hereby, appropriated, out of any money in the Treasury not otherwise appropriated, to pay such expenses, commissions, or compensation as may be neces- sary, in the judgment of the Secretary of the Treasury, to carry into execution the provisions of this act, and of the act to which this is supplementary. Sec. 5. And be it further enacted. That the Treasury notes ^"^s on ae- •^ ' mana, tfec, nnaer authorized by the act to which this is supplementary, of a Sso, rereivabio . . ■■ n r. IT! -1 , T T 'o'' public does. less denomination than fifty dollars, payable on demand ■r.s., sirs, post, without interest, and not exceeding in amount the sum of ^'^^j^p 38 3 1 fifty millions of dollars, shall be receivable in payment of public dues. Sec. 6. And be it further enacted. That the provisions of ^Po'ti^sofsab- ^ ' ^ treasury act aua- the act entitled "An act to provide for the better organiza- penjea. tion of the Treasury, and for the collection, safe-keeping, transfer, and disbursements of the public revenue," passed August six, eighteen hundred and forty-six, be and the i846,ch.90. same are hereby suspended, so far as to allow the Secretary of the Treasurv to deposit any of the moneys obtained on Bepositsm soi- " j^'^ent specie- pay- any of the loans now authorized by law, to the credit of ing banks. 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 sup- plementary, payable on demand, as may seem expedient to, or be directed by, the Secretary of the Treasury. Sec. 7. And be it further enacted, That the Secretary of ^^six^ per cent the Treasury may sell or negotiate, for any portion of the years may be is- loan provided for in the act to which this is supplementary, seven per cent. bonds. bonds payable not more than twenty years irom date, ana bearing interest not exceeding six per centum per annum, payable semi-annually, at any rate not less than the equiv- A»»ee,p.38,s.i. alent of par, for the bonds bearing seven per centum inter- est, authorized by said act. Approved August 5, 1861. 44 LAWS RELATING TO LOANS AND THE CUEEENCY. Feb. 12, 1863. CHAP. XX— AK ACT TO AUTHORIZE AN ADDITIONAL ISSUE OF UNITED Vol. XII, p. 338. STATES NOTES. Be it enacted by the Senate and House of Representatives of laal^eof no MM MO *'*^ U>wte ^^^ ^^1 t^® provisions of the act entitled "An vol.11, revived, gpj jq authorize the issue of Treasury notes," approved the twenty-third day of December, eighteen hundred and fifty- seven, so far as they can be applied to this act, and not in- consistent therewith, are hereby revived and re enacted; Appropriation and the sum of three hundred thousand dollars is hereby of $300,000 for . , „ . ,, rn, . ^1 expenses of en- appropriated, out of any money in the Treasury not other- gravmg, c. ^.^^ appropriated, to enable the Secretary of the Treasury to carry this act into effect. it^d'' with^^tife ^^^- *• ■^'"■^ ^^ ** further enacted, That the Secretary of United States the Treasury may rcccive from any person or persons, or Treasury in sums v v ./a 1-7 of not less than any Corporation, United States notes on deposit for not SlOO, and certifl- J i^ ' ,,,■,, catesbearingflvoiess than thirty days, in sums of not less than one hundred issued therefor. doUars, with any of the Assistant Treasurers or designated depositaries of the United States authorized by the Secre- seeaotof Mar. tary of the Treasury to receive them, who shall issue there- S. 1867, post, p. 77. •' '' , . , „ , r, for certificates of deposit made m such lorm as the Secre- tary of the Treasury shall prescribe, and said certificates of deposit shall bear interest at the rate of five per centum Deposits may per anuum ; and any amount of United States notes so ^^' ' ' deposited may be withdrawn from deposit at any time after ten days' notice on the return of said certificates : Provided, That the interest on all such deposits shall cease and determine at the pleasure of the Secretary of the Aggregate of Treasury: And provided further, That the aggregate of depositsnottoex- J jf j j 00 o ceed $25,000,000. such deposit shall at no time exceed the amount of twenty- five millions of dollars. Dntiestobere- Sec. 6. And 1)6 it further efiactcd. That all duties on im- ceived in coin t , -,, , . -, . and demandported goods Shall be paid in coin, or ID notes payable on demand heretofore authorized to be issued and by law re- E,s.,3473,j)os(, ceivable in payment of public dues, and the coin so paid shall be set apart as a special fund, and shall be applied as follows : topaymtoelf^ First. To the payment in coin of the interest on the E.S., 3694, j)os(, bonds and notes of the United States. ^' Second. To the purchase or payment of one per centum of the entire debt of the United States, to be made within each fiscal year after the first day of July, eighteen hun- To create a (J red and sixty-two, which is to be set apart as a sinking fund, and the interest of which shall in like manner be RS., 3689, post, applied to the purchase or payment of the public debt as ^■"''" the Secretary of the Treasury shall from time to time direct ACTS OP EIGHTEEN HimDRED AND SIXTT-TWO. 47 Third. The residue thereof to be paid into the Treasury of the United States. Sec. 6. And he it further enacted, That if any person or Forging, &o. persons shall falsely make, forge, counterfeit, or alter, or cause or procure to be falsely made, forged, counterfeited, or altered, or shall willingly aid or assist in falsely making, forging, counterfeiting, or altering, any note, bond, coupon, or other security issued under the authority of this act, or heretofore issued under acts to authorize the issue of Treas- ury notes or bonds ; or shall pass, utter, publish, or sell, or attempt to pass, utter, publish, or sell, or bring into the United States from any foreign place with intent to pass, posj, p. eo.s. 8. utter, publish, or sell, or shall have or keep in possession or conceal, with intent to utter, publish, or sell, any such false, forged, counterfeited, or altered note, bond, coupon, or other security, with intent to defraud any body cor- porate or politic, or any other person or persons whatso- ever, every person so offending shall be deemed guilty of felony, and shall, on conviction thereof, be punished by How punished. fine not exceeding five thousand dollars, and by imprison- ° 1 J 1 E.S., 5414, 5415, ment and confinement to hard labor not exceeding fifteen yost, p. 135. years, according to the aggravation of the offense. Sec. 7. And le it further enacted, That if any person, Personahaving having the custody of any plate or plates from which any and using same notes, bonds, coupons, or other securities mentioned in this °° *^ " '^' act, or any part thereof, shall have been printed, or which :r.s., 5430, post, shall have been prepared for the purpose of printing any such notes, bonds, coupons, or other securities, or any part thereof, shall use such plate or plates, or knowingly per- mit the same to be used for the, purpose of printing any notes, bonds, coupons, or other securities, or any part thereof, except such as shall be printed for the use of the United States by ort.er of the proper oflicer thereof; or if any person shall engrave, or cause or procure to be en- Engraving sim- , ,,,... . _ . , , . il^f plates for graved, or shall aid in engraving, any plate or plates in fraudulent pur- the likeness or similitude of any plate or plates designed for the printing of any such notes, bonds, coupons, or other securities, or any part thereof, or shall vend or sell any such plate or plates, or shall bring into the United States from any foreign place any such plate or plates. Post, -p. 6o,s.e. with any other intent, or for any purpose, in either case, than that such plate or plates shall be used for printing of such notes, bonds, coupons, or other securities, or some part or parts thereof, for the use of the United States, or shall have in his custody or possession any metallic plate engraved after the similitude of any plate from which any 48 LAWS RELATING TO LOANS AND THE CUERENOY. such notes, bonds, coupons, or otber securities, or any part or parts thereof, shall have been printed, with intent to use such plate or plates, or cause or suffer the same to be used, in forging or counterfeiting any such notes, bonds, coupons, or other securities, or any part or parts thereof, issued as aforesaid, or shall have in his custody or posses- sion any blank note or notes, bond or bonds, coupon or coupons, or other security or securities, engraved and printed after the similitude of any notes, bonds, coupons, or other securities, issued as aforesaid, with intent to sell rhiM^'^'^'^hoto'*''^ Otherwise use the same; or if any person shall print, graphing, &o. photograph, or in any other manner execute or cause to be printed, photographed, or in any manner executed, or shall aid in printing, photographing, or executing any en- graving, photograph, or other print, or impression, in the likeness or similitude of any such notes, bonds, coupons, or other securities, or any part or parts thereof, except for the use of the United States and by order of the proper ofiBcer thereof, or shall vend or sell any such engraving, photo- graph, print, or other impression, except to the United States, or shall bring into the United States from any for- eign place any such engraving, photograph, print, or other impression for the purpose of vending or selling the same, except by the direction of some proper ofi&cer of the United States, or shall have in his custody or possession any paper adapted to the making of such notes, bonds, cou- pons, or other securities, and similar to the paper upon which any such notes, bonds, coupons, or other securities shall have been issued, with intent to use such paper, or cause or suffer the same to be used, in forging or counter- feiting any of the notes, bonds, coupons, or other securi- ties, issued as aforesaid, every such pers^>n so offending shall be deemed guilty of a felony, and shall, on convic- How punished, tiou thereof, be punished by a fine not exceeding five thou- sand dollars, and by imprisonment and confinement to hard labor not exceeding fifteen years, according to the aggravation of the offense. Approved February 25, 1862! March 1, 1863. CHAP. XXXV.-iN ACT TO ATJTHOEIZE THE SECRETAEY OF THE TEEASUET TO ISSUE CERTIFICATES OF INDEBTEDNESS TO PUBLIC Vol. XII, p.352. CEEDITOES. Post, p. 49. 5e *'* enacted by the Senate and House of Bepresentatives cato'of'i'ndebted'*'-^*'*^ CTmite^ States of America in Congress assembled, That nesB authorized, the Secretary of the Treasury be, and he is hereby author- ACTS OP EIGHTEEN HUNDEED AND SIXTY-TWO. 49 ized to cause to be issued to any public creditor wlio jnaj be desirous to receive the same, uijon requisition of the head of the proper department, in satisfaction of audited and settled demands against the United States, certificates for the whole amount due or parts thereof not less than j,^g^ i«s9 *'>'"» one thousand dollars, signed by the Treasurer of the United Jiow signed. States, and countersigned as may be directed by the Secre- tary of the Treasury; which certificates shall be payable when payable. in one year from date or earlier, at the option of the govern- ment, and shall bear interest at the rate of six pet centum ^gfl^^^'^''^^^■™^ per annum. Approved March 1, 1862. CHAP. XL v.— AN ACT TO AUTHOEIZB THE PURCHASE OF COIK AND March 17, 1862. FOR OTHER PURPOSES. ' ^ , ^,^ VoL XII.p. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled. That Pnrchaae of ^ "^ ' coin with any the Secretary of the Treasury may purchase coin with any united states of the bonds or notes of the United States, authorized by amiiorized. law, at such rates and upon such terms as he may deemp/fag^'^™'*"**' most advantageous to the public interest ; and may issue, . Ceraflcates of " ^ 7 */ / indebtedness may under such rules and regulations as he may prescribe, cer- beisanedtoboid- „.,,, , .,.1, , ersof clieoks,&o. tiflcates of indebtedness, such as are authorized by an act entitled ''An act to authorize the Secretary of the Treas- A.nte,^.is. nry to issue certificates of indebtedness to public creditors," approved March fiirst, eighteen hundred and sixty-two, to such creditors as may desire to receive the same, in dis- charge of checks drawn by disbursing-officers upon sums placed to their credit on the books of the Treasurer, upon requisitions of the proper departments, as well as in dis- charge of audited and settled accounts, as provided by said act. Sec. 2. And be it further enacted, That the demand notes „J'a''°^°4ivabil authorized by the act of July seventeen, eighteen hundred and aiegai tender ^ ./ 7 c3 ^g notes issued and sixty-one, and by the act of February twelfth, eighteen under act of Feb- ■' ' *' " . ruarv 2o, 1862. hundred and sixty -two, shall, in addition to being receiva- A«te,p.38. ble in payment of duties on imports, be receivable, and ^'s!,'3589%o«(, shall be lawful money and a legal tender, in like manner, p""- and for the same purposes, and to the same extent, as the notes authorized by an act entitled "An act to authorize Ante.v-U- the issue of United States notes, and for the redemption or funding thereof, and for funding the floating debt of the United States," approved February twenty-flfth, eighteen hundred and sixty-two. 50 LAWS RELATING- TO LOANS AND THE CTJREBNCY, thlTr^MurJaS^ Seo, 3. And 1)6 it further enacted, That the limitation cefvi'^depodts^f "P^*^ temporary deposits of United States notes with any tolmSofssT^^^^^''^^* treasurers or designated depositaries, authorized 000,000. ' by the Secretary of the Treasury to receive such deposits, at five per cent, interest, to twenty-five millions of dollars, shall be so far modiiied as to authorize the Secretary of the Treasury to receive such deposits to an amount not exceeding fifty millions of dollars, and that the rates of interest shall be prescribed by the Secretary of the Treas- ury not exceeding the annual rate of five per centum. Mayisauonew Sec. 4. And be it further enacted. That, in all cases where notes in place of ^ * i i i those worn ont. the Secretary of the Treasury is authorized . by law to .E.s.,3580,i)os«, reissue notes, he may replace such as are so mutilated or ^' ' otherwise injured as to be unfit for use with others of the same character and amount; and such mutilated notes, and all others which by law are required to be taken up and not reissued, shall, when so replaced, or taken up, be destroyed in such manner and under such regulations as the Secretary of the Treasury may prescribe. Approved March 17, 1862. July 11,1SS2. CHAP. CXLn.— AN ACT TO ATTTHOEIZE AN ADDITIONAL ISSUE 01" VoL Xn p.332. UNITED STATES NOTES, AND J-QE OTHEE PirEPOSES. Be it enacted hy the Senate and House of Representatives issue'siso'ooo 000 "/ *'*^ C/«ite(? states of America in Congress assembled, That Treasury notes, tjjg Secretary of the Treasury is hereby authorized to issue, in addition to the amounts heretofore authorized, on the credit of the United :• tates, one hundred and fifty millions E. s. 3371, j)os(, of dollars of United States notes, not bearing interest, ^' payable to bearer at the Treasury of the United States, and of such denominations as he may deem expedient: $35 000,000 may p^oOT^e^, That DO note shall be issued for the fractional be of denomma- ' tions from $1 to part of a dollar, and not more than thirty -five millions shall be of lower denominations than five dollars; and such notes Eeceivabie for gball be receivable in payment of all loans made to the all dues except '■ •' duties on Imports xjnited States, and of all taxes, internal duties, excises, and interest on ' ' ' ^ bonds, &c., and dcbts, and demands of every kind due to the United States, convertible into ' . . . ,,.,,,. 6 per cent bonds, except Qutics OH imports and interest, and of all claims ■r, c ,,„ ,=oo and demands against the United States, except for interest pp. 109, 130. upon bonds, notes, and certificates of debt or deposit; and shall also be lawful money and a legal tender in payment of all debts, public and private, within the United States, except duties on imports and interest, as aforesaid. And any holder of said United States notes depositing any sum not less than fifty dollars, or some multiple of fifty ACTS 01" EIGHTEEN HUNDEED AND SIXTY-TWO; 5l 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 trans- mitted 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 : Provided, however, That May be paid in any notes issued under this act may be paid in coin, instead of being received in exchange for certificates of deposit as K.s.,3579,jpos«, above specified, at the direction of the Secretary of the Treas- ury. And the Secretary of the Treasury may exchange for8i^''p6r™''e™^! such notes, on such terms as he shall think most beneflcial Jj"^^^/ ^°^ ^°y to the public interest, any bonds of the United States bear- stanamg and re- ^ J .7 issae notes, and ing six per centum interest, and redeemable after five and may cancel any <^ ^ 7 notes and issue payable in twenty years, which have been or may be law- otters in their fully issued under the provisions of any existing act ; may reissue the notes so received in exchange; may receive and cancel any notes heretofore lawfully issued under any act of Congress, and in lieu thereof issue an equal amount in notes such as are authorized by this act ; and may purchase, an^^J^^^aSg at rates not exceeding that of the current market, and cost efidenoesof debt. of purchase not exceeding one-eighth of one per centum, any bonds or certificates of debt of the United States as he may deem advisable. Sec. 2. And be it further enacted, That the Secretary of Notes may be n^ -. ii-ii ii--i- 1 engraved, print- the Treasury be, and he is hereby, authorized, m case heed,&o.,in Treas- shall think it inexpedient to procure said notes, or any ""^ g^^gs^.^^"" j^' part thereof, to be engraved and printed by contract, toP^^^- cause the said notes, or any part thereof, to be engraved, printed, and executed, in such form as he shall prescribe, at the Treasury Department in Washington, and under his direction ; and he is hereby empowered to purchase and provide all the machinery and materials, and to employ such persons and appoint such offlcers as may be necessary for this purpose. Sec. 3. And be it further enacted, That the limitation pLtait^^to^je^ upon temporary deposits of United States notes with fi°y|f^^oMo*''°t'o Assistant Treasurer, or designated depositary authorized eiob,oob,ooo. by the Secretary of the Treasury to receive such deposits, to fifty millions of dollars be, and is hereby repealed ; and the Secretary of the Treasury is authorized to receive such deposits, under such regulations as he may prescribe, to 52 LAWS EELATINa TO LOANS AND THE CTJEEENCT. such amount as he may deem expedient, not exceeding one hundred millions of dollars, for not less than thirty days, in sums not less than one hundred dollars, at a rate of interest not exceeding five per centum per annum ; and any amount so deposited may be withdrawn from deposit, at any time after ten days' notice on the return of the certifi- cate of deposit. And of the amount of United States notes $3o,ooo,ooonotea authorized by this act, not less than fifty millions of dollars reserved to pay "^ ' deposits. shall be reserved for the purpose of securing prompt pay- ment of such deposits when demanded, and shall be issued and used only when, in the judgment of the Secretary of the Treasury, the same or any part thereof may be needed for All oertiflcatca that purposc. And Certificates of deposit and of indebted- 01 deposit and jr r- x of indebtedness ness issued Under this or former acts may be received on convertible into . _p i t bonds. the same terms as United States notes in payment for bonds redeemable after five and payable in twenty years. Time of obtain- gEO. 4. And he it further enacted. That the Secretary of ing loan author- -^ ' izod by act of the Treasury may, at any time until otherwise ordered by July 17, 1861, ex- J J » "^ . . . , , , tended. Oougrcss, and under the restrictions imposed by the "Act to Ante.-p.sa. authorize a national loan, and for other purposes," borrow, on the credit of the United States, such part of the sum of two hundred and fifty millions mentioned in said act as may not have beeu borrowed, under the provisions of the same, within twelve months from the passage thereof. Aporopriation Sbc. 5. And he it further enacted, That any part of the lor punisning '' ' ./ jr counterfeiting of appropriation of ten thousand dollars for the detection and com, contained m ^^ ^ act of jnne 23, bringing to trial of persons engaged in counterfeiting the bonds, notes, &e., coin of the United States, made by the act entitled "An cb. 205, I860, 'act making appropriations for the legislative, executive, and judicial expenses of the government for the year end- ing thirtieth of June, eighteen hundred and sixty-one," approved June twenty-three, eighteen hundred and sixty, may be applied in detecting and bringing to trial and pun- ishment persons engaged in counterfeiting Treasury notes, bonds, or other securities of the United States, as well as the coin of the United States. And to carry into effect the preceding sections of this act the sum of three hundred thousand dollars is hereby appropriated, out of any money in the Treasury not otherwise appropriated. Provisions of qec. 6. And he it further enacted. That all the provisions act of February •' ' '■ 25, 1862, appiica- of the act entitled "An act to authorize the issue of United ble to this act. Ante, p. 44. States notes, and for the redemption or funding thereof, and for funding the floating debt of the United States," approved February twenty-five, eighteen hundred and sixty-two, so far as the same can or may be applied to the ACTS OF EIGHTEEN HUNDRED AND SIXTY-THEEB. 53 provisions of this act, and not inconsistent therewith, shall apply to the notes hereby authorized to be issued. Approved July 11, 1862. CHAP. CSCVT.— AN ACT TO AUTHORIZE PAYMENTS IN STAMPS, AND JMiy 17, 1862. TO PROHIBIT CIRCULATION OP NOTES OE LESS DENOMINATION Vol SII v 592. THAN ONE DOLLAR. Be it enacted iy the Senate and House of Representatives of the United States of America in Congress assembled, That the j,^^g°^^fg^|f 3""^^ Secretary of the Treasury be, and he is hereby directed to '"' lui^oisbea in •^ ^ ^ »' exchange for furnish to the Assistant Treasurers, and such designated ^°i*«'i states depositaries of the United States as may be by him selected, in such sums as he may deem expedient, the postage and •?<«", p- ss, 9. 4. other stamps of the United States, to be exchanged by them, on application, for United States notes; and from and^^?eSdaVr<; after the first day of August next such stamps shall be les^s^hln $5^'**^* receivable in jjayment of all dues to the United States less than five dollars, and shall be received in exchange for United States notes when presented to any Assistant Treasurer or any designated depositary selected as aforesaid in sums not less than five dollars. Sec. 2. And be it further enacted, That from and after the &S?of note*8'ie"8 first day of August, eighteen hundred and sixty-two, do ^'l^j.^j^v^?^^™- private corporation, banking association, firm, or individual shall make, issue, circulate, or pay any note, check, memo- /^g^-^''^^'^''*'' randum, token, or other obligation, for a less sum than one dollar, intended to circulate as money or to be received or used in lieu of lawful money of the United States; and every person so offending shall, on conviction thereof in Penalty. any district or circuit court of the United States, be pun- ished by fine not exceeding five hundred dollars, or by im- prisonment not exceeding six months, or by both, at the option of the court. Approved, July 17, 1862. [No. 9.] JOINT RESOLUTION TO PROVIDE FOR THE IMMEDIATE PAT- Jan. 17, 1863. MENT OF THE ARMY AND NAVY OF THE UNITED STATES. _ , _.. -— " V 01. XLL, p. 822. Whereas it is deemed expedient to make immediate pro- ises.cb. i3,poit vision for the payment of the Army and isavy: there- fore. Be it resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That „oJ mT "uSteli the Secretary of the Treasury be, and he is hereby, author- ^^o^gj"*"^ '^^' ized, if required by the exigencies of the public service, to 54 LAWS KELATIN(J TO LOANS AND THE OUEEENCT. ^ Rs„ 3571, ijosj, issue OQ tijQ credit of the United States the sum of one hundred millions of dollars of United States notes, in such TTottobear in- form as he may deem expedient, not bearing interest, pay- DeDominations able to bearer on demand, and of such denominations not not less than one , ^, , ,, , ., , . , . doUar. less than one dollar, as he may prescribe, which notes so Legal tender, issucd Shall be lawful monev and a legal tender, like the except for duties "' ° on imports and similar notes heretofore authorized in payment of all debts, interest on the , ,. , . . , . , tt . \ V, , /• public debt. public and private, within the United States, except for duties on imports and interest on the public debt; and the notes so issued shall be part of the amount provided for in any bill now pending for the issue of Treasury notes, or that may be passed hereafter by this Congress. Approved, January 17, 1863. March 3.1863. CHAP. LSXni.-AN ACT TO PROVIDE WAYS AND MEANS rOE THE Vol XU p 709 SUPPORT OE THE GOVERNMENT. Be it enacted by the Senate and House of Representatives of Trea8nr"^^°ma"' '''*^ Z/wite^ States of AmeHca in Congress assembled, That the *30oocoooo "for Secretary of the Treasury be, and he is hereby, authorized this' year and to borrow, from time to time, on the credit of the United ¥t!00,OUO,000 tor ' ' the next. States, a sum not exceeding three hundred millions of dollars for the current fiscal year, and six hundred millions Bonds. for the next fiscal year, and to issue therefor coupon or registered bonds, payable at the pleasure of the govern- seei>os(,p.6o. ment after such periods as may be fixed by the Secretary, not less than ten nor more than forty years from date, in Denominations, coiu, aud of such denominations not less than fifty dollars Interest on, as he may deem expedient, bearing interest at a rate not in coin.' exceeding six per centum per annum, payable on bonds not exceeding one hundred dollars, annually, and on all other Bonds may be bouds semi-anuually, in coin ; and he may, in his discretion, dispose of such bonds at any time, upon such terms as he may deem most advisable, for lawful money of the United States, or for any of the certificates of indebtedness or deposit that may at any time be unpaid, or for any of the Treasury notes heretofore issued or which may be issued To be exempt under the provisions of this act. And all the bonds and from taxation. .^- . ^ ^ R.s.,370i,j)os«, Ireasury notes or United States notes issued under the ^' ^^^' provisions of this act shall be exempt from taxation by or Am't otitstand- under State Or municipal authority : Provided, That there $90o°ooo,ooo.''™^ shall be outstanding of bonds, Treasury notes, and United States notes, at any time, issued under the provisions of this act, no greater amount altogether than the sum of nine hundred millions of dollars. ACTS OP EiaHTEBN HUNDRED AND SIXTY-THEEBi 55 Seo. 2. And he it further enacted, That the Secretary of .^^^™rg6feu-y^ may the Treasury be, and he is hereby, authorized to issue, on jj" Treisury the credit of the United States, four hundred millions of dollars in Treasury notes, payable at the pleasure of the 'When payable United States, or at such time or times not exceediug est/'' three years from date as may be found most beneficial to the public interests, and bearing interest at a rate not ex- ceeding six per centum per annum, payable at periods expressed on the face of said Treasury notes; and the interest pay- interest on the said Treasury notes aud on certificates of money, indebtedness and deposit hereafter issued, shall be paid in lawful money. The Treasury notes thus issued shall be of an°i,°^|?**o°e^ such denomination as the Secretary may direct, not less °^- than ten dollars, and may be disposed of on the best terms p. m' '*"*' that can be obtained, or may be paid to any creditor of the United States willing to receive the same at par. -^nd^^How^a legal said Treasury notes may be made a legal tender to the same e. s.,359o,po«(, extent as United States notes, for their face value, exclud- ^' ing interest; or they may be made exchangeable under For what ex- regulations prescribed by the Secretary of the Treasury, by the holder thereof, at the Treasury iu the city of Wash- ington, or at the office of any Assistant Treasurer or de- positary designated for that purpose, for United States notes equal in amount to the Treasury notes offered for exchange, together with the interest accrued and due thereon at the date of interest payment next preceding such exchange. And in lieu of any amount of said Treas- other notes may be issued for nry notes thus exchanged, or redeemed or paid at maturity, those exchanged. the Secretary may issue an equal amount of other Treasury notes; and the Treasury notes so exchanged, redeemed, or paid, shall be cancelled and destroyed as the Secretary may direct. In order to secure certain and prompt ex- $iso,ooo,ooo of changes of United States notes for Treasury notes, when sued&Texohang- required as above provided, the Secretary shall have power ®^' to issue United States notes to the amount of one hundred and fifty millions of dollars, which may be used if necessary for such exchanges; but no part of the United States notes authorized by. this section shall be issued for or applied to any other purposes than said exchanges ; and whenever any when issued , ,, , , . T ■! ,. T ,, and applied, how amount shall have been so issued and applied, the same replaced, shall be replaced as soon as practicable from the sales of Treasury notes for United States notes. Seo. 3. And he it further enacted, That the Secretary of ..The seoretaiy, •^ ' •'if necesary to the Treasury be, aud he is hereby, authorized, if required pay the Army, •^ ' "^ ' ' -^ (fee, may issue by the exigencies of the public service, for the payment of$i5o,ooo,doo in "' ,,-r ^ „, notes without in- the Army and isavy, and other creditors of the government, terest. 56 LAWS RELATING TO LOANS AND THE CUEEENOT. RS.,357i,2)os«, to issue on the credit of the TJnited States the sum of one hundred and fifty millions of dollars of United States notes, including the amount of such notes heretofore authorized by the joint resolution approved January seventeen, eighteen ' ■ hundred and sixty-three, in such form as he may deem ex- pedient, not bearing interest, payable to bearer, and of such Denominations, denominations, not less than one dollar, as he may prescribe, Legal tender, which notes SO issucd Shall be lawful money and a legal except for dntles „ ,, , ,. . . , . and interest. tender lu payment of all debts, public or private, withm ^E.s.,358s,3)(«i«, j.j^g United States, except for duties on imports and interest Eeissne. on the public debt ; and any of the said notes, when re- ^ R s., 3579,i)os«, tyj,j,g(j ^Q ^;jjg Treasury, may be reissued from time to time lasnes in lien as the exigencies of the public service may require. And ceUed? "' "'"'' iu lieu of any of said notes, or any other United States notes, returned to the Treasury, and cancelled or destroyed, there may be issued equal amounts of United States notes, Eepeai of part such Rs are authorized by this act. And so much of the of 1862, oh. 33, , . , . „ ^ . •, r- ■, ^ 1862, ch. 142, re- act to authorize the issue of United States notes, and for fltricting nego- , t ti . « . i , tiation to market other purposcs, approved February twenty-five, eighteen Ante, p. 50. hundred and sixty- two, and of the act to authorize an ad- Ante,p.44. ditional issue of United States notes, and for other pur- poses, approved July eleven, eighteen hundred and sixty- two, as restricts the negotiation of bonds to market value, When former is hereby repealed. And the holders of United States notes must be . -.,. ,..■. presented for ex- notcs, issucd uudcr and by Virtue of said acts, shall present ""^ ' the same for the purpose of exchanging the same for bonds, as therein provided, on or before the first day of July, eighteen hundred and sixty-three, and thereafter the right so to exchange the same shall cease and determine. In lieu of post- Sec. 4. And be it further enacted. That in lieu of postage agecurrency, .n/... ,«» fiactionai notes and revenue stamps for fractional currency, and of frac- may be issued. , . , -t n -i , , -, ES., 3574, 3575, tional notcs, commonly called postage currency, issued or j)os«,p.i28. ^Q ijg issued, the Secretary of the Treasury may issue frac- tional notes of like amounts in such form as he may deem Ante, p. 53. expedient, and may provide for the engraving, preparation, and issue thereof in the Treasury Department building. chlnge^'ie*' ami ■^'^^ ^"^ ^^^^ notcs issucd Shall be exchangeable by the payable. Assistaut Treasurers and designated depositaries for United States notes, in sums not less than three dollars, and shall be receivable for postage and revenue stamps, and also in payment of any dues to the United States less than five dollars, except duties on imports, and shall be redeemed on presentation at the Treasury of the United States in such sums and under such regulations as the Secretary of ■'■',^2?,wPn*„*?nS^' the Treasury shall prescribe : Provided, That the whole oeed ?aO,000,000. " '■ ' amount of fractional currency issued, including postage ACTS OF EIGHTEEN HUNDRED AND SIXTY-THEEB. 57 and revenue stamps issued as currency, shall not exceed fifty millions of dollars. Sec. 5. And be it further enacted, That the Secretary of Secretary may the Treasury is hereby authorized to receive deposits of deposit aid issue gold coin and bullion with the Treasurer or any Assistant &r.' Treasurer of the United States, in sums not less thanjo^ ^■'^^'*'""> twenty dollars, and to issue certificates therefor, in denom- inations of not less than twenty dollars each, corresponding with the denominations of the United States notes. The coin and bullion deposited for or representing the certifi- cates of deposit shall be retained in the Treasury for the payment of the same on demand. And certificates repre- sach certifl- • • ,1 rrt !• 1. i/T cates may be is- senting coin in the Treasury may be issued in payment of sued to pay inter- interest on the public debt, which certificates, together debt and duties! with those issued for coin and bullion deposited, shall not Limit of am't. at any time exceed twenty per centum beyond the amount of coin and bullion in the Treasury ; and the certificates for coin or bullion in the Treasury shall be received at par •^qI'^^''''^''*'' in payment for duties on imports. Sec. 6. And be it further enacted, That the coupon or reg- Secretary to de- istered bonds, Treasury notes, and United States notes boa™ and notes. authorized by this act shall be in such form as the Secre- tary of the Treasury may direct, and shall have printed wiat to be : printed tnereon. upon them such statements, showing the amount of accrued or accruing interest, the character of the notes, and the penalties or punishment for altering or counterfeiting them, as the Secretary of the Treasury may prescribe, and shall bear the written or engraved signatures of the Treasurer How signed. of the United States and the Register of the Treasury, and also as evidence of lawful issue, the imprint of a copy of T° }="% *™- print Ox 86&1> the seal of the Treasury Department, which imprint shall be made, under the direction of the Secretary, after the said notes or bonds shall be received from the engravers and before they are issued ; or the said notes and bonds shall be signed by the Treasurer of the United States, or signature. for the Treasurer by such persons as may be specially ap- pointed by the Secretary of the Treasury for that purpose, and shall be countersigned by the Eegister of the Treasury, or for the Eegister by such persons as the Secretary of the Treasury may specially appoint for that purpose. And all Provisions of the provisions of the act entitled "An act to authorize the vived. issue of Treasury notes," approved the twenty-third day of December, eighteen hundred and fifty-seven, so far as they can be api>lied to this act, and not inconsistent therewith, are hereby revived and re-enacted. 58 LAWS RELATING- TO LOANS AND THE CUREENCT. cireSfatio" ^i°^ S'^C- '^- ^^^ ^e it further enacted, That all banks, asso- after Apriii,i863'.ciations, Corporations, or individuals, issuing notes or bills for circulation as currency, shall be subject to and pay a duty of one per centum each half year from and after April first, eighteen hundred and sixty-three, upon the average amount of circulation of notes or bills as cur- rency issued beyond the amount hereinafter named, that is to say : banks, associations, corporations, or individuals, having a capital of not over one hundred thousand dollars, ninety per centum thereof ; over one hundred thousand and not over two hundred thousand dollars, eighty per centum thereof; over two hundred thousand and not over three hundred thousand dollars, seventy per centum thereof; over three hundred thousand and not over five hundred thousand dollars, sixty per centum thereof; over five hun- dred thousand and not over one million of dollars, fifty per centum thereof; over one million and not over one million and a half of dollars, forty per centum thereof; over one million and a half, and not over two millions of dollars, thirty per centum thereof; over two millions of dollars, twenty-five per centum thereof. In the case of banks with Banks with branches, the duty herein provided for shall be imposed upon the circulation of the notes or bills of such branches severally, and not upon the aggregate circulation of all; and the amount of capital of each branch shall be con- sidered to be the amount allotted to or used by such branch ; and all such banks, associations, corporations, and individuals shall also be subject to and pay a duty of one half of one per centum each half year from and after April first, eighteen hundred and sixty-three, upon the average amount of notes or bills not otherwise herein taxed and outstanding as currency during the six months next preceding the return hereinafter provided for; and the rates of tax or duty imposed on the circulation of associations which may be organized under the act " to provide a national currency, secured by a pledge of United States stocks, and to provide for the circulation and re- demption thereof," approved February twenty-fifth, eigh- teen hundred and sixty-three, shall be the same as that cironiation hereby imposed on the circulation and deposits of all notes!* banks, associations, corporations, or individuals, but shall be assessed and collected as required by said act; all banks, associations, or corporations, and individuals issuing or reissuing notes or bills for circulation as currency after April first, eighteen hundred and sixty-three, in sums representing any fractional part of a dollar, shall be ACTS OP EIGHTEEN DUNDEED AND SIXTT-TnEEH. 59 subject to and pay a duty of five per centum each half year thereafter upon the amount of such fractional notes or bills so issued. And all banks, associations, corpora- tions, and individuals receiving deposits of money subject to payment on check or draft, except savings institutions, shall be subject to a duty of one-eighth of one per centum Dnty on aepos- each half year from and after April first, eighteen hun- ^m "Jn^o^cfrou^ dred and sixty-three, upon the average amount of such^^*^^^ """^^ "" deposits beyond the average amount of their circulating notes or bills lawfully issued and outstanding as currency. And a list or return shall be made and rendered within thirty days after the first day of October, eighteen hun- dred and sixty-three, and each six months thereafter, to the Commissioner of Internal Eevenue, which shall con- tain a true and faithful account of the amount of duties accrued or which should accrue, on the full amount of the fractional note circulation and on the average amount of all other circulation and of all such deposits, for the six months next preceding. And there shall be annexed to every such list or return a declaration, under oath or affir- mation, to be made in form and manner as shall be pre- scribed by the Commissioner of Internal Eevenue, of the president, or some other proper officer of said bank, asso- ciation, corporation, or individual, respectively, that the same contains a true and faithful account of the duties ■which have accrued, or which should accrue, and not ac- counted for; and for any default in the delivery of such list or return, with such declaration annexed, the bank, association, corporation, or individual making such default, shall forfeit, as a penalty, the sum of five hundred dollars. And such bank, association, corporation or individual shall, upon rendering the list or return as aforesaid, pay to paidVhln return the Commissioner of Internal Eevenue the amount of the™"'^^™^' duties due on such list or return, and in default thereof shall forfeit, as a penalty, the sum of five hundred dollars; and in case of neglect or refusal to make such list or return as aforesaid, or to pay the duties as aforesaid, for the space of thirty days after the time when said list should have been made or rendered, or when said duties shall have become due and payable, the assessment and collection shall be made according to the general provisions pre- scribed in an act entitled "An act to provide internal revenue to support the government and to pay interest on the public debt," approved July one, eighteen hundred and sixty-two. 60 LAWS EELATIN& TO LOANS AND THE CUKEENCT. former^^aot ^^^' ^- ■^'"'^ ^^ U further enacted, That, in order to pre- MtiS^*&o°°Se ^^'^^ ^""^ punish counterfeiting and fraudulent alterations applicable.' of the bonds, notes, and fractional currency authorized to 6,7. '" ' °*be issued by this act, all the provisions of the sixth and seventh sections of the act entitled "An act to authorize ^«te,pp.47,48. tije issue of United States notes, and for the redemption or funding thereof, and for funding the floating debt of the United States," approved February twenty-fifth, eighteen hundred and sixty-two, shall, so far as applicable, apply to the bonds, notes, and fractional currency hereby authorized to be issued, in like manner as if the said sixth and seventh sections were hereby adopted as additional sections of this act. And the provisions and penalties of said sixth and seventh sections shall extend and apply to all persons who shall imitate, counterfeit, make or sell any paper such as that used, or provided to be used, for the fractional notes prepared, or to be prepared, in the Treasury Department building, and to all officials of the Treasury Department engaged in engraving and preparing the bonds, notes, and fractional currency hereby authorized to be issued, and to all ofiBcial and unofflcial persons in any manner employed Appropriation under the provisions of this act. And the sum of six hnn- tSsact™^"" dred thousand dollars is hereby appropriated, out of any money in the Treasury not otherwise appropriated, to enable the Secretary of the Treasury to carry this act into effect. Approved March 3, 1863. March 3, 1864. CHAP. XVH.— AN ACT SUPPLEMENTAEY TO AH" ACT ENTITLED " AN ACT TO PKOVIDE WAYS AND MEANS FOE THE STJPPOET 01" THE VoLXin,p.l3. GOTEENMENT," APPEOVED MAECH THIED, EIGHTEEN HUNDEED AND SIXXY-THEEE. Be it enacted hy the Senate and House of Ecpresentatives of the United States of America in Congress assemhled, That in Ante,v.54. ]ieu of SO much of the loan authorized by the act of March third, eighteen hundred and sixty-three, to which this is Secretary of the supplementary, the Secretary of the Treasury is authorized borrow not over to borrow, from time to time, on the credit of the United $200,000,000 and ' ,.,,,-, .,,. „ , ,, issue therefor States, not exceeding two hundred millions of dollars ve- or y on s. ^^^jj^g ^j^^ Current fiscal year, and to prepare and issue therefor coupon or registered bonds of the United States, See ». 3, post, bearing date March first, eighteen hundred and sixty-four, '■ ■ or any subsequent period, redeemable at the pleasure of the government after any period not less than five years, and payable at any period not more than forty years from date. Denominations, in coin, and of such denominations as may be found expe- ACTS OP EIGHTEEN HUNDRED AND SIXTY-FOUE. 61 dient, not less than fifty dollars, bearincr interest not exceed- interest not ° over 6 per cent., ing SIX per centum a year, payable on bonds not over one payaWo in coin. hundred dollars, annually, and on all other bonds semi-an- nually, in coiu ; and he may dispose of such bonds at any How disposed time, on such terms as he may deem most advisable, for"' lawful money of the United States, or, at his discretion, for Treasury notes, certificates of indebtedness, or certificates of deposit, issued under any act of Congress ; and all bonds Exempt from issued under this act shall be exempt from taxation by or "RS.^ioi.posf, under State or municipal authority. And the Secretary of ^' Appropriation the Treasury shall pay the necessary expenses of the prepa- to'' f^S^'one- ration, issue, and disposal of such bonds out of any money ceit."' "'"' '^'^'^ in the Treasury not otherwise appropriated, but the amount so paid shall not exceed one-half of one per centum of the amount of the bonds so issued and disposed of. Sec. 2. And be it further enacted. That the Secretarv of ^ ^'7" ■ t^™ty . ' •' bonds mav be is- the treasury is hereby authorized to issue to persons who™^'' *" certain , ., , ■■ „ ,, „ , subscribers. subscribed on or before the twenty-first day of January, eighteen hundred and sixty-four, for bonds redeemable after five years and payable twenty years from date, and have ■'''"'' p- ^^■ paid into the Treasury the amount of their subscriptions, the bonds by them respectively subscribed for, not exceeding eleven millions of dollars, notwithstanding that such sub- scriptions may be in excess of five hundred millions of dol- lars ; and the bonds so issued shall have the same force and isea, eb. 33, anfe, ' p. 44. effect as if issued under the provisions of the act to " author- ize the issue of United States notes and for other purposes," approved February twenty-sixth [fifth], eighteen hundred and sixty-two. Approved March 3, 1864. [No. 20.] JOINT EESOLUTION TO ATJTHOEIZE THE SECRETAET OF THE March IT, 1864. TEEASUEY TO ANTICIPATE THE PAYMENT OP THE INTEREST ON THE PUBLIC DEBT, AND EOK OTHEE PURPOSES. Vol. XIII, p. 404. Be it resolved by tlie Senate and House of Bepresentatives of the United States of America in Congress assembled, That the secretary of the Secretary of the Treasury be authorized to anticipate the anticipate the in- payment of interest on the public debt, by a period not ex-iioTebT "^^ ceeding one year, from time to time, either with or without p.^f'^^^^'^""' a rebate of interest upon the coupons, as to him may seem ex- pedient ; and he is hereby authorized to dispose of any gold in the Treasury of the United States not necessary for the payment of interest of the public debt: Provided, That the Proviso, obligation to create the sinking fund according to the act of 62 LATVS RELATING TO LOANS AND THE CUERENOY. ^ i862,ch.33,an(e, February twenty-fifth, eighteen hundred and sixty-two, shall not be impaired thereby. Approved, March 17, 1864. ^pni 22, 1864. CHAP. LXVI.— AN ACT IS^ AMESTDMENT OF AN ACT ENTITLED "AN Vol. Xm, p. 54. -*^CT EELATING TO FOKEIGN COINS AND THE COINAGE OF CENTS ' ' ' AT THE MINT OF THE UNITED STATES," APPEOVED FEBEUAEY TWENTY-ONE, EIGHTEEN HXTNDEED AND FIFTY-SEVEN. Be it enacted by the Senate and Souse of Bejpresentatives of s t a n d a r a <^e United States of America in Connress assembled, That, weight, &o., of *' ./ ' 7 mint. from and after the passage of this act, the standard weight o *x. ,, on of the cent coined at the mint of the United States shall be bee act Feb. 22, 1867, 8. 4, ante, forty-cight grains, or one-tenth of one ounce troy; and said cent shall be composed of ninety-five per centum of copper, 1873%. i6,j)o'«(, p.'ahd five per centum of tin and zinc, in such proportions as "'*■ shall be determined by the director of the mint ; and there to be°cotaed.^°°^^ shall be, from time to time, struck and coined at the mint Ibid. a two-cent piece, of the same composition, the standard weight of which shall be ninety-six grains, or one-fifth of one ounce troy, with no greater deviation than four grains ^hape, devices, ^q g^^^jj pigpe of Said Cent and two-cent coins; and the shape, mottoes, and devices of said coins shall be fixed by the direct- or of the mint, with the approval of the Secretary of the Treasury ; and the laws now in force relating to the coin- age of cents and providing for the purchase of material and prescribing the appropriate duties of the offlcers of the mint and the Secretary of the Treasury be, and the same are hereby, extended to the coinage herein provided for. Pr|sentiaws ex- Sec. 2. And be it further enacted, That all laws now in force relating to the coins of the United States and the strik- ing and coining the same shall, so far as applicable, be ex- 'R-s.,5i6% post, tended to the coinage herein authorized, whether said laws are penal or otherwise, for the security of the coin, regulat- ing and guarding the process of striking and coining, for preventing debasement or counterfeiting, or for any other purpose. Director of gBc. 3. And be it further enacted, That the director of the roiiiti to 86CQro coniormityof ai-miut shall prescribe suitable regulations to insure a due loy in sncn coins. . , . conformity to the required weights and proportions of alloy in the said coins ; and shall order trials thereof to be made from time to time by theassayerof themint, whereof a report shall be made in writing to the director. Snoh coins to qec. 4. And be it further enacted. That the said coins shall be legal tender *^ ' and for what fee a legal tender in any payment, the one-cent coin to the SQtns. Eopeaied. amouut of ten cents, and the two-cent coin to the amount Poet, p. 75, s. 6. ACTS OF EIGHTEEN HUNDRED AND SIXTY-FOUE. Oo of twenty cents; and it shall be lawful to pay out said coins in exchange for the lawful currency of the United States, (except cents or half cents issued under former acts of Con- gress,) in suitable sums, by the treasurer of the mint, and by such other depositaries as the Secretary of the Treasury may designate, under general regulations proposed by the director of the mint and approved by the Secretary of the Treasury; and the expenses incident to snch exchange, distribution, and transmission may be paid out of the profits of said coinage ; and the net profits of said coinage, ascer- tained in like manner as is prescribed in the second section of the act to which this is a supplement, shall be transferred to the treasury of the United States. Seo. 5. And he it further enacted, That if any person or penalty for persons shall make, issue, or pass, or cause to be made, is- "e n'al d° To^ to sued, or passed, any coin, card, token, or device whatsoever, ^^^ ^ ™'"'' in metal or its compounds, intended to pass or be passed as money for a one-cent piece or a two-cent piece, such person ^^s., 54c, post, or persons shall be deemed guilty of a misdemeanor, and shall, on conviction thereof, be punished by a fine not ex- ceeding one thousand dollars, and by imprisonment for a term not exceeding five years. Approved, April 22, 1864. CHAP. CLXXn.— AN ACT TO PROVIDE WATS AND MEANS EOE THE June 30,ie6i. SUPPORT OF THE GOVERNMENT, AND FOR OTHER PURPOSES. „ , „,„ r"- V ol. XlLl, p. 218. Be it enacted by the Senate and House of Representatives of Pos«, p. 70. the United States of America in Congress assembled, That the Secretary of the Secretary of the Treasury be, and he is hereby, authorized bo"row'^|4oo™oo^ to borrow, from time to time, on the credit of the United bondsf&c. States, four hundred millions of dollars, and to issue there- for coupon or registered bonds of the United States, re- deemable at the pleasure of the government, after any when redeem- period not less than five, nor more than thirty years, or, ^'"^^' if deemed expedient, made payable at any period not more than forty years from date. And said bonds shall be of Denomination. such denominations as the Secretary of the Treasury shall direct, not less than fifty dollars, and bear an annual inter- interest semi- . . ,. . , 1.1 • n annually in coin. est not exceeding six per centum, payable semi-annually in coin. And the Secretary of the Treasury may dispose HowboDdsmay of such bonds, or any part thereof, and of any bonds com- ^ '^^ ^ monly known as five-twenties remaining unsold, in the .in««, p. 61,8.2. United States, or if he shall find it expedient, in Europe, at any time, on such terms as he may deem most advisa- ble, for lawful money of the United States, or, at his dis- 64 LAWS KELATINa TO LOANS AND THE CUEEENCY. cretion for Treasury notes, certificates of indebtedness, AH obligations or Certificates of deposit issued under any act of Congress. of the United ^ ■ j. i states to bo ex- And all bonds, Treasury notes, and otlier obligations of the empt from taxa- ^^ u 7 _ ■-■ tion. United States shall be exempt from taxation by or under p.?3L ■ ^"'^•*'"'' State or municipal authority. Secretary may Sec. 2. And be it further enacted, That the Secretary of issue m lieu ot *' ' ■ part of loan the Treasury may issue on the credit of the United States, ?200, 000, 000 •! J , , • 1 I, , 'Xreasury notes, and in Heu of an equal amount of bonds authorized by the E.s.,3473,2)os(, preceding section, and as a part of said loan, not exceeding two hundred millions of dollars, in Treasury notes of any renominations, denomination not less than ten dollars, payable at any time and when pay- i •■ -j u able. not exceeding three years from date, or, if thought more expedient, redeemable at any time after three years from Interest pay- date, and bearing interest not exceeding the rate of seven able in lawful ' , , , " .,.,,., money. and threc-teuths per centum payable in lawful money at maturity, or, at the discretion of the Secretary, semi- How may be annually. And the said Treasury notes may be disposed ispose o . of by the Secretary of the Treasury, on the best terms that How far to be can be obtained, for lawful money ; and such of them as legal tender. ' , E.S., 3590, post, shall be made payable, principal and interest, at maturity, P' ""• shall be a legal tender to the same extent as United States notes for their face value, excluding interest, and may be p. m'^"^' "''*'' paid to any creditor of the United States at their face value, excluding interest, or to any creditor willing to to'bcf conTCitibie r^ceive them at i)ar, including interest ; and any Treasury Into bonds. notcs issucd Under the authority of this act may be make convertible, at the discretion of the Secretary of the Treas- ury, into any bonds issued under the authority of this act. Btuutld "for The ^'^'^ ^^^ Secretary of the Treasury may redeem and cause notes of previous to be Cancelled and destroyed any Treasury notes or United States notes heretofore issued under authority of previous acts of Congress, and substitute, in lieu thereof, an equal amount of Treasury notes such as are authorized by this Amount of act, or of Other United States notes: Provided, That the bonds and notes ' ' not to e?:ceed total amount of bonds and Treasury notes authorized by the first and second sections of this act shall not exceed four hundred millions of dollars, in addition to the amounts cefd!&o"""°''^'Ji^'"'2*^ofore issued; nor shall the total amount of United States notes, issued or to be issued, ever exceed four hun- dred millions of dollars, and such additional sum, not exceeding fifty millions of dollars, as may be temporarily • ■'^ n'otes*no\^ie' ^^^'^'^'^'^ ^°^ ^^^ redemption of temporary loan ; nor shall gaitenderfortheany Treasury note bearing interest, issued under this act, redemption of cir- , . ' cuiationofbanks. be a legal tender in payment or redemption of any notes issued by any bank, banking association, or banker, calcu- lated or intended to circulate as money. ACTS OF EIGHTEEN HUNDRED AND SIXTY-EOXTE. 65 Seo. 3. And be it further enacted, That the interest on all Jn'*''^ '"''.'"""'s '' ' heretolore issued bonds heretofore issued, payable annually, may be paid may bepaxdaemi- ' "^ - ^ I ^ - annnally. semi-annually ; and in lieu of such bonds authorized to be issued, the Secretary of the Treasury may issue bonds bearing interest, payable semi-annually. And be may also Bonds mo,y be issue in exchange for Treasury notes heretofore issued change for seven -.. -,., iii j,>j_j_i--i and three-tentbs bearing seven and three-tenths per centum interest, besides notes. the six per centum bonds heretofore authorized, like bonds - of all the denominations in which such Treasury notes have been issued ; and the interest on such Treasury notes after maturity shall be paid in lawful money, and they may be exchanged for such bonds at any time within three months from the date of notice of redemption by the Sec- retary of the Treasury, after which the interest on such Treasury notes shall cease. And so much of the law ap- Eepeai of parts proved Marcb third, eighteen hundred and sixty-four, asJee^' ''^^"^ ^' limits the loan authorized therein to the current fiscal year, Ante,-p.m. is hereby repealed ; and the authority of the Secretary of the Treasury to borrow money and issue therefor bonds or notes, conferred by the first section of the act of March and of ises, oh. tbird, eighteen hundred and sixty-three, entitled "An act' ]^„te, p.54. to provide ways and means for the support of the govern- ment," shall cease on and after the passage of this act, except so far as it may effect seventy-five millions of bonds already advertised. Sec. 4. And be it further enacted, That the Secretary of secretary of the the Treasury may authorize the receipt, as a temporary oew^e^'Sa^rary. loan, of United States notes or the notes of national bank- ^°™" ing associations on deposit for not less than thirty days, in sums of not less than fifty dollars, by any of the Assist- ant Treasurers of the United States, or depositories desig- nated for that purpose other than national banking asso- ciations, who shall issue certiflca.tes of deposit in such Certificates of form as the Secretary of the Treasury shall prescribe, sned therefbr. bearing interest not exceeding six per centum annually, and payable at any time after the term of deposit, acd when payable, after ten days' subsequent notice, unless time and notice be waived by the Secretary of the Treasury ; and the Sec- retary of the Treasury may increase the interest on depos- its at less than six per centum to that rate, or, on ten days notice to depositors, may diminish the rate of interest as the public interest may require; but the aggregate of such Aggregate not deposits shall not exceed one hundred and fifty millions of 000.'"'^'' ' ' dollars ; and the Secretary of the Treasury may issue, and shall hold in reserve for payment of such deposits, United States notes not exceeding fifty millions of dollars, includ- 5 66 LAWS RELATING TO LOANS AND THE CUEKENCT. ing the amount already applied in such payment; and the United States notes, so held in reserve shall be used only when needed, in his judgment, for the prompt payment of such deposits on demand, and shall be withdrawn and Reserve for placed again in reserve as the amount of deposits shall their payment. ^ o i; again increase. Fractional car- Seo. 5. And 1)6 it further enacted, That the Secretary of rency maybe ^ . ^--in issued to an the Treasury may issue notes of the iractions oi a dollar amount not over . , _ . , ... *5o,ooo,ooo. as now used for currency, in such lorm, with such inscrip- .35?5,^'o«fp'.i™'tion8, and with such safeguards against counterfeiting, as he may judge best, and provide for the engraving and preparation, and for the issue of the same, as well as of all other notes and bonds, and other obligations, and shall make such regulations for the redemption of said frac- tional notes and other notes when mutilated or defaced, and for the receipt of said fractional notes in payment of debts to the United States, except for customs, in such sums, not over five dollars, as may appear to him expedi- ent ; and it is hereby declared that all laws and parts of laws applicable to the fractional notes engraved and issued as herein authorized, apply equally and with like force to all the fractional notes heretofore authorized, whether known as postage currency or otherwise, and to postage stamps issued as currency; but the whole amount of all descriptions of notes or stamps less than one dollar issued as currency shall not exceed fifty millions of dollars. conponandreg- Sec. 6. And be it further enacted, That the coupon and jstered bonds, to < i^ i -i iini- i^ ji l- be of what form registered bonds shall be in such form and bear such in- an owsigne . ggjjp^JQjjg ^g ^fjg Secretary of the Treasury may direct, and shall be signed by the Eegister of the Treasury, or for the Eegister, by such person or persons as may be specially designated for that purpose by the Secretary of the Treas- ury, and shall bear as evidence of lawful issue, the imprint seaL of the Seal of the Treasury Department, to be made under Where to be the direction of the Secretary of the Treasury, in a room ™^ *■ set apart especially and exclusively for that purpose, under Conpona. the care of some person appointed directly by him. And the coupons attached to such bonds sliall bear the engraved signature of the Eegister of the Treasury, and such other device or safeguard against counterfeiting as the Secretary Former bonds may approvc ; and it is hereby declared that all bonds here- ma evai . to[fo]re issued, bearing the signature of the Eegister, shall have the same force, effect, and validity as if signed also by the Treasurer, and all bonds bearing the signature of the Eegister, erroneously described as Treasurer of the United States, shall have the same force, effect, and validity, as if ACTS OF EIGHTEEN HUNDRED AND SIXTY-POTJB. 67 his official designation had been correctly stated ; and all coupons bearing the engraved signature of the Eegister of the Treasury in office at the time when such signatures were authorized and engraved, shall have full force, validity, and effectj notwithstanding such Eegister may have subsequently ceased to hold office as such, when issued in connection ■with bonds duly authorized and signed by or for the suc- cessor or successors of said Eegister. And the Treasury FormofTreaa- notes and United States notes authorized by this act shall "'^ "" ''^' be in such form as the Secretary of the Treasury shall di- rect and shall bear the written or engraved signatures of the Treasurer of the United States and the Eegister of the Treasury, and shall have printed upon them such state- ments, showing the amount of accrued or accruing interest and the character of the notes, as the Secretary of the Treasury may prescribe ; and shall bear, as a further evi- dence of lawful issue, the imprint of the seal of the Treas- ury Department, to be made under the direction of the Sec- retary of the Treasury, as before directed. Sec. 7. And he it further enacted. That the Secretary of , Eegiatered bonds maybe is- the Treasury is hereby authorized to issue, upon such sued for oonpon. terms and under such regulations as he may from time t0p.?34^'^^''®'^''*'' time prescribe, registered bonds in exchange for, and in lieu of, any coupon bonds which have been or may here- after be lawfully issued ; such registered bonds to be simi- lar in all respects to the registered bonds issued under the acts authorizing the issue of the couijon bonds offered for exchange. And for all mutilated, defaced, or indorsed con- Mutilated, de- pon or other bonds presented to the Department, the Secre- ^^ ' "" tary of the Treasury is authorized to issue, upon terms and under regulations as aforesaid, and in substitution therefor, other bonds of like or equivalent issues. Sec. 8. And he it further enacted, That the Secretary of instrnctions, the Treasury is hereby authorized and required to make cera reviving or and issue, from time to time, such instructions, rules, and staM8"otS°&o.*' regulations, to the several collectors, receivers, deposita- ries, officers, and others, who may receive Treasury notes, e.s.,25i, pos*, United States notes, or other securities in behalf of the^" United States, or who may be in any way engaged or em- ployed in the preparation and issue of the same, as he shall deem best calculated to promote the public conven- ience and security, and to protect the United States, as well as individuals, from fraud and loss. Sec. 9. And he it further enacted, That the necessary ex- prepa'i'in^^^nd penses of engraving, printing, preparing, and issuing ^^^''^^^^ ^^"''^^w United States notes, Treasury notes, fractional notes, and ^0™^""'^^*^. 68 LAWS EELATING TO LOANS AND THE OUEEENCY. ^i^s.,3578,j.o««, bon^g^ hereby authorized, and of disposing of the same to subscribers and purchasers, shall be paid out of any money in the Treasury not otherwise appropriated ; but the whole amount thereof shall not exceed one per centum on the amount of notes and bonds issued. counterfeitme^or ®-^^' -^^^ -^^^ ^^ it further enocted, That, if any person or sutosfecmitieB' P^'^so'^s Shall falsely make, forge, counterfeit, or alter, or cause E.s.,54i4,jpoet, orprocure to befalsely made, forged, counterfeited, or altered, ^' any obligation or security of the United States, or shall pass. For nttering, uttcr, publish, or Sell, or attempt to pass, utter, publish, or &o., connterfeit, „ , „ t! . • 1 ^v, tt -^ i of <. j- ^ ■ &o. sell, or shall bring into the United States Irom any foreign p.^bl' ^^^^'^""'PlS'Ce with intenttopa,ss, utter, publish, or sell, or shallhaveor keep in possession, or conceal, withintentto utter, publish, or sell, any such false, forged, counterfeited, or altered obliga- tion, or other security, with intent to deceive or defraud, or shall knowingly aid or assist in any of the acts aforesaid, every person so offending shall be deemed guilty of felony, and shall, on conviction thereof, be punished by fine not ex- ceeding five thousand dollars, and by imprisonment and confinement at hard labor not exceeding fifteen years, ac- cording to the aggravation of the offence. j^or using Sec. 11. And be it further enacted, That if any person notes without au- having coutrol, custody, or possession of any plate or E. s., 5430, pose, P^^*es f™"^ ^'^ic^ any obligation or other security, or any ^■^•'^- part thereof, shall have been printed, or which may have been prepared by direction from the Secretary of the Treas- ury, for the purpose of printing any such obligation or other security, or any part thereof, shall use such plate or plates, or knowingly suffer the same to be used, for the purpose of printing any such or similar obligation, or other security, or any part thereof, except such as shall be printed for the use of the United States, by order of For engraving the proper offlccr thereof; or if any person shall engrave, or cause or procure to be engraved, or shall aid or assist in engraving, any plate or plates in the likeness or simili- tude of any plate or plates designed for the printing of any such obligation or other security, or any part thereof, or shall vend or sell any such plate or plates, or shall bring into the United States from any foreign place any such plate or plates, except under the direction of the Secretary of the Treasury or other proper ofQcer, or with any other intent, or for any other purpose, in either case, than that such plate or plates shall be used for the printing of such notes, bonds, coupons, or other obligations or securities, or some part or parts thereof, for the use of the United States, or shall have in his control, custody, or possession, ACTS OF EIGHTEEN HUNBKED AND SIXTT-FOUK. 69 any metallic plate engraved after the similitude of any plate from which any such obligation or other security, or any part or parts thereof, shall have been printed, with intent to use such plate or plates, or cause or suffer the same to be used, in forging or counterfeiting any such obligation or other security, or any part or parts thereof, or shall have in his custody or possession, except under authority from the Secretary of the Treasury, or other proper officer, any obligation or other security, engraved and printed after the similitude of any obligation or other security issued under the authority of the United States, with intent to sell or otherwise use the same; or if any Penalty for printing or pno- person shall print, photograph, or in any other manner tograpMng notes, make or execute, or cause to be printed, photographed, or in any manner made or executed, or shall aid in printing, photographing, making, or executing any engraving, pho- tograph, or other print or impression in the likeness or similitude of any obligation or other security, or any part or parts thereof, or shall vend or sell any such engraving, photograph, print, or other impression, except to the United States, or shall bring into the United States from any for- for bringing ' ° •' into the United eign place any such engraving, photograph, print, or other states sncii pho- impression, except by the direction ot some proper ofiacer notes; of the United States, or shall have or retain in his custody or possession, after a distinctive paper shall have been adopted by the Secretary of the Treasury for obligations and other securities of the United States, any similar paper adapted to the making of any such obligation or other security, except under authority of the Secretary of the Treasury, or some other proper ofiQcer of the United States, every person so offending shall be deemed guilty of a fel- ony, and shall, on conviction thereof, be punished by a fine not exceeding five thousand dollars, or by imprisonment and confinement at hard labor, not exceeding fifteen years, or by both, in the discretion of the court. Sec. 12. And be it further enacted. That if any person f?r retaining •' ' •' ^ plates, &o., -witti- shall have or retain in his or her custody, possession, or ont authority; control, without the written authority or warrant of the Secretary of the Treasury, or of the Comptroller of the Currency, approved by the Secretary of the Treasury, any engraved or transferred plate, block, or electrotype, or any die, roll, or other original work used in making or prepar- ing any plate, block, or electrotype, or any plate, block, or electrotype prepared or made after the similitude of any plate, block, or electrotype, from which any obligation or other security authorized to be issued by any act of Con- 70 LA"WS BELATINGr TO LOANS AND THE CURKENOY. gress, or any part thereof, has been or may hereafter be, printed, or shall use, or cause or knowingly suffer the same ^.