, i Lj/~ A^^ .Cornell University Library HG 481.A2 *J*s of Congress relating to loans and t 3 1924 013 735 091 DATE DUE m^ Wm^- ^ GAYLOflD PRINTED IN U.SA The original of tiiis book is in tine Cornell University Library. There are no known copyright restrictions in the United States on the use of the text. http://www.archive.org/details/cu31924013735091 40th Congress, ) HOUSE OF EEPEESENTATIVES. ( Mis. Doc. ^- 2d Session. ) „ ( No. 23. * ACTS OF CONGEESS RELATING TO LOANS AND THE CUREENCY 1790 TO 1867, WASHINGTON: GOTEElfMBNT P HINT Ilf G- OFI'ICE. 18 6 7. ''' CONGEESS OF THE UNITED STATES. In the House of Representatives, December 10, 1867. On motion of Mr. Laflin, from the Committee on Printing, Resolved, That there he printed for the use of the House one thousand extra copies of the "acts of Congress relating to loans and currency" from eighteen hundred and forty-two to eighteen hundred and sixty-seven inclusive, including all loan bills passed since seventeen hundred and ninety, and the amount authorized and the amount issued and outstanding under each of them, compilation of which shall be made by the direction of the Committee of Ways and Means. Attest I EDWARD Mcpherson, cierk. ' LAWS OF THE UNITED STATES AUTHORIZING ISSUES OF B^O^DS AND TREASURY liOTES, ETC. August 4, ] 790. — AN ACT making provision for the debt of the United States. Whereas justice, and the support of public credit, require that Justice, &c., re- provision should be made for fulfilling the engagements of the engagements™* ° United States, in respect to their foreign debt, and for funding their domestic debt upon equitable and satisfactory terms : Section 1. Be it enacted by the Senate arid House of Rep- resentatives of the United States of America in Congress assem- bled, That, reserving out of the moneys which have arisen since «„J'fl't''™*'''° „°* 17 n /i-r\i 1 T I'll 111 /» ®600. 000 annually the last nay or December last past, and which shall hereafter for support of gov- arise, from the duties on goods, wares, and merchandise imported ^™™''ut. into the United States, and on the tonnage of ships or vessels, the yearly sum of six hundred thousand dollars, or so much thereof as may be appropriated, from time to time, towards the support of the government of the United States, and their common defence, the residue of the said moneys, or so much thereof as may be Kesiduo of mo- necessary, as the same shall be received in each year, next after pr^l-jjl^ted™'^ a""- the sum reserved as aforesaid, shall be, and is hereby, appropriated ment of interest ou to the payment of the interest which shall, from time to time, be- '^°'" ^""^ '°'""'- come due on the loans heretofore made by the Uaitei States in foreign countries; and also to the payment of interest on such further loans as may be obtained for discharging the arrears of in- terest thereupon, and the whole or any part of the principal there- of; to continue so appropriated until the said loans, as well those already made, as those which may be made in virtue of this act, shall be fully satisfied, pursuant to the contracts relating to the same, any law to the contrary notwithstanding : And pi-ovided. 'P''°'''^^° ■■ as to That,nothing herein contained shall be construed to annul or alter tions. any appropriation by law, made prior to the passing of this act. And as new loans are, and will be, necessary for the payment New loans ne- of the aforesaid arrears of interest, and the instalments of the principal of the said foreign debt, due and growing due, and may also be found expedient for effecting an entire alteration in the state of the same: Sec. 2. Be it further enacted, That the President of the President may United States be, and he is hereby, authorized to cause to be bor- foTe^bmwed''; rowed, on behalf of the United States, a sum or sums, not ex- part to pay ar- ceeding, in the whole, twelve millions of dollars ; and that so much eign debt.' of this sum as may be necessary to the discharge of the said arrears and instalments, and (if it can be effected upon terms advantageous to the United States) to the paying off the whole of the said for- eign debt, be appropriated solely to those purposes. And the 4 ACTS OF CONGRESS RELATING TO other contracts President is, moreover, further authorized to cause to be made such dibtScrizedf^" other contracts respecting the said debt as shall be found for the Proviso: as to interest of the said States. Provided, nevertheless, That no en- 'n fllieef/eirT'' gagement nor contract shall be entered into which shall preclude the United States from reimbursing any sum or sums borrowed, within fifteen years after the same shall have been lent or advanced. Provision to be And whereas it is desirable to adapt the nature of the provision debt&c"^''"*'"°to be made for the domestic debt to the present circumstances of the United States, as far as it shall be found practicable, consist- ently with good faith and the rights of the creditors, which can only be done by a volunta:y loan on their part: < Loan to the Seq. 3. Be it, therefore, further enacted. That a loan, to the m"s° "r' debt It full amount of the said domestic debt, be, and the same is hereby, isrocto'bef °"790° P"^"?"^^"^ ; ^""^ ^^^^ books, for receiving subscriptions to the said ° ° ^'^' ' loan, be opened at the treasury of the United States, and by a commissioner to be appointed in each of the said States, on the first day of October next, to continue open until the last day of SumsBubscribed September, following, inclusively ; and that the sums which shall ?atefof d^ebt &c." be subscribed thereto be payable ;n certificates issued for the said debt, according to their specie value, and computing the interest, upon such as bear interest, to the last day of December next, inclusively ; which said certificates shall be of these several de- scriptions, to wit : Description of Those issued by the Register of the Treasury, ceivabb "for sums Those issued by the commissioners of loans in the several subscribed.. States, including certificates given pursuant to the act of Congress of the 2d of January, one thousand seven hundred and seventy- nine, for bills of credit of the several emissions of the twentieth of May, one thousand seven hundred and seventy-seven, and the eleventh of April, one thousand seven hundred and seventy-eight. Those issued by the commissioners for the adjustment of the accounts of the quartermaster, commissary, hospital, clothing, and marine departments. Those issued by the commissioners for the adjustment of ac- counts in the respective States. Those issued by the late and present Paymaster General, or commissioner of army accounts. Those issued for the payment of interest, commonly called indents of interest. And in the bills of credit issued by the authority of the United States in Congress assembled, at the rate of one hundred dollars in the said bills, for one dollar in specie. Persons sub- Sec. 4. And be it further enacted. That for the whole, or toginlheprincipai any part, of any sum subscribed to the said loan, by any person 'i^^}^'' ,.,^''™''''° or persons, or body politic, which shall be paid in the principal of debt entitled to a , ^ . , , . i 1 , 1 -i 1 ., 11,1 certificate for two- the Said domestic debt, the subscriber or subscnbers shall be en- paid^ withtSerest*'''^'^ *° ^ Certificate, purporting that the United States owe to the of 6 per cent. holder or holders thereof, his, her, or their assigns, a sum to be expressed therein, equal to two-thirds of the sum so paid, bearing' an interest of six per centum per annum, payable quarter yearly, Redemption of and Subject to redemption by payments not exceeding, in one new certificates at year. On accouut both of principal and interest, the proportion of cent, per annum, eight dollars upou a hundred of the sum mentioned in such cer- Another certifi- tificatc ; and to another certificate, purporting that the United of^ihe"^ "amo'unt'' ^"^''^^ "'^^ *° ''^^ holder Or holders thereof, his, her, or their as- with Interest of 6 signs, a sum to be expressed therein, equal to the proportion of LOANS AND THE CUEEENCY. thirty- three dollars and one-third of a dollar upon a hundred of fo^'igoi'' *^'^™'* the sum so paid, which, after the year one thousand eight hundred, shall bear an interest of six per centum per annum, payable quarter-yearly, and subject to redemption by payments not exceed- Redemption of ing, in one year, on account both of principal and interest, the tjj« ono-tMrds at proportion of eight dollars upon a hundred of the sum mentioned oont'perannum* in such certificate: Provided, That it shall not be understood that Proviao: as to the United States shall be bound or obliged to redeem in the pro- dompUon. " '" portion aforesaid ; but it shall be understood, only, that they have a right so to do. Sec. 5. And be it further enacted, That for the whole, or Persons paying any part, of any sum subscribed to the said loan by any person or iSe'domesuif'debt persons, or body politic, which shall be paid in the interest of the entitled to ceitifi- said domestic debt, computed to the said last day of December araoun"! with in- next, or in the said certificates issued in payment of interest, com-^™^'?'*'*?^'^''™*- monly called indents of interest, the subscriber or subscribers shall be entitled to a certificate, purporting that the United States owe to the holder or holders thereof, his, her, or their assigns, a sum to be specified therein, equal to that by him, her, or them so paid, bearing an interest of three per centum per annum, payable quarter-yearly, and subject to redemption by payment of the sum specified therein, whenever provision shall be made by law for that purpose. Sec. 6. And he it further enacted, That a commissioner be Commissioner of appointed for each State, to reside therein, whose duty it shall be '°™'' to Superintend the subscriptions to the said loan ; to open books ^"^ ^^'y- for the same ; to receive the certificates which shall be presented in payment thereof; to liquidate the specie value of such of them as shall not have been before liquidated ; to issue the certificates ' above mentioned in lieu thereof, according to the terms of each sub- scription; to enter,. in books to be by him kept for that purpose, credits to the respective subscribers to the said loan, for the sums to which they shall be respectively entitled ; to transfer the said credits upon the said books, from time to time, as shall be requi- site; to pay the interest thereupon as the same shall become due, and, generally, to observe and perform such directions and regula- subject to direc- tions as shall be prescribed to him by the Secretary of the Treas- "ary" of afe Trea- ury, touching the execution of his office. sury. Sec. 7. And he it further enacted. That the stock which shall stock transfera- be created pursuant to this act shall be transferable only on theoftiie treasury, or books of the treasury, or of the said commissioners, respectively, °rs*''^"e™a ^esec- npon which the credit for the same shall exist at the time of trans- ret'ary, by special fer,'by the proprietor or proprietors of such stock, his, her, or ^3'J.'™t''*i^*.°^'ij°'' their attorney; but it shall be lawful for the Secretary of the Treasury, by special warrant, under his hand and the seal of the treasury, countersigned by the Comptroller, and registered by the Register, at the request of the respective proprietors, to authorize the transfer of such stock from the books of the commissioner to those of another commissioner, or to those of the treasury, and from those of the treasury to those of a commissioner. Sfo. 8. And he it further enacted. That the interest upon the ^m^^^^.^^ payable said stock, as the same shall become due, shall be payable quarter- yearly — that is to say, one-fourth part thereof on the last day of March; one other fourth part thereof on the last day of June; one other fourth part thereof on the last day of September, and the remaining fourth part thereof on the last day of December, in b ACTS OP CONGEESS RELATING TO each year, beginning on the last day of March next ensuing, and payment shall be made wheresoever the credit for the said stock Payment to be shall exist at the time such interest shall become due, that is to Seditf^^ttostock ^^Y' *' ^^^ treasury, if the credit for the same shall then exist on exists, &0. ° the books of the treasury, or at the office of the commissioner upon whose books such credit shall then exist. But if the inter- Exoept, &c. est for one quarter shall not be demanded before the expiration of a third quarter, the same shall be afterwards demaridable only at the treasury. And as' it may happen that some of the creditors of the United States may not think fit to become subscribers to the said loan : This act not to Sec. 9. Be it further enacted, That nothing in this act c6n- ofSon-subsJibtag tained shall be construed in any wise to alter, abridge, or impair creditors. the rights of those creditors of the United States who shall not subscribe to the said loan, or the contracts upon which their re- spective claims are founded, but the said contracts and rights shall remain in full force and virtue. And that such creditors may not be excluded from a participa- tion in the benefit hereby intended to the creditors of the United States in general, while the said proposed loan shall be depending, and until it shall appear, from the event thereof, what further or other arrangements may be necessary respecting the said domestic debt. Interest, at the Sec. 10. Be it, therefore, further enacted, That such of the subscrfbingcredit" Creditors of the United States as may not subscribe to the said ors, aUowed to ]oan, shall, nevertheless, receive, during the year one thousand ingduriiigtbeyear seven hundred and ninety-one, a rate per centum on the respective 3791, &c. amounts of their respective demands, including interest to the last day of December next, equal to the interest payable to subscrib- ing creditors, to be paid at the same times, at the same places, and by the same persons as is hereinbefore directed, concerning the interest on the stock which may be created in virtue of the said To entitle the proposed loan. But as some of the certificates now in circulation dated'°c" the several subscribers, and that the said credits, or stock standing in the names of the said subscribers, respectively, shall be trans- stooit transfer- ferable in like mannfer, and by the like ways and means, as are *'''°' *^°' provided by the seventh section of the act aforesaid, entitled "An act making provision for the debt of the United States," touching the credits or stock therein mentioned; and that the interest to be interest to be paid upon the stock which shall be constituted by virtue of the ^here'the° credits said loan shall be paid at the offices, or places where the credits ^^^^< *°- » for the same shall, from time to time, stand or be, subject to the like conditions and restrictions as are prescribed in and by the eighth section of the act last aforesaid. Sec. 4. And be it further enacted, That the interesta nd prin- prfncipafof loan*' cipal of all loans authorized by this act, shall be made payable at to be made pay- the treasury of the United States, only so far as relates to the ^^%,a^\o^7^] payment of the principal and interest of the domestic debt. *F- Sec. 5. And be it further enacted, That so much of the duties a„o''es'&c''a°8m'ay on goods, wares, and merchandise imported, on the tonnage of be set free by sub- ships or vessels, and upon spirits distilled within the United States, foan,*&c.', p'lldged; and stills, heretofore appropriated for the interest of the foreign for the payment, debt, as may be liberated or set free, by subscriptions to the said ° "'*°™^'' loan, together with such farther sums of the proceeds of the said duties as may be necessary, shall be, and they are hereby, pledged and appropriated for the payment of the interest which shall be payable upon the sums subscribed to the said loan, and shall con- tinue so pledged and appropriated until the principal of the said loan shall be fully reimbursed and redeemed: Protiided always, , Proviso: nota- That nothing herein contained shall be construed to alter, change, Se ""'provisions or in any manner affect, the provisions heretofore made concern- ™«^| /^'"'"^"m^ ing the said foreign debt, according to contract, either during the &c., except, &c. ' pendency of the said loan, or after the closing thereof; but every 12 ACTS OP CONGRESS RELATING TO thing shall proceea, touching the said debt, and every part thereof, in the same manner as if this act had never been passed, except as to such holders thereof as may subscribe to the said loan, and from the time of the commencement thereof in each case, that is, when interest on any sum subscribed shall begin to accrue. Duties pledged Sec. 6. And be it further enacted, That the several and re- • o?th6''pubHrdeMspective duties laid and contained in and by the act entitled "An in paid, &c. ^ct laying additional duties on goods, wares, and merchandise, im- ported into the United States," passed the seventh day of June one thousand seven hundred and ninety-four, shall, together with the other duties heretofore charged with the payment of interest on the public debt, continue to be levied, collected, and paid, until the whole of tlie capital or principal of the present debt of the United States, and future loans which may be made, pursuant to law, for the exchange, reimbursement, or redemption thereof, or of any part thereof, shall be reimbursed or redeemed, and shall be, and hereby are, pledged and appropriated for the payment of in- terest upon the said debt and loans, until the same shall be so re- imbursed or redeemed. The reBervation Sec. 7. And he it further enacted. That the reservation made "ctioii''of 'thi trt by the fourth section of the aforesaid act, entitled " An act making mentioned annul- provision for the reduction of the public debt," be annulled, stitiued, &c!^'*" and, in lieu thereof, that so much of the duties on goods, wares, and merchandise, imported on the tonnage of ships or vessels, and, upon spirits distilled within the United States, and stills, as may be necessary, be, and hereby are, substituted, pledged, and appro- priated, for satisfying the purpose of the said reservation. Additional ap- gjjj,. g. And be it further enacted. That the following appro- propnatiunn made , , , -.-... ^ , -, p -, -, -, °-i ^jf j to the fund consti- pnations, in addition to those neretoroi e made, be made to the tuna soctton'^of the act Constituted by the seventh section of the act entitled "An act Bup- mentioined, &c. plementary to the act nwking provision for the debt of the United States," passed the eighth day of May, one thousand seven hun- dred and ninety-two, to be hereafter denominated " the sinking i?t-^^<>«««is "ffand," to wit: First. So much of the proceeds of the duties on goods, wares, and merchandise, imported ; on the tonnage of ships or vessels ; and on spirits distilled within the United States, and stills, as, together with the moneys which now constitute the said fund, and shall accrue to it, by virtue of the provisions hereinbe- fore made, and by the interest upon each instalment, or part of principal, which shall be reimbursed, will be suiUcient, yearly and •every year, commencing the first day of January next, to reim- burse and pay so much as may rightfully be reimbursed and paid, of the principal of that part of the debt or stock which, on the said firat day of January next, shall bear an interest of six per centum per annum, redeemable by payments on account both of principal and interest, not exceeding, in one year, eight per centum, exclud- ing that which shall stand to the credit of the commissioners of the sinking fund, and that which shall stand to the credit of certain States, in consequence of the balances reported in their favor, by the commissioners for settling accounts between the ba'ni?toa'&r° United States and individual States. Secondly. The divridends which shall be, from time to time, declared on so much of the stock of the Bank of the United States as belongs to the United States, (deducting thereout such sums as will be requisite to pay interest on any part remaining unpaid of the loan of two millions of dollars, had of the Bank of the United States, pursuant to the eleventh LOANS AND THE CURRENCY. 13 section of the act by which the said bank is incorporated.) Thirdly. So much of the duties on goods, wares, and merchandise 3d. Duties on imported, on the tonnage of ships or vessels, and on spirits distilled ^""^'z ^"■•^p w • 1 • iTT.in I'll .1 1 .TT.i T remaining iQHtal- within the United btates, and stills, as, with the said dividends, ments, &c. after such deduction, will be suflScient, yearly and every year, to pay the remaining instalments of the principal of the said loan, as they shall become due, and as, together with any moneys which, by virtue of provisions in former acts, and hereinbefore made, shall, on the first day of January, in the year one thousand eight hundred and two, belong to the said sinking fund, not otherwise specially appropriated ; and with the interest on each instalment, or part of principal, which shall, from time to time, be reimbursed or paid, of that part of the debt or stock which, on the first day of January, iti the year one thousand eight hundred and one, shall begin to bear an interest of six per centum per annum, will be sufficient, yearly and every year, commencing on the first day of January, in the year one thousand eight hundred and two, to reimburse and pay so much as may rightfully be reimbursed and paid of the said principal of the said debt or stock which shall so begin to bear an interest of six per centum per annum on the said first day of January, in the year one thousand eight hundred and one, excluding that which shall stand to the credit of the commissioners of the sinking fund, aud that which shall stand to the credit of certain States, as aforesaid. Fourthly. The net pro- 4th. The net pro- ceeds of the sales of lands belonging, or ivhich shall hereafter be- lanal. ° °'' "' "' long, to the United States in the western territory thereof. Fifthly, sth. Moneys re- All moneys which shall be received into the treasury, on account "f'™Jj °° "c""""' of debts due to the United States, by reason of any matter prior united states, &o to their present Constitution ; and lastly, all surplusses of the reve- Lastly Surpins- nues of the United States which shall remain, at the end of any ses of revenue, &c. calendar year, beyond the amount of the appropriations charged upon the said revenues, and which, during the session of Congress next thereafter, shall not be otherwise specially appropriated or reserved by law. Sbc. 9. And be it fiiriher enacted. That as well the moneys Moneys acoru- which will accrue to the said sinking fund, by virtue of the pro- fund"t*''be"und°? visions of this act, as those which shall have accrued to the samej'-tho direction and by virtue of the provisions of any former act or acts, shall be under the"" MmmLsion- the direction and management of the commissioners of the sinking «'«■ *«• fund, or the officers designated in and by the second section of the act entitled " An act making provision for the reduction of the public debt," passed the twelfth day of August, one thousand seven hundred and ninety, and their successors in office; and shall be, and continue, appropriated to the said fund, until the whole of tjj^™*^' *°p°i^; the present debt of the United States, foreign and domestic, funded ted to the sink- and unfunded, including future loans which may be made for re- p°*bUc°debt'ia re- imbursing or redeeming any instalments, or parts of principal, of ''«'""«*• ■*"=• the said debt, shall be reimbursed and redeemed ; and shall be, and ai'e hereby declared to be, vested in the said commissioners, in trust, to be applied, according to the provisions of the aforesaid act of the eighth day of May, in the year one thousand seven hun- dred and ninety-two, and of this act, to the reimbursement and re- demption of the said debt, including the loans aforesaid, until the same shall be fully reimbursed and redeemed. And the faith of the United States is hereby pledged, that the moneys or funds aforesaid shall inviolably remain and be appropriated and vested, as afore- 14 ACTS OP CONGRESS EELATING TO said, to be applied to the said reimbursement and redemption, in man- ner aforesaid, until the same shall be fully and completely effected. Sec. 10. And he it further enacted. That all reimbursements of Reimbursement the Capital, Or principal, of the public debt, foreign and domestic, of the capital of , ,, ,t^ ' ^ , '^ , ,^ -> p ^i • • c the public debt to shall be made under the supermtendence ot the commissioners or perinte^ndeucl 'oft^^ sinking fund, who are hereby empowered and required, if the commissioners, necessary, with the approbation of the President of the United who may borrow, gf^jgg^ ^^ ^^^ instalments or parts of the said capital or principal- . become due, to borrow, on the credit of the United States, the sums requisite for the payment of the said instalments, or parts of ProTiso: loans principal : Provided, That any loan which may be made bj^ the sioners may'b'™re- Said Commissioners shall be liable to reimbursement at the pleasure SeTc*^ *' '"'""' °^ *^'*® United States ; and that the rate of interest thereupon shall Rate of interest °°'' ^^ceed six per centum per annum; and for greater caution, it not to exceed 6 ig hereby declared that it shall be deemed a good execution of the ^'s'lTof rtifi ^^^^ power to borrow^, for the said commissioners, with the appro- cates of stock a bation of the President, to cause to be constituted certificates of fhe power to°bor- stock, signed by the Register of the Treasury, for the sums to be row, &c. respectively borrowed, beaiing an interest of six per centum per annum, and redeemable at the pleasure of the United States ; and to cause the said certificates of stock to be sold in the market of Pro-piso: stock the United States or elsewhere: Provided, That no such stock not to be sold un- . ^t t Aji?ii ._i?.i j_ der par. 06 Sold under par. And tor the pa,yment ot interest on any sum Pledge and ap- or sums which may be so borrowed, either by direct loans or by fuSd"fo"°the pay- *^^ ^^^ "^ certificates of stock, the interest on the sum or sums ment of intere"st which shall be reimbursed by the proceeds thereof, (except that rowed, &c. upon the funded stock, bearing, and to bear, an interest of six per centum, redeemable by payments, not exceeding, in one year, eight per centum on account of both principal and interest, ) and so much of the duties on goods, wares, and merchandise imported, on the tonnage of ships or vessels, and upon spirits distilled within the United States, and upon stills, as may be necessary, shall be, and hereby are, pledged and appropriated. Yearly sums to Sec. 11. And be il further enacted. That it shall be the duty of ^iS^rJ *r°" ^^ commissioners of the sinking fund to cause to be applied and paid, out ot the said fund, yearly and every year, at the treasury of the United States, the several and respective sums following, to 1st. Sums that wit: First, such sum and sums as, according to the right for that Sp'Jiorof'de'bt purpose reserved, may rightfully be paid for, and towards, the bearing an inter- reimbursement or redemption of such debt or stock of the United iTOMf 6 pefcent Statcs as, on the first day of January next, shall bear an interest andredeemabieby of six per centum per annum, redeemable by payments, not exceed- "payments not ex- . . ■*- . , "^ ^, "^ , ^ '^^^u ceedings per cent mg, in one year, eight per centum, on account both of principal and in one year, &c. interest, excluding that standing to the credit of the commissioners of the sinking fund, and that standing to the credit of certain States, as afore.-=aid, commencing the said reimbursement or redemp- 2d. Sums paya- tion On tlie said first day of January next : Secondly, such sum rrimbijrsement of and sums as, according to the conditions of the aforesaid loan, had bank &c'""^°^""'"^ '^^ Bank of the United States, shall be henceforth payable towards the reimbursement thereof, as the same shall respectively 3d. Sums to- accrue: Thirdly, such such sum and sums as, according; to the wards the reim- • ,. i? ^i .. i • , p n , . -.^ „ bursementof stock "gnt tor that purpose reserved, may rightfully be paid for and tear an'fn^re's'tof ''°'^^"^® ^^ reimbursement or redemption of such debt or stock of 6 per cent, in 1801, the United States as, on the first day of January, in the year one ^'^' thousand eight hundred and one, shall begin to bear an interest of six per centum per annum, redeemable by payments, not exceed- LOANS AND THE CURRENCY. 