^ii" cou'n& ''O ^^ used, in forgiug or counterfeiting any such obligation leiting notes, or Other sccurity, or shall print, or cause to be printed, any bronzed or gilt letters or devices, or shall print, or cause to be printed, any letters, figures, or devices with green iuk, or any green color or pigment, upon any note, bond, or other representative of value, intended or adapted to be used as a currency or a circulating medium, every such person, being thereof convicted by due course of law, shall be deemed guilty of felony, and shall be imprisoned and kept at hard labor for a term not more than ten years, and fined in a sum not more than ten thousand dollars: cntfonf Sn'der-^*'''^*'^^^' That nothing in this act shall affect any prose- g^l'^^^o'i'otaf- cation pending, or any civil or criminal liabilities incurred, Proviso. under any former act : Provided further, That the fore- going provisions of tbis section shall not be held or con- strued to deprive any person of the right to retain in his custody and possession and use for any lawful purpose, any engraved or transferred plate, block, or electrotype, or any die, roll, or other original work as aforesaid, which had been used by him in printing or engraving bank notes or other obligations, before being used in printing any obligation or other security authorized to be issued by any act of Congress; nor shall any of said foregoing provisions be held or construed to prohibit or restrain the lawful use by any person of any ink, color, or pigment, the exclusive right to which has been secured to any such person by letters patent which are still in force. ■Words "oUiga- Seo. 13. And be it further enacted, That the words '^obli- curiiy,"&c.,toin-gation or Other security of the United States," used in this " E.S., 54i3,j)osf, 3Ct, shall be held to include and mean all bonds, coupons, i'"^- national currency. United States notes. Treasury notes, fractional notes, checks for money of authorized ofiQcers of the United States, certificates of indebtednes, certificates of deposit, stamps, and other representatives of value of ■whatever denomination, which have been or may be issued under any act of Congress. Approved June 30, 1864. Jan. 28, 1865. CHAP. XXH— AIT ACT TO AMEND AN ACT ENTITLED "AN ACT TO PEO- VIDE ■WArS AND MEANS FOE THE SUPPOET OP THE GOVERNMENT, Vol. Xni, p. 425. jj^jy j,Qjj OTHEE PUEPOSES," APPEOVED JUNE THIRTIETH, EIGHTEEN HtJNDEED AND SISTY-FO0E. Be it enacted by the Senate and Souse of Representatives of the United States of America in Congress assembled, That in ACTS OF EIGHTEEN HUNDRED AND SIXTY-FIVE. 71 lieu of aiuy bonds authorized to be issued by the first sec- ,^^^y issue ■^ Treasury notes tion of the act entitled "An act to provide ways and means of same character „ , of those author- lor the support ot the government," approved June thir-izeci by 24 section .. ,, . ^'^J 1 J r J • .. J. V, i ■ of the act of June tietn, eighteen hundred and sixty -four, that may remainso, i864,iniieuof unsold at the date of this act, the Secretary of the Treasury "Ante.-p.es. may issue, under the authority of said act. Treasury notes of the description and character authorized by the second section of said act : Provided, That the whole amount of "whoie amount ' not to exceed bonds authorized as aforesaid, and Treasury notes issued $4ou,ooo,ooo. and to be issued in lieu thereof, shall not exceed the sum of four hundred millions of dollars ; and such Treasury notes May receive may be disposed of for lawful money, or for any other dehtednese or Treasury notes or certificates of indebtedness or certificates poait in payment. of deposit issued under any previous act of Congress; and Exempt from such notes shall be exempt from taxation by or under State oipai taxation. ..,,,., ■" R.S., 3101, post, or municipal authority. p. 133. Sec. 2. And he it further enacted. That any bonds known ^ May lasne any ^ 7 'J 5-20 bonds notes- as five-twenties, issued under the act of twenty-fifth Feb- ceeding $4, 000,000 remaining un&ola ruary, eighteen hundred and sixty-two, remaining unsold of the act of Feb- ^ - <- J- -P -ll- I /I 11 ruary 25, 1862. to an amount not exceeding four millions ot dollars, may j.„te, p.44. be disposed of by the Secretary of the Treasury in the. ^^^itl^^gt^es United States, or, if he shall find it expedient, in Europe, or Europe. at any time, on such terms as he may deem most advisable : Provided, That this act shall not be so construed as to give No further is- ' sue of legai-tend- any authority for the issue of any legal-tender notes, in any er notes author- form, beyond the balance unissued of the amount author- ized by the second section of the act to which this is an amendment. Approved January 28, 1865. CHAP. LXXVII.— AN ACT TO PEOVIDE WAYS AND MEANS FOE THE March 3, 1865. SUPPORT OP THE GOVEENMENT. Vol. Xin, p. 468. Be it enacted by the Senate and House of Representatives of p^^^ ,g the United States of America in Congress assembled, That the secretary of the Secretary of the Treasury be, and he is hereby, authorized ized.^t"Crro''w to borrow, from time to time, ou the credit of the United in™|60o,oo^ooo. States, in addition to the amounts heretofore authorized, any sums not exceeding in the aggregate six hundred millions of dollars, and to issue therefor bonds or Treasury ^^^™'J.|^'jJ^''^^^g notes of the United States, in such form as he may pre- '^^'^e'l *«'''">'•• scribe; and so much thereof as may be issued in bonds shall be of denominations not less than fifty dollars, and may be made payable at any period not more than forty years from date of issue, or may be made redeemable, at the pleasure of the government, at or after any period not 72 LAWS EELATnia TO LOANS AND THE CUKEENOY. less than five years uor more than forty years Irom date, or may be made redeemable and payable as aforesaid, as may be expressed upon their facej and so much thereof as may be issued in Treasury notes may be made convertible into any bonds authorized by this act, and may be of such denominations — not less than fifty dollars — and bear such dates and be made redeemable or payable at such periods as in the opinion of the Secretary of the Treasury may be Interest on deemed expedient. And the interest on such bonds shall bonds payable '^ semi-annually, be payable semi-anuually ; and on Treasury notes author- ized by this act the interest may be made payable semi annually, or annually, or at maturity thereof; and the prinfcipal, or interest, or both, may be made payable in coin or in other lawful money : Provided, That the rate of interest on any such bonds or Treasury notes, when paya- ble in coin, shall not exceed six per centum per annum ; and when not payable in coin shall not exceed seven and three-tenths per centum per annum ; and the rate and character of interest shall be expressed on all such bonds or Treasury notes : And provided further, That the act en- titled "An act to provide ways and means for the support of the government, and for other purposes," approved June 4nic, p.63. thirtieth, eighteen hundred and sixty -four, shall be so con- strued as to authorize the issue of bonds of any description Treasury notes authorized bv this act. And any Treasury notes or other or other interest- "^ ./ »/ bearing obiiga- obligations bearing interest, issued under any act of Con- tions maybe con- ^ <=> / m verted into bonds gress, may, at the discretion of the Secretary of the Treas- autborized by ° ' "^ ' this act. ury, and with the consent of the holder, be converted into any description of bonds authorized by this act ; and no bonds so authorized shall be considered a part of the amount of six hundred millions hereinbefore authorized. Bonds or obii- Seo. 2. And be it further enacted, That the Secretary of gations isaaea uuder this act the Treasury may dispose of any of the bonds or other obli- may be disposed . . . . ..-.-t.., of in the United gatioDs issued Under this act, either in the United States ■where for coin, Or clscwhere, in such manner, and at such rates and under ™ u money, ^^^^ conditions, as he may think advisable, for coin, or for other lawful money of the United States, or for any Treas- ury notes, certificates of indebtedness, or certificates of deposit, or other representatives of value, which have been or may be issued under any act of Congress; and may, at his discretion, issue bonds or Treasury notes authorized by this act, in payment for any requisitions for materials or supplies which shall have been made by the appropriate department or ofQces upon the Treasury of the United States, on receiving notice in writing, through the depart- ment or office making the requisition, that the owner of ACTS OF EIGHTEEN HUNDRED AND SIXTY-FIVE. 73 the claim for which the requisition is issued desires to sub- scribe for an amount of loan that will cover said requisi- Bonds or obli- gations issued tion, or any part thereof; and all bonds or other obligations oxompt from ^ , , , , , /. , .1 state and mnnici- issued under this act shall be exempt from taxation by or pai taxation. under State or municipal authority. p.-faa®' ^™^' *°**' Seo. 3. And be it further enacted, That all the provisions ^'"^'^ °^ ""'«'• of the act entitled "An act to provide ways and means for i864, ch. na, vol. xiu, ante, p. the support of the government, and for other purposes," ea approved June thirtieth, eighteen hundred and sixty-four, in relation to forma, inscriptions, devices, and the printing, attestation, sealing, signing, and counterfeiting thereof, with such others as are applicable, shall apply to the bonds and other obligations issued under this act : Provided, That Legal - tendi-rs .,,,,, , , J, ..not authorized nothing herein contained shall be construed as authorizing hereby. the issue of legal-tender notes in any form ; and a sum not^ Appropriation ^ ./ 7 fQP expenses. exceeding one per centum of the amount of bonds and other obligations issued under this act, is hereby appropriated to pay the expense of preparing and issuing the same, and disposing thereof. Approved March 3, 1865. CHAP. C.-AN ACT TO ATTTHOEIZB THE COINAGE OF THEEB-CBNT jjfarch 3, 1865. PIECES, AND FOE OTHEE PUEPOSES. ■ '■ '— Vol. xvru, p. 517 Be it enacted hy the Senate and House of Representatives of the United States of America in Congress assembled, That a three-cent so soon as practicable after the passage of this act, there ^^po«f°p. 93""iV. shall be coined at the mint of the United States a three-cent piece, composed of copper and nickel in such proportions, not composition , exceeding twenty-five per centum of nickel, as shall be de- ™ef&o!'"'^°' termined by the director of the mint, the standard weight of which shall be thirty grains, with no greater deviation than four grains to each piece, and the shape, mottoes, and devices of said coin shall be determined by the director of the mint, with the approval of the Secretary of the Treasury. And the laws now in force relating to the coinage of cents. Laws appiioa- and providing for the purchase of material and prescribing the appropriate duties of the officers of the mint, and of the Secretary of the Treasury be, and the same are hereby, extended to the coinage herein provided for. Sec. 2. And be it further enacted, That all laws now in Laws relating ,. ',. _,_.r..,-^ 11 *o coins and coin- force, relating to the coins of the United States, and the age extended to striking and coinage of the same, shall so far as applicable be extended to the coinage herein authorized, whether said laws are penal or otherwise, for the security of the coin, regulating and guarding the process of striking and coining, 74 LA.WS RELATING TO LOANS AND THE CTJEEENCY. for preventing debasement or counterfeiting, or for any other pireotor of purpose. And the director of the mint shall prescribe suit- regniations. able regulations to insure a due conformity to the required weights and proportions of alloy in the said coin, and shall order trials thereof to be made from time to time, by the assa.yer of the mint, whereof a report shall be made in writ- ing to the director. Tobeiegaiten- Sec. 3. And be it further enacted. That the said coin shall der torsixty, cents. be a legal tender in any payment to the amount ot sixty The three-oent ceuts. And it shall be lawful to pay out said coins in ex- com may be paid ^ '^ oat in exchange change for the lawful currency of the United States, (except lorlawtnlcur- " •' i \ c- renoy,6xcept,&c. cents or half-cents or two-cent pieces issued under former iT^^anL.'^l'i'.^^'acts of Congress,) in suitable sums by the treasurer of the isHonifp'ei"^' mint, and by such other depositaries as the Secretary of the aryil,i873 s^ie^'^^^s'^'^y ^^J designate, and under general regulations post, p. 93. approved by the Secretary of the Treasury. And under the like regulations the same may be exchanged in suitable Expenaea, howSums foF any lawful Currency of the United States; and the ^*' ■ expenses incident to such exchange, distribution, and trans- mission, may be paid out of the profits of said coinage, and the net profits of said coinage, ascertained in like manner as is prescribed in the second section of the act entitled "An act relating to foreign coins, and the coinage of cents at the mint of the United States," approved February Ante.p.M. twenty-first, eighteen hundred and fifty-seven, shall be transferred to the Treasury of the United States : Provided, That from and after the passage of this act, no issues of No fractional fractional notes of the United States shall be of a less de- note to be issued under five cents, nomination than five cents, and all such issues of a less Post p 76 s 3. denomination, at that time outstanding, shall, when paid into the treasury or any designated depositary of the United States, or redeemed or exchanged as now provided by law, be retained and cancelled. i"^°OT°^pa"f^g Sec. 4. And be it further enacted, That if any person or &(f for^'ooin'^aa- P^fsous shall kuowiugly make, issue, or pass, or cause to be thorized by this niade, issued, orpast [passed], any coin, card, token, or de- isbed. vice, whatsoever, in metal or its compounds, intended to pass or be passed as money, for the coin authorized by this act, or for coin of equal value, such person or persons shall be deemed guilty of a misdemeanor, and shall on conviction thereof be punished by a fine not exceeding one thousand dollars, and by imprisonment for a term not exceeding five years, at the discretion of the court. "In God wo gjjo 5 ^jj(7 jg it further enacted. That, in addition to the trust, ' may be ■' ' ' placed on coins (jg^ices and legends upon the gold, silver, and other coins of the United States, it shall be lawful for the director of ACTS OF EIGHTEEN HTJNDEED AND SIXTY- SIX. 75 the mint, with the approval of the Secretary of the Treasury, to cause the motto " In God we trust " to be placed upon such coins hereafter to be issued as shall admit of such legend thereon. Sec. 6. And he it further enacted. That the one and two, One-oem ana •^ two-cent corns to cent coins of the iJnited States shall not be a legal tender for te a legaitender any payment exceeding four cents in amount; and so much cents. of the laws of the United States heretofore enacted as are in Anu, p. ea, s. 4. conflict with the provisions of this act, are hereby repealed. Approved March 3, 1865. CHAP. XXVrn.— AU act to amend an act entitled "AN ACT TO Aj)rg 12, 1866. PEOVIDE WAYS AND MEANS TO SUPPORT THE GOVERNMENT," AP- VoL XIV p 31 PROVED MARCH THIRD, EIGHTEEN HUNDRED AND SIXTY-FIVE. Be it enacted by the Senate and House of Representatives of Ante, p. 71. the United States of America in Congress assembled, That the ^^^«^™*.^''y^"^» act entitled "An act to provide ways and means to support?,™'' '» receive ^ J ^i Treasury notes, the government," approved March third, eighteen hundred ^i^-. in exchange and sixty-five, shall be extended and construed to authorize e. s., 3582, poss, the Secretary of the Treasury, at his discretion, to receive p- ^"^''• any Treasury notes or other obligations issued under any act of Congress, whether bearing interest or not, in ex- change for any description of bonds, authorized by the act to which this is an amendment ; and also to dispose of any Bonds may be . description of bonds authorized by said act, either in the ceeds used only United States or elsewhere, to such an amount, in such u "notes or o'ther manner, and at such rates as he may think advisable, forBned'fn'der''aotof lawful money of the United States or for any Treasury ^''°^®^^' notes, certificates of indebtedness, or certificates of deposit, or other representatives of value, which have been or which may be issued under any act of Congress, the proceeds thereof to be used only for retiring Treasury notes or other obligations issued under any act of Congress; but nothing PabUc debt not herein contained shall be construed to authorize any increase of the public debt : Provided, That of United States notes piotiso. not more than ten millions of dollars may be retired and cancelled within six months from the passage of this act, and thereafter not more than four millions of dollars in any one month : And provided further, That the act to which this is an amendment shall continue in full force in all its provisions, except as modified by this act. Sec. 2. And he it further enacted. That the Secretary of secretary of the the Treasury shall report to Congress at the commencement port to Congress of the next session the amount of exchanges made or changes, ioans[ money borrowed under this act, and of whom, and on what amonnt'andohar" terms ; and also the amount and character of indebtedness edL^e'ssratS.''*" 76 LAWS RELATING TO LOANS AND THE CUREENCY. retired under this act, and the act to which this is an amendment, with a detailed statement of the expense of making such loans and exchanges. Approved April 12, 1866. May 16, 1866. CHAP. LXXXl— AN ACT TO AUTHORIZE THE COINAGE OF TIVE-CENT Vol.XIT,p.47. PIECES. Be it enacted by the Senate and House of Representatives of rive-centpiecos <7je United States of America in Congress assembled, That, so to be coined of "^ '^ oopperaQdniokeL soon as practicable after the passage of this act, there shall be coined at the mint of the United States a five-cent piece composed of copper and nickel, in such proportions, not ex- ceeding twenty-five per centum of nickel, as shall be deter- weight, shape, mined by the director of the mint, the standard weight of BTices, 0. ■vyijicij shall be seventy-seven and sixteen hundredths grains, with no greater deviation than two grains to each piece ; and the shape, mottoes and devices of said coin shall be determined by the director of the mint, with the approval Laws reiatins of the Secretary of the Treasury ; and the laws now in force cent8?&o!! to ap- relating to the coinage of cents, and providing for the pur- p^y to 1 18 com- jjjjg^gg q£ material, and prescribing the appropriate duties of the officers of the mint and the Secretary of the Treas- ury, be, and the same are hereby, extended to the coinage herein provided for. Laws relating Sbo. 2. And be it further enacted, That all laws now in to coins extended . *^. .r-r-Tr-, to this act 80 far force relating to the coins ot the United States, and the striking and coining of the same, shall, so far as applicable, be extended to the coinage herein authorized, whether said laws are penal or otherwise, for the security of the coin, regulafing and guarding the process of striking and coin- ing, for preventing debasement or counterfeiting, or for Eegniationa as any Other purpose. And the director of the mint shall "^^ prescribe suitable regulations to insure a due conformity to the required weights and proportions of alloy in the said coin, and shall order trials thereof to be made from time to Keport. time by the assayer of the mint, whereof a report shall be made in writing to the director. Tobeiegaiten- Sbc. 3. And be it further enacted. That said coin shall be der to amount of a dollar. a legal tender in any payment to the amount of one dollar. To be paid in Aud it shall be lawful to pay out such coins in exchange exchange for cur- „ ,, _, ... T-r.,Tr>. renoy. for the lawful currency in the United States, (except cents, Act of April 3, or half cents, or two-cent pieces, issued under former acts 1792, ante, p. 1. ' "■ ' Actof April 22, of Congress,) in suitable sums, by the treasurer of the mint, 1864, ante, p. 62. "^B" ,..,„ Ante,p. 74, 3.3. aud by such other depositaries as the Secretary of the Treas- ury may designate, and under general regulations approved ACT OF EIGHTEEN HUNDEED AND SIXTY-SIS. 77 by the Secretary of the Treasury. And under the like reg- ulations the same may be exchanged in suitable sums for any lawful currency of the United States, and the expenses incident to such exchange, distribution, and transmission may be paid out of the profits of said coinage ; and the net profits of said coinage, as ascertained, in the manner pre- scribed in the second section of the act entitled "An act relating to foreign coins and the coinage of cents at the mint of the United States," approved February twenty -first, Ante, p. S4. eighteen hundred and fifty-seven, shall be transferred to the Treasury of the United States: Provided, Tha,t from j^^ fractional and after the passage of this act no issues of fraction alo^^oy^oy^^^^ notes of the United States shall be of a less denomination >«i53"ed and om issues to be can- than ten cents ; and all such issues at that time outstand- ceUed. ing shall, when paid into the Treasury, or any designated ' depository of the United States, or redeemed or exchanged p- laa. as now provided by law, be retained and cancelled. Sec. 4. And be it further enacted. That, if any person or tjd author! zed •^ -11 matin?, &o., of persons not lawfully authorized shall knowingly make, such coins pun- 1 1 ■ -1 J ished. issue, or pass, or cause to be made, issued, or passed, or aid in the making, issuing, or passing of any coin, card, e. s., 546s, posf, token, or device whatsoever, in metal or its compound, p- ""• intended to pass or be passed as money for the coin author- ized by this act, or for coin of equal value, such person or persons shall be deemed guilty of a misdemeanor, and shall, on conviction thereof, be punished by a fine not exceeding one thousand dollars, and by imprisonment for a term not exceeding five years, at the discretion of the court. Sec. 5. And he it further enacted. That it shall be lawful Mayberedeem- '' ' ed in sums of not for the treasurer and the several assistant treasurers of the less than one iinu- _ , . . , -, , dred dollars. United States to redeem in national currency, under such , rules and regulations as may be prescribed by the Secretary of the Treasury, the coin herein authorized to be issued, when presented in sums of not less than one hundred dol- lars. Approved May 16, 1866. CHAP. CXCrV.-AN ACT TO PEOVIDE "WATS AND MEANS FOE THE lfare7i 2, 1867. PAYMENT OF COMPOUND-INTEEEST NOTES. yo\. XIV, p. 558. Be it enacted iy the Senate and House of Bepresentatives of the United States of America in Congress assembled, That Temporaryioan •^ certificates may for the purpose of redeeming and retiring any compound- be issued to ro- ,. , f>, Jim deem compound- interest notes outstanding, the Secretary of the Ireasury interest notes. is hereby authorized and directed to issue temporary loan certificates in the manner prescribed by section four of the 78 LAWS RELATING TO LOANS AND THE CXTEEBNCY. act entitled "An act to authorize the issue of United States notes and for the redemption or funding thereof, and for funding the floating debt of the United States," approved ^nje, p.44. February twenty-fifth, eighteen hundred and sixty-two, Kate of interest, bearing interest at a rate not exceeding three per centum PriEcipai and per anuum, principal and interest payable in lawful money Id lawtai^fney! ou demand ; and said certificates of temporary loan may mav"e'heid by Constitute and be held by any national bank holding or an ^s reserve, ^^jjjjjg ^^^ Same, as a part of the reserve provided for in sections thirty-one and thirty-two of the act entitled "An act to provide a national currency secured by a pledge of United States bonds, and to provide for the circulation Pose, p. 153. and redemption thereof," approved June three, eighteen ProTiso. hundred and sixty-four : Provided, That not less than two- Seeijosi, p.79. fifths of the entire reserve of such bank shall consist of lawful money of the United States : And provided further, That the amount of such temporary certificates at any time outstanding shall not exceed fifty millions of dollars. Approved March 2, 1867. Vol. XV, p. 34. CHAP. VI.— AN ACT TO SUSPEND JfUBTHEK EEDUCTION OF THE CUE- EENCY. Be it enacted by the Senate and House of Representatives of Power of Sec- the United States of America in Congress assembled, That, ^ to'reaucef cur- from and after the passage of this act, the authority of pend^df' °''^"*"the Secretary of the Treasury to make any reduction of the currency, by retiring or cancelling United States MntiiatedUnit- uotes, shall be, and is hereby, suspended ; but nothing maybe replaced, herein Contained shall prevent the cancellation and de- E.s.,3582,j)os*, struction of mutilated United States notes, and the re- p. 129. ' placing of the same with notes of the same character and amount. SCHUYLER COLFAX, Spealcer of the House of Representatives. B. F. WADE, President of the Senate pro tempore. Indorsed by the President : " Eeceived January 23, 1868." [Note by the Department of State. — The foregoing act having been presented to the President of the United States for his approval, and not having been returned by him to the house of Congress in which it originated within the time prescribed by the Constitution of the United States, has become a law without his approval.] ACTS OF EIGHTEEN HUNDRED AND SIXTY-NINE. 79 CHAP. CCXXXVn.— AN ACT TO PEOVIDE TOE A PUETHEE ISSUE OF July 25, 1868. TEMPOEAEY LOAN CEETIFICATES, FOE THE PUEPOSE OF EEDEEM ING AND EETIEING THE EBMAINDEE OF THE OUTSTANDING COM;- ^^ ' "^^' ^' ^^' POUND-INTEEEST NOTES. Be it enacted by the Senate and Souse of Representatives of the United States of America in Congress assembled, That for Temporary loan ,11 e J • 1 i.* • ii • 1 certificatee limit- the sole purpose or redeeming aud retiring the remainder edto; authorized of the compound-interest notes outstanding, the Secretary a" a™ a'fngco m- of the Treasury is hereby authorized and directed to issue Sotes!'"'*'^^'" an additional amount of temporary loan certificates, not exceeding twenty-five millions of dollars ; said certificates to bear interest at the rate of three per centum per annum, Eate of inter- principal and interest payable in lawful money on demand, and to be similar in all respects to the certificates author- ized by the act entitled "An act to provide ways and means for the payment of compound-interest notes," approved March second, eighteen hundred and sixty-seven ; and the May form part said certificates may constitute and be held by any national national tanks. bank holding or owning the same as a part of the reserve, "^"'^' ^- '^• in accordance with the provisions of the above-mentioned act of March second, eighteen hundred and sixty-seven. Approved July 25, 1868. CHAP. I.— AN ACT TO STEENGTHEN THE PUBLIC CEEDIT. jfarch 18 1869. Be it enacted by the Senate and Souse of Representatives of ^oi-^^VLp.]. the United States of America in Conqress assembled. That in The faith of the •^ , , , •' „ ' United States order to remove any doubt as to the purpose of the govern- pledged to the Ti 11- 11- • j_i IT T payment in coin, ment to discharge all just obligations to the public creditors, or its equivalent, and to settle conflicting questions and interpretations of the of the^ul uTd laws by virtue of which such obligations have been con- C6p\ lo.' ''" "^ tracted, it is hereby provided and declared that the faith of the United States is solemnly pledged to the payment in p. isi.' coin or its equivalent of all the obligations of the United States not bearing interest, known as United States notes, and of all the interest-bearing obligations of the United States, except in cases where the law authorizing the issue of any such obligation has expressly provided that the same may be paid in lawful money or other currency than gold and silver. But none of said interest-bearing obligations interest - bear- ■ 11/. -.Ing obligations not already due shall be redeemed or paid before maturity not already due unless at such time United States notes shall be convertible "orematnSty.anl into coin at the option of the holder, or unless at such time ^^^' bonds of the United States bearing a lower rate of interest than the bonds to be redeemed can be sold at par in coin. 80 LAWS RELATING TO LOANS AND THE CUREEKCY. theUiSsutea -^"^^ *^® United States also solemnly pledges its faith to notes la coin, make provision at the earliest practicable period for the redemption of the United States notes in coin. Approved, March 18, 1869. July e, 1870. CHAP. CCXXIX.— AF ACT PEOVTDING FOE REFUNDING THE INTEEEST VoLXYTd 19T ^^^° ^^ ^^^ STATE OF MASSACHUSETTS ON MONEY EXPENDED BY HEE ON ACCOUNT OF THE WAE OF EIGHTEEN HUNDRED AND TWELVE TO EIGHTEEN HUNDRED AND FIFTEEN. Be it enacted hy the Senate and House of Representatives of Allowances to the United States of America in Congress assembled. That DC made npon the •" r, n claim of Maesa- there DC allowcd on the claim ot the State of Massachusetts, est upon money for interest paid by her on money expended by said State ° "^ ' °" on account of the war with Great Britain in eighteen hun- dred and twelve to eighteen hundred and fifteen, the sum of six hundred and seventy-eight thousand three hundred and sixty-two dollars and forty-one cents, in full of said claim ; and whereas by an arrangement made by the said State of Massachusetts and the State of Maine, at the time of their separation, in eighteen hundred and twenty, the said State of Maine becomes the owner of one-third of this claim; and whereas both of said States have assigned their re- spective interests iu said claim to the European and North American Railway Company of Maine, to aid said company in constructing its line of railway, the Secretary of the Treas- one-third to be ury is hereby authorized and directed to pay one-third part paid to Maine and „ • -, , . n • t t t • ■, ■, two-thirds to Of the Said claim of six hundred and seventy-eight thousand and all for the three hundred and sixty-two dollars and forty-one cents to lopeanaudNorth the State of Maine, and the other two-thirds part thereof ■w^^company?^ to the State of Massachusetts, by an issue to each of said States, for the use and benefit of said European and North Certificates of American Railway Company, of an amount of United States indebtedness, .^ „ . , , , , . , . , , ■, form, interest, certificates of indebtedness equal to its share in the whole sum allowed and to be paid ; said certificates to be of the denomination of one thousand dollars each, to be made and issued by the Secretary of the Treasury in such form, and signed, attested, and registered as he shall direct, and with or without interest warrants as he may prefer. Each certificate to run five years from its date, to draw inter- est, payable semi-annually, at the rate of four per cent, per annum, and to be payable, both principal and interest, in lawful money of the United States, to be hereafter appro- priated and provided for by Congress. os«, for the same in other States or Territories having less than p. 194. ° their proportion, giving the preference to such as have No bank here- the greatest deficiency : And provided further, That no have over §500,- banking association hereafter organized shall have a cir- culation in excess of five hundred thousand dollars. Comptroller of Sec. 2. And be it further enacted. That at the end of Currency to re- port monthly to each mouth after the passage of this act, it shall be the Treasury the duty of the Comptroller of the Currency to report to the lating notea"^ is- Secretary of the Treasury the amount of circulating notes ™* ' "' issued, under the provisions of the preceding section, to national banking associations, during the previous month; Secretary to whcreupou the Secretary of the Treasury shall redeem and are6"'per'"^cent! cancel an amount of three per centum temporary loan cer- oeSiflcates. °"° tiflcatcs issucd Under the acts of March two, eighteen Ante,v■^'^■ hundred and sixty-seven, and July twenty-five, eighteen Ante, p. 79. hundred and sixty-eight, not less than the amount of circu- May notifyJating notes so reported, and may, if necessary, in order to will not bear in- procuro the presentation of such temporary loan certificates tereat nor be Ion- gerpartof money for redemption, give notice to the holders thereof, by publl- reserve of banks. ^. ,, . ,, ,. r- • -, .-^ •, • -, cation or otherwise, that certain of said certificates (which shall be designated by number, date, and amount), shall cease to bear interest from and after a day to be designated in such notice ; and that the certificates so designated shall no longer be available as any portion of the lawful money reserve in possession of any national banking association; Afterthattime and, after the day designated in such notice, no interest interest not to be ^ paid.&c. shall be paid on such certificates, and they shall not there- after be counted as a part of the reserve of any banking association. * * * # # * Approved July 12, 1870. JiiZy 14, 1870. CHAP. CCLVT.-AN ACT TO ATJTHOEIZE THE EEFUNDING OF THE Vol. XVI, p. 272. NATIONAL DEBT. Beit enacted by the Senate and Hoidse of Representatives of Secretary of the ._..,„., ..„ ■/ x J Treasury may is- ifte United States Of America m Congress assembled, That the $200,000,000 cou- Secretary of the Treasury is hereby authorized to issue, in pou or registered "■ . t-xi"^ .,,-,-, Ave per cent, a sum or sums uot exceeding in the aggregate two hundred bfe" aft er'^Ten million dollars, coupon or registered bonds of the United nation; prtadpai States, In such form as he may prescribe, and of denomina- abiV°ncoin?''^"tions of fifty dollars, or some multiple of that sum, redeem- ACTS OP EIGHTEEN HUNDRED AND SEVENTY, 83 able in coin of the present standard value, at tbe pleasure See act of De- '■ ' ^ cembcr 17, 1873, of the United States, after ten years from the date of theirs- 2, yosi, p. i4o. issue, and bearing interest, payable semi-annually in such coin, at the rate of five per cent, per annum ; also a sum orte not oyer ' iipjuu,uuo,ooo four sums not exceeding in the aggregate three hundred million """i » half per 00 o jgjjj^ bonda, re- dollars of like bonds, the same in all respects, but payable aeemabie after at the pleasure of the United States, after fifteen years from the date of their issue, and bearing interest at the rate of four and a half per cent, per annum ; also a sum orjiso, not over T ■ Ir ^ i, T -1,- Sl.000,000,000fonr sums not exceeding m the aggregate one thousand million per cent, bonds, dollars of like bonds, the same in all respects, but pay-twrtyyearst able at the pleasure of the United States, after thirty years from the date of their issue, and bearing interest at the rate of four per cent, per annum; all of which said^^' *» be ex- '■ '^ ' empt from Unit- several classes of bonds and the interest thereon shall be|ii states or otate taxes. exempt from the payment of all taxes or duties of the e.s., 3701, ^os«. United States, as well as from taxation in any form by or ^' '^^' under State, municipal, or local authority; and the said Bonds to set bonds shall have set forth and expressed upon their face whin ^ylbie!"'^ the above specified conditions, and shall, with their coupons, be made payable at the Treasury of the United States. But nothing iu this act, or in any other law now in force, Bonded debt " ' "^ ' not to be in- shall be construed to authorize any increase whatever of creased. the bonded debt of the United States. Sec. 2. And be it further enacted. That the Secretary of Secretary may „ .,, ,., ,, ,,. sell bonds at not the Treasury is hereby authorized to sell and dispose of Mow par for any of the bonds issued under this act, at not less than proceeds, &c?f ^ their par value for coin, and to apply the proceeds thereof „ '^ ' fL J 1 See act of June to the redemption of any of the bonds of the United States 20, 1874, post, p. outstanding, and known as five-twenty bonds at their-par value, or he may exchange the same for such five-twenty or may ox- bonds, par for par; but the bonds hereby authorized shall twentfes at par.'" be used for no other purpose whatsoever. And a sum not exceeding one-half of one per cent, of the bonds herein authorized is hereby appropriated to pay the expense of fo^oxpenses''"" preparing, issuing, advertising, and disposing of the same. p^3jS'3''^"'i"'«'' Sec. 3. And he it further enacted, That the payment of Payment of any of the bonds hereby authorized after the expiration of to be 'in 'what the said several terms of ten, fifteen, and thirty years, bow determined. shall be made in amounts to be determined from time to time by the Secretary of the Treasury, at his discretion, the bonds so to be paid to be distinguished and described by the dates and numbers, beginning for each successive payment with the bonds of each class last dated and num- bered, of the time of which intended payment or redemp- tion the Secretary of the Treasury shall give public notice, thScot'" "'*''"' 84 LAWS RELATING TO LOANS AND THE CURRENCY. to^ra'aa'c''^*' ^^^° ^^"^ t^^ interest on the particular bonds so selected at any time to be paid, shall cease at the expiration of three months from the date of such notice. pay aT*pS "nS ^^<^- ^- ^"<^ ^^ *^ further enacted, That the Secretary of nTo'-t'woii^'t''^'^® ^''^^^'^''y ^® hereby authorized, with any coin of the bonds. Treasury of the United States which he may lawfully ^PPly to such purpose, or which may be derived from the sale of any of the bonds, the issue of which is provided RS.,3697,yos«, for in this act, to pay at par and cancel any six per cent, bonds of the United States of the kind known as live- twenty bonds, which have become or shall hereafter become Partiouiarredeemable by the terms of their issue. But the particular bonda to be paid, "^ ^ how to be indi- bonds so to be paid and cancel[l]ed shall in all cases be indicated and specified by class, date, and number, in the orde[r] of their numbers and issue, beginning with the first PnbUo notice, numbered and issued, in public notice to be given by the Secretary of the Treasury, and in three months after the Interest to date of such public notice, the interest on the bonds so cease after, &c. , , , % . , ' .,,-,, selected and advertised to be paid shall cease. ivftM™tw7yS', Sec. 5. And he it further enacted, That the Secretary of ^onfe'^omtt-aiu *^® Treasury is hereby authorized, at any time within two sue certificates years from the passage of this act, to receive gold coin of tnerelor, bearinl? ^ j. o 7 o interest at not the United States on deposit for not less than thirty days, over two ana a ./ ./ 7 haiipercent.perin sums of not Icss than One hundred dollars, with the (ID num. Treasurer oi' any Assistant Treasurer of the United States, authorized by the Secretary of the Treasury to receive the same, who shall issue therefor certificates of deposit, made in such form as the Secretary of the Treasury shall pre- scribe, and said certificates of deposit shall bear interest at a> rate not exceeding two and a half per cent, per an- Deposits, when num : and any amount of sold coin so deposited may be and how may be ^ *^ ° 1. .7 withdrawn. withdrawn from deposit at any time after thirty days from the date of deposit, and after ten days' notice, and on the Interest to return of said certificates: Provided, That the interest on '' ' ' 'all such deposits shall cease and determine at the pleasure Gold 80 received of the Secretary of the Treasury. And not less than on deposit, how " . /. , . ■, tobeappued. tweuty-flve per cent, of the com deposited for or repre- sented by said certificates of deposits shall be retained iu the Treasury for the payment of said certificates; and the excess beyond twenty-five per cent, may be applied, at the discretion of the Secretary of the Treasury, to the pay- ment or redemption of such outstanding bonds of the United States, heretofore issued and known as the five- deposit, "fec'?,^ re- twenty bonds, as he may designate under the provisions mcDt'' of ° bo''nda of the fourth scctioD of this act ; and any certificates of \Sy """"''■■ deposit issued as aforesaid, may be received at par with ACTS OP EiaHTBEN HUNDRED AND SEVENTY-ONE. 85 the interest accrued thereou, in payment for any bonds authorized to be issued by this act. Sec. 6. And be it further enacted, That the United States ^^^Yds'^^nrchS bonds purchased and now held in the Treasury in accord- *;"' ?<>^ ^^^^ in '^ •' the Treaeury to ance with the provisions relating to a sinking fund, of be destroyed. section five of the act entitled "An act to authorize the Ante, p. u. issue of United States notes, and for the redemption or i'und- p. 132.' '*"* ' ing thereof, and for funding the floating debt of the United States," approved February twenty-fifth, eighteen hundred and sixty-two, and all other United States bonds which have been purchased by the Secretary of the Treasury, with surplus funds in the Treasury, and now held in the Treasury of the United States shall be cancel[l]ed and destroyed, a detailed record of such bonds so cancelled, Eecora thereof *^ f to be iirat made. and destroyed, to be first made in the books of the Treas- ury Department. Any bonds hereafter applied to said j^J^^j^^^^'^^^jJ'^ sinking fund, and all other United States bonds redeemed chased and held ° ' to be likewise re- or paid hereafter by the United States, shall also in like corded and de- '^ ■' ' stroyed. manner be recorded, cancel[l]ed, and destroyed, and the amount of the bonds of each class that have been can- cel[l]ed and destroyed shall be deducted respectively from the amount of each class of the outstanding debt of the United States. In addition to other amounts that may be ^'^, amount ^ equal to interest applied to the redemption or payment of the public debt, ™n^i'ii*™''ginj^' an amount equal to the interest on all bonds belonging toing'fundtobeap- plied to payment the aforesaid sinking fund shall be applied, as the Secre- of public debt. tary of the Treasury shall from time to time direct, to thep.m"^^^^*"*'' payment of the public detit as provided for in section five of the act aforesaid. And the amount so to be applied is Amount to be annually a.ppro- hereby appropriated annually for that purpose, out of thepriated. receipts for duties on imported goods. Approved July 14, 1870. CHAP. XXIII.— AN ACT TO AMEND AN ACT ENTITLED "AN ACT TO Jan. 20, 1871. AUTHOEIZB THE REFUNDING OF THE NATIONAL DEBT." ^ , ^^^ -- vol. XVI, p. 399. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Amount of Ave •^ '^ ' per cent, bouda amount of bonds authorized by the act approved July may be increased ■' '■'■ •'to ^300,000,000 fourteen, eighteen hundred and seventy, entitled "An act and interest to authorize the refunding of the national debt," to be quarterly. issued bearing five per centum interest per annum, be, and Ante,p.82. the same is, increased to five hundred millions of dollars, and the interest of any portion of the bonds issued under p.^af' ^^^'''^'"'' said act, or this act, may, at the discretion of the Secretary of the Treasury, be made payable quarter- yearly : Provided, Proviso. 86 LAWS RELATING TO LOANS AND THE CURRENCY. not to^exceS°&"' ^owever, That this act shall not be construed to authorize See act Deo. 17, any increase of the total amount of bonds provided for by 1873, 8. 8, pose, p. ,, i.,.,.,^, . ^. -, i. 110. the act to which this act is an amendment. Approved January 20, 1871. March 3, 1871. No. 49.— JOINT RESOLUTION TO ENABLE OWNERS TO OBTAIN DtrPLI- „. „„, "^^^^ GATES OF LOST AND DESTROYED EfesiSTERED BONDS OE THE Vol. XVI, p. 600. UNITED STATES. Resolved by the Senate and House of Representatives of the Seoretaryoftiie United States of America in Congress assembled, That the snechipUcS rf Secretary of the Treasury be, and hereby is, authorized registered^ bonds and directed, whenever it is proved by clear and satisfac- "eV37m'jw«« *'°'^y evidence that any duly registered bond of the United P-132- States, bearing interest, issued for valuable consideration in pursuance of law, has been lost or destroyed, so that the same, is not held by any person as his own property, to issue a duplicate of said registered bond, to be so marked, of like amount, and bearing like interest as the bond so Owner to ffle provcd to be lost or destroyed : Provided, That the owner n?ty to United of such missiug bond shall file in the Treasury a bond in a. * *^' penal sum equal to the amount of said missing bond, and the interest which would accrue thereon, until the prin- cipal thereof is due and payable, with two good and suffi- cient sureties, residents of the United States, to the approval of the Secretary of the Treasury, with condition to indemnify and save harmless the United States from any "llaim because of the said lost or destroyed bond. Approved March 3, 1871. MarcA3,1871. CHAP. OSXIV.— AN ACT TO PROVIDE FOR THE REDEMPTION OE COP- ToL XVI p. 580. ^^^ ^^^ OTHER TOKEN COINS. Be it enacted by the Senate and House of Representatives of base-metar rain! ^'^^ ZJwife^ States of America in Congress assembled, That the deemed in'^sums Secretary of the Treasury is hereby authorized and required of not less than to redeem in lawful monev, under such rules and regula- twenty dollara. ^ ' ° tions aiS he may from time to time prescribe, all copper, bronze, copper-nickel, and base-metal coinage of every kind heretofore authorized by law, when presented in sums of may^be "(Uscm^'^"* ^^^^ ^'^^'^ twcuty dollars; and whenever under this au- tinned when, &c. tj^Qjity t]j(jge coius are presented for redemption in such quantity as to show the amount outstaudiug to be redun- dant, the Secretary of the Treasury is authorized to discon- tinue or diminish the manufacture and issue of such coinage until otherwise ordered by him. Approved, March 3, 1871. ACTS OF EIGHTEEN HUNDEED AND SEVENTY-TWO. 87 CHAP. CLVU.— AN ACr TO CAEEY OTJT CERTAIN PROVISIONS OF THE May 11,1872. CHEROKEE TREATY OF EIGHTEEN HUNDRED AND SIXTY-SIX, AND ; FOE THE RELIEF OF SETTLERS ON THE CHEROKEE LANDS IN THE " ' ^^^^' P- ^^• STATE OF KANSAS. Whereas iu order that certain provisions of the treaty of treambie. July nineteenth, eighteen hundred and sixty-six, between the United States and the Cherokee nation may be ren- dered clearer, and made more satisfactory to settlers upon the lands known as the " Cherokee strip," in the State of Kansas, said settlers having moved thereon since the date of said treaty, and for the purpose of facilitating the sale of said lands : Therefore, Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled. * * * Sec. 4. That all moneys accruing from the sales of land Proceeds of sale under this act shall, without unnecessary delay, be invested be invested. in the registered five per ce ntum bonds of the United States as provided in the twenty-third article of the treaty of eight, teen hundred and sixty-six. Approved, May 11, 1872. CHAP. CXCVII.— AN ACT DEFINING AND LIMITING THE APPROPRIA- May 23, 1872. TION OF CERTAIN MONEYS EOE THE PREPARATION, ISSUE, AND REISSUE OF THE SECURITIES OF THE UNITED STATES, AND poR ^°'' '^^^^' P' ^'^■ OTHER PURPOSES. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Expenses of the „,. . . , /• 1 1- J .• issue, &c., of pub- expenses of the issue, reissue, transfer, delivery, redemption, iiosecuriti»s,&c., and destruction of securities, legal-tender notes, fractional what ^proprf™ currency, checks, certificates, commissions, and for any exceed°&o™' plate and seal engraving and printing required by the E.s.,3689,i7os«, Treasury Department, shall be paid from a,nd shall not ex- Repealed by ceed the appropriation of one per centum of the amount of so,'i874,' ^ost, p. legal-tender notes, fractional currency and securities issued during each fiscal year : Provided, That nothing herein con- Limitation, tained shall be construed to increase or enlarge the appro- gee s. 4,post,p. priation contained in the second section of the act entitled "^' "An act to authorize the refunding of the national debt," approved July fourteenth, eighteen hundred and seventy. Ante, p. 89. Approved May 23, 1872. CHAP. CCLIV.— AN ACT TO PROVIDE FOR THE ISSUE OF BONDS IN LIEU June 1, 1872. OF DESTROYED OR DEFACED BONDS OF THE UNITED STATES. „ , ^^„ —7 V ol. XVIl, p. 196. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled. That 88 LAWS RELATING 10 LOANS AND THE OUEEENOY. u5ted's?at*ol^^^'^®^®'^ ^^ ^^^^^ appear to the Secretary of the Treasury, ST of aos6'^ae''^y ^'^^"^ ^°*^ unequivocal proof, that any interest-bearing stroyed or de- boud of the United States has, without bad faith upon the faced. ' E.s.,3702,pos(, part of the owner, been destroyed, wholly or in part, or so ^'^^^' defaced as to impair its value to the holder, and which bond shall be 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 of such bond, 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 Called bondsto destroyed and the date thereof : Provided, That where such destroyed or defaced bonds shall appear to have been of such a class or series as has been or may, before such appli- cation, be called in for redemption, instead of issuiug dupli- cates thereof they shall be paid, with such interest only as would have been paid if presented in accordance with such call. Owners of de- Sec. 2. That the owuer of such destroyed or defaced stroyed, &c., •' bonds to give bond shall Surrender the same, or so much thereof as may bond of indemni- ' '' ty -with sureties, remain, and shall file in the Treasury a bond in a penal sum double the amount of said destroyed or defaced bond, and the interest which would accrue thereon until the prin- cipal thereof is due and payable, with two good and sufiB- cient sureties, residents of the United States, to be approved by the Secretary of the Treasury, with condition to indem- nify and save harmless the United States from any claim upon the said destroyed or defaced boud. Approved June 1, 1872. J-eS. 12, 1873. CHAP. CXXXI.— AN ACT REVISING AND AMENDING THE LAWS EELATIVE TO THE MINTS, ASSAX-OFEICES, AND COINAGE OF THE '^" ■ UNITED STATES. Be it enacted hy the Senate and House of Representatives of Mint establish- i7i,e United States of America in Congress assembled, That the and Includes mint of the United States is hereby established as a bureau ^ * ' of the Treasury Department, embracing in its organization All former acts and uudcr its coutro? all mints for the manufacture of coin, post, p. 106. ' ' and all assayofiSces for the stamping of bars, which are now. Director; ap- or which may be hereafter, authorized by law. The chief tera o/Sfiice ° ' offlcer of the said bureau shall be denominated the Director of the Mint, and shall be under the general direction of the Secretary of the Treasury. He shall be appointed by the President, by and with the advice and consent of the Senate, ACTS OP EIGHTEEN HUNDRED AUD SEVBNTT-THEBB. 89 and shall hold his office for the term of Jive years, unless sooner removed by the President, upon reasons to be com- municated by him lo the Senate. Sec. 2. That the Director of the Mint shall have the gen- powers ; eral supervision of all mints and assay-offices, and shall make an annual report to the Secretary of the Treasury of reports; their operations, at the close of each fiscal year, and from time to time such additional reports, setting forth the opera- tions and condition of such institutions, as the Secretary of the Treasury shall require, and shall lay before him the an- annual estimates. nual estimates for their support. And the Secretary of the Treasury shall appoint the number of clerks, classified ac- cieris, number cording to law, necessary to discharge the duties of said btireau. Sec. 3. That the officers of each mint shall be a superin- officers of each . mint, and their tendent, an assayer, a melter and refiner, and a coiner, and, appointment. for the mint at Philadelphia, an engraver, all to be appointed p. no^'^^"^' *""*'' by the President of the United States, by and with the ad- vice and consent of the Senate. Sec. 4. Thatthesuperintendentofeach mintshall have the Superintendent ^ of mint, and pow- control thereof, the superintendence of the officers and persons ers; employed therein, and the supervision of the business thereof, p. 112." '^°^^ subject to the approval of the Director of the Mint, to whom ^^J^i'^Vnd ^ooi"^ he shall make reports at such times and according to such touts, forms as the Director of the Mint may prescribe, which • shall exhibit in detail, and under appropriate heads, the deposits of bullion, the amount of gold, silver, and minor coinage, and the amount of unparted, standard, and refined bars issued, and such other statistics and information as may be required. The superintendent of each mint shall Moneys or bni- also receive and safely keep, until legally withdrawn, all moneys or bullion which shall be for the use or the expenses e. s., ssoe.post, of the mint. He shall receive all bullion brought to the mint for assay or coinage ; shall be the keeper of all bullion or coin in the mint, except while the same is legally in the coin. hands of other officers ; and shall deliver all coins struck at the mint to the persons to whom they shall be legally pay- able. Prom the report of the assayer and the weight of the bullion, he shall compute the value of each deposit, and also Deposits, the amount of the charges or deductions, if any, of all which he shall give a detailed memorandum to the depositor; and he shall also give at the same time, under his hand, a cer- , Certificate ot ^ ' ' aeposit, tobe tiflcate of the net amount of the deposit, to be paid in coins countersigned by • ■*- ' . assayer. or bars of the same species of bullion as that deposited, the correctness of which certificate shall be verified by the assayer, who shall countersign the same ; and in all cases 90 LAWS EBLATING TO LOANS AND THE CUREENOT. cohi'^to!'^^^^ °^°^ transfer of coiu or bullion, he shall give and receive vouchers, stating the amount and character of such coin or Quarterly ao- bullion. He Shall keep and render, quarter-yearly, to the counts to direct- '■ ' ^ J J ; or, &c. Director of the Mint, for the purpose of adjustment, accord- ing to such forms as may be prescribed by the Secretary of the Treasury, regular and faithful accounts of his transac- tions with the other oflicers of the mint and the depositors; and shall also render to him a monthly statement of the ordinary expenses of the mint or assay-ofSce under his Asaistanta, charge. He shall also appoint all assistants, clerks, (one of c er s, c. whom Shall be designated " chief clerk,") and workmen em- ciorka, &o., in ployed under his superintendence ; but no person shall be ^^06 aaaayer, ^pp^j^^g^j ^^ employment in the offices of the assayer, melter and refiner, coiner, or engraver, except on the recommen- dation and nomination in writing of those officers, respect- Appointmentaively ; and he shall forthwith report to the Director of the director and ap-Mlut the names of all persons appointed by him, the duties prove y m. ^^ ^^ performed, the rate of compensation, the appropria- tion from which compensation is to be made, and the grounds of the appointment; and if the Director of the Mint shall disapprove the same, the appointment shall be vacated. Aaaayer'a dii- Seo. 5. That the assaycr shall assay all metals and bull- '^'s.,3507,j)osi, i°^) whenever such assays are required in the operations p. 113. Qf ^jjg mijit. ]ie shall also make assays of coin or samples of bullion whenever required by the superintendent. ^ Mteiter and re- gj,Q_ q rpjjaj ^jjg welter and refiner shall execute all the E.S., 3508,j)ose, operations which are necessary in order to form ingots of standard silver or gold, and alloys for minor coinage, suit- able for the coiner, from the metals legally delivered to him for that purpose ; and shall also execute all the operations which are necessary in order to form bars conformable in all resiJects to the law, from the gold and silver bullion de- livered to him for that purpose. He shall keep a careful record of all transactions with the superintendent, noting the weight and character of the bullion; and shall be re- sponsible for all bullion delivered to him until the same is returned to the superintendent and the proper vouchers ob- tained. Coiner. gEC. 7. That the coiner shall execute all the operations which are necessary in order to form coins, conformable in all respects to the law, from the standard gold and silver ingots, and alloys for minor coinage, legally delivered to him for that purpose ; and shall be responsible for all bullion deliv- ered to him, until the same is returned to the superintend- ent and the proper vouchers obtained. ACTS OF EIGHTEEN HUNDRED AND SEVENTY-THEBE. 91 Sec, 8. That the engraver shall prepare from the origiual Engraver. dies already authorized all the working-dies required for use in the coinage of the several mints, and, when new coins or New coins or devices are authorized, shall, if required by the Director of the Mint, prepare the devices, models, molds, and matrices, p. nf'^^^"'^"*'' or original dies, for the same; but the Director of the Miut shall nevertheless have power, with the approval of the Sec- retary of the Treasury, to engage temporarily for this pur- pose the services of one or more artists distinguished in their respective departments of art, who shall be paid for such service from the contingent appropriation for the mint at Philadelphia. Sec. 9. That whenever any officer of a mint or assay- if anyoffioeris office shall be temporarily absent, on account of sickness or ^ ^™ ' „' ' ■^ •' ' E. S., 3502,ptsS, any other cause, it shall be lawful for the superintendent, p- 112. with the consent of said officer, to appoint some person at- tached to the mint to act in the place of such officer duriug his absence ; but all such appointments shall be forthwith reported to the Director of the Mint for his approval ; and in all cases whatsoever the principal shall be responsible for the acts of his representative. In case of the temporary superintendent; absence of the superintendent, the chief clerk shall act in his place ; and in case of the temporary absence of the Di- airector. rector of the Mint, the Secretary of the Treasury may desig- nate some one to act in his place. Seo. 10. That every officer, assistant, and clerk of the oathofofflcers mint shall, before he enters upon the execution of his office, and employes. take an oath or affirmation before some judge of the United „ „ ,„„ •' " E. S.,3500,j)os(, States, or judge of the superior court, or of some court of p.m. record of any State, faithfully and diligently to perform the duties thereof, in addition to other official oaths prescribed by law; which oaths, duly certified, shall be transmitted to the Secretary of the Treasury ; and the superintendent of each mint may require such oath or affirmation from any of the employees of the mint. Sec. 11. That the superintendent, the assayer, the melter Bona of super- and refiner, and the coiner of each mint, before entering others; upon the execution of their respective offices, shall become i>.s., 3501, jjost, bound to the United States, with one or more sureties, p- ^^^■ approved by the Secretary of the Treasury, in the sum of not less than ten nor more than fifty thousand dollars, with condition for the faithful and diligent performance of the duties of his office. Similar bonds may be required of the of assistants and assistants and clerks^ in such sums as the superintendent shall determine, with the approbation of the Director of the Mint ; but the same shall not be construed to relieve the 92 LAWS RELATING TO LOANS AND THE OUERENOT. superintendeut or other officers from liability to the United States for acts, omissions, or negligence of their subordi- increase thereof, nates Or employees : Provided, That the Secretary of the Treasury may, at his discretion, increase the bonds of the superintendent. Salary of direo- Sec. 12. That there shall be allowed to the Director of tor; the Mint an annual salary of four thousand five hundred p ^i^-'^^^^-P"^*- dollars, and actual necessary travelling expenses in visiting the different mints and assay-offices, for which vouchers S"er*8!&o°*'' stall be rendered ; to the superintendents of the mints at Philadelphia and San Francisco, each four thousand five hundred dollars ; to the assayers, melters and refiners, and coiners of said mints, each three thousand dollars ; to the engraver of the mint at Philadelphia, three thousand dol- lars ; to the superintendent of the mint at Carson City, three thousand dollars ; and to the assayer, to the melter and refiner, and to the coiner of the mint at Carson City, each assistants.cierks, two thousaild five hundred dollars ; to the assistants and and workmen ; clerks such annual salary shall be allowed as the Director of the Mint may determine, with the approbation of the Sec- retary of the Treasury ; and to the workmen shall be allowed such wages, to be determined by the superintendeut, as may be customary and reasonable according to their respect- ive stations and occupations, and approved by the Director payable monthly, of the Mint; and the salaries provided for in this section, and the wages of the workmen permanently engaged, shall be payable in monthly instalments. standard of Seo. 13. That the Standard for both gold and silver coins coins.*" ^ ^'^of the United States shall be such that of one thousand E.S., 3Di4,2)ose, parts by weight nine hundred shall be of pure metal and ^'AUoy. one hundred of alloy ; and the alloy of the silver coins shall be of copper, and the alloy of the gold coins shall be of cop- per, or of copper and silver ; but the silver shall in no case exceed one-tenth of the whole alloy. Gold coins; Sec. 14. That the gold coins of the United States shall See act April 2, , , ,, . , . , , , _ , „ i79e, ante, p. 1. be a one-dollar piece, which, at the standard weight of 1834, ante, p. 10. ' tweuty-fivc and eight-tenth grains, shall be the unit of value ; 18, 1837, ante.^p^ a quarter-eagle, or two-and-a-half dollar piece; a three-dol- Act February lar piecc ; a half-eagle, or five-dollar piece ; an eagle, or ten- 21,1853, ""'<'> P-(jQ]]rjj, piece; and a double-eagle, or twenty-dollar piece. ^ E.s.,35ii,j)os«, ^jjj (.jjg standard weight of the gold dollar shall be twenty- etandard weight; g^g ^^^ eight-teuths graius; of the quarter-eagle, or two and- a-half dollar piece, sixty-four and a half grains ; of the three- dollar piece, seventy-seven and four-tenths grains ; of the Act March 3, half-cagle, or five-dollar piece, one hundred and twenty-nine 1849, ante, p. 20. gj,jji,jg . of the eagle, or ten dollar piece, two hundred a,nd ACTS OP EIGHTEEN HUNDRED AND SEVENTY-THEEE. 93 flfty-eightgrains; of the double-eagle, or twenty-dollar piece, five huudred and sixteen grains ; which coins shall be a legal toboiogaitender. tender in all payments at their nominal value when not below ind. the standard weight and limit of tolerance provided in thisp-iaa.' ' ^'^°^' act for the single piece, and when reduced in weight, below said standard and tolerance, shall be a legal tender at val- uation in proportion to their actual weight : and anv gold reduction in j-^, T-r -^ J CTj. . .,. , , . ' , , weightbynatural coin or the United States, if reduced in weight by natural abrasion ,• abrasion not more than one-half of one per centum below e.s., 3505, poss, the standard weight prescribed by law, after a circulation^' of twenty years, as shown by its date of coinage, and at a ratable proportion for any period less than twenty years, shall be received at their nominal value by the United ^^^^1. *° ''^ "■ States Treasury and its offices, under such regulations as the Secretary of the Treasury may prescribe for the protec- tion of the government against fraudulent abrasion or other practices; and any gold coins in the Treasury of the United e. s., 3512,^««, States reduced in weight below this limit of abrasion shall ^' be recoined. Sec. 15. That the silver coins of the United States shall snver coins; be a trade-dollar, a half-dollar, or fifty-cent piece, a quarter- e.s., 3513, yost, dollar, or twenty-flve-cent piece, a dime, or ten-cent piece j^' and the weight of the trade-dollar shall be four hundred and weight; twenty grains troy; the weight of the half-dollar shall be 'R.s.,3586, post, twelve grams (grammes) and one-half of a gram, (gramme;) the quarter-dollar and the dime shall be, respectively, one- half and one-fifth of the weight of said half dollar ; and said toi^e legal tender. coins shall be a legal tender at their nominal value for any amount not exceeding five dollars in any one payment. Sec. 16. That the minor coins of the United States shall ^^YthdraUo"^' be a five-cent piece, a three-cent piece, and a one-cent piece, and the alloy for the five and three-cent pieces shall be ofpfil'^^'^-^"**' copper and nickel, to be composed of three-fourths copper and one-fourth nickel, and the alloy of the one-cent piece shall be ninety-five per centum of copper and five per cen- tum of tin and zinc, in such proportions as shall be deter- mined by the Director of the Mint. The weight of the weight; piece of five cents shall be seventy-seven and sixteen-hun- dredths grains, troy; of the three-cent piece, thirty grains; and of the one-cent piece, forty-eight grains ; which coins shall be a legal tender, at their nominal value, for any tobeiegaitender. amount not exceeding twenty-five cents in any one payment, p.fao^"^^^^'^™*' Sec. 17. That no coins, either of gold, silver, or minor No ooine, ex- coinage, shall hereafter be issued from the mint other than those of the denominations, standards, and weights herein ^»''-. ^sie. set forth. 94 LAWS RELATING TO LOANS ANB THE OUERENCY. ge?dIuponOTinI: ^^*^- ^^- "^^^^ "P0° t^® ^oins of the United States there ■R.s.,35n, post, shall be the following devices and legends : Upon one side p"5- there shall be an impression emblematic of liberty, with an inaoriptions. inscription of the word " Liberty " and the year of the coin- age, and upon the reverse shall be the figure or representa- tion of an eagle, with the inscriptions '' United States of America" and "E Pluribus Unum," and a designation of the value of the coin ; but on the gold dollar and three-dol- lar piece, the dime, five, three, and one cent piece the figure of the eagle shall be omitted; and on the reverse of the silver trade-dollar the weight and thefinenessof thecoin shall be inscribed ; and the Director of the Mint, with the approv- al of the Secretary of the Treasury, may cause the motto "In God we trust" to be inscribed upon such coins as shall admit of such motto ; and any one of the foregoing inscrip- tions may be on the rim of the gold and silver coins. iiv*™ °'^°^'* ""^ ^^^' ^^- That at the option of the owner, gold or silver E. s.', 33i8,iJose, may be cast into bars of fine metal, or of standard fineness, stamp and de- or uuparted, as he may prefer, with a stamp upon the same vices; designating the weight and fineness, and with such devices impressed thereon as may be deemed expedient to prevent limit to weight, fraudulent imitation, and no such bars shall be issued of a less weight than five ounces. Deposits of Sec. 20. That any owner of gold bullion may deposit the gold bullion for ii o .; i. coinage; Same at any mint, to be formed into coin or bars for his ben- p. ns.'^^^^'*"*'' efit ; but it shall be lawful to refuse any deposit of less value than one hundred dollars, or any bullion so base as to be un- suitable for the operations of the mint; and when gold and silver are combined, if either metal be in such small propor- tion that it cannot be separated advantageously, no allow- ance shall be made to the depositor for its value, of silver bullion. Sec. 21. That any owner of silver bullion may deposit the same at any mint, to be formed into bars, or into dollars of E.S., 3520, ;pos(, , n ■, ■, ■. -, p. 116. the weight of four hundred and twenty grains, troy, des- ignated in this act as trade-dollars, and no deposit of silver for other coinage shall be received ; but silver bullion con- tained in gold deposits, and separated therefrom, may be paid for in silver coin, at such valuation as may be, from time to time, established by the Director of the Mint. Bullion to be Sbc. 22. That whcu bullion is deposited in any of the ™afted, In™ re- miuts. It Shall be weighed by the superintendent, and, when ""H's'ls^i post, practicable, in the presence of the depositor, to whom a re- p.116. ' ' ceipt shall be given, which shall state the description and weight of the bullion ; but when the bullion is in such a state as to require melting, or the removal of base metals, before its value can be ascertained, the weight, after such ACTS OF EIGHTEEN HUNDRED AND SEVENTY- THREE. 