15 ing, in one year, eight per centum, on account both of principal and interest, excluding that standing to the credit of the commis- sioners of the sinking fund, and that standing to the credit of cer- tain States, as aforesaid, commencing the said reimbursement or redemption on the first day of January, in the year one thousand eight hundred and two : And, also, to cause to be applied all such The surplus of surplus of the said fund as may, at any time, exist, after satisfying "jfg^™* th''V^i the purposes aforesaid, towards the further and final redemption of redemption ot the the present debt of the United States, foreign and domestic, funded p""'" *"""' *'°- and unfunded, including loans for the reimbursement thereof, by payment or purchase, until the said debt shall be completely reim- bursed or redeemed. Sec. 12. Provided always, and be it further enacted, That Commissioners nothing in this act shall be construed to veatin the commissioners ™^ j'^^ uYfunde'd of the sinking fund a right to pay, in the purchase or discharge of domesticdebtthan the unfunded domestic debt of the United States, a higher rate than the funded debt" the market price or value of the funded debt of the United States : And provided also. That if after all the debts and loans aforesaid, Prowso; if, after now due, and that shall arise under this act, excepting the said paid, &"., any part debt or stock, bearing an interest of three per cent., shall l>e fully °^_^J^^^^^«r^<=«°^- paid and discharged, any part of the principal of the said debt or redeemed, govem- stock, bearing an interest of three per cent, as aforesaid, shall be ^^"'g^*^ ™p^i^ unredeemed, the government shall have liberty, if they think proper, ations of the funds. to make other and different appropriations of the said funds. Sec. 13. And he it further enacted. That all priorities here- Priorities in ap- tofore established in the appropriations by law, for the interest on |'n'S6s\""!M be- the debt of the United States, as between the different parts of '^rt^of the^debt* the said debt, shall, after the yyar one thousand seven himdred to cease after 1796', and ninety-six, cease, with regard to all creditors of the United ^e^itora" who do States who do not, before the expiration of the said period, signify not signify their in writing to the Comptroller of the Treasury their dissent there- '^''*™'' "• from; and that thenceforth, with the exception only of the debts of such creditors who shall so signify their dissent, the funds or rev- enues charged with the said appropriations shall, together, consti- tute a common or conscJlidated fund, chargeable indiscriminately, . Consolidated 1., .. .11 ' n 1 • 1 ' fund, &c. and without priority, with the paymeflt ot the said interest. Sec 14. And be it further enacted. That all certificates, Outstanding eer- coromonly called loan office certificates, final settlements, and in- sented ^fore The dents of interest which, at the time of passing this act, shall be if °l ^^f"JISJi 1 p 1 p -T • 1*^ *^® Auditors outstanding, shall, on or before the first day ot January, in the office, &o. year one thousand seven hundred and ninety-seven, be presented at the office of the Auditor of the Treasury of the United States, for the purpose of being exchanged for other certificates of equiv- alent value and tenor, or at the option of the holders thereof, respectively, to be registered at the said office and returned ; in which case it shall be the duty of the said Auditor to cause some durable mark or marks to be set on each certificate, which shall ascertain and fix its identity, and whether genuine, or counterfeit, or foreed ; and every of the said certificates which shall not be Certificates not -, , <-tpn • 1 • 1 .1* 1111^ presented, Darren, presented at the said office withm the said time shall be forever &c. after barred or precluded from settlement or allowance. Sec. 15. And be it further enacted, That if any transfer of Transferof stock stock, standing to the credit of a State, shall be made pursuant to P,"nt™°ea°*to^be the act entitled "An act authorizing the transfer of the stock stand- upon condition ing to the credit of certain States," passed the second day of Jan- {^^'j^j* jf "^eim- uary, in this present year, after the last day of December next, burse, &o. 16 ACTS OF CONGRESS RELATING TO the same shall be upon condition that it shall be lawful to reim- burse, at a subsequent period of reimbursement, so much of the principal of the stock so transferred as will make the reimburse- ment thereof equal, in proportion and degree, to that of the same stock transferred previous to the said day. Sams remaining Sec. 16. And be it further enacted, That in regard to any two y^elre after thi sum which shall have remained unexpended upon any appropria- yearofappropria-tion other than for the payment of interest on the funded debt; &™,' to'bfcaS for the payment of interest upon and reimbursement, according to to account of the (.o„tPa,ct, of any loan or loans made on account of the United fiurpluB fund, &c. „ „,•' ^ t . t • f* i o ' • States; for the purposes of the sinking fund ; or for a purpose m respect to which a longer duration is specially assigned by law, for more than two years after the expiration of the calendar year in which the act of appropriation shall have been passed, such ap- propriation shall be deemed to have ceased and been determined; and the sum so unexpended shall be carried to an account on the books of the treasury, to be denominated "the surplus fund." jfoappropriation jjut qq appropriation shall be deemed to have so ceased and been have ceased, &c , determined until after the year one thousand seven hundred and i795^^°eVs''ifc'*' ninety-five, unless it shall appear to the Secretary of the Treasury that the object thereof hath been fully satisfied, in which case it shall be lawful for him to cause to be carried the unexpended residue thereof to the said account of " the surplus fund." TheDepartment Sec. 17. And be it further enacted. That the Department of to estabiishTorms the Treasury, according to the respective duties of the several offi- and rules of pro- cers thereof, shall establish such forms and rules of proceeding, ecntionofthis''ac't, for, and touching the execution of this act, as shall be conformable *°- with the provisions thereof. The regulations Sec. 18. And be it further enacted. That all the restrictions relative to'"he'd™ ^^^ regulations heretofore established by law for regulating the ties of the commis- execution of the duties enjoined upon the commissioners of the tog"fund appIS!: sinking fund, shall apply to and be in as full force for the execu- bieto, and in force tion of the analogous duties enjoined by this act as if they were oi'vue anaiogo™ herein particularly repeated and re-enacted ; and a particular duties ej^oined by account of all Sales of stock, or of loans by them made, shall be [♦Altered. See ^^i''' ^e^re Congress within fourteen days after their meeting next act of 29th April, after the making of any such loan or sale of stock.* , sec. .J Sec. 19. And be it further enacted. That in every case in Loans anthoriz- which power is given by this act to make a loan, it shall be lawful be ''made' "by "the for 8"ch loan to be made of the Bank of the United States, al- BankoftheUpited though the Same may exceed the sum of fifty thousand dollars. ctates, &c. * « 4c * * Approved March 3, 1795. May 31, 1796. — AN ACT to mate provision for the payment of certain debts of the United States. Section 1. "Be it enacted by the Senate and House ofRepresenta- ioners of thTsink ^^^^^ of the United States of America in Congress assembled. That ingtundmay bnr-it shall be lawful for the commissioners of the sinking fund, with row,onthejredi^^ljg approbation of the President of the United States, to borrow, state8,&c.,notex-or cause to be borrowed, on the credit of the United States, any LOANS AND THE CURRENCY. 17 sum not exceeding five millions of dollars, to be applied to the '=^°''"s$5,ooo,ooo, ./»,i .,1 . . I n k^t 1 y . ^to be applied tothe payment ot the capital, or pnncipal, ot any parts ot the debt or payment of any the United States, now due, or to become due, during the course [if^u^ff'^.^^gj^'^"' of the present year, to the Bank of the United States, or to the ane, &o. Bank of New York, or for any instalment of foreign debt; and that for the whole, or such part of the said sum as shall be bor- „ .„ J ,./» 1 11 t ■ 1 . ,, , 1 TT . 1 Certmcatestobe rowed, certiticates snail be issued, purporting that the United insued for tue sum States are indebted for the sums to be therein expressed, bear- ^°"?"*^'^ j^^^^'^^^j ing an -interest of six per centum per annum, payable quarter- of 6 per cent, yearly, which sums, at the said rate of interest, are to remain '^'"j sums, &o., fixed and irredeemable until the close of the year one thousand deemabieuntn the eight hundred and nineteen, and to be redeemed thereafter at the "^"^^ °^ ^^'-''' ^''■ pleasure of the United States ; and the Bank of the United States is hereby authorized to lend the whole, or any part, of the said five millions of dollars, and to sell the stock received for such loan. Sec. -2 And be it further enacted, That credits for the sums g„f„7''(^'\''°'^^'^''^« which shall be borrowed pursuant to this act shall be entered rowed to be given and given on the books of the treasury, in like manner as for the reaBury°°&o.°'"'^ present domestic funde.l debt ; and that certificates, for sums not Certificates for less than oni hunlrsd dollars, pursuant to the provisions herein |"u™°'"(|'*''?^*^''° contained, shall be issued by the Register of the Treasury, which by the Register of shall be transferable in like manner and by the like ways and tilmiaMl.'&c^^ means as are provided by the seventh section of the act enti- tled "An act making provision for the debt of the United States," touching the credits or stock therein mentioned ; and that the xhe interest on interest to be paid upon the stock, which sh^U be constituted by '■'^"'""'""''epaid virtue of the loan herein proposed, shall be paid at the oflSces or the c^tdiSTtan^ places where the credits for the same shall from time to time ^■ stand or be, subject to the like conditions and restrictions as are prescribed in and by the eighth section of the act last aforesaid. '^ - - _ _ -' n - „_. - __ _ _ The Bale of cer- Seo. 3. And he it ftirlher enacted'. That it shall be deemed tiHeates^c/stock tn a good execution of the power to borrow, herein granted, for the ^^ deemed a good °, .. £.,i.i- rji ji -.1 execution of the said commissioners or the sinking lund to cause to be constituted power to boirow, certificates of stock, of the description herein mentioned, and to ^ "• . cause the same to be sold in the United States or elsewhere :, Pro- more than a moiety vided. That no more than one moiety of the said stock shall be °^, J""* "i""'' '°''° 111 * 1 • T , I 1 1 »> 1 /» 1 • • ft^^^^ under par. sold under par. And it shall be lawful lor the comrdissioners or The commis- tho sinking fund, if they shall find the same to be mostadvanta- taj" fnn°/ rair"!! geous, to sell such and so many of the shares of the stock of the they find it most Bank of the United States, belonging to the United States, as tiie^^a'l-erof tL they may think proper; and that they apply the proceeds thereof ^*j.<"='^°f ""L^?;'''^ to the payment of the said debts, instead of selling certificates of states, &c,, and stock in the manner prescribed in this act. And such of the rev- to toe 'pay mnT of enues of the United States, heretofore appropriated for the pay- the debts, &c., in- ment of interest of debts thus discharged, shall be, and the same ""'^l^ch 0°' tim rev- are hereby, pledged and appropriated towards the payment of the ™™». &c.,horeto- •^/. °i f'l • • I i-iiiti n i^'^re appropriated interest and instalments 01 the principal which sliall hereatier forthepayuientof become due on the loan obtained of the Bank of the United &c':''''pied'ged''and States, pursuant to tiie eleventh section of the act for incorporat- appropriated to- ing the subscribers to the said bank. Z'titoesraul Sec. 4. And he it farther enacted. That such of the revenues P'incipui of the of the United States heretofore appropriated for the payment of th'ebanii, &c. interest on such debts as may be liberated or set free by payments Such of the nv- L and c 2 1-8 ACTS OF CONGRESS RELATING TO enuea.&c, appro- fi-ojjj t])g proceeds of the loan herein proposed, together with stieh pnated for the „, ^ „. i n ^ -t • i J payment of inter- further sums of the proceeds of the duties on goods, wares, and ?ated'o'l''*s'e°t fJee'™^'"'^'^'™'''®^ imported, on the tonnage of ships or vessels, and &c., together with upon Spirits distilled in the United States, and stills, as may be pTO^eed™"? duto! necessary, shall be, and the same are hereby, pledged and appro- Ac, pledged and prjated for the payment of the interest, which" shall be pay- tile'paymentof in- able upon the sums subscribed to the said loan, and shall continue terest payable np- go pledged and appropriated until the principal of the said loan on the Bums Bub- , <, , ° ^ ,, • '^f j j j i scribed to the loan, shall be lully reimbursed and redeemed. *'"■ . . Sect. 5. And be it further enacted, -That the principal of the loan™ remain the Said loan, bearing interest as aforesaid, shall remain fixed and theciore^of^is'i""''^^^^^™^''^® ^^ "^^ United States until the close of the year &c. ' one thousand eight hundred and nineteen ; after which period the The funds liber- said loans shall be redeemed at the pleasure of the United States, chargeo^thestock^ and the funds which shall be liberated by the discharge of the &c., bearing an in- gtock of the United States, bearing: a present interest of six per terest 016 per cent. , , „ i i 11 i -i 1 pledged for the re- cent., Or SO much thereof as may be necessary, shall be, and the demption. ^ same are hereby, pledged and appropriated for the said redemption, of the ^treasury, Src. 6. Arid he it further enacted, That the department of &e., to establish fije treasury, according to the respective duties of the officers forms and rules of <• 1 11 i 1 '^ 1 11. -i 11., , proceeding touch- thereof, shall, and they are hereby directed to establish such onhis acf&c.''"" ^°'^'"^ ^""^ rules of proceeding, touching the execution of this act, as shall be conformable with the provisions thereof. Approved May 31, 1796. JULV 16, 1796.— AN ACT to enable the President of tlie United States to bor- row money for the public service. Section. 1 . Be it enacted by the Senate and House if Reprcscnt- atiTh''orize^d'to'bo"- °^*^'^* of the United States of America in Congress assembled, That row $5,MO,oooTo ^^^ President of the United States shall be, and hereby is, author- mfSrprepara''^^^ to borrow, on behalf of the United States, Irom the Bank of tions, &c. the United States, which is hereby authorized to lend the same, or from any other body or bodies politic or corporate, or froin any person or persons, and upon such terms and conditions as he shall judge most advantageous for the United States, a sum not exceed- ing five millions of dollars, in addition to the moneys to be re- ceived into the treasury of the United States from taxes, for making up any deficiency in any appropriation heretofore made by law, or to be made during the present session of Congress, and defraying the expenses which may be incurred by calling into actual service any part of the militia of the United States, or by raising, equip- ping, and calling into actual service, any regular troops, or volun- teers, pursuant to authorities yested, or to be vested, in the Presi- Un'^feTstatesiot''™'"*'^'"' ^"^'^'^ ^'^'^^' ^J law : Prorided,T\i&l no engage- to be precluded uieut uor contract shall be entered into which shall preclude the iZ w"t' V^'t^"^, S'^'^^ fr°«i reimbursing any sum or sums borrowed at any time after the expiration of fifteen years from the date of such loan. 6^:^'::^!,^, sec 2. And he it further enacted. That so much as may be and tonnage necessary of the surplus of the duties on imports and tonnage piyment rfprta' teyond the permanent appropriations heretofore charged upon thim cipai and interest, by law, shall be and hereby is pledged and appropriated for pay- LOANS AND THE CURRENCY. 19 ing the interest of all such moneys as may be borrowed pursuant to this act, accorrling to the terms and conditions on which the loan or loans, respectively, ijiay be effected ; and, also, for paying and discharging the principal sum or sums of any such loan or loans, according to the terms and conditions to be fixed as afore- said ; and the faith of the United States shall be and hereby is Permanent rev- pledged to establish sufficient permanent revenues for making up ^ues fur making ■^ 1 rt . ,1 i 1 n^ ' .1 • • j> "P fhfi deficiency any denciency that may lioreaiter appear m the provisions tor pay- to bo estabUahed. ing the said interest and principal sums, or any of them, in manner aforesaid. Sec. 3. And he it JurtJio enacted, TLha,t the aivoas to be borrowed Sums borrowed pursuant to this act shall be paid into the treasury of the United treasury, &c'° States, and there separately accounted for; and that the same shall be, and hereby are, appropriated in manner following : first, Appropriation to make up any deficiency in any appropriation heretofore madebebo'rrow°Tt'o'tiie by law, or to be made, during the present session of Congress ; objectsmentioncd. and, secondly, to defray the expenses which may be incurred be- fore the end of the next session of Congress by calling into actual service any part of the militia of the United States, or by raising, equipping, and calling into actual service any regular troops or volunteers, pursuant to authorities vested, or to be vested, in the President of the United States, by law. Approved July 16, 1798. May 7, 1800.— AN ACT to enable tlie President of the United States to boiTovy money for the public service. Section 1. Be it enacted by the Senate and House of Repre- sentatives of the United States of America in Congress assembled, That the President of the United States shall be, and hereby is, ^he President authorized to borrow, on behalf of the United States, from the "uthbiized to bor- Bank of the United States, which is herelay authorized to lend the on^uc'b teVms^aa same, or from any other body or bodies poljtic or corporate, ov'^^^^y^^^^s^^'^^^^ from any person or persons, and upon such terms and conditions as he shall judge most advantageous for the United States, a sum not exceeding three millions five hundred thousand dollars, in ad- dition to the moneys to be received into the treasury of the United States from taxes, for making up any deficiency in any appropri- q^.^^j^^, ^^ ^^^ ation heretofore made by law, or to be made during the present loan."' session of Congress, and defraying the expenses whicli may be in- curred by calling into actual service any part of the militia of the United States, or by raising, equipping, and calling into actual service any regular troops or volunteers, pursuant to authorities vested or to be vested, in the President of the United States, by law : Provided, That no engagement nor contract shall be entered pro^igo tiie into -which shall preclude the United States from reimbursing any United states not , J- , , . r.. ii . ... I- nv^ to be precluded sum or sums borrowed at any time alter ttie expiration ot titteen from reimbureing, years from the date of such loan. |=- »"" ^^ years, Sec. 2. And be it further enacted. That so much as may be ^^^^^^^ <,f ^y. necessary, of the surplus of the duties on imports and tonnage, ties, &c., pledged beyond the permanent appropriations heretofore ciiarged upon them [°J'e*rt! &"™ana by law, shall be, and hereby is, pledged and appropriated for pay- the principal, &c. 20 ACTS OF CONGRESS EELATING TO ing the interest of all such moneys as may be borrowed pursuant to this act, according to the terms and conditions on which the loan or loans, respectively, may be effected; and also (or paying and discharging the principal sum or sums of any such loan or loans, according to the terms and conditions, to be fixed as afore- The faith of the said ; and the faith of the United States shall he, and hereby is, United States pledged to establish sufficient permanent revenues for makmg up fag''up''aefldency;any deficiency that may hereafter appear in the provisioiasforpay- &o. ' ing the said interest and principal sums, or any of them, in manner aforesaid. The sums to be Sec. 3. And hc it further enacted, That the sums to be borrowed borrowed to he puj-g^aut 1o this act shall be paid into the treasury of the United «ury,'&c.*''^ "'"'' States, and there separately accounted for; and that the same shall be, and hereby are, appropriated in the manner following : Specific appro- First, to make up .^ny deficiency in any appropriation hereto- priation of the fore made by law, or to be made during the present session of rowed.*" *° '""' Congress ; and secondly, to defray the expenses which may be incurred before the end of the next session of Congress, by catl- ing into actual service any part of the militia of the United States, or by raising, equipping, and calling into actual service any reg- ular troops or volunteers, pursuant to authorities vested or to be vested by the President of the United States by law. Approved May 7, 1800. November 10, 1803.— AN ACT authorizing the creation of a stock to the amount of eleven millions two hundred and fifty thousand dollars, for the purpose of carrying into effect the convention of the thirtieth of April, one thousand eight hundred and three, between the United States of America and the French republic ; and making provision for the payment of the same. Seotion 1. Be it enactedby the Senate and House of Representa- tives of the United Stales of America in Congress assembled. That for the purpose of cari-yii^g into effect the convention of the thir- tieth day of April, one thousand eight hundred and three, between The Secretary the United States of America and the French republic, the Secre- ciuse '^ceHmcatls tary of the Treasury be, -and he is hereby, authorized to cause to be of btocic to be con- constituted certificates of stock, signed by the Register of the tho'French repub- Treasury, in favor of the French republic, or of its assignees, for ""' *;"•> ^"^ ^'^'"the sum of eleven million two hundred and fifty thousand dollars, 250,000, bearing an ; . ...... , '' ^ ,. interest of 6 per bearing an interest oi six per centum per annum, Irom the time '^°'''- when possession of Louisiana shall have been obtained, in con- foi'mity with the treaty of the thirtieth day of April, one thou- sand eight hundred and three, between the United States of America and the French republic, and in other respects conform- The President able with the tenor of the convention aforesaid ; and the Presi- Mte's'^T stock 'to dent of the United States is authorized to cause the said certificates be delivered to the of gtock to be delivered to tlie j;overnment of France, or to such Francef^&c, i°a person or persous as shall be authorized to receive them, in three thr\"cb'a'o"e"ot'^°"''^^^ ^^ ™''^''' ^^'^'' ^'^"^ exchange of the ratifications of the ratiflcationsoftho treaty aforesaid, and after Louisiana shall be taken possession treaty, &c. ^j j^^ ^^^ name of the government of the United States ; and propri^tirB'of the<=''edit, or credits, to the proprietors thereof, shall thereupon Btociitobuentcred be entered and given on the books of the treasury, in like LOANS AND THK CUGIiENCY. 21 manner as for the present domestic funded debt; which said ™t''« books of the credits or stock shall thereafter be transferable only on the books ToT^trlmtlrMo, of the Treasury of the United States, by the proprietor or pro- '^''• prietors of such stock, his, her, or their attorney; and the faith The faith of the of the United States is hereby pledged for the payment of the in-piedgfa J' ^'^l terest, and for the reimbursement of the principal, of the said slock, payment of inter- in conformity with the provisions of the said convention : Provided, &o.™'^ P'mo'pai, however, That the Secretary of the Treasury may, with the appro- Proviso: the bation of the President of the United States, consent to discharge Treasury °may^ the said stock, in four equal annual instalments, and also shorten ^o-. shorten the the periods fixed by the convention for its reimbursement : And SCrsement,''"' provided, also, That every proprietor of the said stock may, until *<=■ otherwise directed by law, on surrendering his certificate of such prie™rs'"'of sfo'ck stock, receive another to the same amount, and bearing an interest ""y. <"> surren- of • six per centum per annum, payable quarter-yearly at the ree"°le°oth?rs?un'- Treasuryof the United States, tii, &c. Sec. 2. And be it further enacted. That the annual iiterest, "^^^ """T,' '"' 1 • J L ^ I'l • n • • , ^ terest payable in accruing on the said stock, which may, in coniormity with the Europe to be paid convention aforesaid, be payable in Europe, shall be paid at tb-^aiBMag^toT^mct rate of four shillings and sixpence sterling for each dollar, if dollar, if in Lon- payable in London, and at the rate of two guilders and one-half of er8°'if"i^^Amster'- a guilder, current money of Holland, for each dollar, if payable *'""■ in Amsterdam. Sec. 3. And be it farther enacted. That a sum equal to what •* siim, &c., ap- will be necessary to pay the interest which may accrue on the terSt'' " said stock, to the end of the present year, be, and the same is hereby, appropriated for that purpose, to be paid out of any mo- neys in the treasury, not otherwise appropriated. Sec. 4. And be it further enacted, That from aiid after the end $7on,ooo appro- of the present year, (in addition to the annual sumof seven mil- P'g''Ja*i°ln^ad'al■ lions three hundred thousand dollars yearly appropriated to the ""i. &«•' sinking fund, by virtue of the act entitled "An act making pro- vision for the redemption of the whole of the public debt of the United States,") a further annual sum of seven hundred thousand dollars, to be paid out of the duties on merchandise and tonnage, be, and the same hereby is, yearly appropriated to the said fund, making in the whole, an annual sum of eight millions of dollars, $8,000,000 in the which shall be vested in the commissiotiers of the sinking fund, the'oo'mmlssi'onera in the same manner, shall be applied by them for the same pur- °' ^^^ sinking poses, and shall be, and continue, appropriated until the whole of the present debt of the United States, inclusively of the stock created by virtue of this act, shall be reimbursed and redeemed, under the same limitations as have been provided by the first section of the above-mentioned act, respecting the annual appropriation of seven million three hundred thousand dollars made by the same. Sec. 5. And be it further enacted, That the Secretary of the the Treasmy^to Treasury shall cause the said further sum of seven hundred thou- SS,"'" *? ?"■" ?i T T 1, 1 .1 1 . . r> 1 . 1 • f 1 • $700,000 to be paid sand dollars to be paid to the commissioners 01 the sinking lund, in to the commission- the same manner as was directed by the above mentioned act re- |und' m'the "man? specting the annual appropriation of seven millions three hundred ner directed by the thousand dollars ; and it shall be the duty of the commissioners =1" '^fo"'^*'"''^'''- .1. ft -i 1-11 .1 PI .-I The commission- 01 the Sinking fund to cause to be applied and paid, out or the said ers of the sinking fund, yearly and every year, at the Treasury of the United States, pa-d,,*yeariy,*°the such sum and sums as may be annually wanted to discharge the interest, charges, annual interest and charges accruing on the stock created by vir- 1^^ i'tookTreated tue of this act, and the several instalments, or parts of principal by this act, &c. 22 ACTS OP CONGRESS RELATING TO of the said stock, as the same shall become due, and may be dis- charged, in conformity to the terms of the convention aforesaid and of this act. Approved November 10, 1803. November 10, 1803.— AN ACT making provision for the payment of claims of citizens of the United States on the government of France, the payment of which has been assumed by the United States, by virtue of the conven- tion of the thirtieth of April, one thousand eight hundred and three, between the United States and-the French republic. Section 1. Be it enacted by the Senate and House of Representa- Not exceeding ^j^jg^ of tlic United States of America in Congress assembled, That IpproprTted ^{ii a sum, not exceeding three millions seven hundred and fifty thou- *? h '""■n^"^" the ^^^^ dollars, (inclusive of a sum of two millions of dollars appro- ciaLs'^of dtizens priated by the act of the twenty-sixth day of Februaty, one thou- efnm™to?Prfnc; sand eight hundred and three, entitled " An act making further under the conven- provision for the expenses attending the intercourse between the tton referred to, United States and foreign nations,") to be paid out of any moneys in the treasury not otherwise appropriated, be, and the same Hereby is, appropriated for the purpose of discharging the claims of citi- zens of the United States against the government of France, the payment of which has been assumed by the government of the United States, by virtue of a convention made the thirtieth, day of April, one thousand eight hundred and three, between the United States of America and the French republic, respecting the said claims. The Secretary of q^q_ 2. And bc it further enacted. That the Secretary of the cause to''be'*paid Treasury shall cause to be paid, at the treasury of the United daim^^wmded States, in Conformity to the convention aforesaid, the amount of under the conven- sucli claims above mentioned as, under the provisions of the said tion, &c. convention, shall be awarded to the respective claimants ; which Payments to be payments shall be made on the orders of the minister plenipoten- r^the"' mtairter tiary of the United States, for the time being, to the French repub- plcnipotentiary of lie, in conformity with tlie convention aforesaid, and the said min- &c., who is to iM) ister shall bo charged on the treasury books with the whole amount charged with the pf g^gjj payments. Until he shall have exhibited satisfactory proof whole amount,&c. , ^•'.~. f»i ii. t i.t until, &c. to the accounting olncers oi tne treasury that his orders thus paid have been issued in conformity with the provisions of the said con- vention. nttorize^"o'bor' Sec. 3. And be it further enacted, That the President of the row $1,750,000 for United States be, and he hereby is, authorized to borrow, on the tWB ac^are per •^'^^^^'^ °^ *^^ United States, to be applied to the purposes author- cent., &'c. ized by this act, a sum not exceeding one million seven hundred and fifty thousand dollars, at a rate of interest not exceeding six per centum per annum, reimbursable out of the appropriation made by virtue of the first section of this act, at the pleasure of the United States, or at such period, not exceeding five years from the time of obtaining the loan, as may be stipulated by contract; and it shall be lawful for the Bank of the United States to lend the same. Duties on mcr- Skc. 4. And be it further enacted. That so much of the duties propriat^ed'*'"'' fur on merchandise and tonnage as maybe necessary, be, and the. paying the inter- game hereby is, appropriated for the purpose of paying the interest est on tlie io&ii, I'lin ii'ii which shall accrue on the said loan. LOANS AND THE CURRENCY. 23" Sec. 5. And he it further enacted, That, for defraying; the ex-^N"' exceeding pense inciclent to the investigation ot the claims above mentioned, ated for defraying there be appropriated a sum not exceeding eighteen thousand five d'^°„t°to''the°inveg- hundred and seventy-five dt)llars. to be paid out of any moneys in tigation of claims, the treasury not otherwise appropriated : Provided, That the com- °' pensation to be made to any of the commissioners appointed, or to satlonof'anyoom- be appointed, in pursuance of the above mentioned convention, "lissioner not to in 11 p p 1 1 /> 111 1 ^/> exceed $4, 4d0 per shall not exceed the rate ot tour thousand rour hundred and nity annum; of their doilars per annum; that the compensation of their secretary shall ^^"^'"'[^^ *age^nt not exceed the rate of two thousand two hundred and twenty-five $i,ooo. dollars per annum ; and that the compensation of the agent shall not exceed the rate of one thousand dollars per annum. Approved November 10, 1803. March 14, 1812. — AN ACT authorizing a loan for a sum not exceeding L*See snpple- eleven millions of dollars. juTy MSia."' Section 1. Beitenacledhy the. Senate and House of Representa- tives of the United States of America in Congress assembled, That The President the President of the United States be, and he is hereby, author- r"w!°on tte'creSlt ized to borrow, on the credit of the United States, a sum not "' *» United exceeding eleven millions of dollars, at an interest not exceeding ceedin'g $ii,ooo,- six per centum per annum, payable quarter-yearly, to be applied, ™^' exceedtn'^'^6 in addition to the moneys now in the treasury, or which may be per cent, per an- received from other sources, to defray any of the expenses which ™' ^^y" of the have been, or may, during the present session of Cpngress, be expenses author- authorized bylaw, and for which appropriations have been, or the present session may, during the present session of Congress, be made by law : "^ Congress, &c. Provided, That no engagement nor contract shall be entered into Proviso: the Uni- which shall preclude the United States from reimbursing any sum be precluded from or sums thus borrowed, at any time after the 'expiration of twelve ■'eimbursing any „,„,„-.•' '^ ■ sum borrowed at- years, from the first day ot January next. . ter Jan. i, 1825. Skc. 2. And he it further enacted, That the President of the The President to United States be, and he is hereby, authorized to cause to be con- of"tocit^t"wo'n- stitnted certificates of stock, signed by the Register of the Treasury, stituted, &c., to be or by a commissioner of loans, for the sum to be borrowed by virtue of this act, or for any part thereof, bearing an interest of six per centum, and reimbursable as aforesaid ; which stock, thus > created, shall be transferable in the same manner as is provided by law for the transfer of the existing public debt of the United . States ; and it is hereby further declared, that it shall be deemed eution of ^hepow- a good execution of the said power to borrow, for the President of ^^^*° ^,^"'°^^^^^. the UnHed States to cause the said certificates of stock, or any catesof stocittobe part thereof, to be sold: Provided, Tha.t no such stock shall be sJiok^ottobrslTd sold under par. """^ ?<"■• Sec. 3. And be it farther enacted. That so much of the fuuds J„° ^7'ifp °^p*>! constituting the annual appropriation of eight millions of dollars, tion of $3, ooo, ooo for the payment of the principal and interest of the public debt oTthl'pabiifS! of the United States, as may be wanted for that purpose, after-as may be wanted, . n . 1 D L^ t £■ ii ■ 1 1 J ^'^■\ pledged and satisfying the sums necessary tor the payment ot the interest, and appropriated to such part of the principal, of the said debt, as the United States p^J _.^'|'^^^°*|';'^«^' are now pledged annually to pay or reimburse, is hereby pledged principal of the and appropriated for the payment of the interest, and for the ^Ms^ctTand the reimbursement of the principal, of the stock which may be commissioners of created by virtue of this act ; it shall, accordingly, be the duty cause" thi Tum^s 24 ACTS OF CONGRESS RELATING TO that may be want- of tijg commissionei s of tlie sinking fund, to cause to be applied eu to be applied _,- „ .ini i i t accordingly, &c. and paid out 01 the said rund, yearly, such sum and sums as may be annually wanted to discharge the interest accruing on the said stock, and to reimburse the principal as the same shall become due, and may be discharged in conformity with the terms of the loan ; and they are further authorized to apply, from time to time, such sum or sums ont of the said fund as they may think proper towards redeeming by purchase, and at a price not above par, the The faith of principal of the said stock, or any part thereof. And the faith of pWgLd'to S- t''e United States is hereby pledged to establish sufficient reve- liBh Buffloient rev- nues for making up any deficiency that may hereafter take place up"any deficiency^ in ^^^ fuuds hereby appropriated for paying the said interest and &o- principal sums, or any of them, in manner aforesaid. Anyofthcbanks Sec. 4. And he it further enacted.. That it shall be lawful for Coiumb?i'"'''may a^y of the banks in the District of Columbia to lend any part of lend any part of the sum authorized to be borrowed by virtue of this act, anything ize°d °to"be" bor-^i ^ny of their charters of incorporation to the contrary notwith- rqwed, &c. Standing. Approved March 14, 1812. June 30, 1812. — AN ACT to authorize the issuing of treasury notes. SKCTroiv 1. Be it enacted by the Senate and House of Repre- sentatives of the United States of America in Congress assemhledt cause°^'''trea°aryThat the President of the United States be, and he is hereby, notes to be issued authorized to cause treasury notes, for such sum or sums as he may Is'ooo.ooa""^ "^ think expedient, but not exceeding, in the whole, the sum of five millions of dollars, to be prepared, signed, and issued, in the manner hereinafter provided. The notes to be Sec. 2. And be it further enacted. That the said treasury notes in™ ye'ar, 'ar'the shall be reimbursed by the United States at such places, respect- places mentioned, ively, as may be expressed on the face of the said notes, one year, respectively, after the day on which the same shall have been Thenotesto bear issued; from which day of issue they shall bear interest, at the anmterestof 5and ,. n t* -\ ._ nei , ,t , 2-5ths per centum I'^te ot hve and two-htths per centum a year, payable to the owner fL°,S ^^^ ^^^ "' ^"d owners of such notes, at the Treasury, or by the proper com- missioner ot loans, at the places and times respectively designated on the face of said notes for the payment of principal. The treasury Sec. 3. And be it farther enacted. That the said treasury notes by pVrsGM ^Tbe sball be, respectively, signed, in behalf of the United States, by Presii3'ent*whoar''P'''^^°°® ^° ^^ appointed for that purpose by the President of the toreceive'$i 25 for United States ; two of which persons shall sign each- note, and ^gnTd, &c. ''°'^'' stall each receive, as a compensation for that service, at the rate of one dollar and twenty-five cents for every hundred notes thus sig^nrf by ti'e*com^ ^'8°^^ ^1 *^™' respectively ; and the said notes shall likewise be missionerof loans, countersigned by the commissioner of loans for that State where ^'" the notes may respectively be made payable. of'^the TrelsuT/ '^^^- ^- -^^^ *« «'* further enacted, That the Secretary of the under the direc- Treasury be, and he is hereby, authorized, with the approbation dont,°to cauBr'aof 'lie President of the United States, to cause to be issued such portion of said portion of the said treasury notes as the President may think notes to be issued ^ -,. , . p ^ ,, i i t , , "^ i"iiii\. in payment of 8up- expedient, m payment ot supplies, or debts due by the United sich a" choose J" States, to such public creditors, or other persons, as may choose receive them, &c. to receive such notes in payment, as aforesaid, at par. And the The Secretary of Secretary of the Treasury is further authorized, with the appro- LOANS AND THE CURRENCY. 25 bation of the President of the United States, to borrow, from J'''' J'f ™ry au- ... -, , i-r».i t • t thorized, &c., to time to time, not under par, such sums as the President may think borrow on the expedient, on the credit of such notes. And it shall be a good ^''f' *°f""'°°"''' execution of this provision to pay such notes to such bank or banks as will receive the same at par and give credit to the Treas- urer of the United States for the amount thereof, on the day on which the said notes shall thus be issued and paid to such bank or banks, respectively. Sec. 5. And be itjurther enacted, That the said treasury notes ''"'?'">"'«" tf^""- shall be transferable by delivery, and assignment indorsed tiiereonery and asBign- by the person to whose order the same shall, on the face thereof, ™™'' *^'^- have been made paj'able. ' Sf.c. 6. And be it further enacted, That the said treasury notes, ^^^ ^ '^T'"^ wherever made payable, shall be everywhere received in payment ceived in payment of all duties and taxes laid by the authority of the United States, pubuo'iands'&r' and of all public lands sold by the said authority. On every such oa every pay- payment, credit shall be given for the amount of both the principal ^^^^^ "Ic'^'creflit and the interest which, on the day of such payment, may appear to be given for due on the note or notes thus given in payment. And the said J'Jres'tf&c.rthe In- interest shall, on such payments, be computed at the rate of one tereet to be com- cent and one-half of a cent per day on every hundred dollars ofofii per cent. "per principal, and each month shall be computed as containing thirty *^y™°^^''y*i'"'' days. Sec. 7. And be it further enacted. That any person makine; Persona making , , ixT..if>(, . 1 -T .,,1 payment to the payment to the U nited (States in the said treasury notes, into the united states in hands of any collector, receiver of public moneys, or other public {o'^^he'^handsVa officer or agent, shall, on books kept according to such forms as collector, &c., to shall be prescribed by the Secretary of the Treasury, give dupli- uficates! '&c.! and cate certificates of the number and respective amount of principal ^^e collector, on and interest of each and every treasury note thus paid by such receive o'reait,"&c° person ; and every collector, receiver of public moneys, or other public officer or agent, who shall thus receive any 'of the said treasury notes in payment, shall, on payment of the same into the treasurer, or into one of the banks where the public moneys are or may be deposited, receive credit both for the principal and for the interest, computed as aforesaid, which, on the day of such last mentioned payment, shall appear due on the note or notes thus paid in. And he shall be charged for the interest accrued on such The collector to note or notes from the day on which the same shall have been Jjftere'srfrom^ho received by him in payment, as aforesaid, to the day on which the time of receiving same shall be paid by him, as aforesaid : Provided always. That paying over the no such charge or deduction shall be made with respect to =^7 jujrctar'e'^ords)" bank into which payments as aforesaid may be made to the United ducuontobemade States, either by individuals or by collectors, receivers, or other ^^^^^ "^which re"- public, officers or agents, and which shall receive the same as specie, ceive the notes and give credit to the Treasurer of the United States for the amount ^?Je CTedu 'torto thereof, including the interest accrued and due on such notes on Treasurer for the the day on which the same shall have been thus paid into such bank on account of the United States. Sec. 8. And he it further enacted, That the commissioners of J''»j';°™^=^™g the sinking fund be, and they are hereby, authorized and directed fund directed to to cause to be reimbursed and paid the principal and interest of p™ and intent of the treasury notes which may be issued by virtue of this act, at tiio treasury notes ,•' . -, . 1.1 T. . .1 to be reimoursed, the several time and times when the same, according to the pro- &c. visions of this act. should be thus reimbursed and paid. And the ^;^\« ™™™™- said commissioners are further authorized to make purchases of make purchase's of 26 • ACTS OF CONGRESS RELATING TO the notes, &c for the Said notes, in the same manner as of other evidences of the the amoiint of the , - . - , ' . ^ . j? i t. e pvincipai and in- puDUc debt, and at a price not exceedmg par, tor the amount or terestdue, &e. jjjg principal and interest due at the time of purchase on such So mnch of the notes. So much of the funds constituting the annual appoopria- uon"o^f s^oooiooo'of '^i°'^ °^ ®'g^' milHons of dollars, for the principal and interest of doiiarB as may be the public debt of the United States, as may be wanted for that rd'!&c.'!te°he pa|; purpose, after satisfying the sums necessary for the payment of ment of interest the interest and such part of the principal of the said. debt as the mentoftheprinci- Unitd States are now pledged annually to pay and reinburse, is pal of the notes, hereby pledged and appropriated for the payment of the interest, and moneys m the •, „■' -^ °. , fr r r ^ • ■ i c 1.1 -J treasury appropri- and lor the reimbursement or purchase or the principal, or the said np any°defiden'oy^ lotes. And SO much of any moneys in the treasury, not other- &c- wise appropriated, as may be necessary for that purpose, is hereby appropriated for making up any deficiency in the funds thus pledged and appropriated for paying the principal and interest as aforesaid. 200,000 dolls, ap- Sec. 9. ^nd be it further enacted., That a sum of twenty thou- propnated for the n* t n , -i /i • 1 expense of issuing sand dollars, to be paid out or any moneys in the treasury not auft*orSed^by"tMa °*'^^^'"^'^^ appropriated, be and the same is hereby appropriated, act. for defraying the expense of preparing, printing, engraving, sign- ing, and otherwise incident to the issuing of the treasury notes authorized by this act. and hard"iX" for '^^^- ^^- And be it further enacted, That if any person shall not less than 3 nor falscly make, forge, Or counterfeit, or cause, or procure to be falsely "nTfined nofex- ^^.de, forged. Or counterfeited, or willingly aid or assist in falsely ceeding5,ooo dolls, makinff, forffinff, or counterfeiting:, any note, in imitati6n of, or pur- for forging, conn- ,. * , ^C \ i. r -J l- 11 r l 1 i.l terfeiting, falsely portiug to be, a treasury note aforesaid ; or shall ralsely alter, or altering, or utter- cause or procure to be falsely altered, or willingly aid or assist in ing any forged, c ^ ^ ^ • .t p • •\ counterfeited, or falsely altering, any treasury note issued as aforesaid; or shall Sasmynotest&c^P^^^' "'^'^'■' "'■ Publish, Or attempt to pass, utter, or publish, as true, any false, forged, or counterfeited note, purporting to be a treasury note as aforesaid, knowing the same to be falsely forged or counterfeited ; or shall pass, utter, or publish, or attempt 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 adju Iged guilty of felony, and, being thereof convicted by due course of law, shall be sentenced to be imprisoned and kept to hard lab )r foe a period not less than three years, nor more than ten years, and be fined in a sum not exceeding five thousand dollars. Approved June 30, 1812. Febrlary 8, 1813. — AN ACT authorizing a loan for a sura not exceeding • sixteen millions of dollars. Secteom 1. Be it enacted by the Senate and House of Repre- sentatives of the United States of America in Congress assem- auTh''ori^e"d''Io tr- *^«'^' ^hat the President of the United States be, and he is hereby, row, on the cied- authorized to borrow, on the credit of the United States, a sum states,'a''8um°notnot exceeding sixteen millions of dollars, to be applied, in addi- ooo^ot''!fonarB'"to '"'"^ '" ^^^ moneys nowin the treasury, or which maybe received defray authorized from Other sources, to defray any of the expenses which have expenses, &c. heeu, or, during the present session of Congress, may be, author- ized by law, and for which appropriations have been, or, during the present session of Congress, may be, made by law : Provided, LOANS AND THE CUREENCY. 27 That no engagement nor contract shall be entered into which Proviso : Any shall preclude the United States from reimbursing any sum or maybereimbursed sums thus borrowed, at anytime after the expiration of twelve'™"!^? y^"™"""' om the nrst day or January next : And it is hereby fur- isw, ther declared. That it shall be deemed a good execution of the ^aie of the cer- said powei- to borrow -for the President of the United States to good exccaUon of cause to be sold the whole or any part of the certificates of stock ^^p""""' '" '^'"'" issued for the sums to be borrowed by virtue of this act. Sec. 2. And he it further enacted, That the President of the The President to United States do cause to be laid before Congress, on the first J™'*(^°,^^,.'ff */^' Monday in Pebruaiy, eighteen hundred and fourteen, or as soon account of aii the thereafter as Congress maybe in session, an account of all the {["y thrsaie^'of' Mr- moneys obtained by the sale of the certificates of stock, by virtue "ficatea, &c. of the power given him by the preceding section, together with a statement of the rate at which the same may have been sold. Sec. 3. And be it further enacted, That the Secretary of the The Secretary of Treasury be, and he is hereby, authorized to employ, with thp IJjg Jpp^Sta S approbation of the President of the United States, an agent or tiie President, to agents, for the purpose of obtaining subscriptions to the loan oSaia"*" fub3crip°- authorized by this act, or of selling any part of the stock created """^ *<> "i" 'o™' by virtue thereof. A commission not exceeding; one-quarter of commission to one per cent, on the amount thus sold, or for which subscriptions agents. shall have been thus obtained, may, by the Secretary of the Treasury, be allowed to such agent or agents ; and a sum not ex- 40,ioo dollars ap- ceeding forty thousand dollars, to be paid out of any moneys in TOmmLiona° and the treasury not otherwise appropriated, is hereby appropriated, '1'*^^ °''""' '^^- for paying the amount of such commission or commissions as may be thus allowed,' and also for defraying the expenses of printing and issuing the subscription certificates and certificates of stock, and other expenses incident to the receiving of subscriptions, and completing the loan authorized by this act. Sec. 4. And be it further enacted, That bo much of the funds ^i^surpiusfands^of constituting the annual appropriation of eight millions of dollars priation of eight for the payment of the priijcipal and interest of the public debt of ™™^°p°yj^°Uj^j the United States as may be wanted for that purpose, after satis- the public debt fying the sums necessary fjr the payment of the interest and such pL^mentof the'icT- part of the principal of said debt as the United States are now teiest and priuci- pledged annually to pay or reimburse, is hereby pledged and ap- atBd°by*virtue°'of propriated for the payment of the interest, and for the reimburse- *'*'^°*- ment of the principal, of the stock which may be created by virtue of this act ; it shall, accordingly, be the duty of the commissioners Commissioners of of the sinking fund to cause to be applied and paid, out of the said causeVe'sum" .in° fuud, yearly, such sum and sums as may be annually wanted to °"""y, ''™°'^^^ '° discharge the interest accruing on the said stock, and to reimburse the principal, as the same shall become due and may be discharged in conformity with the terms of the loan ; and they are further authorized to apply, from time to time, such sum or sums, out of the said fund, as they may think proper, towards redeeming, by purchase, and at a price not above par, the principal of the said stock, or 'any part thereof. And the faith of the United States is The^'*'"'' °f J|.^^ hereby pledged to establish sufficient revenues for making up any pledged to estab- deficiency that may hereafter take place in the funds hereby ap- enueTt^^maL'^'iip propriated for paying the said interest, and the principal sums, or any deficiency. any of them, in manner aforesaid. Sec. 5. And he it further enacted, That it shall be lawful for Banks in the any of the banks in the District of Columbia to lend any part of tia aSthorized to 28 ■ ACTS OF CONGRESS RELATING TO mfr?™^ 'i"'3^'"tho sum authorized to be borrowed by virtue of this act, anything '*'^"' in any of their charters of incorporation to the contrary notwith- standing. Approved February 8, 1813. February 25, 1813.— AN ACT anthoriziDg the issuing of treasury notes for the service of the year one thousand eight hundred and thirteen. Section 1. Be it enacted hy the Senate and Huuse of Repre- sentatives of the United States of America in Congress assemhled. The President to That the President of the United States be, and he is hereby, cause treasury , . t i> -\ 1 iioten for 5,000,000 authorized to cause treasury notes, lor such sum or suras as ue pared'!;ndissuei"'^*y ^''^ expedient, but not exceeding in the whole the sum of five millions of dollars, to be prepared, signed, and issued, in the manner hereinafter provided. ofsooo'Sor" Sec. 2. And he it further enacted. That the President of the maybeissued!&o! United States be, and he is hereby, authorized, in addition to the amount authorized by the next preceding section of this act, to cause treasury notes, for such sum or sums as he may think ex- pedient, but not exceeding in the whole the further sum of five millions of dollars, to be prepared, signed, and issued, in the man- Proviso: The j^gr hereinafter provided: Provided, That the amount of money amount borrowed , _ i.t, . ^i i.i i* j by virtue of notes borrowed Or obtained by virtue oi the notes, which may be issued seo"io*ntobedeem-^y virtue of this sectiou shall be deemed and held to be in part ^d part of the 16,- of the sum of sixteen millions of dollars authorized to be borrowed &o.' ° ° "'"' by virtue of the act to that effect, passed during the present ses- sion of Congress. The notes to be Sec. 3. And he it further enacted. That the said treasury piLTe''s™p''ressedl "o'^s shall be reimbursed by the United States, at such places, year after they is- respectively, as may be expressed on the face of the said notes, ''"^' °' one year respectively after the day on which the same shall have Five and two- been issued ; from which day of issue they shall bear interest, at terestftSmThe day '^'^ '^*''® '^'^ ^^^ ^^^ two-fifths per centum a year, payable to the of issue, &c. owner and owners of such notes, at th5 treasury, or by the proper commissioner of loans, or by the officer designated for that pur- pose, at the places and times respectively designated on the face of said notes, for the payment of the principal. The notes to be Sk,c. 4.. ^«(^ he it further enacted, That the said treasury tobBap7oin?ed°by ""'es shall be respectively signed, in behalf of the United States , the President, &c. by persons to be appointed for that purpose by the President of the United States, two of which persons shall sign each note, and ^po^p^at'ojfor shall each receive, as a compensation for th;it purpose, at the rate signing, c. ^£ ^^g dollar and twenty-five cents f )r every hundred notes thus signed by them respr-ctively ; and the said notes shall likewise coTn'terai'ned°&e° "'^ Countersigned by the commissioner of loans for that State where ■ the notes may respectively be made payable, or by the Register of the Treasury if made payable in the District of Columbia, or by a person to be appointed for that purpose by the President of the United States if made payable in a State for which there is Compensation for 110 commissioner of loans: which person or persons thus an- coiintersigmng,iic. -,.11,111 ■ ' ,. .- ' ^1 , ■= "i* pointed, shall also receive, as a compensation tor that service, at the rate of one dollar and twenty-five cents for every hundred The Secretary of "0*8^ ^'^'^ signed by him Or them respectively. the Treasury may Sec. 5. And he it further enacted, That the Secretary of the wippiies, &c!"' "'Treasury be, and he is hereby, authorized, with the approbation LOANS AND THE CURRENCY. 29 of the President of the United States, to cause to be issued such portion of the said treasury notes as the President may think ex- pedient, in payment of supplies, or debts due by the United States, to such public creditors or other persons as may choose to receive such notes in payment, as aforesaid, at par ; and the tlo Secretary, Secretary of the Treasury is further authorized, with the appro- f°\\,^^^ y^°Y°^ bation of the President of the United States, to borrow, from time notes, &c. to time, not under par, such sums as the President miy think ex- pedient on the credit of such notes ; or to sell, not under par, such or sell &c portion of the said notes as the President may think expedient. And it shall be a good executipn of this provision, to pay such The notes may notes to such bank or banks as will receive the same at par, and J"* p""'' to huch ,, irn f 1 TT • 1 -i f 1 banks aa will re- give credit to the Treasurer oi, the U nited btates tor the amount ceive them at par thereof, on the day on which the said notes shall thus be issued ™/ ^'™ ™''''' and paid to such bank or banks respectively. Sec. 6. And be it further enacted, That the Secretary of the The Secretary of Treasury be, and he is hereby, authorized, with the approbation empioy'agent^for of the President of the United States, to employ an agent or ^^""s ">«> ""'es, agents for the purpose of selling any portion of the notes which may be issued by virtue of this act ; a commission not exceeding commission to one-quarter of one per cent, on the amount thus sold, may by the the agents. Secretary of the Treasury, be allowed to such agent or agents ; and a sum not exceeding twenty five thousand dollars, to be paid Not exceeding out of any moneys in the treasuiy not otherwise appropriated, is p,-opriafed'forpay- hereby appropriated for paying such commission or commissions "e commissions. as may be thus allowed. Skc. 7. And he it further enacted, That the said treasury The notes trans- notes shall be transferable by delivery and assignment, indorsed ^ry"'' ana''''' assfgn- thereon by the person to whose order the same shall, on the face ™™t, &c. thereof, have been made payable. Sec. 8. And he it farther enacted, That the said treasury Treasury notes ,"' ,1,11, 1 ■ -\ ■ receivable for all notes, wherever made payable, shall be everywhere received in duties and taxes payment of all duties and taxes laid by the authority of the United ^^^ s'latl^.^pSnc States, and of all public lands sold by the said authority ; on every lands, &o.' such payment credit shall be given for the amount of both the credit to be given principal and the interest, which on the day of such paiymeutf<"^ principal and i^ -, , ,,!.. 1 interest on every may appear due on the note or notes thus given in payment ; and payment, &c. the said interest shall on such payment be computed at the rate Metbod ofcom- of one cent and one-half of a cent per day, on every hundred dol- pa'iis interest, &c. lars of principal, and each month shall be computed as containing thirty days. Sec 9. And.he it further enacted, That any person making Persons paying payment to the United States, in the said treasury notes, into the to° The*"' Un?ted hands of any collector, receiver of public moneys, or other public s^^'|^a^*'=-'J>Jj.™ officer or agent, shall, on books kept according to such forms as cates, &c. shall be prescribed by the Secretary of the Treasury, give dupli- cate certificates of the number and respective amount of principal and interest of each and every treasury note thus paid by such person; and every collector, -receiver of public moneys, or other Collectors, &o., public officer or agent, who shall thus receive any of the said °he rearury' &o.