95 operation, shall be considered as the true weight of the bull- ion deposited. The fitness of the bullion to be received fitness and mode in IT •-.1. ni t n 1 ' °^ melting, bow Shall be determined by the assayer, and the mode of melting determined. by the melter and refiner. Steo. 23. That from every parcel of bullion deposited for . -issay of buu- ion ; coinage or bars, the superintendent shall deliver to the as- e.s., 3522, pos(, sayer a sufficient portion for the purpose of being assayed, ^' ^"'' but all such bullion remaining from the operations of the assay shall be returned to the superintendent by the as- sayer. Sec. 24. That the assayer shall report to the superintend- report of assayer. ent the quality or fineness of the bullion assayed by him, p, ik' " '*"*'' and such information as will enable him to compute the amount of the charges hereinafter provided for, to be made to the depositor. Seo. 25. That the charge for converting standard gold charges for con- OCT vertmg bullion bullion into coin shall be one-fifth of one per centum; and into coin, and the charges for converting standard silver into trad e-dol- bars j lars, for melting and refining when bullion is below stand- pfigf'^^^^'^**' ard, for toughening when metals are contained in it which render it unfit for coinage, for copper used for alloy when the bullion is above standard, for separating the gold and silver when these metals exist together in the bullion, and for the preparation of bars, shall be fixed, from time to time, by the Director, with the concurrence of the Secretary of the Treasury, so as to equal but not exceed, in their judg- not to exceed the ment, the actual average cost to each mint and assay-oflQce cost. ''■^'^''"s® of the material, labor, wastage, and use of machinery em- ployed in each of the cases aforementioned. Sec. 26. That the assayer shall verify all calculation s^ssayer to veri- ■, . ,. .-. -. o -. . . , W certain calou- made by the superintendent of the value of deposits, andjiationsandcoun- if satisfied of the correctness thereof, shall countersign the oate." certificate required to be given by the superintendent to thep,^i7^' ^^as.posf, dejiositor. Sec. 27. That in order to procure bullion for the silver ^^P^^i^jj^so^^^^of coinage authorized by this act, the superintendents, with the coinage. approval of the Director of the Mint, as to price, terms, and p. in.' " '^''*'' quantity, shall purchase such bullion with .the bullion-fund. The gain arising from the coinage of such silver bullion into ^,^}^^ *°., ^^ *^ *=> o credited to Sliver coin of a nominal value exceeding the cost thereof shall be profit fund, and ^ paidinto the credited to a special fund denominated the silver-profit fund, xreasnry. This fund shall be charged with the wastage incurred in the silver coinage, and with the expense of distributing said coins as hereinafter provided. The balance to the credit of this fund shall be from time to time, and at least twice a year, paid into the Treasury of the United States. 96 LAWS RELATING TO LOANS AND THE CTTERENOY. bepildonTwhero ^^^' ^8. That silver coIds Other thaii the trade-dollarsliall anA for what, be paid out at the several mints, and at the assay-oiHce in R. s. 3g27^„j( New York city, in exchange for gold coins at par, in sums P-"'- not less than one hundred dollars; audit shall be lawful, also, to transmit parcels of the same, from time to time, to the assistant treasurers, depositaries, and other officers of the United States, under general regulations proposed by the Director of the Mint, and approved by the Secretary of the Treasury ; but nothing herein contained shall prevent the payment of silver coins, at their nominal value, for sil- ver parted from gold, as provided in this act, or for change Proviso. less than one dollar in settlement for gold deposits : Provi- ded, That for two years after the passage of this act, silver coins shall be paid at the mint in Philadelphia and the assay-office in New York city for silver bullion purchased for coinage, under such regulations as may be prescribed by the Director of the Mint, and approved by the Secretary of the Treasury. Purchaea of Sec. 29. That for the purchase of metal for the minor motal for the t. _q/> minor coinage ; comage authorized by this act, a sum not exceeding ntty ^ RS.,352s,j)os«, tijougaud dollars in lawful money of the United States shall be transferred by the Secretary of the Treasury to the credit oDi^°at Phuadef ^^ *'^^ Superintendent of the mint at Philadelphia, at which pMa. establishment only, until otherwise provided by law, such coinage shall be carried on. The superintendent, with the approval of the Director of the Mint as to price, terms, and quantity, shall purchase the metal required for such coinage by public advertisement, and the lowest and best bid shall be accepted, the fineness of the metals to be determined on Minor-coinage the miut assay. The gain arising from the coinage of such pro an . mg^^jg juto (.qjh of g, nominal value, exceeding the cost thereof, shall be credited to the special fund denominated the minor-coinage profit fund ; and this fund shall be charged with the wastage incurred in such coinage, and with the cost of distributing said coins as hereinafter pro- Minor coins vided. The balance remaining to the credit of this fund, where deliver- , , , ^ j, . -, ^ . . . _ able, &o. ; and any balance of profits accrued from minor coinage under former acts, shall be, from time to time, and at least twice a year, covered into the treasury of the United States. exchangeable for Sec. 30. That the minor coins authorized by this act may, at the discretion of the Director of the Mint, be delivered K. s., 3529,j)oss, in any of the principal cities and towns of the United States, at the cost of the mint, for transportation, and shall be ex- changeable at par at the mint in Philadelphia, at the discre- tion of the superintendent, for any other coins of copper, bronze, or copper-nickel heretofore authorized bylaw; and ACTS OP EIGHTEEN HUNDKED AND SEVENTY-THEEE. 97 it shall be lawful for the Treasurer and the several asssist- ant treasurers and depositaries of the United States to redeem, in lawful money, under such rules as may be pre- rodeemabio in scribed by the Secretary of the Treasury, all copper, bronze, and copper-nickel coins authorized by law when presented insumsofnotless than twenty dollars; and whenever, under snchcomageto this authority, these coins are presented for redemption in "^^^^ ^''^'^ such quantity as to show the amount outstanding to be re- dundant, the Secretary of the Treasury is authorized and required to direct that such coinage shall cease until other- wise ordered by him. Seo. 31. That parcels of bullion shall be, from time to Melting andre- time, transferred by the superintendent to the melter and *°"^' ,„„ refiner; a careful record of these transfers, noting the p- us. weight and character of the bullion, shall be kept, and vouchers shall be taken for the delivery of the same, duly receipted by the melter and refiner, and the bullion thus placed in the hands of the melter and refiner shall be sub- jected to the several processes which may be necessary to form it into ingots of the legal standard, and of a quality ingots for caim suitable for coinage. Sec. 32. That the ingots so prepared shall be assayed ; to be assayed and and if they prove to be within the limits allowed for devia- '"^"' "^ ^ ®'™°'' tion from the standard, the assayer shall certify the fact to the superintendent, who shall thereupon receipt for thep.ns^'^^^^''^""' same, and transfer them to the coiner. Sec. 33. That no ingots shall be used for coin.age which J'°* *^i^g™®*^^ differ from the legal standard more than the following pro- f"- "o™ ti-i^' portions, namely: In gold ingots, one-thousandth ; in silver b.s., 3533, post, ingots, three-thousandths; in minor-coinage alloys, twenty- '' five-thousandths, in the proportion of nickel. Sec. 34. That the melter and refiner shall prepare all ^"'i.^'' ''."y- *^ * ment offdeposita, bars required for the payment of deposits ; but the fineness ti"=irfin6ues3,&c. thereof shall be ascertained and stamped thereon by the p,^i9^' ^^^*"^°*'' assayer ; and the melter and refiner shall deliver such bars to the superintendent, who shall receipt for the same. Sec. 35. That the superintendent shall, from time to ^/J'sots^or^oin- time, deliver to the coiner ingots for the purpose of coin- «^ed to coiner. age; a careful record of these transfers, noting the weight p. us.' " '^^ ' and character of the bullion, shall be kept, and vouchers shall be taken for the delivery of the same, duly receipted by the coiner ; and the ingots thus placed in the hands of the coiner shall be subjected to the several processes neces- sary to make from them coins in all respects conformable to law. 7 OS LAWS KELATING TO ftOANS. AND THE CUEEENCT. w°phtt"o7goid ^^^- ^^- '^^^^ ^^ a'djusting the weights of the gold coins. ceiT&o*- *" ^^'^^^ following deviations ishall not be exceeded in any single E. s.,3535,post, piece: In the double-eagle and the eagle, one-half of a grain ; ^' iu the half-eagle, the three-dollar piece, the quarter-eagle, and the one-dollar piece, one-fourth of a grain. And iu weighing a number of pieces together, when delivered by the coiner to the superintendent, and by the superintend- ent to the depositor, the deviation from the standard weight shall not exceed one-hundredth of an ounce in five thousand dollars in donble-eagles, eagles, half-eagles, or quarter-eagles, in one thousand three-dollar pieces, and in one thousand one-dollar pieces. of silver coins i Sec. 37. That In adjusting the Aveight of the silver coins E.S., 3536, j)os(, the following deviations shall not be exceeded in any single piece : In the dollar, the half and quarter dollar, and in the dime, one and oneJiaJf_grains ; and in weighing large num- bers of pieces together, when delivered by the coiner to the superintendent, and by the superintendent to the depositor, the deviations from the standard weight shall not exceed two-hundredths of an ounce in one thousand dollars, half- dollars, or quarter-dollars, and one-hundredth of an ounce in one thousand dimes. of minor coins. 5^0. 38. That lu adjusting the weight of the minor coins E. s., 3537, post, provided by this act, there shall be no greater deviation allowed than three grains for the five-cent piece and two grains for the three and one cent pieces. Coiner to de- gEC. 39. That the coiuer shall, from time to time, as liver coins to sup- ' ' eiintendenti coins are prepared, deliver them to the superintendent, who p. 119.' '^°* ' shall receipt for the same, and who shall keep a careful aBd'if°uot*'satis' ^ecord of their kind, number, and actual weight ; and in re- factory, &c. ceiviug coius it shall be the duty of the superintendent to ascertain, by the trial of a number of single pieces separate- ly, whether the coins of that delivery are within the legal limits of the standard weight ; and if his trials for this pur- pose shall not prove satisfactory, he shall cause all the coins of such delivery to be weighed separately, and such as are not of legal weight shall be defaced and delivered to the melter and refiner as standard bullion, to be agaiu formed into ingots and recoined; or the whole delivery may, if more convenient, be remelted. eacrdSfve?^ of ^^^' ^^' '^^^^ ^^ every delivery of coins made by the cons by tbo coin- coiner to a Superintendent, it shall be the duty of such su- er to a superin- *■ ' ^ tendent. perintcudent, in the presence of the assayer, to take indis- RS.,3539,i)os«, (jj.jnjjj,a,jg]y a certain number of pieces of each variety for the annual trial of coins, the number for gold coins being not less than one piece for each one thousand pieces or any ACTS OF EIGHTEEN HUNDRED AND SEVENTY-THREE. 99 fractional part of cue thousand pieces delivered ; and for silver coins one piece for each two thousand pieces or any- fractional part of two thousand pieces delivered. The pieces so taken shall be carefully sealed up in an envelope, prop- erly labeled, stating the date of the delivery, the number and denomination of the pieces inclosed, and the amount of the delivery from which they were taken. These sealed parcels containing the reserved pieces shall be deposited in a pyx, designated for the purpose at each mint, which shall be kept under the joint care of the superintendent and as- sayer, and be so secured that neither can have access to its contents without the presence of the other, and the reserved pieces in their sealed envelopes from the coinage of each mint shall be transmitted quarterly to the mint at Philadel- phia. A record shall also be kept at the same time of the number and denomination of the pieces so taken for the annual trial of coins, and of the number and denomination of the pieces represented by them and so delivered, a copy of which record shall be transmitted quarterly to the Di- rector of the Mint. Other pieces may, at any time, be taken for such tests as the Director of the Mint shall prescribe. Sec. 41. That the coiner shall, from time to time, deliver ciippiDga, &c., to the superintendent the clippings and other portions of" e. s.,'m4o, po8« bullion remaining after the process of coining; and the su-^-^^"- perintendent shall receipt for the same and keep a careful record of their weight and character. Sec. 42. That the superintendent shall debit the coiner Coinertobe with the amount in weight of standard metal of all the bull- what, ind tT be ion placed in his hands, and credit him with the amount in 'e. 's%54 1 poss weight of all the coins, clippings, and other bullion returned '■ ^^''• by him to the superintendent. Once at least in every year. Aceounta of and at such time as the Director of the Mint shall appoint, aDd reflner^o be there shall be an accurate and full settlement of the accounts teasl ono"ineaaii of the coiner, and the melter and refiner, at which time the^^^'^' said officers shall deliver up to the superintendent all the coins, clippings, and other bullion in their possession respect- ively, accompanied by statements of all the bullion delivered to them since the last annual settlement, and all the bullion returned by them during the same period, including the amount returned for the purpose of settlement. Sec. 43. That when all the coins, clippings, and other Saperintendent , ,_. , , , ,. , , , : , ...,*'> txatnine the bullion have been delivered to the superintendent, it shall accounts, &o., of be his duty to examine the accounts and statements ren- meiier and re- dered by the coiner and the melter and refiner, and the dif- n.'s.,^5i2,post, ference between the amount charged and credited to each ^wh'at amonnt officer shall be allowed as necessary wastage, if the super- es8°M^y wastageT 100 LAWS RELATING TO LOANS AND THE CUREENCY. inteudent shall be satisfied tbat there has been a bona-fide waste of the precious metals, and if the amount shall not exceed, in the case of the melter and refiner, one thousandth of the whole amount of gold, and one and one-half thou- sandth of the whole amount of silver delivered to him since the last annual settlement, and in the case of the coiner, one thousandth of the whole amount of silver, and one-half thousandth of the whole amount of gold that has been de- livered to him by the superintendent ; and all copper used in the alloy of gold and silver bullion shall be separately charged to the melter and refiner, and accounted for by him. BdaEoe-sheet Sec. 44 That it Shall also be the duty of the superin- totiioDirMtoroftendeut to forward a correct statement of his balance-sheet, *'^E^"3543 post, ^* ^^^ close of such settlement, to the Director of the Mint, p. 181. ^ho ghall compare the total amount of gold and silver bull- ion and coin on hand with the total liabilities of the mint. Expense ac-At the Same time a statement of the ordinary-expense count. account, and the moneys therein, shall also be made by the superintendent. Payment of Seo. 45. That when the coins or bars which are the de^orftom"^ *° equivalent to any deposit of bullion are ready for delivery, E s.,3544,i)osj, they shall be paid to the depositor, or his order, by the superintendent; and the payments shall be made, if de- manded, in the order in which the bullion shall have been brought to the mint; but in cases where there is delay in manipulating a refractory deposit, or for any other unavoid- able cause, the payment of subsequent deposits, the value of which is known, shall not be delayed thereby ; and in the denominations of coin delivered, the superintendent shall comply with the wishes of the depositor, except when im- practicable or inconvenient to do so. unparted bull- Sbc. 46. That uuparted bullion may be exchanged at any cSan^i ° "^'of the mints for fine bars, on such terms and conditions as E.s.,3546,pos«, may be prescribed by the Director of the Mint, with the ^' ' ' approval of the Secretary of the Treasury ; and the fineness, weight, and value of the bullion received and given in ex- change shall in all cases be determined by the mint assay. Charge of part- The charge to the depositor for refining or parting shall not '°^' exceed that allowed and deducted for the same operation in the exchange of unrefined for refined bullion. Secretary of Sec. 47. That for the purpose of enabling the mints and tokeep,&"mo"if.the assay-ofSce in New Tork to make returns to depositors make Bpeefl°y re" with as little delay as possible, it shall be the duty of the tws of bljiuon?''' Secretary of the Treasury to keep in the said mints and E.s.,3545,i)o«(, assay-ofiBce, when the state of the Treasury will admit thereof, such an amount of public money, or bullion pro- ACTS OP EIGHTEEN HUNDRED AND SEVENTY-THREE. 101 cured for the purpose, as he shall judge conveuient and necessary, out of which those who bring bullion to the said mints and assay-office may be paid the value thereof, in coin or bars, as soon as practicable after the value has been ascertained ; and on payment thereof being made, the bull- ion so deposited shall become the property of the United States J but the Secretary of the Treasury may at any time Fana may be withdraw the fund, or any portion thereof. mthdrawn. Sec. 48. That to secure a due conformity in the gold and Assay commis- silver coins to their respective standards of fineness andwd^bt o\"co[ua weight, the judge of the district court of the United States ^^"s'gj^^^^^j;^ for the eastern district of Pennsylvania, the Comptroller of p-^-**- the Currency, the assayer of the assay-ofiflce at New York, and such other persons as the President shall, from time to time, designate, shall meet as assay-commissioners, at the ,vi,en and where; mint in Philadelphia, to examine and test, in the presence of the Director of the Mint, the fineness and weight of the coins reserved by the several mints for this purpose, on the second Wednesday in February, annually, and may con- tinue their meetings by adjournment, if necessary; if a if a majority not majority of the commissioners shall fail to attend at any^""**^™'' time appointed for their meeting, the Director of the Mint shall call a meeting of the commissioners at such other time as he may deem convenient; and if it shall appear by such Test to be re- examination and test that these coins do not differ from thefa"'tOTy,if;&o*'"' standard fineness and weight by a greater quantity than is allowed by law, the trial shall be considered and reported as satisfactory ; but if any greater deviation from the legal if teat is not standard or weight shall appear, this fact shall be certified Jaatoi^e"^epor^ to the President of the United States; and if, on a view of^^ror'irbTdi" the circumstances of the case, he shall so decide, the officer i""''^'=''- or officers implicated in the error shall be thenceforward disqualified from holding their respective offices. Sec. 49. That for the purpose of securing a due conformity standara troy in weight of the coins of the United States to the provisions Jf^Si^'unTte'd of this act, the brass troy-pound weight procured by the '**^''|- ^.^^ ^^^^ minister of the United States at London, in the year eight- p-i-^- ' een hundred and twenty-seven, for the use of the mint, and now in the custody of the mint at Philadelphia, shall be the standard troy pound of the mint of the United States, con- formably to which the coinage thereof shall be regulated. Sec. 50. That it shall be the duty of the Director of the standard Mint to procure for each mint and assay-office, to be kept mint ^ana afsay safely thereat, a series of standard weights corresponding "'^""^^^^^^^^^^^ to the aforesaid troy pound, consisting of a one-pound weight p-ws.' and the requisite subdivisions and multiples thereof, from 102 LAWS RELATING TO LOANS AND THK CUEEENCT. the hundredth part of a grain to twenty-five pounds; and the troy weights ordinarily employed in the transactions of andtMtel^iSnn'! ^^^^ mints and assay-offlces shall be regulated according to ally- the above standards at least once in every year, under the inspection of the superintendent and assayer ; and the ac- curacy of those used at the mint at Philadelphia shall be tested annually, in the presence of the assay-commissioners, at the time of the annual examination and test of coins. Obverse work- Sec. 51. That the obvcrse working-dies at each mint ing-uies at each mmt to be de- shall, at the cud of each calendar year, be defaced and de- ^ s^s.,35m,post, stroyed by the coiner in the presence of the superintendent p. 1S3. j^jj^ assayer. tio^'aTchlract"?' ^^^* ^^' '^^^^ ^ics of a national character may be exe- and me dais, cuted by the engraver, and national and other medals struck ■where may be .» o 7 made. by the coiner of the mint at Philadelphia, under such regu- Proviso. lations as the superintendent, with the approval of the Di- p.?i3^'^'^''^'"*' rector of the Mint, may prescribe: Provided, That such work shall not interfere with the regular coinage operations, and that no private medal dies shall be prepared at said mint, or the machinery or apparatus thereof be used for that purpose. ci^gl^lmf d" ^^^' ^2- ^^^^ ^^^ moneys arising from all charges and duotious, &c., to deductions on and from gold and silver bullion and the be covered mto ® the Treasury; manufacture of medals, and from all other sources, except p. 123." ''''^'*''"' as hereinbefore provided, shall, from time to time, be cov- Do part for saia- ered into the treasury of the United States, and no part of ries, &o. such deductions or medal charges, or profit on silver or minor coinage, shall be expended in salaries or wages; but Expenditures all expenditures of the mints and assay-ofi&ces, not herein appropriations otherwise provided for, shall be paid from appropriations ' ■ made by law on estimates furnished by the Secretary of the Treasury. Officers of as- Seo. 54. That the officers of the United States assay-office York and theS at New York shall be a superintendent, an assayer, and a appointment, welter and refiner, who shall be appointed by the President, Bnainess of the by and with the advice and consent of the Senate. The * E^s'"35S3 pos*, business of said assay -office shall be in all respects similar pi23. to that of the mints, except that bars only, and not coin, shall be manufactured therein ; and no metals shall be pur- Boiiion. chased for minor coinage. All bullion intended by the de- positor to be converted into coins of the United States, and silver bullion purchased for coinage, when assayed, parted, and refined, and its net value certified, shall be transferred to the mint at Philadelphia, under such directions as shall be made by the Secretary of the Treasury, at the expense of the contingent fund of the mint, and shall be there coined, ACTS OP EIGHTEEN HUNDRED AND SETENTT-THREB. 103 and the proceeds returned to the assay-office. And the Sec- Adjastment of accouut3. retary ot the Treasury is hereby authorized to make the necessary arrangements for the adjustment of the accounts upon such transfers between the respective offices. Sec. 55. That the duties of the superintendent, assayer, Duties, &c,, of and melter and refiner of said office shall correspond to &c',''Vf eaouV- those of superintendents, assayers, and melters and refiners ^*E.°f, "3535, ^josi, of mints; and all parts of this act relating to mints andP''^*-' their officers, the duties and responsibilities of such offi- cers, and others employed therein, the oath to be taken, and the bonds and sureties to be given by them, (as far as the same may be applicable,) shall extend to the assay-office at New York, and to its officers, assistants, clerks, workmen, and others employed therein. Sec. 56. That there shall be allowed to the officers of the their salaries, assay-office at New York city the following salaries perj,„fj;p'i§"'^^^'' annum : To the superintendent, four thousand five hundred dollars; to the assayer, and to the melter and refiner, each, three thousand dollars; and the salaries of assistants and clerks, and wages to workmen, and their manner of appointment, shall be determined and regulated as herein directed in regard to mints. Sec. 57. That the business at the branch mint at Denver, Bnsinessor as- while conducted as an assay-office, and of the assay-office vtr^BofsT'ci™^ at Boise City, Idaho, and all other assay-offices hereafter to bSVi'mFt^'l™' to be established, shall be confined to the receipt of gold and""''"*" R. S. 3558 3559 silver bullion, for melting and assaying, to be returned to35iid,pMi,pp.i24,' depositors of the same, in bars, with the weight and fine- ness stamped thereon ; and the officers of assay-offices, when their services are necessary, shall consist of an assayer, who shall have charge thereof, and a melter, to be appointed by the President, by and with the advice and consent of the Senate ; and the assayer may employ as many clerks, work- men, and laborers, under the direction of the Director of the Mint, as may be provided for by law. The salaries of officeraofsncii said officers shall not exceed the sum of two thousand fivetiieirsaiaritsi hundred dollars to the assayer and melter, one thousand eight hundred dollars each to the clerks, and the workmen and laborers shall receive such wages as are customary, according to their respective stations and occupations. Sec. 58. That each officer and clerk to be appointed attheir oath and such assay-offices, before entering upon the execution of his ""gg'g ^j^ jgg office, shall take an oath or affirmation before some judge of the United States, or of the supreme court, as prescribed by the act of July second, eightei-n hundred and sixty-two, and each become bound to the United States of America, 104 LAWS EELATINa TO LOANS AND THE CUriEEKCT. with one or more sureties, to the satisfaction of the Director of the Mint or of one of the judges of the supreme court of the State or Territory in which the same may be located, and of the Secretary of the Treasury, conditioned for the faith- Aspayersto be ful performance of the duties of their offices; and the said disbureing*- ' agents. assayers shall discharge the duties of disbursing agents for the payment of the expenses of their respective assaj' -offices. pireotorofthe Sec. 59. That the general direction of the business of Miut to have the general airection assay-offices of the United States shall be under the control of the a38ay-offl- " ■«•- i • i ces, subject, &o.;and regulation of the Director of the Mint, subject to the resniatione, re- approbation of the Secretary of the Treasury ; and for that charges.' " purpose it Shall be the duty of the said Director to prescribe such regulations and to require such returns periodically and occasionally, and to establish such charges for melting, parting, assaying, and stamping bullion as shall appear to him to be necessary for the purpose of carrying into effect the intention of this act. ProvisioDsroia- Sec. GO. That all the provisions of this act for the regu- ting to the mint to apply to assay- lation of the mints of the United States, and for the gov- ofHces. E.s.,5457,i;os(, erniijent of the officers and persons employed therein, and p. 139. j^^^J. ^]jg punishment of all offenses connected with the mints or coinage of the United States, shall be, and they are hereby declared to be, in full force in lelation to the assay- offices, as far as the same may be applicable thereto. Penalty for Sec. 61. That if any person or persons shall falsely make, counteifei I ing, , i /. i i -i &"., any coin or forgc, or Counterfeit, or cause or procure to be falsely made, tndo, &0.J forged, or counterfeited, or willingly aid or assist in falsely ^^^-.asei.post, making, forging, or counterfeiting, any coin or bars in resem- blance or similitude of the gold or silver coins or bars, which have been, or hereafter may be, coined or stamped at the mints and assay-offices of the United States, or in resem- blance or similitude of any foreign gold or silver coin which by law is, or hereafter may be made, current in the United States, or are in actual use and circulation as money within the United States, or shall pass, utter, publish, or sell, or attempt to pass, utter, publish, or sell, or bring into the or knowingly ., j c..l ^ ^ \p ■ i \_ ■ Z- having in posses- United States from any foreign place, or have m his posses- sion or uttering, . i.rii-i ^ r -^ j • i &c.,snch counter- sion, any such false, forged, or counterfeited coin or bars, o? bar's; "' """"^ knowing the same to be false, forged, or counterfeited, every person so offending shall be deemed guilty of felony, and shall, on conviction thereof, be punished by fine not exceed- ing five thousand dollars, and by imprisonment and con- finement at hard labor not exceeding ten^ years, according to the aggravation of the offense. for counterfeit- Sec. 62. That if any person or persons shall falsely make, ing, &c.. minor „ „ ., , i ,. , . , coinage, or utter- foigc. Or Counterfeit, or cause or procure to be falsely made, comsf""^ forged, or counterfeited, or willingly aid or assist in falsely ACTS OF EIGHTEEN HUNDRED AND SEVENTY-THREE. 105 making, forging, or counterfeiting, any coin in the resem- E^s.,545e,jiofi(. blance or similitude of any of the minor coinage which has been, or hereafter may be, coined at the mints of the United States ; or shall pass, utter, publish, or sell, or bring into the United States from any foreign place, or have in his possession, any such false, forged, or counterfeited coin, with intent lo defraud any body politic or corporation, or any person or persons whatsoever, every person so offend- ing shall be deemed guilty of felony, and shall, on convic- tion thereof, be punished by fine not exceeding one thousand dollars and by imprisonment and confinement at hard labor not exceeding three years. Sec. 63. That if any person shall fraudulently, by any for franrinientiy art, way, or means whatsoever, deface, mutilate, impair, goiuorsi'ivfruui- diminish, falsify, scale, or lighten the gold or silver coins '°B.s"'5409,i)o«e, which have been, or which shall hereafter be, coined at the^"'- mints of the United States, or any foreign gold or silver coins which are by law made current, or are in actual use and circulation as money within the United States, every person so offending shall be deemed guilty of a high misde- meanor, and shall be imi^risoned not exceeding two years, and fined not exceeding two thousand dollars. Sec. 64. That if any of the gold or silver coins which i°^ fraudulently shall be struck or coined at any of the mints of the United or silver coins ot " tbeUnitedStates, States shall be debased, or made worse as to the proportion of fine gold or fine silver therein contained; or shall be of less weight or value than the same ought to be, pursuant to the several acts relative thereto; or if any of the weights or defacing used at any of the mints or assay-offices of the United '^'''s''*^' '^'^• States shall be defaced, increased, or diminished through the fault or connivance of any of the officers or persons who shall be employed at the said mints or assay-offices, with a fraudulent intent; and if any of the said officers or persons Penalty forem- shall embezzle any of the metals which shall at any time be cofns,'OT°medais' committed to their charge for the purpose of being coined, "' or any of the coins which shall be struck or coined at the said mints, or any medals, coins, or other moneys of said mints or assay-offices at any time committed to their charge, or of which they may have assumed the charge, every such ofiicer or person who shall commit any or either of the said offenses shall be deemed guilty of felony, and shall be im- prisoned at hard labor for a term not less than one year nor more than ten years, and shall be fined in a sum not exceeding ten thousand dollars. Sec. 65. That this act shall take effect on the first day of """iien act to April, eighteen hundred and seventy-three, when the offices 106 LAWS RELATING TO L0AN(3 AND THE CUREENCT. n °f at, &of "va- ^^ *^® treasurer of the mints in Philadelphia, San Francisco, catcd. and New Orleans shall be vacated, and the assistant treasurer at New York shall cease to pertbrm the duties of treasurer of othor officers, the assav-ofiBce. The other o£&cers and emijloyees of the &c., TO GOEtinue, '^ j. t; give bonds, &c. miuts and assay-offices now appointed shall continue to hold p.iio.' '*"**' their respective offices, they having first given the neces- sary bonds, until further appointments may be required, the Director of the Mint at Philadelphia being styled and acting Superintend as superintendent thereof. The duties of the treasurers shall tceasurers. dcvolve as herciu provided upon the superintendents, and Treasurers to said trcasurers shall act only as assistant treasurers of act only as assist- "^ ant treasurers, the United States: Provided, That the salaries heretofore Salaries not di- paid to the treasurers of the mints at Philadelphia, San minished. -r-, . •■ it ^ , . . , Irancisco, and New Orleans, acting as assistant treas- urers, shallherealter be paid to them as "assistant treasurers of the United States," and that the salary of the assistant treasurer at New York shall not be diminished by the vaca- tion of bis office as treasurer of the assay-office. Namesof thedif. Sec. CO. That the different mints and assay -offices author- lerent mints and ^ '^ assay-offlces. ized by this act shall be known as " the mint of the United p.iio.' ''^"^ ' States at Philadelphia," " the mint of the United States at San Francisco," " the mint of the United States at Carson,'' " the mint of the United States at Denver," " the United States assay-office at New York," and " the United States assay-office at Boise City, Idaho," " the United States assay- unexpeude-iap- officc at Charlotte, North Carolina ;" and all unex[)euded propria ions. appropriations herteofore authorized by law for the use of the mint of the United States at Philadelphia, the branch- mint of the United States in California, the branch-mint of the United States at Denver, the United States assay-office in New York, the United States assay-office at Charlotte, North Carolina, and the United States assay-office at Boise City, Idaho, are hereby authorized to be transferred for the account and use of the institutions established and located respectively at the places designated by this act. This act to 1)6 Sec. 67. That this act shall be known as the " Coinage act!™ l*^"""*^* act of eighteeen hundred and seventy-three;" and all other acts and parts of acts pertaining to the mints, assay-offices, and coinage of the United States inconsistent with the pro- other acta, &c., visions of this act are hereby repealed : Provided, That this repcai^not to at^act Shall not be coustrued to affect any act done, right ac- foot, &c. crued, or penalty incurred, under former acts, but every such right is hereby saved ; and all suits and prosecutions for acts already done in violation of any former act or acts of Congress relating to the subjects embraced in this act may be begun or proceeded with in like manner as if this act had ACTS OF EIGHTEEN HUNDEED AND SEVENTY- THEEE. 107 not been passed; and all penal clauses and provisions in existing laws relating to the subjects embraced in this act shall be deemed applicable thereto : And provided further, That so much of the first section of " An act making appro- Eopoaiofpartot priations for sundry civil expenses of the government for the 7. 10'. ° " ' ^' ' year ending June thirty, eighteen hundred and seventy-one, and for other purposes," approved July fifteen, eighteen hundred and seventy, as provides that until after the com- pletion and occupation of the branch-mint building in Sau Francisco, it shall be lawful to exchange, at any mint or branch-mint of the United States, unrefined or unparted bullion, whenever, in the opinion of the Secretary of the Treasury, it can bo done with advantage to the government, is hereby repealed. Approved, February 12, 1873. CHAP. CXXXVni— AIT ACT MAKING APPEOPEIATIONS FOE THE CUE- Feb. 14, 1873. KENT AND CONTINGENT EXPENSES OE THE INDIAN DEPAETMENT, „ j x;vn d 437- AND FOE FULFILLING TEEATY STIPULATIONS WITH VAEIOUS ' 'P- ' INDIAN TEIBES, FOR THE YBAE ENDING JUNE THIETIBTH, EIGHT- EEN HUNDEED AJiTD SBVENXT-FOUE, AND FOE OTHEE PUEPOSES. Be it enacted by the Senate and Souse of Representatives of the United States of America in Congress assemhled, * * * Sec. 3. That all authority now existing by the acts of Delivery ot March second, eighteen hundred and sixty-one, and March ctoctaws sus- tbird, eighteen hundred and seventy-one, or otherwise, to^™jite,p.37. issue or deliver any bonds of the United States to the Choc- taw tribe of Indians, is hereby suspended until the further action of Congress in the matter, and providing for such issue or delivery « * * * # m Approved, February 14, 1873. CHAP. CCLXI.— AW ACT FOE THE CEEATION OF A COUET FOE THE March. 3, 1873. ADJUDICATION AND DISPOSITION OF CEETAIN MONEYS EECEIVED ■ „ ^ INTO THE TEEASUEY UNDEE AN AWAED MADE BY THE TEIBUNAL ' -^ P' ■ OF AEBITEATION CONSTITUTED BY YIETUB OF THE FIEST AETI- CLE OP THE TEEATY CONCLUDED AT WASHINGTON THE EIGHTH OF MAY, AWSO DOMINI EIGHTEEN HUNDEED AND SEVENTY-ONE, BETWEEN THE UNITED STATES OF AMEEIOA AND THE QUEEN OF GEEAT BEITAIN. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That im- Themoneypaid ,. , , „ ,. -1 , to the United mediately upon the payment of the sum of money awarded states by Great to the United States by the tribunal of arbitration at Gene- by the tribunal at va to be paid by thfe Government of Great Britain, the same used, &.o. 108 LAWS EELATING TO LOANS AND THE CURRENCY. 2n^'i8-!'4'^o/'" p" *^^'^ ^^ P^i*^^ ^°to the treasury, and used to redeem, so far ii^'i87c'''of«'^"^^® it may, the public debt of the United States, and the !"• ' amount equal to the debt so redeemed shall be invested in the five per cent, registered bonds of the ITnited States to be held subject to the future disposition of Congress. Approved, March 3, 1873. PKOVJISIOIVS OF TESE KEVISEM STATUTES BEI/ATING TO liOANS AND THE CUKKENCY 'PEO VISIONS EELATIVE TO THE GENERAL DUTIES OF THE SECEE- TAEV OP THE TEEASUEY EESPECTING LOANS AND THE CUE- EESCY." TEE SECEETAET OF THE TEEASURT. General tintios Sec. 248. The Secretary of the Treasury shall, from time t ecretary. ^^ time, digest aud prepare plans for the improvement and management of the revenue, and for the support of the pub- lic credit; shall superintend the collection of the revenue; shall, from time to time, prescribe the forms of keeping and rendering all public accounts and making returns; shall grant, under the limitations herein established, or to be hereafter provided, all warrants for moneys to be issued from the Treasury in pursuance of appropriations by law ; shall make report, and give information to either branch of the legislature in person or in writing, as may be required, respecting all matters referred to him by the Senate or House of Eepresentatives, or which shall appertain to his office ; and generally shall perform all such services relative to the finances as he shall be directed to perform. Euieg, regular Seo. 251. The Secretary of the Treasury shall make and ' jg2(, ^ issue from time to time such instructions and regulations to 11, S8.14, 15 V.3. tijg several collectors, receivers, depositaries, officers, and Aug., l£46, C. 7 7 J. 7 7 84, 8. 5, V. 9. others who may receive Treasury notes, United States notes, 30 June, 1864, c. . ,. , tt o, 173,8. e. V. w, p. or other securities of the United States, or who may be lu "i4 July, 1870, cany waj' engaged or employed in the preparation and issue ~\i May, ' 1856, of the samo, as he shall deem best calculated to promote es. , V. 1 . ^^^ public convenience and security, and to protect the United States, as well as individuals, from fraud and loss; he shall prescribe forms of entries, oaths, bonds, and other papers, aud rules and regulations, not inconsistent with law, to be used under and in the execution and enforcement of the various provisions of the internal-revenue laws, or in carr^ ing out the provisions of law relating to raising revenue PROVISIONS OP THE EBVISED STATUTES. 109 from imports, or to duties on imports, or to warehousing; he shall give such directions to collectors and prescribe such rules and forms to be observed by them as may be necessary for the proper execution of the law; he shall also prescribe the forms of the annual statements to be sub- mitted to Congress by him showing the actual state of com- merce and navigation between the United States and foreign countries, or coastwise between the collection districts of the United States in each year. Sec. 254. The Secretary of the Treasury is authorized to Deposits of gold. receive deposits of gold coin and bullion with the Treasurer 3 Mar., ises, c. ^ " 73, s. 5, V. 12, p. or any assistant treasurer of the United States, in sums nofn.ante.p". less than twenty dollars, and to issue certificates therefor, in denominations of not less than twenty dollars, each, cor- jJ^^^-^'J"'"''?- responding with the denominations of the United States notes. The coin and bullion deposited for or representing the certificates of deposit shall be retained in the Treasury for the payment of the same on demand. And certificates representing coin in the Treasury may be Issued in payment of interest on the public debt, which certificates, together with those issued for coin and bullion deposited, shall not at any time exceed twenty per centum beyond the amount of coin and bullion in the Treasury ; and the certificates for coin and bullion in the Treasury shall be received at par in Ijayment for duties on imports. ****** Sec. 257. The Secretary of the Treasury shall make the following annual reports to Congress : First. A report on the subject of finance, containing esti- mates of the public revenue and public expenditures for the fiscal year then current, and plans for improving and in- creasing the revenues from time to time, for the purpose of giving information to Congress in adopting modes of rais- ing the money requisite to meet the public expenditures. DEBTS DUE BY OE TO THE UNITED STATES. Sec. 3473. All duties on imports shall be paid in gold and er'^debtru? "the silver coin only, For coin certificates], or in demand Treasury trmted states, in •^ ' L J ' ^ what currency to notes, issued under the authoritv of the acts of July seven- •*<> pj'i''- ' "• "The words in teen, eighteen hundred and sixty-one, chapter live; and brackets lusertoti ..-, , . . , . , , , . , by act of Fel). 27, February twelve, eighteen hundred and sixty-two, chapteri877. twenty ; and all taxes and all other debts and demands than gg^^j'J";; |,^*^' ''• duties on imports, accruing or becoming due to the United 23 Dec . 1^57, c. States, shall be paid in gold and silver coin, Treasury notes, 110 LAWS EELATING TO LOANS AND THE CUEEENCT. 5,l''i™Vp!'l3a; United States notes, or notes of national banks ; and upon fmte,p-38. every such payment credit shall be given for the amount of 4n, s. sT'v. 12,' p'. principal and interest due on any Treasury note for notes 1 not 313, anfe, p. 43. •!■ . .,,, , .-, 12 Feb, 1362, c. Tcceived in payment on the day when the same are received. an, V. 12, p. 338, ante, p. 44 ; 25 Feb., 1862, o. 33, ss. 1, 5, v. 12, pp. 34.5, 346, ante, pp. 44,46 ; 1 1 July, lHf)2, c. 142, 8. 1, V. 12, p. 532, ajite, p. 50 ; 3 Marcb, 1863, c. 73, ss. 3, 5, v. 12, pp. 71(1, 7) 1, ante, pp. 55, 57 ; 3 .Tune, lt64, o. 106, 8. 23, v. 13, p. 106, post, p. 163 ; 30 Jane, 18ii4, c. 172, u. 2, p. 13, p. 218, CKte,p. 64. Amended and part repealed bvact Feb. 27, 1877. ceiSbie.""'' '^" ®^^- ^*'^^- ^0 gold oi" 8'l^er Other than coin of standard 31 Ang.,i8.-)2,c. fineness of the United States, shall be receivable in pay- ^"2i"i.^6'b'',iM7, c. ™e'it of dues to the United States, except a.s provided in ^v'Ki\nt7,'ll'. section twenty-three hundred and sixty-six, Title "Public 24,25. Lands," and in section thirty-five hundred and sixty-seven, Title " Coinage, Weig-hts, and Measuees. National; bank Sec. 3475. The notes of national banks shall be received notes receiv,aolo to'd^'stSe^a* ^e°i"^*'P^''^or all debts and demands owing by the United States <=«pt- ' to any person within the United States, except interest ou ioo,s."23,'v. 13,' p! the public debt, or in redemption of the national currency. W\post, p. 163. [See 5 5182, post, p. 196.] pa^abiS debts ^^*^" 34=76. Treasury notes bearing interest may be paid oi United States, to any creditor of the United States at their face value, ex- 3 Mar., 1863, c. cludiug intcrcst, or to any creditor willing to receive them V^o"-£j: p.%?: i^t par, including iuterest. bO June, 1864, c. 172, s. 2, v. 13, p. 218, ante, p. 64. COINAGE, WEIGHTS, AND MEASURES. Enimeration Sec. 3495. The different mints and assay ofilces shall be of mints and as- *' say-oflices. known as — 13I: ^te aSp! ^^'■^*- ^^'^ ""i"* of the United States at Philadelphia. ™' ' ' Second. The mint of the United States at San Francisco. Third. The mint of the United States at New Orleans. Fourth. The mint of the United States at Carson. H^SSisb' Fifth. The mint of the United States at Denver. lm^w%^''^'''^' Sixth. The United States assay-office at New York. Seventh. The United States assay-office at Boise City, Idaho. Eighth. The United States assay-office at Charlotte, North Carolina. Officers of mints. Seo. 3490. The officcrs of each mint shall be a superin- 3 roite'^p 8!)^''' °' tendent, an assayer, a melter and refiner, and a coiner and, for the mint at Philadelphia, an engraver; all to be appointed by the President, by and with the advice and consent of the Senate. soperintendrats Sec. 3497. The Superintendents of the mints at Philadel- t,.po;form duties phia, San Francisco, and New Orleans shall be, and perform ° md^l!m' the duties of, treasurers of said mints respectively. ce?a of'min'ts.''*^' 8ec. 3498. The officers of the several mints shall be enti- lud., 6.12, ante, ^i^d ^q fhc followiug Salaries, to be paid monthly : PEOVISIONS OF THE REVISED STATUTES. HI First. The superinteDclents of tbe mints at Pliiladelphia and San Francisco, to four thousand live hundred dollars a. year each. Second. The assayers, melters and refiners, and tbe coin- ers of those mints, to three thousand dollars a year each. Third. The engraver of the mint at Philadelphia, to three thousand dollars a year. Fourth. The superintendent of the mint at Garson City to three thousand dollars a year. Fifth. The assayer, the melter and refiner, and the coin- er of the mint at Carson City, to two thousand five hundred dollars a year each. Sec. 3499. There shall be allowed to the assistants and Salaries of as- clerks of the several mints such annual salaries as the Direct- and laW.n is cm' or of the Mint may, with the approbation of the Secretary '' "■'^^ mmm s. of the Treasury, determine, and to the workmen employed therein such wages as may be customary and reasonable according to their respective stations and occupations, to be determined by the superintendent, and approved by the Director of the Mint. The salaries provided for in this and the preceding section, and the wages of workmen perma- nently engaged, shall be payable in monthly install- ments. Sec. 3500. Every officer, assistant, and clerk appointed Oath of ofEce ,,,,,«, , . of oflBcers, asMjst- for any mint shall, before he enters upon the execution ofanta.andcerks. his office,- take an oath before some judge of the United iiid.,s.io,arue, States, or judge of some court of record of the State in which such mint is located, faithfully and diligently to perform the duties thereof; in addition to other official oaths pre- scribed by law, such oath, duly certified, shall be trans- mitted to the Secretary of the Treasury. The superintend- ent of each mint may require such oath from any of the employes of the mint. Sec. 3501. The superintendent, the assayer, the melter Bonda of ofa- ,„ ,, . „ .•j.i^ i- oera, assistants, and refiner, and the coiner of each mint, before entering and clerks. upon the execution of their respective offices, shall become md., a. n. bound to the United States, with one or more sureties, ap- proved by the Secretary of the Treasury, in the sum of not less thon ten nor more than fifty thousand dollars, with condition for the faithful and diligent performance of the duties of his office. Similar bonds may be required of the assistants and clerks, in such sums as the superintendent shall determine, with the approbation of the Director of the Mint ; but the same shall not be construed to relieve the superintendent or other officers from liability to the United States for acts, omissions, or negligence of their subordi- 112 LAWS ELLATING TO LOAKS AKD THE CUEEENCT. nates or emplo^r^s; and the Secretary of the Treasury may, at his discretion, increase the bonds of the superintendents. ab^o" *fD°' ™ ^^^' ^^^2- Whenever any officer of a mint or assay-offlce or, superintend- shall be temporarily absent, on account of sickness or any eiit, or other offi- . ctr. other cause, it shall be lawful for the superintendent, with ^ iM.,s.9, 071(6, ^jjg consent of such ofiScer, to appoint some person attached to the mint to act in the place of such officer during bis absence ; but all such appointments shall be forthwith re- ported to the Director of the Mint for his approval j and in all cases whatsoever the principal shall be responsible for the acts of his representative. In case of the temporary absence of the superintendent, the chief clerk shall act in his place ; in case of the temporary absence of the Director of the Mint the Secretary of the Treasury may designate some one to act in his place. General duties Sec. 3503. The Superintendent of each mint shall have of superintend- ents of mints, the coutrol thereof, the supermtendence of the officers and jbid., s. 4, ante, persQ^s employed therein, and the supervision of the busi- ness thereof, subject to the approval of the Director of the Mint. He shall make reports to the Director of the Mint at such times and according to such forms as the Director may prescribe ; which shall exhibit in detail, and under ap- propriate heads, the deposits of bullion, the amount of gold, silver, and minor coinage, and the amount of unparted, stand- ard, and refined bars issued, and such other statistics and information as may be required. liid- Seo. 3504. He shall keep and render, quarter-yearly, to the Director of the Mint, for the purpose of adjustment accord- ing to such forms as may be prescribed by the Secretary of the Treasury, regular and faithful accounts of his transac- tions with the other officers of the mint and the depositors; and shall also render to him a monthly statement of the or- dinary expenses of the mint or assay-office under his charge. He shall also appoint all assistants, clerks, one of whom shall be designated " chief clerk," and workmen employed under his superintendence; but no person shall be ap- pointed to employ ment in the offices of the assayer, melter and refiner, coiner, or engraver, except on the recommendation and nomination in writing of those officers, respectively. He shall forthwith report to the Director of the Mint the names of all persons appointed by him, the duties to be performed, the rate of compensation, the appropriation from which compensation is to be made, and the grounds of the appointment ; and if the Director of the Mint shall disapprove the same, the appointment shall be vacated. PROVISIONS OP THE EBVISED STATUTES. 113 Sec. 3505. Any gold ooina of the United States, if re-, co'^^. radioed » ^5 'in weight by dnced iu weight by natural abrasion not more than one- abrasion. half of one per centum below the standard weight prescribed p. ax " ^' ' ^ ' by law, after a circulation of twenty years, as shown by the date of coinage, and at a ratable proportion for any period less than twenty years, shall be received at their nominal value by the United States Treasury and its offices, under such regulations as the Secretary of the Treasury may pre- scribe for the protection of the government against fraud- ulent abrasion or other practices. Sec. 350G. The superintendent of each mint shall receive Duties of super- and safely keep, until legally withdrawn, all moneys or Bp»ct to'coin"and bullion which shall be for the use or the expenses of the jj^" „ 4 ^nte mint. He shall receive all bullion brought to the mint forP'^^- assay or coinage; shall be the keeper of all bullion or coin in the mint, except while the same is legally in the hands of other officers ; and shall deliver all coins struck at the mint to the persons to whom they shall be legally payable. From the report of the assayer and the weight of the bull- ion, he shall compute the value of each deposit, and also the amount of the charges or deductions, if any, of all which he shall give a detailed memorandum to the depositor; and he shall also give at ihe same time, under his hand, a certificate of the net amount of the deposit, to be paid in coins or bars of the same species of bullion as that deposited, the correctness of which certificate shall be verified by the assayer, who shall countersign the same, and in all cases of transfer of coin or bullion, shall give and receive vouchers, stating the amount and character of such coin or bullion. Seo. 3507. The assayer shall assay all metals and bullion. Duties ofassay- whenever such assays are required in the operations of the " jjj^ , g „„(g mint; and shall make assays of coin or samples of bullion p- ^''• whenever required by the superintendent. Sec. 3508. The melter and refiner shall execute all the Dnties of meit- ers and relinera. operations which are necessary in order to form ingots of iud.,B.6. standard silver or gold, and alloys for minor coinage, suit- able for the coiner, from the metals legally delivered to him for that purpose ; and shall also execute all the operations which are necessary in order to form bars conformable in all respects to the law, from the gold and silver bullion delivered to him for that purpose. He shall keep a careful record of all transactions with the superintendent, noting the weight and character of the bullion, and shall be responsi- ble for all bullion delivered to him until the same is returned to the superintendent and the proper vouchers obtained. 8 114 LAWS EELATING TO LOANS AND THE CUEEENOY. ^ mties of coin- Sec. 3509. The coiner shall execute all the operations ij««.,e.7. which are necessary in order to form coins, conformable in all respects to the law, from the standard gold and silver ingots, and alloys for minor coinage, legally delivered to him for that purpose ; and shall be responsible for all bull- ion delivered to him, until the same is returned to the superintendent and the proper vouchers obtained. Duties of en- Seo. 3510. The engraver shall prepare from the original gravers. '-' lud., B. 8, ante, ^^^^ already authorized all the working-dies required for P'^'' use in the coinage of the several mints, and, when new coins or devices are authorized, shall, if required by the Director of the Mint, prepare the devices, models, molds, and matrices, or original dies, for the same; but the Di- rector of the Mint shall nevertheless have power, with the approval of the Secretary of the Treasury, to engage tem- porarily for this purpose the services of one or more artists, distinguished in their respective departments of art, who shall be paid for such service from the contingent appropri- ation for the Mint at Philadelphia. the'trniteS'statel ^^^- ^^'^^- '^^^ So^^ coins of the United States shall be a and their weight, oi]e.(]Qiiar piece, which, at the standard weight of twenty- p.92. five and eight-tenths grains, shall be the unit of value; a quarter-eagle, or two and a half dollar piece ; a three-dollar piece ; a half-eagle, or five-dollar piece ; an eagle, or ten-dol- lar piece ; and a double-eagle, or twenty-dollar piece. And the standard weight of the gold dollar shall be twenty-five and eight-tenths grains ; of the quarter-eagle, or two and a half dollar piece, sixty-four and a half grains; of the three- dollar piece, seventy-seven and four-tenths grains ; of the half-eagle, or five-dollar piece, one hundred and twenty-nine grains ; of the eagle, or ten-dollar piece, two hundred and fifty-eight grains; of the double-eagle, or twenty-dollar piece, five hundred and sixteen grains. Eecoinage of Sbc. 3512. Auv gold coius in the Treasury of the United gold coins. ^ c Ibid. States, when reduced in weight by natural abrasion more than oue-half of one per centum below the standard weight prescribed by law, shall be recoined. suvercoinsand Seo. 3513. The silvcr coins of the United States shall ' imZs- 15, mte, be a trade-dollar, a half-dollar, or fifty-cent piece, a quarter- P-^^- dollar, or twenty-five- cent piece, a dime, or ten-cent piece; wit^post, p. He'l and the weight of the trade-dollar shall be four hundred and post,' p. 147; res'. twenty grains troy; the weight of the half-dollar shall be i87'6,"'os'«"pfi4a] twelve grams and one-half of a gram ; the quarter-dollar and the dime shall be, respectively, one-half and one-fifth of the weight of said half-dollar. PROVISIONS OF THE EETISBD STATUTES. 115 Sec. 3514. The standard for both gold and silver coins of gof^^^M^sHver the United States shall be such that of one thousand parts ooins. by weight nine hundred shall be of pure metal and one hun- p. 92! '" '"" *' dred of alloy. The alloy of the silver coins shall be of cop- per. The alloy of the gold coins shall be of copper, or of copper and silver; but the silver shall in no case exceed one-tenth of the whole alloy. Sec. 3515. The minor coins of the United States shall he ^^^^-^^jg^^^™"^ a five-cent piece, a three-cent piece, and a one- cent piece. The ^"°y- alloy for the five and three cent pieces shall be of copper p. 93. and nickel, to be composed of three-fourths copper and one- fourth nickel. The alloy of the one-cent piece shall be ninety-five per centum of copper and five per centum of tin and zinc, in such proportions as shall be determined by the Director of the Mint. The weight of the piece of five cents shall be seventy-seven and sixteen -hundredths grains troy; of the three-cent piece, thirty grains ; and of the one-cent piece, forty-eight grains. Sec. 3516. No coins, either of gold, silver, or minor coin- isane of other ' r3 7 7 coiDs prohibited. age, shall hereafter be issued from the Mint other than those ma., a. n. of the denominations, standards, and weights set forth in this Title. Sec. 3517. Upon the coins there shall be the following inscriptiom npoD coiQS. devices and legends : Upon one side there shall be an im- J6id„8.i8,a»te, pression emblematic of liberty, with an inscription of the '^' '*' word "Liberty" and the year of the coinage, and upon the reverse shall be the figure or representation of an eagle, with the inscriptions "United States of America" and "E Plu- ribus Unum," and a designation of the value of the coin ; but on the gold dollar and three-dollar piece, the dime, five, three, and one cent piece, the figure of the eagle shall be omitted ; and on the reverse of the silver trade-dollar the weight and the fineness of the coin shall be inscribed. Sec. 3518. At the option of the owner gold or silver may Gold and silver be cast into bars of fine metal, or of standard fineness, or ji,id._ 9. 19, nnparted, as he may prefer, with a stamp upon the same designating the weight and fineness, and with such devices impressed thereon as may be deemed expedient to prevent fraudulent imitation, and no such bars shall be issued of a less weight than five ounces. Sec. 3519. Any owner of gold bullion may deposit the CoiniDg enui same at any mint, to be formed into coin or bars for his posits riiay be ro benefit. It shall be lawful, however, to refuse any deposit jiici.,s.w. of less value than one hundred dollars, or any bullion so base as to be unsuitable for the operations of the Mint. In cases where gold and silver are combined, if either metal Ibid., 8. 2. 116 LAWS RELATING TO LOANS AND THE CUEEENdY. be in such small proportion that it cannot be separated advantageously, no allowance shall be made to the deposi- tor for its value. Silver bniiion Sec. 3520. Auv owncr of Silver bullion may deposit the may be received , . , „ ■, ■ ^ , ■ ^ , „ /. 'm formins into same at any mint, to be formed into bars, or into dollars oi lars. ' the weight of four hundred aud twenty grains troy, desig- ^ ZMo.,8,2i,a»ie, jj^ted in this Title as trade-dollars, and no deposit of silver for other coinage shall be received. Silver bullion contained in gold deposits, aud separated therefrom, may, liowever, be paid for in silver coin, at such valuation as may be, from time to time, established by the Director of the Mint. Weishingbuu- Sec. 3521. When bullion is deposited in any of the mints, lonandascenain- ing its value. it shall be Weighed by the superintendent, and, when prac- ticable, in the- presence of the depositor, to whom a receipt shall be given, which shall state the description and weight of the bullion. When, however, the bullion is in such a state as to require melting, or the removal of base metals, before its value can be ascertained, the weight, after such operation, shall be considered as the true weight of the bullion deposited. The fitness of the bullion to be received shall be determined by the assayer, and the mode of melt- ing by the melter and refiner. Assay of boll- gEc. 3522. Erom every parcel of bullion deposited for 7iH(i..a. 23, ante, coinage or bars, the superintendent shall deliver to the '' "" assayer a sufiicient portion for the purpose of being assayed. The bullion remaiuing from the operations of the assay shall be returned to the superintendent by the assayer. Assayer to lo- Sec. 3523. The assayer shall report to the superintendent Doir to superiD- ./ i c t nrieutciuaihyof the Quality or fineness of the bullion assayed by him, and bnliiou assayed. ^ .j . i , ibxd, s. 24. such information as will enable him to compute the amount of the charges hereinafter provided for, to be made to the depositor. vertfnf tuiiioS; ^EC. 3524. The charge for converting standard gold &c., into coin. bulUou iuto coiu shall be one-fifth of one jier centum. The [Repealed, ' in charges for Converting standard silver into trade-dollars for i4*'i'87o. 9!2. lee melting and refining when bullion is below standard, for pos,p. .J toughening when metals are contained in it which render it unfit tor coinage, for copper used for alloy when the bullion is above standard, for separating the gold and silver when these metals exist together in the bullion, and for the preparation of bars, shall be fixed, from time to time, by the Director, with the concurrence of the Secretary of the Treasury, so as to equal but not exceed, in their judgment, the actual average cost to each mint and assay-olBce of the material, labor, wastage, and use of machinery employed in each of the cases aforementioned. :on. PROVISIONS OP THE REVISED STATUTES. 117 Sec. 3525. The assayer shall verify all calculations raade.,-*^s8''':fertoyer. by the superintenoent of the value of deposits, aud, if sat-ofthevaiiieofc.o • /5 T i. , , .. , ». . posits and conn- isnea oi the correctness thereof, shall countersign the cer-tersign oeitifi- tiflcate required to be given by the superintendent to the im,s.w,ante. depositor. p"^- Sec. 3526. In order to procure bullion for the silver coin- Pnrohase of age authorized by this Title, the superintendents, with the coinage ;°theli^ approval of the Director of the Mint, as to price, terms, and ^^^iud^\ ™.' quantity, shall purchase such bullion with the bullion-fund. The gain arising from the coinage of such silver bullion into coin of a nominal value exceeding the cost thereof shall be credited to a special fund denominated the silver-profit fund. This fund shall be charged with the wastage incurred in the silver coinage, and with the expense of distributing such silver coins as hereinafter provided. The balance to the credit of this fund shall be from t(me to time, and at least twice a year, paid into the Treasury of the United States. Sec. 3527. Silver coins other than the trade-dollar shall Paying om sii- 1 -Tiij.1 T'. -I,,. /v. ver coins for gold be paid out at the several mints, and at the assay-ofiSce coins authorized. in New York City, in exchange for gold coins at par, in sumSp/^."''^'^®'"'"''' not less than one hundred dollars. It shall be lawful, also, to transmit parcels of the same, from time to time, to the as- sistant treasurers, depositaries, and other ofiBcers of the United States, under general regulations proposed by the Director of the Mint, and approved by the Secretary of the Treasury. !N'othing herein contained shall, however, pre- vent the payment of silver coins, at their nominal value, for silver parted from gold, as provided in this Title, or for change less than one dollar in settlement for gold deposits. But for two years after the twelfth day of February, eight- een hundred and seventy-three, silver coins shall be paid at the Mint in Philadelphia and the assay-office in New Tork City, for silver bullion purchased for coinage, under such regulations as may be prescribed by the Director of the Mint and approved by the Secretary of the Treasury. Sec. 3528. For the purchase of metal for the minor coin- Purchase of aj^e authorized by this Title, a sum not exceeding fifty thou-™ina,ee-"th™'mT sand dollars in lawful money of the United States shall be a^Jfand.''"'' ^™' transferred by the Secretary of the Treasury to the credit ^'"'^ • ''■ ^• of the superintendent of the Mint at Philadelphia, at which establishment only, until otherwise provided by law, such coinage shall be carried on. The superintendent, with the approval of the Director of the Mint as to price, terms, and quantity, shall purchase the metal required for such coinage by public advertisement, and the lowest and best bid shall 118 LAWS RELATING TO LOANS AND THE OTJREENOY. be accepted, the fineness of the metals to be determined on the Mint assay. The gain arising from the coinage of such metals into coin of a nominal value, exceeding the cost thereof, shall be credited to the special fund denominated the minor-coinage profit fund ; and this fund shall be charged with the wastage incurred in such coinage, and with the cost of distributing said coins as hereinafter provided. The balance remaining to the credit of this fund, and any bal- ance of profits accrued from minor coinage under former acts, shall be, from time to time, and at least twice a year, covered into the Treasury. Delivery of mi. Seo. 3529. The miuor coins authorized by this Title mav, nor coins; re- , -,. . ^ -i -r^- demption. at the discretion of the Director of the Mint, be delivered m ^ma.,e. 30, ante, g^^y ^f ^j^g principal cities and towns of the United States, at the cost of the Mint, for transportation, and shall be ex- changeable at par at the Mint in Philadelphia, at the discre- tion of the superintendent, for any other coins of copper, bronze, or copper-nickel heretofore authorized by law. It shall be lawful for the Treasurer and the several assistant treasurers and depositaries of the United States to redeem, in lawful money, under such rules as may be prescribed by the Secretary of the Treasury, all copper, bronze, and copper-nickel coins authorized by law when presented Iq sums of not less than twenty dollars. Whenever, under this authority, these coins are presented for redemption in such quantity as to show the amount outstanding to be redundant, the Secretary of the Treasury is authorized and required to direct that such coinage shall cease until other- wise ordered by him. Transferof bull- Seo. 3530. Parcels of bullion shall be, from time to time, inw "ng'otr"*'™ transferred by the superintendent to the melter and refiner. iM(j.,8.3i,a«(e, A careful record of these transfers, noting the weight and character of the bullion, shall be kept, and vouchers shall be taken for the delivery of the same, duly receipted by the melter and refiner. The bullion thus placed in the hands of the melter and refiner shall be subjected to the several pro- cesses which may be necessary to form it into ingots of the legal standard, and of a quality suitable for coinage. ingotstobeaa- Seo. 3531. The iugots SO prepared Shall be assaved. If "7for!""^™'"'^'" they prove to be within the limits allowed for deviation itid., B. 33. from the standard, the assayer shall certify the fact to the superintendent, who shall thereupon receipt for the same, and transfer them to the coiner. Delivery of in- Seo. 3532. The Superintendent Shall, from time to time, guts to coiner lor ' ' coinage. deliver to the coiner ingots for the purpose of coinage. A ibtd., o. 35. (jareful record of these transfers, noting the weight and PROVISIONS OP THE KEVISBD STATUES. 