° treasury notes in payment, shall, on payment of the same into *p°[,^°f^^f °a'nd"in- the treasury, or into one of the banks where the public moneys terost, &c. are or may be deposited, receive credit both for the principal and for the interest, computed as aforesaid, which, on the day of such last mentioned payment, shall appear due on the note or 30 ACTS OF CONGRESS RELATING TO Andtobecharg Qoteg tjjyg p^jij j^ . ^^^ ijg shall be charged for the interest ac- ed interest from - t n ii i'i_il- «™n the receipt until crued On such uote or notes, from the day on which the same the payment, &c. gj^j^jj jj^^^g ^^^^^ received by him in payment as aforesaid to the Proviso: no de- Jay on which the same shall be paid by him as aforesaid : Pro- spe°ct°°to""banka vidcd always. That no such charge or deduction shall be made which receive the ^ifjj respect to any bank into which payments, as aforesaid, may notes as specie and , , i , ,t . t ,-. . , i^ • t ■ i i i, n *: give credit, &c. be made to the United States, either by individuals or by collect- ors, receivers, or other public officers or agents, and which shall receive the same as specie, and give credit to the Treasurer of the United States for the amount thereof, including the interest ac- crued and due on such notes on the day on which the same shall have been thus paid into such bank on account of the United States. The commission- Qec. 10. And be it further enacted, That the commissioners fund^authorizedto of the sinking fund be, and the)' are hereby, authorized and cause the treasury ^jj.g(,jg^ to cause to be reimbursed, and paid the principal and and interest, to be interest of the treasury notes which may be issued by virtue of 'and°to™ake pur^ t^iis act, at the several time and times when the same, according chases, &c. to the provisions of this act, should be thus reimbursed and paid; and the said commissioners are further authorized to make purchases of the said notes, in the same manner as of other evi- dences of the public debt, and at a price not exceeding par, for the amount of the principal and interest due at the time of pur- So much of the chase of such notes. So much of the funds constituting the an- tion of 8,000,000 of nual appropriation of eight millions of dollars, for the payment wanTeVafTerCt^ "^ ^^^ principal and interest of the public debt of the United isfying.&cpiedg- States, as may be wanted for that purpose, after satisfying the ofintVrestandprin- sums 'uecessaiy for the payment of the interest and such part of cipai, &c. the principal of the said debt as the United States are now pledged annually to pay and reimburse, including therein the interest and principal which may become payable upon any loan or loans which may be contracted by virtue of any law passed during the present session of Congress, is hereby pledged and appropriated for the payment of the interest, and for the reim- Appropriation bursement or purchase of the principal, of the said notes ; and so dSidency^ iu" fte much of any moneys in the treasury, not otherwise appropriated, fLinds pledged, &c. as may be necessary for that purpose, is hereby appropriated for making up any deficiency in the funds thus pledged and appro- priated, for paying the principal and iuterest as aforesaid ; and ^TJ'°„,®'""''"'"'''the Secretary of the Treasury is hereby authorized and directed, of the Treasury to„, •' y -txi .. o , cause to be paid to tor that purpose, to cause to be paid to the commissioners or the &c ^^mTnece"- sinking-fuud such sum or sums of money, and at such time and saryto pay princi- times, as will enable the said commissioners faithfully and punc- pai and interest, ^y^lly to pay the principal and interest of said notes. 40,000 dolls, ap- Sec. 11. And be it further enacted, That a sum of forty thou- fra7iug""the'"^ el- ®^"^*^ dollars, to be paid out of any moneys in the treasury not pense of issuing otherwise appropriated, be, and the same is hereby appropriated, reasuryno es. £gj. jigfi-ayjng the expense of reparing, printing, engraving, sign- ing, and otherwise incident to the issuing of, the treasury notes authorized by this act. hard^K^lnd ^^^- 1^- ■^'^^ ^^ ^t further enacted, That if any person shall fine, for falsely falsely make, forge, or counterfeit, or cause or procure to be SSnte?feiting!&f.', f^'sely made, forged, or counterfeited, or willingly aid or assist treasury notes is- in falsely making, forging, or counterfeiting, any note in imita- thfsact! ™"'' " tion of, or purporting to be, a treasury note aforesaid; or shall falsely alter, or cause or procure to be falsely altered, or willingly LOANS AND THE CURRENCY. aid or assist iii falsely altering, any treasury note issued as afore- said ; or shall pass, utter, or publish, or attempt to pass, utter, or publish, as true, any false, forged, or counterfeited note, purport- ing to be a treasury note as aforesaid, knowing the same to be falsely made, forged, or counterfeited ; or shall ' pass, utter, or publish, or attempt 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 to hard labor for a period not less than three years, nor more than ten years, and be fined in a sum not exceeding five thousand dollars. Approved February 25, 1813. August 2, 1813. — AN ACT authorizing a loan for a sum not exceeding seven millions five hundred thousand dpllars. Section 1. Be it enacted hytlie Senate and House of Represen- tatives of theVnited States of America in Congress assembled, That The President the President of the United States be, and he is hereby, authorized row vl^soofooo doi- to borrow, on the credit of the United States, a sum not exceeding!?™, to be applied, seven million^ five hundred thousand dollars, to be applied, in tho'rized eipcMes addition to the moneys now in the treasury, or which may be anVJsH Xo ^^'^ received from other sources, to defray any expenses which have ^ been, or which may be, authorized for the service of the years one thousand eight hundred and thirteen, and one thousand eight hundred and fourteen, and for which appropriations have been, or may be, made by law during those years: Provided, That no Proviso: no con- engagement or contract shall be entered into which shall preclude the°un?ied'^statea the United States from reimbursing any sum or sums thus bor- ^™™ j'g|™bur8ing rowed, at any time after the expiration of twelve years, from the first day of January next. > Sec. 2. And be it further enacted, That the Secretary of the The Secretary Treasury, with the approbation of the President of the United &c., authorized' to States, be, and he is hereby, authorized to cause to be constituted ™^*«^j^''«J'^^<=^*^8 certificates of stock, signed by the Register of the Treasury, or by stitutes and sold. > a commissioner of loans, for the sum to be borrowed by this act, or for any part thereof, and the same to be sold : Provided, That tifi^'a°™to'b°e°»oTd no such certificate shall be sold at a rate less than eighty-eight at less than ea doi- per centum, or eighty-eight dollars in money for one hundred 'ioo''ii°6t?ck.^^ '" dollars in stock. And the Secretary of the Treasury shall cause The Secretary to be laid before Congress, on the first Monday in February, one °f *= Trea^snry^o thousand eight hundred and fourteen, or as soon thereafter as before congress au Congress may be in session, an account of all the moneys obtained ^"""""g obtained! by the saleof the certificates of stock in manner aforesaid, together &<:. with a statement of the rate at which the same may have been sold. Sec. 3. And be it further enacted, That the Secretary of the The Secretary Treasury be, and he is hereby, authorized, with the approbation authorij^ed'&Tto of the President of the United States, to employ an agent or employ agents'for agents, for the purpose of obtaining subscriptions to the loan°"ipS or sei^ authorized' by this act, or of selling any part of the stock created ing the stocis, &c. by virtue thereof. A commission not exceeding one- quarter of 32 ACTS OF CONGRESS RELATING TO on^-fourm of ^OM °"^ P®^' '^^'^*" °° *^® amount thus sold, or for which subscriptions per cent, commis- shall have been thus obtained, may, by the Secretary of the Moa to the agents, Treasury, be allowed to such agent or agents ; and a sum not Not exceeding exceeding twenty-two thousand dollars, to be paid out of any 22,000 dollars ap- monevs in the treasury not otherwise appropriated, is hereby propnatedforpay- ^ , -, ^ .'', ,,»i -i ing commisBions appropriated for paying the amount' of such commission or com- !iri?.. „™!=trf/ missions as may be thus allowed, and also for defraying the ex- otter expeneea m- ,/ ' , . ". ^ ° -J cident to the loan, penses of printing and issuing the subscription certificates, and certificates of stock, and other expenses incident to the receiving of subscriptions, and completing the loan, authorized by this act. So much of the Sec. 4. And be it further enacted,. That so much of the funds Sonof8?oooiooo'of constituting the annual appropriation of eight millions of dollars dollars, &c. as fgr ^^ payment of the principal and interest of the public debt of pledged, &c., for tlie United States, as may be wanted for that purpose, after satis- ^st'^'and'pritJci'pai fy^^S ^^ sums necessavy for the payment of the interest and such Of the stock ere- part of the principal of said debt as the United States are now thl^act. ^"'""^ "* pledged annually to pay or reimburse, is hereby pledged and ap- propriated for the payment of the interest, and for the reimburse- ment of the principal, of the stock which may be created by virtue The commis- of this act. It .shall accordingly be the duty of the commission- ing'fund toVaSse ^rs of the sinking fund to cause to be applied and paid, out of to be applied year- the Said fund yearly, such sum and sums as may be annually ly such sums as , i . t i i . , , • ,i • i . i S may be wanted to wanted to discharge tlie interest accruing on the said stock, and andDrincip^rand ^^ reimburse the principal, as the same shall become due and may may apply such be discharged in conformity with the terms of the loan ; and they think "proper ™for ^"^6 f'^''''lj6i' authorized tO apply, from time to time, such sum or redeeming the gums, (jut of the Said fund, as they may think proper towards stock by purchase, t .■•_ -, -t ^ ."^ / -, ^ ^i . , ■. &c. redeeming by purchase, and at a price not above par, the principal The faith of the of the Said Stock, or any part thereof And the faith of the pledged to esTa'b- United States is hereby pledged to establish sufficient revenues lish sufficient reye- fgr making Up any deficiency that may hereafter take place in the nues for makmg „ i , u ■ <. l i- ■ i.1. -3 • l i. i up any deficiency, lunds hereby appropriated for paying the said interest and prin- A"- cipal sums, or any of them, in manner aforesaid. Anyofthebanks Skc. 5. And be it further enacted, That it shall be lawful for Columbia'* "may ^"7 of the banks in the District of Columbia to lend any part of lend any part of the sum authorized to be borrowed by virtue of this act, anything the sum authorized . fi-i /i- - i •'..^ to be borrowed, in any 01 their cliarters oi incorporation to the contrary notwith- *'^' standing. Approved August 2, 1813. May 4, 1814. — AN ACT to authorize the issuing of treasury notes for the service of the year one thousand eight hundred and fourteen. Section 1. Be it enacted by the Senate and House of Repre- ,, sentatives of the United States of America in Congress assembled, authorized ' to That the President of the United States be, and he is hereby, au- notes for'noTex^ thorized to cause treasury notes for a sum not exceeding five mil- ceeding 5,000,000 lions of dollars, to be prepared, signed, and issued, in the manner S^sueS"""' '" "'hereinafter provided. The President Sec. 2. And he it further enacted, That the President of the causr5!ooo,ooo ^TfU"''^^ States be, and he is hereby, authorized to cause treasury dollars additional notes for a further and additional sum, not exceeding, in the whole, treaBurynotes.&o! fi^'s millions of dollars, Or such part thereof as he shall deem ex- pedient, to be prepared, signed, and issued, in the manner here- The amount ofinafter provided; but the amount of money borrowed or obtained LOANS AND THE CURRENCY. 33 for the notes wbich may be issued by virtue of this section, stall °?'«' ''""e? V be deemed and held to be in part the sum which may be author- tion"to be ii'part ized to be borrowed br virtue of any act authorizins a loan which "* 't^ ^1?* ''""J ^^ -1 iT-^i -. n ^ ° may be authorized may be passed during the present session of Congress. to be borrowed, Sec. 3. Be it further enacted, Tha.t the said treasury notes ^The-notes to be shall be reimbursed by the United States at Such places, respect- reimbursed, at the ively, as may be expressed on the face of such notes, one year, SefaoeTZm^ respectively, after the day on which the same shall have been is- da''ons8u1n'"^and sued ; from which day of issue they shall bear interest, at the rate to*''boar™'mterest of five and two-fifths per centum a year, payable to the owner or the"?ateo*fflve™d owners of such notes, at the treasury, or by the proper commis- two-fifths per cent, sioner of loans, or by the officer designated for that purpose, atthe ''''™''''*^" places and times, respectively, designated on the face of said notes for the payment of principal. Sec. 4. And be it further enacted, That the said treasury . The notes to be notes shall be, respectively, signed in behalf of the United States, tXappoiETy by persons to be appointed for that purpose by the President of ""^ ^'''"'''^™'- the United States; two of which persons shull sign each note, . Two persons to and shall each receive as a compensation for that service, at the tMr "^o'ompoBsa' rate of one dollar and twenty-five cents for every hundred notes t'°°' *^°- thu-! signed by them, respestively ; and the said notes shall, like- The notes to be wise, be countersigned by the comm'issioner of loansfor that State '=''™'''™e'»»'i.*«- where the notes may respectively be made payable, or by the Register of the Treasury if made payable in the District of Colum- bia, or by a person to be appointed for that purpose by the Presi- dent of tlie United States if made payable in a State for which there is no commi,9sioner of loans ; which person or persons thus Compensation to appoiuted shall also receive, as a compensation for that service, at tersigningr&c™"' the rate of one dollar and twenty-five cents for every hundred notes thus signed by him or them, respectively. Sec. 5. And he it further enacted. That the Secretary of the„/J^^ Tr°eM'u7 Treasury be, and he is hereby, authorized, with the approbation of may iss™ the notes the President of the United States, to cause to be issued such por- puLToTfordeto,' tion of the said treasury notes as the President may think expe- &<:• dient, in payment of supplies or debts due by the United States to such public creditors, or other persons, as may choose to receive such notes in payment as aforesaid, at par; and the Secretary of j^^''^.,.^^™^ j™ the Treasury is further authorized, with the approbation of the notes, &c. ' President of the United States, to borrow from time to time, not under par, such sums as the President may think expedient, on the credit of such notes ; or to sell, not under par, such portion of the ^'' ^''^'' *"• said notes as the President may think expedient ; and it shall be it 's » good exe- agood execution of this provision to pay such notes to such bankyWon to pay ''the or banks as will receive the same at par, and give credit to the"?'™*"™"''''™''" Treasurer of the United States for the amount thereof, on the day them at par, and on which the said notes shall thus be issued and paid to such bank ^'™ "'''"'"' *°- or banks, respectively. Sec. 6. And he it further enacted. That the Secretary of the The Secretary Treasury be, and he is hereby, authorized, with the approbation may "empioy^'an of the President of the United States, to employ an agent or agents ^e^°J^ ^° »"" ••'s for the purpose of selling any portion of the notes which may be issued by virtue of this act. A commission, not exceeding one- commission to quarter of one per cent, on the amount thus sold, may, by the Secre- agonts. tary of the Treasury, be allowed to such agent or agents ; and a $12,500 appropl-ia- sum not exceeding; twelve thousand five hundred dollars, to be ''^'^ ?°T P^y'"? o ' commissions, &c. L and c 3 34 ACTS OP CONGRESS RELATING TO paid out of the moneys in the treasury not otherwise appropri- ated, is hereby appropriated for paying such commission or com- missions as may be thus allowed. The notes trans- Sec. 7. And be it further enacted, That the said treasury ferabie by deiiv- jj^j-gg gj^^u ^,g transferable by delivery, and assignment, indorsed ery and assign- , , , , •' - -^ , i ii i.\, £ ment, &o. thereon by the person to whose order the same snalJ, on the lace thereof, have been made payable. The treasury Sect. 8. And be it further enacted, That the said treasury whlreV^eclive" for notes, wherever made payable, shall be everywhere received in pay- duties, taxes, and mgnt of all dues and taxes laid bv the authority of the United ^'"■'^'""^'*°- States, and of all public lands sold by the said authority. On mrat crldlt^'trbe every such payment credit shall be given for the amount of both given forprincipai tijg principal and the interest which, on the day of such payment, and interest due, ^ ^ -. , t.*^. 1j &c. may appear due on the note or notes thus given in payment; and Mode of com- the said interest shall, on such payments, be computed at the rate puting interest, ^^ ^^^ ^^^^ ^^^ one-half of a cent per day on every hundred dol- lars of principal, and each month shall be computed as containing thirty days. Persons malting Sec. 9. And^ be it further enacted, That any person making iMt?d" states 'ta paymeut to the United States in the said treasury notes, into the treasury notes, hands of any collector, receiver of public moneys, or other public rate ^"clrtfflcat'esi officer or agent, shall, on books kept according to such forms as &c- shall be prescribed by the Secretary of the Treasury, give dupli- cate certificates of the number and respective amount of princi- pal and interest of each and every treasury note thus paid by Collectors, &c., such person ; and every collector, receiver of public moneys, or receiving treasury other public officer Or agent, who shall thus receive any of the said notes in payment, *^ . iiii ii-ii-iil. to bo allowed ere- treasury notes m payment, shall, on payment or the same into the dit for p™"Pf>i treasury, or into one of the banks where the public moneys are and interest up to J' . . tit., -^i .."'i n the day, &o. Or may be deposited, receive credit both tor the principal ana for the interest, computed as aforesaid, which, on the day of such last-mentioned payment, shall appear due on the note or notes Collectors, &c., thus paid in ; and he shall be charged for the interest accrued on intCTes^^'ifcHued ^^^^ "°t6 o"" ^otes from the day on which the pame shall have been fromthedayof re- received by him, in payment as aforesaid, to the day on which of payfr'goTO^&c! the Same shall be paid by him as aforesaid : Provided always. Proviso: no de- Tiiat no such charge or deduction shall be made with respect to Bpect to banks any bank into which payments, as aforesaid, may be made to the jSi^aBlpedeandU"'''^'^ States, either by individuals, or by collectors, receivers, or give credit, &c. Other public officers or agents, and which shall receive the same as specie, and give credit to the Treasurer of the United States for the amount thereof, including the interest accrued and due on such notes on the day on which the same shall have been thus paid into such bank on account of the United States. The commis- Sec. 10. And be it further enacted. That the commissioners of tag^fund' to^cause t^e sinking fund be, and they are hereby, authorized and directed the principal and to cause to be reimbursed and paid the principal and interest of interest of the trea ,, . , ,., ,^ . ,} .'^ ni. surynoiesto here- the treasury notes which may be issued by virtue of this act, at tabursedandpaid, (.jjg geveral times when the same, according to the provisions of The commis- this act, should be thus reimbursed and paid; and the said com- sioners authorized missioners are further authorized to make purchases of the said to make purchases , * ..i p ^i -i /.,.,, of the notes, &o. uotes in the same manner as of other evidences of the public debt, and at a price not exceeding par, for the amount of the prin- cipal and interest due at the time of the purchase of such notes. So much of the So much of the funds constituting the annual appropriation of eight fionTf ^,ooofooo, millions of dollars for the payment of the principal and interest LOANS AND THE CURRENCY. " 35 of the public debt of the United States as may be wanted for that *^=v "« ,Y"^y^ ^^ /../»., %) 1 f wanted after, &c., purpose, alter satistying the sums necessary tor the payment or pledged and ap- the interest, and such part of the principal of the said debt as t}ief°/^^^fJ'>[J'^^. United States are now pledged annually to pay and reimburse, est and principal of including therein the interest aud principal which may become pay- * ° ''°"'*' able upon any loan or loans which may be contracted by virtue of any law passed during the present session of Congress, is hereby pledged and appropriated for the payment of the interest, and for the reimbursement or purchase of the principal, of the said notes ; Unappropriated and so much of any moneys in the treasury not otherwise appro- mr^apj^opriafed priated as may be necessary for that purpose is hereby appropriated tor maWng up any for making up any deficiency in the funds thus pledged and appro- * '"^'"'y' "■ priated for paying the principal and interest aforesaid ; aud the The Secretary Secretary of the Treasury is hereby authorized and directed, forrect'S^rcimse'to that purpose, to cause to be paid to the commissioners of the sink- Repaid to the com- n T 1 n J i 1 i- i- missionerB, &c., ing runcl such sum or sums oi money, and at snen time or times, the necessary as will enable the said commissioners faithfully and punctually to ^""'' ^°- pay the principal and interest of the said notes. tooooo Sec. 11. And be it farther enacted, That a sum of twenty thou- poiated for deftay- sand dollars, to be paid out of any money in the treasury not other- Isautag^ErTea^ wise appropriated, be, and the same is hereby, appropriated for de- smy notes anthor- fraying the expense of preparing, printing, engraving, signing, and '^° '' " *°'" . otherwise incident to the issuing of the treasury notes authorized by this act. Sec. 12. And be it further enacted, That if any person shall hajJ^P'i''"'""™^ falsely make, forge, or counterfeit, or cause or procure to be falsely fine for forging, made, forged, or counterfeited, or willingly aid or assist in falsely an™'re2uiy^'Mte making, forging, or counterfeiting any note in imitation of, or pur- issued by virtue of porting to be, a treasury note as aforesaid ; or shall falsely alter, *""" ''°'' or cause or procure to be falsely altered, or willingly aid or assist in falsely altering, any treasury note, issued as aforesaid ; or shall pass, utter, or publish, or attempt to pass, utter, or publish, as true, any false, forged, or counterfeited note, purporting to be a treasury note as aforesaid, knowing the same to be falsely made, forged, or counterfeited ; or shall pass, utter, or publish, or attempt 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 adjudged guilty of felony, and being thereof convicted by due course of law, shall be sentenced to be imprisoned and kept to hard labor for a period not less than three years, nor more than ten years, and be fined in a sum not exceeding five thousand dollars. Approved March 4, 1814. March 24, 1814. — AN ACT to authorize a loan for' a sum not exceeding twenty-five millions of dollars. Section 1. Be it enacted by the Senate and House of Repre- sentatives of the United States of America in Congress assembled, That the President of the United S tates be, and he is hereby, author- ^ JiJlfrizedTo' bo"- ized to borrow, on the credit of the United States, a sum not ex- row not exceeding ceeding twenty -five millions of dollars, to be applied, in addition $25,ooo,ooo, &c. to the moneys now in the treasury, or which may be received from other sources, to defray any expenses which have been, or, during 36 ' ACTS OF CONGRESS KELATING TO the present year, may be authorized by law, and for which appro- priations have been, or, during the present year, may be made by Proviso: DO con- law : Provided, That no engagement or contract shall be entered the" UnUed'^ states into which shall preclude the United States from reimbursing any ftom reimbursing, gum or sums thus borrowcd at any time after the expiration of twelve years from the last day of December next. The ^cretary Sec. 2. And be it further enacted, "that the Secretary of the authorized'^°*™to Treasury, with the approbation of the President of the United cause certiflcates gtates, be, and he is hereby, authoriized to cause to be constituted of stock to be con- ,„^ ' . J^ , t^ . n i m i_ stituted and sold, certilicates ot stock, Signed by the Kegister or the Ireasury, or by *"■ a commissioner of loans, for the sum to be borrowed by this act, The Secretary Or for any part thereof, and the same to be sold. And the Secre- °ay''brforrcfon° ^^ry of the Treasury shall lay before Congress, during the first gress an account week in the month of February, one thousand eight hundred and tained,'&cT''" " fifteen, an account of all the moneys obtained by the sale of the certificates of stock in manner aforesaid, together with a statement of the rate at which the same may have been sold. The Secretary Sec. 3. And he it further enacted. That the Secretary of the anthorized'to'em^ Treasury be, and' he is hereby, authorized, with the approbation ploy agents to Ob- pf the President of the United States, to employ an agent or agents orTo sell the Btoc™ for the purpose of obtaining subscriptions to the loan authorized ^"^^ by this act, or of selling any part of the stock to be created by A commission, virtue thereof. A commission, not exceeding one-quarter of one foura^of one per per cent, on the amount thus sold, or for which subscriptions shall affents^&T"^'^ '"have been thus obtained, may, by the Secretary of the Treasury, Not' exceeding l>e allowed to such agent or agents; and a sum not exceeding $66,000 appropria- gixtv-six thousand dollars, to be paid out of any moneys in the ted for paymg ■' . ^i ■ • r i • i i ■ /. j j- commiasions and treasury not otherwise appropriated, is hereby appropriated tor se'ftacidfnt'to'the P^J^^S ''^^ amount of such Commission or commissions as may be loan, &c. thus allowed, and also for defraying the expenses of printing and issuing the subscription certificates, and certificates of stock, and other expenses incident to the completion of the loan authorized by this act. So much of the guc. 4. And he it further enacted. That so much of the funds tiono^t «8,ooo!oo'o, Constituting the annual appropriation of eight millions of dollars, &o., as may be fQj. t|,e payment of the principal and interest of the public debt of wanted, &c., .tt-ic i t/i, n pledged and ap- the United btates, as may be wanted tor that purpose, after satis- plySent of Tnt^e^r"^ fy'^S ^^^ ^ums necessary for the payment of the interest and such oat and principal part, of the principal of said delat as the United States are now o t e 8 oc , c. pjgjggj annually to pay or reimburse, is hereby pledged and appro- priated for the payment of the interest, and for the reimbursement of the principal, of the stock which may be created by virtue of erjrf tho"8inkta '''"^ "'^''- ^^ shall, accordingly, be the duty of the commissioners fund to cause to hi- of the sinking fund to cause to be applied and paid out of the said miiy™e\nnn.'!iry'''?"'^' Jcarly, such sum and sums as may be annually wanted to wanted to di«- discharge the interest accruing on the said stock, and to reimburse andTcimbu™e°'(he the principal, as the same become due, and may be discharged in principal, &c., and conformity with the terms of the loan : and they are further author- imay redeem 'the. j.ii... ,^. , " n, .■■ Modk by purchase, izcd to apply, trom time to time, such sum or sums, out of the said *"=• fund, as they may think proper, towards redeeming, by purchase, and at a price not above par, the principal of the said stock, or any The faith of the part thereof And the faith of the United States is hereby pledged United Slates f ^ it l- ic • i r i ■ i i ^ .'' ^ ■'"g>^v* pledged to estab- to establish suthcient revenues tor making good any deficiency that lish sufficient reve- y^^y hereafter take place in the funds hereby appropriated for pay- good any dofioieu- ing the said interest and principal sums, or any of them, in manner cy, &c. aforesaid. LOANS AND THE CURRENCY. 37 Sec. 5. And, he it further enacted.. That it shall be lawful foi- ^"y. °i *« any ot tlie banks in the District oi Columbia to lend any part ot wct of Columbia the sum authorized to be borrowed by virtue of this act, any thing ^,"[y^7„*^™yPJJ^ in any of their charters to the contrary notwithstanding. ized to be bor- Approved, March 24, 1814. ''°™''' """■ November 15, 1814.— AN ACT to authorize a loan for a sum not exceeding three millions of dollars. Section 1. Be it enacted by the Senate and House of Represen- tatives of the United States of America in Congress assembled. That the President of the United States be, and he is hereby, authorized The President to borrow, on the credit of the United States, a sum not exceeding row not exceeding three millions, of dollars, to be applied, in addition to the maney^ ?'°'"'''""' '" .^'»: • .1 . 1 • 1 1. • 1 /. ^1 ^'^y authorized now in the treasury, or which may be received from other sources, expenses, .fee. to defray any expenses which have been, or, during the present year, may be, authorized by law : Provided, That no engagement proviso: nocon- or contract shall be entered into which shall preclude the United 'r^"' '? preclude c,. . p • 1 ■ 11 1 the United States btates trom reimbnrsmg any sum or sums thus borrowed, at any from reimbursing time after the expiration of twelve years from the last day of '^''^'^^^^' December next. Sec. 2. And be it farther enacted. That the Secretary of the The Secretary Treasury, with the approbation of the President of the United authorized'^°''"'"to States, be, and he is hereby, authorized to cause to be constituted ^J'J^^^j^'=^'''j^^c*^«^ certificates of stock, signed by the Register of the Treasury, or by stitnted and sold, a commissioner of loans, for the sum to be borrowed by this act, or *"■ for any part thereof, and the same to be sold. And the Secretary ^^"[^^,^^1^°^^^^^ of the Treasury shall lay before Congress an account of all the lay before con- moneys obtained by the sale of the certificates of stock in manner of^themineya'ob- aforesaid, together with a statement of the rate at which the same tained, &o. may have been sold. Sec. 3. And be it further enacted. That the Secretary of the The Secretary Treasury be, and he is hereby, authorized, with the approbation of "^tij^'j^ed'^trem^ the President of the United States, to employ an agent or agents, ploy agents to pro- for the purpose of obtaining subscriptions to the loan authorized by ortoaditheBtook" this act, or of selling any part of the stock to be created by virtue *<=• thereof. A commission, not exceeding one-quarter of one per cent. Commission to on the amount thus sold, or for which subscriptions shall hav/e ''^™"'' been thus obtained, may, by the Secretary of the Treasury, be allowed to such agent or agents ; and a sum not exceeding nine Not exceeding thousand dollars, to be paid out of any moneys in the treasury not |jY™/''SP^°^7n''e otherwise appropriated, is hereby appropriated for payiu'^ the expenses incident f, ^\ ^ . . ■'.*.*■■*■ 1 ,*■ "^ ..-^ J to the loan. amount of such commission or commissions as may be thus allowed, and also for defraying the expenses of printing and issuing the subscription certificates and certificates of stock, and other expenses incident to the completing of the loan authorized by this act. Sec. 4. And be it further enacted. That it shall be lawful to Jj[y ™oJ „°tf receive in payment of any loan obtained under this act, or under Fore^the S jann- any other act of Congress authorizing a loan, treasury notes which J'eJ^iveT'in ^pay°- have been issued according to law, and which shall become due and ment of loans, &c. ^ payable on or before the first day of January next, at the par value of such treasury notes, together with the interest thereon accrued, at the time of the payment on account of the loan. Sec. 5. And be itfurther enacted. That so much of the funds So much of the constituting the annual appropriation of eight millions of dollars, ^^It Iswooo 38 ACTS OP CONGRESS RELATING TO asmay tawOTted, for the payment of the principal and interest of the public debt of thepaymeft of the the United States, as may be wanted for that purpose, after satis- dpTof tteVJck' fy'"S t^e sums necessary for the payment of the interest and such &c. 'part of the principal of said debt as the United States are now- pledged annually to pay or reimburse, is hereby pledged and appro- priated for the payment of the interest, and for the reimbursement of the principal, of the stock which may be created by virtue of The eommis- this act. It shall, accordingly, be the duty of the commissioners ing°flind to^auee of the sinking fund to cause to be applied and paid, out of the said thenecessarysums fund, yearly, such sum or sums as may be annually wanted to to be applied, &c., ,. ,•' f. . , .i.i i^ -u yearly, &c. discharge the mterest accrumg on the said stock, and to reimburse the principal, as the same shall become due, and may be discharged, The eommis- in Conformity with the terms of the loan ; and they are further sionera may re- authorized to apply, from time to time, such sum or sums, out of deem the stock by , , -, n -, ^^ s i . i i i • i purchase, &c. the Said fund, as they may think proper, towards redeeming, by purchase, and at a price not above par, the principal of the said stock, or any part thereof. Adequate and Sec. 6. And be it further enacted, That in addition to the tionarfunds to'^be annual sum of eight millions of dollars, heretofore appropriated to provided, &,c., for the sinking fund, adequate and permanent funds shall, during the e.^Tnd'prinSS present session of Congress, be provided and appropriated for the *■<=• payment of the interest and reimbursement of the principal of said stock created by this act. Adequate and Sec. 7. And he it further enacted. That an adequate and per- fng'fum°'&o.',"to i"3'iient sinking fund, gradually to reduce, and eventually to extin- be established, &c. guish, the public debt, contracted, and to be contracted, during the present war, shall also be established during the present session of Congress. Any of the Sec. 8. And he it further enacted. That it shall be lawful for trict of Columbia any of the banks in the District of Columbia to lend any part of may lend any part t]jg gyjjj authorized to be borrowed by virtue of this act, anythins; of the sum author- . /.i.i i ., -.. ^ ° ized to be bor- m any 01 their charters to the contrary notwithstanding, rowed, &c. Approved November 15, 1814. March 3, 1815. — AN ACT to authorize a loan for a sum not exceeding eighteen millions four hundred and fifty-two thousand eight hundred dollars. Section 1. Be it enacted hy the Senate and House of Repre- sentatives of the United States of America in Congress assembled, The President That the President of the United States be, and he is hereby, au- row,&™$i8°453!^-thorized to borrow, on the credit of the United States, a sum not t™ri*°eaexpensTs; exceeding eighteen millions four hundred and fifty-two thousand &c. ' eight hundred dollars, to be applied, in addition to the moneys now in the treasury, or which may be received from other sources, to defray any expenses which have been, or, during tiie present year, may be, authorized by law, and for which appropriations have been, or, during the present year, may be, made by law : Proviso; no en- Provided, That no engagement or contract shall be entered into ir/dTthe unued "*vhich shall preclude the United States from reimbursing any sum Slates from leim- or sums thus borrowed, at any time after the expiration of twelve yeai"f27! &o. " years from the last day of December next. The Secretary Sec. 2. And he it further enacted. That the Secretary of the cau8e°^cBrtiSes Treasury, with the approbation of the President of the United of stock to be con- States, be, and he is hereby, authorized to cause to be constituted &o." and"iay °an Certificates of stock, signed by the Begister of the Treasury, or by to LOANS AND THE CUKRENCY. 39 a commissioner of loans, for the sum to be borrowed by tliis act, """".""'"'"""/y^ „„ i' . . 1 /. T , 1 1 ■ n . T 1 i-i obtained before 01 tor any part thereof, and the same to be sold. And the Secre- congress, &c. tary of the Treasury shall lay before Congress, during the first week in the month of February, one thousand eiglit hundred and sixteen, an account of all the moneys obtained by the sale of the certificates of stock, in manner aforesaid, together with a state- ment of the rate at which the same may have been sold. Sec. 3. And he it further enacted, that the Secretary of the tJi^^'rlasu^y m^y Treasury be, and he is hereby, authorized, with the approbation employ agents tc of the President' of the United States, to employ an agent or ?i^l.7&c.™'"°"'" agents, for the purpose of obtaining subscriptions to the loan au- thorized by this act, or of selling any part of the stock to be cre- ated by virtue thereof A commission not exceeding one-quarter a commission of of one per centum, on the amount thus sold, or for which subscrip- per'^cen* tl "the tions shall have been thus obtained, may, by the Secretaiy of the agents, and not , Treasury, be allowed to such agent or agents, and a sum not ex- appropriated ' to ceeding thirty thousand dollars, to be paid out of any moneys in ^«J''^y expenses, the treasury not otherwise appropriated, is hereby appropriated for paying the amount of such commission or commissions as may be thus allowed, and also for defraying the expenses of printing and issuing the subscription certificates, and certificates of stock, and other expenses incident to the completing of the loan author- ized by this act. Sec. 4. And he it further enacted, That so much of the funds So much of the constituting the annual appropriation of eight millions of dollars, ™n"of jsKooo for the payment of the principal and interest of the public debt »' maybe wanted, of the tJnited States, as may be wanted for that purpose, after the" payment of satisfying the sums necessary for the payment of the interest, and j^'^Ji^of t"* j^^^ such part of the principal, of the said debt, as the United States created by tws act. are now pledged annually to pay or reimburse, is hereby pledged and appropriated for the payment' of the interest, and for the re- imbursement of the principal, of the stock which may be created by virtue of this act. It shall, accordingly, be the duty of the The oommission- commissioners of the sinking fund to cause to be applied and paid, („nd't*cause'the out of the said fund, yearly, such sum and sums as may be annu- necessary sums to ally wanted to discharge the interest accruing on the said stock, &c!^''andVay'^rel and to reimburse the principal, as the same may become due and deem the principal may be discharged in conformity with the terms of the loan. And purchase^ &c. ^ they are further authorized to apply, from time to time, such sum or suras, out of the said fund, as they may think proper, towards redeeming, by purchase, and at a price not above par, the princi- pal of the said stock, or any part thereof. And the faith of the The faith ' of United States is hereby pledged to establish sufficient revenues p'ledge'd'to make for making good any deficiency that may hereafter take place in good any deflcien- the funds hereby appropriated for paying the said interest and"'''' principal sum.', or any of them, in manner aforesaid. i ' ' , Sec. 5. And be it further enacted. That it shall be lawful for The banks in the any of the banks in the District of Columbia to lend any par| c^wlfS^y'iLnd'any , the sum authorized to be borrowed by virtue of this act, anything part of the money, in any of their charters to the contrary notwithstanding. ' ' ( °' Sec. 6. And he it further enacted, That it shall be lawfd (fqx Thfe /Secretary the Secretary of the Treasury to accept, in paymeait of atij loan nf(y/'°4o/!ept) "in obtained in virtue of this act, such treasury notes &.« have, beeni' payment of the 1, . 1 1 thousand dollars, to be paid out of any moneys in the treasury nqt otherwise appropriated, is hereby appropriated for ' that object, and also for defraying the expenses of printing and LOANS AND THE CUERENCY. 41 issuing the subscription certificates and certificates of stock, and other expenses incident to the due execution of this act. Sec. 4. And he it further enacted. That so much of the funds So mnch of the constituting the annual appropriation of ten millions of dollars for H°°"o^f Ifowooo the payment of the principal and interest of the public debt of the "? may bo «■'«• United States as may be sufficient for that purpose, after satisfy- tag°''p{eage8?'ap.' ing the sums necessary for the payment of the interest and of such p^priated for re- , /. .1 • • 1 r .1 .IT. . -r-. . -. ^ demptionof stock part ot the principal of the said debt as the United States are now and mtorestof this pledged annually to pay or reimburse, is hereby pledged and appro- '"'"'• priated for the payment of the interest and for the reimbursement of the principal of the stock which may be created by virtue of this act. It shall, accordingly, be the duty of the commissioners CommisBionersof of the sinking fund to cause to be applied and paid, out of the said fpp^y" hefunfnl" fund, yearly, such sum and sums as may annually be necessary to oessary ont of the dischargetheinter6Staccrningonthesaidstock,andtoreimbursethe ° ' ^principal as the same may become due and may be discharged in conformity with the terms of the loan. And they are further Andtopurchase authorized to apply, from time to time, such sum or sums out of"* a price not the said fund as they may think proper, towards discharging, by" °™''^''' purchase, and at a price not above par, the principal of the said stock, or any part thereof. And the faith of the United States is Faithof theUni- hereby pledged to establish sufficient revenues for making up any ?o*make u''p'dl£i* deficiency that may hereafter take place in the funds hereby ap- ciency. propriated for paying the said interest and principal sums, or any of them, in manner aforesaid. Approved May 15, 1820. March 3, 1821 .—AN ACT to authorize the President of the United States to borrow a sum not exceeding five millions of dollars. Section 1. JBe it enacted hy the Senate and House of Repre- sentatives of the United States of America in Congress assembled. That the President of the United States be, and ho is hereby. The President empowered to borrow, on the credit of the United States, a 'sum r^™t"xce'eding not exceeding five millions of dollars, at a rate of interest, paya- $5,ooo,ooo at not ble quarter-yearly, not exceeding five per centum per annum, and cent.' "^ *"*' reimbursable at the will of the government, at any time after the KeimburBaWeaf. first day of January, one thousand eight hundred and thirty-five ; *^'^''™- I'l^ss. to be applied, in addition to the moneys now in the treasury, or To defray pubUc which may be received therein from other sources, during the present year, to defray any of the public expenses which are, or miiy be, authorized by law. The stock thereby created shall be stock transfer- transferable in the same manner as is provided by law for the *'''°' , transfer of the public debt. Sec. 2. And be it further enacted. That it shall be lawful for TheBankofthe the Bank of the United States to lend the said sum, or any part lend to money.*^ thereof; and it is hereby farther declared, that it shall be deemed a good execution of the said power to borrow, for the Secretary of the Treasury, with the approbation of the President of the United certificates of States, , to cause to be constituted certificates of stock, signed by »*.°<''f'?ay }>« o""- ,„'.,„,,„, , . . „ ," „•' stituted and sold. the Register or the Treasury, or by a commissioner or loans, tor the sura to be borrowed, or for any part thereof, bearing an interest of five per centum per annum, transferable and reimbursable as aforesaid, and to cause the said certificates of stock to be sold : proviso -no stock Provided, That no stock be sold under par. under par. 42 ACTS OF CONGRESS RELATING TO The Secretary of Qec. 3. And he it further enacted, That the Secretary of the the Treasury may _p, , ni-ii i-i-ii t_j_- employ agents to Ireasury be, and he is hereby, authorized, with the approbation tSrorto'sdUhe "^ ^^^ President of the United States, to employ an agent or agents stock. for the purpose of obtaining subscriptions to the loan authorized by thid act, or of selling any part of the stock to be created by Commission to virtue thereof. A commission of not exceeding one-eighth of one *™ ■ per centum on the amount thus sold, or for which subscriptions shall be obtained, may, by the Secretary of the treasury, be |4,oootopayex- allowed to such agent or agents; and a sum, not exceeding four thousand dollars, to be paid out of any moneys in the treasury not otherwise appropriated, is hereby appropriated for that object, and subscription certificates and certificates of stock, and other expenses incident to the due execution of this act. Surplus of the Sec. 4. And be it further enacted, That so much of the funds ttonof$uifooo!ooo constituting the annual appropriation of ten millions of dollars, menfof ^tater^t ^""^ *^® payment of the principal and interest of the public debt of and reimburse- the United States, as may be sufficient for that purpose, after satis- cJpaio°/tSr stock fy'^'g*'^^ sums necessary for the payment of the interest, and of of the loan. such partof the principal, of the said debt, as the United States are now pledged annually to pay and reimburse, is hereby pledged and appropriated for the payment of the interest, and for the re- imbursi ment of the principal, of the stock which may be created the'°sinkin°° ftfnd ^^ ^'r^^ie of this act. It sliaW, accordingly, be the duty of the authorized to ap- Commissioners of the sinking fund to cause to be applied, and paid ceBBa*T """* "^ '"^'' °^ ^^^ *^'^ fund, yearly, such sum and sums as may annually be necessary to discharge the interest accruing on the said stock, and to reimburse the principal, as the same may become due and may be discharged in conformity with the terms of the loan. And they are further authorized to apply, from time to time, such sum or sums towards discharging, by purchase, and at a price not above par, the principal of the said stock, or any part thereof; and tedstSespiedged! '^^ faith of the United States is hereby pledged to establish suffi- cient revenues for making up any deficiency that may hereafter take place in the funds hereby appropriated for paying the said interest and principal sums, or any of them, in manner aforesaid. Approved March 3, 1821. ' May 24, 1824. — AN ACT to authorize the creation of a stock to an amount not exceeding five millions of dollars, to provide for the awards of the commissioners under the treaty with Spain of the twenty-second of Feb- Th Secretarvof '^^'^' '"'® thousand eight hundred and nineteen, the Treasury au- Skction 1. Be it enacted by the Senate and House of Repre- a^^lb&tioiioiaiesentatives of the United Slates of America in Congress assembled, President to ere- That for the purpose of providing funds to discharge the awards amount not ex- 01 the Commissioners under the treaty with Spam, of the twenty- ?o"^d?s!ha;ge°'?h° ^^''°''^ ^^^ °^ February, in the year of our Lord one thousand awards under the eight hundred and nineteen, tlie Secretary of the Treasury be, and treaty with Spain, jjg is hereby, authorized, with the approbation of the President of May he sold to ^^^ United States, to cause to be issued and sold to the Bank of the Bank of the the United States, or others, at a sum not less than the par value atTuot kss^'thau thereof, certificates of stock of the United States, to any amount P°-''- not exceeding the sum of five millions of dollars, and bearing an Not exceeding 4i interest of not exceeding four and one-half per centum per per cen . inteies . j^^j^^j^ £j,qjjj , ^j^g period of the Sale thereof; which stock, so LOANS AND THE CUEEENCY. 43 created, shall be redeemable at the pleasure of the United States, at any time after the first day of January, in' the year one thousand eight hundred and thirty-two. And, upon the sale stoak redeema. of such stock, in manner aforesaid, credit or credits to theter jan.MSsa." ' proprietors thereof shall thereupon be entered and given on the books of the treasury in like manner as for the present funded debt ; which said credits or stock shall thereafter be transferable stock transfer- as other public stock of the United States. '''''''■ Sec. 2. And be it further enacted, That the moneys which f,,JJ^''t|^"''s';^i,™''f may be received from the issuing and sale of the aforesaid oertifi- certificates of the cates of stock shall, [be,] and the same are hereby, directed to be ^*,?^J' ^^'^^^^^p^P; applied to the payment and discharge of the awards of the com- ment of the awards missioners under the treaty with Spain of the twenty-second day ""fh sp^° . '"■'"'^ of February, in the year eighteen hundred and nineteen: Pro- proviso: as to vided also, That in all cases where the person ot persons in whose p"*°°'j,™^^^°'^* name or for whose benefit and interest the aforesaid awards shall be made, shall be in debt and in arrears to the United States, the Secretary of the Treasury shall retain the same out of the amount of the aforesaid awards, in the first instance, and a warrant or certificate, as the case may be, shall only issue for the balance. Sec. 3. And be it further enacted. That a sum equal to what interest accming will be necessary to pay the interest which may accrue on the™^"'^j''°g^*°*^J said stock to the end of the present year be, and the same 18 1824, to be paia out hereby, appropriated for that purpose, to be paid out of any °' '""^ '''™™''y' moneys in the treasury not otherwise appropriated. -Approved May 24, 1824. May 26, 1824.— AN ACT to authorize the Secretary of the Treasury to ex change a stock bearing an interest of four and one-half per cent, for certain stocks bearing aa interest of six per cent. Section 1. Be it enacted by the Senate and House of Repre- sentatives of the United States of America in Congress assembled, That the President of the United States be, and he is hereby, em- The President powered to borrow, on or before the first day of April next, on r3°'a'"^'Bum''°of the credit of the United States, a sum not exceeding five millions ™™<"Z°'j:'«^'j?''^j of dollars, at a rate of interest, payable quarter-yearly, not ex- m^ exceeding 4* ceeding four and one-half per centum per annum, and reimbursa- p^"' '™'' ble at the pleasure of the government at any time after the thirty- first day of December, one thousand eight hundred and thirty-one, to be applied, in addition to the moneys which may be in the Tobe applied to treasury at the time of borrowing the same, to pay off and dis- ^ent.'sloc'k^ofisil! charge such part of the six per cent, stock of the United States of the year one thousand eight hundred and twelve, as may be redeemable after the first day of January next. Sec. 2. And be it further enacted, That it shall be lawful fo'^unitea^'stat''ea*to the Bank of the United States to lend the said sum, or any part leudtho money, or thereof; and it is hereby further declared, that it shall be deemed ""y p"' ^^^'^i- a good execution of the said power to borrow, for the Secretary of the Treasury, with the approbation of the President of the „ .. United States, to cause to be constituted certificates of stock, gtock.' °*°° signed by the Eegister of the Treasury, or by a commissioner of loans, for the whole, or for any part thereof, bearing an interest not exceeding four and one-half per cent\im per annum, transfer- able and reimbursable as aforesaid, and to cause the said certifi- 44 ACTS OF CONGRESS RELATING TO cates of stock to be sold: Provided, That no stock be sold under par. A subscription Sec. 3. And he it further enacted, That a subscription, to the $i5,ooo,opo pro- amount of fifteen millions of dollars of the six per cent, stock of ceut'^stock'onsi" *^® y®^"-' *'"® thousand eight hundred and thirteen, be, and the Subscription same is hereby, proposed ; for which purpose books shall be opened books to be open- at the treasury of the United States, and at the several loan offices, on the first day of July next, to continue open- until the first day of October thereafter, for such parts of the above-men- tioned description of stock as shall, on the day of subscription, stand on the books of the treasury and on those of the several loan offices respectively ; which subscription shall be effected by a transfer to the United States in the manner provided by law for such transfers of the credit or credits standing on the said books, and by a surrender of the certificates of the stock so subseribefl. Credits shall be guc. 4, And be it further enacted. That for the whole or any entered to subscn- „ i ■ i i n , i i ., i T i ii i bers, who are en- part 01 any sum which shall be thus subscribed, credits shall be catei *° °°'"^' entered to the respective subscribers, who shall be entitled to a certificate or certificates purporting that the United States owe to the holder or holders thereof, his, her, or their assigns, a sum, to be expressed therein, equal to the amount of the principal stock thus subscribed, bearing an interest of four and one-half per centum per annum, payable quarterly, from the thirtieth day of September, one thousand eight hundred and twenty-four, trans- ferable in the same manner as is provided by law for the transfer pieasMTafter &c! ^^ ^^^ stock subscribed, and subject to redemption at the pleasure of the United States as follows : one-half at any time after the thirty-first day of December, one thousand eight hundred and thirty-two, and the remainder at any time after the thirty-first day Proviso: no re- gf December, one thousand eight hundred and thirty-three : Pro- imbursement, ex- . '., in, i n ^ ceptforthe whole, wrferf, Ihat no reimbursement shall be made except for the whole uce,' &c? "^^"^ °°^™<"^"*' of ^^^ "ew certificate, nor until after at least six months' public notice of such intended reimbursement. And it Eetransfer of shall be th?, duty of the Secretary of the Treasury to cause to be sums beyond, &c. i-etransfcred to the respective subscribers the several sums by them subscribed beyond the amount of the certificates of five per cent stock issued to them respectively. for'"intlreKnd ^^^- ^- ■^'^'^ ^^ it further enacted, That the same funds, which principal, to re- have heretofore been, and now are, pledged by law for the pay- mam the same, jjjgjjj ^£ ^jjg interest, and for the redemption or reimbursement of the stock which may be created or subscribed by virtue of the provisions of this act, shall remain pledged, in like manner, for the payment of the interest accruing on the stock created by rea- son of such subscription, and for the redemption or reimbursement mis^oners' o/'the of the pripcipal of the same. It shall be the duly of the com- sinking fund. missioners of the sinking fund to cause to be applied and paid, out of the said fund, yearly, and every year, such sum and sums as may be annually wanted to discharge the interest accruing on the stock which may be created by virtue of this act. The said comriiissioners are hereby authorized to apply, from time to time, such sum and sums out of. the said fund as they may think proper, toward redeeming, by purchase or by reimbursenjent, in conformity with the provisions of this act, the principal of the said stock ; and such part of the annual sum of ten millions of dollars, vested by law in the said commissioners, as may be necessary and wanting for the above purposes, shall be and continue appropri- LOANS AND THE CUEEENCY. 45 ated to the payment of interest and redemption of the public debt, until the whole of the stock which may be created nnder the provisions of this act shall have been redeemed or reimbursed. Sec. 6. And, he it further enacttd, That nothing in this act ^jj^"'^ *^ */^ °™^ contained shall be construed in anywise to alter, abridge, or im- impair the rights of pair the rights of those creditors of the United States who shall Sr^^^J^^'^t'atot not subscribe to the loan to be opened by virtue of this act. '"^'> "''»•• °o* "i*"- Approved May 26, 1824. neribe to the loan. March 3, 1825.