119 character of the bullioQ, shall be kept, and vouchers shall be taken for the delivery of the same, duly receipted by the coiner. The ingots thus placed in the hands of the coiner shall be subjected to the several processes necessary to make from them coins in all respects conformkble to law. Sec. 3533. No ingots shall bo used for coina,ge which dif- standards ot fer from the legal sta.ndard more than the following propor- cSfnage"^'"* '" tions, namely: In gold ingots, one thousandth; in silver p^^''*'^-^^'""'^' ingots, three thousandths; in minor-coiaage alloys, twenty- five thousandths, in the proportion of nickel. Sec. 3534. The melter and refiner shall prepare all bars Preparation required for the payment of deposits; but the fineness Sara forpay^ent thereof shall be ascertained and stamped thereon by the"'jj,j^°''g'34 assayer. The melter and refiner shall deliver such bars to the superintendent, who shall receipt for the same. Sec. 3535. In adjusting the weights of the gold coins, the Deviations ai following deviations shall not be exceeded in any single iSE^wefghts^^o'i piece : In the double-eagle and the eagle, one-half of a ^"fj,^'""^,; ^„te grain; in the half-eagle, the three-dollar piece, the quarter- r'i=i- eagle, and the one-dollar piece, one-fourth of a grain. And in weighing a number of pieces together, when delivered by the coiner to the superintendent, and by the superintendent to the depositor, the deviation from the standard weight shall not exceed one hundredth of an ounce in five thou- sand dollars in double-eagles, eagles, half-eagles, or quarter- eagles, in one thousand three-dollar pieces, and in one thou- sand one-dollar pieces. Sec. 3536. In adjusting the weight of the silver coins the of silver coin ». followiug deviations shall not be exceeded in any single fThewo?d"a' piece: In the dollar, the half and quarter dollar, and in the i?„"o%Vfer°weigb'' dime, one and one-half grains. And in weighing [a] large j^'Jfj'g^yjg^^^"!' number of pieces together, when delivered by the coiuer to^^'P-^^"-^ the superintendent, and by the superintendent to the depos- itor, the deviations from the standard weight shall not ex- ceed twohundredths of an ounce in one thousand dollars, half-dollars, or quarter-dollars, and one-hundredth of an ounce in one thousand dimes. Sec. 3537. In adjusting the weight of the minor coins ofminorcoins. provided by this Title, there shall be no greater deviation i^^-'^-^^- allowed than three grains for the five-cent piece and two grains for the three and one cent pieces. Sec. 3538. The coiner shall, from time to time, as coins peiivory of ' ' coins by coiner are prepared, deliver them to the superintendent, who shall ah d trial ot receipt for the same, and who shall keep a careful record of lui, e.39. their kind, number, and actual weight. In receiving coins it shall be the duty of the superintendent to ascertain, by 120 LAWS RELATING TO LOANS AND THE CDEEENCY. tbe trial of a uumber of single pieces separately, whether the coins of that delivery are within the legal limits of the standard weight; and if his trials for this purpose shall not prove satisfactory; he shall cause all the coins of such delivery to be weighed separately, and such as are uot of legal weight shall be defaced and delivered to the inciter and refiner as standard bcnion, to be again formed into ingots and recoined ; or the whole delivery may, if more convenient, be remelted. Trial-pieces to Sec. 3539. At everv delivery of coins made by the coiner UesealeUup and, . , .,„.,•■ ,. , . -i transmitted quar- to a Superintendent, It shall be the duty or such supernitena- terlv to tlio Mint .... _,, .,^1 ^ ^ ,•■,■■■ ^ ■, at Philadelphia, eiit, in the presence of the assayer, to take indiscriminately p.id^'^^"'™'*'* certain number of pieces of each variety for the annual trial of coins, the number for gold coins being not less than one piece for each one thousand pieces or any fractional part of one thousand pieces delivered ; and for silver coins one piece for each two thousand pieces or any fractional part of two thousand pieces delivered. The pieces so taken shall be carefully sealed up in an envelope, properly labeled, stating the date of the delivery, the number aud denomination otthe pieces inclosed, and the amount of the delivery from which they were taken. These sealed parcels containing the re- served pieces shall be deposited in a pyx, designated for the purpose at each mint, which shall be kept under thejoint care of the superintendent and assayer, and be so secured that neither can have access to its contents without the presence of the other, and the reserved pieces in their sealed envel- opes from the coinage of each mint shall be transmitted quarterly to the Mint at Philadelphia. A record shall also be kept at the same time of the number and denomination of the iJieces so taken for the annual trial of coins, and of the number and denomination of the pieces represented by them and so delivered, a copy of which record shall be transmitted quarterly to the Director of the Mint. Other pieces may, at any time, be taken for such tests as the Director of the Mint shall prescribe. Disposal of clip- Sec. 3540. The coiner shall, from time to time, deliver to '"S-.s!'!!, ante, tl'^ superintendent the clippings and other portions of bull- "■ ^^- ion remaining aft^r the process of coining ; and the super- intendent shall receipt for the same and keep a careful record of their weight and character. Yearly settle- Seo. 3541. The Superintendent Shall debit the coiuer with ™™oiner, and of the amouut in Weight of standard metal of all the bullion njeiter iind refln- pjj^ggj jjj jj jg hands, and Credit him with the amouut in jbid., 8. 43 weight of all thecoins, clippings, and other bullion returned by him to the superintendent. Once at least in every year, er. PEOVISIONS OF THE REVISED STATUTES. 121 and at sucb time as the Director of the Mint shall appoint, there shall be an accurate and full settlement of the acconnts of the coiner, and the melter and refiner, at which time those officers shall deliver up to the superintendent all the coins, clippings, and other bullion in their possession, re- spectively, accompanied by statements of all the bullion delivered to them since the last annual settlement, and all the bullion returned by them during the same period, in- cluding the amount returned for the purpose of settlement Sec. 3542. When all the coins, clippings, and other bull- ^^^^i^^™"* ^ <"■ ion have been delivered to the superintendent, it shall be ibid.,s.'t3,ante, his duty to examine the accounts and statements rendered by the coiner and the melter and refiner. The difl'ereiice between the amount charged and credited to each officer shall be allowed as necessary wastage, if the superintendent shall be satisfied that there has been a bona-flde waste of the precious metals, and if the amount shall not exceed, in the case of the melter and refiner, one thousandth of the whole amount of gold, and one and one-half thousandths of the whole amount of silver delivered to him since the last annual settlement, and in the case of the coiner, one-thou- sandth of the whole amount of silver, and one-half thou- sandth of the whole amount of gold that has been delivered to him by the superintendent. All copper used in the alloy of gold and silver bullion shall be separately charged to the melter and refiner, and accounted for by him. Sec. 3543. It shall also be the duty of the superintendent^ statement of . Dalance- sheet to to forward a correct statement of his balance-sheet, at the be forwaniea by auporintentlent close of such settlement, to the Director of the Mmt; whoto Director of ' the Mint. shall compare the total amount of gold and silver bullion ibid.,a.44,ante. and coin on hand with the total liabilities of the mint. At^'^""' the same time a statement of the ordinary expense account, and the moneys therein, shall also be made by the superin- tendent. Sec. 3544. When the coins or bars which are the equiva- DeiiTeryofcoin or bars to depos- lent to any deposit of bullion are ready for delivery, they no^. shall be paid to the depositor, or hisorder, by the superiutend- ^"'" "' *^' ent; and the payments shall be made, if demanded, in the order in which the bullion shall have been brought to the mint. In cases, however, where there is delay in manipu- lating a refractory deposit, or for any other unavoidable cause, the payment of subsequent deposits, the value of which is known, shall not be delayed thereby. In the de- nominations of coin delivered, the superintendent shall comply with the wishes of the depositor, except when im- practicable or inconvenient to do so. 322 LAWS KBLATING TO LOANS AND THE OOKEENCT. mSity to^depo" ®^^- ^^^^- ^^^ ^^^ purpose of enabling the mints and the ascCTtatoTd"^"^ assay-oflce in New York to make returns to depositors with ibid.,B.'n,anu, as little delay as possible, it shall be the duty of the Secre- '*' tary of the Treasury to keep in such mints and assay-office, when the state of the Treasury will admit thereof, such an amount of public money, or bullion procured for the pur- pose, as he shall judge convenient and necessary, out of which those who bring bullion to the said mints and assay- office maj be paid the value thereof, in coin or bars, as soon as practicable after the value has been ascertained. On pay- meat thereof being made, the bullion so deposited shall be- come the property of the United States. The Secretary of the Treasury may, however, at any time withdraw the fund, or any portion thereof, Bxcbauseof nn- Sec. 3546. Unpartcd bullion may be exchanged at any of fine bars" ^°° ""^ the mints for fine bars, on such terms and conditions as may Ibid., ». 46. ijg prescribed by the Director of the Mint, with the approval of the Secretary of the Treasury. The fineness, weight, and value of the bullion received and given in exchange shall in all cases be determined by the mint assay. The charge to the depositor for refining or parting shall not exceed that allowed and deducted for the same operation in the exchange of unrefined for refined bullion. Appointment Sec. 3547. To securo a due conformity in the gold and and meetmf: of i /> ^ j assay-commis- silver coins to their respective standards of nnenesss and 7W(j.,8. 48, ante, weight, the judge of the district court for the eastern dis- "■ ^"^^ trict of Pennsylvania,, the Comptroller of the Currency, the assayer of the assay-office at New York, and such other per- sons as the President shall, from time to time, designate, shall meet as assay-commissioners, at the Mint in Philadel- phia, to examine and test, in the presence of the Director of the Mint, the fineness and weight of the coins reserved by the several mints for this purpose, on the second Wednes- day in February, annually, and may continue their meet- ing by adjournment, if necessary. If a majority of the com- missioners i'ail to attend at any time appointed for their meeting, the Director of the Mint shall call a meeting of the commissioners at such other time as he may deem conven- ient. If it appears by such examination and test that these coins do not differ from the standard fineness and weight by a greater quantity than is allowed by law, the trial shall be considered and reported as satisfactory. If, however, any greater deviation from the legal standard or weight ap- pears, this fact shall be certified to the President ; and if, on a view of the circumstances of the case, he shall so decide PEOVISIONS OF THE REVISED STATUTES. 123 the officers implicated in the error shall be thenceforward disqualified from holding their respective offices. Sec. 3548. For the purpose of securing a due conformity ^',|'??'"'il '^7 in weight of the coins of the United iStates to the provisions "lation of com of this Title, the brass troy-pound weight procured by the "zm-.s. 49, ante, minister of the United States at London, in the year eight-'"'' een hundred and twenty-seven, for the use of the Mint, and now in the custody of the Mint in Philadelphia, shall be the standard troy pound of the Mint of the United States, con- formably to which the coinage thereof shall be regulated. Sec. 3549. It shall be the duty of the Director of the Mint standard . weightsforminta to procure lor each mint and assay-office, to be kept safely and assay-offices. thereat, a series of standard weights corresponding to the ^''"'■' ^' ^"^ standard troy pound of the Mint of the United States, con- sisting of a one-pound weight and the requisite subdivisions and multiples thereof, from the hundredth part of a grain to twenty five pounds. The troy weights ordinarily em- ployed in the transactions of such mints and assay-offices shall be regulated according to the above standards at least once in every year, under the inspection of the superintend- ent and assayer ; and the accuracy of those used at the Mint at Philadelphia shall be tested annually, in the presence of the assay-commissioners, at the time of the annual examina- tion and test of coins. Sec. 3530. The obverse working-dies at each mint shall, . Tertriydpstrac- at the end of each calendar year, be defaced and destroyed workmg-diea. by the coiner in the presence of the superintendent and p.iog^'^' ^^' '™'^' assayer. Sec. 3551. Dies of a national character may be executed National and other medals may by the engraver, and national and other medals struck by i>o struck at Mint ., . ,. , 1,^- ., ^ -n., -, n , , • 1 , , at Phiudelpliia. the comer of the Mint at Philadelphia, under such regula- md., s. 52. tions as the superintendent, with the approval of the Di- rector of the Mint, may prescribe. Such work shall not, however, interfere with the regular coinage operations, and no private medal dies shall be prepared at any mint, or the machinery or apparatus thereof be used for that purpose. Sec. 3552. The moneys arising from all charges and de- Money arising ductions on and from gold and silver bullion and the manu- deducfioc? to be „. /,j,,„ 11 ii 1. covered into tlie facture of medals, and from all other sources, except as Treasury. provided by this Title, shall, from time to time, be covered ^'''^■' ^- ^'■ into the Treasury, and no part of such deductions or medal charges, or profit on silver or minor coinage, shall be ex- pended in salaries or wages. All expenditures of the mints and assay-offices, not herein otherwise provided for, shall be paid from appropriations made by law on estimates fur- nished by the Secretary of the Treasury. 124 LAWS RELATING TO LOANS AND THE CURRENCY. say-officrit'Nlw ^^^- ^^^^- '^^^ business of the United States assay-office York. at New York shall be in all respects similar to that of the p 10-2. mints, except that bars onlj-, and not coin, shall be manu- factured therein ; and no metals shall be purchased for minor coinage. All bullion intended by the depositor to be converted into coins, of the United Stetes, and silver bull- ion purchased for coinage, when assayed, parted, and re- fined, and its net value certified, shall be transferred to the Mint at Philadelphia, under such directions as shall be made by the Secretary of the Treasury, at the expense of the contingent fund of the Mint, and shall be there coined, and the proceeds returned to the assay-office. And the Secretary of the Treasury is hereby authorized to make the necessary arrangements lor the adjustment of the accounts upon such transfers between the respective offices. Appointment of Sec. 3554. The officcrs of the assay-office at New Tork nfficers at New _ ,, _ . , ■■ ■■ , i Turk. shall be a superintendent, an assayer, and a nielter and re- ^''"*' finer; each of whom shall be appointed by the President, by and with the advice and consent of the Senate. Duties, &c., of Sec. 3555. The duties of the superintendent, the assayer, officers .It New ' * York. and the melter and refiner of the assay-office at New York p. iu3?'''' ^^' ""'^' shall correspond to those of superintendents, assayers, and melters and refiners of mints ; and all the provisions of this Title relating to mints and their officers, the duties and re- sponsibilities of such officers, and others employed therein, the oaths to be taken, and the bonds and sureties to be given by them, shall extend, as far as the same may be ap- plicable, to the assay-office at New York, and to its officers, clerks, and employes. Salaries of offi- SEC.355G. The offlcers of the assay-office at New York cersatNewTork. , ,, , - i i i ,. n - ^ '. Ibid., a. 56. Shall DC entitled to the following salaries : First. The superintendent, to four thousand five hundred dollars a year. Second. The assayer, to three thousand dollars a year. Third. The melter and refiner, to three thousand dollars. Appointment Sec. 3557. The appointment and compensation of assist- sistants ajid em- ants, clerks, and workmen in the assay-office at New York 'rurk.* " "^ shall be regulated in the same manner as is prescribed in Ibid. regard to mints. Bnsinessofmint Seo. 3558. The busiuess of the mint of the United States a8say™fflc'e8*°at at Denver, while conducted as an assay-office, that of the Charlotte."^ """^ United States assay-office at Boise City, and that of any ibia., S.57. other assay -offices hereafter established, shall be confined to the receipt of gold and silver bullion, for melting and assaying, to be returned to depositors of the same, in bars, with the weight and fineness stamped thereon. PROVISIONS OF THE EEVISED STATUTES. 125 Sec. 3559. The ofiBcers of the assay -offices embraced by /^ppo'^t^^Dt *' "^ of ofiicoTs at Den- the preceding sectioa shall be, when their respective serv-^'- -Boiso city, '■ ^ ' •^ and Charlotte. ices are required, an assayer and a melter; each of whom iKd.,B.5i,ante, shall be appointed by the President, by and with the advice ^' ^°''' and consent of the Senate. Their salaries shall not exceed two thousand five hundred dollars a year each. Sec. 3560. The assayer at each of the assay-offices em- Powers and du- *^ tieaot assayersat braced by section thirty-five hundred and fifty-eight, shall aasayofflces. have general charge of the oCQce; and may employ, under ^*»i*-. ^s. 57, sa. the direction of the Director of the Mint, such clerks, work- men, and laborers as may be authorized therefor by law ; and shall discharge the duties of disbursing agent for the expenses of the office under his charge. The salaries paid Compensation ' ^ ■■ of empIoy6a. to clerks shall not exceed one thousand eight hundred dol- lars a year each. Workmen and laborers shall receive such wages as are customary according to their respective sta- tions and occupations. Sec. 3561. Each officer and clerk appointed at either of Bond and oath Ao -It • • r> t t T ^^ oflicer, and the assay-officers embraced by section thirty-five hundred cierk. and fifty-eight shall, before entering upon the duties of his ^'"^■' "■ ^^■ office, take an oath pursuant to the provisions of Title XIX, i Amended by , _^ . -^ r. ^ -r-r-r-m-r ^ r ^ aCtS Fcb. 27, 1877. '■PKOYISIONS applying [applicable] to SBTERALandFeb.l8,1875.] CLASSES OP OFFICERS," and Shall give a bond to the United States, with one or more sureties, satisfactory to the Director of the Mint or to one of the judges of the supreme court of the State or Territory in which the office to which he is ap- pointed is located, conditioned for the faithful performance of his duties. [See § § 1756, 1757.] Sec. 3562. All provisions of law for the regulation of, ^^ws reiatiis "^ ° tommtsextended mints, the government of officers and persons employed to asaay-ofaoes. therein, and for the punishment of all offences connected p.iol*'^'^"'™'^' with mints or coinage, shall extend to all assay-offices as [See e. s., a, far as applicable. Sec. 3563. The money of account of the United States Decimal ayatem *^ eatabliahed. shall be expressed in dollars or units, dimes or tenths, cents, 2 April, na-2, c. or hundredths, and mills or thousandths, a dime being the ^^' ^' ^''' ""**' p- ''■ tenth part of a dollar, a cent the hundreth part of a dollar, a mill the thousandth part of a dollar; and all accounts in the public offices and all proceedings in the courts shall be kept and had in conformity to this regulation. Sec. 3564. The value of foreign coin as expressed in the vaiue of foreign ^ *■ coina, how aacer- money of account of the United States shall be that of thetained. pure metal of such coin of standard value; and the values see, e.i^'' '^"' "' of the standard coins in circulation of the various nations of the world shall be estimated annually by the Director of the Mint, and be proclaimed on the first day of January by the Secretary of the Treasury. 126 LAWS KELATIN& TO LOANS AND THE CUEEENCT. 8o^''eT6i''gn*o? ®^'^- ^^^^- In all payments by or to the Treasury, whether pound sterling, made here or in foreign countries, where it becomes neces- ' ' ' sary to compute the value of the sovereign or pound sterling, it shall be deemed equal to four dollars eighty-six cents and six and one-half mills, and the same rule shall be applied in appraising merchandise imported where the value is, by the invoice, in sovereigns or pounds sterling, and in the construction of contracts payable in sovereigns or pounds sterling; and this valuation shall be the par of exchange between Great Britain and the United States ; and all contracts made after the first day of January, eight- een hundred and seventy-four, based on an assumed par of exchange with Great Britain of flfty-four pence to the dollar, or four dollars forty-four and four-ninths cents to the sovereign or pound sterling, shall be null and void. Eecoinage of Sec. 3566. All foreign gold and silver coins received in foreign coins. payment for moneys due to the United States shall, before 9 Feb., 1793, o- ':'.,.■., . ' 5, S.3. being issued in circulation, be coined anew. 21 Feb., 1857, e. " ' 56,s.2, ajiJe, p.24. Spanish and Sec. 3567. The picces commonly known as the quarter, eighth, and sixteenth of the Spanish pillar dollar, and of the 56, 8.1? aiite, p. 24! Mexican dollar, shall be receivable at the Treasury of the United States, and its several ofiSccs, and at the several post- offices and land-oflfices, at the rates of valuation following: the fourth of a dollar, or piece of two reals, at twenty cents ; the eighth of a dollar, or piece of one real, at ten cents ; and the sixteenth of a dollar, or half-real, at five cents. Tbeirtranamis- Sec. 3568. The Director of the Mint, with the approval of age. ' the Secretary of the Treasury, may prescribe such regula- 21 Feb., 1857. 0. tions as are necessary and proper, to secure the transmission , , ^ of the coins mentioned in the preceding section to the Mint Amended by 10 act Feb. 27, 1877, for recoinage, and the *[re]turn or distribution of the pro- ceeds thereof, when deemed expedient, and may prescribe such forms of account as are appropriate and applicable to the circumstances. The expenses incident to such transmis- sion or distribution, and of recoinage, shall be charged against the account of silver profit and loss, and the net profits, if any, shall be paid, from time to time, into the Treasury. Use of tbe met- gEc. 3569. It shall be lawful throughout the United States no svstem aa- ° thorized. of America to employ the weights and measures of the met- ^ 28 July, 1806, c. ric systcm ; and no contract or dealing, or pleading in any court, shall be deemed invalid or liable to objection because the weights or measures expressed or referred to therein are weights or measures of the metric system. • See act February 21, 1857, oh. 56. sec. 2 ante, p. 24. PROVISIONS OF THE EEVISED STATUTES. 127 Sec. 3570. The tables in the schedule hereto annexed ^jAnaorized^ta. shall be recognized in the construction of contracts, and in a""! measures all legal proceedings, as establishing, in terms of the weights and measures now in use in the United States, the equiva- lents of the weights and measures expressed therein in terms of the metric system ; and the tables may lawfully bo used for computing, determining, and expressing in customary weights and measures the weights and measures of the met- ric system. MBASUEES OF LENGTH. Metric denominations and values. Equivalents in denominations in use. Myi'iameter 10, 000 meters. Kiiomcter 1, 000 meters. Hectometer ICO meters. Dokameter 10 meters. Meter 1 meter. Decimeter A of a meter. CcuTimoter xj^ of a meter. Millimeter xAir of ^ meter. C. 2137 miles. 0. C2137 miles, or 3,280 feet and 10 inches. 328 ieet and 1 incb. 393. 7 inches. 39. 37 inches. 3. 937 inches. 0. 3937 inches. 0. 0394 Inches. MBASUEES OF CAPACITY. Metric denominations and values. Equivalents in denominations in use. Names. Num. of liters Cuhic measure. Dry measure. Liquor or wine measure. , Xilolitor, or stero. Hectoliter . Dekaliter . - Liter Deciliter. . . Centiliter . - Milliliter.. 1,000 100 10 1 1 cubic meter A of a cubic meter-. 10 cubic decimeters 1 cubic decimeter . . A of acub. decimeter 10 cubic centimeters. 1 cubic centimeter . 1.308 cnb. yards . - . 2 bushels and 3 35 pecks. 9.08qnarts 0.908 quarts 6. 102Joub.lnch[es] 0.6102 cub. inch... 0.061 cnb. inch 264. 17 gaUons. 26. 417 gallons. a. 6417 gallons. 1. 0567 quarts. 0. 845 gills-. 0. 338 fluid ounces. 0. 27 fluid drams. MEASURES OF SURFACE. Metric denominations and values. Equivalents in deDomiDations in nee. Hectare 10, 000 square meters. Are 100 square meters. Centare 1 square meter. 2. 471 acres. 111). 6 square yards. 1550 square inclies. WEIGHTS. Metric denominations and values. Equivalents in de- nominations in use. llsfames. Number of grams. "Weight of -what quantity of water at maximum density. Avoirdupois weight. Millier or tonneau 1, COO, 000 100, COO 10, 000 1,000 100 10 1 i^ 2204. 6 pounds. 220. 46 pounds. 22. 04C pounds. 2. 2046 pounds. 3. 5074 ounces. Quintal ." lliter Hectop;ram , 10 cubic centimeters 1 cubic centimeter ■^ of Bk cubic centimeter. . - 10 cubic millimeters 1 cubic millimeter 0. 3527 ounce*. 15. 432 grains. 1. 5432 grains. 0. 1543 grains. 0. 0154 grains. 128 LAWS RELATING TO LOANS AND TUE CUEUENCY. THE CUEEENOY. a^ea^^ States Sec. .3571. United States notes shall be of such denomi- 3 Mar.. 1863, c. D^^tions iio[t] Icss thao oue, dollar, as the Secretary of the -v.aKte, p. si; ''■Treasury may prescribe, shall not bear interest, shall be res.'nf^^vi'ia^^plP^J'^^'*^ to bearer, and shall be in such form as the Secre- *"?i jufyfiil c. ^'-^-^ '"'^y *^'^'em "^est. 1 l-i, p. 1, V. 12, p. 532, ante. p. 50 ; 55 Feb., 1662, c. 33, e. 1, v. 12, p. 345, ante, p. 44. [See E. S., 88. 6413, 5414,^o«^, p. 135.] ti™ar"cu?renoy ^^^- ^^^^^ '^^'^ wholc amouiit of notes or stamps for the autiioiized. fractions of a dollar, issued as currency, shall not, at any nfi^Tv^il'"'.^'^^^' exceed fifty uiillious of dollars. •2iO, an e,'p. 66.' Noisspeiess Sec. 357.3. No issuc of fractional notes of the United than ten ceuta. .« .» ,oo= States shall be of a less denomination than ten cents ; and 16 May., 1866, c- ' ici,8.3,a7ite,p7Tan issues of a less denomination shall, when paid into the Treasury or any designated depository of the United States, or redeemed or exchanged as now provided by law, be re- tained and canceled. Form and re- Seo. 3574. The uotcs of the fractional currency shall be demption ot frac- tional notes, in such form, with such inscriptions, and with such safe- _ 3 Mar., 1863, o. guards agaiust couuterfcitingas the Secretary ofthcTreasury 711, rate, p. 56. ''" may deem best. They shall be exchangeable by the assist- 172, s, 5, V. 13,'p! ant treasurers and designated depositaries for United States ,ante,-p. . jjQfgg j^ sums of not Icss than three dollars; and shall be receivable for postage arid revenue stamps, and for all dues to the United States, except custom.^, in sums not over five dollars, and shall be redeemed on presentation at the Treas- ury of the United States in such sums and under such regu- lations as the Secretary of the Treasury shall prescribe. D^es^^^''*''"^ "^ ^^^' '^^'^^- The Secretary of the Treasury may provide 30 June 1864 o ^"'^ ^^^ cugraviug and preparation, and for the issue of frac- S ^- ?'^- 3 P- tional and other notes, and shall make such regulations for 220, ante, p. 66. ' '^ 3 Mar., 1863, c. the 'redemption of such notes when mutilated or defaced, 73, 8. 4, V. 12. p. ^ ' 711, ante, p.56. and for the receipt of fractional notes in payment of debts to the United States, except for customs, iu such sums, not over five dollars, as may appear to him expedient. Portraits of liv- Sec. 3576. No portrait shall be placed upon any of the ing persons not , , t . ,- . i i , to bo placed on bouds, securitics, Lotcs, Iractioual or postal currency of the United States, while the original of such portrait is living. 7 Apr., 1866,0. 28, 7 o j. o 8. 12, V. 14. Eni^avins and gEC. 3577. The Secretary of .the Treasury may cause printing noies. •/ ./ notes to be engraved, printed, and executed, at the Depart- 11 July, 1862,0. = J i 7 7 1 142, s. 2, r. 12, p. nient of the Treasury in Washington, and under his direc- 532, aTite. p. 51. ., , , . . ,. . . [See E. s., ss. tion, if he deem it inexpedient to procure them to be en- 5433. 5453, post, ' ,-^ji j. ^ , , pp. 137, 138.] graved and printed by contract; and he may purchase and provide all the machinery and mateiials, and employ PROVISIONS OF THE REVISED .STATUTES. 129 such persons and appoint SQch officers as are necessary for this purpose. Sec. 3578. The necessary expenses of engraving, P^i'it'iss^fif^u°otes^ "' ing, preparing, and issuing the United States notes, Treas- 30 June, is64, u. ury notes, and fractional notes shall be paid out of any ^i^\nte,v^k.^' money in the Treasury not otherwise appropriated ; but no extra compensation for prepariiig, signing, or issuing such notes shall be allowed to any officer whose salary is fixed by law. Sec. 3579. When any United States notes are returned to ^ J|\X noYe°'' the Treasury, they may be re-issued, from time to time, as 3]ki„i.._ 1^03, c the exigencies of the public interest may require. nh!''anisT v^' sf-. 11 Jnly, 1862, 0. 142, a. 1, t. 12, p. 532, ante, p. 51 ; 25 Feb., 18C2, c. 33, a. 1, v. 12,p. 345, ante, p. 40. Sec. 3580. When any United States notes returned to ^uft^'S^fg ""' the Treasury are so mutilated or otherwise injured as to be 17 Mar., isoa, c. 45 a 4 V. 12 p. unfit for use, the Secretary of the Treasury is authorized to 37b, ante, p. so. replace the same with others of the same character and amounts. Sec. 3581. Mutilated United States notes, when rej)laced ^^^^'^"^^'"^ °^ according to law, and all other notes which by law are re- lui. quired to be taken up, and not re-issued, when taken up, shall be destroyed in such manner and under such regula- tions as the Secretary of the Treasury may prescribe. Sec. 3582. The authority given to the Secretary of thethecanencysus- Treasury to make any reduction of the currency, by retiring '^°° and canceling United States notes, is suspended. v.^if.'^p.' 34! mfe; p. 78 ; 13 April, 18C6, c. 28, a. 1, v. 14, p. 31, ante, p. 75. Sec. 3583. No person shall make, issue, circulate, or pay jj^^e'^^^^eaa'' thaS out any note, check, memorandum, token, or other obliga- o™ 'J"'''"'- „ , , , „ . , I T i • 1 i. 17 July, iafi2, c. tion for a less sum than one dollar, intended to circulate asi96,e.2,v. is, p. , -T .i-i> !• t p t £ 592, ante, p. 53. money or to be received or used in lieu ot lawlul money ot the United States ; and every person so offending shall be fined not more than five hundred dollars or imprisoned not more than six months, or both, at the discretion of the court. LEGAL TENDER. Sec. 3584. No foreign gold or silver coins shall be a legal Foreign coins. _, , . .. fj 1 4. 21 Feb., 1857,0. tender in payment of debts. 56, s. 3, v. 11, p. 163, ante, p. 25. Sec. 3585. The gold coins of the United States shall be a gom coins of ° the U n 1 1 (1 legal tender in all payments at their nominal value when states. not below the standard weight and limit of tolerance pro- islf s^^.v! iT^'p! vided by law for the single piece, and, when reduced iQ4a6,ante,p.92. weight below such standard and tolerance, shall be a legal tender at valuation in proportion to their actual weight. 9 130 LAWS EELATINa TO LOANS AND THE OUERBNCY. th^A^tTBuVd ^^^- 3^S6' '^^^ silver coins of the United States shall be stales. a legal tender at their nominal valae for any amount not Ibid.,a.1i,anie, ,. , p-93, exceeding five dollars m any one payment. [Legal-tender quality of trade-dollar repealed by res. of 23 July, 1870, post, p. 148.] Minor coins. ggc, 3537, rphe minor coins of the United States shall be a legal tender, at their nominal value for any amount not exceeding twenty-five cents in any one payment. nous"^'' ^^"""^ ^^<^- 3588. United States notes shall be lawful money, 3 Mar., 1863, s. and a legal tender in payment of all debts, public and ante,' p. 56.''' 'private, within the United States, except for duties on im- i,v.\a,°pi5'32Tnte; ports and interest on the public debt. p. 50 ; 25 Fell., 1863, s. 1, v. 1 2, p. 345, ante, p. 44. [For reference to cases, see E. S., s. 3588.] nx^Mt™^^'^''''^' ^^^- 3^^^- Demand Treasury notes authorized by the act 17 Mar., 1862, c. of J uly Seventeen, eighteen hundred and sixty-one, chapter 370, 'anie,p. 49. '' fivo, aud the act of February twelve, eighteen hundred and 5, s.\ v.i'3,'i.!'2'59 sixty-two, chapter twenty, shall be lawful money and a legal " I'o'^f^' igjo (5 tender in like manner as United States notes. 20, V. 12, p.' 338, 'ante, p. 44 ; 25 Feb., 1862, 0. 33, s. 1, v. 12, p. 345, ante, p. 44. jji°t^[|st - bear- Sec. 3590. Treasury notcs issued under the authority of 3 Mar., 1863, c. the acts of March three, eighteen hundred and sixty-three, 73 S " V 12 p / tj 710, nnie, p. 65. ' chapter seventy-three, and June thirty, eighteen hundred 172, s.°8,v. 13,'p'. and sixty-four, chapter one hundred and seventy-two, shall 218, ante,p.c4, ^^ legal tender to the same extent as United States notes, for their face value, excluding interest: Provided, That Treasury notes issued under the act last named shall not be a legal tender in payment or redemption of any notes issued by any bank, banking association, or banker, calcu- lated and intended to circulate as money. PERMANENT ANNUAL APPEOPEIATIONS. Permanent an- Sbc. 3G89. There are appropriated, out of any moneys in tions. ''''P™^"^" the Treasury not otherwise appropriated, for the purposes hereinafter specified, such sums as may be necessary for the same respectively; aud.such appropriations shall be deemed permanent annual appropriations. UNDER THE TREASURY DEPARTMENT. 9 Feb. 1847, c. 7, Interest on the public debt: V 9 'D 123 ' ' ' ' Por payment of interest on the public debt, under the sev- eral acts authorizing the same. Ibid. Bonds issued to Pacific Eailway : 100 '^3"'5v!*i2; p. I^or payment of interest on bonds issued by authority of mposlv-^ii 'law to Pacific Eailway. 2 July, 1864, c. *- 21G, sa. 7, S, T. 13, p. 359, post, p. 227. PROVISIONS OF THE REVISED STATUTES. 131 Expenses of national loan : ,23 May,i879,o. 197, V. 17, p. 156, To pay the expenses of the issue, re-issue, transfer, de-™'«.p- 87. livery, redemption, and destruction of securities, legal-ten- der notes, fractional currency, checks, certificates, commis- sions, and for any plate and seal engraving and printing required by the Treasury Department, one per centum of the amount of legal-tender notes, fractional currency, and securities issued during each fiscal year. Eefunding the national debt : 14 jniy, i87o, c. Of one-half of one per centum of the amount of bonds 27a| oJtte,p- sa'. ^' authorized under the act of July fourteen, eighteen and sev- 23, v^'™g',' p^'399,' enty, to pay the expenses of preparing, issuing, and dispos-™'^'^'^"'' ing of the same. Sinking fund : 25 Feb., isea, c. _ 33, 8. 5, T. 12, p. Of one per centum of the entire debt of the United States, aie, ante, p. 46. to be set apart .as a sinking fund for the purchase or pay- ment of the public debt, in such manner as the Secretary of the Treasury shall from time to time direct. THE PUBLIC DEBT. Seo. 3693. The faith of the United States is solemnly Payment in coin. pledged to the payment in '"' vacancy in the board shall be filled by appointment by the remaining directors, and any director so appointed shall hold his place until the next election. If from any cause an election of directors shall not be made at the time ap- pointed, the association shall not for that cause be dissolved, but an election may be held on any subsequent day, thirty days' notice thereof in all cases having been given in a news- paper published in the city, town, or county in which the association is located ; and if no newspaper is published in such city, town, or county, such notice shall be published in a newspaper published nearest thereto. If the articles of association do not fix the day on which the election shall proxies. 158 LAWS RELATING TO LOANS AND THE CUEEENCY. be held, or if the election should not be held on the day- fixed, the day for the election shall be designated by the board of directors in their by-laws, or otherwise : Provided, That if the directors fail to fix the day, as aforesaid, share- holders representing two thirds of the shares may. Voting and Sec. 11. And 1)6 it further enacted, That in all elections of directors, and in deciding all questions at meetings of share- holders, each shareholder shall be entitled to one vote on each share of stock held by him. Shareholders may vote by proxies duly authorized in writing ; but no officer, clerk, teller, or book-keeper of such association shall act as proxy; and no shareholder whose liability is past due and unpaid shall be allowed to vote. Capital stock Sec. 12. And he it further enacted. That the capital stock to bo divided into . . , n » t • n -i shares. of any associatiou formed under this act shall be divided into shares of one hundred "dollars each, and be deemed personal property and transferable on the books of the asso- ciation in such manner as may be prescribed in the by-laws Transfer. or articles of associatiou ; and every person becoming a shareholder by such transfer shall, in proportion to his shares, succeed to all the rights and liabilities of the prior Eightsof exist- iioitjgj. Qf g^gi, ghares, and no change shall be made iu the iji^ creditors not ' ° to bo impaired, articles of assocjatiou by which the rights, remedies, or security of the existing creditors of the asso'ciation shall be impaired. The shareholders of each association formed under the provisions of this act, and of each existing bank or banking association that may accept the provisions of individTiai Ua- this act. Shall be held individually responsible, equally and ratably, and not one for another, for all contracts, debts, and engagements of such association to the extent of the amount of their stock therein at the par value thereof, in addition to the amount invested in such shares ; except that shareholders of any banking association now existing under state laws, having not less than five millions of dollars of capital actually paid in, and a surplus of twenty pei centum on hand, both to be determined by the comptroller of the currency, shall be liable only to the amount invested in their shares ; and such surplus of twenty per centum shall be kept undiminished, and be in addition to the surplus pro- vided for in this act ; and if at any time there shall be a deficiency in said surplus of twenty per centum, the said banking association shall not pay- any dividends to its share- holders until such deficiency shall be made good ; and in ACT OP EIGHTEEN HUNDEED AND SIXTY-POTJE. 159 case of such deficiency, the comptroller of the currency may compel said banking association to close its business and wind up its affairs under the provisions of this act. And when comp- the comptroller shall have authority to withhold from an hold certificate. association his certificate authorizing the commencement of business, whenever he shall have reason to suppose that the shareholders thereof have formed the same for any other than the legitimate objects contemplated by this act. Seo. 13. And he it further enacted, That it shall be lawful increase of cap. ital stock. for any association formed under this act, by its articles of association, to provide for an increase of its capital from time to time, as may be deemed expedient, subject to the limitations of this act : Provided, That the maximum of Maximum. such increase in the articles of association shall be deter- mined by the comptroller of the currency ; and no Increase of capital shall be valid until the whole amount of such in- crease shall be paid in, and notice thereof shall have been transmitted to the comptroller of the currency, and his cer- tifi-cate obtained specifying the amount of such increase of capital stock, with his approval thereof, and that it has been duly paid in as part of the capital of such association. And every association shall have power, by the vote of share- holders owning two thirds of its capital stock, to reduce the capital of such association to any sum not below the amount required by this act, in the formation of associations: Pro- Minimnm. vided, That by no such reduction shall its capital be brought below the amount required by this act for its outstanding circulation, nor shall any such reduction be made until the amount of the proposed reduction has been reported to the comptroller of the currency and his approval thereof obtained. Seo. 14. And be it further enacted, That at least fifty per Amonnt to be . , , „ . . 1 ,1 1 Piiid in before centum of the capital stock of every association shall be commencingbusi- paid in before it shall be authorized to commence business; and the remainder of the capital stock of such association shall be paid in instalments of at least ten per centum each on the whole amount of the capital as frequently as one instalment at the end of each succeeding month from the time it shall be authorized by the comptroller to commence business ; and the payment of each instalment shall be cer- tified to the comptroller, under oath, by the president or cashier of the association. Remainder, when to be paid. 160 LAWS EELATING TO LOANS AND THE OUEEBNCT. Prooeedings, if Sec. 15. And he H further enacted. That if any shareholder, sbareholder faUs , . . ,,,„., . , , to pay instai-or his assigacc, Shall fail to pay any instalment on the stock when the same is required by the foregoing section to stock of deiin- be paid, the directors of such association may sell the stock era to be sold, of such delinquent shareholder at public auction, having given three weeks' previous notice thereof in a newspaper published and of general circulation in the city or county where the association is located, and if no newspaper is published in said city or county, then in a newspaper pub- lished nearest thereto, to any person who will pay the high- est price therefor, and not less than the amount then due thereon, with the expenses of advertisement and sale ; and the excess, if any, shall be paid to the delinquent share- holder. If no bidder can be found who will pay for such stock the amount due thereon to the association, and the cost of advertisement and sale, the amount previously paid shall be forfeited to the association, and such stock shall be sold as the directors mayorder, within six months from the time of such forfeiture, and if not sold it shall be cancelled and deducted from the capital stock of the association ; and if such cancellation and reduction shall reduce the capital of the association below the minimum of capital required by this act, the capital stock shall, within thirty days from the date of such cancelation, be increased to the requirements of the act ; in default of which a receiver may be appointed to close up the business of the association according to the provisions of the fiftieth section of this act. United States Sec. 16. And he it further enacted, That every association, registered bonds „,. tt.,i -- ,^- to be deposited alter haviug Complied with the provisions of this act, pre- Tfith treasurer to . j. . . >. i? t_ i • i, • j an amount equal liminary to the Commencement of banking business under capuai stock. ^ its provisious, and before it shall be authorized to commence i?.s.,5i59,i)os(, [ju^juess, shall transfer and deliver to the treasurer of the United States any United States registered bonds bearing interest to an amount not less than thirty thousand dollars nor less than one third of the capital stock i^aid in, which bonds shall be deposited with the treasurer of the United States and by him safely kept in his office until the same shall be otherwise disposed of, in pursuance of the provis- ions of this act ; and the Secretary of the Treasury is hereby authorized to receive and cancel any tlnited States coupon bonds, and to issue in lieu thereof registered bonds of like amount, bearing a like rate of interest, and having the same Deposit to bo time to ruu ; and the deposit of bonds shall be, by every increase , association, increased as its capital may be paid up or in- creased, so that every association shall at all times have on deposit with the treasurer registered United States bonds ACT OP EIGHTEEN HUNDEED AND SIXTY-FOITE. 16i to the amount of at least one third of its capital stock actuiilly paid in : Provided, That nothing in this sc^ction shall prevent may bo dimin- an association that may desire to reduce its capital or to close up its business and dissolve its organization from taking up its bonds upon returning to the comptroller its circulating notes In the proportion hereinafter named in this act, nor from taking up any excess of bonds beyond one third of its capital stock and upon which no circulating notes have been delivered. Sec. 17. And be it further enacted. That whenever a cer- Comptroller to '^ examine and do- tificate shall have been transmitted to the comptroller of the termiEoitassoci- . . ation can com- currency, as provided m this act, and the association trans- mence business. mitting the same shall notify the comptroller that at least fifty per centum of its capital stock has been paid in as aforesaid, and that such association has complied with all the provisions of this act as required to be complied with before such association shall be authorized to commence the business of banking, the comptroller shall examine into the condition of such association, ascertain especially the amount of money paid in on account of its caijital, the name and place of residence of each of the directors of such asso- ciation, and the amount of the capital stock of which each is the bona fide owner, and generally whether such associa- tion has complied with all the requirements of this act to entitle it to engage in the business of banking ; and shall cause to be made and attested by the oaths of a majority of the directors and by the president or cashier of such asso- ciation, a statement of all the facts necessary to enable the comptroller to determine whether such association is lawfully entitled to commence the business of banking under this act. Sec. 18. And he it further enacted, That if, upon a careful when asaooia- examination of the facts so reported, and of any other facts titM^ t™° com- which may come to the knowledge of the comptroller, TOmp\ro'if6?To whether by means of a special commission appointed by him s've certificate. for the purpose of inquiring into the coudition of such asso- ciation, or otherwise, it shall appear that such association is lawfully entitled to commence the business of banking, the comptroller shall give to such association a certificate, under his hand and official seal, that such association has complied with all the provisions of this act required to be complied with before being entitled to commence the business of banking under it, and that such association is authorized to commence said business accordingly ; and it shall be the duty of the association to cause said certificate to be pub- ^ Certifloate to •^ .be published. lished in some newspaper published in the city or county where the association is located for at least sixty days next II 162 LAWS RELATING TO LOANS AND THE CURRENCY. after the issuing thereof : Provided, That if no newspaper is published in such city or county the certificate shall be pub- lished in a newspaper published nearest thereto. Transfers of Sbc. 19. And be it further enacted, That all transfers of tion, to be made United States bonds which shall be made by any association intraat. ' Under the provisions of this act shall be made to the treas- urer of the United States in trust for the association, with How exeonted. a memorandum written or printed on each bond, and signed T> c! ..100 . by the cashier or some other officer of the association mak- E. S., 5162, post, •' p. 191. ing the deposit, a receipt therefor to be given to said asso- ciation, or by the comptroller of the currency, or by a clerk appointed by him for that purpose, stating that it is held in trust for the association on whose behalf such transfer is made, and as security for the redemption and payment of any circulating notes that have been or may be delivered to such association. No assignment or transfer of any such bonds by the treasurer shall be deemed valid or of binding force and effect unless countersigned by the comptroller of Comptroller to the curreucv. It shall be the duty of the comptroller of the keep transfer ^ i booi,&o. currency to keep in his ofQce a book in which shall be en- tered the name of every association from whose accounts such transfer of bonds is made by the treasurer, and the name of the party to whom such transfer is made ; and the par value of the bonds so transferred shall be entered there- in ; and it shall be the duty of the comptroller, immediately upon countersigning and entering the same, to advise by mail the association from whose account such transfer was made of the kind and numerical designation of the bonds and the amount thereof so transferred. Transfers to Seo. 20. And he it further enacted. That it shall be the be countersigned , „ and entered. duty of the Comptroller of the currency to countersign and enter in the book, in the manner aforesaid, every transfer or assignment of any bonds held by the treasurer presented for pg^g"?^^| *"''» ^<'- his signature ; and the comptroller shall have at all times during office hours access to the books of the treasurer, for the purpose of ascertaining the correctness of the transfer or assignment presented to him to countersign ; and the treasurer shall have the like access to the book above men- tioned, kept by the comptroller, during office hours, to as- certain the correctness of the entries in the same ; and the comptroller shall also at all times have access to the bonds on deposit with the treasurer, to ascertain their amount and condition. Associations, Seo. 21. And be it further enacted, That upon the transfer may receive cir- and delivery of bonds to the treasurer, as provided in the caamgno es. fQj.ggQjpg. ggction, the associatioH making the same shall be ACT OF EIGHTEEN HTJNDRBD AND SIXTY-FOUR. 163 entitled to receive from the comptroller of the currency cir- culating notes of different denominations, in blank, regis- jj^/^^ V^seb tered and countersigned as hereinafter provided, equal mPo^^'V-^si amount to ninety per centum of the current market value of the United States bonds so transferred and delivered, but not exceeding ninety per centum of the amount of said g^^^,^™ " "* bonds at the par value thereof, if bearing interest at a rate not less than five per centum per annum ; and at no time shall the total amount of such notes, issued to any such as- sociation, exceed the amount at such time actually paid in of its capital stock. Sec. 22. And be it further enacted, That the entire amount . Eotire oironiar of notes for circulation to be issued under this act shall notl3oo,ooo,ooo. exceed three hundred millions of dollars. In order to fur- nish suitable notes for circulation, the comptroller of the comptroUer to . ' ^ prepare thenotes. currency is hereby authorized and required, under the di- rection of the Secretary of the Treasury, to cause plates and „^;^' 5172,5175, dies to be engraved, in the best manner to guard against counterfeiting and fraudulent alterations, and to have printed therefrom, and numbered, such quantity of circula- ting notes, in blank, of the denominations of one dollar, two Denominations, dollars, three dollars, five dollars, ten dollars, twenty dol- lars, fifty dollars, one hundred dollars, five hundred dollars, and one thousand dollars, as may be required to supply, under this act, the associations entitled to receive the same ; which notes shall express upon their face that thev are se- i''"t''3 *<> e^- -,,_.,_ ,, . press what. cured by United States bonds, deposited with the treasurer of the United States by the written or engraved signatures of the treasurer and register, and by the imprint of the seal of the treasury ; and shall also express upon their face the promise of the association receiving the same to pay on de- mand, attested by the signatures of the president or vice- president and cashier. And the said notes shall bear such Bevices. devices and such other statements, and shall be in such form, as the Secretary of the Treasury shall, by regulation, direct: Provided, Tbat not more than one sixth part of the Notesnnderjs. notes furnished to an association shall be of a less denomi- nation than five dollars, and that after specie payments shall be resumed no association shall be furnished with notes of a less denomination than five dollars. Sec. 23. And be it further enacted, That after any such "when notes . 7 11 r. J -i ■ i 1 i. maybe Circulated association shall have caused its promise to pay such notes as money; on demand to be signed by the president or vice-president ^ ^^^^ and cashier thereof, in such manner as to make them oblig-p- iboi'R. 8.^3473', , , , . , 3475, ante, pp. 109, atory promissory notes, payable on demand, at its place of no. business, such association is hereby authorized to issue and 164 LAWS EBLATING TO LOANS AND THE OUREENCT. iii'dair'e™o"°t ^^'^^^^^^^ ^^^ Same as mouey ; and the same shall be received *o- ' at par ia all parts of the United States in payment of taxes, excises, public lauds, and all other dues to the United States, except for duties on imports; and also for all sala- ries and other debts and demands owing by the United States to individuals, corporations, and associations within the United States, except interest on the public debt, and noUo'CiasaeS^ ^^ redemption of the national currency. And no such asso- E. s., 5183, j)os«, elation shall issue post notes or any other notes to circulate as money than such as are authorized by the foregoing pro- visions of this act. "Wiom-out and seo. 24. And be it further enacted, That it shall be the seeactof jnne, duty of the Comptroller of the currency to receive worn-out 2l'i. ' *°*' ^'or mutilated circulating notes issued by any such banking p. 196.'°^^^'*°*'' association, and also, on due proof of the destruction of any such circulating notes, to deliver iu place thereof to such association other blank circulating notes to an equal amount. And such worn-out or mutilated notes, after a memorandum shall have been entered in the proper books, in accordance with such regulations as may be established by the comp- troller, as well as all circulating notes which shall have been paid or surrendered to be cancelled, shall be burned to ashes in presence of four persons, one to be appointed by the Secretary of the Treasury, one by the comptroller of the currency, one by the treasurer of the United States, and one by the association, under such regulations as the Sec- retary of the Treasury may prescribe. And a certificate of such burning, signed by the parties so appointed, shall be made in the books of the comptroller, and a duplicate there- of forwarded to the association whose notes are thus can- celled. extmlDe^annuaf. ^^^' ^^- ^**^ ^^ it further enacted, That it shall be the ly lubonds^ ^e- (Juty of every banking association having bonds deposited certificate. in the offlce of the treasurer of the United States, once or p."^9?" ^^*'^' ^°'"' oftener in each fiscal year, and at such time or times dur- ing the ordinary business hours as said offlcer or oificers may select, to examine and compare the bonds so pledged Examination of ^''^'^ ^^^ books of the Comptroller and the accounts of the associations. associatiou, and, if found correct, to execute to the said treasurer a certificate setting forth the different kinds and the amounts thereof, and that the same are in the posses- sion and custody of the treasurer at the date of such certifi- cate. Such examination may be made by an ofiQcer or agent of such association, duly appointed in writing for that purpose, whose certificate before mentioned shall be of like force and validity as if executed by such president ACT OF EIGnTEEN HUNDRED AND SIXTT-POTJE. 165 or cashier ; aod a duplicate signed by the treasurer shall be retained by the associatioD. Sec. 26. And he it further enacted, That the bonds trans- Deposited bonds ferred to and deposited with the treasurer of the United &iyij ?o sTcu^e States, as hereinbefore provided, by any banking associa-'^K.'stsiw.iJMi!, tion for the security of its circulating notes, shall be heldP-^"" exclusively for that purpose, until such notes shall be re- deemed, except as provided in this act ; but the comptroller Provision as to of the currency shall give to any such banking association "'®'^''**^ powers of attorney to receive and appropriate to its own use the interest on the bonds which it shall have so transferred to the treasurer ; but such powers shall become inoperative whenever such banking association sball fail to redeem its circulating notes as aforesaid. Whenever the market or ifbondsdepre- 11 f 1-11 .-i.iii n ■, ciate, security to cash value of any bonds deposited with the treasurer of the be made good. United States, as aforesaid, shall be reduced below the amount of the circulation issued for the same, the comptrol- ler of the currency is hereby authorized to demand and re- ceive the amount of such depreciation in other United States bonds at cash value, or in money, from the association re- ceiving said bills, to be deposited with the treasurer of the United States as long as such depreciation continues. And ^™''^ """y !>/ ° ^ escnanged, if, said comptroller, upon the terms prescribed by the Secretary &"•; of the Treasury, may permit an exchange to be made of any of the bonds deposited with the treasurer by an association for other bonds of the United States authorized by this act to be received as security for circulating notes, if he shall be of opinion that such an exchange can be made without prejudice to the United States, and he may direct the re- may be retamea . uponoanoellation turn of any of said bonds to the banking association which of circulating transferred the same, in sums of not less than one thousand dollars, upon the surrender to him and the cancellation of a proportionate amount of such circulating notes : Provided, Proviso. That the remaining bonds which shall have been transferred by the banking association offering to surrender circulating notes shall be equal to the amount required for the circu- lating notes not surrendered by such banking association, and that the amount of bonds in the hands of the treasurer shall not be diminished below the amount required to be kept on deposit with him by this act : And provided, That there shall have been no failure by such association to re- deem its circulating notes, and no other violation by such association of the provisions of this act, and that the market or cash value of the remaining bonds shall not be below the amount required for the circulation Issued for the same. 166 LAWS RELATING TO LOANS AND THE OUREENOT. Penalty for Sec. 27. And he it further enacted, That it shall be unlaw- and delivery ot'ful for any officer acting under the provisions of this act to circulatingnotea, . . , ,. . , ,. . ,, exceptas permit- countersign or deliver to any association, or to any other "^E. s., si'svi'Ls*, ^'"^P'^'^y ^^ person, any circulating notes contemplated by P-^"^- this act, except as hereinbefore provided, and in accordance with the true intent and meaning of this act. And any officer who shall violate the provisions of this section shall be deemed guilty of a high misdemeanor, and on conviction thereof shall be punished by fine not exceeding double the amount so countersigned and delivered, and imprisonment not less than one year and not exceeding fifteen years, at the discretion of the court in which he shall be tried. Associations Sbc. 28. And he it further enacted, That it shall be lawful certain real es- for auy such associatiou to purchase, hold, and convey real estate as follows : First. Such as shall be necessary for its immediate ac- commodation in the transaction of its business. Eeai estate. Second. Such US Shall be mortgaged to it in good faith by way of security for debts previously contracted. Third. Such as shall be conveyed to it in satisfaction of debts previously contracted in the course of its dealings. Fourth. Such as it shall purchase at sales under judg- ments, decrees, or mortgages held by such association, or shall purchase to secure debts due to said association. Such associations shall not purchase or hold real estate in auy other case or for any other purpose than as specified in this section. Nor shall it hold the possession of any real estate under mortgage, or hold the title and possession of auy real estate purchased to secure any debts due to it for a longer period than five years. No person, &c., Sec. 29. And he it further enacted, That the total liabili- to be liable to . . . ,. association for ties to any association, 01 any person, or of any company, ' ■ corporation, or firm for money borrowed, including in the liabilities of a company or firm the liabilities of the several members thereof, shall at no time exceed one tenth part of the amount of the capital stock of such association actually Certain dis- paid iu : Provided, That the discountof bona fide bills of ex- counts not to be , ., • . ^ ,1 • ■ , , . ,. inoinded. exchange drawn against actually existing values, and the dis- count of commercial or business paper actually owned by the person or persons, corporation, or firm negotiating the same shall not be considered as money borrowed. Kate of inter- Sec. 30. And he it further enacted. That every association may take, receive, reserve, and charge on any loan or dis- count made, or upon any note, bill of exchange, or other evidences of debt, interest at the rate allowed by the laws of the State or Territory where the bank is located, and no more, except that where by the laws of any State a different est. ACT OF EIGHTEEN HUNDRED AND SIXTY-FOTJB. 167 rate is limited for banks of issue organized under State laws, the rate so limited sball be allowed for associations organ- ized in any such State under this act. And when no rate is fixed by the laws of the State or Territory, the bank may take, receive, "reserve, or charge a rate not exceeding seven per centum, and such interest may be taken in advance, reckoning the days for which the note, bill, or other evidence of debt has to run. And the knowingly taking, receiving, ^^^^^^'ty^^^^J reserving, or charging a rate of interest greater than afore- interest said shall be held and adjudged a forfeiture of the entire interest which the note, bill, or other evidence of debt carries with it, or which has been agreed to be paid thereon. And in case a greater rate of interest has been paid, the person or persons paying the same, or their legal representetives may recover back, in any action of debt, twice the amount of the interest thus paid from the association taking or receiving the same: Provided, That such action is commenced within Action to be ' commenGeaia two years from the time the usurious transaction occurred, two years. But the purchase, discount, or sale of a bona fide bill of ex- change, payable at another place than the place of such pur- chase, discount, or sale, at not more than the current rate of exchange for sight drafts in addition to the interest, shall not be considered as taking or receiving agreater rate of interest. Amount of ^ ^ ^ money to be kept Sec. 31. And be itfurtJier enacted, That every association on hand- in the cities hereinafter named shall, at all times, have on yo'si, pp^ m.^igl' hand, in lawful money of the United States, an amount 2ofrm°*s?2f^°s1; equal to at least twenty-five per centum of the aggregate P' ^''®' amount of its notes in circulation and its deposits ; and every other association shall, at all times, have on hand, in lawful money of the United States, an amount equal to at least fifteen per centum of the aggregate amount of its notes in circulation, and of its deposits. And whenever the law- ful money of any association in any of the cities hereinafter named shall be below the amount of twenty-five per centum of its circulation and deposits, and whenever the lawful money of any other association shall be below fifteen per centum of its circulation and deposits, such associations LiaWij lea not shall not increase its liabilities by making auy new loans untu reserve is or discounts otherwise than by discounting or purchasing™* *^°° bills of exchange payable at sight, nor make any dividend of its profits until the required proportion between the ag- gregate amount of its outstanding notes of circulation and deposits and its lawful money of the United States shall be restored: Provided, That three fifths of said fifteen per Money deposit- ' ed for redomp- centum may consist of balances due to an association avail- tion of circnia- ,,,.,,-. , -, . tion in certain able tor the redemption of its circulating notes from associ- cities to be in- atious approved by the comptroller of the currency, organ- 168 LAWS RELATING TO LOANS AND THE CDEEENOY. ized under this act, in the cities of Saint Louis, Louisville Chicago, Detroit, Milwaukie, New Orleans, Cincinnati, Cleveland, Pittsburg, Baltimore, Philadelphia, Boston, New York, Albany, Leavenworth, San Francisco, and Washington cert'ifloatff '"'°r ^'^"^ ■ ^''ovided, also, That clearing-house certificates repre- deemed lawtui seuting Specie or lawful money specially deposited for the pur- pnrpose. pose of any clearing-house association, shall be deemed to be lawful money in the possession of any association belonging to such clearing house holding and owning such certificate, and shall be considered to be a part of the lawful money which such association is required to have under the foregoing pro- Charieston and visions of this section : Provided, That the cities of Charles- ic mon . ^^^ ^^^ Eichmond may be added to the list of cities in the national associations of which other associations may keep three fifths of their lawful money, whenever, in the opinion of the comptroller of the currency, the condition of the Southern States will warrant it. And it shall be competent If association for the Comptroller of the currency to notify any association, i3iis, 3it6r notice, to make good its whosc lawlul mouey n serve as aforesaid shall be below the amount to be kept on hand as aforesaid, to make good such reserve; and if such association shall fail for thirty days thereafter so to make good its reserve of lawful money of the United States, the comptroller may, with the concurrence of the Secretary of the Treasurj-, appoint a receiver to wind up the business of such association, as provided in this act. be*^MdieSed In ®^^' ^^' '^'"'^ ^^ it further enacted, That each association New York at par. organized in any of the cities named in the foregoing section p. 199. ' " '^"^ ' shall select, subject to the approval of the comptroller of the currency, an association in the city of New York, at which it will redeem its circulating notes at par. And each of such associations may keep one half of its lawful money reserve Certain associa- iH cash dcposits in the city of New York. Aud each asso- pia°6fo*r'redeiup'ci'^''ion not Organized within the cities named in the preced- tion "^ circtiia-ijjg scction shall sclcct, subjcct to the approval of the Sees. 3, act of comptroller of the currency, an association in either of the Jnne 20, 1874. . . ' , . , ,. . ,,■,..