— AN ACT authorizing the Secretary of the Treasury to borrow a sum not exceeding twelve millions of dollars, or to exchange a stock of four and one-half per cent, for a certain stock bearing an interest of six per cent. Section 1. Beit enacted by the Senate and House of Representa- tives of the United States of America in Congress assembled, That The preeident au- the President of the United States be, and he is hereby, author- a eum^not exceed^ ized to borrow, on or before the first day of January next, on the '"s ?i2,ooo,ooo. credit of the United States, a sum not exceeding twelve millions of dollars, at a rate of interest, payable quarterly, not exceeding four and one-half per centum per annum, six millions whereof reimbursable at the pleasure of the government, at any time after the thirty-first day of December, In the year eighteen hundred and twenty-eight ; and six millions at any time after the thirty- first day of December, in the year eighteen hundred and twenty- nine, to be applied, in addition to the mimeys which may be in the treasury at the time of borrowing the same, to pay off and discharge such part of the six per cent, stock of the United States of the year one thousand eight hundred and thirteen as may be redeemable after the first day of January next. Sec. 2. And be it further enacted, That it shall be lawful for TheBankofthe the Bank of the United States to lend the said sum, or any part lena'^said s?m, or thereof; and it is hereby further declared, that it shall be deenied any part thereof. a good execution of the said power to borrow, for the Secretary of the Treasury, with the approbation of the President of the United States, to cause to be constituted certificates of stock, signed by the Register of the Treasury, or by a commissioner of loans, for the whole, or aviy part thereof, bearing an interest not exceeding four and one-half per centum per annum, transferable and reimbursable as aforesaid, and to cause the said certificates to be sold : Provided, That no stock be sold under par. Proviso: stock not Sec. 3. And be it further enacted. That a subscription to the *'""^ "°*^"' i""^- amount of twelve millions of dollars, of the six per cent, stock of the ""amount™ of the year eighteen hundred and thirte^, be, and the same is |i2, 000,000^ of the hereby, proposed ; for which purpose books shall be opened at the 1813 proposed, treasury of the United States, and at the several loan offices, on the first day of April next, to continue open until the first day of October thereafter, for such parts of the above-mentioned descrip- tion of stock as shall, on the day of subscription, stand on the books of the treasury, and on those of the several loan offices, respectively ; which subscription shall be efi'ected by a transfer to the United States, in the manner provided by law for such trans- fers, of the credit or credits standing on the said books, and by a p^^j^.j^. ^uj^,,. surrender of the certificates of stock so subscribed : Provided, That scriptions to be all subscription by such transfer of stock shall be considered as P'5[^°^ ^Jj^J^'^'^^ 46 ACTS OF CONGRESS RELATING TO part of the said twelve millions of dollars authorized to be bor- rowed by the first section of this act. CreditB to be en- Sec. 4. And be it further enacted, That, for the whole or any tfve mbscriS!"" part of any sum which shall be thus subscribed, credits shall be entered to the respective subscribers, who shall be entitled to a certificate or certificates purporting that the United States owe to the holder or holders thereof, his, her, or their assigns, a sum to be expressed therein equal to the amount of the principal stock thus subscribed, bearing an interest not exceeding four and one- half per centum per annum, payable quarterly, from the thirty- first day of December, one thousand eight hundred and twenty- five ; transferable in the same manner as is provided by law for the transfer of the stock subscribed, and subject to redemption at the pleasure of the United States, as follows : one-half at any time after the thirty-first day of December, one thousand eight hundred and twenty-eight ; and the remainder at any time after the thirty-first day of December, one thousand eight hundred and it^u're'emenT ex" twenty-nine : Provided, That no reimbursement shall be made cept, &c., nor, except for the whole amount of such new certificate ; nor until amoun™&o.!tobe after at least six months' public notice of such intended reimburse- retranuferred. ment. And it shall be the duty of the Secretary of the Treasury to cause to be retransferred to the respective subscribers the several sums by them subscribed beyond the amount of the certificates of four and one-half per cent, stock issued to them respectively. Punda heretofore Sec. 5. And be it further enacted, That the same funds which fhepayment'of the have heretofore been, and now are, pledged by law for the pay- interest, &e., Btiiimgjjt gf j^jjg interest, and for the redemption and reimbursement of remain pledged. ^ ii-i i i t .i it • pi the stock which may be redeemed or reimbursed by virtue or the provisions of this act, shall remain pledged in lilie mannei- for the payment of the interest accruing on the stock created by reason of such subscription, and for the redemption or reimbursement of the principal of the same. And it shall be the duty of the com- missioners of the sinking fund to cause to be applied and paid, out of the said fund, yearly and every year, such sum and sums as may be annually required to discharge the interest accruing on the stock which may be created by virtue of this act. The said com- missioners are, also, hereby authorized to apply, from time to time, such sum and sums out of the said fund, as they may think proper, towards redeeming, by purchase, or by reimbursement, in conformity with the provisions of this act, the principal of the said stock ; and such part of the annual sum of ten millions of dollars, vested by law in the said commissioners, as may be necessary and required for the above purposes, shall be and continue appropriated to the payment of interest and redemption of the public debt, until the whole of the stock which may be created under the pro- visions of this act shall have been redeemed or reimbursed. Nothing in this Sec. 6. And be it further enacted, That nothing in this act right'" ™''cert*n shall be construed in anywise to alter, abridge, or impair the right creditors of the of those Creditors of the United States who shall not subscribe to the loan to be opened by virtue of this act. Approved March 3, 1825. LOANS AND THE CUEEENCY. 47 October 12, 1837. — AN ACT to authorize the issuing of treasury notes. Sectiox 1. Be it enacted by the Senate and House of Repre- sentatives of the United States of America in Congress assembled. That the President of the U nited States is hereby authorized to cause issue of treasury treasury notes for such sum or sums as the exigencies of the gov- °'"^'' ernment may require, but not exceeding, in the whole amount of notes issued, the sum of ten millions of dollars, and of denomina- tions not less than fifty dollars for any one note, to be prepared, signed, and issued in the manner hereinafter provided. Sec. 2. And be it further enacted. That the said treasury notes, ^ Notes to be reim- authorized to be issued by the first section of this act, shall be reim- deemed after the bursed and redeemed by the United States, at the Treasury thereof, ^^^j™"™ °' """ after the expiration of one year from the dates of the said notes respectively ; from which- said dates, for the term of one year, and no longer, they shall bear such interest as shall be expressed upon the faee of the said notes ; which rate of interest, upon each several issue of the said notes, shall be fixed by the Secretary of the Treas- ury, by and with the advice and approbation of the President ; but shall in no case exceed the rate of interest of six per centum te^sf^ot" exceed- per annum. The reimbursement herein provided for shall be made mg 6 per cent. at the Treasury of the United States to the holders of the said notes, respectively, upon presentment, and shall include the principal of each note, and the interest which may be due thereon at the time of payment. For this reimbursement, at the time and times herein specified, the faith of the United States is hereby solemnly pledged. Sec. 3. And be it further enacted. That the said treasury notes Notes to be sign- shall be prepared under the direction of the Secretary of the Treas- e^^nd" TOunteri ury, and shall be signed, on behalf of the United States, by the wgned by tiie Reg- Treasurer thereof, and countersigned by the Eegister of the Treas- my.^ nry ; and that those officers, respectively, shall, as checks upon each other, and to secure the public safety, keep separate, full, and accurate accounts of the number, date, denomination, and amount of all the notes signed and countersigned by them respectively ; which said accounts shall be carefully preserved and placed on file in the Treasury Department ; and, also, similar accounts, kept and preserved in the same manner, of all the said notes redeemed, as the same shall be returned and cancelled ; and the Treasurer shall The Treasurer to further account, quarterly, for all such notes delivered to him for ''^''"""luarteriy. signature or issue by the Register. The Treasurer and Register Additional clerks of the Treasury are hereby authorized, by and with the consent '° ° °"^ °^^ ' and approbation of the Secretary of the Treasury, to employ such additional temporary clerks as the duties enjoined upon them by this section may render necessary : Provided, Said number shall not exceed four, and with a salary of not more than at the rate of twelve hundred dollars to each per annum. Sec. 4. And be it further enacted, That the Secretary of the Notes to be issued Treasury is hereby authorized, with the approbation of the Presi- a^ebtsr'''™'"" "' dent of the United States, to cause to be issued such portion of the said treasury notes as the President may think expedient, in payment of debts due by the United States to such public credit- ors or other persons as may choose to receive such notes in pay- ment, as aforesaid, at par. And the Secretary of the Treasury is further authorized, with the approbation of the President of the United States, to borrow, from time to time, not under par, such Money borrowed sums as the President may think expedient, on the credit of such Z,%ll^^^ °' *''° notes. 48 ACTS OF CONGRESS RELATING TO ferabu.'°''°''^°'°^" Sec. 5. And he itfurther enacted, Thai the said treasury notes shall be transferable by delivery and assignment endorsed thereon, by the person to whose order the same shall, on the face thereof, have been made payable. Notes receivable Qec. 6. And be it further enacted, That the said treasury notes m payment of du- t.. . . -, . ^ /.nn. t i*ii i ties, taxes, public Shall be received in payment of all duties and taxes laid by the lheun1ted's?a?e*s'! authority of the United States, of all public lands sold by the said authority, and of all debts to the United States, of any character whatsoever, which may be due and payable at the time when said treasury notes may be so offered in payment ; and on every such payment credit shall be given for the amount of the principal and interest, which, on the day of such payment, may be due on the note or notes thus given in payment. PeraoDB making Sec. 7. And be it further enacted, That any person making ?Ste™'state8*ta P^y^snt to the United States in such treasury notes, into the t5'«'""''y notes into hands of aoy collector, receiver of public money, or other public lector, &c., to give officer or agent, shall, on books kept according to such forms as cat^''''&'' °^''''*' shall be prescribed by the Secretary of the Treasury, give dupli- cate certificates of the number and respective amount of principal and interest of each and every treasury note thus paid by such And the collector, person; and every collector, receiver of public moneys, or other t" receive" credit,' public officer Or agp.nt, who shall thus receive any of the said '^'=- treasury notes in payment, shall, on payment of the same, receive credit, both for principal and interest, computed as aforesaid, which, on the day of such last mentioned payment, shall appear due on the note or notes thus paid in, and he shall be charged for the in- terest accrued on such note or notes from the day on which the same shall have been received by him in payment as aforesaid, to the day on which the same shall be paid by him as aforesaid. Notes to be reim- Seo. 8. And be it further enacted. That the Secretary of the ursed and paid. Treasury be, and he is hereby, authorized and directed to cause to be reimbursed and paid the principal and interest of the treas- ury notes which may be issued by virtue of this act, at the several time and times when the same, according to the provisions of this Secretary of the act, should be thus reimbursed and paid. And the said Secretary i^ed'to'^urihas'e'^ further authorized to make purchases of the said notes, at par, said notes at par. for the amount of the principal and interest due at the time of Appropriation to purchase on such notes. And so much of any unappropriated notes. '*''™''y money in the Treasury as may be necessary for that purpose is hereby appropriated for paying the principal and interest of said notes. Expense of isiju- Sec. 9. And be it further enacted, That a sum not exceeding mg notes. twenty thousand dollars, to be paid out of any unappropriated money in the treasury, be, and the same is hereby, appropriated, for defraying the expense of preparing, printing, engraving, sign- ing, and otherwise incident to the issuing of the treasury notes authorized by this act. Forging, counter- Se('. 10. And be it further enacted, That if any person shall a ''treasuiy 'To°te f^lscly make, forge, or counterfeit, or cause or procure to be falsely made felony. made, forged, or counterfeited, or willingly aid or assist in falsely making, forging', or connterfeiting any note, in imitation of, or pur- porting to be, a treasury note aforesaid ; or shall falsely alter, or cause or procure to be falsely altered, or willingly aid or assist in falsely altering any treasury note issued as aforesaid; or shall pass, utter, or publish, or attempt to pass, utter, or publish, as true, any false, forged, or counterfeited note, purporting to be a treas- LOANS AND THE CURRENCY. 49 my note as aforesaid, knowing the same to be falsely forged or coun- terfeited, or shall pass, utter, or publish, or attempt to pass, utter, or publish, as true, any falsely altered treasury note, issued as aforesaid, knowing the same to be falsely altered, every such per- son shall be deemed and adjudged guilty of felony, and being thereof convicted, by due course of law, shall be sentenced to be imprisoned, and kept to hard labor, for a period not less than three ^^""'"''^^''^ana years, nor more than ten years, and be fined in a sum not exceed- fine. ing five thousand dollars. Sec. 11. And be it further enacted, That if any person shall Making or enRra- make or engrave, or cause or procure to be made or engraved, or ra''pi8aession"a'°y shall have iii his custody or possession any metallic plate, en- plate, or having in -, r, 1 ■■i',n/> i,c 1-1 1 • poBsesHion blank graved after the similitude ot any plate from winch any notes iSr^otaa „, paper, sued as aforesaid shall have been printed, with intent to use such ^ith intent to use A -, . n • the same in conn- plate, or to cause or sutler the same to be used in forging or coun- terfeiting the terfeiling any of the notes issued as aforesaid; or shall have in "^ifby "mprison- his custody or possession any blank note or notes engraved and ment and fine. printed after the similitude of any notes issued as aforesaid, with intent to use such blanks, or cause or suffer the same to be used in f irging or counterleiliug any of the notes issued as aforesaid; or shall have in his custody or possession any paper adapted to the making of notes, and similar to the paper upon which any guch notes shall have been issued, with intent to use such paper, or cause or suffer the same to be used in 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 thousand dollars. Sec. 12. And be it further enacted, That the Secretary of .pf/^^'y^'-y,'';!^^ the Treasury be, and he is hereby, authorized to make and issue, instnxotiona as to from time to time, such instructions, rules, and regulations, to thel;^^ afjposutan"? sevei-al collectors, receivers of public money, depositaries, and all the notes. others wlio may be authorized to receive the said treasury notes on behalf of and as agents in any capacity for the United States, as to the safe keeping, disposition, return, and cancelling of the said notes so paid to and received by them respectively, and as to their accounts and returns to the dejiartment of all such receipts as may seem to him best calculated to promote the public interests and convenience, and secure the United States and the holders of the said -notes against fraud and losses : Provided, That nothing t^^otea^ returned herein contained shall be so construed as to authorize the Secretary of the Treasury to reissue any of said notes, but upon the return of the said notes, or any of them, to the treasury, the same shall be cancelled. a o tof Sec 13. And be it further enacted. That it shall be, and here- i,j„^™are(ieem- by is, made the duty of the Secretary of the Treasury to cause a ed^to^be published statement to be published monthly, of the amount of all treasury notes issued or redeemed, in pursuance of the provisions of this act ; and that the power to issue treasury notes, conferred on the ^Jowerjo^ issue Piesident of the United States by this act, shall cease and deter- act to cease on the mine on the thirty-first day of December, eighteen hundred and " " - ' thirty-eight. Approved October 12, 1837. L and C 4 50 ACTS OK CONGRESS RELATING TO May 21, 1838.— AN ACT to authorize the issuing of treasury notes to meet the current expenses of the government. Section 1 . Be it enacted by tJie Senate and House of Represent- atives of the United States of America in Congress assembled. Treasury notes That the Secretary of the Treasury; with the approbation of the piaeeof those can- President of the United States, is hereby authorized to cause ''*"^'^- treasury notes to be issued, according to the provisions of, and subject to, all the conditions, limitations, and restrictions contained jn an act entitled "An act to authorize the issuing of treasury notes," approved the twelfth day of October last, in place of such notes as have been, or may be, issued under the authority of the act aforesaid, and which have been, or may hereafter be, paid into the treasury and cancelled. Approved iMay 21, 1838. March 2, 1839. — AN ACT to revise and extend "An act to authorize the issuing of treasury notes to meet the current expenses of the government," approved the twenty-first day of May, eighteen hundred and thirty-eight. Sectiox 1. Tie it enacted hy the Senate and House of Represent' atives of the United States of America in Congress assembled, Issue of remain- That the Secretary of the Treasury, with the approbation of the notes°authoii'ze'a7 President of the United States, is hereby authorized to cause to be issued the remainder of the treasury notes authorized to be issued by the " Act to authorize the issuing of treasury notes to meet the current expenses of the government," approved ihe twenty-first day of May, eighteen hundred and thirty-eight, ac- cording to the provisions of said act, at any lime prior to the thirtieth day of June next, any limitation in the act aforesaid, or in the act "to authorize the issuing of treasury notes," approved the twelfth day of October, eighteen hundred and thirty-seven, to the contrary notwithstanding. Approved March 2, 1839. March 31, J840. — AN ACT additional to the act on the subject of treasury notes. Section 1. Be it enacted by the Senate and House of Repre- sentatives of the United States of Ainerica in Congress asseinbled, ■,o:^''''''n??°°*;' That the regulations and provisions contained in the act passed 1837, and the acta ipii p r\ -^ • \ t n.ii in addition tiere- the twelith day 01 October, in the year one thousand eight hun- to, renewed. drcd and thirty-seven, entitled " An act to authorize the issuing of treasury notes," and in the subsequent acts in addition thereto, be, and the same are hereby, renewed, and made in full force, excepting the limitations concerning the times within which such notes may be issued, and restricting the amount thereof, as here- after provided. inJ^fn^LlJ,??;; Sec. 2. And be it further enacted, That under the regulations mg ana amount to . ^ o bo issued. and provisions contained in said act, treasury notes may be issued in lieu of others hereafter or heretofore redeemed, but not to exceed in the amoiint of notes outstanding at any one time, the aggregate of five millions of dollars, and to be redeemed sooner than t)ne year, if the means of the treasury will permit, by giving notice sixty days of those notes which the department is ready LOANS AND THE CUERENCY. 51 to redeem, no interest to be allowed thereon after the expiration of said sixty days. Sec. 3. And be it further enacted, That this act shall continue Limitation. in force for one year and no longer. Approved March 31, 1840. February 15, 1841. — AN ACT to authorize the issuing of treasury notes. Sectioiv 1. Be it enacted hy the Senate and House of Repre- sentatives of the United States of America in Congress assemhled, That the President of the United States is hereby authorized to •*" emission of , . , „ , J , not exceeding cause treasury notes to bo issued tor such sum or sums as the $5,000,000 at any exigencies of the government may require, but not exceeding the °"g^™|^„°V'^^^°'*" sum of five millions of dollars of this emission, outstanding at any one time, to be reimbursed in the last quarters of the year, if ea, when. the condition of the treasury ■will permit it, and to be issued under the limitations and other provisions contained in the act entitled ^er tiie act of latii "An act to authorize the issuing of treasury notes," approved the o<='- i837^»™»di- twelfth day of October, one thousand eight hundred and thirty- sist March, l840. seven, and as modified by an act entitled "An act additional to the act on the subject of treasury notes," approved the thirty- first day of March, one thousand eight hundred and forty, except that this law shall expire in one year from and after its passage : pire in one year. Piovided, That in case the treasury notes outstanding and un- proviso- a fur- redeemed, issued undf-r former laws of Congress, added to the thcr emiahion au- amount of such notes issued under this act, and actually expended, JaiTcontingendesl or issued to meet payments due and payable before the fourth day of March next, shall; on the fourth day r f March next, exceed the sum of five millions of dollars, then the President of the United States sh^U be, and he is hereby, authorized to issue, by virtue of the provisions of this act, such further amount of the said notes as will make the whole amount issued under this act, and applicable to payments falling due after the third day of March next, the full sum of five millions of dollars Approved February 15, 1841. JrLY 21, 1841. — AN ACT authorizing a loan not exceeding the sum of % twelve million,s of dollars. Section 1. Be it enacted by the Senate and House of Repre- sentatives of the United States of America in Congress assemhled, That the President of the United States is hereby authorized, ^t j^^^°''t™*v"*'"'" any time within one year from the passage of this act, to borrow, $12,000, 000 at 6 per on the credit of the United States, a sum not exceeding twelve mil- o™'- lions of dollars, or so much thereof as in his opinion the exigencies of the government may require, at a rate of interest, payable quar- terly or semi-annnally, not exceeding six per centum per annum, which loan shall be made reimbursable either at the will of the When reimburs- Secretary of the Treasury, after six months' notice, or at any time " after three years from the first day of Januai'y next ; and. said money so borrowed shall be applied, in addition to the money The money bor- now ill the treasury, or which may be received therein from other applied.*""" '" "" sources, to the payment and redemption of the treasury notes here- tofore authorized, which are or may be outstanding and unpaid. 52 ACTS OF CONGRESS RELATING TO and to defray any of the public expenses which have been hereto- Stock,howtrans-fore or which maybe authorized by law, which stock shall be transferable only on the books of the treasury. !;ec. 2. And he it further enacted. That the Secretary of the Treasury be, and he is hereby, anthorized, with the consent of the Certificates of President, to cause to be prepared certificates of stock, S'gned by pared and soli "^^ the Secretary and countersigned by the Register of the Treasury, for the sum to be borrowed, or any part thereof, bearing au inter- est not exceeding six per centum per anr.um, and transferable and reimbursable as aforesaid, and- to cause the said certificates of Proviso. stock to be sold : Provided, That no stock be sold below par. Secretary of the Sec. 3. And he it further enacted. That the Secretary of the crfv'eVroposals for Treasury be, and he is hereby, authorized to receive proposals for the loan, or, &c. taking the said loan, or to employ an agent or agents for the pur- pose of negotiating the same, and to pay to him or them a reason- able commission, not exceeding one-tenth of one per cent, on the amount so negotiated, which sum to be allowed to such agent or agents, and such expense as may be necessarily incurred in print- Expenses inci- jjjg j^j, J issuing certificates of stock, and other expenses incident to dent to this act o & „ , . . ,i t '^ i i i limited. the due execution 01 this act, in all not exceeding twelve thousand dollars, which sum is hereby appropriated for that purpose, and shall be paid out of any money in the treasury not otherwise appropriated. Secretary of the Sec. 4. And he it further enacted, That the Secretary of the ized "to purchase Treasury is hereby authorized to purchase, at any time before the Block prior to time period herein limited for the redemption of stock hereby author- of redemption. f, .i/.ipi^i t ized, such portion thereof as tlie funds of the government may ad- Appropriation mit of, after meeting all the demands on the treasury, and any "^ °'" surplus in the treasury i.s hereby appropriated to that object, states'' ied™fo? ^^°' '''■ ■^'^^ ** it further enacted.. That the faith of the United piinctuid payment States be, and is hereby, pledged for the punctual payment of the of interest, &c. interest and redemption of said stock. Approved July 21, 1841. April 15, 1842. — AN ACT for the oxtension of the loan of eighteen hundred and f irty-one, and for au addition of tire mihions of dolliirs thereto, and for allowing interest on treasury notes due. Section 1. He it enacted by the Senate and House of Repre- sentatives of the United States (f America in Congress assembled, Time for obtain- Xhat the time limited by the first section of the act of Congress, ing the loan ex- -ita i*. i t ,'-'« tended. entitled " An act auihorizing a loan not exceeding the sum of Act of July 21, twelve millions of dollars," approved July twenty-first, eighteen hundred and forty-one, fi)r obtaining said loan, shall be, and the same is hereby, extended for one year from the passage of ihis act. i'^°a°j^jeimburs- Sec. 2. And he it further enacted, That so much of said loan as may be obtained after the passage of this act shall be made reim- bursable, as shall be agreed upon and determiucd at the time of issuing said stock, either at the will of the Secretary of the Treas- uiy, after six months' notice, or at any time not exceeding twenty years from the first day of January next. Form of certifi- ^EC. 3. And he itjurther enacted, That the certificates here- after to be issued for said loan may, when recjuired, be in such form as shall be prescribed by the Secretary of the Treasury, so able, V, hen. cate. LOANS AND THE CURRENCY. 53 that the stock may be transferable by delivery of the certificate, j^.'^J'^j''' ''°'' ''■™'" instead of being assignable on the bonks of the treasury. Sec. 4. And be it further enacted,, Tiiat the Secretary of the stock to be dia- Treasury be,- and he hereby is, authorized to dispose of the stock'"'" ° ' °^' hereafter to be issued, or any part thereof, at its par value, but no part thereof shall be disposed of under par until the same has been advertised a reasonable time, and proposals for subscriptions to said loan invited. And the said Secretary is hereby authorized to ac- cept such proposals, if he deem it for the interest of the United States so to do, as shall offer the 'highest price for said stock or any part thereof; or to appoint an agent or agents, as provided in the third section of the act approved July twenty-first, eighteen hundred and forty-one, before recited, to negotiate the same : Proviso. Provided, That no stocjis shall be disposed of at a lower rate than the highest price offered in said proposals. Sec. 5. And be it further enacted, That the moneys arising Moneys arising from duties on goods, wares, and merchandise, which may be im- ff"™ diities piodg- ported in the United States, or so much thereof as shall be equal of tiie interest, &c. to the payment, from time to time, of the interest, and to the ulti- mate redemption of the principal of the said stock, be, and the same are hereby, pledged for the payment and redemption of the stock hereafter to be issued under and by virtue of this act, and the said act of July twenty-first, eighteen hundred and forty-one, hereby amended ; and so much thereof as may be necessary to pay the interest on said stock, and redeem the same when due, is hereby appropriated to that object, to be first applied by the • Secretary of ^;he Treasury to such payments and redemption. Sec. 6. And be it further enacted. That it shall be the duty of the Secretary of the Treasury to report to Congress, at the com- Keport to be mencement of the next session, the amount of money borrowed "{"(^3'°^ ^o^f^^of under this act and the act hereby amended, and of whom and upon money borrowed, ■what terms it shall have been obtained, with an abstract of brief *^°- statement of all the proposals submitted for the same, distinguish- ing between those accepted and those rejected, and a detailed statement of the expenses of making such loans. Sec. 7. And he it further enacted. That all the provisions of the what provisions said act, not hereby modified or changed, shall be and remain in Jf, Jf"" /"^"j"' "°* force, and apply to this act. force. Sec. 8. And be it furthe,r enacted. That the President of the United States is hereby authorized to borrow an additional sum, j^^4''„'JfJ°J''' ^°''" not exceeding the sum of five millions of dollars, if in his opinion the exigencies of the government may require the same ; which additional loan shall be made within the time, and according to the provisions, of said act, as modified by this. Sec. 9. And be. it further enacted. That all treasury notes Treasury notes heretofore issued under the act entitled " An act to authorize the ^"" to^beaTe per issuing of treasury notes," approved the twelfth day of October; cent, interest. eighteen hundred and thirty-seven, and the ads subsequent thereto, y;^^f^^f October and now outstanding and unredeemed, or which may hereafter be issued under and by virtue of the same, shall, if due and unpaid before the fifth day of March, eighteen hundred and forty-two, bear interest at the rate of six per cent, per annum from that day ; and when they may become due hereafter, or may have become due since the said fifth day of March, eighteen hundred and forty- two, shall boar interest from the day of their so becoming due, at the rate of six per cent, per annum, until they shall be respect- 54 ACTS OF CONGRESS RELATING TO Proviso. ively redeemed : Provided, That sucli interest sball cease at the expiration of sixty days' notice, to be given at any time by the Secretary of the Treasury iu one or more of the principal papers published at the seat of government, of a readiness to. redeem the Interest payable same. And the Said interest shall be payable semi-annually at semi-annually. jj^g Treasury of the United States, on the first days of January and July in ev.ery year. Approved April 15, 1S42. July 22, 184G. — AN ACT to authorize an issue of treasury notes and a loan. Section 1. Be it enacted hy the Senate and House nf Repre- sentatives of the United States of America in Congress assembled, isBueof treasury That the President of the United States is hereby authorized to notes authorized, , j. j. i ■ t p i j.i not exceeding ten cause treasury notes to be issued tor such sum or sums as tiie millions, tobeout- exigencies of the government may require, and, in place of such standing at any „ » » , , -, -i i ii.ii.