„, ;!;us(,p.209. citics uameu in the preceding section at which it will redeem its circulating notes at par, and the comptroller shall give public notice of the names of the associations so selected at which redemptions are to be made by the respective associa- tions, and of any change that may be made of the association Proceedings in at which the notes of any association are redeemed. If any association shall fail either to make the selection or to re- deem its notes as aforesaid, the comptroller of the currency may, upon receiving satisfactory evidence thereof, appoint a receiver, in the manner provided for in this act, to wind up its affairs : Provided, That nothing in this section shall ACT OF EIGHTEEN HUNDRED AND SIXTY-FOUR. 169 relieve auj association from its liability to redeem its circu- lating notes at its own counter, at par, in lawful money, on demand : And provided, further, That every association ti^^^takenotes formed or existing: under the provisions of this act shallot »ti«>r assooia- ° ^ tions. take and receive at par, for any debt or liability to said association, any and all notes or billsissued by any association existing under and by virtue of this act. Sbo. 33. And be it further enacted, That the directors of Dividenda. any association may, semi-annually, each year, declare a dividend of so much of the net* profits of the association as they shall judge expedient; but each association shall, be- fore the declaration of a dividend, carry one tenth part of its nett profits of the preceding half year to its surplus fund Sarpius fands. until the same shall amount to twenty per centum of its capital stock. Sec. 34. And be it further enacted. That every association Assooiatiousto "^ ' ^ report to comp- shall make to the comptroller of the currency a report, ac- troUer qnarteriy. cording to the form which may be prescribed by him, verified by the oath or afSrmation of the president or cashier of such association; which report shall exhibit in detail, and contents of re- under ai)propriate heads, the resources and liabilities of the association before the commencement} of business on the morning of the first Monday of the months of January, April, July, and October of each year, and shall transmit the same to the comptroller within five days thereafter. And any bank failing to make and transmit such report Penalty for faii- iug to report. shall be subject to a penalty of one hundred dollars lor each day after five days that such report is delayed beyond that time. And the comptroller shall publish abstracts of said comptrouer to reports in a newspaper to be designated by him for (;[ja(;P'iWi8ii abstracts. purpose in the city of Washington, and the separate report of each association shall be published in a newspaper in the place where such association is established, or if there be no newspaper at such place, then in a newspaper published at the nearest place thereto, at the expense of the association making such report. In addition to the quarterly reports MontMy state- required by this section, every association shall, on the first Tuesday of each mouth, make to the comptroller of the cur- rency a statement, under the oath of the president or cash- ier, showing the condition of the association making such statement, on the morning of the day next preceding the date of such statement, in respect to the following items and particulars, to wit : average amount of loans and dis- counts, specie, and other lawful money belonging to the association, deposits, and circulation. And associations in other places than those cities named in the thirty-first 170 LAWS RELATING TO LOANS AND THE OURRBNOT. section of this act shall alsc retura the amount due them available for the redemption of their circulation. Associations Seo. 35. And be it further enacted. That no association ilottomake Loans, ./ 7 &c., on the se- shall make anv loan or discount on the security of the curity of their own stock. shares of its own capital stock, nor be the purchaser or holder of any such shares, unless such security or purchase shall be necessary to prevent loss upon a debt previously con- tracted in good faith ; and stock so purchased or acquired shall, within six months from the time of its purchase, be sold or disposed of at public or private sale, in default of which a receiver may be appointed to close up the business of the association, according to the provisions of this act. Indebtedness Seo. 36. And be it further enacted, That no association not to exceed *' ' capital stock, ex- shall at any time be indebted, or in any way liable, to an amount exceeding the amount of its capital stock at such time actually paid in and remaining undiminished by losses or otherwise, except on the following accounts, that is to say:— First. On account of its notes of circulation. Second. On account of moneys deposited with, or collected by, such association. Third. On account of bills of exchange or drafts drawn against money actually on deposit to the credit of such as- sociation, or due thereto. Fourth. On account of liabilities to its stockholders for dividends and reserved profits. Associations Sec. 37. And be it further enacted. That no association not to hypotLe- "^ ' cate circulating shall, either dircctly or indirectly, pledge or hypothecate E.S., 5203, 2)'os«, any of its notes of circulation, for the purpose of procuring ^■^'^' money to be paid in on its capital stock, or to be used in its banking operations, or otherwise; nor shall any association use its circulating notes, or any part thereof, in any manner or form, to create or increase its capital stock. not to withdraw Sec. 38. And be it further enacted, That no association, or any portion of ^ / 1 their capital. any member thereof; shall, during the time it shall continue its banking operations, withdraw, or permit to be withdrawn, either in form of dividends or otherwise, any portion of its capital. And if losses shall at any time have been sustained by any such association equal to or exceeding its undivided profits then on hand, no dividend shall be made; and no dividend shall ever be made by any association, while it shall continue its banking operations, to an amount greater than its net* profits then on hand, deducting therefrom its losses and bad debts. And all debts due to any association, on which interest is past due and unpaid for a period of six months, unless the same shall be well secured, and shall be ACT OF EIGHTEEN HUNDRED AND SIXTY-FOXJE. 171 in process of collection, shall be considered bad debts within , ''^'^''* *" ''? ^ " deemed bad the meaning of this act: Provided, That nothing in this sec- flobte. tion shall prevent the reduction of the capital stock of the association under the thirteenth section of this act. Sec. 39. And lie it further enacted. That no association Assooiatious •^ ' not to pay out shall at any time piiy out on loans or discounts, or in pur- certain notes. chasing drafts or bills of exchange, or in payment of depos-p.lio^'^^''^'*''*'' its, or in any other mode pay or put in circulation the notes of any bank or banking association which shall not, at any such time, be receivable, at par, on deposit and in payment of debts by the association so paying out or circulating such notes ; nor shall it knowingly pay out or put in circulation any notes issued by any bank or banking association which at the time of such paying out or putting in circulation is not redeeming its circulating notes in lawful money of the United States. Sec. 40. And be it further- enacted, That the president and and'?esWenceTof cashier of every such association shall cause to be kept at ^ha-rehoidera to •' ^ be kept; all times a full and correct list of the names and residences of all the siiareholders in the association, and the number of shares held by each, in the oifice where its business is transacted ; and such list shall be subiect to the inspection *« te snbject to ' i^ 1. inspection; of all the shareholders and creditors of the association, and the officers authorized to assess taxes under state authority, during business hours of each day in which business may be legally transacted ; and a copy of such list, on the first Monday of July in each year, verified by the oath of such president or cashier, shall be transmitted to the comptroller*" ''» ,f™t to ^7 *■ comptroller. of the currency. Sec. 41. A7id he it further enacted, That the plates and comptroller to IT T 1 » 11 /. 1 keep control of special dies to be procured by the comptroller of the cur- plates andspeciai rency for the printing of such circulating notes shall remain k. s., sna, 5214, under his control and direction, and the expenses necessarily *"*'• ppih2oq. incurred in executing the provis?ions of this act respecting the procuring of such notes, and all other expenses of the Expenses to be bureau, shall be paid out of the proceeds of the taxes ortions! ^"■*^°"" duties now or hereafter to be assessed on the circulation, and collected from associations organized under this act. And ill lieu of all existing taxes, every association shall pay to the treasurer of the United States, in the mouths of January and July, a duty of one half of one per centum Duty upon oir- each half year from and after the first day of January, its, and capital eighteen hundred and sixty-four, upon the average amount semi-annnaiiy. of its notes in circulation, and a duty of one quarter of one per centum each half year upon the average amount of its deposits, and a duty of one quarter of one per centum each 172 LAWS RELATING TO LOANS AND THE CUEEENOY. half year, as aforesaid, on the average amount of its capital stock beyond the amount invested in United States bonds ; if ■^n^ ''paid*''^ ^^^ ^^ ^^^^ ^^ default in the payment thereof of any associa- time. tion, the duties aforesaid may be collected in the manner provided for the collection of United States duties of other corporations, or the treasurer may reserve the amount of said duties out of the interest, as it may become due, on the bonds deposited with him by such defaulting association Eeturn of cir- And it shall be the duty of each association, within ten days oalatioD, &o., to •' f-) ■< be made. from the first days of January and July of each year, to make a return, under the oath of its president or cashier, to the treasurer of the United States, in such form as he may prescribe, of the average amount of its notes in circulation, and of the average amount of its deposits, and of the average amount of its capital stock, beyond the amount invested in United States bonds, for the six months next preceding Penalty for de- said first days of January and July as aforesaid, and in default of such return, and for each default thereof, each defaulting association shall forfeit and pay to the United States the sum of two hundred dollars, to be collected either out of the interest as it may become due such association on the bonds deposited with the Treasurer, or, at his option, in the manner in which penalties are to be collected of other corporations under the laws of the United States; and in case of such default the amount of the duties to be paid by such association shall be assessed upon the amount of notes delivered to such association by the comptroller of the cur- rency, and upon the highest amount of its deposits and capital stock, to be ascertained in such other manner as the Sharesnothere- treasurer may deem best : Provided, That nothing in this fr^mfalaxionbyact Shall bc coustrucd to prcvcut all the shares in any of state authority. ^^^ g^j^ associatioiis, held by any person or body corporate, from being included in the valuation of the personal prop- erty of such person or corporation in the assessment of taxes imposed by or under state authority at the place where such bank is located, and not elsewhere, but not at a greater rate than is assessed upon other moneyed capital in the handsof individual citizens of such state: Provided, further, Limit of state That the tax so imposed under the laws of any state upon the shares of any of the associations authorized by this act shall not exceed the rate imposed upon the shares in any of the banks organized under authority of the state where Eeai estate to such association is located : Provided, also. That nothing ^^ in this act shall exempt the real estate of associations from either state, county, or municipal taxes to the same extent, according to its value, as other real estate is taxed. ACTS OF EIGHTEEN HUNDRED AND SIXTY-FOTJE. 173 Sec. 4:2. And be it further enacted, That any association ,. How a ssooia- *' ' *^ tions may be may go into liquidation and be closed by tbe vote of its closed. shareholders owning two thirds of its stock. And whenever Proceedings. such vote shall be taken it shall be tbe duty of the board 52^' |if^p"^f^f; of directors to cause notice of this fact to be certified, under ^"^^ the seal of the associjitiou, by its president or cashier, to the conaptroller of the currency, and publication thereof to be made for a period of two months in a newspaper pub- lished in the city of New York, and also in a newspaper pub- lished in a city or town in which the association is located, and if no newspaper be there published, then in the news- paper published nearest thereto, that said association is closing up its affairs, and notifying the holders of its notes and other creditors to present the notes and other claims against the association for payment. And at any time after tbe expiration of one year from tbe time of the publication of such notice as aforesaid, the said association may pay over to the treasurer of the United States the amount of its outstanding notes in the lawful money of the United States, and take up the bonds which said association has on deposit with the treasurer for the security of its circulating notes; which bonds shall be assigned to the bank in the manner specified in the nineteenth section of this act, and from that time the outstanding notes of said association shall be redeemed at the treasury of the United States, and the said association and the shareholders thereof shall be discharged from all liabilities therefor. Sec. 43. And be it further enacted, That the treasurer, on g^J^^ll^^j?^"^^*^ receiving from an association lawful money for the payment receipts. and redemption of its outstanding notes, as provided for ia post, pp. 201, 202.' the preceding section of this act, shall execute duplicate receipts theretbr, one to the association and the other to the comptroller of the currency, stating the amount received by him, and the purpose for which it has been received, which amount shall be paid into the treasury of the United States, and placed to the credit of such association upon redemption account. And it shall be the duty of the treas- to^be"™ diatef urer, whenever he shall redeem any of the notes of said'*'|^^^^^^jj^^^ association, to cause the same to be mutilated, and charged 23,^ i8V4, post, p. to the redemption account of said association ; and all notes so redeemed by the treasurer shall, every three months, be certified to and burned in the manner prescribed in the twenty-fourth section of this act. Sec. 44. And be it further enacted, That any bank incor- mfy^beoome^na^ porated by special law, or any banking institution organized tjonai associa under a general law of any state, may, by authority of this act, become a national association under its provisions, by 174 LAWS EBLATING TO LOANS AND THE OtrREKNOT. the Dame prescribed in its organization certificate ; and in such case the articles of association and the organization certificate required by this act may be executed by a majority of the directors of the bank or banking institution; and said certificate shall declare that the owners of two- thirds of the capital stock have authorized the directors to make such certificate and to change and convert the said bank orbankinginstitution into a national association under Mode of pro- this act. And a majority of the directors, after executing said articles of association and organization certificate, shall have power to execute all other papers, and to do whatever may be required to makeitsorganization perfectand complete as a national association. The shares of any such bank may continue to be for the same amount each as they were before said conversion, and the directors aforesaid may be the directors of the association until others are elected or ap- pointed in accordance with the provisions of this act; and any state bank which is a stockholder in any other bank, by authority of state laws, may continue to hold its stock, although either bank, or both, may be organized under and have accepted the provisions of this act. When the comp- troller shall give to such association a certificate, under his hand and official seal, that theprovisionsof this act havebeen complied with, and that it is authorized to commence the business of banking under it, the association shall have the same powers and privileges, and shall be subject to the same duties, responsibilities, and rules, in all respects as are pre- scribed in this act for other associations organized under it, and shall be held and regarded as an association under this act : Provided, however, That no such association shall have a less capital than the amount prescribed for banking associations under this act. Associations, Seo. 45. And he it further enacted, That all associations when 80 desig- . nated, maybe de- under this act, wheu designated for that purpose by the fir^moDlys, "^ex- Secretary of the Treasury, shall be depositaries of public cep , 0. i money, except receipts from customs, under such regulations may be financial as may be prescribed by the Secretary ; and tiiey may also tigen s. ^^ employed as financial agents of the government; and p.m'' ^^^''*''"' they shall perform all such reasonable duties, as depositaries of public moneys and financial agents of the government, Designated de- as may be required of them. And the Secretary of the positaries to pay _, , ,, . /. . , . . promptly; Treasury shall require of the associations thus designated satisfactory security, by the deposit of United States bonds and otherwise, for the safe-keeping and prompt payment of the public money deposited with them, and for the faithful performance of their duties as financial agents of the govern- ACT OF EIGHTEEN HUNDRED AND SIXTY-FOUE. 175 ment: P>-oot^c- DITIONAX. ACTS. COMPTEOLLER OF THE CUEEENOT. * • * * * * Annual report. Sec. 333. The Comptroller of the Currency shall make i8^T875*oornrct-^'i annual report to Congress, at the commencement of its pfst, p^'tb.""'- session, exhibiting- conditionof First. A suoimary of the state and condition of every nationoi iiaaocia- associatiou from which reports have been received the pre- Ante, p. 181, o. ceding year, at the several dates to which such reports refer, with an abstract of the whole amount of banking capital returned by them, of the whole amount of their debts and liabilities, the amount of circulating notes outstanding, and the total amount of means and resources, specifying the amount of lawful money held by them at the times of their several returns, and such other information in relation to such associations as, in his judgment, may be useful. * * * * * * TAX ON OIECULATION. Circulation, Sec. 3411. Whenever the outstanding circulation of any ftom to^^™''*^'' bank, association, corporation, company, or person is re- duced to an amount not ex,ceeding Ave per centum of the chartered or declared capital existing at the time the same was issued, said circulation shall be free from taxation; and whenever any bank which has ceased to issue notes for cir- culation, deposits in the Treasury of the United States, iu lawful money, the amount of its outstanding circulation, to be redeemed at par, under such regulations as the Secretary of the Treasury shall prescribe, it shall be exempt from any tax upon such circulation. Sec. 3412. Every national banking association. State PEOVISIONS OP THE REVISED STATUTES. 189 bank, or State banking association, shall pay a tax of ten Taxoanot/.8of ° jr.; persoDB or State per centum on the amount of notes of any person, or of any banke u .ed icr cii . 1 r-, 1 .; r J .; Circulation. btate bank or State banking association, used for circula- seeactrfFrb. tion and paid out by them. s,wii,i,ost,v.-ii-i. Sec. 3413. Every national banking association. State Ta:s on notes ef ... towns.oities, &c , bank, or banker, or association, shall pay a tax of ten per used for oiicuia- centum on the amount of notes of auy town, city, or ji,';^. municipal corporation, paid out by them. Sec. 3414. A true and complete return of the monthly ^^^^on^th^r^ re- amount of circulation, of deposits, and of capital, as afore- gf f "If' , '='','''''' said, and of the monthly amount of notes of persons, town, pad out. city, or municipal corporation, State banks, or State bank- ^^^' ing associations paid out as aforesaid for the previous six months, shall be made and rendered in duplicate on the first day of December and the first day of June, by each of Such banks, associations, corporations, companies, orpersons, with a declaration annexed thereto, under the oath of such person, or of the president or cashier of such bank, associa- tion, corporation, or company, in such form and manner as may be prescribed by the Commissioner of Internal Kevenue, that the same contains a true and faithful statement of the amounts subject to tax, as aforesaid ; and one copy shall be transmitted to the collector of the district in which any such bank, association, corporation, or company is situated, or in which such person has his place of business, and one copy to the Commissioner of Internal Eevenue. Sec. 3415. In default of the returns provided in the pre- ^J° J^^C^^jJJijj^f ceding section, the amount of circulation, deposit, capital, ^""^"^ *» ^su- and notes of persons, town, city, and municipal corpor.Ttions, State banks, and State banking associations paid out, as aforesaid,shallbeestimatedby the Commissioner of Internal Eevenue, upon the best information he can obtain. And for any refusal or neglect to make return and payment, any such bank, association, corporation, company, or person so in de- fault shall pay a penalty of two hundred dollars, besides the additional penalty and forfeitures provided in other cases. Sec. 3416. Whenever any State bank or banking associa- iratioDai bauk to make return tion has been converted into a national banking association, and paymeat erf and such national banking association has assumed the state bauk. liabilities of such State bank or banking associ.ition, in- cluding the redemption of its bills, by any agreement or understanding whatever with the representatives of such State bank or banking association, such national banking association shall be held to make the required return and payment on the circulation outstanding, so long as such cir- culation shall exceed five per centum of the capital before such conversion of such State bank or banking association. 190 LAWS EELATING TO NATIONAL BANKS. tax™?^™08^°8'^ ^^*^' ^^^^- ^^^ provisions of tbis chapter, relating to the cjpitai, and cir'- tax On the dcposits, capital, and circulation of banks, and cniation, uot to , . ^ i i. t apply to national to their retums, except as contained in sections thirty -four See act of Feb. ^'^"'^''^'^ ^^^ ten, thirty-four hundred and eleven, thirty- ing^^Eov'!"'^Stet,"^'°"'' hundred and twelve, thirty-four hundred and thirteen, post, p. 213. and thirty-four hundred and sixteen, and such parts of sec- tions thirty-four hundred and fourteen and thirty-four hun- dred and fifteen as relate to the tax of ten per centum on certain notes, shall not apply to associations which are taxed under and by virtue of Title " National Banks." ORGANIZATION AND POWERS OF NATIONAL BANKS. biutiM ^r'ilsS- ^^^" ^^^^- -^^^ national banking associations, designated sioDat°ed"a8° de- ^'''^ ^^^^ purposc by the Secretary of the Treasury, shall be positaries of depositaries of public money, except receipts from customs, public moneys. tj ^ r tr 7 3jnnf>,i804, ». under such regulations as may be prescribed by the Sec- 4d, an(«,p.i,4. pgtary; and they may also be employed as financial agents of the government ; and they shall perform all such reason- able duties, as depositaries of public moneys and financial agents of the government, as may be required of them. The Secretary of the Treasury shall require the associations thus designated to give satisfactory security, by the deposit of United States bonds and otherwise, for the safe-keeping and prompt payment of the public money deposited with them, and for the faithful perlbrmance of their duties as financial agents of the government. And every association so designated as receiver or depositary of the public money shall take and receive at par all of the national currency bills, by whatever association issued, which have been paid into the government for internal revenue, or for loans or stocks. OBTAINING AND ISSUING CIRCULATING NOTES. What asaqcia- Sec. 5157. The provislous of chapters two, three, and lions are gov- 1. j 7 erned by chap- fourf of this Title, which are expressed without restrictive trr8 9, 3, and 4 of , / , ^ • , i , . . . thisXiiie. words, as applying to "national banking associations," or to "associations," apply to all associations organized to carry on the business of banking under any act of Congress. bond8*defln!t?*'' Sec. 5158. The term "United States bonds," as used /Md.,8.4, ante, throughout this chapter, shall be construed to mean regis- ''■ '' ' tered bonds of the United States. Sec. 5159. Every association, after having complied with the provisions of this Title, preliminary to the commence- PEOVISIOKS OF REVISED STATUTES. 191 ment of the banking business, and before it sball be« author- Trmted states . , 1 . m. 1 1 11 bonds to bo de- ized to commence banking business under this Title, shall posited botoro transfer and deliver to the Treasurer of the United States business!"*'"' any United States registered bonds, bearing interest, to an JMd.,8. lo, ante, amount not less than thirty thousand dollars and not less than one-third of the capital stock paid in. Such bonds shall be received by the Treasurer upon deposit, and shall be by him safely kept in his office, until they shall be otherwise disposed of, in pursuance of the provisions of this Title. Seo. 5160. The deposits of bonds made by each associa- Bonds to be in- ^ creased upon xn- tion shall be increased as its capital may be paid up or in- crease of capital. creased, so that every association shall at all times have on ^^■ deposit with the Treasurer registered United States bonds to the amount of at least one-third of its capital stock actually paid in. And any association that may desire to reduce its May be dimin- , ,, .... 1 T 1 -^ • lahednponre no capital or to close up its business and dissolve its organiza- tion of capital. tion, may take up its bonds upon returning to the Comp- troller its circulating notes in the proportion hereinafter required, or may take up any excess of bonds beyond one- third of its capital stock, and upon which no circulating notes have been delivered. Seo. 51G1. Tofacilitateacomplianco with the two preced- Exchangonf coupon tor regis- ing sections, the Secretary of the Treasury is authorized to tered touds. receive from any association, and cancel, any United States ^'''• coupon bonds, and to issue in lieu thereof registered bonds of like amount, bearing a like rate of interest, and having the same time to run. Seo. 5162. All transfers of United States bonds, made Manner of ' making transfers by any association under the provisions of this Title, shall of bonds. be made to the Treasurer of the United States in trust for the association with a memorandum written or printed on , Act .June 3, "^ 186-1, 8. lU, ante, p. each bond and signed by the cashier or some other officer lea. of the association making the deposit. A receipt shall be given to the association, by the Comptroller of the Currency, or by a clerk appointed by him for that purpose, stating that the bond is held in trust for the association on whose be- half the transfer is made, and as security for the redemption and payment of any circulating notes that have been or may be delivered to such association. ISTo assignment or trans- ! fer of any such bond by the Treasurer shall be deemed valid unless countersigned by the Comptroller of the Currency. * * « * * * Sec. 5166. Every association having bonds deposited in Annnai exam- the office of the Treasurer of the United States, shall, once, by nssociations. or oftener in each fiscal year, examine and compare the it>id., b.s5, ante, bonds pledged by the association, with the books of the Comptroller of the Currency and with the accounts of the 192 LAWS RELATING TO NATIONAL BANKS. association, and, if they are found correct, to execute to tbe Treasurer a certificate setting forth the different kinds and the amounts thereof, and that the same are in the possession and custody of the Treasurer at the date of the certificate. Such examination shall be made at such time or times, during the ordinary business hours, as the Treasurer and the Comptroller, respectively may select, and may be made by an officer or agent of such association, duly appointed in writing for that purpose ; and his certificate before men- tioned shall be of like force and validity as if executed by the president or cashier. A duplicate of such certificate, signed by the Treasurer, shall be retained by the association. Bonds to be Sec. 5167. The bonds transferred to and deposited with held to secure ,r„ /..t-t-t^ . .. circulation. the Treasurer of the United States, by any association, for Ibid, B.W, ante, the Security of its circulating notes, shall be held exclu- ^' ^' sively for that purpose, until such notes are redeemed, ex- intcrest on ccpt as provided in this Title. The Comptroller of the ie™edl ^""^ "°^ Currency shall give to any such association powers of attor- ney to receive and appropriate to its own use the interest on the bonds which it has so transferred to the Treasurer; but such powers shall become inoperative whenever such associa- ifbondadepretion fails to redeem its circulating notes. Whenever the be'in'creasei"^ *" market Or cash value of any bonds thus deposited with the Treasurer is reduced below the amount of the circulation issued for the same, the Comptroller may demand and re- ceive the amount of such depreciation iu other United States bonds at cash value, or in money, from the association, to be deposited with the Treasurer as long as such deprecia- Exohange or tion coutiuues. And the Comptroller, upon the terms pre- scribed by the Secretary of the Treasury, may permit an exchange to be made of any of the bonds deposited with the Treasurer by any association, for other bonds of the United States authorized to be received as security for circulating notes, if he is of opinion that such an exchange can be made without prejudice to the United States ; and he may direct the return of any bonds to the association which transferred the same, in sums of not less than one thousand dollars, upon the surrender to him and the cancellation of a propor- Limitation on tiouatc amouut of such Circulating notes : Provided, That bonds. the remaining bonds which shall have been transferred by £0^''rs74'°3^eo.''T the association offering to surrender circulating notes are po5«,p.!ib9. equal to the amount required for the circulating notes not surrendered by such association, and that the amount of bonds in the hands of the Treasurer is not diminished below the amount required to be kept on deposit with him, and that there has been no failure by the association to redeem its circulating notes, nor any other violation by it of the PEOYISIONS OF THE REVISED STATUTES. 193 provisions of this Title, and that the market or cash value of the remaining bonds is not below the a mount required for the circulation issued for the same. Sec. 5171. Upon a deposit of bonds as prescribed by sec- Deiiveryof cir , ,, I „n ■ -,,•,• 1 TT cnlating DOtes to tions fifty-one hundred and nfty-uine and nfty-one hundred associations, and sixty, the association making the same shall be entitled a.^f^sf an^^'p^ to receive from the Comptroller of the Currency circulating '''^• notes of different denominations, in blank, registered and countersigned as hereinafter provided, equal in amount to ninety per centum of the current market-value of the Uni- ted States bonds so transferred and delivered, but not ex- ceeding ninety per centum of the amount of the bonds at the par value thereof, if bearing interest at a rate not less than five per centum per annum: Provided, That the iiatiotocaijitai amount of circulating notes to be furnished to each associa- note's is'sued.'"^ tion shall be in proportion to its paid-up capital, as follows, and no more : First. To each association whose capital does not exceed five hundred thousand dollars, ninety per centum of such capital. Second. To each association whose capital exceeds five hundred thousand dollars, but does not exceed one million of dollars, eighty per centum of such capital. Third. To each association whose capital exceeds one million of dollars, but does not exceed three million[s] of dollars, seventy-five per centum of such capital. Fourth. To each association whose capital exceeds three millions of dollars, sixty per centum of such capital. Sec. 5172. In order to furnish suitable notes for circu- rorm, denomi- nations, and lation, the Comptroller of the Currency shall, under the printing of cirou- -.-./.. rx /I 1 m 1 -1 lating notes. direction of tbe Secretary of the Treasury, cause plates and 3 j^ne, 1864, e. dies to be engraved, in the best manner to guard agaiust^^''""*'^'^®^' counterfeiting and fraudulent alterations, and shall have printed therefrom, and numbered, such quantity of circulat- ing notes, in blank, of the denominations of one dollar, two dollars, three dollars, five dollars, ten dollars, tweuty dollars, fifty dollars, one hundred dollars, five hundred dollars, and one thousand dollars, as may be required to supply the asso- ciations entitled to receive the same. Such notes shall express upon their face that they are secured by United States bonds, deposited with the Treasurer of the United States, by the written or engraved signatures of the Treas- urer and Register, and by the imprint of the seal of the Treasury ; and shall also express upon their face the promise of the association receiving the same to pay on demand, 13 194 LAWS RELATING- TO NATIONAL BANKS. attested by the signatures of the president or vice-president and cashier; and shall bear such devices and such other statements, and shall be in such form, as the Secretary of the Treasury shall, by regulation, direct. Control of Seo. 5173. The plates and special dies to be procured by plates and dies ' ' •. u and expenses nfthe Comptroller of the Currency for the printing of such JM(i.,s.4i, ante, circulating notes shall remain under his control and direc- P' '"• tion, and the expenses necessarily incurred in executing the laws respecting the procuring of such notes, and all other expenses of the Bureau of the Currency, shall be paid out of the proceeds of the taxes or duties assessed and collected on the circulation of national banking associations under this Title. ^F ^F * W ^ ?F Issue of notes Sec. 5175. Not more than one-sixth part of the notes fur- nnder five del- ^ lars, limited. nishcd to any association shall be of a less denomination Ibid.. a. is, ante, , j> i ii a j'i. - i i p. C3. than five dollars. After specie payments are resumed no association shall be furnistied with notes of a less denomi- nation than five dollars. Circulation of Sec. 5176. No banking association organized subsequent "fm i%' d ""t to the twelfth day of July, eighteen hundred and seventy, shall 500,000 liave a circulation in excess of five hundred thousand dollars. Aggregate Sbc. 5177. The aggregate amount of circulating notes laTng no'tes""™ issucd uudcr the act of February twent.y-flve, eighteen hun- arvT/is^s^™" tired and sixty-three, and under the act of June three, eight- ""Inte n"i',3 ^^^ hundred and sixty-four, and under section one of the Ante p. 81. .,ct of July twclve, eighteen hundred and seventy, and under this Title, shall not exceed three hundred and fifty-four millions of dollars. Apportionment Sec. 5178. OuB Luudrcd and fifty millions of dollars of of circulating i • i notes. the entire amount of circulating notes authorized to be is- arue.^m. '^^^' sued shall be apportioned to associations in the States, in anu,v^H.' ^''^''' the Territories, and in the District of Columbia, according to representative population. One hundred and fifty mil- 14 Jan 1675, lions Shall be apportioned by the Secretary of the Treasury among associations formed in the several States, in the Ter- ritories, and in theDistrict of Columbia, having due regard to the existing banking capital, resources, and business of such States, Territories, and District. The remaining fifty- four millions shall be apportioned among associations in States and Territories having, under the apportionments above prescribed, less than their full proportion of the ag- gregate amount of notes authorized, which made duo appli- cation for circulating notes prior to the twelfth day of July, eighteen hundred and seveuty-one. Any remainder of such fifty-four millions shall be issued to banking associations PROVISIONS OF THE REVISED STATUTES. 195 applying for circulating notes in other States or Territories having less than their proportion. Seo. 1579. la order to secure a more equitable distribu- , Equalizing the ^ (lis tnbutionof tion of the national banking currency, there may be issued <=ir™iatmgnoteB. circulating notes to banking associations organized in States a,ry^u"^fs°l'!m,^', and Territories having less than their proportion, and theP-'*^- amount of circulation herein authorized shall, under the direction of the Secretary of the Treasury, as it may be re- quired for this purpose, be withdrawn, as herein provided, from banking associations organized in States having more than their proportion, but the amount so withdrawn shall not geeactofjuue exceed twenty-five million dollars : Provided, That no cir- ^^J^''- ^'"''' p- culation shall be withdrawn under the provisions of this section until after the fifty -four millions granted in the first Ante, p. si. section of the act of July twelfth, eighteen hundred and seventy, shall have been taken up. Sec. 5180. The Comptroller of the Currency shall, under oedare ia^wuh^ the direction of the Secretary of the Treasury, make ackouiafion.'"'^''' statement showing the amount of circulation in each S)ta.te ^^"f^^ll^^^^^^^- and Territory, and the amount necessary to be withdrawn p-^*^- from each associiition, and shall forthwith make a requisition for such amount upon such associations, commencing with those having a circulation exceeding one million of dollars, in States having an excess of circulation, and withdrawing their circulation in excess of one million of dollars, and then proceeding proportionately with other associations having a circulation exceeding three hundred thousand dollars, in States having the largest excess of circulation, and reducing the circulation of such associations in States having the greatest proportion in excess, leaving undisturbed the associations in States having a smaller proportion, until those in greater excess have been reduced to the same grade, and continuing thus to make such reductions until the full amount of twenty-five millions has been withdrawn ; and the circulation so withdrawn shall be distributed among the States and Territories having less than their proportion, so as to equalize the same. Upou failure of any association saie of bonds . upon failure of to return the amount of circulating notes so required, within association tore- one year, the Comptroller shall sell at public auction, having given twenty days' notice thereof in one daily newspaper printed in Washington and one in New York City, an amount of the bonds deposited by that association as se- curity for its circulation, equal to the circulation required to be withdrawn from the association and not returned in compliance with such requisition ; and he shall, with the proceeds, redeem so many of the notes of such association, 190 LAWS EKLATIIV'G TO NATIONAL BANKS. as tbey come into the Treasury, as will equal the amount required and not returned ; and shall pay the balance, if any, to the association. aarociSionsVrom ®^^' ^^^l- ^"y assoclatiou located in any State having stato having an more than its proportion of circulation may be removed to excess of circula- *■ ^ "^ lion toonMhav-any State having less than its proportion of circulation, in;: a uenciency. i -, ■, Ibid. under such rules and regulations as the Coraptroller of the Cnrfency, with the approval of the Secretary of the Treas- ury, shall prescribe: Provided, That the amount of the issue of said banks shall not be deducted from the issue of fifty- four millions mentioned in section five thousand one hun- dred and seventy-eight. Circulating Sbc. 5182. After any association receiving circulating notes, when may t i • m- i i • • iw isfned by as- uotcs uudcr this Title has caused its promise to pay such 3 ,june 1864 a. Do^cs OH demand to be signed by the president or vice- 23, (Tjite, p. 103. president and cashier thereof, in such manner as to make them obligatory promissory notes, payable on demand, at its place of business, such association may issue and circulate For what de- the Same as money. And the same shall be received at par received. " in all parts of the United States in payment of taxes, excises, public lands, and all other dues to the United States, except duties on imports ; and also for all salaries and other debts and demands owing by the United States to individuals, corporations, and associations within the United States, except interest on the public debt, and in redemption of the natioual currency. Issue of other ggc. 5183. No national banking association shall issue uotes prohibited. ^ seo act of Fob. post-notes or any other notes to circulate as money than ins KeV. stat.^ such as are authorized by the provisions of this Title. post, p. 213. 3 June, 1865, s. 23, anU, p. 163. Destroyingand gac. .5184. It shall bc the duty of the Comptroller of the replacing worn- '' ^ out and mutilated Currency to receive woru-out or mutilated circulating notes Ibid. issued by any banking association, and also, on due proof of the destruction of any such circulating notes, to deliver in place thereof to the association other blank circulating notes to an equ-il amount. Such worn-out or mutilated notes, after a memorandum has been entered in the proper books, in accordance with such regulations as may be established by the Comptroller, as well as all circulating notes which shall have been paid or surrendered to be can- Qs^^itms^l" ^^^^^^ ®^^^^ ^® burned to ashes in presence of four persons, 211- one to be appointed by the Secretary of the Treasury, one by the Comptroller of the Currency, one by the Treasurer of the United States, and one by the association, under such regulations as the Secretary of the Treasury may prescribe A certificate of such burning, signed by the parties so ap- PKOVISIONS OF THE REVISED STATUTES. 197 pointed, shall be made ia the books of the Comptroller, and a duplicate thereof forwarded to the association whose notes are thus canceled. Sec. 5185. Associations may be organized in the man- Organization of fLSfiociRtiiouA lor ner prescribed by this Title for the purpose of issuing notes is suing gold payable in gold ; and upon the deposit of any United States bonds bearing interest payable in gold with the Treasurer of the United States, in the manner prescribed for other associations, it shall be lawful for the Comptroller of the Currency to issue to the association making the deposit cir- culating notes of different denominations, but none of them Denominations of less than five dollars, and not exceeding in amount eighty notes, ana ratio per centum of the par value of the bonds deposited, which posited. shall express the promise of the association to pay them, upon presentation at the offlce at which they are issued, in gold coin of the United States, and shall be so redeemable, cuiatio™"™ But jfo such association shall have a circulation of more than j/^ig-fs"' ^jf^p' one million of dollars. 213. Sec. 5186. Every association organized under the preced-q?;.|^®JJ°irJ® ing section shall at all times keep on hand not less than jJ'J^i™ "f s"''^' twenty-five per centum of its outstanding circulation, in gold or silver coin of the United States ; and shall receive , Go'^rnotes to " ' bereceivedatpar at par in the payment of debts the gold-notes of every other byaUgoid-banks. such association which at the time of such payment is redeeming its circulating notes in gold coin of the United States, and shall be subject to all the provisions of this Title : Provided, That, in applying the same to associations organized lor issuing gold-notes, the terms " lawful money" and "lawful money of the United States" shall be construed "Lawful ■^ money," how to mean gold or silver coin of the United States ; and the construed. circulation of such association shall not be within the limita- tion of circulation mentioned in this Title. REGULATION OF THE BANEING BUSINESS. Sec. 5190. The usual business of each national banking Place of busi- association shall be transacted at an ofQce or banking-house sjune, m4, s. located in the place specified in its organization certificate. 'Ecquireme'nts Sec. 5191. Every national banking association in either money resiiT-e" of the following cities : Albany. Baltimore, Boston, Cincin- ^ntd ,n.,ante,-p- nati', Chicago, Clevelaud, Detroit, Louisville, Milwaukee, New Orleans, New York, Philadelphia, Pittsburgh, Saint Louis, San Francisco, and Washington, shall at all times have on hand, in lawful money of the United States, an amount equal to at least twenty-five per centum of the ag- gregate amount of its notes in circulation and its deposits ; and every other association shall at all times have on hand, 198 LAWS RELATING TO NATIONAL BANKS. in lawful money of the United States, an amonnt equal to at least fifteen per centum of the aggregate amount of its xo loans oinotes in circulation, and of its deposits. Whenever the dividends to be ... ,. , . . made while re- lawiul mouey of any association in any ot the cities named limit. shall be below the amount of twenty-live per centum of its circulation and deposits, and whenever the lawful money of any other association shall be below fifteen per centum of its circulation and deposits, such association shall not in- crease its liabilities by making any new loans or discounts otherwise than by discounting or purchasing bills of ex- change payable at sight, nor make any dividend of its profits until the required proportion, between the aggre- gate amount of its outstanding notes of circulation ana de- posits and its lawful money of the United States, has been restored. And the Comptroller of the Currency may noti.y any association, whose lawful-money reserve shall be below the amount above required to be kept on hand, to make E.ceiver may good such reserve; and if such association shall laiT for raiinre"to**make thirty days thereafter so to make good its reserve of law- Kood the reserve. £^^j mouey, the Comptroller may, with the concurrence of the Secretary of the Treasury, appoint a receiver to wind up the business of the associatiou, as provided in section fifty-two hundred and thirty-four. Eedemption- Sec. 5192. Three-fifths of the reserve of fifteen per cent- cities, ami propnr- '111 tinn uf reserve um required by the preceding section to be kept, may con- wliich niav be . ^ .. , , _ ^ . , . .,,./.. kept therein. sist 01 balauccs due to an association, available for the re- so.^im!' poit™! demptiou of its circulating notes, from associations approved "°3 June, 1864, ». ''y ^^^ Comptroller of the Currency, organized under the ^'19 Feb^'r^ry ^^^ °^ Juue thrco, eighteen hundred and sixty-four, or under 1875, post, p. 214.' tijis Title, and doing business in the cities of Albany, Bal- timore, Boston, Charleston, Chicago, Cincinnati, Cleveland, Detroit, Louisville, Milwaukee, New Orleans, New York, Philadelphia, Pittsburgh, Eichmond, Saint Louis, Sau Clearing-bouse PraDcisco, and Washington. Clearing-house certificates, certiflc at es . . , ,. , deemed lawful representing specie or lawful money specially deposited money. n ■, /^ 1 ■ . . for the purpose, of any clearing-house association, shall also be deemed to be lawful money iu the possession of any association belonging to such clearing-house, holding and owning such certificate, within the preceding section. United States Sec. 6193. The Secretary of the Treasury may receive certifleates of de- " j t' posit may be is- United States notes on deposit, without interest, from any sued, and may . i , , . .... count as reserve, national baukiDg associations, in sums of not less than ten 8, ^i™7r*<»""p! thousand dollars, and issue certificates therefor iu such '^"^ form as he may prescribe, in denominations of not less than five thousand dollars, and payable on demand in United States notes at the place where the deposits were made. PROVISIONS OF THE REVISED STATUTES. 199 The notes so deposited shall not be counted as part of the lawful-money reserve of the association ; but the certificates issued therefor may be counted as part of its lawful money reserve, and may be accepted iu the settlement of clearing- house balances at the places where the deposits therefor were made. Sec. 5194. The power conferred on the Secretary of the Limitation up- m 11 i- • 111 t .-.on the issue of Treasury, by the preceding section, shall not be exercised oeitiflcates of de- so as to create any expansion or contraction of the curreacy. ^°/m. s.s. And United States notes for which certificates are issued under that section, or other United States notes of like amount, shall be held as special deposits in the Treasury, and used only for the redemption of such certificates. Seo. 5195. Bach association organized iu any of the cities Agents for re- named in section fifty-one hundred and ninety one shall cuiatiug°not68 to select, subject to the approval of the Comptroller of the ^seractoflrune Currency, an association in the city of New York, at which ^^'^og'^' °' '^'^"'^^ it will redeem its circulating notes at par; and may keep one-half of its lawful-money reserve in cash deposits iu t^^ 3-2 an^%^m' "' city of ISTew York. But the foregoing provision shall not apply to associations organized and located in the city of San Francisco for the purpose of issuing notes payable iu gold. Bach association not organized within the cities named shall select, subject to the approval of the Comp- troller, an association in either of the cities named, at which it will redeem its circulating notes at par. The Comptroller shall give public notice of the names of the associations selected, at which redemptions are to be made by the respective associations, and of any change that may be made of the association at which the notes of any association are redeemed. Whenever any association fails either to make Eeoeiver may the selection or to redeem its notes as aforesaid, the Comp- failure to redeem troUer of the Currency may, upon receiving satisfactory "° '^^' evidence thereof, appoint a receiver in the manner provided for in section fifty-two hundred aud thirty four, to wind up its affairs. But this section shall not relieve any association from its liability to redeem its circulating notes at its own counter, at par, in lawful money on demand. Sec. 5196. Bvery national banking association formed or wationaibanks -11--11111 1 • ._ /i*^ leceive notes existing under this title, shall take and receive at i)ar, tor of aii other na- any debt or liability to it, any and all notes or bills issued xua. by any lawfully organized national banking association. But this provision shall not apply to any association organ- ized for the purpose of issuing notes payable iu gold. Sec. 5203. No association shall, either directly or indi- -">««.,». 37. 200 LAWS RELATING TO NATIONAL BANKS. ciroaiating rcctlv, pledge or hypothecate any of its notes of circulation, uotes not to be' ■''■ •' ' hypotheoiited, foF the purposc of procuriug money to be paid in on its crease capital. Capital stock, OF to be uscd in its banking operations, or otherwise; nor shall any association use its circulating notes or any part thereof, in any manner or form, to create or in- crease its capital stock. Associationa Sec. 5206. No association shall at any time pay out on not to pay out •' ' " uncnrrent notes. loans Or discounts, or in purchasing drafts or bills of ex- pirTi.'*'^^'""*^' change, or in payment of deposits, or in any other mode pay or put in circulation, the notes of any bank or banking association which are not, at any such time, receivable, at par, on deposit, and in payment of debts by the association so paying out or circulating such notes ; nor shall any associa- tion knowingly pay out or put in circulation any notes issued by any bank or banking association which atthe time of such paying out or putting in circulation is not redeeming its circulating notes in lawful money of the United States. feri^*OTi?cefvI ^^^- ^20^- ^o association shall hereafter offer or receive ingifnitea states United States notes or national-bank notes as security or or national-bank '^ notes as secnrity as Collateral Security for any lean of money, or for a consid- for loan, &c. ^ ti ^ j See act of Feb. eration agree to withold the same from use, or offer or la 1869, ante, p. jg^gj^g ^jjg custody Or promise of custody of such notes as security, or as collateral security, or consideration for any loan of money. Any association offending against the pro- visions of this section shall be deemed guilty of a misde- meanor, and shall be fined not more than one thousand dol- lars and a further sum equal to one-third of the money so loaned. The oflflcer or oflQcers of any association who shall make any such loan shall be liable for a further sum equal to one quarter of the money loaned ; and any fine or penalty incurred by a violation of this section shall be recoverable for the benefit of the party bringing such suit. ****** lation'^ "dep'iJsits' ^^^- ^^l-i. In lieu of all existing taxes, every association andca'pitaistook! shall pay to the Treasurer of the United States, in the 41, (Mite, p. 171.' months of January and July, a duty of one-half of one per centum each half year upon the average amount of its notes in circulation, and a duty of one-quarter of one per centum each half year upon the average amount of its deposits, and a duty of one quarter of one per centum each half-year on the average amount of its capital stock, beyond the amount invested in United States bonds. Serai-annual g-gg 5215. lu ordcr to enable the Treasurer to assess the return of cn-cula- tion,tiepo8its,ana juties imposcd by the preceding section, each association Ibid. shall, within ten days from the first days of January and July of each year, make a return, under the oath of its pres- PROVISIONS OF THE REVISED STATUTES. 201 ident or cashier, to tlie Treasurer of the United States, in such form as the Treasurer may prescribe, of the average amount of its notes in circulation, and of the average amount of its deposits, and of the average amount of its capital stock, beyond the amount invested in United States bonds, for the six months next preceding the most recent first day of January or July. Every association which fails fa^Qj-e^'to^make so to make such return shall be liable to a penalty of two retam, hundred dollars, to be collected either out of the interest as it may become due such association ou the bonds depos- ited with the Treasurer, or, at his option, in the manner in which penalties are to be collected of other corporations under the laws of the United States. Sec. 5216. Whenever any association fails to make the Method of aa- halfyearly return required by the preceding section, the^'Q™™^^5^^|^ duties to be paid by such association shall be assessed upon ibid. the amount of notes delivered to such association by the Comptroller of the Currency, and upon the highest amount of its deposits and capital stock, to be ascertained in such manner as the Treasurer may deem best Sec. 5217. When-iver an association fails to pay the ho„ ^^^ may duties imposed by the three preceding sections, the sums gooiauon feiis'to due may be collected in the manner provided for the col- p-''^- lection of United taxes from other corporations; or the ■^"'' Treasurer may reserve the amount out of the interest, as it may become due, on the bonds deposited with him by such defaulting association. Sec. 5218. In all cases where an association has paid or Eefnnaing ex- may pay in excess of what may be or has been found duCpli^"^ duties from it, on account of the duty required to be paid to the Treasurer of the United States, the association may state an account therefor, which, on being certified by the Treas- urer of the Cnited States, and found correct by the First Comptroller of the Treasury, shall be refunded in the ordi- nary manner by warrant on the Treasury. DISSOLUTION AND EECEIVEESHIP. Sec. 6220. Any association may go into liquidation and voluntary be closed by the vote of its shareholders owning two-thirds Tj une°'i864 s. of its stock. 42,a«te, p.173.' Sec. 5222. Within six months from the date of the vote Deposit of law- to go into liquidation, the association shall deposit with the dee™ circulation! Treasurer of the United States, lawful money of the United ^^^'^■- f-^^',!?,- ' •' 14 July, 1870, States sufficient to redeem all its outstanding circulation «»'«. p- iss. The Treasurer shall execute duplicate receipts for money thus deposited, and deliver one to the association and the 202 LAWS EELATING TO NATIONAL BANKS. Other to the (Jomptroller of the Currency, stating the amount received by him, and the purpose for which it has been re- ceived ; and the money shall be paid into the Treasury of the United States, and placed to the credit of such associa- tion upon redemption account. Consolidating Sec. 5223. An association which is iu good faith winding banks need not deposit latriuiup its busiuess for the purpose of consolidating with another money. seeaotofjiiiyfissociation shall not be required to deposit lawful money H 1810, ante.v. j^p jjg outstanding circulation ; but its assets and liabilities shall be reported by the association with which it is in process of consolidation. Reassignment Sec. 5224. Whenever a sufQcieut dcposit of lawful mouey of bonds to closed -, . 1 . ^ ■ . banks. to redeem the outstanding circulation or an association pro- Aante^'-p^m! *■ posing to close its business has been made, the bonds de- posited by the association to secure i^ayment of its notes shall be reassigned to it, in the manner prescribed by sec- Notes to be re- tion fifty-one hundred and sixty-two. And thereafter the deemed at ireas- '^ "ry. association and its shareholders shall stand discharged from all liabilities upon the circulating notes, and those notes shall be redeemed at the Treasury of the United States. Piooeedings And if any such bank shall fail to make the deposit and when association . -ii/..- t n •• fails to deposit take Up its bouds tor thirty days after the expiration oi the ' See aTt of Feb. ''™® Specified, the Comptroller of the Currency shall have in'.''Tev.°"sta^l*^^^^'^ '■*' ®^^' ^^'^ bouds pledged for the circulation of said post.p.au. bank, at public auction in New York City, and, after pro- viding for the redemption and cancellation of said circula- tion, and the necessary expenses of the sale, to pay over any balance remaining to the bank or its legal representa- tive. Destractioa of Sec. 5225. Whenever the Treasurer has redeemed any of seeactof janetJie notcs of an association which has commenced to close li'i.'^'^' *°''^' ^' it^s aflairs under the six [five] preceding sections, he shall 43^anu,%Ari! °' ^^iise the notes to be mutilated and charged to the redemp- tion account of the association ; and all notes so redeemed by the Treasurer shall, every three months, be certified to and burned in the manner prescribed in section fifty-one hundred and eighty-four. Mode of pro- Seo. 5226. Whenever any national banking association testing notes. ^ iM(i.,s.46,a)ite, fails to redeem in the lawful money of the United States ^■^'^' any of its circulating notes, upon demand of payment duly made during the usual hours of business, at the olSce of such See act of June association, or at its designated place of redemption, the 20, 1874, post, p. ' , -. f , -^ ^ 208. holder may cause the same to be protested, in one package, by a notary public, unless the president or cashier of the association whose notes are presented for payment, or the president or cashier of the association at the place at which PROVISIONS OF THE REVISED STATUTES. 203 they are redeemable offers to waive demand and notice of the protest, and, in pursuance of such ofler, makes, signs, and delivers to the party making such demand an admission in writing, stating the time of the demand, the amount de- manded, and the fact of the non-payment thereof. The notary public, on making such protest, or upon receiving such admission, shall forthwith forward such admission or notice of protest to the Comptroller of the Currency, retain- ing a copy thereof. If, however, satisfactory proof is pro- duced to the notary public that the payment of the notes demanded is restrained by order of any court of competent jurisdiction, heshall notprotest the same. When the holder One protest fee „ oiily, on same of any notes causes more than one note or package to be day. protested ou the same day, he shall not receive pay for more than one protest. Sec. 5227. On receiving notice that any national banking Examination association has failed to redeem any of its circulating notes, after"'nouc6 "o^ as specified in the preceding section, the Comptroller of the ^™ '^ Currency, with the concurrence of the Secretary of the «, an^.^'p. its.' °' Treasury, may appoint a special agent, of whose appoint- ment immediate notice shall be given to such association, who shall immediately proceed to ascertain whether it has refused to pay its circulating notes in the lawful money of the United States, when demanded, and shall report to the Comptroller the fact so ascertained. If, from such protest, Forfeiture of and the report so made, the Comptroller is satisfied that such association has refused to pay its circulating notes and is in default, he shall, within thirty days after he has re- ceived notice of such failure, declare the bonds deposited by such association forfeited to the United States, and they shall thereupon be so forfeited. Sec. 5228. After a default on the part of an association Association to pay any of its circulating notes has been ascertained by Sess after" notice the Comptroller, and notice thereof has been given by him "^gg^^^j ^f ^^^ to the association, it shall not be lawful for the association is, i875, correot- ' ing Kev. Stat., suffering the same to pay out any of its notes, discount any post, v- ^i^. notes or bills, or otherwise prosecute the business of bank- «, ante, p. 175'. ing, except to receive and safely keep money belonging to it, and to deliver special deposits. Sec. 5229. Immediately upon declaring the bonds of an Notice to note. association forfeited for nonpayment of its notes, the Comp- jjf^.^ „. 47. troUer shall give notice, in such manner as the Secretary of the Treasury shall, by general rules or otherwise, direct, to the holders of the circulating notes of such association, to Eedemption of present tfiem for payment at the Treasury of the United u?yrand cancel- States; and the same shall be paid as presented in lawful '**'™ "^ "^"^^ 204 LAWS RELATING TO NATIONAL BANKS. money of the United States; whereupon the Comptroller may, in his discretion, cancel an amount of bonds pledged by such association equal at current market rates, not ex- ceeding par, to the notes paid. saio of bonds Sec. 5230. Whenever the Comptroller has become satis- at auction, *■ Ibid. sees. 47,48. fiwl, by the protest or the waiver and admission specified in section fifty- two hundred and twenty-six, or by the report provided for in section fifty-two hundred and twenty-seven, that any association has refused to pay its circulating notes, he may, instead of canceling its bonds, cause so much of thom as may be necessary to redeem its outstanding notes to be sold at public auction in the city of New York, after giving thirty days' notice of such sale to the association. The xTEitedFor any deficiency in the proceeds of all the bonds of an otiltCS to Jl£lV6 H paramount 1 i en assoclatiou, when thus sold, to re-imburse to the United upon assets of as- ' sooiations. Statcs the amouut expended in paying the circulating notes of the association, the United States shall have a paru mount lieu upon all its assets ; and such deficiency shall be made good out of such assets in preference to any and all other claims whatsoever, except the necessary costs and expenses of administering the same. Sale of bonds Sec. 5231. The Comptroller may, if he deems it for the at private sale. ' lud. 3.49. interest of the United States, sell at private sale any of the bonds of an association shown to have made default in paying its notes, and receive therefor either money or the circulating notes of the association. But no such bonds shall be sold by private sale for less than par, nor for less Transfer of than the market-value thereof at the time of sale; and no sales of any such bonds, either public or private, shall be complete until the transfer of the bonds shall have been made with the formalities prescribed by sections flftyone hundred and sixty-two, flftyone hundred and sixty-three, and flftyone hundred and sixty-four. Disposition to Sec. 5232. The Secretary of the Treasury may, from time oe made of notes . .,,... redeemed by to time, make such regulations respecting the disposition ... ' to be made of circulating notes after presentation at the Treasury of the United States for payment, and respecting the perpetuation of the evidence of the payment thereof, as may seem to him proper. Cancellation of Seo. 6233. All notcs of national banking associations presented at the Treasury of the United States for ijayment shall, on being paid, be canceled. Appointment Seo. 5234. On becoming satisfied, as specified in sections coiTera."'*° ^ fifty-two hundred and twenty-six and fifty two hundred and Kennedy lis. twentv-soven, that any association has refused to pay its Gibson, 8 Wall., •" , . ,. , ,..,„, 498; Bank of circulating notes as therein mentipned, and is in default, notes. Ibid. PEOTISIONS OF THE REVISED STATUTES. 205 the Comptroller of the Currency may forthwith appoint a Bead vs. Pah- 1 ■ ^ 1 ■ . 1 J 1 -J. I qiiaque Bank, 14 receiver, and require of him such bona and security as hcwaii.,383; Eanii deems proper. Such receiver, under the direction of the waii,, lo; in re Comptroller, shall take i)ossession of the books, records, ac'!,! EL-u^Mr' and assets of every description of such association, collect /tiu.e. so, anv, all debts, dues, and claims belonging to it, and, upon the ^^^'^ ^ _^^ ^^ order of a court of record of competent iurisdiction, may Jiine3o,ific,i,(;si, p. 210. sell or compound all bad or doubtful debts, and, on a like order, may sell all the real and personal property of such association, on such terms as the court shall direct; and may, if necessary to pay the debts of such association, enforce the individual liability of the stockholders. Such receiver shall pay over all money so made to the Treasurer of the United States, subject to the order of the Comp- troller, and also make report to the Comptroller of all his acts and proceedings. Sec. 5236. From time to time, after full provision haS(,„^i^j,'J«„"i''i^g^';;; been first made for refunding to the United States any creditors. deficiency in redeeming the notes of such association, the Comptroller shall make a ratable dividend of the money so 50, « °te,%- ""■ " paid over to him by such receiver on all such claims as may have been proved to his satisfaction or adjudicated in a court of competent jurisdiction, and, as the proceeds of the assets of such association are paid over to him, shall make further dividends on all claims previously proved or adjudicated; and the remainder of the proceeds, if any, shall be paid over to the shareholders of such association, or their legal representatives, in proportion to the stock by them respect- ively held. Sec. 5237. Whenever an association against which pro- iBjimctiomiron receivertlup. ceedings have been instituted, on account of any alleged ^^ refusal to redeem its circulating notes as aforesaid, denies having failed to do so, it may, at any time within ten days after it has been notified of the appointment of an agent, as provided in section fifty- two hundred and twenty-seven, apply to the nearest circuit, or district, or territorial court of the United States to enjoin further proceedings in the premises; and such court, after citing the Comptroller of the Currency to show cause why further proceedings should not be enjoined, and after the decision of the court or find- ing of a jury that such association has not refused to redeem its circulating notes, when legally presented, in the lawful money of the United States, shall make an order enjoining the Comptroller, and any receiver acting under his direc- tion, from all further proceedings on account of such alleged refusal. 206 LAWS EBLATING TO NATIONAL BAKKS. Fees and, ex- Sbc. 5288. All fces for protesting the notes issued by and receivership, any national banking association shall be paid by the per- ^ibid., B. 51, ante, gQj^ procuring the protest to be made, and such association shall be liable therefor ; but no part of the bonds deposited by such association shall be applied to the payment of such fees. All expensesofanypreliminary or other examinations into the condition of any association shall be paid by such association. All expenses of any receivership shall be paid out of the assets of such association before distribution of the proceeds thereof. Tranafers, as- Sec. 5242. All trausfcrs of the notes, bonds, bills of ex- atf™™actqfii;' change, or other evidences of debt owing to any national "'Kid%!52™ banking association, or of deposits to its credit; all assign- ments of mortgages, sureties on real estate, or of judgments or decrees in its favor; all deposits of money, bullion, or other valuable thing for its use, or for the use of any of its shareholders of creditors; and all payments of money to either, made after the commission of an act of insolvency, or in contemplation thereof, made with a view to prevent the application of its assets in the manner prescribed by this chapter, or with a view to the preference of one creditor to another, except in payment of Its circulating notes, shall be utterly null and void. # # * » " Stionlr^ """^ Sec. 5L'43. All banks not organized and transacting ibid.,a.s2. business under the national-currency laws, or under this Title, and all persons or corporations doing the business of bankers brokers or saving institutions except savings-banks authorized by Congress to use the word "national" as a part of their corporate name, are prohibited from using the 3 Mar., 1873, word "natioual" as a portion of the name or title of such ""' '^' ■ bank, corporation, firm, or partnership; and any violation of this prohibition committed after the third day of Septem- ber, eighteen hundred and seventy-three, shall subject the party chargeable therewith to a penalty of fifty dollars for each day during which it is committed or repeated. CRIMES AND MISDEMEANORS. Penalty for nn- Sec. 5187. IsTo offtccr acting Under the provi.-^ions of this lawfully cnunter- „, , , „ , ■ it , . . signins or deiiv- Title Shall Countersign or deliver to any association, or to erinff circulating ^ , • i j_ • , noiel any other company or person, any circulating notes contem- 27^mtTiAe6.' "' I'lated by this Title,except in accordance with the true intent and meaning of its provisions. Every ofScer who violates this section shall be deemed guilty of a high misdemeanor, and shall be fined not more than double the amount so coun- PROVISIONS OF THE REVISED STATUTES. 207 tersigned and delivered, and imprisoned not less than one year and not more than fifteen years. Sec. 5188. Itshalluotbelawful to design, engrave, print, Penalty for . , . imitating nation- or in any manner make or execute, or to utter, issue, d is -ai bank notes, &c. tribute, circulate, or use, any business or professional card, notice, placard, circular, hand-bill, or advertisement, in the likeness or similitude of any circulating note or other obli- gation or securitj' of any banking association organized or acting under the> laws of the United States which has been or may be issued under this Title, or any act of Congress, or to write, print, or otherwise impress upon any such note, obligation, or security any business or professional card, notice or advertisement, or any notice or advertisement of any matter or thing whatever. Every person who violates this section shall be liable to a penalty of one hundred dol- lars, recoverable one-half to the use of the informer. Sec. 5189. Every person who mutilates, cuts, defaces, dis- Penaityformn- „.,,, . tilatins national- figures, or perforates with holes, or unites or cements to- bank notes, &o. gether, or does any other thing to any bank-bill, draft, note, ^^f^- ^- 58, ante, or other evidence of debt, issued by any national banking association, or who causes or procures the same to be done, with intent to render such bank-bill, draft, note, or other evidence of debt unfit to be reissued by said association, shall be liable to a penalty of fifty dollars, recoverable by the association. Sec. 5437. In all cases where the charter of any corpo- Penalty for nu- ration which has been or may be created by act of Congress in circniation the , . -, 1 hl. • -J) T i. £e notes, drafts, &c., has expired or may hereafter expire, if any director, ofQcer, of closed asaocia- or agent of the corporation, or any trustee thereof, or any agent of such trustee, or any person having in his posses- sion or under his control the property of the corporation for the purpose of paying or redeeming its notes and obliga- tions, knowingly issues, re-issues, or utters as money, or in any other way knowingly puts in circulation any bill, note, check, draft, or other security purporting to have been made by any such corporation whose charter has expired, or by any ofQcer thereof, or purporting to have been made under authority derived therefrom, or if any person know- ingly aids in any such act, he shall be punished by a fine of not piore than ten thousand dollars, or by imprisonment not less than one year nor more than five years, or by both such fine and imprisonment. But nothing herein shall be con- persons not oa- strued to make it unlawful for any person, not being suchoro8''6d"a*s8ocia. director, ofQcer, or agent of the corporation, or any trustee )ite\h6''uotes''of thereof, or any agent of such trustee, or any person having troM.^^^""^"" in his possession or under his control the property of the 208 LAWS EELATING TO NATIONAL BANKS. corporation for the purpose hereinbefore set forth, who has received or may hereafter receive such bill, note, check, draft, or other security, bona fide and in the ordinary transactions of business, to utter as money or otherwise circulate the same. AMENDBIENTS AND ADDITIONAL ACTS. June 20 1874. CHAP. 343— AN ACT FIXING THE AMOUNT OF UNITED STATES NOTES PEOVIDING FOE A EEDISTEIBUTION OF THE NATIONAL-BANK CUE- jgj"'- ^VIII, p. EEj^'cY, AND FOE OTHEE PUEPOSES. Be it enacted by the Senate and Souse of Beprese.itatives of "The national- ^/ie United States of America in Congress assembled. That the Ante, p. 153. act entitled "An act to provide a national currency secured by a pledge of United States bonds, and to provide for the circulation and redemption thereof," approved June third, tighteen hundred and sixty-four, shall hereafter be known as the "national-bank act." Lawful money ggo, 2. That scctiou thirty -ouc of the " national-bank act"' reserve on circn- *^ lation abolished, \)q go amended that the several associations therein provided except as to na- tionai goid-for shall not hereafter be required to keep on hand any See sec. 5191, amouut of moHcy whatever by reason of the amount of their ante, p. 197. respective circulations; but the moneys required by said section to be kept at all times on hand shall be determined by the amouut of deposits in all respects, as provided for in the said section. Eedemption gEc 3. That cvcry associatiou organized, or to be organ- fund to be depos- ^ o 7 t> ited with Tieas- jzed, undcr the provisions of the said act, and of the several urer. ' ' ' acts amendatory thereof, shall at all times keep and have on deposit in the Treasury of the United States, in lawful money of the United States, a sum equal to five per centum of its circulation, to be held and used for the redemption of such Maybeoonnted circulation : which sum shall be counted as a part of its as lawful reserve. ' ^ lawful reserve, as provided in section two of this act ; and at^-e'tc^'^edem'^ whcu the circulating notes of any such associations, assorted tion of notes by or unassortcd, shall be presented for redemption, in sums of Treasurer. ' '■ 17"" one thousand dollars or any multiple thereof, to the Treasurer of the United States, the same shall be redeemed in United States notes. All notes so redeemed shall be charged by the Treasurer of the United States to the respective associ- ations issuing the same, and he shall notify them severally, on the first day of each month, or ofteuer, at his discretion, of the amount of such redemptions ; and whenever such redemptions for any association shall amount to the sum of Jive hundred dollars, such association so notified shall forth- with deposit with the Treasurer of the United States a sum A3IENDMENTS AND ADDITIONAL ACTS. 209 in United States notes equal to the amount of its circulating notes so redeemed. And all notes of national banks, worn, , Mutilated notes ' ' to be returned by defaced, mutilated, or otherwise unfit for circulation, shall, assistant treas- when received by any assistant treasurer at any designated depository of the United States, be forwarded to the Treas- urer of the United States for redemption as provided herein. And when such redemptions have been so re-imbursed, the circulating notes so redeemed shall be forwarded to the respective associations by which they were issued ; but if any of such notes are worn, mutilated, defaced, or rendered other- wise unfit for use, they shall be forwarded to the Comptroller of the Onrrency and destroyed, and replaced as now pro- vided by law : Provided, That each of said associations shall Associationsto- mi,/. . reimburse the re-imburse to the Treasury the charges for transportation, Treasury for cost and the costs for assorting such notes ; and the associations new plates, &c. ' hereafter organized shall also severally re-imburse to the Treasury the cost of engraving such plates as shall be ordered by each association respectively ; and the amount assessed upon each association shall be in proportion to the circulation redeemed, and be charged to the fund on deposit with the Treasurer: And provided further, That so much of Eedemption section thirty-two of said national -bank act requiring or abolished, permitting the redemption of its circulating notes elsewhere anl'^ligl^E.^s.^ than at its own counter, except as provided for in this sec-'""*'i'i'-^^^''^ tiou, is hereby repealed. Sec. 4. That anj'^ association organized under this act, or Provisions for any of the acts of which this is an amendment, desiring to tio™'and"'^w?t£ withdraw its circulating notes, in whole or in part, may, ™™'°^ °"^^- upon the deposit of lawful mouey with the Treasurer of the United States in sums of not less than nine thousand dol- lars, take up the bonds which said association has on deposit with the Treasurer for the security of such circulat- ing notes, which bonds shall be assigned to the bank in the manner specified in the nineteenth section of the national- Anie, p. 162. bank act; and the outstanding notes of said association, to an amount equal to the legal-tender notes deposited, shall be redeemed at the Treasury of the United States, and de- stroyed as now provided by law : Provided, That the amount Linni* of ^i*^- £. ^, , , ■, . „ . , . ',, , , drawal of bonds. or the bonds on deposits for circulation shall not be reduced below fifty thousand dollars. Sec. 5. That the Comptroller of the Currency shall, under Tte charter ,_ , ,. ,r-. ,rr, numbersof bauks such rules and regulations as the Secretary ot the Treasury to be printed up- may prescribe, cause the charter numbers of the association to be printed upon all national-bank notes which may be hereafter issued by him. Sec. 6. That the amount of United States notes outstand- 14 210 LAWS EELATINa TO NATIONAL BANKS. Maxim u ming and to be used as part of the circulating medium sball amouat of TJ. S. ^ ° notes ontstand- not excccd the sum of three hundred and eighty-two million ing. r> ^ dollars, which said sum shall appear in each monthly state- ment of the public debt, and no part thereof shall be held or used as a reserve. , Provisions rei- Sec. 7. That SO much of the act entitled "An act to pro- ative to -with- ' ^L'^^'^l "^ t35- vide for the redemption of the three per cent, temporary- 000,000 of circula-, *^ * „ tion. loan certificates, and for an increase of national-bank notes," onto* ^195 ^™' ^^ provides that no circulation shall be withdrawn under the provisions of section six of said act, until after the fifty- four millions granted in section one of said act shall have been taken up, is hereby repealed ; and it shall be the duty of the Comptroller of the Currency, under the direction of the Secretary of the Treasury, to proceed forthwith, and he is hereby authorized and required, from time to time, as applications shall be duly made therefor, and until the full amount of fifty-five million dollars shall be withdrawn, to make requisitions upon each of the national banks described in said section, and in the manner therein provided, organ- ized in States having an excess of circulation, to withdraw and return so much of their circulation as by said act may be apportioned to be withdrawn from them, or, in lieu there- of, to deposit in the Treasury of the United States lawful Bonds to be re- money sufficient to redeem such circulation; and upon the tSn^'propTtim return of the circulation required, or the deposit of lawful withdrawn^""" 'I'oney, as herein provided, a proportionate amount of the bonds held to secure the circulation of such association as shall make such return or deposit shall be surrendered to it. Bondstobesoia Seo. 8. That upou the failure of the national banks upon oKition"to"retuni which requisition for circulation shall be made, or of any circulation. ^^ them, to rctum the amount required, or to deposit in the Treasury lawful money to redeem the circulation required, within thirty days, the Comptroller of the Currency shall at See sec. 5231, once Sell, as provided in section forty -nine of the national- an e, p. . currency act, approved June third, eighteen hundred and sixty -four, bonds held to secure the redemption of the circu- lation of the association or associations which shall so fail, to an amount sufiicient to redeem the circulation required of such association or associations, and with the proceeds, which shall be deposited in the Treasury of the United States, so much of the circulation of such association or associations shall be redeemed as will equal the amount required and not returned; and if there be an excess of proceeds over the amount required for such redemption, it shall be returned to the association or associations whose bonds shall have been sold. And it shall be the duty of AMENDMENTS AND ADDITIONAL ACTS. 211 the Treasurer, assistant treasurers, designated depositaries. Assistant treas- and national bank depositaries of the United States, who taSes" to 'assort shall be kept informed by the Comptroller of the Currency to Treasury"" **' of such associations as shall fail to return circulation as required, to assort and return to the Treasury for redemp tion the notes of such associations as shall come into their hands until the amount required shall be redeemed, and in like manner to assort and return to the Treasury, for redemp- tion, the notes of such national banks as have failed, or gone into voluntary liquidation for the purpose of winding up their affairs, and of such as shall hereafter so fail or go into liquidation. Sec. 9. That from and after the passage of this act it Providinpr for shall be lawful for the Comptroller of the Currency, and he notes in piacoof . , , • J ^ ■ • 1 i- ^ -^i, i J 1 «55,O0O,O0U witll- is hereby required, to issue circulating notes, without delay, drawn. as applications therefor are made, not to exceed the sum of l4^''fg75'''f^f™• fifty-five million dollars, to associations organized, or to be ™**' ?■ ^^*- organized, in those States and Territories having less than their proportion of circulation, under an apportionment made on the basis of population and of wealth, as shown by the returns of the census of eighteen hundred and seventy; and New associations every association hereafter organized shall be subject to,Mtionai-''bank and be governed by, the rules, restrictions, and limitations, and possess the rights, privileges, and franchises, now or hereafter to be prescribed by law as to national banking associations, with the same power to amend, alter, and repeal provided by " the national-bank act :" Provided, That the Fnvwos reia- whole amount of circulation withdrawn and redeemed from drawai of^ircu- banks transacting business shall not exceed flfty-flve million ''*"°°' dollars, and that such circulation shall be withdrawn and redeemed as it shall be necessary to supply the circulation previously issued to the banks in those States having less than their apportionment: And provided further, That not more than thirty million dollars shall be withdrawn and redeemed as herein contemplated during the fiscal year end- ing June thirtieth, eighteen hundred and seventy-five. Approved, June 20, 1874. Ibid. EXTEACT FROM A'K ACT MAKING APPEOPEIATIONS FOE SUNDRY June 23,1874. CIVIL EXPENSES OF THE GOVERNMENT FOE THE FISCAL YEAR -v-vttt — ENDING JUNE 30, 1875, AND FOE OTHER PURPOSES. 206. ' ^' For the maceration of national-bank notes, United States Notes tote de- notes, and other obligations of the United States authorized .atiorinISd°''of to be destroyed, ten thousand dollars ; and that all such ''^see™cs 5:84 issues hereafter destroyed may be destroyed by maceration ^~^^' ^- ^- 212 LAWS EELATING TO NATIONAL BANKS. instead of burning to ashes as now provided by law ; and ^^Ante, pp. 164 j.jjg^j. ^^ j^j^jj^ ^^ gcctions twentj-four and forty-three of the national-currency act as requires national-bank notes to be burned to ashes is hereby repealed. Approved, June 23, 1874. Jan. 19, 1875. CHAP. 19.— AN ACT TO EEMOVB THE LIMITATION RESTRICTING THE Vol XVIII p CIRCULATION OF BANKING ASSOCIAT ONS ISSUING NOTES PAYABLE 302. ' IN GOLD. Repeal of limit Beit cnacted hy the Senate and House of Representatives cSeuiatSTnof Ea'*'/ *'*^ United States of America in Congress assembled, That tionaigoid-banks, gj, mng]] of sectiou five thousand one hundred and eighty- See sec. 5185, " ante, p. 197. live of the Eevised Statutes of the United States as limits the circulation of banking associations, organized for the purpose of issuing notes payable in gold, severally to one million dollars, be, and the same is hereby, repealed ; and each of such existing banking associations may increase its circulating notes, and new banking associations may be organized, in accordance with existing law, without respect to such limitation. Approved January 19, 1875. CHAP. 36.— AN ACT TO AMEND EXISTING CUSTOMS AND INTERNAL Vol XVni p REVENUE LAWS, AND EOR OTHER PURPOSES. 307. ■ * * * * * * Tax on bant- Seo. 15. That the words "bank-check, draft, or order for See sec. 3418, t^e payment of any sum of money whatsoever, drawn upon ^'^' any bank, banker, or trust-company, at sight or on demand, two cents," in schedule B of the act of June thirtieth, eighteen hundred and sixty-four, be, and the same is hereby, stricken out, and the following paragraph inserted in lieu thereof: " Bank-check, draft, order, or voucher for the payment of any sum of money whatsoever, drawn upon any bank, banker, or trust-company, two cents." * * « pe^s^on^orK Seo. 19. That every person, firm, association other than banks paid out. national bank associations, and every corporation. State See sees. 3412,, , ,-,,,,,. ... , ,, 3414, aKte, pp. 188, bank, or State banking association, shall pay a tax of ten per centum on the amount of their own notes used for cir- culation and paid out by them. Taxonnotesof gEC. 20. That cvcry such person, firm, association, cor- persons. State n ? banks, towns poratiou, State bank, or State banking association, and also for circulation, evcry national banking association, shall pay a like tax of 34i3,Vs?'' ^"^ *'^D P^r centum on the amount of notes of any person, firm, association other than a national banking association, or of AMENDMENTS AND ADDITIONAL ACTS. 213 any corporation, State bank, or State banking association, or of any town, city, or municipal corporation, used for cir- culation and paid out by tbem. Sec. 21. That the amount of such circulating notes, and Ke'"''1?: *" *■» ° ' made to the Com- of the tax due thereon, shall be returned, and the tax paid missioner of id- ' ' temal Revenue. at the same time, and in the same manner, and with like see sec. 3414, penalties for failure to return and pay the same, as provided *"**' ^' ^^^' by law for the return and payment of taxes on deposits, capital, and circulation, imposed by the existing provisions of internal revenue law. # # # # Approved February 8, 1875. CHAP. 80.— AN ACT TO COEEECT EEEOES AND TO SUPPLY OMISSIONS J'c6. 18, 1875. IN THE EEVISED STATUTES OF THE UNITED STATES.* Vol. XVIII, p. 3ie. JBe it enacted by the Senate and House of Bepreseniatives of the United States of America in Congress assembled, That for Purpose of act. the purpose of correcting errors and supplying omissions in the act entitled "An act to revise and consolidate the stat- utes of the United States in force on the first day of Decem- ber, anno Domini one thousand eight hundred and seventy- three," so as to make the same truly express such laws, the following amendments are hereby made therein: * * Section three hundred and thirty is amended by adding Seai of office oi thereto the following : "A description of the seal, with an ""^ impression thereof, and a certificate of approval by the Sec- retary of the Treasury, shall be filed in the Office of the Secretary of State." Section three hundred and thirty-three is amended by in- Ammai report _, "^ ■'of Comptroller. serting, after the word "Congress," in the second line, the ^^,^ ^^gg words "at the commencement of its session." # * * Section six hundred and twenty- nine is amended by strik- smts by bants. ing out, in the first line of paragraph eleven, the words "or against." * * * ■ # * Section three thousand four hundred and seventeen is jtsf ''^ap" tai!^ S amended by Inserting, in the fourth line, after the word "'^™'*''''"'- "twelve," the words " thirty -four hundred and thirteen." * ^"'^' '■ ^^"^ Section three thousand eight hundred and eleven is of^^^pJ^J^P^''* amended by striking out " Secretary of the Treasury," and inserting "Comptroller of the Currency ;" also, by adding, after the word "banks," in the second line, the words "and banks under State and territorial laws." » * # Section five thousand one hundred and eighty-thiee iSj,j^^fj"'"'*®^P™" amended by inserting, after the word "issue," in the second Ante, p.i96. line, the words " post-notes or." * The corrections indicated have been made in the text. S14 LAWS RELATING TO NATIONAL BANKS. "WTiere suits SectloD five thousand one hundred and ninety-eight is BgaiDst associa- i t i -i -i- rr» tions may be had. amended by adding thereto the following: "That suits, ac- tions, and proceedings against any association under this Title may be had in any circuit, district, or territorial court of the United States held within the district in which such association may be established, or in any State, county, or municipal court in the county or city in which said associa- tion is located having jurisdiction in similar cases." Bonds of closed Scctiou five thousand two hundred and tweuty-four is bauks to be sold ititt-i ./. for failure to de- amended by adding thereto the following : "And if any such posjtlegal-tender , i i n /. -i , , n . , , . , i notes. bank shall fail to make the deposit and take up its bonds ^7i(e,p.202. fpj. thirty days after the expiration of the time specified, the Comptroller of the Currency shall have power to sell the bonds pledged for the circulation of said bank, at public auc- tion in New York City, and, after providing for the redemp- tion and cancellation of said circulation and the necessary expenses of the sale, to pay over any balance remaining to the bank or its legal representative." deem'oircuiating Section five thousand two hundred and twenty eight is notes. amended by striking out, in the third line, the words " of A.nte p 203 .^07 7 forfeiture of the bonds," and inserting the word " thereof." * IF TO ^F ^t IF Deflningna- Sectiou five thousand four hundred and thirteen is '^"Inte^A^'!^' amended by inserting, in the third line, after the word "na- tional," the word " bank." * * * * Approved February 18, 1875. Feb 19 1875 CHAP. 89.— AN ACT TO AMEND SECTION EIVE THOUSAND TWO HUN- DEED AND rOETY OF THE REVISED STATUTES OF THE UNITED Vol. XVm, p. STATES, IN RELATION TO COMPESSATION OE NATIONAL BANK ^ EXAMINEES.* Be it enacted by the Senate and Rouse of Representatives compOTsation^'of'^*'*^ f/wifecZ States of America in Congress assembled, That national-bank ex- section fivc thousand two hundred and forty of the Eevised ammers. *' Statutes of the United States be so amended that the lat- ter clause of said section, after the word " Comptroller " in the eighth t line of said section, be amended so that the same shall read as follows, namely : " That all persons ap- pointed to be examiners of national bauks not located in the redemption-cities specified in section five thousand one 4«(e,p.i98. hundred and ninety-two of the Eevised Statutes of the United States, or in any one of the States of Oregon, Cali- fornia, and Nevada, or in the Territories, shall receive com- pensation for such examination as follows : For examining national banks having a capital less than oue hundred * This amendment has been incorporated into the text. AMENDMENTS AND ADDITIONAL ACTS. 215 thousand dollars, twenty dollars j those having a capital of one hundred thousand dollars and less than three hundred thousand dollars, twenty-five dollars; those having a capital of three hundred thousand dollars and less than four hun- dred thousand dollars, thirty -five dollars; those having a capital of four hundred thousand dollars and less than five hundred thousand dollars, forty dollars; those having a capital of five hundred thousand dollars and less than six hundred thousand dollars, fifty dollars ; those having a cap- ital of six hundred thousand dollars and over, seventj^-flve dollars; which amounts shall bo assessed by the Comp- troller of the Currency upon, .and paid by, the respective associations so examined, and shall be in lieu of the com- pensation and mileage heretofore allowed for making said examinations; and persons appointed to make examination compensation ,,,., .. ,. . „ o( exiimioers ia ot national banks in the cities named in section five thou- certain cities, sand one hundred and ninety-two of the Revised Statutes ritorie's. of the United States, or in any one of the States of Oregon, ^"^.p-ws. California, and Nevada, or in the Territories, shall receive such compensation as may be fixed by the Secretary of the Treasury upon the recommendation of the Comptroller of the Currency ; and the same shall be assessed and paid in the manner hereinbefore provided." Approved, February 19, 1875. CHAP. 156.— ATSr ACT AUTHOEIZING THE APPOINTMENT OF EECEIV- j^ne 30 1876. EES OF NATIONAL BANKS, AND FOE OTHEE PUEPOSES. '■ — Vol. XIX, p. 63. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That wiien receiver whenever any national banking association shall be dis- bank to be °ap- solved, and its rights, privileges, and franchises declared t?o°i*ie?^c"?- forfeited, as prescribed in section fifty-two hundred and™""'^' thirty-nine of the Eevised Statutes of the United States, or whenever any creditor of any national banking association shall have obtained a judgment against it in any court of record and made application, accompanied by a certificate from the clerk of the court stating that such judgment has been rendered and has remained unpaid for the space of thirty days, or whenever the Comptroller shall become satis- fied of the insolvency of a national banking association, he may, after due examination of its affairs, in either case, ap- point a receiver, who shall proceed to close up such associa- tion, and enforce the personal liability of the shareholders, as provided in section fifty-two hundred and thirty-four of e. s., 52M,mte, said statutes. i"-^"^' 216 LAWS RELATING TO NATIONAL BANKS. iHdiTidnai lia- Seo. 2. That when any national banking association shall bility of share- , .,..,. iioiders, how to uave gouc luto liquidation under the provisions of section E. s., 52S0 orate ^^® thousaud two hundred and twenty of said statutes, the p. 301. Individual liability of the shareholders provided for by sec- tion fifty-one hundred and fifty-one of said statutes may be enforced by any creditor of such association, by bill in equity in the nature of a creditor's bill, brought by such creditor on behalf of himself and of all other creditors of the association, against the shareholders thereof, in any court of the United States having original jurisdiction in equity for the district in which such association may have been located or estab- lished, t Meeting of Sec. 3. That Whenever any association shall have been or ter'^payment "of shall be placcd in the hands of a receiver, as provided in penses of°receiv- sectiou flfty-two hundred and thirty-four and other sections ership. Qf gg^j^ statutes, and when, as provided in section fifty-two K. S. 5334 5236 7 7 1 •] ajite,pp.304', 305.' hundred and thirty-six thereof, the Comptroller shall have paid to each and every creditor of such association, not in- cluding shareholders who are creditors of such association, whose claim or claims as such creditor shall have been proved, or allowed as therein prescribed, the full amount of such claims and all expenses of the receivership, and the redemption of the circulating notes of such association shall have been provided for by depositing lawful money of the United States with the Treasurer of the United States, the Comptroller of the Currency shall call a meeting of the Koticeofmeet- shareholders of such association by giving notice thereof, "'®*' for thirty days in a newspaper published in the town, city, or county where the business of such association was car- ' ried on, or if no newspaper is there published, in the news- paper published nearest thereto, at which meeting the Election of shareholders shall elect an agent, voting by ballot, in per- hoiders" ""^^ SOU or by proxy, each share of stock entitling the holder to one vote; and when such agent shall have received votes representing at least a majority of the stock in value and number of shares, and when any of the shareholders of the as- Bond for pay- sociation shall have executed and filed a bond to the satisfac- ™™ " " tion of the Comptroller of the Currency, conditioned for the payment and discharge in full of any and every claim that may hereafter be proved and allowed against such associa- tion by and before a competent court, and for the faithful performance and discharge of all and singular the duties of such trust, the Comptroller and the receiver shall thereupon Transfer of as- transfer and deliver to such agent all the undivided or un- tragentr"^*"^'^ collected or other assets and property of such association then remaining in the hands or subject to the order or con- AMENDMENTS AND ADDITIONAL ACTS. 217 trol of said Comptroller and said receiver, or either of them ; and for this purpose, said Comptroller and said receiver are instrument of hereby severally empowered to execute any deed, assignment, transfer, or other instrument in writing that may be neces- sary and proper; whereupon the said Comptroller and the said receiver shall, by virtue of this act, be discharged and Discharge of released from any and all liabilities to such association, and ie°o"i^er! to each and all of the creditors and shareholders thereof; and such agent is hereby authorized to sell, compromise, or compound the debts due to such association upon the order of a competent court of record or of the United States cir- cuit court for the district where the business of the associa- tion was carried on. Such agent shall hold, control, and Powersandda- , . 1 ties of agent. dispose of the assets and property of any association which he may receive as hereinbefore provided for the benefit of the shareholders of such association as they, or a majority of them in value or number of shares, may direct, distribut- ing such assets and property among such shatreholders in proportion to the shares held by each ; and he may, in his own name or in the name of such association, sue and be sued, and do all other lawful acts and things necessary to finally settle and distribute the assets and property in his bauds. In selecting an agent as hereinbefore provided. Administrators, ° ° I- ; guardians, &c., administrators or executors of deceased shareholders maymayaotinohoos- ing agent. act and sign as the decedent might have done if living, and guardians may so act and sign for their ward or wards. Seo. 4. That the last clause of section fifty-two hundred e- s., saos, amended. and five of said statutes is hereby amended by adding to the said section the following proviso : '■'■ And provided. That if any shareholder or shareholders saieof stock of -^ ' ^ shareholders re- of such bank shall neglect or refuse, after three months' fosing to pay as- , , .,,.,. . . sessmeut. notice, to pay the assessment, as provided in tms section, it shall be the duty of the board of directors to cause a sufli- cieut amount of the capital stock of such shareholder or shareholders to be sold at public auction (after thirty days' notice shall be given by posting such notice of sale in the offlce of the bank, and by publishing such notice in a news- paper of the city or town in which the bank is located, or in a newspaper published nearest thereto,) to make good the deficiency ; and the balance, if any, shall be returned to such delinquent shareholder or shareholders." Seo. 5. That all United States officers charged with the Fraudulent notestobe receipt or disbursement of public moneys, and all officers off tamped as national banks shall stamp or write in plain letters the&c, by disbur's- word "counterfeit" "altered" or ''worthless," upon all bank^ofaoers.'"' fraudulent notes issued in the form of, and intended to cir- 218 LAWS EELATINa TO NATIONAL BANKS. culate as money, which shall be presented at their places Officers liable of busincss : and if such ofQcers shall wrongfully stamp any for wrongfully ' o »> i- ./ stamping. genuine note of the United States, or of the national banks, they shall, upon presentation, redeem such notes at the face-value thereof. EeportB to Sec. 6. That all savings-banks or savings and trust com- Comptroller by o o savings-banks, pauies Organized under authority of any act of Congress shall be, and are hereby, required to make, to the Comp- troller of the Currency, and publish, all the reports which national banking associations are required to make and publish under the ijrovisions of sections fifty-two hundred E.S., 5311,5212, and eleven, fifty-two hundred and twelve and fifty-two hun- 5213 / «/ *j dred and thirteen, of the Revised Statutes, and shall bo Penalties forsubjcct to the Same penalties for failure to make or publish aiing to report, ^^^j^ reports as are therein provided ; which penalties may be collected by suit before any court of the United States in the district in which said savings banks or savings and Savings and trust Companies may be located. And all savings or other District of Co- bauks uow Organized, or which shall hereafter be organized, subject to certain in the District of Columbia, under any act of Congress, which shall have capital stock paid up in whole or in part, shall be subject to all the provisions of the Eevised Statutes, and of all acts of Congress applicable to national banking- associations, so far as the same may be applicable to such p.%id in capital saviugs or Other banks : Provided, That such savings banks ^gs-banksf ^"^"now established shall not be required to have a paid-in cap- ital exceeding one hundred thousand dollars. Approved, Jane 30, 1876. I.A1VS KEIiATIiXa XO THE BOIVDS OF THE IHSTKICT OF COIiUMBIA. CHAP. CCCXXXVII.— AH ACT FOE THE GOTEEUMENT OF THE DIS- June 20,1874. TEICT OF COLtTMBIA, AND FOE OTHEE PUEPOSES. Vol. XVni p. 116. Be it enacted, &o. * # * # # Sec. 7. That the sinking-fand commissioiiers of said sinMng-fund District are hereby continued ; and it shall be the duty of said sinking-fund commissioners to cause bonds of the Dis- ^ Tasne^orsoyear trict of Columbia to be prepared in sums of iifty and five gee act of Mar. hundred dollars, bearing date August first, eighteen hun- ^^j^^''^' ^''*'' "• dred and seventy -four, payable fifty years after date, bear- ing interest at the rate of three and sixty-five hundredths per centum per annum, payable semi-annually, to be signed by the secretary and treasurer of said sinking-fund com- missioners, and countersigned by the comptroller of said District, and sealed as the board may direct; which bonds Bonds exempt- shall be exempt from taxation by Federal, State, or munici- ^"^ ^°" *^^''*'°°' pal authority, engraved and printed at the expense of the District of Columbia, and in form not inconsistent herewith. And the faith of the United States is hereby pledged, that Faith of tbo the United States will, by proper proportional appropria- pledged to secure tions as contemplated in this act, and by causing to be *terest['&c!'* °^ levied upon the property within said District such taxes as ^™ b"2o*i875' will provide the revenues necessary to pay the interest on ^, i«. p- 332i post, said bonds as the same may become due and payable, and create a sinking-fund for the payment of the principal thereof at maturity. Such bonds shall be numbered con- Bonds to be numbered ana secutively and registered in the office of the comptroller of registered. said District, and shall also be registered in the office of the Eegister of the Treasury of the United States, for which last-named registration the Secretary of the Treasury shall make such provision as may be necessary. And said , Prevention of ^ ./ t* fraudulent issue. commissioners shall use all necessary means for the preven- tion of any unauthorized or fraudulent issue of any such bonds. And the said sinking-fund commissioners are hereby ^ Exchan g e of ° "^ bonds for other authorized to exchange said bonds at par for like sums of indebtedness, any class of indebtedness in the preceding section of this act named, including sewer taxes or assessments paid, evi- denced by certificates of the auditing board provided for in this act. Approved, June 20, 1874. 219 220 LAWS EELATING TO LOANS AND THE CURBENCT. Fel. 1, 1875. CHAP. SXSni.— AIT ACT TOE THE PAYMENT OF INTEREST ON THEEE- VoL XYni p SIXTY-FIVE BONDS OP THE DISTEICT OF COLUMBIA. 305 Be it enacted by the Senate and House of Representatives oj Appropriation. ^Ae United States of America in Congress assembled, That the sum of one hundred and eighty-two thousand and five hun- dred dollars, in currency, or so much thereof as may be Payment of in- necessary, be, and is hereby appropriated for the payment bonds of District of the Interest on the bonds of the District of Columbia, Feb. 1,1875. known as three-sixty-five bonds, due on February first, eighteen hundred and seventy-five, issued under the act entitled "An act for the government of the District of [20 Jnne 1874, Columbia, and for other purposes," approved June twentieth, eighteen hundred and seventy-four; said interest to be paid by the Treasurer of the United States, or the assistant treasurer of the United States in New York, on surrender of the proper coupons : Provided, That the said sum hereby appropriated shall be considered and adjusted as a part of the proper proportional sum to be paid by the United States toward the expenses of the government of the District of Columbia, and toward the payment of the interest on the funded debt of the District. Approved, February 1, 1875. Fei. 20, 1875. CHAP. XCIY.-AN ACT TO AMEND AN ACT ENTITLED "AN ACT FOE VoL XVIII '^^^ GOVEENMENT OF THE DISTEICT OF COLUMBIA AND FOR OTHER 332. ' PUEPOSES," APPROVED JUNE TWENTIETH, EIGHTEEN HUNDEED AND SEVENTY-FOUR. Be it enacted by the Senate and House of Representatives of Amending, 20 the United States of America in Congress assembled. That June, 1874, sec. 7, *^ u i T. 18, p. lie, anie, the Seventh section of the act of Congress entitled "An act for the government of the District of Columbia, and for other purposes," approved Juno twentieth, eighteen hundred and seventy-four, be, and the same is hereby amended by inserting the words " do so" after the fortieth word following the first period in said section, so that it will read : " and the faith of the United States is hereby pledged that the United States will, by proportional appropriations as contemplated in this act, and by causing to be levied upon the property within said District such taxes as will do so, provide the revenues necessary to pay the interest on said bonds as the same may become due and payable, and create a sinking-fund for the payment of the principal thereof at maturity": Provided, That registered bonds may be issued in lieu of coupon bonds as provided in said act or exchanged for coupon bonds already issued, and the BONDS OP THE DISTRICT OF COLUMBIA. 221 interest of all said bonds shall be payable at the Treasury of the United States. Approved, February 20, 1875. CHAP. CLXn.— AIJ' ACT TDK THE SUPPOET OF THE GOVERNMENT OF March 3, 1875. THE DISTPaCT OF COLUMBIA FOR THE FISCAL YEAR ENDING JUNE ^^Tj XVIII THIRTIETH, EIGHTEEN HUNDRED AND SEVENTY-SIX, AND FOE sees. 16, 18, p. SOa! OTHER PURPOSES. ****** Sec. 16. That the Commissioners oftbe District of Colum- Redeemed boDUs, obliga- bia and the commissioners of the sinking-fund of said Dis- tions, &o., to be b destroyed. trict shall destroy by burning all bonds, sewer certificates and other obligations of every kind of the city of Washing- ton, the city of Georgetown, or the District of Columbia, whatsoever, heretofore paid or redeemed by either of said boards under the direction of the Secretary of the Treasury, and shall preserve the evidence thereof as shall be prescribed by said Secretary. # flf ?F IP w flF Sec. 18. That the three-sixty-five registered bonds of the^^Three^sixty- District of Columbia, authorized by acts of Congress, ap- proved June twentieth, eighteen hundred and seventy-four, i874, c.337,8.7, and February twentieth, eighteen hundred and seventy-five, 'mio, c. 94%. is, in lieu of coupon bonds, may be issued in denominations ot ■ p- • one thousand dollars and five thousand dollars. Approved, March 3, 1875. [No. 4.]— JOINT RESOLUTION DIRECTING THE COMMISSIONERS OF THE March 14, 1876. DISTEICT OF COLUMBIA TO PAY THE INTEREST ON THE BONDS ■ — ISSUED IN PURSUANCE OF THE ACT OF CONGRESS APPROVED JUNE ' '^' ^ TWENTIETH, EIGHTEEN HUNDRED AND SEVENTY-FOUE, OUT OP ANY FUNDS IN THE UNITED STATES TREASURY SUBJECT TO THE REQUISITION OF SAID COMMISSIONERS, AND FOE OTHER PURPOSES. Be it resolved hy the Senate and House of Representatives of the United States of America in Congress assembled, * * * Provided, That any further issue of three-sixty-five bonds Further isaoe under or by virtue of said act of Congress approved June hiMted^"""^" ^™' twentieth, eighteen hundred and seventy-four, is hereby ^Jj^"';^^^^ y- "^' prohibited: And provided, That the said Commissioners worktobedis- [of the District of Columbia] are hereby directed to discon- tinue all work on streets, avenues, bridges, sewers, canals, and structures of every kind the payment for which is to be made in three-sixty-five bonds of the District of Columbia : ^ Tr ff TT W W Approved, March 14, 1876. 222 LAWS EELATINa TO LOANS AND THE CUEKENCT. June 11, 1878. [PUBLIC No. 80.]— AN ACT PEOVIDrfTG- A PEEMANENT FOEM OF GOV- ■ BENMBNT FOE THE DISTEICT OF COLUMBIA. Be it enacted ly the Senate and Mouse of Representatives of the United States of America in Congress assembled, * * * office.s of sink- Sec. 7. That the offices of sinking-fund commissioners ing-lund commia- _ sioners aboiiahoa are hereby abolished, and all duties and powers possessed and duties trans- , ., .. , „ ,^ jt^iii ferred to Treas- by Said Commissioners are transferred to, and shall be ex- ed'states.^ " ' erciscd by the Treasurer of the United States, who shall perform the same in accordance with the provisions of ex- isting laws. ****** Approved, June 11, 1878. PACIX'IC RJlIlLROAIt ACTS. CHAP. CXX.— AN ACT TO AID IX THE CONSTEUCTION OF A EAILEOAD July i igea AND TELEGEAPH LINE FROM THE MISSOUEI EIVEE TO THE PACIFIC ■ OCEAN, AND TO SECUEE TO THE GO¥EENMENT THE USE OF THE ^°^ ^^^< P- '^^^■ SAME FOE POSTAL, MILITAEY, AND OTHEE PUEPOSES. Be it enacted by the Senate and House of Representatives of see act of May the United States of America in Congress assembled, * * *235. '*°*'P- Sec. 5. And be it further enacted, That for the purposes Government herein mentioned, the Secretary of the Treasury shall, upon ''™e'|f'g^g g ^^^ the certificate in writing of said commissioners of the com-i8e4; aiaoee'c.io. pletion and equipment of forty consecutive miles of said Now 20 miles. railroad and telegraph, in accordance with the provisions of J'^p-g^J' ^^^*' this act, issue to said company bonds of the United States E.s.,3689,ante, of one thousand dollars each, payable in thirty years after ''■""■ date, bearing six per centum per annum interest (said inter- est payable semi-annually), which interest may be paid in soe sec. it of T-, .: , C! , , , 1 . , -J ^ t,,i3 ac^ for J33.. United States treasury notes or any other money or cur- 000 and *48,ooo rency which the United States have or shall declare lawful ^"^ "' "' money and a legal-tender, to the amount of sixteen of said bonds per mile for such section of forty miles; and to secure the repayment to the United States, as hereinafter provided, of the amount of said bonds so issued and delivered to said company, together with all interest thereon which shall have been paid by the United States, the issue of said bonds and delivery to the company shall ipso facto constitute a first Lien of united mortgage on the whole line of the railroad and telegraph, ma'de^'^subordi* together with the rolling-stock, fixtures, and property of '"'ggg ^^^ jp ^^^ every kind and description, and in consideration of which ^l^^^^*' *'"*' p- said bonds may be issued ; and on refusal or failure of said company to redeem said bonds or any part of them, when required to do so by the Secretary of the Treasury, in ac- cordance with the provisions of this act, the said road, with See sec. 10, act all the rights, functions, immunities, aud appurtenances ' ' thereunto belonging, and also all lands granted to the said company by the United States, which, at the time of said de- fault, shall remain in the ownership of the said company, may be taken possession of by the Secretary of the Treasury for the use and benefit of the United States : Provided, This Modified. section shall not apply to that part of any road now con- 1864, gossip'. 227. structed. 223 224 LAWS RELATING TO LOANS AND THE OUHBENCT. Bonds, when Seo. 6. And 1)6 it further enacted. That the grants afore and how paid. '' ' " said are made upon condition that said company shall pay said bonds at maturity, and shall keep said railroad and tele- graph line in repair and use, and shall at all times transmit dispatches over said telegraph line, and transport mails, troops, and munitions of war, supplies, and public stoi;es upon said railroad for the government whenever required to do so by any department thereof, and that the government shall at all times have the preference in the use of the same for all the purposes aforesaid, (at fair and reasonable rates of compensasion, not to exceed the amounts paid by pri- vate parties for the same kind of service) ; and all compen- sation for services rendered for the government shall be ap- plied to the payment of said bonds and interest until the Government wholc amouut is fully paid. Said company may also pay the h'iSfto'bepaid'in United States, wholly or in part, in the same or other "^^ibid bonds, treasury notes, or other evidences of debt against the United States, to be allowed at par ; and after said road is completed, until said bonds and interest are paid, at least five per centum of the net earnings of said road shall also be annually applied to the payment thereof. ****** Kansas com- Sbc. 9. And be it furtlier enacted, That the Leavenworth, road, &c. Pawnee and Western Railroad Company of Kansas are hereby authorized to construct a railroad and telegraph line from the Missouri River, at the mouth of the Kansas River, on the south side thereof, so as to connect with the Pacific Railroad of Missouri, to the aforesaid point on the one-hundredth meridian of longitude west from Greenwich, as herein provided, upon the same terms and conditions in all respects as are provided in this act for the construction of the railroad and telegraph line first mentioned, and to meet and connect with the same at the meridian of longitude aforesaid; and in case the general route or line of road from the Missouri River to the Rocky Mountains should be so located as to require a departure northwardly from the proposed line of said Kansas railroad before it reaches the meridian of longitude aforesaid, the location of said Kansas road shall be made so as to conform thereto : * * # » * ' * Subsidy bonds gjjc, u. ^,j(j jje it further enacted, That for three hundred treble over the ■' ' Eocky and the miles of Said road, most mountainous and difiQcult of con- Sierra Nevada . .^ i j i j j./, ., Mountains. structiou, to Wit, oue hundred and ntty miles westward ly from the eastern base of the Rocky Mountains, and one hundred and fifty miles eastwardly from the western base of the Sierra Nevada Mountains, said points to be fixed by PACIFIC BAILEOAD ACTS. 225 the President of the United States, the bonds to be issued to aid in the construction thereof shall be treble the num- ber per mile hereinbefore provided, and the same shall be issued, and the lauds herein granted be set apart, upon the construction of every twenty miles thereof, upon the certi- ficate of the commissioners as aforesaid that twenty con- secutive miles of the same are completed ; and between the sections last named of one hundred and fifty miles each, the bonds to be issued to aid in the construction thereof shall ^ SuMay uonfls double between be double the number per mile first mentioned, and the the mountains. same shall be issued, and the lands herein granted be sfet apart, upon the construction of every twenty miles thereof, upon the certificate of the commissioners as aforesaid that twenty consecutive miles of the same are completed : Pro- vided, That no more than fifty thousand of said bonds shall be issued under this act to aid in constructing the main line of said railroad and telegraph. ****** Sec. 13. And be it further enacted, That the Hannibal and Hannibal anri Saint Joseph Eailroad Company of Missouri may extend Eaiiroad may be its roads from Saint Joseph, via Atchison, to connect and unite with the road through Kansas, upon filing its assent to the provisions of this act, upon the same terms and con- ditions in all respects, for one hundred miles in length next to the Missouri Kiver, as are provided in this act for the construction of the railroad and telegraph line first men- tioned, and may for this purpose use any railroad chaiter which has been or may be granted by the legislature of Kansas : Provided, That if actual survey shall render it desirable, the said company may construct their road, with the consent of the Kansas legislature, on the most direct and practicable route west from St. Joseph, Missouri, so as to connect and unite with the road leading from the western boundary of Iowa at any point east of the one-hundredth meridian of west longitude, or with the main trunk road at said point ; but in no event shall lands or bonds be given to said company, as herein directed, to aid in the construc- tion of their said road for a greater distance than one hun- dred miles. And the Leavenworth, Pawnee and Western Eailroad Company of Kansas may construct their road from Leavenworth to unite with the road through Kansas. Sec. 14. And be it further enacted. That the said Union ^,.iowaroad crom •' ' Sioux City. Pacific Eailroad Company is hereby authorized and re- quired to construct a single line of railroad and telegraph from a point on the western boundary of the State of Iowa, to be fixed by the President of the United States, upon the 15 226 LAWS RELATING TO LOANS AND THE CURRENCY. most direct and practicable route, to he subject to his ap- proval, so as to form a connection with the line of said com- pany at some point on the one-hundredth meridian of longi- tude aforesaid, from the point of commencement on the western boundary of the State of Iowa, upon the same terms and conditions, in all respects, as are contained in this act for the construction of the said railroad and telegraph first mentioned ; and the said Union Pacific Eailroad Company shall complete one hundred miles of the road and telegraph in this section provided for in two years after filing their assent to the conditions of this act, as by the terms of this act required, and at the rate of one hundred miles per year thereafter until the whole is completed : * * " Congress may Seg. 17. And be it further enacted, That in case said com- •oompietionofpany or companies shall fail to comply with the terms and conditions of this act, by not completing said road and tele- graph and branches within a reasonable time, or by not keeping thu sam« in repair and use, but shaa permit the same for an unreasonable time to remain unfinished or out of repair and uuflt for use, Congress may pass any act to in- sure the speedy completion of said road and branches, or to put the same in repair and use, and may direct the income of said railroad and telegraph line to be thereafter devoted to the use of the United States to repay all such expendi- tures caused by the default or neglect of such company or Main line to be companies : Provided, That if said roads are not completed, finished m 1876. g^ ^g ^^^ form a contiuuous line of railroad, ready for use, See sees. 5 and ' ^ ' ■7, act of 1864, pose, from the Missouri river to the navigable waters of the Sac- ramento river in California, by the first day of July, eight- een hundred and seventy-six, the whole of all of said rail- roads before mentioned, and to be constructed under the provisions of this act, together with all their furniture, fix- tures, rolling-stock, machine shops, lands, tenements, her- editaments, and property of every kind and character, shall be forfeited to and taken possession of by the United States : Provided, That of the bonds of the United States in this act provided to be delivered for any and all parts of the roads to be constructed east of the one-hundredth meridian of west longitude from Greenwich, and for any part of the road west Eepeaied. of the wcst foot of the Sierra Nevada mountains, there shall i864,3»T(;p'.227.''^be rcscrvcd of each part and installment twenty-five per centum, to be and remain in the United States treasury, un- delivered, until said road and all parts thereof provided for in this act are entirely completed ; and of all the bonds pro- vided to be delivered for the said road, between the two points aforesaid, there shall be reserved out of each install- PA.CIP1C RAILROAD ACTS. 227 ment fifteen per centum, to be and remain in tbe treasury until the whole of the road provided for in this act is fully completed; and if the said road or any part thereof shall fail of completion at the time limited therefor in this act, then and in that case the said part of said bonds so reserved shall be forfeited to the United States. Approved July 1, 1862. CHA.P. CCXVI.— AN ACT TO AMEND AN ACT ENTITLED "AN ACT TO "^"'^ ^' ^^''- AID IN THE CONSTEUCTION OF A EA.ILEOAD AND TELEGRAPH LINE Vol. XIII, p. 356. FEOM THE MISSOURI RIVER TO THE PACIFIC OCEAN, AND TO SE- CURE TO THE GOVERNMENT THE USE OF THE SAME FOR POSTAL, MILITARY, AND OTHER PURPOSES," APPROVED JULY FIRST, EIGHT- EEN HUNDRED AND SIXTY-TWO. Be it enacted by the Senate and House of Representatives of see act of May the United States of America in Congress assembled, # * * ''■.i«'«.i"'sf.p-23D. Sec. 5. And be it further enacted, That the time for desig- ^™« extended •' ' * one year for de Dating the general route of said railroad, and of filing the |'?'^^''°g route, map of the same, and the time for the completion of that compieting'road. part of the railroads required by the terms of said act of each company, be and the same is hereby extended one year from the time in said act designated; and that the Central caufornia road ' to complete only Pacific Railroad Company of California shall be required to 25 miles each complete twenty-five miles of their said road in each year thereafter, and the whole to the state line within four years, and that only one-half of the compensation for services ren- Oniy oneiiaif .of government dered for the government by said companies shall be re-tasmeastobeap- quired to be applied to the payment of the bonds issued by ment of uonds!'^ the government in aid of the construction of said road. Sec. 7. And be itfurtlier enacted, That so much of section Repeal of reser- seventeen of said act as provides for a reservation by the mentlonds!™™ government of a portion of the bonds to be issued to aid Ante, p. 2^6. in the construction of the said railroads is hereby repealed. And the failure of any one company to comply fully with The default or the conditions and requirements of this act, or the act to company "not" to which this is amendatory, shall not work a forfeiture of the ''^°1™L"*°'^' "' ' K.S., 3689, ante, rights, privileges, or franchise of any other company orpiao. companies that shall have complied with the same. Sec. 8. And be it further enacted. That for the purpose of ^Pro^ision for •' ' 11- Union Pacific facilitating the work on said railroad, and of enabling the Railroad obtam- ^ ing a proportion said company as early as practicable to commence the grad- of goyemment ,..,.,. „ , ■ , bonds In the ing of said railroad in the region of the mountains, between mountain work the eastern base of the Eocky mountains and the western pietion of the base of the Sierra Nevada mountains, so that the same may ^^^ be finally completed within the time required by law, it is 228 LAWS EELATING TO LOANS AND TDE CUERENCT. hereby provided that whenever the chief engineer of the said company and said commissioners shall certify that a certain proportion of the work required to prepare the road for the superstructure on any such section ol twenty miles is done, (which said certificate shall be duly verified,) the Secretary of the Treasury is hereby authorized and required, upon the delivery of such certificate, to issue to said com- pany a proportion of said bonds, not exceeding two-thirds of the amount of bouds authorized to be issued under the provisions of the act, to aid in the construction of such sec- tion of twenty miles, nor in any case exceeding two-thirds of the value of the work done, the remaining one-third to remain until the said section is fully completed and certified by the commissioners appointed by the President, according Bnt not west to the terms and provisions of the said act ; and no such ofSalt Lake City ' ' more than 300 bouds shull issuc to the Uniou Pacific Kailroad Company miles in advance , e-, i -r ^ ^ -ii. ■ of its completed lor work doue west ot Salt Lake City under this section, more than three hundred miles in advance of the completed continuous line of said railroad irom the point of beginning on the one-hundredth meridian of longitude. Eight for fer- Sec. 9. And be it further enacted, That to enable any one nes and bridges. „ ., ■ of said corporations to make convenient and necessary con- nections with other roads, it is hereby authorized to estab- lish and maintain all necessary ferries upon and across the Missouri Eiver and other rivers which its road may pass in its course; and euthority is hereby given said corporation to construct bridges over said Missouri river and all other Companiesmay rivcrs for the couveuience of said road ; * * * And unite "witb main -, -i ^ t rtr, lineweatotwoth provided, further, That any company authorized by this act meridian, bnt to -i i i i ■,• ^ i -»,-- receive no mere to construct its road and telegraph line from the Missouii ttaniftbe June- river to the initial point aforesaid, may construct its road loothmeriton. * and telegraph line so as to connect with the Uniou Pacific railroad at any point westwardly of such initial point, in case such company shall deem such westward connection more practicable or desirable; and in aid of the construc- tion of so much of its road and telegraph line as shall be a departure from the route hereinbefore jirovided for its road, such company shall be entitled to all the benefits and be subject to all the conditions and restrictions of this act : Provided, further, however, That the bonds of the United States shall not be issued to such company for a greater amount than is hereinbefore provided, if the same had united with the Union Pacific railroad on the one-hundiedth degree of longitude; nor shall such company be entitled to receive any greater amount of alternate sections of public lands than are also herein provided. PACIFIC BAILROAD ACTS. 229 Sec. 10. And he it further enacted, That section five of Act of March said act be so modified and amended that the Union Pacific loo miies in ad- Eailroad Company, the Central Pacific Railroad Company, ™"™' and any other company authorized to participate in the con- struction of said road, may, on the completion of each sec- tion of said road, as provided in this act, and the act to which this act is an amendment, issue their first mortgage. Authorizes the bonds on their respective railroad and telegraph lines to an mortgage hoods, amount not exceeding the amount of the bonds of the United uen on' the road States, and of even tenor and date, time of maturity, rate SF^he goven" and character of interest, with the bonds authorized to be™™'' issued to said railroad companies respectively. And the see sec. 5, act lien of the United States bonds shall be subordinate to thatp^g^. ^ "'"'*' of the bonds of any or either of said companies hereby au- thorized to be issued on their respective roads, property, and equipments, except as to the provisions of the sixth section of the act to which this act is an amendment, relating to the transmission of dispatches and the transportation of mails, troops, munitions of war, supplies, and public stores for the Government of the United States. And said sec- changes the „, -IT, -1- 1 i//.j_ ..sections from tion IS further amended by striking out the word "forty," "40" to "20" and inserting in lieu thereof the words "on each and every \j^ section of not less than twenty." Sec. 11. And he it further enacted, That if any of the rail- road companies entitled to bonds of the United States, or to issue their first mortgage bonds herein provided for, has, at the time of the approval of this act, issued or shall there- after issue any of its own bonds or securities in such form and manner as in law or equity to entitle the same to pri- ority or preference of payment to the said guaranteed bonds, or said first mortgage bonds, the amount of such corporate outstanding bonds outstanding and unsatisfied or uncancelled shall be aSed by^any^road deducted from the amount of such government and first mort- ^^^^ the amount gage bonds which the company may be entitled to receive and g^ i^oed°b''*th6 issue 5 and such an amount only of such government bonds 80™mment. and such first mortgage bonds shall be granted or permitted as, added to such outstanding, unsatisfied, or uncancelled bonds of the company, shall make up the whole amount per mile to which the company would otherwise have been en- titled : And provided further, That before any bonds shallbe swom state- so given by the United Stares, the company claiming them Sding *sec°nri- shall present to the Secretary of the Treasury an affidavit of the ti^ ae^sTOrMt^l president and secretary of the company, to be sworn to before "' "'*' ^™*"°''y- thejudgeof a court of record, setting forth whether said com- pany has issued any such bonds or securities, and, if so, par- ticularly describing the same, and such other evidence as 230 LAWS RELATING TO LOANS AND THE CURRENCY. the Secretary may require, so as to enable him to make the deduction herein required ; and such affidavit shall then be filed and deposited in the office of the Secretary of the In- terior. And any person swearing falsely to any such affi- davit shall be deemed guilty of perjury, and on conviction b6'^con3?med''to tliereof shall be punished as aforesaid : Provided, also, That othJ? roads tfaan°<^ ^^^^ granted by this act shall be conveyed to any party those specified in OP parties, and uo bonds shall be issued to any company or companies, party or parties, on account of any road or part thereof made prior to the passage of the act to which this act is an amendment, or made subsequent thereto under the provisions of any act or acts other thau this act and the act amended by this act. The Union Pa- Sec. 12. And be it further enacted, That the Leavenworth, ciflc Railroad Co., „ , ^„ ,-. ., i ,., i Eastern Divis'n, Pawuce and Westeru Eailroad Company, now known as branch from the Uniou Pacific Kailroad Company, Eastern Division, Lawrence^in two shall build the railroad from the mouth of Kansas river, jears. ^^ ^.j^^ ^^^ ^^ Lcavenworth, or, if that be not deemed the best route, then the said company shall, within two years, build a railroad from the city of Leavenworth to unite with the main stem at or near the city of Lawrence ; but to aid in the construction of said branch the said company shall In default of not be entitled to any bonds. And if the Union Pacific the main line be- ' ,. . -i i- - i ing bniit, the Eailroad Company shall not be proceeding in good laith to pioceed to'bnud build the Said railroad through the territories when the esame. Leaveuuorth, Pawnee and Western Eailroad Company, now known as the Union Pacific Railroad Company, East- ern Division, shall have completed their road to the hun- dredth degree of longitude, then the last-named company may proceed to make said road westward until it meets and connects with the Central Pacific Kailroad Company on the Kansas road same line. And the said railroad from the mouth of the Lawrence" a n d Kansas rivcr to the one-hundredth meridian of longitude "^^ "■ shall be made by the way of Lawrence and Topeka, or ou the bank of the Kansas river opposite said towns: Provided, The line from That no bouds shall bo issued or land certified by the Omaba must be __ , , , /• .., built before United States to any person or company, for the constrac- shaii V granted tion of any part of th3 main trunk Hue of said railroad west ridSn"anTSof the oue-huiidredth meridian of longitude and east of the ot^KuckyMonnt-jjQ^jjy Qjountains, Until said road shall be completed from or near Omaha, on the Missouri river, to the said one-hun- dredth meridian of longitude. Iowa and Min- Sec. 17. Audbeit further enacted, That SO vduch oi&edtloii uesota companies „ • ■, i i j. t , ^ r-. may build the fourteen of Said act as relates to a branch from Sioux City branch.^ ' ^ be, and the same is hereby, amended to read as follows : PACIFIC RAILROAD ACTS. 231 That whenever a line of railroad shall be completed through the States of Iowa or Minnesota to Sioux City, such company now organized or as may hereafter be organized under the laws of Iowa, Minnesota, Dakota, or Nebraska, as the Presi- dent of the United States, by its request, may designate or approve for that purpose, shall construct and oi)erate a line of railroad and telegraph from Sioux City, upon the most direct and practicable route, to such a point on, and so as to connect with, the Iowa branch of the Union Pacific fJailroad from Omaha, or the Union Pacific Railroad, as such com- pany may select, and on the same terms and conditions as are provided in this act and the act to which this is an amendment, for the construction of the said Union and Pacific railroad and telegraph line and branches ; and said company shall comi»lete the same at the rate of fifty miles per year : Provided, That said Union Pacific Eailroad Com- union Pacific pany shall be, and is hereby, released from the construction consiTnlitiX^ol of said branch. And said company constructing said branch ''^'^*™''°''- shall not be entitled to receive in bonds an amount larger than the said Union Pacific Eailroad Company would be entitled to receive if it had constructed the branch under this act and the act to which this is an amendment; but said company shall be entitled to receive alternate sections of land for ten miles in width on each side of the same along the whole length of said branch :***** Sec. 18. And be it furllier enacted, That the Burlington Authorizes tbe and Missouri Eiver Eailroad Company, a cor[)oratiou or};an- iiissouS "m^er ized under and by virtue of the laws of the State of Iowa, extw)a'^ita'*'iiD6 be and hereby is authorized to extend is [its] road through ^"^"S"'^*'' the Territory of Nebraska from the point where it strikes the Missouri river, south of the mouth of the Platte river, to some point not further west than the one-hundredth meridian of west longitude, so as to connect, by the most practicable route, with the main trunk of the Union Pacific Eailroad, or that part of it which runs from Omaha to the said one-hundredth meridian of west longitude. Sec. 20. And be it further enacted. That whenever said provision as to Burlington and Missouri Eiver Eailroad Company shall fssue 'to Buritog- have completed twenty consecutive miles of the road men-^^er'E.E!co"" tioned in the foregoing section, in the manner provided for other roads mentioned in this act, and the act to which this is an amendment, the President of the United States shall appoint three commissioners to examine and report to him in relation thereto; * * Provided, That no goverment Nogovemment bonds shall be issued to the said Burlington and Missouri to this compaaiy. 232 LAWS RELATING TO LOANS AND THE CUREBNCY. Eiver Eailroad Company to aid in the construction of said bnud'thlroad '" ^^^^^^sion of its load : And provided further, That said ex- tension shall be completed within the period of ten years from the passage of this act. Sec. 22. And be it further enacted, That Congress may at any time alter, amend, or repeal this act. Approved, July 2, 1864. July3,ism. CHAP. CLIX.