- l u i. one time. ot the Same as may be redeemed, to cause others to be issued ; but not exceeding the sum of ten millions of dollars of this emission outstanding at any one time, and to be issued under limitations To be issued un- and Other provisions contained in the act entitled "An act to au- of the act of :83T, thorize the issue of treasury notes, ' approved the twelfth of Octo- <'''• 2- ber, one thousand eight hundred and thirty-seven, except that the authority hereby given to issue treasury notes shall expire at the end of one year from the passage of this act. Sec. 2. And be it further enacted. That the President, if in his opinion it shall be the interest of the United States so to do, in- stead of issuing the whole amount of treasury notes authorized. The presideutby the first section of this act, may borrow on the credit of the Sr^^ta^b^u^fTssu- l-'^^'tcd States such an amount of money as he may deem proper, ing treasury notes, and issuc therefor stock of the United States for the sum thus bor- thesiimborrowed'^™^6'i> in the Same form and under the same restrictions, limita- *•<:- tions, and provisions as are contained in the act of Congress ap- 1842, ch. 26. proved April fifteenth, one thousand eight hundred and forty-l.wo, entitled " An act for the extension of the loan of eighteen hun- dred and forty-one, and for an addition of five millions of dollars thereto, and for allowing interest on treasury notes due :" Pro- Whole amount vided, however. That the sum so borrowed, togrether with the not to exceed , . t , , . , /^ , - °, ,, - , $10,000,000. treasury notes issued by the virtue ot this act, shall not, m the whole, exceed the sum of ten millions of dollars : And provided. No aaTsasnmXa-afurther, That 110 Commission shall be allowed or paid for the nego- to be allowed. tjation of the loan authorized by this act, and also that the said stock shall be redeemable at a period not longer than ten years from the issue thereof. Not to bear a Sec. 3. And be it further enacted, That the treasury notes and tefes^tban e'per t^^^ stock issued under the provisions of this 'act shall not bear a cent. higher rate of interest than six per centum per annum, and no part thereof shall be disposed of at less than par. No compensation get;. 4. J[>n.d be it further enacted, That no compensation shall to be made to any . n, hi y ^ • t* -x \ \ f salaried officer for DC made to any orfacer whose salary is nxed by law tor preparing, preparing,signing ginrnitii]:, or issuinsT treasuiv notes ; nor shall any clerlis be em- and issnmg said P °\ , , * i "^ i • i i i , - „ , notes, &c. ployed beyond the number authorized by the act herein referred to. $50,000 appro- Sec. 5. And be it further enacted, That the sum of fifty thou- fhramoimt'of''cei? Sand doUars be, and the same is hereby, appropriated, out of any . LOANS AND THE CURRENCY. 55 money in the treasury not otherwise appropriated, for the pur-*^'° purloined P . , *' „ . ^^ ^ if. 1 treasury notes. pose 01 paying the amount or certain treasury notes, (wnieh, having been received or redeemed by any authorized officer of the government, were subsequently purloined or stolen, and put into circulation without evidence on their face of their having been cancelled) to the respective holders who may have received the See act of Aug. same, or any of them, for a full consideration, in the usual course '■'''^^''®'°''' ^^''' of business, without notice or knowledge of the same having been stolen, or cancelled, or altered, and without any circumstances to cast suspicion on the good faith or due caution with which they may have received the same. Approved July 22, 1846. August 6, 1846. — IndeponiJent treasury act. Sec. 18. And be it further enacted, That on the first day of jO"™'\*f'^^'^J«°- January, in the year one thousand eight hundred and forty-seven, taxes, '&e., aocru- and thereafter, all duties, taxes, sales of public lands, debts, and'g"!,*" 'shau^'be sums of money accruing or becoming due to the United Stales, paid in gold and and also all sums due, for postages or otherwise, to the General treTsury°IioteB!^ '" Post O^ce Department, shall be paid in gold and silver coin only, or in treasury notes issued under the authority of the United States : Provided, That the Secretary of the Treasury shall pub- „attor'"^. ""^"" lish monthly, in two newspapers at the city of Washington, the amount of specie at the several places of deposit, the amount of treasury potes or drafts issued, and the amount outstanding on the last day of each month. Sec. 19. And he it further enactei. That on the first day of On and after April, one thousand eight hundred and forty-seven, and thereafter, pay'^iien'is to' be every officer or agent engaged in making disbursements on account ™'"i8 in gold and of the United States, or of the General Post .Office, shall make all treasury notes, if payments in gold and silver coin, or in treasury notes, if the cred- the creditors agree r J o J ' ^ to receive ttiem. itors agree to receive said notes in payment ; and any receiving or disbursing officer or agent who shall neglect, evade, or violate tlie violation of twa provisions of this and the last preceding section of this act shall, ?°* secrion'to'^e \ij the Secretary of the Treasury, be immediately reported to the reported t» the President of the United States, with the facts of such neglect, congrea"! ™* *° evasion, or violation, and also to Congress, if in session ; and if not in ses.sion, at the commencement of its session next after the violation takes place. August 10, 1846. — AN ACT to proride for the payment of the evidences of public debt in certain cases. Sbctio.v 1. Be it enacted by the Senate and House of Represent- atives of the United States of America in Congress assembled. That whenever it shall appear to the satisfaction of the Secretary of TrMsm'"^tC^*Jf- the Treasury, upon proof taken in the manner hereinafter directed, deem treasury that any treasury note which has been, before the passage of this J^^^^ Ttolen'^and act, received or redeemed by any authorissed officer of the govern- put into oircuia- ment, has been subsequently purloined or stolen, and put into cir- oeite™* °°' "'"' culation, without having upon it any evidence or marks of having 56 ACTS OF CONGRESS RELATING TO 1846"'°' J"'y ^- been cancelled, and has been received by any person or institution ' ' ' for a full consideration, in the usual course of business, without notice or knowledge of the same having been redeemed or received as aforesaid, or having been cancelled, or having been purloined or stolen as aforesaid, and without any circumstances existing to create suspicion of the good faith or due caution with which the same may have been received by such person or institution, he shall be, and hereby is, authorized to cause the amount of such note to be paid to the innocent holder thereof, out of any mone/ Proviaoastona- in the treasury not otherwise appropriated: Provided, That the required to prove facts upon which any sucli payment shall be made shall be proved the facts. jjy the oath or aiBrraation of a credible witness or witnesses, taken before any judge of the United States, or of the highest court of record, or of the presiding judge of any court, exercising unlimited jurisdiction in amount, of any State, Territory, or district, and of the taking of which testimony due nbtice shall previously be given to the district attorney of the United States for the district in which the testimony is taken, who shall be at liberty to appear and propound questions to such witnesses, all of which evidence shall be transmitted to the Secretary of the Treasury, and pre- Paiae swearing Served in his department ; and all wilful false swearing upon such to be perjury. examination shall be, and hereby is declared to be, perjury and liable to the' punishment for that offence prescribed by the laws Statement to be of the United States: And provided further, That a statement greas. of all treasury notes paid under the provisions of this act, within the preceding year, shall be submitted to Congress with the annual report of the Secretary of the Treasury in relation to the finances. Officera or agents g (,,(,_ 2. And he it further enacted, That when any officer or of the United tt • 1 rT -1 i i • i ■ t States who have agent 01 the United States, duly authorized to receive, redeem, or 8uch"Mtes"tcr'be Cancel any treasury notes issued by authority of law, has received credited with their or shall receive, or has paid or shall pay, any treasury note which Credits made to ^^^ been previously received or redeemed by any officer or agent be sanctioned.' having authority to receive or redeem such note, and which had subsequently thereto been purloined and put into circulation, the Secretary of the Treasury, upon full and satisfactory proof that the same has been paid upon good faith, and in the exercise of ordinary prudence, may allow a credit for the amount of such note to the officer or agent so receiving or paying the same, and all credits which have before the passage of this act been allowed in such cases, and under such circumstances, are hereby sanctioned. Repeal of acts Sec. 3. And he it further enacted, That all acts and parts of TJfS not^acted ^icts heretofore enacted, which are supplied by this act, so far as on I if acted on, the Same may not have been acted on, are hereby repealed : and ratified and con- „ ^ "^ ,, , , ^ \ -, firmed. SO tar as they may have been acted upon, they are ratified and confirmed. Approved August 10, 1846. LOANS AND THE 'CURRENCY. 57 January 28, 1847.— AN ACT authorizing the issue of treasury notes, a loan, and for other purposes. Sectiox 1. Be it enacted by the Senate and House of Repre- sentatives of the United Siatrs of America in Congress assembled. That the President of the United States is hereby authorized to cause treasury notes, for such sum or sums as the exigencies of the government may require, but not exceeding, in the whole amount of notes issued, the sum of twenty-three millions of dol- $23,000,000 of lars, and of denominations not less than fifty dollars for any one !,uSor'iLa. '"'*''' note, to be prepared, signed, and issued in the manner hereinafter provided. Sec. 2. And be it further enacted. That the said treasury notes authorized to be issued by the first section of this act shall when to be paid. be reimbursed and redeemed by the United States, at the treasury thereof, after the expiration of one year or two years from the dates of the said notes respectively; from which said dates they shall bear such interest, until they shall be respectively redeemed, Eate of mtereat. as shall be expressed upon the face of the said notes; which rate of interest upon each several issue of the said notes shall be fixed by the Secretary of the Treasury, by and with the advice and approbation of the President, but shall in no case exceed the rate of interest of six per centum per aiinum : Provided, That, after the maturity of any of the said notes, such interest shall cease at the expiration of sixty days' notice, to be given at any time by interest to cease the Secretary of the Treasury, in one or more of the principal notice. ^ papers published at the seat of government, of a readiness to re- deem the same. The reimbursement herein provided for shall be made at the treasury of the United States to the holders of the said notes respectively, upon presentment, and shall include the principal of each note, and the interest which may be due thereon at the time of payment. For this reimbursement, at the time and times herein specified, the faith of the United States is hereby solemnly pledged. Sec. 3. And be it fvrthcr enacted, That the said treasury notes Notes how Bign- shall be prepared under the direction of the Secretary of the Trea- "''' *'^- sury, and shall be signed, on behalf of the United States, by the Treasurer thereof, and countersigned by the Register of the Trea- sury ; and that those ofiicers respectively shall, as checks upon each other, and to secure the public safety, keep separate, full, and AccountB to bo accurate accounts of the number, date, denomination, and amount''^'''' of all the notes signed and countersigned by them respectively, which said account shall be entered in a book or books, to be provided for that purpose, and carefully preserved in the Treasury Department; and also similar accounts, kept and preserved in the same manner, of all the said notes redeemed, as the same shall be returned and cancelled ; and the Treasurer shall further account, quarterly, for all such notes delivered to him for signature or issue by the Register. The Treasurer and Register of the Treasury are hereby authorized, by and with the consent and approbation of the Secretary of the Treasury, to employ such additional tem- Additional clerks porary clerks as the duties enjoined upon them by this act may'"' °'"^^ ' render necessary : Provided, Said number sliall not exceed five, and with a salary of not more than at the rate of twelve hundred dollars to each per annum. 58 ACTS OF CONGRESS RELA.TING TO Sbc. 4. And le it further enacted, That the Secretary of the Treasury is hereby authorized, with the approbation of the Presi- ^^May be issued to ^ent of the United States, to cause to be issued such portion of the said treasury notes as the President may think expedient, in payment of debts due by the United States, to such publiccredit- Maybe pledged, oi's. or other persons, as may choose to receive such notes, in pay- but Bot for leas ment, as aforesaid, at par. And the Secretary of the Treasury is an par. further authorized, with the approbation- of the President of the United States, to borrow, from time to time, such sums as the President may thinlc expedient, on the credit of such notes : Pro- vided, limeever, That no treasury notes shall be pledged, hypoth- ecated, sold, or disposed of in anywise for any purpose whatever, directly or indirectly, for any sum less than the amout^t of such notes, including the principal and interest thereon when disposed of. t Sec.,'). And he it further enacted, That the said treasury How trausfera- notes shall be transferable, by delivery and assignment indorsed thereon, by the person to whose order the same shall, on the face thereof, haye been made payable. To be receiva- Sec. 6. And he it further enacted. That the said treasury notes Major all Public ^j^^jj ^^ received in payment of all duties and taxes laid by the authority of the United States, of all public lands sold by the said authority, and of all debts to the United States of any character whatsoever, which may be due and payable at the time when said treasury notes may be so offered in payment; and on every such payment credit shall be given for the amount of the principal and interest which, on the day of such payment, may be due ou the note or notes thus given in payment. Onpaymentare- Sec. 7. And be it further enacted. That every collector, receiver ceipttobetaken. ^f ^^hWc moneys, or other officer or agent of the United States, shall, on the receipt of any treasury notes .in payment for the government, take from the holder thereof a receipt on the back of each of said notes, stating distinctly the date, and the amount received ; and shall keep, according to such forms as shall be pre- And entry made, scribed by the Secretary of the Treasury, entries of whom received, the number, date, and respective amounts of principal and interest of each and every treasury note thus received ; and on delivering the same to the treasury shall receive credit for the amount paid Proviso. as prescribed by the last section : Provided, No error shall appear. S EC. 8. And he it further enacted. That the Secretary of the Treas- Paymeut. ury be, and he is hereby, authorized and directed to cause to be re- imbursed and paid the principal and interest of the treasury notes which may be issued by virtue of this act, at the several time and times when the same, according to the provisions of this act, should Purchase by u. be thus reimbursed and paid. ' And the Secretary is further aulhor- States. jj,g(j ^g make purchases of the said notes at par for the amount of Appropriation the principal and interest due at the time of purchase on such notes, orpaymen. ^\nd SO much of unappropriated money in the treasury as may be necessary for that purpose is hereby appropriated for paying the principal and interest of said notes. Penalty for fovg- Sec. 9. And he it further enacted. That if any person shall fettinr &c™'saidf''^^^'y make, forge, or counterfeit, or cause or procure to be falsely notes.' ' made, forged, or counterfeited, or willingly aid or assist in falsely making, forging, or counterfeiting any note in imitation of, or pur- porting to be, a treasury note aforesaid, or shall falsely alter, or LOANS AND THE CURKENCY. 5& cause or procure to be falsely altered, or willingly aid or assist in falsely altering, any treasury note issued as aforesaid, or shall pass, utter, or publish, or attempt to pass, utter, or publish, as true, any false, forged, or counterfeited note, purporting to be a treasury note as aforesaid, knowing the same to be falsely forged or counterfeited, or shall 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 adjudged guilty of felony, and being thereof con%'icted by due course of law, shall be sen- tenced to be imprisoned and kept to hard labr)r for a period not less than three years nor more than ten years, and to be fined iil a sum not exceeding five thousand dollars. Sec. 10. And he il further enacted, That if any person shall spenaltyformak- make or engrave, or cause or procure to be made or engraved, or g°| °aver'"pfate" shall have in his custody or possession any metallic plate engraved, &o., of said notes, 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 possession any blank note or notes, engraved and printed after the similitude of any notes issued as aforesaid, with intent to use such blanks, or cause cr sufi'er the same to be used in forging or coun- terfeiting any of the notes issued as aforesaid, or s'lall have in his custody or possession any paper adapted to the making of 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 in 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 thousand dollars. Sec. 11. And he it further enacted, That the Secretary of tiie ^ S|«'^«^"'''y ^^^® Treasury be, and he is hereby, authorized to make and issue, from rules, &c. time to time, such instructions, rules, and regulations to the several collectors, receivers of public money, depositaries, and all others who may be authorized to receive the said treasury notes on behalf of, and as agents in any capacity for, the United States, as to the safe-keeping, disposition, return, and cancelling of the said notes so paid to and received by them, respectively, and as to their accounts and returns to the department of such receipts as may seem to him best calculated to promote the public interest and con- venience, and secure the United States and the holders of notes against fraud and losses. , Sec. 12. And be it further enacted, That, in lieu of the notes authorized by this act which may be redeemed, other notes may be issued: Prooided, however. The amount of such notes outstand- Reissue, ing, together with the stock issued by virtue of the thirteenth and sixteenth sections of this act, shall not exceed the sum of twenty- exte^dTss ooo oco three millions of dollars. Sec. 13. And he it fiirther enacted, That it shall he lawful for May be couvert- the holders of the aforesaid treasury notes to present them at '"^'''"•**°*- any time to the treasury of the United States, or to any assistant treasurer, or to such collectors of the customs and receivers of public moneys as may be designated by the Secretary of the Treasury ; and the holders of the said treasury notes shall be 60 ACTS OF CONGRESS RELATING TO entitled to receive therefor the amount of the prineipal of the said notes in a certificate or certificates of funded stock, bearing inter- est at six per centum per annum from the date of such present- ment of said treasury'notes, and for the interest shall be paid in money ; and the stock thus to be issued shall be transferable on the ■ ?'"*•. y**™ '^*" books of the Treasury : Provided, however, and he it further enacted. That it shall be lawful for the United States to i-eiraburse the stpck thus created at any time after the last day of December, one thousand eight hundred and sixty-seven. Same subject. ggc. 14. j^-^g he it further enacted, That it shall and maybe lawful for the holder of any treasury notes issued, or authorized to be issued, under this act, or any laws heretofore passed, t) convert the same into certificates of funded stock, upon the same terms and in the same manner hereinbefore provided in relation to the treasury notes authorized by the first section of this act. Act of 1846, ch. Sec. 15. And he it further enacted. That the authority to issue , ex en e treasury notes authorized by the " Act authorizing an issue of treasury notes and a loan," approved July twenty-second, one thousand 'eight hundred and forty-six, be, and the same is hereby, extended to the same period fixed for the treasury notes author- ized by this act, and upon the same terms and conditions herein specified : Provided, That the treasury notes authorized by this section shall not exceed five millions of dollars. stock may be Sbc. 16. And he it further enacted. That the President, if in notes. "" "'' " his opinion it shall be the interest of the United States so to do, instead of issuing the whole amount of treasury notes authorized by the first section of this act, may borrow, on the credit of the United States, such an amount of money as he may deem proper, and issue therefor stock of the United States, bearing interest at a rate not exceeding six per centum for the sum thus borrowed, redeemable after thirty-first December, eighteen hundred and sixty- sevfen : Provided, however, That the sum so borrowed, together .,^ , ^ with the treasury notes issued under the first and twelfth sections Wnole amount «,. *^t. t, , iii- ii not to exceed 01 tliis act outstandnig, and the stock created by this and the $23,000,000. thirteenth sections of this act, shall not in the whole exceed the Proviso. sum of twenty-three millions of dollars : And provided, further. That no stocks shall be issued at a less rate than par. Interest payable Qec. 17. And he it further enacted, that the interest on the latof January and , i 1 i . , i, i -i ^ • ,, , July. stock created by this act shiH be payable semi-annually, on the first days of .January and July in each year. Certificates of ggf,_ ;i8. And he it further enacted. That the certificates of stock, nywsjgnea. , ,. ., i,. in, . -i, ,r-, stock to be issued under this act shall be signed by the Register of the Treasury, and the Secretary of the Treasury shall cause each of said certificates to be sealed with the seal of his depart- ment. Proceeds of pub- Sec. 19. And he it further enacted, That, for the payment of for redemption?' the stock which may be created under the provisions of this act, the sales of the public lands are hereby pledged, and it is hereby made the duty of the Secretary of the Treasury to use and apply all moneys which may be received into the treasury for the sales of the public lands after the first day of January, eighteen hundred and forty-eight, first, to pay the interest on all stocks issued by virtue of this act ; and, secondly, to use the balance of said receipts, after paying the int'rest aforesaid, in the purchase of said stocks .S',?^''Vnn'""'''^'l' at their market value : Provided, No more than par shall be paid I849,ch. 100, sec. J. „ . , , ^ t lor said stocks. LOANS AND THE CUERENCY. 61 Sec. 20. And be U further enacted. That a sum not exceeding Contingent ex- twenty thousand dollars, to be paid out of any unappropriated ^^°'''"" money in the treasury, be, and the same is hereby, appropriated, for defraying the expense of preparing, printing, engraving, and otherwise incident, to the issuing of the treasury notes and stock authorized by this act : Provided, That no compensation shall be Proviso, made to any officer whose salary is fixed by law, for preparing, signing, or issuing treasury notes or certificates of stock. Sec. 21. And bcit further enacted, That it shall be, and hereby Amount issnea is, made the duty of the Secretary of the Treasury to cause a "XSmonthly statement to be published monthly of the amount of all treasury notes issued or redeemed in pursuance of the provisions of this act; and that the power to issue treasury notes conferred on the issue, when to President of the United States by this act shall cease and deter- °''*''^- miue six months after the exchange and ratification of a treaty of peace with the republic of Mexico. Skc. 22. And be it further enacted, That it shall be the duty '^"'PO'* t° Con- i? ii o i i? .1 rn . r^ i gresa at each ses- 01 ttie secretary 01 the ireasury to report to Congress, at the sion. commencement of each session, the amount of treasury notes which have been issued under the provisions of this act, the amount redeemed, and the manner in which redeemed, the amount purchased, and of whom, and at what time purchased, and the amount reissued, stating in lieu of which redemption they are reissued, with the date of such reissue,, during the preceding year. Approved January 28, 1847. March 31, 1848. — AN ACT to authorize a loan not to exceed the sum of sixteen millions of dollars. Sbctio.\ 1. Be it enacted by the Senate and House of Repre- sentatives of the United States of America in Congress assembled, That the President of the United States be, and he is hereby, $i6,ooo,ooa loan authorized, at any time within one year from the passage of this act, to borrow, on the credit of the United States, a sum not ex- ceeding sixteen millions of dollars, or so much thereof as in his opinion the exigencies of the government may require, at a rate of interest not exceeding six per centum per aimum, payable quarterly or semi-annually, which loan shall be made reimbursable interest when at any time after twenty years from the first day of July next ^"^^ "' after the passage of this act; and said money, so borrowed, shall, on being first duly appropriated therefor, be applied, in addition to the money now in the treusury, or which may be received therein from other sources, to defray any of the public expenses which have been heretofore, or may be hereafter, authorized by law, and the stock issued upon such loan shall be transferable on the books ^fe'"'^'' transfera- of the treasury. Sec. 2. And be it further enacted, That the Secretary of the ^^Ceitifioates of Treasury be, and he is hereby, authorized, with the consent of the President of the United States, to cause to be prepared certificates of stock, which shall be signed by the Register of the Treasury and sealed with the seal of the Treasury Department, for the sum to be borrowed as aforesaid, or any part thereof, bearing an interest not to exceed six per centum per annum, and transferable and reimbursable as aforesaid, and to cause said certificates of stock 62 ACTS OF CONGRESS RELATING TO How sold. to be sold: Provided, That no part of said stock be sold below Coupons for in- par : And provided, also, That, whenever required so to do, the Secretary of the Treasury shall cause to be attached to any cer- tificate or certificates to be issued under this act coupons of in- Cortifloafea trans- terest ; and any certificate having such coupons of interest attached forabie by deiiv- ^^ j^ ^^^ ^^ transferable by delivery of the certificate, instead of being assignable on the books of the treasury; but no certificate of stock shall be issued for a less amount than fifty dollars. Proposals for the Sec. 3. And he it further enacted. That the Secretary of the vXa.'"''