— AN ACT TO AMEND AN ACT ENTITLED "AN ACT TO Vol XIV p 79 AMEND AN ACT ENTITLED ' AN ACT TO AID IN THE CONSTRUCTION ■ ■ OF A EAILEOAD AND TELEGRAPH LINE FEOM THE MISSOUEI EIVDE TO THE PACIFIC OCEAN, AND TO SECLTEE TO THE GOVEENMENT THE USB OP THE SAME EOE POSTAL, MILITAEX, AND OTHBE PUEPOSES,' APPEOVED JULY 1, 1863," APPEOVED JULY 2, 1864. Be it enacted by the Senate and House of Representatives of Eaiiw™ Ca^'^o^''^ United Stales of America in Congress assembled, That ronteof rofa°&c^^ ^^^ Union Pacific Eailway Company, Eastern .Division, is ism"^" ^'"'' ^' hereby authorized to designate the general route of their said road, and to file a map thereof, as now required by law, at any time before the first day of December, eighteen hun- of^oad^to°be re° '^''^'^ ^^^ sixty-slx ; and upon the filing of the said map, served from sale, ghowiug the general route of said road, the lands along the entire line thereof, so far as the same may be designated, shall be reserved from sale by order of the Secretary of the tot™the''8amra|I°tP'"or : Provided, That said company shall be entitled to ^*'^''' only the same amount of the bonds of the United States to aid in the construction of their line of railroad and telegraph as they would have been entitled to if they had connected their said line with the Union Pacific railroad on the one- hundredth degree of longitude as now required by law : Approved, July 3, 1866, March 3, 1869. (jg^p cXXVn— AN ACT TO AUTHOEIZE THE TEANSFER OF LANDS Vol. XV, p. 324. GEANTED TO THE UNION PACIFIC EAILWAY COMPANY, EASTERN DIVISION, BETWEEN DENVER AND THE POINT OF ITS CONNECTION WITH THE UNION PACIFIC EAILEOAD, TO THE DENVEE PACIFIC EAILWAY AND TELEGKAPH COMPANY, ANJ) TO EXPEDITE THE COMPLETION OF EAILEOADS TO DENVEE, IN THE TEREITORY OF COLORADO. Be it enacted by the Senate and House of Representatives of -bS.IwT (^ompa"''*^ United States of America in Congress assembled, That the ny. Extern Di- Uuioij Paciflc Eailwav Company, Eastern Division, be, and VI310D, to COD- . "^ . ■' ' ' ' tract with Den- it Lercbv is, authorized to contract with tbe Denver Paciflc ver Pacific Co. ^7 Eailway and Telegraph Company, a corporation existing PACIFIC EAILBOAD ACTS. 233 under the laws of the Territory of Colorado, for the con- struction, operation, and maintenance of that part of its line of railroad and telegraph between Denver City and its point of connection with the Union Pacific railroad, which point shall be at Cheyenne, and to adopt the road-bed already graded by the said Denver Pacific Eailway and Telegraph Company as said line, and to grant to said Den- ver Pacific Eailway and Telegraph Company the perpetual use of its right-of-way and depot-grounds, and to transfer to it all the rights and privileges, subject to all the obligations pertaining to said part of its line. Sec. 3. And be it further enacted, That said companies are Companiosmaj hereby authorized to mortgage their respective portions of roads^*^* said road, as herein defined, for an amount not exceeding thirty-two thousand dollars per mile, to enable them respect- ively to borrow money to construct the same ; and that each LaDd patents. of said companies shall receive patents to the alternate sec- tions of land along their respective lines of road, as herein defined, in like manner and within the same limits as is pro- vided by law in the case of lands granted to the Union Pacific Railway Company, Eastern Division : Pro-yidcd!, That No bond sub- neither of the companies hereinbefore mentioned shall be^" '^" entitled to subsidy in United States bonds, under the pro- visions of this act. Approved March 3, 1869. TSo. 19.] -JOINT EESOLtTTION TOR THE PEOTECTION OF THE INTEREST April 10, 1869 OP THE UNITED STATES IN THE UNION PACIFIC RAILROAD COMPANY, THE CENTRAL PACIFIC RAILROAD COMPANY, AND FOR OTHER "^ol-^^PS6- PURPOSES. Be it resolved by the Senate and House of Representatives of the United States of America in Congress assembled, * * * Sec. 3. And be it further resolved, That the President is subsidy bonds hereby authorized and required to -withhold from each of sufficienT'to se- said companies an amount of subsidy bonds authorized to potion as""fi?™- be issued by the United States under said acts sufficient to seotionroftuch secure the full completion as a first-class road of all sections '^"^ *""• of such road upon which bonds have already been issued or in lieu of such bonds he may receive as such security an equal amount of the first-mortgage bonds of such company ; and if it shall appear to the President that the amount of if the amount subsidy bonds yet to be issued to either of said companies insuffloi™t,&o." is insufficient to insure the full completion of such road, he may make requisition upon such company for a sufficient , 234 LAWS RELATING TO LOANS AND THE CUBEENCY. amount of bonds already issued to said company, or in bis discretion of their first-mortgage bonds, to secure the full eraf "o'SSate Completion of the same. And in default of obtaining such neceesarv suits, security as [isj in this section provided, the President may authorize and direct the Attorney-General to institute such suits and proceedings on behalf and in the name of the United States in any court of the United States having jurisdiction, as shall be necessary or proper to compel the giving of such security, and thereby, or in any manner otherwise, to protect the interests of the United States iu said road and to insure the full completion thereof as a flrst- class road, as required by law and the statutes in that case made. Approved April 10, 1869. March 3, 1873. CHAP. CtJXXVI.— AN ACT MAKING APPEOPEIATIONS FOE THE LEGISLA- - TIVE, EXECUTIVE, AND JUDICIAL EXPENSES OF THE GOVBENMENT 481. ^' -^^^ ^^^ YEAE ENDING JUNE 30, 1874, AND FOE OTHEE PUEPOSES. Be it enacted by the Senate and Souse of Representatives of the United States of America, in Congress assembled, * * * Secretary of the Sec. 2. That the Secretary of the Treasury is directed hofapayments'to to Withhold all payments to any railroad company and its compaDie^'f'or assigns, on account of freights or transportation over their '^see'ii^s 5260 respective roads, of any kind, to the amount of payments post, p.2'42.' made by the United States for interest upon bonds of the United States issued to any such company, and which shall briDg ^*otu "in ^^^ bave been reimbursed, together with the five per cent. Court of Claims, of net earnings due and unapplied, as provided bylaw; and any such company may bring suit in the Court of Claims to recover the price of such freight and transporta tion ; and in such suit the right of such company to recover the same upon the law and the facts of the case shall be Appeal to su- determined, and also the rights of the United States, upon premeCourt. ' ^ ^ l- Causes to have the merits of all the points presented by it iu answer thereto precedence. , ■ i , . by them, and either party to such suit may appeal to the Supreme Court ; and both said courts shall give such cause or causes precedence of all other business. ****** Approved March 3, 1873. PACIFIC EAILROAD ACTS. 233 PUBLIO Ko. 57.]— AN ACT TO ALTER AND AMEND THE ACT ENTITLED May 7, 1878. "AN ACT TO AID IN THE CONSTKDOTION OF A KAILROAD AND TELEGRAPH LINE PROM! THE MISSOURI RIVER TO THE PACIFIC OCEA.N, AND TO SECURE TO THE GOVERNMENT THE USB OP THE SAME FOR POSTAL, MILITARY, AND OTHER PURPOSES," APPROVED JULY FIRST, EIGHTEEN HUNDRED AND SIXTY-TWO, AND ALSO TO ALTER AND AMEND THE ACT OP CONGRESS APPROVED JULY SEC- OND, EIGHTEEN HUNDRED AND SIXTY-POUR, IN AMENDMENT OF SAID FIRST- NAMED ACT. Whereas, oa the first day of July, anno Domini eighteen Ante, p.aas. hundred and sixty-two. Congress passed an act entitled "An act to aid in the construction of a railroad and tele- graph line from the Missouri river to the Pacific ocean, and to secure to the government the use of the same for postal, military, and other purposes ;" and Whereas afterward, on the second day of July, anno Ante, p. 227. Domini eighteen hundred and sixty-four, Congress passed an act in amendment of said first- mentioned act; and Whereas the Union Pacific Eailroad Company, named in union Pacific said acts, and under the authority thereof, undertook to *''" construct a railway, after the passage thereof, over some part of the line mentioned in said acts ; and Whereas, under the authority of the said two acts, the central Pacific ' Railroad. Central Pacific Eailroad Company of California, a corpora- tion existing under the laws of the State of California, un- dertook to construct a railway, after the passage of said acts, over some part of the line mentioned in said acts ; and Whereas the United States, upon demand of said Central united states Pacific Eailroad Company, have heretofore issued, by way central'^ Pacific of loan and as provided in said acts, to and for the benefit of ^ ™* ' said company, in aid of the purposes named in said acts, the bonds of the United States, payable in thirty years from the date thereof, with interest at six per centum per annum, payable half yearly, to the amount of twenty-five Amount of. million eight hundred and eighty-five thousand one hun- dred and twenty dollars, which said bonds have been sold in the market or otherwise disposed of by said company; and Whereas the said Central Pacific Company has issued Amount of • I T 1 1 Donds of Central and disposed of an amount 01 its own bonds equal to the Pacific Railroad -1. 1 T-r-.Tr-,,, -1 1^1 issued and dis- amount so issued by the United States, and secured the posed ot. same by mortgage, and which are, if lawfully issued and disposed of, a prior and paramount lien, in the respect mentioned in said acts, to that of the United States, as stated, and secured thereby; and Whereas, after the passage of said acts, the Western western Pacific ti.fiiWrf\An "I'll ft jm Pacific Eailroad Company, a corporation then existing under signeooftiieCen- the laws of California, did, under the authority of Congress, become the assignee of the rights, duties and obligations of 236 LAWS RELATING TO LOANS AND THE OUEKBNCT. the said Central Pacific Eailroad Company, as provided in the act of Congress passed on the third of' March, anno Domini eighteen hundred and sixty-five, and did, under the authority of the said act and of the acts aforesaid, construct a railroad from the city of San Jos6 to the city of Sacra- trnited States mcuto, in California, and did demand and receive from the bonds issaed to ' -, i j Western Pacific. United States the sum of one million nine hundred and seventy thousand five hundred and sixty dollars of the bonds of the United States, of the description before mentioned as issued to the Central Pacific Company, and in the same manner and under the provisions of said acts ; and upon and in respect of the bonds so issued to both said companies, the United States have paid interest to the sum of more than thirteen and a half million dollars, which has not been re- imbursed ; and Amount of Whereas said Western Pacific Eailroad Company has Western Pacific . ,,-. ,„ ,. ,ji bonds issaed and issued and disposcd of au amouDt ot Its own bonds equal ispose . ^^ ^^^ amount so issaed by the United States to it, and secured the same by mortgage, which are, if lawfully issued and disposed of, a prior and paramount lien to that of the United States, as stated, and secured thereby ; and westernPacific Whereas said Western Pacific Eailroad Company has Central Pacific, siuce bccome merged in, and consolidated with, said Central Pacific Railroad Company, under the name of the Central Pacific Eailroad Company, whereby the said Central Pacific Eailroad Company has become liable to all the burdens, duties, and obligations before resting upon said Western Pacific Eailroad Company ; and divers other railroad com- panies have been merged in and consolidated with said Central Pacific Eailroad Company ; and trnited States Whereas the United States, upon the demand of the said bonds issned to. Union Pa«iflo. Uuion Paciflc Eailroad Company, have heretofore issued by way of loan to it and as provided in said acts, the bonds of the United States, payable in thirty years from the date thereof, with interest at six per centum per annum, payable half-yearly, the principal sums of which amount to twenty- seven million two hundred and thirty-six thousand five hundred and twelve dollars ; on which the United States have paid over ten million dollars interest over and above all reimbursements ; which said bonds have been sold in the market or otherwise disposed of by said corporation ; and Amount of Whcrcas Said corporation has issued and disposed of an Paoiflois8ued''and amouut of its own bouds equal to the amounts so issued to it disposed of ^^ ^j^^ United States as aforesaid, and secured the same by mortgage, and which are, if lawfully issued and disposed PACIFIC EAILBOAD ACTS. 237 of, a prior and paramount lien, in the respect mentioned in said acts, to that of the United States, as stated, and secured thereby ; and Whereas the total liabilities (exclusive of interest to „ i-"^'''*'^' "t ^ Central and accrue) to all creditors, including the United States, of the union Pacific, said Central Paciiic Company, amount in the aggregate to more than ninety-six million dollars, and those of the said Union Pacific Railroad Company to more than eighty- eight million dollars ; and Whereas the United States, in view of the indebtedness united states not secure. and operations of said several railroad companies respect- ively, and of the disposition of their respective incomes, are not and cannot, without further legislation, be secure in their interests in and concerning said respective rail- roads, and corporations, either as mentioned in said acts or otherwise; and Whereas a due regard to the rights of said several com- Acts of wei ^ and 1864 reqnire panics respectively, as mentioned in said act of eighteen to be amended for . . . the protection of hundred and sixty-two, as well as just security to the the united states United States in the premises, and in respect of all the companita. matters set forth in said act, require that the said act of eighteen hundred and sixty-two be altered and amended as hereinafter enacted ; and Whereas, by reason of the premises also, as well as for other causes of public good and justice, the powers pro- vided and reserved in said act of eighteen hundred and sixty-four for the amendment and alteration thereof ought also be exercised as hereinafter enacted : Therefore, Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That Net earnings _ . . -,. .T,/..i, , ,,tobe ascertained, the net earnings mentioned in said act of eighteen hundred how. and sixty-two, of said railroad companies respectively, shell be ascertained by deducting from the gross amount of their earnings respectively the necessary expenses actually paid within the year in operating the same and keeping the same in a state of repair, and also the sum paid by them respectively within the year in discharge of interest on their first mortgage bonds, whose lien has priority over the lien of the United States, and excluding from consideration all sums owing or paid by said companies respectively lor interest upon any other portion of their indebtedness ; and the foregoing provision shall be deemed and taken as an amendment of said act of eighteen hundred and sixty -four, as well as of said act of eighteen hundred and sixty-two. This section shall take- effect on the thirtieth day of June This section to next, and be applicable to all computations of net earnings so, im*^ 238 LAWS EELATING TO LOANS AND THE OUEEENOT. thereafter ; but it shall not affect any right of the United States or of either of said railroad companies existing prior thereto. du*^b™t]lpUnited ^^^^' ^' '^^^* ^^^ whole amount of compensation which states for trans- mav, from time to time, be due to said several railroad portation to be *^ ' ' retained by TJni- companies respectively for services rendered for the Gov- appiied to liqui- ernmcnt shall be retained by the United States, one-half dation of interest , „ , , , n ■, ■ on bonds. thereof to be presently applied to the liquidation of the in- terest paid and to be paid by the United States upon the bonds so issued by it as aforesaid, to each of said corpora- tions severally, and the other half thereof to be turned into the sinking-fund hereinafter provided, for the uses therein mentioned. sinting-fnnd Qec. 3. That there shall be established in the Treasury of the United States a sinking-fund, which shall be invested by the Secretary of the Treasury in bonds of the United States ; and the semi-annual income thereof shall be in like manner from time to time invested, and the same shall ac- cumulate and be disposed of as hereinafter mentioned. What bonds to j^nd in making such investments the Secretary shall prefer be mvested in. " ^ c the five per centum bonds of the United States, unless, for good reasons appearing to him, and which he shall report to Congress, he shall at any time deem it advisable to invest in other bonds of the United States. All the bonds be- longing to said fund shall, as fast as they shall be ob- tained, be so stamped as to show that they belong to said fund, and that they are not good in the hands of other hold- ers than the Secretary of the Treasury until they shall have been indorsed by him, and publicly disposed of pursuant to this act. Oreditsto sink- Sec. 4. That there shall be carried to the credit of the ing-fnnd. said fund, on the first day of February in each year, the one half of the compensation for services hereinbefore named, rendered for the Government by said Central Pa- cific Railroad Company, not applied in liquidation of inter- est; and, in addition thereto, the said company shall, on said day in each year, pay into the Treasury, to the credit of said sinking-fund, the sum of one million two hundred thousand dollars, or so much thereof as shall be necessary to make the five per centum of the net earnings of its said road payable to the United States under said act of eight Ante, p. 223. ecn hundred and sixty-two, and the whole sum earned by it as compensation for services rendered for the United States, together with the sum by this section required to be paid, amount in the aggregate to twenty five per centum of the whole net earnings of said railroad company, ascer- PAOIPIO RAILKOAD ACTS. 239 tained and defined as hereinbefore provided, for the year ending on the thirty-first day of December next preceding. That there shall be carried to the credit of the said fund, on the first day of February in each year, the one-balf of the compensation for services hereinbefore named, rendered for the Government by said Union Pacific Eailroad Com- pany, not applied in liquidation of interest; and, in addi- tion thereto, the said company shall, on said day in each year, pay into the Treasury, to the credit of said sinking- fund, the sum of eight hundred and fifty thousand dollars, or so much thereof as shall be necessary to make the five per centum of the net earnings of its said road payable to the United States under said act of eighteen hundred and sixty-two, and the whole sum earned by it as compensation for services rendered for the United States, together with the sum by this section required to be paid, amount in the aggregate to twenty-five per centum of the whole net earn- ings of said railroad company, ascertained and defined as hereinbefore provided, for the year ending on the thirty- first day of December next preceding. Sec. 5. That whenever it shall be made satisfactorily to secrota-yofthe appear to the Secretary of the Treasury, by either of said izedlfndorcert'aS companies, that seventy-five per centum of its net earnings remftTportion of as hereinbefore defined, for any current year are or werequ^reTtobepaS insufacient to pay the interest for such year upon the obli- ^"a^^" ^*°'''°^' gations of such company, in respect of which obligations there may exist a lien paramount to that of the United States, and that such interest has been paid out of such net earn- ings, said Secretary is hereby authorized, and it is made his duty, to remit for such current year so much of the twenty-five per centum of net earnings required to be paid into the sinking-fund, as aforesaid, as may have been thus applied and used in the payment of interest as aforesaid. Sec. 6. That no dividend shall be voted, made, or paid No dividends to for or to any stockholder or stockholders in either of said when companies .. I . ,. 1 ii ■ 1 are in arrears, &o. companies respectively at any time when the said company shall be in default in respect of the payment either of the sums required as aforesaid to be paid into said sinking-fund, or in respect of the payment of the said five per centum of the net earnings, or in respect of interest upon any debt the lien of which, or of the debt on which it may accrue, is paramount to that of the United States ; and any officer or person who shall vote, declare, make, or pay, and any stock- holder of any of said companies who shall receive any such dividend contrary to the provisions of this act, shall be liable to the United States for the amount thereof, which, when 240 LAWS EELATING TO LOANS AND THE CURRENCY. Penaityforvio- recovered, shall be paid into said sinking-fund. And every sion. such ofQcer, person, or stockholder who shall knowingly vote, declare, make, or pay any such dividend, contrary to the provisions of this act, shall be deemed guilty of a mis- demeanor, and, on conviction thereof, shall be punished by a fine not exceeding ten thousand dollars, and by imprison- ment not exceeding one year. sinMng-fund, Sec. 7. That the said sinking-fund so established and ow eapp le . a(;(.^m^la,(;e(l shall, at the maturity of said bonds so respect- ively issued by the United States, be applied to the pay- ment and satisfaction thereof, according to the interest and proportion of each of said companies in said fund, and of all interest paid by the United States thereon, and not re- imbursed, subject to the provisions of the next section. siukiiiK-fnndto Sec. 8. That Said sinking-fund so established and accu- be hoUl for what .-.in t ,. . . /.-i purpose. mated shall, according to the interest and proportion or said companies respectively therein, be held for the protection, security, and benefit of the lawful and just holders of any mortgage or lien debts of such companies respectively, law- fully paramount to the rights of the United States, and for the claims of other creditors, if any, lawfully chargeable upon the funds so required to be paid into said sinking-fund, according to their respective lawful priorities, as well as for the United States, according to the principles of equity, to the end that all persons having any claim upon said sinking- Existing rights fund may be entitled thereto in due order; but the provisions paired. of this scction shall not operate or be held to impair any exist- ing legal right, except in the manner in this act provided, of any mortgage, lien, or other creditor of any of said companies respectively, nor to excuse any of said companies respect- ively from the duty of discharging, out of other funds, its debts to any creditor except the United States. Aiisumsdaeto Seo. 9. That all sums due to the United States from any troi^am^aHTOad of Said Companies respectively, whether payable presently li^alainst thei? Or not, and all sums required to be paid to the United States fra°nohiM8,'^ta!'^' or iuto the Treasury, or into said sinking-fund under this act, or under the acts hereinbefore referred to, or otherwise, are hereby declared to be a lien upon all the property, estate, rights, and franchises of every description granted or con- veyed by the United States to any of said companies respect- ively or jointly, and al.so upon all the estate and property, real, persona], and mixed, assets, and income of the said several railroad companies respectively, from whatever source derived, subject to any lawfully prior and paramount Liennottopre- mortgage, llcu, or claim thereon. But this sect on shall not gTOdfaitii.'*"''''" be construed to prevent said companies respectively from PACIFIC BAILEOAD ACTS. 241 using and disposing of imy of their property or assets in the ordinary, proper and lawful course of their current business, in good faith and for valuable consideration. Sec. 10. That it is hereby made the duty of the Attorney- AttomeyGen- General of the United States to enforce, by proper proceed- provi»ion"of this ing against the said several railroad companies respectively mentioned in ihe or jointly, or against either of them, and others, all the'^'^^^™ '*' rights of the United States under this act and under the acts hereinbefore mentioned, and under any other act of Congress or right of the United States ; and in any suit or proceeding already commeuced, or that may be hereafter commenced, against any of said companies, either alone or with other parties, in respect of matters arising under this act, or under the acts or rights hereinbefore mentioned or referred to, it shall be the duty of the court to determine the very right of the matter without regard to matters of form, joinder or parties, multifariousness, or other matters not affecting the substantial rights and duties arising out of the matters and acts hereinbefore stated and referred to. Sec. 11. That if either of said railroad companies shall Eiiectoffaihire fail to perform all and singular the requirements of this act to perform tiioro- and of the acts hereinbefore mentioned, aud of any other act."^""™ ^^ act relating to said company, to be by it performed, for the period of six months next after such performance may be due, such failure shall operate as a forfeiture of all the rights, privileges, grants, and franchises derived or obtained by it from the United States ; and it shall be the duty of .the Attorney-General to cause such forfeiture to be judi- cially enforced. Sec. 12. That nothing in this act shall be construed or Eight of cou- taken in any wise to affect or impair the right of Congress fmind, or repeal^ at any time hereafter further to alter, amend, or repeal the ^^^''"^^■ said acts hereinbefore mentioned; and this act shall be subject to alteration, amendment, or repeal, as, in the opin- ion of Congress, justice or the public welfare may require. And nothing herein contained shall be held to deny, ex- clude, or impair any right or remedy in the premises now existing io favor of the United States. Sec. 13. That each and every of the provisions in this Howprovisions act contained shall severally and respectively be deemed, taken. taken, and held as in alteration and amendment of said act of eighteen hundred and sixty-two and of said act of eight- een hundred and sixty-four respectively, and of both said acts. Approved, May 7, 1878. 16 SECTIOIV OF TBX; BETISED STATUTES REI/ATIIVG TO THE PACIFIC BAII.BOADS. RAILWAYS. Secretary of Sec. 5260. The Secretary of the Treasury is directed to Treasury to with- .,,,,,,, . , ' ., ■, i -x hold payments to Withhold all payments to any railroad company and its as- "^^3 March ™873 signs, OD. account of freights or transportation over their Ltefp^'alj"'"'^®®?®^**"^® roads of any kind, to the amount of payments made by the United States for interest upon bonds of the United States issued to any such company, and which shall not have been reimbursed, together with the five per centum of net earnings due and unapplied, as provided by law. 242 REFEATi PR0TISI01V8 OF THE KETI8ED STAXIJTES. Sec. 5595. Theforegoing seventy-three titles embrace tbe "What Eovisea statutes of tbe United States general and permanent in tbeir brace. nature, in force on the 1st day of December, one thousand sal^v.'isr'^^^^'*' eight hundred and seventy-three, as revised and consoli-g^^^""'^*"'''''- dated by commissioners appointed under an act of Congress, and the same shall be designated and cited, as The Eevised Statutes of the United States. Sec. 5596. All acts of Congress passed prior to said first Eepeai of acts T.iin-.T embraced in re- day of December one thousand eight hundred and seventy- vision. three, any portion of which is embraced in any section of^.j^rdalsLow.! said revision, are hereby repealed, and the section appli-®^'' cable thereto shall be in force in lieu thereof; all parts of such acts not contained in such revision, having been re- pealed or superseded by subsequent acts, or not being gen- eral and permanent in their nature: Provided, That the incorporation into said revision of any general and perma- nent provision, taken from an act making appropriations, or from an act containing other provisions of a private, local, or temporary character, shall not repeal, or in any way affect any appropriation, or any provision of a pri- vate, local or temporary character, contained in any of said acts, but the same shall remain in force; and all acts of Congress passed prior to said last-named day no part of which are embraced in said revision, shall not be affected or changed by its enactment. Sec. 5597. The repeal of the several acts embraced in said Accrued rights ,, „ , . - . reserved. revision, shall not affect any act done, or any right accruing or accrued, or any suit or proceeding had or commenced in any civil cause before the said repeal, but all rights and liabilities under said acts shall continue, and may be en- forced in the same manner, as if said repeal had not been made ; nor shall said repeal, in any manner affect the right to any office, or change the term or tenure thereof Sec. 5598. All offenses committed, and all penalties or Prosecutions forfeitures incurred under any statute embraced in said re-ments.^" vision prior to said repeal, may be prosecuted and punished in the same manner and with the same effect, as if said re- peal had not been made. Sec. 5599. All acts of limitation, whether applicable to Acts of umita- civil causes and proceedings, or to the prosecution of of- fenses, or for the recovery of penalties or forfeitures, em- 243 244 LAWS RELATING- TO LOANS AND THE CUREENCT. braced in said revision and covered by said repeal, shall not be affected thereby, but all suits, proceedings or prosecu- tions, whether civil or criminal, for causes arising, or acts done or committed prior to said repeal, may be commenced and prosecuted within the same time as if said repeal had not been made. Arrangement Sec. 5600. The arrangement and classification of the and classification '^ of sections. Several sections of the revision have been made for the purpose of a more convenient and orderly arrangement of the same, and therefore no inference or presumption of a legislative construction is to be drawn by reason of the Title, under which any particular section is placed. Acta passed Seo. 6601. The enactment of the said revision is not to since Dec. 1, 1873, not affected. affect Or repeal any act of Congress passed since the 1st day bi^^^'ib" ante' V of December one thousand eight hundred and seventy-three, ^"'Mar 1875 o ^^^ ^^^ ^^*^ passed since that date are to have full effect 130, s. 9, V. 18.' as if passed after the enactment of this revision, and so far as such acts vary from, or conflict with any provision con- tained in said revision, they are to have effect as subsequent statutes, and as repealing any portion of the revision incon- sistent therewith. Approved, June 22, 1874. IISTDEX Page. Abrasion — of gold coins of the United States 93, 113 Account — money of the United States expressed in dollars and units 7 statement of the ordinary expense, of mint 100,121 Accounts— of otficers of mints, where adjusted .. 2 to be kept by treasurer of mint 12 of treasurer with melter and reiiner. . 16 of Treasury notes 30 to be kept b.Y United States officers . . 28, 29 of coiner of mint to be settled yearly. 99, 120 to be examined by superintendent.. 99, 121 of melter and refiner to be settled yearly 99, 120 to be examined by superintendent.. 99, 121 of transfers of bullion from ^Jew York assay-office to Philadelphia mint to be adjusted 102,124 in public offices and all proceedings in the courts, how to be kept 125 A dministrators — of deceased sharebolders of national banks in liquidation may act in selection of agent 217 A dvertisemeJi ts — for proposals for loan 27, 32, 34, 39, 40 ot J'ebruary 8, 1861, may be re- peated 33 for bidders 29 for metals required for minor coinage at Philadelphia mint 96, 117 Advertising — of bonds authorized by act of July 14, 1870, appropriation for 83, 131 Agents, national hanks — when and how elected 216 powers and duties of 216 transfer of assets and property to . . . 216 guardians of shareholders of national banks in liquidation may act for their wards in selection of 217 administrators of deceased sbarebold- ers may act in selection of 217 Aggregate — of deposits received as a temporary loan not to exceed ^I 50,000,000 65 Aggregate, circulation — ot national banks, limit of 194 Alabama Claims — judgments of Court of Commissioners of, sale of certain bonds authorized to pay 142,147 Albany, N. Y.— national banks organized in, to have on hand what amount of lawful money reserve 168, 197, 208 shall redeem notes in New York.. 168,199 when, may be redemption ageocies. . 168, 199 may keep one-half of their reserve in Hew York 168, 199 balances with banks in, may be part of reserve 168, 198, 208 Allowances — for necessary wastage not to exceed, what amount 16 Alloy of go d coins — composition of, to be reported to Con- gress 4 to be of silver and copper 13,92,115 Page. AUoy of silver coins — to be of copper 5, 1 3, 92, 1 1 5 AUoy — of minorcoins 93,115 proportions of, in three-cent coin, nickel 74 in live cent coin, nickel 76 charges for copper used for 15 silver introduced into 15 Alloys— for minor coinage 90, 113,114 Annual statements — Secretary of the Treasury shall pre- scribe forms of, to be submitted to Congress 109 Annual trial — of gold and silver coins at Philadel- phia mint 101, 122 of reserve pieces of coin 19, 98, 120 Anticipation — of interest on the public debt 61, 132 Apportionment of circulation — of national banks 183,194 equaliz!ition of 195 Appropi ia tions — for expensfs of loan, act June 22, I860- 27 act December 17, 1860 30 act February 8, 1861 33 act March 2, lb61 36 act July 17, 1861 42,43 act August 5, 1861 . 43 act February 25, 1862 , 46 act Julv 11, 1862 52 act March 3, 1863 60 act March 3, 1864 01 act Juno 30, 1864 68 act March 3,1865 73 act July 14, 1870 83, 131 for payment of Treasury notes 30 for bringing to trial and punishment persons engaged in counterfeiting Treasury notes, bonds, and other securities of the United States -.. 52 to be made annually out of receipts for duties an amount equal to the interest on bonds of sinking-fund . 85 of one per centum of the amount of legal-tender notes, fractional cur- rency, and other securities issued durii'geach fiscal year 87, 131 for the issue, reissue, transfer, deliv- ery, redemption, and destruction of United States securities, limita- tion on amount of 87, 131 for the expenditures of the mints and assay-offices 112, 123 list of permanent 130 of coin to redeem loan of June 14, 1858. 141 for the payment of salaries of the judges and other officers of the Court of Commissioners of Ala- bama Claims 143 to enable the Secretary of the Treasury , to provide for the redemption in coin of United States legal-tender notes jrf'ter January 1, 1879 144 for the purchase of silver bullion 150 for expenses of commissioners to join the governuients of the coantries composing the Latin Union in a conference to adopt a common ratio between gold and silver 151 for the maceration of obligations of the United States 211 245 246 INDEX. Page. appropriations — CmtiDuod. for payment of iiitGrost on the 3 65 binds of the District of Columbia 220 A rhitration— tribunal of, at Geneva, money awarded by, how to bo used 107 Assay commissioners — how appointed 101,122 to meet annually at the mint in Phila- delphia to teat weight of coins . . . 101, 122 standard weights to be tested by 102, 123 Assayer of mint— of&ce of, created 1 appointment of 89, 110 to receive all metals for coinage 1 to deliver all metals for coinage to chief coiner 1 bond of 2,13,91,111 salary ( f 2, 92, 111 to assay all metals used in cuinage . .12, 90, 113 to have assistant, when 12 to report to Treasurer the quality of bullion as9ayed 15 expense of converting bullion into standard metal 15 weight of bullion 15 to assay prepared ingots and transfer to ruilter and refiner 16 and give certificate 16 to make report to director of trials of alloy in cent coin, bronze 62 in 1*1 ve-cent coin, nickel 76 to make trials of weigbts and propor- tions of alloy in three-cent coin, nickel 74 to countersign certificates of deposits of bullion 89,95,113,117 shall make assay of samples of bullion 90, 113 and determine fitness 94, 116 shall report to superintendent quality or fineness of bullion assayed 95, 116 shall return to superintendent bullion remaining from the operations of the assay 95,116 shall verify certain calculationd made by superintendeut 95, 117 shall stamp all bars denoting their fineuess 97, 119 at as&ay-oflice at Denver shall dis- charge the duties of disbursing agent 104,125 and Boise City 104,125 of a^aay-office3 may be constituted as- sistant treasurers, for what pur- pose 152 Assay-oMces-~(Se& Mints.) at 'Kew York, ofiicers of, how ap- pointed , 102,124 business of 102,124 salaries of 102,194 depositors of bullion in, how paid .. 100, 122 bars only to be manufactured in 102, 124 all bullion received at, when assayed to be transferred to mint at Phil- adelphia 102,124 and silver bullion purchased for coiuage 102,124 duties of officers of, to correspond to those of officorn of mints 103,124 at Denver, business of 103, 125 officers and clerks at 103, 125 salaries of 103. 125 oath of 103, 125 bond of 103,125 at Biise City, business of 103, 125 ofiicers and clerks at 103, 125 salaries of 103,125 oath of 103,125 bondof 10J,125 shall be under control of Director of Mint 104 provisiona of law relating to mints shall apply to 104,125 assayera of, shall be constituted assist- ant treasurers, for what puipoae. . 152 ot coin or samples of bullion to be made 90, 113 of national banks failing to redeem their circulating-notes, United States to have priority of lien on in liquidation, fees and expenses of receivers to be paid out of Assignments — of bonds £ of Treasury notes sealed witb the seal of the Comptroller of Currency shall be received in evidence of mortgages, securities, judgments, or decrees by national banks contemplating insolvency to be void Assistant at mints — duties of oath of , sal ary of Assistant treasurers — at Philadelphia, 'New York, Boston, Treasury notes payable by at Saint Louis, demand notea payable by to receive deposits and issue certifi- cates therefor to receive from the Secretary of the Treasurypostage and other stamps of the TJnited States to be ex- changed for United States notes.. to receive fractional notes in exchange for United States notea to deposit bullion with Secretary in- age 16 to deliver to treasurer coins prepared . 17 and clip ings 17 to be debited in treasurer's account with amount ia weight of stand- ard metal received 18 and credited witb all coins deliv- ered 18 to deliver to treasurer once each year all coins and bullion 18 to receive allowance for necessary waste, when 18,19 to receive from treasurer copper plan- cbei 8 for coinage 19 Chief clerk of mint — appointment of 90,112 Chief Justice of the United States— to inspect, yearly, assay of reserve pieces of coin , 6 Choctaw Indians— to receive certain bonds of the United States 37 delivery of suspended, until 107 Cincinnati, Ohio— demand notes payable at 42 national banks organized in, to have on hand what amount of lawful- money reserve 168, 197, 208 shall redeem notes in Ne-w York 168, 199 1>50 INDEX. Page. Cincinnati, OKo— Continued. may keep one-iialf of their reserve iu New York 168, 199 wlieu may be redemption agencies . 1G8, 199 balances with, banks in, may be part of reserve 168, 198, 208 Circulating -notes of national banks — denominations less than one dollar, prohibited 53,129 interest-bearing Treasury notes, not legal tender in redemption of. .64, 1.30, 168, 109, 199 additional issue of $54,000,000 author- izdd 61 to what banks 81 appLcaiion for, when to be made ... 82 limitation on amount of 82,163,194 Comptroller of Currency to report amount of, issued under act July 12, 1670 82 bonds ot the United States to be de- posited witb Treasurer of United fcjtates lor redemption and payment of 1C3, 191 to be delivered upon deposit of bonds with Treasurer 162,183,193 to bear such devices as Secretary oi Treasury sbaU direct 163,193 ahall bear tlie signatures of the Treas- urer and Kegister 163,193 and impriut ot Treasury seal 163,193 shall be received at par for all dues to the United States, except 164, 190 wbenm.^y be circulated as money 163,196 worn out or mutilated to bo burned to ashes, when lf.4, 173, 196, 202 cancellation of. bonds to be returned . . 165, l'J3 failure of banks to redeem 165, 192 may be protested 175, 202 fees for, how paid 178, 206 notice of protest 175, 203 when Comptroller to appoint special agent 175,203 penalty for unlawfully issuing 166, 206 what amount of lawful money reserve required 167, 197, 208 I'eceivable by all bauks, except gold banks 169, 199 not to be pledged or hypothecated .... 170,199 use of, to increase capital stock for- biiiden 170, 199 not to be paid out when not at par - . 171,200 plates and dies for the printing of shall remain under the control of Comptroller.: 171,194 10 be examined yearly 187 expense of priotiiig, how paid 171, 194 whon CumptroUer may sell bonds pledged as security to redeem out- standing 176,204,210 penalty for unlawfully mutilating, cut- ting, defacing, or perforating with holes 180,207 for engraving plates with intent to use iu forging or counterfeiting .. 181 for having iu possession any paper adapted to the making of 181 for unlawfully deais^ning, engraving, or piintintt any business or profes- sional card the likeness or simili- tude of 207 for unlawfully stamping genuine, as " counterfeit" 218 limitation of amount to be received . . 183, 193 apportionment o'f 183, 193,194 noLto be received by bonksascoUateral. 184, 200 when exempt froni taxation .' 137 of State bauks, tax on 188, 212 aggregate amount of 194 reppal of limit 144 equalizing the distribution of 195 not to be withdrawn until 195 how withdrawn 195 payable in gold, banks for issuing — 197 fi en mi nation 8 of 197 limitation on 197,212 bonds to secure, when may be reas- signed 202 Page. Circulating-notes of national banks — Cont'd. what amount of lawful money to be kept in the Treasury for the re- demption of 208 how redeemed 208 cost of, how paid 209 agencies for the redemption of, abol- ished 209 provisions for retiring 209 charter numbers of banks to be printed on 209 "Withdrawal of $55,000,000 for redistri- bution 210 reissue of ^55,000,000 of 211 limitation upon withdrawal and re- demption of 211 maceration of, instead of burning 211 tax due on, how paid 213 Circulation — of national banks, duty on 171,200 Claims — for expenses of ■Washington and Ore- gon Indian war 36 Clearing-house balances— pavable in certificates of deposit for United States notes 186, 199 Clearing-house certificates — ma\' be part o± national bank reserve fund 168,198 Clerks of mints — appointment of ... i 1 salary of 2, 92, 111 oath of 91,111 Cleveland, Ohio — national banks organized in, to have on handwhatamountof lawful-money reserve 168, 197, 208 shall redeem notes in New York 168, 199 may keep one-half of their reserve in New York 168,199 when may bo redemption agencies . 168, 199 balances with banks in, may be part fif reserve 168, 193, 208 Clippings — of bullion, disposal of 17, 99, 120 Coin — Treasury notes payable at par value in 35 excbangeable for , 38, 41 receivable for loans at par value in. 45 for 5-20 bonds 45 and demand notes, receivable for du- ties 46 109 received for duties, how applied 46,131 purchase of, with bonds or notes 49, 132 faitb of the United States pledged to pay notes and bonds in 79, 131 certificates receivable at par in pay- ment for duties on imports 57, 109 Secretary of Treasury to sell, and can- cel 5-20 bonds . 84,132 charges for converting standard bull- ■ ion into 95, 116 repeal of ' 143 of standard fineness of United States, receivable only iu payment for dues 110 redemption of United States legal-ten- der notes in, after January 1, 1879 144 5-20 bonds redeemable at par, in 145 Coinage— of bullion in the order in which re- ceived 5 officers of mint to give preference to silver or gold bullion for 9 metals used for, to bpi assayed 12 engraver to prepare dies used in 12 charges for toughening metala unfit fi^r 15,95,116 ingots of gold, when not to be used for. 16 or silver \q of three-cent piece authorized 21 Secretary of Treasury to regulate amount of silver 22 disposalof net profits of 25,63,95,90,117 of half-cen t discontinued 25 of cent (bronze) authorized 62 of two-oent (bronze) 62 INDEX. 251 Page. Coinage — C on tinned. of three-cent (nickel) authorized 73 of five-cent (nickel) 76 certain laws relating to, extended 73 of base metal to be discontinued, when. 86 redeiuption of 86 superintendent of mint to receive bull- ion for 89, 113 the jeiir of. to be inscribed upon coins of the United States 94, 115 gold bullion received for, into coins or bars 94,115 deposits of silver bullion for, how re- ceived 94,110 from every parcel of bullion deposited for, portion of to be assayed 95, 116 of minor cnias, when to cease 97. 118 wastage incurred in, how charged.. 96, 117 legal standard of ingots for 97,119 act of February 12, 1873, to be known as what 106 when may be executed at the mints of United States for foreign coun- tries 141 of twenty-cent piece authorized 146 discontinned 152 of ti tide-dollars, how limited 148 of additional amount of silver coins not exceeding §50,000,000 author- ized 148 of standard silver dollar authorized . . 149 seigniorage arising from, how dis- posed of ■- 148,150 Coiner— (See Chief coiner.) appointment of 89, 110 bond of 91,111 salary of, atCarsonCity 92,111 at "Philadelphia 92,1X1 at San Francisco 92, 111 shall execute all operations necessary to form coins I'rom gold and silver " ingots 90, 114 shall be responsible for all bullion re- , ceived, until 90, 114 to receive from superintendent as- sayed ingots for coinage 97,118 and give receipts, - 97, 118 shall deliver prepared coins to superin- tendent 98, 119 and clippings 99, 120 accounts of, to be settled yearly 99, 120 shall deface and destroy annually ob- verse workine-dies .I 102,123 dies of a national character may be struck at Philadelphia mint by. . . 102, 123 Coins — to be struck at the mint 3 denomination of gold, 3, 10,92,114 of silver. 3,93,114,149 of minor 4,14,93,115 weight of gold 3,10,14,92, 114 of silver 3, 13, 93, U4, 149 of mioor 4,14,93,115 fineness of gold 3, 10,93,114 of silver 3,93,114,149 material of minor 4, 14, 93, 115 devicps aod legends on 4, 74, 94, 115 alloy of silver, to be wholly of copper. 5 to be paid out for bullion 5 gold and silver, struck at the mint to be legal tender 6,14 penalty for debasing 7,105, 140 standard of 13 receivable in all payments, how 10 silver, exchangeable for gold coins at par 22 delivery of, to depositors 15, 100, 121 deviations allowed in adjusting weight of 17, 21, 98, 119 of foreign countries, when to be re- ceived 24, 126 Spanish and Mexican rates of valua- tion of. when received at the Treasury 24,126 legal-tender of gold 92, 129 of silver 93, 130 of minor 93,130 Page. Coins— C ontinued . of foreign 129 of denominations not authorized, not to be issued 93, 115 wheu to be reformed into ingots 98 Commissioners — President of the United States shall appoint three, to join the govern- ments of the countries composing the Latin Union in a conference to adopt a common ratio between f;old and silver 150 . aryof 150 shall report to the President 150 Commissioners of the sinldng-fund in the District of iJolumbia — shall cause to bo prepared, 3.65 bonds . 219 shall use all necessary means to pre- vent unauthorized issue of 219 shall exchange for District indebted- ness 219 shall destroy by burning, certain Dis- trict indebtedness 221 offices of, abolished 222 Commissions — none to be allowed for the exchange of 5 per cent, bonds 141 Compensation— (See Salaries.) no additional, to person receiving a salary 27, 30, 33, 36 of persons s'.fjuing coupons 39 of agents in foreign countries 40 of assistants, clerks, and workmen in assay-office at New York, how regulated 103, 124,125 at Denver 103,125 atBoiseCity 103,125 certain mint officers constituted as- sistant treasurers, not to receive additional 152 of examiners of national banks in cer- tain cities 215 for services rendered the govei'nment by the UnionPacitic Railroad Com- pany, how to be applied . . .224, 227, 238, 242 and Central Pacific Kailroad Com- pany 227,238,242 Compound interest notes — at 6 per cent, interest, $400,000,000 au- thorized 54 Secretai-y of the Treasury to issue tem- porary loan certificates in redemp- tion of 77,79 Comptroller of the Currency — appointment of 153 salary of 153 oath of 153 term of office of 153 bond of 153 seal of office of 154 to bo chief officer of Currency Bureau. 153 employment of clerks by 153 shall not be interested in national banks 154 when may issue circulating-notes un- der act July 12, 1870 82 to report amount to Secretary 82 Secretary of Treasury to assign a suit- able room to, for business of Cur- rency Bureau 154 proposed reduction of national-bank capital shall receive approval of.. 159 shall examine into the condition of associations before commencing business 161 shall require oaths of directors, when IGl and give certificate, when IGL shall give receipt to national banks upon transfer of bonds 162, 191 transfer of bond not valid unless coun- ter.-igr.ed by 162,191 shall keep record of national banks and tran °f er of bonds 162, 191 shall advise banks of transfer of bonds 163, 191 shall have access to the books of the treasurer 162 and bonds on deposit 162 252 INDEX. Page. Comptroller of the Owrrency— Continued. to causeplatesanddieato be engraved 163, 193 and have control of 171,194 shall receive -worn-out or mutilated circulating-notes 164,196 when may permit exchange of bonds deposited by national banks 165,192 may direct thereturn to national bants of bonda, -when 165, 192 when to notify national banks to make good their reserve 168, 187, 197, 208 shall publish names of redemption agents 168, 199 and abstracts of reports of national banks 169 when may appoint receiver .168,177,199.204,215 and special agent 175, 203 when may declare bonds pledged by national banks forfeited ., 176,203 when to notify holders of circulating- notes to presentthem at the Treas- ury for payment 176, 203 when may cancel bonds of national banks pledged for their circulation 176, 20 1 or sell at public auction. . 176, 195, 203, 204, 210 or sejl at private sale 176, 204 shall give notice, by publication, of ap- pointment of receiver 177 may appoint examiners of national banks 179. shall report annually to Congress 181, 188 contents of report 181, 188 shall deliver to national banks circu- lating-notes, when 183, 193 shall have power to call for speoial re- ports 185 to notify national banks to make good their capital stock 187 toexamine yearly, dies, &o., from which circulating-notes are printed 187 shall make report showing amount of circulating-notes in national banks in each State 195 when to prescribe r\iles and regula- tions for the removal of national banks from States having excess of circulation 196 shall cause the charter-numbers of national bunks to be printed npon their circulating- notes 209 shall issue circulating-notes to national banks organized in States having less than their proportion 211 shall call meeting of shareholders of national banks, wben 216 Comptroller of the Treasury— to inspect yearly assay of reserve pieces of coin 6 to sign notes and bonds 39 Congress— Secretary of the Treasury to report to 75, 109 Conveyances — sealed with seal of Comptroller of Currency shall be received in evi- dence 154 Copper alloy— in gold and silver bullion to be charged to melter and refiner 100, 121 Copper bullion — to be purchased b^ treasurer of rairt under instructions from Director. 19 Copper coins — President of United States authorized to reduce weight of 9 weight of 4, 14, 93, 115 exchangeable for their legal equivalent in other money 19 to be delivered at the cost of the mint. 20 exchange for, to form fund to purchase planchets 20 Low redeemed 86,96,118 Copper plancheU — fund in hands of treasurer of mint to be used for the purchase of 20 Corporations — issuing fractional notes or bills for cir- culation as currency to pay duty, beyond what amount 58 Page. Corporations— Conti nned. shall pay duty upon deposits 59 shall make half-yearly return to Com- missioner of Internal Revenue 59 certain, not to use the word ' ' national " 187, 206 Counterfeit — the word to be stamped on fraudulent notes 217 Counterfeiting — (See Crimes and penalties.) forging or altering notes, bonds, cou- pons, fractional currency, or secu- rities of United States, penalty for 30,31,47,60,66 appropriation for punishment of 52 ' 'obligation or other security of United States, " penalty for 68, 135, 136 notes in imitation of national-bank notes, penalty for 135, 180 Countersigning — of certificates of deposit of bullion ... 95,117 Coupon-bonds — (See United States bonds.) Secretary of Treasury to prescribe formof 57,66 to have printed on, statement show- ing amount of accrued interest. . . 57 to fix denomination of 63 to dispose of, in Europe 63 how signed 57, 66 shall bear imprint of seal of Treasury Department 57, 66 registered bonds may be issued in ex- change for 67, 134 of 1858 loan, when made payable 140 of District of Columbia, exchangeable for registered 220 Coupons— semi-aunnal interest, to be attached to bonds 26,32,34,36 how signed 39,66 penalty for forging, counterfeiting, or altering '. , . . 47, 134 included in the words "obligation or other security of the United States" 70,135 where made payable 83 Court of Claims— certain railroads may bring suit in 234 Court of CoTnmissioners of Alabama Claims — judgment of, how payable 142, 147 balance remaining to constitute a fund 143 Credit — to be given the United States officers for notes received '29 Creditors — how may enforce personal liability of shareholders of national banks. . . 216 Crimes — (See Penalties.) penalty tor passing, uttering, or coun- terfeiting any jDbligation of the United States 68, 136 for having ia possession any plate in similitude of plates for printing obligations of the United States.. 68, 135 for unlawfully printing any en- graving in likeness of obligations of the United States 68, 135 for uulawfuUy bringing into the United States any plate or en- graving in likeness of obligations of the United States 68, 135 for unlawfully using genuine plates for printing obligations of the United States 69, 70, 135 for unlawfully retaining any en- graved plate, block, or electro- type, from which any obligation of tue United States has been printed. 69, 135 for counterfeiting coins or bars in. likeness of gold or silver coins, coined at the mints of the United States 104,139 for unlawfully makin'sachu setts, for in- terest paid by her on money ex- pended on account of war with ... 80 money paid by, under the tribunal of arbitration at G-eneva, how to be used 107 Gitardians— of shareholders of national banks in liquidation may act for their wards in selection of agent 217 Gulf of Mexico — James B. Eads, and others, to maintain a channel between South Pass of Mississippi River and 145 IS. Half -cent (copper)- coinage of, authorized 4 Page. Malf-cent (copper) —Contiuned. coinage of, discontinued 25 weight of 4, 7, 9, 14 Half-dime (silver) — coinage of 4 weightof 4,14,22 fineness of 4, 14 devices and legends on 4 deviations allowed in adjusting weight of 17 deposits for coinage into, not to bo re- ceived 22 Half-dollar piece— coinage of 3 weightof 3,13,23,93,114 fineness of 3, 1 3, 92, 115 deviations allowed in adjusting weight of 17,98,119 legal tender of 14, 22, 93, 130 deposits for coinage into, not to be re- ceived 22 Half-eagles— coinage of 3 weightof 3,10,14,92,114 fineness of 4,10,13,92,115 deviations allowed in adjusting weight of 17,21,98,110 le^al tender of 6,14,93,129 Hannibal and Saint Joseph Railroad Com- pany — authorized to extend its road, upon whattermsand conditions 225 limitation upon length of, from Mis- souri River 2d5 not to receive aid in construction of their road in excess of 100 miles. . 225 I. Indebtedness — (See Certificate of indebted- ness) — Secretary of the Treasury to report to Congress amount and character of, retired 75 Indemnity bond — for lost or destroyed bond, owner to file 86,133 Indians — Choctaw tribe of, to receive bonds of the United States 37 delivery of, suspended until 38, 107 Sisseton and Wab-pa-ton, to receive bond s of the United States 37 I'r\dian war — payment of expenses of Washington and Oregon 36 in Cali f oriiia, expenses of 37 Ingots — preparation of, for coinage 8, 12, 16, 97, 118 assay of 16, 97, 118 not to be coined if below standard 16 to he delivered to coiner .16,97, 118 charges for refining, casting, or form- ing 23 legal standard of 21,97, 119 Interest— rate and character of, shall be ex- pressed on certain bonds and Treasury notes 72, 83 on Treasury notes at 6 per cent .-..'.. 28, 72 at 3.65 per cent 3s at 7 3-10 per cent 3S when payable in coin 72 in lawful money 55, fi5 when to cease ; . 3fi, )i5 on bonds payable in coin . 1 . . 4 4, 46, 61, 63, 7 J, H3 on loan of June 22, 1860 26 of February 8, 1861 32 of March 2, 1861 34 on Washington and Oregon Indian bonds :i6 on temporary dennsits 50 on certificates of deposit 65, 84 on temporary-loan certificates 78, 79 on certificates of indebtedness 49, 80 on bonds payable after ten years 83 after fifteen years 83 after thirty years 83 INDEX. 257 Page. 84 132, 145 223 223 143 57, 109 61, 132 132 131 131, 132 , 50, 53, 56, 130 40, 130 65 197 Interest—Continued. on bonds, when to cease on 5-20 bonds, when To cease 84, on bonds issued to the Union Paciflo Railroad Company payable in lawful money on 3.65 bonds of the District of Co- lumbia on coupon or registered bonds dis- posed of for the purpose of paying judjjments of the Court of Com- missioners of Alabama Claims.... Interest on public debt— payable in coin-certificates Secretary of the Treasury may antici- pate, by a period not exceeding one year may pay, out of any money in the Treasury coin received for duties shall be ap- plied to the pas'ment of Interest on ainking-fund — how to be applied 46,85, Judgments — of the Court of Commissioners of Ala- bama Claims, how paid 143, 147 li. Lands — Tieaaury notes receivable in payment for public 29 of Cherokee Nation, proceeds of sale of, how to be invested 87 Lawful TYioney — « United States notes declared to be . . .44, demand notes 38, 44, interest on Treasury notes, after ma- turity, payable iu meaning of term in cases of national banks issuing gold-notes Latin Vnion — Presi' eot of United States to invite the goveruments of the countries composing, to join the Uuited States iu a conference to adopt a common ratio between gold and silver 150 Leavenworth, Pavmee and Western Railroad Company— authorized to construct a railroad and telegraph line from the Missouri River Legal tender — of gold coins of the United States. -.20, 93, 129 of silver coins 21, 22, 93, 130, 140, 148, 150 of minor coins 74,75,76,93,130 of demand notes 38, 44, 49, 1 30 of Treasury notes 55, 64, 130 of United Stales notes . . . ■ 44, 50, 53, 56, 130 no foreign gold or silver -phall be 25, 129 notes, interest bearing Treasury, not to be, for the redemption of bank circulation 64, 130 not authorized by acts of June 3, 1864, and March 3, 1865 71, 73 expense of issue, how paid 87, 131 redemption of, in excess of ^300,C00,- 000, upon issue of increased circu- lation of national banks *. . redemi tion of, in coin after January 1, 1879 -.'. issue of silver coin in exchange for, not exceeding 810,000,000 received in exchange for silver coins, to be kept as a special fund when to be reissued canceling or retiring prohibited Limitation — of issue of United States notes. 30, 36, 38, 41, 44 of bonds 38,41,42,61 of fractional currency 56, 66, 128 of temporary deposits 50 repeal of 51 of coin-certificates - . 57, 109 17 224 144 144 148 148 148 152 Page, Limitation — C on tin u ed. of issue of certificates of deposit 186, 109 on amount of outstanding Treasury notes 71 of temporary- loan certificates 78, 79 of United States notes 210 of circulation of certain national banks 8-3,194 of gold-banks 197,2ld repeal of, on aggregate amount 144 on withdrawal of bonds deposited by national banks for the security of their circulation 209 of appropriation for the expenses of issue, reissue, delivery, redemp- tion, and destruction of United States securities 87, 1 31 Liquidation— national banks may go into, how 173, 201 in, shall deposit lawful money to re- deem circulation 185, 201 refusing to go into, receiver to be appointed 187 Loan — of June22, 1860 26 of February 8, 1861 32 of March^,18Cl 34 of July 17,1801 38 of March3, 1863. 54 of March3. 1864 60 of June 30, 1&'64 63 of March 3, 1865 71 of July 14, 1870 82 Louisville, Ky. — national banks organized in, to have on hand what amount of lawful-money reserve 16^, 197, 208 shall redeem notes in iTew York 168, 199 may keep one-half of their reserve in New York 168.199 when may be redemption agencies. . 168, 199 balances with banks iu, may be part of reserve 168,198,208 M. Maceration — of national-bank notes, United States notes, and other obligations of the United States.insteadof burning. 211 Maine— State of, allowance to. for interest paid by the State of Massachusetts on money expended on account of the war with Great Britain 80 Massachusetts — State of, allowance to, for interest paid by her on money expended on ac- count of war with Great Eritain . . 80 Materials— purchase of, for engraving and print- ing notes 51, 128 requisitions for, when Secretary of Treasury may issue bonds or Treas- ury notes in payment for 73 Medals— may be struck at Philadelphia mint-, 102, 123 moneys arising from manufacture of, shall be covered into the Treasury 102, 123 shall not be expended in salaries or wages 102,123 Melter and refiner— appcintment of 8, 89, 110 salaries of 8,13,92,11 bond of 8,13,91,11 oath of office 8 to take charge of all bullion after as- sayed 8 to reduce bullion into bars or ingots .. 8 to execute all operations necessary to form ingots of standard silver or gold 12,90,113 andbars 90,113 to receive parcels of bullion from the Treasurer to form into ingots 16 to be debited with the standard weight of bullion received 16 to receive from Treasurer all coins not of legal weight for recoiuage 17 258 INDEX. Page. Melter and re/t«.er— Continued. shal 1 keep certain records 90, 113 shall be respousible for all bullion re- ceived, until 90,113 shall Kiverecriptsforballionreceived. 97, 118 shall prepare all bars for the payment of troller 154 of directors of national banks 157 to be transmitted to CimptroHer . . . 157 '^Obligation or other security of the United States "— shall be keld to mean what 70, 135 penalty for conn terf biting, uttering, passing, or having iu possession with intent to pass 70,136 Obligations of the United States — exempt from taxation 64, 73, 133 interest-bearing, with consent of holder convertible into bonds 72 not already due, not to be redeemed before maturity, unless 79, 131 payable in coin, except 79, 131 penalty for imitating or printing busi- ness or professional cards, (fee, in likeness or similitude of 134 Obverse working-dies — to be defaced and destroyed 102, 123 Ojjicers — ' appointment of, for engraving, print- ing, and executing notes iu Treas- ury Department 51, 128 certain, to receive credit for stolen notes 134 Offi,cers of mints— appomtment of 1, 12, 89, 110 duties of ....1,11,89,110 oath of 2,8,12,91,111 salaries of .2,8,13.92,110 disqualification of 1 01, 122 of assay-office at New York 102, l':4 appointment of 102,124 salaries of 103,124 duties of 103,124 One-cent coin. (See Coins.) On,-doLar gold-coin. (See Coins.) Page. Oregon and Washington — expenses of Indian war in 36 Organization- certificate — of national banks, contents of 155 shall bo acknowledged and sent to Compi roller , 155 copies of. authenticated under seal of Comptroller shall be evidence in all courts 155 from date of, national banks shall be bodies corporate 156 Outstanding — bonds known as 5-20s, how redeemed . 83 debt, amount of e^ch class of redeemed and canceled bonds to be deducted from f 3, 132 minor coins, redemption of 18, 118 United States legal-tender cotes, re- demption of in coin after January 1,1879 144 fractional currency, redemption of in silver coin 147 circulaiion, national banks in liqui- dation, shall deposit lawful money to redeem 185,201 P. Penalty. (See Crimes.) for unlawfully engraving or using plates in likeness or similitude of any plate or plates designed for the printing of' United States se- curities 30, 31, 47 for issuing notes, checks, or mem- orandum to circulate as money of less denomination than, one dollar 53,129 for counterfeiting and fraudulent al- terations of bonds, notes, and frac- tional currency 47, 60 for making, issuing, or passing any coin, card, token, or device, in- tended to be passed for one-cent or two-cent pieces 63, 77, 140 for falsely making, forging, counter- feiting any cidn or bars in resem- blance or similitude Of gold or sil- ver coins or bars stamped at the mints and assay-offices of the United States 104,339 for knowingly having in possession any false, forged, or counterfeited coin or bars, iu resemblance or similitude of the gold qv silver coins or bars stamped at the mints and assay -offices of the United Stated 104, 139 for bringing into the United States from any foreign place any gold or silver coins or bars, in resem- blance or similitude of those stamped at the mint and assay- offices of the United States, know- ing the same to be false, forged, or counterfeit ■. 104, 139, 149 for passing, uttering, publishing, or selling' any false, forged, counter- feited coin or bars, in resemblance or similitude of those stamped at the mints and assay-otiices of the United States 104, 139 for falsel;v making, forging, counter- feiting any com in resemblance or similitude of any of the minor coin- age coined at the mints of the United States 105, 139 for passing, uttering, publishing, or selling any false, forged, or coun- terfeited minor coins of the United States 105, 139 for bringing into the United States from any foreign place any false, forged, or counterfeited minor coins of the United States, with intent to defraud any body politic or corporation 105, 139 INDEX. 261 Page. Penalty. (See Crimes)— Continued. lor fraudulently defacing, mutilating, impairinrir, dimicishing, or lighten- ing gold or silver coins of the United States or any foreign coun- tries, made current in. the United States by law 105, 139 for embezzling any of the metals, m'-dals, coins, or other moneys of said mints or aasa^-offices 105, 140 for fraudulently debasing the gold or silver coins of tbe United States.?, 103, 140 for falsely defacing, increasing or di- minishing the weights used at any of the mints by officers or persona employed at the mints or assay- offices 105, 140 for designing, engraving, printing, is- suing, circulating any business or professional card in the likeness or similitude of any obligation or se- ouritv of the United Statics 134 for falsely making, forging, counter- feiting, passing, uttering, or pub- lishing national-banfc not s 135 for unlawfully taking or making im- pression on any material from pny implement or instrument iuteoded to be used in piinting obligations of tbe United States 137 for unlawfully having in possession any impression on any material, from any implement or instru- ment intended tobe used forprint- iog oDligations of the United States 137 for unlawfully buying, selling, ex- changing, or receiving any ialse, forged, counterfeited, or altered obligations of the United States.. 137 forunlawfully buying, selling, escbang- inff, or receiving any false, forged, counterfeited, or ai'cerdd national- bank notes 137 for falsely personating any true or law- ful holder of public stocks or per- sons entitled to pension, prize- money, wages, or otber debt 137 for knowingly or fraudulently de- manding or endeavoring to obtain any sum in public stocks of tbe United States, by virtue of any false, forged, or counterfeited pow- er of attorney 138 for unlawfully secreting, embezzling, carrying away from the place of authorized use or deposit, any im- plement or paper intended- to be used in printing obligations of the United States 138 for unlawfully making or utteriug any coins of gold or silver intended for the use and purpose of current money in resemblance of coins of the United States or foreign coun- tries : 140 for knowingly tal&in,^, receiving, re- serving, or charging a ratn of in- terest greater than allowod by law 167 for failure of national banks to make report 169 to make serai-annual return to Treas- urer of the United States 173, 20 1 for Tiolatiou of national-bank act 176 on officers of national banks for em- bezzling, abstracting, or willfully misapplying any of the fcuds . , . 179 for unlawfully engraving plates, dies, or blocks, with intent to be used in forging or counterfeiting any circulating-notes 181 for unlawfully having in possession any paper adapted to the making of circulatin^-notes 181 on national banks for offering or re- ctiving United States notes as col- lateral 184,200 Page. Penalty. (See Crimes)— Continued. on national banks for failure to make and transmit reports 185 how collected 185 for unlawfully using the word "na- tional" 187,206 on banks, associations, corporations, or persons failing to make monthly return to Commissioner of Inter- nal Revenue 189 for unlawfully designing, engraving, or printing any business or profes- sional card in the likeness or simil- itude of circulating-notes 207 on banks, associations, corporations, or persons failing to make returns and payment of taxes 213 on savings-banks, for failure to make and publish certain reports 218 how collected 21f:i Permanent appropriations — listof 130 repeal of, for the prepararion, issne, and reissue of certain securities of the United States 142 Philadelphia, Pa.— ass stant treasurer at, to pay Treasury notes 38 national banks organized in, to havo on hand what amount of lawful munoy reserve 168, 1 97, 208 shall redeem notes in New York 168, 19S may keep one-half of their reserve in NewYork 168.199 when may be redemption agencies. . 1G8, 199 balances with banks in, may be part of reserve 168, 199, 208 Pittsburgh, Pa.— national banks organized in, to have on hand what amount of lawful- money reserve 168, 197, 208 shall redeem notes in New York 168, 199 may keep one-half of their reserve in New York 168. 199 when may be redemption agencies. . 168, 199 balance with banks in, mav be part of reserve - 168, 198, 208 Plates for printing obligations of the United States— penalty for unlawfully engraong, in the likeness or similitude of any plates designed for tbe printing of Ljnited States securities 31, 47, 135 for bringing into the United States or having in possession any plates in the likeness or similitude of plates designed for the printing of United States securities 68, 135 for unlawfully using or knowingly suffering t'> be used any genuine, for printing "obligalions or other secLirity of the United States"... 69,135 for the printing of circulating-notes of national banks to remain under control of Comptroller 171, 194 to be examined yearly Ir7 penalty for unlawfully en graving any plate, die, or block after the like- ness or similitude of any plate de- signed for the printing of circulat- ing-notes 181 Portraits— of living persons not to be placed on bonds, notes, &c 128 Postage currency— fractional notes authorized in lieu of. . 56 portraits of living persona not to be placed on 128 Postage-stamps — Secretary of tbe Treasury shall fur- nisb'assistant treasurers with, tube exclianged for United States notes 53 receivable for dues to the United States 53 exchangeable for fractional notes 56, 128 issued as currency, limited 56 Postmasters — to superintend subscriptions for loan. 39 262 INDEX. Page. President of the JTnited Stats'!— to provide requisite buildings for the bnsiueas of the mint 3 to reduce the weight of copper coins of the United States when 9 to borrow $.iL, 000,000 26 and $ 10,000.000 9, 34 Secretary of Treasury to issue bonds, with" oouaent of 26, 32, 34 to cause to issue §1-0, 000,000 Treasury uotes .". 28 may decline bids for loan 35 tu i=su6 notea in lieu of bonds 35 shall iuvite certaia governments to j.iin the United States in a coafer- ence to adopt a common ratio be- tween gidd and silver 150 to appoiut three commissioners to attead conterence 150 to fix route of Union Pacific Eailroad irom western boundary of Iowa.. 225 to appoint commissioners to examine certain railroads 231 to withhold from certain Pacific rail- roads an amount of subsidy bonds suflieient to secure full completion as first-class roads 233 Printing. (See Engraoing and Printing.) Private dies— not to be prepared at the mints 102, 123 Proclmnation — President of the United States to give notice by 9 Profits on coinage— not to be expended for salaries or waged 102, 123 Public auction — of stocks of delinquent shareholders, sale at 100 of bonds of national banks 195 of b. n s of na'ional banks for failure to withdraw circulation 195 of stock purchased by national banks fordebt 170 of bonila of closed national banks for failure to deposit lawful money... 202 of bonds of national banks for failure to redeem outstanding notes 176,204 of capital stock of shareholders refus- in g to pay assessment 217 Public debt — interest on sinking-fund applied to the purchase or payment of 46, 131 United States notes not legal tender in payment of interest on -.44,50, 54, 55, 56, 64, 130 intCT-est on, payable in coin-certifi- cates 57,109 Secretary of the Treasury may antici- pate the payment of interest on . . 61, 132 increase of, prohibited 75 act authorizing the refunding of 82 amount of redeemed and canceled bonds to be deducted from 85, 132 money paid by Great Britain under the tribunal of arbitration to be used for redemption of 108 coin received for duties set apart to pay interest on 46, 13 L interest on, payable out of any money in the Treasury 132 national-bankuutesnotreceivablefor 164, 196 a- Quarter-dollar — coinage of 3 weight of 3, 13, 22, 93, 114 linene.-s of.- 5, 13, 93, 115 legiil tender of 6, '4,93, 130 deviations allowed in adjusting weight of 17,98,119 Qvartcr-cagle — coin ago of 3 weij:Iitof .3,10,14,92, 114 fineness of 3,10, 13,92,114 leg;'! tender of 6, 14, 93, 129 deviations allowed in ad^justingweitrht of 17,21,98,119 Page R. Railroad companies — Secretary of the Treasury t« withhold paymentsto certain, forfreightaud transportation 934,242 may bring suit in the Court of Clai ms 234 Receipts — to be taken from holders of Treasury notes : - • 29 to be given by superintendent of mint to depositors of bullion 94, 116 Receivers of national banks — mai' be appointed on failure to restore diminished capital 160 on failure to make good their reserve 198 on failure to redeem notes 168, 177, 199, 201,215 on failure to make good impaired capital -- 18'^ on failure to dispose of acquired stock 170 duties of 177.205 bond of 177,205 report of 177,205 fees and expenses of, how paid 178,206 how mav be enjoined 178,205 when to" transfer remaining assets to agents elected by sbaieholders ... 217 discharge of 217 Recoinage — of foreign gold and silver coins 24, 126 expenses of, how paid J 24, 126 Record— -, ^ . of canceled and destroyed bonds to be made in the books of the Treas- ury 85 melter and refiner to keep, of certain transactions 90, 113 of the transfer of ingots for coinage.. 97, 118 of number and denomination of re- serve pieces taken for annual trial. 99, 120 Redeirvption — of Treasury notes . . . .26, 28, 32. 33, 34, 36, 11, 44, 64, 65 of fractional notes 56, 66, 77, 128, 143, 147 of United States bonds 38. 140 of bonds known as 5-20s 61,83,84,132,145 of compound-interest notes 77, 79 of five-cent coin, nickel 77 of interest- bearing obligations not already due - - - 79, 131 of United "states notes in coin, faith. of the United States pledged to . . 80, 131 of temporary-loan certificates 82 of base-metal coinage 86 of securities of the United States, ex- penses of, how paid 87, 131 of defaced interest-bearing b>nds 88,133 of the public debt, money paid to the United States by Great Britain under the tribunal of arbitration, to be used for 108 of national currency, national-bank no; es not receivable for 110, 164 of legal-tender notes in excess of ^300,000,000 on issue of, in ratio of 80 per cent, increased circulation of national banks 144 in coin, after January 1; 1879, United States legal-tender notes outs ran d- ing 144 of coin-certificates 151 of circulating-notes of national banks 168,173, 176, 199, 202, 203 expense of, how paid.. 209 retteniption fund for 208 of certificates of deposit 186, 199 Redemption agencies — of national banks, shall be selected, where 168,199 repeal of 2^9 Reduction — of the cnrrencv, by retiring or cancel- ing United States notes, by the authority of Secretory ot the Treasury for the, suspended 78, 129, 152 INDEX, 263 Page. Refined bars— to be reported by superintenflents of minta to Director 89, 112 Jiefincr anclMeltcr. (See Melter and irfiner.) Itegisteredbonds. — (See United States bonds.) to have printed on them statement ahoTrViu^T amount of accratd or ac- cruing interest 57 to bear imprint of Treasury seal 57, 06 how signed '. 57, 66 Secretary of the Treasury to prescribe form and denominations of 63^ 66 interest on 63,85,131 may be disposed of in Europe 63 exchanjieable lor coupon-bonds 67, 134, 191 Secretary of the Treasury may issue duplicates of lost or destroyed 86, 133 proceeds of salo of (yherokee lands to be invested in 87 Secretary of the Treasury to sell and apply proceeds to the payments of judgments of Alabama claims court 147 Register of tlie Treasury — to keep account of notes and bonds .. 28 tosl-sn bondsand notes. 26, 32, 34, 39, 42, 45, 66, 67 coapous to bear engraved signature of. 66 circulating-notes of national banks to bear uignature of 163, 193 Regidations— to be prescribed by Treasury Depart- ment relative to the distribution of cents and half-cents 9 Secretary of the Treasury to prt scribe, for negotiation of loans. . . .26, 32, 34, 39, 41 for redemption of fractioual notes , 56, 128 to be prescribed by Director of ilint for governing business of assay- offices 104 Reissue— of bonds and notes. . . .41, 45, 50, 51, 129, 148, 159 of silver-certiiicates 151 Repeal — of act of March 3, 1864, limiting loan to current fiscal year 65 of all coinage acts inconsistent with act of February 12, 1873 ,. . 106 of certain provisions of the act of July 15,1870 107 of permauent appropriationsifor the pre- paration, issue, and reissue of cer- tain securities of the United States 142 of charges for converting gold bulUon into coin 143 provisions of the Revised Statutes .. 243 of certain acts of Oongi-ess embraced in Revised Statutes 243 not to aficct acts done.rights /iccrued 243 how olfL'nses committed and penal- ties incurred proseruted 2-J3 of acts of limitation, how aftected. . 243 acts passed subsequent to Revised Statutes to have full effect when in conflict with 244 Reports — of business of mint, certified by Comp- troller of the Treasury, to' be laid before Congress 2 of Director of Mint 26,89 of Comptroller of Currency 82, 181, 188 content.* of report 181. Ic8 of superintendent of minis 89, 11:3 form and contents of 89, 112 of Secretary of the Treasury..- 109 of uationalbanks 1^9 verification of 184 to be published 184 proof of publication 184 of savings-banks 218 Requisitions— for materials or supplies, when Secre- tary of the Treasury may issue bonds or Treasury notes in pay- ment for 72 Reserve fund of national banks, certificates of tem- porary loan may be part of 78, 79 Page. Reserve fund — Continued. certificates of deposit for United States notes may be part of 18C, 198 balances with national banks, in cer- tain cities, may be part of 1(j8, 198, 208 amoQUt of 78, 108, 197, '-08 when hiilf may be kex)t in iN'ew York. 168, 199 of national banks issuing gc)ld-notes - 19? lawful money deposited in the Treas- ury by national banks, for the re- demption of their circulating-notes, may be counteil as 208 Reserve pieces — of coins for annual trial 19, 99, 120 to be transmitted quarterly to Phila- delphia mint 99, 120 Revenue stamps — issued as currency, amount of limited. 56 exchangeable for "fractioual currency. 56,128 Revised Statutes— act to correct errors and supply omis- sions in 213 section 330 amended 213 section 333 amended 213 section 029 amended 213 section 3183 amended 213 section 34 17 amended 213 section 33H amended 213 section 5198 amended 214 section 5205 amended 217 section 5224 amended 214 section 5228 amended 214 section 5240 amended. 214 section 5413 amended- iJl4 repeal, provisions of 243 what arc embraced in 243 not to affect acta done, rights accrued 243 nor punishment of offenses 243 nor acts of limitation 243 what acts incorporated in, are re- pealed 243 not to affect acts passed since Decem- ber 1. 1873 244 Richmond, Ya — banks in, shall redeem their notes in New York 168, 109 when may be redemption agencies . 168, 199 balances with banks in, may be part of reserve 168,198,208 S. Saint Louis, Mo — demand notes payable at 42 national banks organized in, to have on band what amount of lawful- money reserve 168, 197, 208 shall redeem notes in New York . . 168, 199 may keep one-half of reserve in New York 168,199 when may be redemption agtucies . 16c, i99 balances with banks in, may be part of reserve 168, 198, 208 Salaries— of assayer of mint 2, 13, 92, 111 at assay-officH at New York 10.J, 1 24 at assay-office at Boise City 103, 124 of coiner 2, 13,92, 111 of Director 2,13,99,111 of engraver 2. 13,92.111 of melter and refiner 8, 13,92, lit at assav-oflicii at New York 103,124 of superintendent of aasay-olHce at iNuvv York 103,124 of Treasurer - 2 of Comptroller of Cnrrency 153 of Deputy Comptroller 15/i notes.of national banks receivable for. 164, 1&6 San Francisco, Gal.— salaries of ofiScers of mint at 92, 11 1 naoioial banks organized in, to have on hand what amount of lawful- money reserve 108, 197, 203 except gold-bauks, shall redeem notes in New York 168, 199 may keep one-half of reserve in New York 108,199 wUeu may bo redemption agencies.. 108, 199- 2G4 INDEX. Page, San Francisco, Gal. — Contlnuod. balances -with, banks in, maybe part of reserve 168,198,208 Savings-banks — not to u«o the word "national" except 187,206 eball make certain reports 218 publication of 218 penalty for failure to make and pub- lish 218 in District of Columbia, made subject to certain laws 218 Seal of Treasury—- imprint of, on certain securities of the United States 26, 32, 34, 39, 42, 45 of oilice of Comptroller of Ciirrency to be kept, where '. ... 154 Secretary of State — to inspect, yearly, assay of reserve pieces of coin 6 Secretary of the Treasury— jrencral duties of 108 shall Buperintend the collection of the revenue 108 shall prescribe forms for keeping aJl public accounts ] 08 to grant all warrants for moneys 108 shall ffive information to either branch of the legislature, in person or in writing 108 shall pBrform all services relative to the finances 108 shall prescribe forms of entries, oaths, &c., to be used in enforcement of internal-revenuo laws 108 shall prescribe the forms of the annual statements to be submitted to Con- gress 109 to furnish mint with necessary sums fvir effecting exchanges 5 to inspect, yearly, assay of reserve pieces of coin 6 to regulate amount of silver coinage . 22 to regulate charges for refining, cast- ing, and forming ingots 23 to fix devices of certain coins 23, 24 to i-sne certificates of stock 26, 32, 34 to attach semi-annual interest-coupons to bonds 26,32,34,37 to make regulations as to transfer of Gtock 26,32,34 to advertise for proposals for loans . 27, 32, 34, 40 to make report to Congress. 27, 33, 35, 41, 75, 109 to give notice of redemption 28 securities to be prepared under direc- tion of - 28 to pay WMrrants with Treasury notes. 28 ' to iidvertiae for bidders for loan 28 to prescribe regulations 29,108 authorized to purchase Treasury notes , 30 to publish monthly statement of Treas- ury notes issued and redeemed . . 31 to prescribe places for payment of Treasury notes 35 may issue bonds for expenses of "Wash- " ingtOD and Oregon Indian war 36 to issue bonds of the United States in payment of expenses of Indian war in California 37 to issue to Sisseton and "Wah-pa- ton Indians bonds of the United States 37 to Choctaw Indians 38 to borrow §250,000,000 38 to direct signing of coupons 39 to open subscription-books for loan. .. 39 may negotiate $100,000,000 of loan in foreign countries 40 and appoint agents for '.-,-. 40 and fix rate of exchanges for 41 may reissue or cancel redeemed notes 41 may exchange notes for coin 41 to issue G per cent, interest-bonds .... 42 to designate officers to sign and coun- tersign notes 42 maj deposit money in specie-paying banks 43 Page. SecTiitary of the Treasury— Continned. may substitute 6 per cent, for 7 per cent, bonds 43 to issue ^10,000,000 additional demand notes 44 may issue $150,000,000 non-bearing in- terest-notes 44 to issue §500, 00 J ,000 5-20 bonds 45 may dispose of $4,000,000 in Europe. 71 to fix denomination of notes 38,43, 55, 57 , and prescribe form 45, 51, 67 tofixdenominationof bonds. 45, GO, 63,82, 83, 142 end prescribe form 45, 57, 66, 71, 82, 83, 142 to fix denomination of certificates 46, 65 and prescribe form 46,84,186,108 to issue certificates of indebtedness.- 48 may purchase coin with bonds or notes 49, 132 may receive $50,000,000 deposits 50 may reissue notes and replace muti- lated notes 50, 55, 129 to issue $150,000,000 additional inter- est-bearing notes 50 may exchange notes of act July 11, 1862, for 5-20 bonds and reissue notes 51 may cancel notes under other acts, and issue in lieu notes of act July 11, 1862 =, 51 may purchase bonds or certificates of debt 51 may engrave, print, and execute notes at Treasury Department 51 may receive 8100,000,000 deposits on interest, not exceeding 5 per cent. 51 to furnish to assistant treasurers post- age and other stamps of the United States 53 to borrow $900,000,000 and issue 10-40 bonds 54 to issue $100,000,000 United States notes for the payment of the Ai-my and ifavy 53 and 8150,000,000 55 may dispose of 10-40 bonds for certifi- cates of indebtedness or deposit, or. Treasury notes 54 and 5-40 bonds 61 and 5-20 bonds 63 to issue $400,000,000 Treasury notes ... 55 to prescribe regulations for exchange of notes 55 may issue $150,000,000 United States notes for exchange 55 may issue fractional notes in lieu of postage currency 56, 66, 128 to provide for ♦ ngiaving of 56, 128 to make regulations for redemption of ... - 56, 66, ] 28, 147 to prescribe form of 66, 128 to receive gold coin and bullion on de- posit 57,84,109 to cause imprint of seal of Terasury to be made on notes 57 on bonds 57 to expend $600,000 for expenses of act March 3, 1863 60 to borrow §200,000,000 and issue bonds therefor GO to issue 5-20 bonds not exceeding $11,000,000 61 may an icipato the payment of interest on public debt 61, 132 to dispose of gold in the Treasury not necessary for the payment of interest on public debt, pro- vided 61, 132 to borrow 8400,000,000 and issue bonds therefor 63 to issue $200,000,000 Treasury notes in lieu of bonds 64 how may dispose of Treasury notes. . 64, 71 may convei"t Treasury notes into bonds 64 may redeem and cancel Treasury notes and substitute other notes ' .. ,. 64 to issue semi-annual interest-bearing bonds in lieu of annual 65 INDEX. 265 Page. Secretary of the rreasTwy— Contiuued, authority of, to iasuo bonds or notes under act March 3, IS6J, when to cease 65 mayreceivetemporaryloaus of United fcrtatea notes ornational-banknotea. 65 may increase interest on 65 may laaue and hold in reserve for pay- ment of deposits United States notes not exceeding ^50,000,000 ... 65 to iasue reg;istered bonds in exchange for coopon-bonds 67, 134 to substitute bonds of like issue for mutilated or defaced bonds 67 to issue inatructions to officers receiv- ing aecnrities of the United States 67,108 may issue Treasury notes in lieu of bonds of act June 30, 1864 71 to borrow $600,000,000 and issue bonds or Treasury notes 71 denominations of, to be not less than §50 , 71 may convert into bonds interest-bear- ing obligations of the United States 72 may dispose of bonds or other obliga- tions, where 72 may issue bonds or Treasury notes in payment lor requisitions for mate- rials or supplies, when 72 may receive Treasury notes or other ob igations In exchange for bonds. 75 to prescribe rules for redemption of live-cent coin, nickel .- 77 to issue temporary -loan certificates to redeem outstanding compound-in- terest notes 77, 79 prohibited from making any further reductioQ of the currency 78, 129 to issue for the benefit of "the Euro- pean and North American Rail- way Company cerdflcates of in- debtedness 80 shall redeem and cancel 3 per cent. temporary-loan certificatbs 82 to give notice to holdors of 82 to designate number and amount for redempaon 82 to issue $200,000,000 5 per cent, bonds. 82 to issue ^00,000,000 4J per cent. bonds 83 to issue $1,000,000,000 4 per cent. bonds 83 to dispose of bonds at par for coin ... 83 to determine at pleasure intt-rest on deposits of gold coin 84 may pay interest on bonds qnarterly. . 85, 131 may issue duplicates of lost or de- stroyed bonds 86,88.133 make regulations for 88, 133 shall prescribe rules and regulations for the redemption of base-metal coinage 86 shall redeem in lawfulmoney 86 when, may discontinue coinage of .. 86 shall appoint clerks necessary to dis- charge duties of mint bureau 89 to prescribe form of accounts of super- intendent of mint 90, 112 may increase bonds of superintendent. 91, 111 to prescribe regulations for the protec- tion of the government against fraudulent abrasion of gold coins. 93, 113 shall transfer $50,000 to credit of sup- erintendent of mint at Philadel- phia, ibr what purpos ? 96, 117 Bhall prescribe regulations for redemp- tion of minor coins 97, 118 shall x^'i-y out of any mone^ in the Treasury interest on public debt. . 132 may allow credit to otticers innocently paying stolen Treasury notes 134 may issue 5-30 bonds in exchange of loanofl853 141 shall prescribe regulations for the exe- cution of foreign coinage at the mints of the United States 141 Page. Secretary of the Treasury — Continued, shall annually submit to Congress esti- mates of appropriations required for tbe preparation and issue of United States securities ." 142 shall sell bonds to pay judgments of the Court of Commissioners ot Alabama Claims 142, 147 when paid to cancel certain bonds. . 142 shall issue silver coins in redemption of fractional currency 143,147 after January 1, 1879, shall redeem in coin United States legal-tender notes outstanding 144 to dispose of certain bonds to provide means for redeeming outstanding legal-tender notes after January 1, 1879 : 144 may use surplus revenue for 1-14 to issue certain bonds of the United States to James B. Eads, unleaa . , . 145, 146 may iasue $10,000,000 silver coin in ex- change for legal lender notes 148 to limit the coinage of the trade-dol- lar 148 shall purchase silver bullion, to what amount 148, 150 to constitute certain mint officers as- sistant treasurers, for what pur- pose 153 to receive and cancel coupon-bonds, and to iasue in lieu registered bonds 160,191 shall prescribe form and devices of circulating-notes of national banks 163,193 shall prescribe regulationa for burniug mutilated notes 164,196 for holders of circulating-notes to present for payment 176,203,204 shall receive United States notes on deposit and issue certificates there- for 46,186,198 shall make provialou for the registra- tion of the 3.65 bonds of the Dis- trict of Columbia 219 when to issue bonds of the United States to the Union Pacific Kail- road Company 223 ■when to take possession of the road 223 to withhold all payments to certain railroads, to what amount 234, 242 shall apply certain United States bonds to a sinking-fund of Pacific rail- roads 238 when may remit to certain railroads a portion of amount applied to sinking- funt 239 Securities of the United States-^ Secretary of the Treasury to issue in- structions to officers engaged in the preparation and issue of 67, 108 expeuHes of issuing, how paid 87, 131 portraits of living persona not to be placed on 128 Seigniorage — to be paid into the Treasury 148, 150 Separating — the gold and silver in bullion, charges for 95,116 Shareholders — of national banks, organization -cer- tificate to state what 155 when may fix day for election of di- rectors 158 when disqualified to vote for direct- ors 158 rights and liabilities of succession.. 158 individual liability of 158, 205, 215, 216 list of, to be kept ... 171 national banks to go into liquidation by a vote of two-thirds of 173, 201 when to be discharged from liability of notes 173,202 shall be assessed to make good cap- ital stock 187 after payment of debts, meeting of, to be called 216 266 INDEX. Page. jSActre/ioMers— Continued. ■wUen to elect ageut 216 ■wlien stock of, may be sold at public aQctiou 217 Silver. (See Bullioii.) Silver ba/rs — DO piece to be cast of legs weight than ten ounces, except 23 may be cast at the mint, of standard fineness 94, 115 Silver bullion — coutuined in gold deposits. how paid for. 94, 116 owner of, may deposit at mint to be f(u-nied into bars or trade-dollars. . 94, 116 appropriation for the purchase of 148 limned 143 Secretary of the Treasury authorized to purchase 150 limitation on amount of 1.^0 Silver-certificates— receivable for all public dues 151 may be reissued 151 Silver coins — denomination of 3, 93, 114, 149 weight of 3, 13, 93, 114, 149 finpucss of 3, 93, 114, 149 legal tender of 22, 93, 130, 150 how paid out 22, 96, 1 17 deviations allowed in adjusting weight of 17.-.il,98,119 Secretary of the Treasury to issue, in redemption of fractional currency outstanding 143, 147 in Tieasuiy, glO,00O,O0O of, may be issued in exchauge for legal-tender notes 148 what amount of, may be made and issued 148 coinage of twenty-cent piece prohibited 152 Silver ingots — deviations from the legal standard al- lowed in 16, 97, 119 Silver-profit fvnd — gam urisiug from coinage of silver bul- lion shall be credited to 95, 117 shall be charged with expense of dis- tributing coin 95, 117 balancenf, tobepaidintotheTreasury. 95, 117 Sink ng-fiind — establishment of 46, 131 part of coin received for duties set apart for 46, 131 interest of, how to be applied 85, 1.32 oblieatiou to create, not to be im- paired 61, 132 bonds applied to, shall be recorded, canceled , and debtroyed 85, 132 Secretary of the Treasury to redeem in coin 5-'20 bonds for the purpose of obtaining bonds for 145 redeemed fractional currency shall be held to be part of 147 Sinking-fund commissioners — of the Disiriut of Columbia, to cause to be prepared 3.65 bonds 219 how signed 219 shall use all necessary means to pre- vent unauthorized or fraudulent issue ()f bonds 219 authorized to exchange 3.65 bonds for District indebtedness 219 shall destroy, by burning, certain indebtedness 221 offices of, abolished 222 Sinking fund of Fac'fic Railroads— esiabiishment ol 238 compensation due certain railroads by the United States for transporta- tion, one-half to be applied to . . . 238 certain bonds of the United States shall be invested in 238 bonds belonging to, shall be stamped. 238 limitation on amount of compensation due Central Pacific Eailroad Com- pany by the United States for transportation, applied to 238 and Union Pacific Railroad Company 239 how to be applied 240 Page. Sioux City, Iowa — Union Pacific Railroad Company re- leased from the construction of branch from 231 railroad companies authorized to con- struct branch road from, to re- ceive what amount of bonds 231 Sisseton and Wah-pa-ton Indians — payment to, in bonds of the United States 37 Sovereign — value of English 126 Spanish pillar-dollar^ how received 24, 190 of value of fractions of 24, 126 not to be paid out 24 recoinage of 24, 126 Specie-paying banks— Secretary of the Treasury may deposit with 43 Stamps, postage — exchangeable for United States notes . 53 issued as currency, limited 56 Stamps, revenue— iasued as currency 56 Standard silver dollar — coinage of 149 weight of 149 fineness of 149 holders of, may deposit with Treasurer of United States, in what sums .. 15i Standard weights — of gold coins 3,10,14,92,114 of silver coins 3, 13, 93, 114, 14y of minor coins 4, 14, 93, 115 of coins to be tested annually by assay commissioners 101, 122 Director of Mint to procure 101, 133 shall correspond with brass troy pound weight at the Philadelphia mint . 101, 133 State banks— liability of shareholders of, on becom- ing national banks 158 how may become national banks 173 tax upon capital and circulation of, in certain cases 189, 202 State of Maine — allowance to, for interest paid by the State of Massachusetts on money expended on account of war with GreatBritain 80 State of Massachusetts — allowance to, for interest paid by her on money expended on account of war witb GreatBritain 80 States or Territories- national banks in, having less than their proportion of circulating- notes, to receive additional 82 State taxation — (See 2'axation.) United States stocks, bonds, and se- curities, exempt from. .45, 54, 61, 63, 71, 73, 83,133 real estate of national banks subject to 172 Stockholders of National Banks. (See Share- holders ) Stockholders of Union Pac'>fic Railroad — not TO receive dividends when the com- pany is in arrears to the United States 239 norCentral Pacific Railroad 239 Stocks. (See Bonds.) of the United Statesexemptfrom State or local taxation 133 Superintendent of -inint — ofiicoof 89,110 bond of 91, 111 salary of 9-J, 1 1 1 at Philadelphia gj. 111 at San Francisco 92, 111 at Carson City 92, 111 duties and powers of t-9, 112 shall make report to Director 89,112 shall receive and keep saftly, for use uf mint, all moneys or bullion 89,112 to receive all bullion for assay or coin- age 89,113 INDEX. 267 Page. Superintendent of Mint — Continued. shall be the keeper of certain bullion orcoiu 89,113 shall de iver all coius e-truck at the mint to whom lef^ally payable 89, 113 shall compute the value ol certain de- posits 89,113 and give certificate 69, 113 to render quarter-yearly accounts to Birector 90, 112 and monthly statements 90,112 8h.all appoint assistants, clerks, and workmen 90,112 report duties of, to Director 90, 112 shall make temporary appointments in place of absent oflicers 91, 112 Director to approve 91, 112 chief clerk to act when, temporarily absent. 91,112 may require bond from assistants and clerks 91,111 shall weigh all bullion deposited for coinage 94, 116 and give receipt therefor 94, 116 shall deliver to assayer, from every parcel of bullion, portions for 95, 117 95, 117 96, 117 97, 119 97,118 98,119 98,119 98. 119 99. 120 99, 1-^0 99, 120 99, 120 99. 120 99. 121 lOJ, 121 106, 110 152 to give certificate to depositors of bull- ion to purchase bnllioD for coinage shall purchase metal required for minor coinage shall receipt to melter and refiner for bars required for the payment of deposits sball transfer assayed ingots to coiner. shall receive from coiner prepared coins and ke^p record of shall ascertain by trial legal limits of standard weights of coin sball receive from coiner all clippings. ami give receipt for and keep record of shall debit coiner with amount of metal received shall credit coiner with amount of coins and clippings returned shall examine the accounts of melter and refiner to forward balance-sheet to Director.. to perform the duties of treasurer at certain mints may be constituted assistant treasurer, for what purpose Supplies— requisitions for, when Secretary of the Treasury may issue bonds or Treas- ury notes In payment 72 T. Taxation— obligations of the United States, ex- empt from, by State or municipal authority 45, 54, 61, G3, 71, 73, 83, 133 bonds of the District of Columbia, known as 3.65, exempt from 219 Tao:£s— due the United States, in what cur- rency to be paid 109 on banks, for amount of notes of any pet sou used for circulation and paid out 188,212 for amount of notes of any town, city, or municipal corporation, paid out 189,212 Temporary deposits. (See Deposits.) Temporary loan — the Secretary of the Treasury may re- ceive *, . _ . 65 amount limited 65 Temporary-loan certificates — (See Cerdfi- eatrs.) Secretary of the Treasury authorized to issue, to redeem outstanding compound-inlerest notes 77, 99 amount of outstanding, limited 78, 79 redemption of 82.210 Page. Ten-cent coin — (See Dime-piece.) coinage of 3 weight and fineness of 3, 14, 22, 93, 114 deviations allowed in adinsting weight of 17,98,119 legal tender of C, 14, i;2, 93, 130 devices and lep:ends on 94, 115 Ten-forty hands. (See Bonds.) Three-cent coin (silver) — coinage of 21 weight of 21, 24 fineness of 21, 24 devices and legends on 21 legal tender of 21, 93, 130 Three-cent coin {nickel) — coinage ol - . 1 73 weight of 73,93,115 material of 7.1 legal tender of 74,93,130 devices and legends on 94, 115 deviations allowed in adiustingweight of 98,119 shall be paid out in exchange for Law- ful currency 74 Three-dollar coin — coinage of 23 weightof 23,92,114 fineness of 93, 114 devices and legends on 94. 115 legal tender of 93,129 deviations allowed in adiustingweight of 98,119 Three-sixty-five bonds — of District of Columbia, issue of 219 denominations of 219, 221 exempt from taxation : 219 faith of the United States, how pledged for payment of 21 9 where and how registered _ . 219 exchangeable for any class of Dis- trict indebtedness 219 appropriation for payment of inter- est on 290 further issue of, prohibited 221 Trade-dollar — coinage of, authorized 93 to be limited 1^8 weightof 93,114 fineness of 9A, 114 devices and legends on 94, 115 legal tender of 93,130,148 deviations allowed in adjusting weight of 98,119 owners of silver bullion may deposit to be formed into 94, 116 charges for converting standard silver into 95, .1.16 how paid out 96,117 Tra7> sportation— of minor coins, expenses of, how paid. 96, 118 Treasurer of mint — oath of 2,12 bond of 2,13 salary of 2 to receive all coins struck 1 to deliver all coins at the mint to the persons to whom they are legally payable 1,11 to disburse moneys npon warrants signed by Director 2 to keep all moneys for use of mint . , . 2 to reserve not less than three pieces of coin once in each year, to be as- sayed 6, 10 to retain two cents per ounce from every deposit of silver bullion be- low the standard 8 to retain four centi per ounce from every deposit of gold bullion de- posited for coinage below United States standard, unless 8 "wben not obliged to receive deposits of silver bullion for coinage 9 to forward copper cents to Treasurer of the United States 9 to receive and safely keep all moneys for the use and support of the mint 11 268 INDEX. Page. Treasurer of mint— ^ou tinned. to pay all moneys on warrants from the i lireotor 11 to keep accounts of all transactions of the mint in bullion and coin 12 to report quarterly to Treasury De- partment receipts and disburse- ments 12 to ■weigh, and receipt for bullion de- posited for coinage 15 to deliver to assayer parcels of bullion to be assayed when deposited for coinafie ^ 15 to estimate th.6 whole value of each. deposit 15 to give to depositors a certificate of net amount of tbe deposits 15 to transfer parcels of bullion to melter and refiner to form into ingots of legal standard 16 to keep record of transfer of in- gots 16 to debit melter and refiner with stand- ard weight of all buUiou deliv- ered 16 to deliver to chief coiner ingots for coinage 16 to receive from chief coiner coins pre- pared 17 and keep careful record of 17 to see that coins of each delivery are within the legal limits of the standard weight 17 to cause all coins not of legal weight to be delivered to the melter and lefiuer for recoinage 17 to take indisciiminately from every delivery of coins a certain number of pieces for the annual trial 17 to receive the chippings from chief coiner 17 to keep record of amount of clip- pings 17 to debit chief coiner with the amount in weight of standard metal de- livered 18 to credit chief coiner with the amount, by weight, of all coins, clippiuna, and bullion received , 18 to pay to depositors ou a warrant from Director in coins the equivalent to any deposit of bullion made 18 to receive once in every year all coins and bullion from chief coiuer 18 to purchase copper and bullion 19 to deliver to chief coiner copper plauchets for coinage J9 to deliver copper coins in exchange for other coins 19 to purchase bullion, with bullion-fund, with approval of Director 22 to purchase with bullion-fund materi- als for coinage of the cent-piece, nickel 25 to pay out five-cent piece, nickel, in ex- change for lawful currency of the United States, except 76 office of, at Philadelphia, when to be vacated 106 at San Francisco, when to he va- cated 106 at New Orleans, when to be va- cated 106 duties of, shall devolve upon superln- tenfient 106,110 Treafturer of the Vnited Stales— to receive copper coina aud half-cents from treasurer of mint 9 to sign bonds and notes 28, 42, 45 tn sign certifi.cates of indebtedness ... 49 United States bonds heretofore issued, bearing signature of Register, to have same force and effect as if signed by -_-- 66 notes to bear written or engraved sig- nature of 67 to receive gold coin on deposit in sums not less than $100 84 Page. Treasurer of the United States — Continued. shall redeem in lawful money minor coins 9'7i 118 to receive standard silver dollars on deposit, in what snras 151 shall receive bonds transferred to, by national banks, before commenc- ing business 160, 190 not to adsi^n or transfer bonds depos- ited with, hy national banks, un- less countersigned by Comptroller of Currency 162,191 circnlating-notes of national banks to bear signature of 163, 193 may reserve the amount of duties due from national banks, and unpaid, out of the in lerest on their bonds . 172, 201 shall execute duplicate receipts to na- tional banks, on receiving lawful money for the payment and re- demption of their outstanding notes 173 shall cause redeemed notes to be mu- tilated 173,202 shall execute duplicate receipts for money depo-ited by national banks going into liquidation 185,201 when to withhold interest upon bonds deposited by national banks 187 shall certify claim of national banks for semi-annual duty 201 to notify national banks monthly of the redemption of their circulating- notes 208 shall perform all duties and powers possessed by siTiking-fund commis- sioners of District of Columbia. .. 222 Treasury notes — outstanding, redemption of 26, 28, 3 1 , 32, 33. 3ti,65 interest on 28, 35, 36, 64, 72 expensesofengravingandprintingof.aS, 67, 129 credit for, principal and interest, to be given ; 29 transferof 29 receivable for duties and all debts to the United States 29, 35 new, to be issued in place of those re- deemed 30 limitation of amout to $400,000,000. ' . .3fi, 64, 71 for what exchangeable 36, 42, 55, 75 not bearing interest, payable on de- mand 38 redeemed, may be reissued or can- celed 41 of all issues, do not require Treasury seal 42 denominations of 43, 55, 64 non-bearing-interest, $150,000,000, may be issued 44 form of 45,57.67,71 to bear imprint of seal of Treasury Department 45, 57, 67 receivable at par value for loans 45 for 5-'.>0 bonds 45, C3 for 10-40 bonds 54 to be signed by Treasurer and Eeg- iater 42, 45, 57. 67 United States notes under act of Jan- uary 17, 1863, to be part (f 54 exempt from taxation under State or municipal authority 54, 71, 133 authorized, at 6 per cent, interest, S4'}0,000,000 55 interest on, payable in lawful money. 55 how far to be leeal tender 55, 64, 130 redeemed or paid, to be canceled and destroyed 55 issue of, in' lieu of those redeemed 55 act of 1857 authorizing the issue of, re-enacted 57 to have printed ou them statement showing amount of accrued in- terest 57, 67 5-40 bonds exchangeable for 61 Secretary of the Treasury authorized to issue §200,000, 000, in lieu of coupon or registered bonds 64 INDEX. 269 Page. I'reasury no fes-^Con tinned. may be disposed of for lawful money. (i4, 71 payable to any creditor of the United States at their face value 64,110 convertible into bonds, at the discre- tion of the Secretary of the Treas- ury 64 interest-bearing, not legal tender for the redemption of circulation of bank9 64,130 interest on, after maturity, payable in, lawful money 65 exchangeable f . r semi-annual interest- bearing bonds 65 interest on, when to cease 65 authority of Secretary of the Treas- ury to issue, under act of March 3, 1863, when to cease 65 Secretary of the Treasury to issue in- structions, rules, and regulations to collectors, receivers, and other officers receiving 67, 108 included in the words "obligation or other security of the United States " 70, 135 Secretary of the Treasury may issue, in lieu of bonds authorized by act of JuneSO, ld64 71 may be disposed of for certificates of indebtedness 71 authorized by act of March 3, 1865, pay- able in coin or other lawful money 72 and convertible into bonds 12 interest on, when not pj-yabla in coin, not to exceed 7 3-10 per cent 72 rate and character of interest to be expressed on 72 Secretary of Treasury ma^^ dispose of bonds or other obligations for. . 72 may issue in paymentforrequisitions for materials and supplies, when. . 72 bonds issued under act of March 3, 1865, proceeds of, to be used in re- tiring 75,129 authorized by act of December 23. 1857, receivable in payment for all du- ties and taxes laid by authority of the United States 109 interest-bearing, how payable for debts of United States 110 receivable from Union Pacific Kail- road Company in payment for United States bonds issued to 224 Trial of coins— on delirery by coiner to superin- tendent 98,119 Trial^ieces — ot coins to be assayed annually 6,18 number of 10 to be taken indiscriminately from every delivery 17 to be sealed up and labeled 17,99,120 Troy weights — to be regulated once in each year 102, 133 at Philadelphia mint shall be tested annually in the presence of assay commissioners 102, 133 Twenty-cent coin — coinage of^ authorized 146 wei-iht of _ 146 fineness of 146 legal tender of 146 deviations allowed in adjusting weight of 146 existing coin-laws applicable to 146 coinage of, discontinued 152 Twenty-dollar gold coin- coinage of, authorized 20 weight of 92,114 fineness of 92, 114 legal tender of 20,93,129 deviations allowed in adjusting weight of 21,98,119 Twenty -Jive-cent coin — coinage cf, authorized 3 weightof 3, 13. 22, 03, 11 4 fioenessof 5.13,93,115 legal tender of 6, 14, 93, 130 Page. Twenty-five-cent cohi — Continued. deviations allowed in adj ustiug weight of 17,98,119 Two-and-a-half-dollar gold coin^ coinage of, authorized 3 weightof 3,10, 14,92, 114 fineness of 3,10,13,92, 114 legal tender of 6, 14, 9^, 129 deviations allowed in adjusting weight of 17,21,98,119 Two-cent coin (bronze) — coinage of, authorized 62 weight, of. 62 material of 62 legal tender of 62,75,130 to be paid out in exchange for lawful currency 63 U. Union Pacific Railroad Company — act to incorporate 223 refusal or failure to redeem United States bonds issued to, Secretary of Treasury to take possession of 223 to pay bonds at maturity 224 shall keep road and telegraph line in repair 224 shall at all times transmit dispatches for the Government 224 shall transport mails, troops, and mu- nitions of war, supplies and public stores, when requited by any de- partment of the government 224 government shall at all times Lave the preference in the use of, for what purposes 224 may pay United States for bonds is- ' sued to, how 224 5 per cent, of the net earnings of, how to be applied 224 United States bonds in aid for the moat ditfictdt parts to be treble 224 subside bonds over the most mount- ainous portions of the road to be increased 224 limitation upon amount of United States bonds to be issued to, in constructing main line of 225 authorized to construct single line from western boundary of Iowa 225 to form a connection on the 100th me- ridian of longitude 226 when to be completed 2i6 if company fails to comply with terms of act, Congress may complete and use the road 22C when to be forfeited to the United States 226 twenty-five percent, of bonds granted to be reserved, for what purpose. . 236 time for designating the general route and filins maps extended 227 repeal of requirements of reservation of portion cf bonds 227 the default or neglect of, to com- ply with act not to aflect other roads - 227 portion of bonds may be issued, when . 227 limitation upon amount of bonds to be issued to 228 first mortgage bonds of, how issued 229 lien of the United States subordinate to that of the bonds of, except . . . 229 provision for bonds already issued by. 229 eastern division, shall build branch road from Leavenworth to Law- rence 230 not entitled to any bonds to aid in construction of '. 230, 233 to designate general routes and file maps 232 authorized to contract with the Den- ver Pacific Kailroad for the con- struction of its road and telpgraph between Denver City and Chey- enne 232 270 INDEX. Page. Union Paeijic Railroad Com jjany— Cont'd, eastern diviaiou, to receive what amonnt of bonds of United States. 232 authorized to mortgage their road, to what amount 233 ■when entitled to bonds west of 100th meridian 230 released fiom the construction of branch from western boundary of Iowa, 231 reachition to protect the interests of the United States in 233 subsidy bonds to be withhold sufficient to secure its completion as a iirst- class road 233 proceedinj^s if amount to be issued is insufficient 233 Attorney-General to institute neces- sary proceedines to protect thein- teiests of the United States 234 Secretary of the Treasury to withhold pay rnents to 234, 242 may bring suit in Court of Claims to recover price of freight and trans- portation withheld 234 net earniuga of, to be ascertained, how. 237 provisions of law relating to, shall be deemed what 237 act of May 7, 187i?, to take eflfect, when . 237 compensation due by the United States fur transportation, to be retained, and how applied 238 limitation upon amount of compensa- tion due to, by United States for transportation applied to sinking- t'Lind 239 stockholders of, not to receive divi- dends when the company is in ar- rears 239 sinking-fund of, how to be applied 240 Attorney-General to enforce the pro-' visionsof actMay?, 1878,relatingto 241 failure of, to perform the requirements of tbe act of may 7, 1878, to operate as a forfeiture of all rights, privi- leges, grants, and franchises, de- rived from the United States 241 Attorney-General to cause forfeiture to he j adicially enforced 241 right of Congress to alter or amend act of May 7, 1878, not impaired . . 241 all sams duo to United States by, are declared to be alien upon all prop- erty, estate, rights, and franchises of 240 act of May 7, 1878, shall be deemed as an iimefldment of former acts 241 United IStates bonds— (See Bonds of the United States ) Secretary of the Treasury to issue, to Choctaw Indians 38 delivery of, suspended until 38,107 interest payable annually may be paid semi-annually 65 authority of Secretary of Treasury to issue, under act March 3, 1863, when to cease 65 faith of United States pledged for their payment in coin 79,131 redemption 'of 79,83,84,131 to be dei)Osited by national banks to secure additional circulating-notes 81 shall bear interest in coin 81 registered or coupon, Secretary of Treasury authorized to issue S-200,000,000 5 per cent 83 to i^sue 8300,000,000 4^ per cent .... 63 to issue 81,000,000,000 4 per cent ... 83 where made payable 83 exempt from taxation under State or municipal authority 83,133 authorized bv act of July 14, 1870, pro- ceeds of, bow to be appUed 83,84, 132 interest ou. when to cease 83 certificates of deposit receivable at par in payment tor 84 purchased with surplus funds, to be canceled and destroyed 85,133 Pago. United States bonds— {See Bonds of the United /S/cttes— Continued.) applied tosinking-fund, to be recorded, canceled, and destroyed 85,132 canceled and destro.ved, amount of each class to be deducted fiom the outstanding debt of the United States 85,132 bearing interest at 5 per centum, amount increased to 1500,000,000.. 85, 131 authorized by act January 20, 1871, interest on, payable quarterly 85, 131 proceeds of sale of Cherokee lan^s to be invested in 87 interest- bearing, destroyed or defaced. Secretary of Treasury to issue duplicates of 88, 133 portraits of living persons not to be ]ilaced on 128 known as 5-20s, redeemable in coin after public notice 145 Secretary of Treasury authorized to issue to James B.Eads, unless 145 term of, to include what 154, 190 national banks to deposit with Treas- urer United States before com- mencing business 160, 190 annual examination of 164,191 to be held exclusively to secure cir- culation 165,192 intereston, to whom payable 165,192 limi tation on . withdrawiil of 165, 19-2, 209 when Comptroller of Currency may sell at auction 17fi,204,21O when to be sarrendered . 135, 20 1 when may be reassigned to banks in liquidation - 202 how withdrawn 209 when may ba issued to Union Pacific Kailroad Company 227 when payable 223 denomination of .' 223 interest on 223 to constitute a lien on 223 Burlington and Missouri Eiver Rail- road Company not entitled to re- ceive 231 United States notes.— (See Treasury notes.) may be reissued 45,129 how to be signed 45, 46, 57, 67 interest on 46 penalty for forging, counterfeiting, or altering - 47 may he used for purchase of coin 49, 132 denomination of 50,57, 109, 128 for what receivable 50, 109,130 addition al, non -interest-bearing, 8150,000,0u0 to be issued 50 mutilated, may be replaced 50, 129 not reissuable and mutilated, to be destroyed 50, 129 printing, engraving, and execution of, at Treasury Department author- ized 51,128 of act July 11, 1862, issued in lieu of other notes to bo canceled 51 may be exchanged for 5-20 bonds and reissued 51 may be paid in coin 51 Secretary of Treasury to issue 6100,000.000 53 exchangeable for postage and otiier stamps 53 Issued under act January 17, 1863, not to bear interest 54,123 legal tender in payment of all debts, except 54, 130 and bonds outstanding, not to exceed what amount 54,210 insae of ©150,000,000 for exchanges 55 when returned to Treasury, may be reissued 56, 129, 152 when to bo presented for exchange ... 55 Secretary of tbe Treasury to prescribe form of 57,67 to have printed upon them statement s^owiijg amount of accrued inter- est 57, 67 I^DEX. 271 Page. United States no/es— Continued. to bear imprint of seal of Treasury Department 57, 67 limitation of amount to 3400,000,000. . . 64 Secretary of Treasury authorized to receive as a temporary loan 65 to issue and hold in reserve $50,000,000 of, for payment of cer- tificates of deposit 65 ■when to be used 66 Secretary of the Treasury to issue in- structions to officers engaged in the preparation and issue ot 67, 108 iccludeU in the words "obligation and othersecurityof theUnitedStates" 70, 135 limitation upon amount to be retired.. 75, 129 retiring and cancellation of 78, 129 not bearing interest, faith of the United States pledged to the pay- ment of, in coin 79, 131 convertible into coin at the option of the holder 79,131 portraits of living persons not to be placed on 12S imitatiug orpriuting business or pro- fessional cards in likeness of, pen- alty for 134 in excess of 8300,000,000, when to be redeemed 144 redemption ol^ in coin after January 1,1879 '. 144 legal tender, canceling or retiring of, prohibited 152 certificates of deposit for, may be part of bank reserve 1 86, 198 bow applied 186,198 deposited in Treasury of the United States by national banks, not to be counted as part of legal reserve. 186, 199 circulating-notes of national banks re- deemable in 208 disbursing-officers to stamp fraudulent 217 penalty for wroupl'uUy stamping United States notes as counterfeit 217 JJnparted hullwn — may be exchanged for fine bars 100, 122 Wah-pa-t^n and Sisseton Indians — payment to, in bonds of the United ■ States 37 Page. War— Washington and Oregon Indian, pay- ment of expenses of ot" "with Great Britain, certificates of in- debtedness issued to the State of Massachusetts on account of 60 Washington and Oregon — Indian war, expenses of 36 ^ton,I>. C— natioual backs organized in, to 'have on hand what amount of lawful- money reserve 168, 1 97, 908 shall redeem notes in New York 166, 199 may keep one-half of reserve iu Isfew York 168,199 when, may be redemption agen- cies .. 168,199 balances with banks in, may be part of reserve 168,198,208 Wastage — incurredin silver coinage tobecharged to silver-profit fund 95, 117 in minor coinage to be charged to minor-coinage-profit fund 96, 117 what amount of, is allowable 99, 121 Weight— of double-eagle 99, 114 of edgle 3, 10, 9-^, 114 of half-eagle 3,10, 14,92, li4 of quarter-eagle .3, 10, 14, 92, 114 of three-dollar piece 23,99, 114 of one-dollar piece, gold 99. 114 of one-dollar piece, silver 3, 10, 93, 114, 149 of trade-dollar 93, 114 of half-dollar 3,13,22,93,114 of quarter-dollar 3,13,22,93,114 of twenty-cent piece 146 of dime 3,14,22,93, 114 of half-dime 4, 14, 22 of three-cent piece, silver 21, 94 of five-cent piece, nickel 76,93, 115 of tbree-cent piece, nickel 73,93, 115 of two-cent inece, bronze 62 of cent, copper .4, 7, 9, 14 of cent, nickel 25 of cent, bronze 63,93,115 of half-cent-, copper 4, 7, 9, 14 Weights and measures — metric system of, legalized 126 equivalents of metric system of 127 L ^ "V^ S THE UNITED STATES RELATING TO LOANS AND THE CUERENCY. SUPPLEMENT, NO. 1-JUNE 19, 1878, TO MARCH 3, 1881. COMPILED AT THE TEEASUEY DEPAETMENT. WASHINGTON: GOVERNMENT PRINTING OFFICE. 1881. LIST OP LAWS CONTAINED IN THIS COMPILATION. Page. Bonds, JJnited States, issue of, in aid of the education of the blind. (An act to promote the education of the hlind) 9, 10 Bonds, United States, surplus money in the Treasury authorized to be applied to the redemption of. (An act making appropriations for sundry civil ex- penses of the Government for the fiscal year ending June 30, 1882, and for other purposes) 12 Bonds, District of Columbia. (An actT;o amend an act approved June 20, 1878, and to fix the rate of interest on bonds authorized by said act to be issued by the Commissioners of the District of Columbia, and for other purposes) . 6 Bonds, Distriot of Columlia. (An act authorizing the Commissioners of the District of Columbia to issue twenty-year five per cent, bonds of the Dis- trict of Columbia, to redeem certain funded indebtedness of said Distriot). 11 Coin certificates, issue of, in exchange for bullion deposited at mints and assay offices. (An act making appropriations for sundry civil expenses of the Government for the fiscal year ending June 30, 1880, and for other pur- poses) 8,9 Coins, mbHdiary silver, redemption of. (An act to provide for the exchange of subsidiary coins for lawful money of the United States under certain cir- cumstances, and to make such coins a legal-tender in all sums not exceed- ing ten dollars, and for other purposes) 10 Debt, national. (An act facilitating the refunding the national debt) 7 Minis and assay offices, payments to depositors at. (An act making appropria- tions for the legislative, executive, and judicial expenses of the Govern- ment for the fiscal year ending June 30, 1879) 5 Paoifia Railroads, adjustment of transportation accounts of. (An act making appropriations to supply deficiencies in the appropriations for the fiso^ year ending June 30, 1879) 9 Pensions, arrears of, special fiind held for redemption of fractional currency authorized to be used in payment of. (An act making appropriations for the legislative, executive, and judicial expenses of the Government for the fiscal year ending June 30, 1880, and for other purposes) 12 Sinking-fund, District of Columbia. (An act making appropriations for sundry civil expenses of the Government for the fiscal year ending June 30, 1880, and for other purposes) 8 Trkasuet Dbpaetment, Document No. 136. LAWS OF THE UNITED STATES RELATING TO LOANS AND THE CURRENCY. CHAP. CCCXTOX.— AJT ACT MAKTN'G APPEOPEIATIONS FOK THE LEGIS- June 19, 1878. LATIVE, EXECTJTrVE, AND JUDICIAL EXPENSES OF THE GOYEEN- MENT FOE THE EISCAi TEAE ENDING JUNE TtaETIETH, EIGHTEEN ^°^' ^''' P- ■'^^^• HUfTDEED AND SEVENTY-NINE, AND FOE OTHEE PURPOSES. Be it enacted, by the Senate and Souse of Representatives of the United States of America in Congress assembled, * * * And for tlie purpose of enabling the several iriiiits and , Payments to ^ depositors at assay-oflces of tlie United States to make returns to depos- m™t8, &o. itors witli as little delay as possible, tlie provisions of section thirty-five hundred and forty-five of the Eevised Statutes ^- s-- 3545, p. of the United States shall hereafter apply to the several mints and assay-offices of the United States; and the Sec- ^| of coin retary of the Treasury is hereby authorized to use, as far as he may deem it proper and expedient, for payment to depositors of bullion at the several mints and assay-oflces, coin certificates, representing coin ia the Treasury, and issued under the provisions of section two hundred and ^^l^■^ ^v^ fifty-four of the Eevised Statutes of the United States; all p-'^ss- ' of said acts and duties to be performed under such rules and regulations as shaU be prescribed by the Secretary of the Treasury. And it shall be lawful to apply the monevs useofcharges •^ *^ to pay expenses. aristag from charges collected from depositors at the sev- eral mints and assay -oflces pursuant to law, to defraying the expenses thereof, iucluding labor, material, wastage, and use of machinery; and only so much of the appropria- tions herein made for the mints and assay-offices respectively, shaU be used for said mints and assay-offices as shall be necessary for the operations of the same, after the moneys arising from the charges aforesaid shall have been exhaust- ed as herein provided. But in no event shall the expendi- tures of said mints and assay-offices exceed the amount of the specific appropriations herein made for same. * * * ' » * # # Approved, June 19, 1878. LAWS RELATING TO LOANS AND THE CUEEENCY. Dec. 23, 1878. CHAP. Xt— Alf ACT TO AMEND AN ACT APPEOTED JUNE TWENTIETH, EIGHTEEN HUNDEED AND SEVENTY-BIGHT, AND TO ITS THE BATE Vol. 20, p. 259. Qj, uf TjjEEST ON BONDS ATJTHOEIZED BT SAID ACT TO BE ISSUED BY THE OOMMISSIONEES OE THE DISTEICT OE COLUMBIA, AND EOE ' OTHEE PUEPOSES. District of Columbia. 1878, oh. 359, p. Issue of bonds. Character of bonds. Interest. Sales. Eedemption. Eeafisessment and census ex- penses. 1878, ch. 48, p. 35. Be it enacted hy the Senate cmd House of Representatives of the United States of America in Congress assembled, That the provision of the act makiiig appropriation for sundry civil expenses approved June twentieth, eighteen hundred and seventy-eight, authorizing the Commissioners of the Dis- trict of Columbia to issue bonds to redeem certain bonds of said District falling due January first and March first, eighteen hundred and seventy-nine, be, and the same is hereby, amended so that the last clause of the paragraph containing said provision shall read as follows : " Said bonds shaU be registered or coupon bonds and shall be of the de- nomination of one hundred dollars or five hundred dollars or both, and shall be payable twenty years after date, and bearing a rate of uiterest, not exceeding six per centum, and not to be sold for less than their par value, and to be awarded to the most favorable bidder or bidders, after hav- ing been advertised by the Treasurer of the United States, as sioMng-fund commissioner of said District, for ten suc- cessive insertions in two daily papers in Washington and two in Few York; the bids to be opened in the presence of the Secretary of the Treasury and the award to be subject to his approval." Sec. 2. That the Secretary of the Treasury be, and he is hereby, authorized to advance to the sinking-fund commis- sioner, upon requisition of the Commissioners of the Dis- trict of Columbia, a sum not exceeding two hundred and eighty-one thousand and five hundred dollars, to pay the bonds of said District falling due as aforesaid, and the amount so advanced shall be reimbursed to the IJnited States from the sale of the bonds to be issued in accordance with the provisions of this act. Sec. 3. That the Commissioners of the Distiict of Col- umbia be authorized to expend a sum not exceeding ten thousand dollars to defray the expenses of the re-assess- ment of real property and taking the census ia said Dis- trict, as directed in the act of Congress approved April third, eighteen hundred and seventy-eight. Approved, December 23, 1878. ACTS OF EIGHTEEN HUNDEED AND SEVENTY-NINE. Tol. 20, p. 265. CHAP. XXTT AK ACT TO FACILITATB THE KEFTINDING THE NA- Jam. 25, 1879. ITIONAl DEBT. J5e it enacted hy the Senate mid Souse of Representatives of the United States of America in Congress assembled, That the Pnbiiodeijt. Secretary of the Treasury is hereby authorized ia the pro- cess of refimdiag the national debt under existing laws to exchange directly at par the bonds of the United States Exchange of bearing interest at four per centum per annum authorized cent^oSS;^™" by law for the bonds of the United States coiomonly known as five-twenties outstanding and uncalled, and, whenever aU such five-twenty bonds shall have been redeemed, the provisions of this section and aU existing provisions of law authorizing the refunding of the national debt shall apply to any bonds of the United States bearing iaterest at five interest. per centum per annum or a higher rate, which may be re- deemable. In any exchange made under the provisions of this section interest may be allowed, on the bonds redeemed, for a period of three months. Approved, January 25, 1879. CHAP. Cn.— AH- ACT TO AT7TH0EIZB THE ISSUE OF CEETIEICATES OF Feb. 26, 1879. DEPOSIT nr AH) of the EEFXTNnnsrG of the public debt. Vol. 20, p. 321. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the PubUodebt. Secretary of the Treasury is hereby authorized and directed to issue, in exchange for lawful money of the United States that may be presented for such exchange, certificates of de- Certificates of ' deposit in aid of posit, of the denomination of ten dollars, bearmg mterest at refunding. the rate of four per centum per annum, and convertible at any time, with accrued interest, iato the four per centum bonds described in the refunding act ; and the money so received shall be applied only to the payment of the bonds AppUcationof bearing interest at a rate of not less than five per centum in the mode prescribed by said act, and he is authorized to prescribe suitable rules and regulations in conformity with this act. Approved, February 26, 1879. CHAP. CLSXXn.— AN ACT MAJKJNG APPEOPEIATIOU S FOE SUlf DET Maroli 3, 1879. CIVIL expenses OF THE GOVERNMENT FOE THE FISCAL YBAE END- ING JUNE THIETIETH, EIGHTEEN HUNDEED AND EIGHTY, AND FOE ^'>^- ^"^ P' ^'''''■ OTHEE PUEPOSES. Be it enacted by the Senate and Souse of Representatives 0/ the United States of America in Congress assembled. That the following sums be, and the same are hereby, appropriated 8 LAWS RELATING TO LOANS AND THE CUERENCY, for the objects hereinafter expressed, for the fiscal year ending June thirtieth, eighteen hundred and eighty, namely : • #»#»#* co?mbia.°* "^ -^*^ there is hereby appropriated, out of the proportional 1879, ch. 182, sum which the United States may contribute toward the p. 410. •' sinMng-fniid cxpeuses of the District of Columbia iu pursuance of the act for 3.65 bonds. „„ ,t, ■•■•■, or (Jongress, approved June eleventh, eighteen hundred and 1878, ch. 180, seventy-eight, for the fiscal year ending June thirtieth, eighteen hundred and seventy-nine, and annually there- after, such sums as will, with the interest thereon at the rate of three and sixty-five hundredths per centum per annum, be sufELcient to pay the principal of the three-sixty- flve bonds of the District of Columbia, issued imder the act of Congress approved June twentieth, eighteen hundred 1874, ch. 337, aud seveuty-fouT, at maturity ; which said stmis the Secre- ■' ^' ' tary of the Treasury shall annually invest in said bonds at not exceeding the par value thereof; and aU bonds so re- deemed shall cease to bear interest and shaU be cancelled and destroyed in the same manner that United States bonds are cancelled and destroyed. Eepeais. And scction two of an act approved March third, eighteen 1879, ch. 182, hundred and seventy-seven, entitled " A.n act for the sup- port of the go^mment of the District of Columbia for the 19 stats., p. 396! fiscal year ending June thirtieth, eighteen hundred and seventy-eight, and for other purposes," be and the same is hereby, repealed. Approved, March 3, 1879. March 3, 1879. CHAP. CLXXXn.— AU" ACT MAKING APPROPRIATIONS FOE SUNDEY CIVIL EXPENSES OF THE GOVERNMENT FOR THE FISCAL TEAR Vol. 20, p. 377. j;jjDuj-Q. JUUE THIRTrBTH, EIGHTEEN HUNDRED AND EIGHTY, AI>rD FOR. OTHER PURPOSES. Be it enacted hy the Senate and Souse of Representatives of the United States of America in Congress assembled, That the following sums be, and the same are hereby, appropriated for the objects hereinafter expressed, for the fiscal year ending June thirtieth, eighteen hundred and eighty^ namely : Transporta- Transportation of United States securities: For trans- jon secun- p^jj^g^^j^^ ^f uotcs, bouds, and other securities of the United p.m' "^^ ^^' States, sixty thousand dollars; and so much of the act ACTS OF EIGHTEEN HUNDEED AND SEVENTY-NINE. 9 "making appropriations for the legislative, executive, and judicial expenses of tlie G-overnment for the fiscal year end- ing June thirtieth, eighteen hundred and seventy-nine, and for other purposes," approved June nineteenth, eighteen ists, oh. 329, hundred and seventy-eight, as authorizes the Secretary of the Treasury to issue coia certificates ia exchange for bul- oaST "^'"^' Hon deposited for coiuage at mints and assay-offices other than those mentioned ia section thirty-five hundred and forty-five of the Eevised Statutes, be, and the same is hereby, nf; ^•' ^^^' ^■ repealed; said repeal to take effect at the end of the present fiscal year. * * * » # * # Approved, Marcl; 3, 1879. CHAP. CLXXXm.— AN ACT MAEDfG APPEOPEIATIONS TO SUPPLY March 3, 1879. DEPICrENClES TS THE APPEOPEIATIONS FOE THE FISCAL TEAJL '- '- ENnnfG JUNE THIRTIETH, EIGHTEEN HUNDEED AND SEVENTY- "^ol- 20, p. 410. NINE, AND FOE PEIOE YEAES, AND FOE THOSE HEEBTOFOEE TEEATED AS PEEMANENT, AND FOE OTHEE PUEPOSES. Be it enacted by the Senate and Souse of Bepresentatives of tlie United States of America in Congress assembled, * * * That for the proper adjustment of the accounts of the Union aommte'ofVa- Pacific, Central Pacific, Kansas Pacific, Western Pacific, "'^o ^^°^'' and Sioux City and Pacific EaUroad Companies, respec- p/lgo.' ''^' ^^' tively, for services which have been or may be hereafter performed for the Government for transportation of the Army and transportation of the mails, the Secretary of the Treasury is hereby authorized to make such entries upon the books of the Department as will carry to the credit of said companies the amounts so earned or to be earned by them during each fiscal year and withheld under the pro- vision of section fifty-two hundred and sixty of the Eevised ^gfg ^■' ^^"^ p- Statutes and of the act of Congress approved May seventh, isto, oh. 75, eighteen hundred and seventy-eight. m ***** * Approved, March 3, 1879. CHAP. CLXXXVI.— AN ACT TO PEOMOTB THE EDUCATION OF THE March 3, 1879. BLIND. Vol. 20, p. 467. ******* Be it enacted by the Senate and House of Bepresentatives of the United States of America in Congress assembled, That thebUnd. the sum of two hundred and fifty thousand doUars, out of p.^fel'. "*'■ ^^^' 10 LAWS RELATING TO LOANS AND THE CUEEENCY. jj^^ppropria- money in the United States Treasury not otherwise appro- priated, be, and hereby is, set apart as a perpetual fund for the purpose of aiding the education of the blind in the p^tofg^Honse United States of America through the American Printing forthefeiind. Houso for the Blind. Sec. 2. That the Secretary of the Treasury of the United States is hereby directed to hold said sum in trust for the purpose aforesaid; and it shall be his duty, upon the pas- inrestment. sage of this act, to iuvest said sum in United States interest- bearing bonds, bearing interest at four per centum, of the issue of July, eighteen hundred and seventy, and upon their maturity to reinvest their proceeds in other United States interest-bearing bonds, and so on forever. Approved, March 3, 1879. June 9, 1879. CHAP. SXC.— AIJ ACT TO PEOVIDE FOE THE EXCHANGE OE SUBSmiAEY COINS FOE LAWFUL MONEY OF THE UNITED STATES UNDEE CER- TAIN OIECUMSTANCES, AND TO MAKE SUCH COINS A LEGAL TEN- DEE IN ALL SUMS NOT EXCEEDING TEN DOLLAES, AND FOE OTHEE PUEPOSES. Vol. SI, p. 7. Be it enacted hy the Senate and Mouse of Representatives of Subsidiary #^e United States of America in Congress assembled, That Joins. ' the holder of any of the silver coins of the United States of smaller denominations than one dollar, may, on presen- tation of the same in sums of twenty dollars, or any multiple thereof, at the oflice of the Treasurer or any assistant treasurer of the United States, receive therefor lawful money of the United States. Eedemptdon. Seo. 2. The Treasurer or any assistant treasurer of the United States who may receive any coins under the provis- ion of this act shall exchange the same in sums of twenty doUars, or any multiple thereof, for lawful money of the United States, on demand of any holder thereof. Legal tender. Seo. 3. That the present silver coins of the United States of smaller denominations than one dollar shall hereafter be a legal tender in aU sums not exceeding ten doUars in full payment of all dues public and private. Eepeais. Seo. 4. That aU laws or parts of laws in conflict with this act be, and the same are hereby, repealed. Approved, June 9, 1879. ACT OP EIGHTEEN HUNDRED AND SEVENTY-NINE. 11 CHAP. XVn.— AS ACT ATTTHOEIZING TKE COMMISSIONEES OF THE June 10, 1879. DISTEICT OT COLUMBIA TO ISStTB TWENTT-YEAE FITE PEE CENT. BONDS OF THE DISTEICT OF COLUMBIA TO EEDEEM CEETAXCf Vol. 21, p. 9. FUNDED INDEBTEDNESS OF SAID DISTEICT. Be it enacted by the Senate amd Souse of Bepresentatives 0/ district of ihe United States of America in Congress assembled, That the Commissioners of the District of Columbia be, and they are hereby, authorized to prepare, execute, and deposit with the Secretary of the Treasury of the United States bonds issneofbonds. of the District of Columbia, bearing interest not exceeding five per centum per annum, and payable twenty years after date, to the amount of not more than one nullion two hun- dred thousand dollars, the proceeds to be used only for the redemption of funded indebtedness of said District or of the late municipal corporations of Washington and George- town which became due January first and March first, eigh- teen hundred and seventy-nine, or those now existing and payable at pleasure, for the redemption of which the sink- ing-fond of said District may not provide. Said five per Form, &c. centum bonds shaU be in such form and denominations as the Secretary of the Treasury shall approve, and shaU be numbered consecutively and registered in the office of the auditor of said District, and also in the office of the Eegister* of the Treasury of the United States, in such manner as the Secretary of the Treasury may direct, and shall bear the seal of the District of Columbia : Provided, That this act Pro™o. shall not be construed to make the government of the Uni- ted States liable for either the principle [principal] or inter- est of said bonds, or any part thereof. Said bonds shall be sold by the Secretary of the Treasury Saie of bonds to the highest bidder upon public tender, but for not less of proceeds'. "*° than their par value, after being advertised for one week in two daily newspapers in the city of Washington and two in the city of New York. The bids shall be opened by the Secretary of the Treasury and the awards approved by him. The money realized from the sale of said bonds shall be paid out by the Secretary of the Treasury only for the pur- poses named in this act. Sec. 2. That the provisions of all acts conflicting here- with, and the acts or parts of acts authorizing said Com- missioners of the District of Columbia to issue bonds to redeem certain bonds of said District faUing due January first and March first, eighteen hundred and seventy-nine, no bonds having been issued thereunder, are hereby repealed. Approved, June 10, 1879. Eepeals. 12 LAWS RELATING TO LOANS AND THE CUEEENCY. June 21, 1879. CHAP. XXXTT.— AN ACT MAKING APPEOPEIATIONS POE THE LEGIS- LA'i'iVE, EXECUTIVE, AND JtTDICIAL EXPENSES OP THE GOVEEN- Tol. 21, p. 23. MENT EOE- THE FISCAL YEAE ENDING JUNE THTETIETH, EIGHTEEN HUNDEED AND EIGHTY, AND FOE OTHBE PURPOSES. Be it enacted, by the Senate