^ ''° " Treasury be, and he is hereby, authorized to receive proposals for the taking of such loan, or any part or parts thereof; and that, before disposing of the said stock issued for such loan, the Secre- tary of the Treasury shall cause to be inserted in one or two pub- lic newspapers printed in the city of Washington, and in one or two public newspapers printed in the principal city or capital of each State, an advertisement staling that bids and proposals for such loan will be received until a certain day, to be specified in such advertisement, not more than sixty days or less than twenty days from the time of the first insertion of said advertisement in one or two newspapers in the city of Washington, and stating the amount of the loan required, and in what instalments, and when and where it will be required to be paid. And all such proposals shall be required to be sealed, and shall be opened by the Secre- tary, or other officer of the department, oa the day appointed, pub- licly, and in the presence of such persons as may choose to attend ; and no proposals shall be withdrawn after the same shall have been received at the Treasury Department; and the said Secretary may pay such expenses as may be necessarily incurred in printing Contingent ex- and issuing certificates of stock : Provided, however, That the em- pensesofthisioau. pjgyjjjgjjj. of agents, and other expenses incident to the execution of this act, shall not in all exceed the sum of sixteen thousand dol- lars, which sum of sixteen thousand dollars is hereby appropriated for these purposes, and shall be paid out of any money in the Proviso. treasurynot^ otherwise appropriated; And ^provided. That no com- pensation shall be allowed to any officer whose salary is fixed by law, for any service performed by him in the execution of this act. The public faith Sec. 4. And he it further enacted, That the faith of the United •demptSn.'" "^" States is hereby pledged to provide and establish sufficient reve- nues for the regular payment of the interest, and for the redemp- tion of said stock. And the principal sum borrowed under the provisions of this act, and the interest thereon, as the same shall. Appropriation, from time to time, become due and payable, shall be paid out of any money in the treasury not otherwise appropriated. Purchase of Steele Sbc. 6. And be it further enacted, That the Secretary of the surplus fuuds^'n Treasury be, and he is hereby, authorized to purchase, at any time the treasury. before the period herein limited for the redemption of the stock hereby created, such portion thereof at the market price, not below par, as the ftinds of the government may admit of, after meeting all the demands on the treasury; and any surplus that hereafter may be in the treasury is hereby appropriated to that object. Report to be made ggf,. g. ^y^d /;e it further enacted. That it shall be the duty of of things done ua- , ,, „ , ■'„, . i ri ,. ii_ der this act. the Secretary ot the ireasury to report to Uongress, at the com- mencement of the 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 LOANS AND THE CUEEENCY. 63 submitted for the same, distinguishing between those accepted and those rejected, with a detailed statement of the expenses of making such loans. Approved March 31, 184S. March 3, 1849.— AN ACT making appropriations for the civil and diplo- matic expen.^s of the government for the year ending the thirtieth of June, eighteen hundred and fifty, and for other purposes. Sec. 3. And be it further enacted, That the proviso to the nine- ^Repeal of proviso teenth section of the act of the twenty-eighth of January, eighteen c£°o^£ s^ekHj hundred and forty-seven, entitled " An act authorizing the issue Tre^ury Depart- of treasury notes, a loan, and for other purposes," be, and the "" ' ' same is hereby, repealed. December 23, 1857. — AN ACT to authorize the issue of treasury notes. Sectio.x 1. Be it enacted hy the Senate and House of Repre- sentatives of the United States of America in Congress assembled, That the President of the United States is hereby authorized to J"™^ "' °»* <"""" ' , 1 . . /. 1 $20,000,000 au- cause treasury notes tor such sum or sums as the exigencies or the thorizedindenom- public service may require, but not to exceed, at any time, the 'thaaTiooeach.'"'^ amount of twenty millions of dollars, and of denominations not less 1859, ch.82,sec.5. than one hundred dollars for any such note, to be prepared, signed, and issued in the manner hereinafter provided. Sec. 2. And he it further enacted, That such treasury notes How, when, shall be paid and redeemed by the United States at the treasury ^homissued,paid° thereof after the expiration of one year from the date of said notes, "-^^ redeemed. from which dates, until they shall be respectively paid and re- deemed, they shall bear such rate of interest as shall be expressed in said notes, which rate of interest upon the first issue, which shall not exceed six millions of dollars of such notes, shall be fixed First issue not to by the Secretary of the Treasury, with the approbation of the ^^"""^ ' ' President, but shall in no case exceed the rate of six per centum ^^ate of interest per annum. The residue shall be issued, in whole or in part, after p^|.5i3„a ^^^ jj] public advertisement of not less than thirty days, as the Secretary sued. of the Treasury may direct, by exchanging them at their par value for specie to the bidder or bidders who shall agree to make such exchange at the lowest rate of interest, not exceeding six per cent- um, upon the said notes : Provided, That, after the maturity of proviso, any of said notes, interest thereon shall cease at the expiration of interest, when to sixty days' notice of readiness to pay and redeem the same, which may at any time or times be given hy the Secretary of the Treas- ury, in one or more newspapers published at the seat of govern- ment. The payment or redemption of said notes herein provided shall be made to the lawful holders thereof, respectively, upon pre- sentment at the treasury, and shall include the principal of each note and the interest which shall be due thereon. And for such Faith of the Uni- payment and redemption, at the time or times herein specified, the f^^ the^rr^edf^'^ faith of the United States is hereby solemnly pledged. «"«•• 64 ACTS OF CONGRESS RELATING TO tare™ ""'^ ^'®'"'' ^'''°- ^- ^'"■'^ ^^ it further enacted, That such treasury notes shall be prepared under the direction of the Secretary of the Treas- ury, and shall be signed, in behalf of the United States, hv the Treasurer thereof, and counters.igned by the Register of the Treas- Separate aco'ts ury. Each of these officers shall keep, in a book or books provi- kepTby the Treas^ ded for that purpoge, separate, full, and accurate accounts, showing mrer and by tiie fjig 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 as may be paid, redeemed, ■Afc'ts of notes and Cancelled, as the same may be returned; all which accounts to be preserved.'^ ' shall be carefully preserved in the Treasury Department. And Treasurer to ac- the Treasurer shall account quarterly for all such treasury notes count quarterly. ^^ ^j^^jj j^^^^^ j^^^^^ Countersigned by the Register and delivered to the Treasurer for issue. To be issued in Sec. 4. And be it farther enacted, That the Secretary of the cSitorB°or"'fOT Treasury is hereby authorized, with the approbation of the Presi- •oai's. dent, 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 en- titled to such payment, who may choose to receive su-jh notes in payment at par. And the Secretary of the Treasury is further authorized, with the approbation of the President, to borrow, from tipie to time, such sums of money upon the credit of such notes as Proviso: not to the President may deem expedient: Provided, That no treasury ?e°s'^thanThe°prin>o''es shall be pledged, hypothecated, sold, or disposed of in any cipai and interest, way for any purpose whatever, either directly or indirectly, for any sum less than the amount of such notes, including the princi- pal and interest thereof. Transferable by Seo. 5. And he it farther enacted. That said treasury notes d"uvcry°™ "" shall be transferable, by assignment indorsed thereon by the per- son to whose order the same shall be made payable, accompanied together with the delivery of the notes so assigned. To be received Sec. 6. And be it further enacted, That said treasury uotes fo^ .5"'due8°to'tiie s'l^ll ^^ received by the proper officers in payment of all duties UuitedStates. 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 maybe offered in payment thereof; and upon every such payment credit shall be given for the amount of principal and interest due o;i the note or liotes received in pay- ment, on the day when the same shall have been received by such officer. . ^^"'P' '», yi Sec. 7. And be it further enacted, That every collector of the taken and entries • p i i , rt* t* made and aiiovped customs, receiver 01 public moneys, or other officer or agent of accordingly to offi- jjjg u^jijj, J gj^^jg^ ^^^ gj^.^^ receive any treasury note or notes in payment on account of the United States, shall take from the holder of such note or notes a receipt, upon the back of each, stating distinctly the date of such payment and the amount allowed upon such note; and every such officer or agent shall keep regu- lar 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 ageut shall receive credit for the amount, as provided in the last section of this act. LOANS AND THE CUERENCY. 65 Sec. 8. And be it further enacted, That the Secretary of the ^s«°^«ta>'yj of^«^« Treasury be, and he is hereby, authorized to make and issue, from mstmctioDs" '&"., time to time, such instructions, rules, and regulations to the sev- *" °^'^^^- eral 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, dis- posal, cancelling, and return of any such notes as may be paid to and received by them, respectively, and as to their accounts and returns to be made to the Treasury Department of such receipts, as he shall deem best calculated to promote the public conve- nience 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 Secretary of the payment and Treasury be. and he hereby is, authorized and directed to cause P"r<:'"i'8e. to be paid the principal and interest of such treasui-y notes as may be issued under this act, at the time and times when, accord- ing to its provibions, the same should be paid. And the said Sec- retary is further authorized to purchase said notes at par for the amount of principal and interest due at the time of the purchase on such notes. And so much of any unappropriated money in Appropriation the treasury as may be necessary for the purpose is hereby ap- thereof. propriated to the payment of the principal and interest of said notes. Sec. 10. And he it further enacted, That, in place of such May be issaed in treasury notes as may have been paid and redeemed, other treas- deemed. ury notes to the same amount may be issued : Provided, That Total outatand- the aggregate sum outstanding, under the. authority of this act, eMeedfeo.ooo.TOO shall at no time exceed twenty millions of dollars : And -provided, further. That the power to issue and reissue treasury notes, con- Not to be issned ferred on the President of the .United States by this act, shall^'',"f8|j; '(.'i^^^gg; cease and determine on the first day of January, eighteen hundred b^c. 5. and fifty-nine. Sec. 11. And he it further enacted. That, to defray the ex- penses of engraving, printing, preparing, and issuing the treasury notes herein authorized, the sum of t\venty thousand dollars is hereby appropriated, to be paid out of any unappropriated money in the treasury : Provided, That no compensation shall be made No compensation rt*i 1 • n ^ x, ^ c • • • to any salaried ofti- to any oiiicer whose salary is nxecl by law, tor preparmg, signing, oer tueretor. or issuing treasury notes. Sec. 12. And he it further enacted, That if any person shall The forging, &o., falsely make, foi'ge, or counterfeit, or cause or procure to be falsely paging, &c., or made, forged, or counterfeited, or willingly aid or assist in falsely "'° attempting to making, forging, or counterfeiting any note in imitation or, or pur- notes, made a id- porting to be, a treasury note, issued as aforesaid, or shall pass, ™^' utter, or publish, or attempt to pass, utter, or publish, as true, any false,- forged, or counterfeited note, purporting to be a treasury note as aforesaid, knowing the same to be falsely made, forged, or counterfeited, or shall falsely aller, or cause or procure to be falsely altered, or willingly aid or assist in falsely altering, any treasury note issued as aforesaid, or shall pass, utter, or publish, or attempt 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 adjudged guilty of felony ; and being thereof convicted by due course of law. Penalty. shall be sentenced to be imprisoned and kept at hard labor for a L and c 5 66 ACTS OP CONGRESS RELATING TO period not less than three years, nor more than ten years, and to be fined in a sum not exceeding five thousand dollars. The engraving or Sec. 13. And be it further enacted, That if any person shall an engraved p'iate,™*]^^ or engrave, or cause or procure to be made or engraved, or °f w^ Possession shall have in his custody and possession, any metallic plate en- paper for malting graved after the similitude of any plate from which any notes intmt"&c'' pun'^^s^^^d ^^ aforesaid shall have been printed, with intent to use such jBhabi'ebyflneand plate, or cause or suffer the same to be used, in forging or coun- imprisonment. tcrfeitiug auy of the notes issued as aforesaid, or shall have in custody or possession any blank note or notes engraved and printed after the similitude of any notes issued as aforesaid, with intent to use such blanks, 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 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, in forging or counter- feiting 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 of not less than three nor more than ten years, and fined in a sum not exceeding five thousand dollars. men^o't-^notesiB- ^^^- ^-*- ■^'^^ ** it further enacted. That it shall be the duty of sued, paid, and re- the Secretary of the Treasury to cause a statement to be pub- i1S!''''°^''^"''"lis'ied monthly of the amount of treasury notes issued, and paid and redeemed, under the provisions of this act, showing the bal- ance outstanding each month, Approved December 23, 1857. June 14, 1858. — AN ACT to authorize a loan not exceeding the aum of twenty millions of dollars. Section 1. £c it enacted hy the Senate and liouse of Represent- in twelve nionths, atives of the United States of America in Congress assembled. That over 's'oo'uoo 000**^^ President of the United States be, and hereby is, authorized, payabi'e' at 'any at any time within twelve months from the passage of this act, to years from jiST''°""°^' °" ^^^ ^^'^^"^^ °^ ^^'^ United States, a sum not exceeding 185a. ' twenty millions of dollars, or so much thereof as, in his opinion, the exigencies of the public service may require, to be applied to the payment of appropriations made by law, in addition to the money received, or which may be received, into the treasury Proviso. 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 act any time after the expiration of fifteen years from the first day of January next. timSorshanTear ^^^- ^- ^'^'^ *^ it further enacted. That stock shall be issued notoverSpercent. for the amount SO borrowed, bearing interest not exceeding five semi-annuluy^Per centum per amium, payable semi-annually, with coupons for ■Kith coupons. ' the semi-annual interest attached to the certificates of stock thus created, and the Secretary of the Treasury be, and hereby is, au- pivpailjdmds^g^thorized, with the consent of the President, to cause certificates ed, and amount of. 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 LOANS AND THE CUREENCY. 67 their assigns : Provided, That no certificate shall be issued for a less sum than one thousand dollars. Sec. 3. And be it further enacted, That, before awarding said jj^^°^™*°i'^«'^"''- 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 Notice. 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 -v^hat periods the money shall be paid, if by instalments, and at what places. Such sealed proposals shall be opened on the day appointed in Proposals to be the notice, in the presence of such persons as may choose to at- tend, and the proposals decided on by the Secretary of the Treas- ury, who shall accept the most favorable proposals ofifered by re- sponsible bidders for said stock. And the said Secretary shall re- Secretary to re- port to Congress, at the commencement of the next session, the arMmmencement amount of money borrowed under this act, and of whom, and ono'i'sne^t sessioa what terms, it shall have been obtained ; with an abstract or brief &c. statement of all the proposals submitted for the same, distinguish- ing between those accepted and those rejected, with a detailed statement of the expenses of making such loans : Provided, That stock not to be- no stock shall be disposed of at less than its par value. ttanpar." Sec. 4. And be it further enacted. That the faith of the United Faith of the uni- States is hereby pledged for the due payment of the interest and f^r it^^payment.'"^ the redemption of the principal of said stock. Sec. .5. And be it further enacted, That, to defray the expenses Engraving, &c., of engraving and printing certificates of such stock, and other stock."^'"' ° ' expenses incident to the execution of this act, the sum of five thou- sand dollars is hereby appropriated : Provided, That no compen- Proviso, sation shall be allowed for any service performed under this act to any ofiicer whose salary is established by law. Approved June 14, 1858. March 3, 1859. — AN ACT makino; appropriations for sundry civil expenses of the government for tlie year ending the thirtieth of June, eighteen hun- dred and sixty. Sec. 5. And be it further enacted. That the power to issue and Authority to issue- re-issue treasury notes, conferred on the President of the United ™.y ™teTundTr States by the act entitled "An act to authorize the issue of J"=*l^|■''l'=^»•l:«^■ treasury notes," approved the twenty-third December, eighteen iseo. hundred and fifty-seven, be, and the same hereby is, revived and continued in force from the passage of this act until the first day of July, eighteen hundred and sixty; and to defray the expenses Expenses thereof thereof the sum of five thousand dollars is hereby appropriated : Provided, That the said notes may be issued bearing an interest Proviso, not exceeding six per centum per annum ; and that it shall not be necessary, as directed by the original act aforesaid, after adver- tisement, to exchange them for specie to the bidder or bidders who shall agree to make such exchange at the lowest rate of interest upon said notes ; and that in all other respects the reissue of said treasury notes shall be subject to the terms and conditions of the act aforesaid. 68 ACTS OF CONGRESS RELATING TO Coupon or regis- Q^c. 6. And he it further enacted. That the Secretary of the tereaBtockraay be __, .- . t * i tt /it p ,i issued. 1858, ell. Treasury is hereby authorized, under the act of J une fourteenth, ^^^- eighteen hundred and fifty-eight, to issue coupon or registered stock, as the purchaser may elect. Approved March 3, 1859. June 23, 1860. — AN ACT authorizing a loan and providing for the redemp- tion of treasury notes. (See act of 8th February, 1861, section 5.) Section 1. Be it enacted by the Senate and House of Rep- resentatives of the United States of America in Congress assembled, $21,000,000 may That the President of the United States be, and hereby is, author- be borrowed to jged, at any time within twelve months from the passage of this act, redeem treasury ,' •/, t- f i -rr • i r< t notes, &c. to borrow, on the credit of the United otates, a sum not exceeding twenty-one millions of dollars, or so mifch therof as, in his opin- ion, the exigencies of the public 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 dues, and for no other purposes, stock to be issued Sec. 2. And be it Jurther enacted. That stock shall be issued at interest of not fgj. ^jj^ amount SO borrowed, bearing interest not exceeding six per over 6 per cent. ' .0 t . -, . . V 1 centum per annum, and to be reimbursed within a period not be- yond twenty years, and not less than ten years ; and the Secretary of the Treasury be, and is hereby, authorized, with the consent of Certificates. 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 regula- tions as may be established by the Secretary of the Treasury : 1" t^i™ ^S^l^Provided, That no certificate shall be issued for a less sum than $1,000. one thousand dollars : And provided, also, That, whenever re- with coupons quired, the Secretary of the Treasury may cause coupons of semi- Assignment^there- annual interest payable thereon to be attached to certificates issued of- under this act ; and any certificate with such coupons of interest attached maybe assigned and transferred by delivery of the same, instead of being transferred on the books of the Treasury. Proposals to be Qbc. 3. And be it further enacted, That before awarding: said .advertised for. - .^ a . V- , m in t . ° , . loan, the becretary ot the ireasury sliall 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 period.s the money shall be paid, if by instalments, and at what places. oprae™and''wiirt S«ch Sealed proposals shall be opened on the day appointed in the bids accepted. notice, in the presence of such persons as may choose to attend, and the proposals decided by the Secretary of the Treasury, who shall accept the most favorable offered by responsible bidders for rcBfl""'' *° '^°''' ^"'^'^ stock. And the said Secretary shall report to Congress, at the commencement of the next session, the amount of money bor- rowed under this act, and of whom, and on what terms, it shall have been obtained, with an abstract or brief statement of all the LOANS AND THE CURRENCY. 69 proposals submitted for the same, distinguishing between those accepted and those rejected, with a detailed statement of the ex- penses of making such loans : And -provided. That no stock shall aifp*os°e'd of 'at°e^8l be disposed of at less than Its par value ; and the sum of five thou- than par. sand dollars is hereby appropriated, out of any money in the treas- ^ Appropriation ,.1 . •fii c ■ T •,■ for expenses under ury not otherwise appropriated, to pay for engraving and printing tiiis act. the certificates, and other expenses of executing this act ; but no additional compensation shall be allowed to any person receiving a salary by law. Sec. 4. And he it further enacttd, That the faith of the United ^'^^^ %i^'Z States is hereby pledged for the due payment of the interest and pledged. the redemption of the principal of said stock. Approved June 22, 1860. December 17, 1860. — AN ACT to authorize the issue of treasury notes, and for other purposes. (See act of 8th February, 1861, section 5.) Section 1. Be it enacted by the Senate and House of Repre- sentatives of the United States of America in Congress assemhled, Treasury notes, That the President of [the] United [States] be hereby authorized amouS,*™rde: to cause treasury notes, for such sum or sums as the exigencies of >i°™o='*i°i- the public service may require, but not to exceed at any time the amount of ten millions of dollars, and of denomination not less than fifty dollars for any such note, to be prepared, signed, and issued in the manner hereinafter provided. Sec. 2. And be it further enacted, That such treasury notes To be redeemed shall be paid and redeemed by the United States at the treasury tiieir date. thereof after the expiration of one year from the date of issue of such notes ; from which dates, until they shall be respectively paid and redeemed, they shall bear such rate of interest as shall be ex- pressed in such notes, which rate of interest shall be six per centum Rate of interest, per annum: Provided, That, after the maturity of any of said J'"*^^,'^,™ '°'"""' notes, interest thereon shall cease at the expiration of sixty days' notice of readiness to redeem and pay the same, which may at any time or times be given by the Secretary of the Treasury in one or more newspapers at the seat of government. The redemption and payment of said notes, herein provided, shall be made to the lawful holders thereof, respectively, upon presentment at the treasary, wiio to receive and shall include the principal of each note and the interest which payment. shall be due thereon. And for the payment and redemption of such notes at the time and times therein specified, the faith of the ..^.f^^ °^„ *•"= United States is hereby solemnly pledged. pledged. Sec. 3. And be it further enacted, That such treasury notes ^^'^''''''s, how sign- sTiall be prepared under the direction pf the Secretary of the Treas- ury, and shall be signed in behalf of the United States by the Treasurer thereof, and countersigned by the Register of the Treas- ury. Each of these officers shall keep in a book, or books, pro- Aeeount of notes vided for the purpose, separate, full, and accurate accounts, showing " ° °p • the number, date, amount, and rate of interest of each treasury note signed find countersigned by them respectively ; and, also, similar accounts showing all such notes which may be paid, re- deemed, and cancelled, as the same may be returned ; all which accounts shall be carefully preserved in the Treasury Department. Treasury to ao- And the Treasurer shall account quarterly for all such treasury °°"° '*""' '"^ ^' 70 ACTS OF CONGRESS RELATING TO notes as shall have been countersigned by the Register and deliv- ered to the Treasurer for issue. surfLTp'^rCpay ^^^- '^- ^'"^ *« '^^ further enacted, That the Secretary of the public creditors. Treasury is hereby authorized, with the approbation of the Presi- dent, to cause such portions 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 person lawfully entitled to payment, who may choose to receive such notes in pay- ment at par ; and the Secretary of the Treasury is hereby author- ized, with the approbation of the President, to issue the notes Rate of interest hereby authorized to be issued, at such rate of interest as may be tobeOetermined'' o^^^'^^ ^Y ^^^ lowest responsible bidder or bidders who may agree to take the said notes at par after public advertisement of not less than ten days in such papers as the President may dii-ect, 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 per centum per annum. Transferable by Sec. 6. And be it further enacted. That said treasury notes delivery!™ shall be transferable by assignment indorsed thereon by the person to whose order the same may be made payable, accompanied, together with the delivery of the note so assigned. To be received in Sj,£,_ q j^ g j,g i/. fy,rther enacted, That said treasury notes paymentofduesto , ,, , ■ -, -i , ™ . p i , n • tiie United States, shall be received by the proper oincers m payment or 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 Amountofnote, time when said treasury notes may be offered in payment thereof; and upon every such payment credit shall be given for the amount of principal and interest due on the note or notes received in pay- ment, on the day when the same shall have been received by such officer. wien taken by Sec. 7. And he it further enacted, That every collector of the collectors, receiv- . -fi-i- ^i/v pi era, &c., receipt to customs, receiver or public moneys, or other omcer or agent of the to be™ept^Tc""' United States, who shall receive any treasury note or notes in payment on account of the United States, shall take from the holder of such note, or notes, a receipt upon the back of each, stating distinctly the date of such payment, and the amount al- lowed on such note ; and every such officer or agent shall keep regular and specific entries of all treasury notes received in pay- ment, 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. Secretary of the Sec. 8. And be it further enacted, That the Secretary of the regulations" &c. ° Treasury be, and he hereby is, authorized to make and issue from time to time such instructions, rules, and regulations to the several collectors, receivers, depositaries, and all others who may be re- quired 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 received by them respectively, and as to the accounts and returns to be made to the Treasury Department of such receipts, as he LOANS AND THE CUEEENCY. 71 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. Sec. 9. And be it further enacted, That the Secretary of the T" py ^o'^s at Treasury be, and hereby is, authorized and directed to cause to "ifrohaie' them a" be paid the principal and interest of such treasury notes as raayP*'- be issued under this act, at the time and times when according to its provisions the same should be paid. And the 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. Appropriation And so much of any unappropriated money in the treasury as *''^'''*'''»'- may be necessary for the purpose, is hereby appropriated for the payment of the principal and interest of said notes. Sec. 10. And be it further enacted, That, in place of such ,, ^°"'°?t°' ^''y . . ,■-' , .1111, DB issued in place treasury notes as may have been paid and redeemed, other tr^jas- of those reaeemea. ury notes to the same amount may be issued : Provided, That the ^iJfg"' ™' eLe"d aggregate sum outstanding under the authority of this act shainio.ooo.ooo- at no time exceed the sum of ten millions of dollars : And pro- ary Ti isra. '^™"" vided further. That the power to issue and reissue treasury notes, conferred by this act, shall ceaseand determine on the first day of January, in the year eighteen hundred and sixty-three. Sec. 11. And be it further enacted. That to defray the expenses Appropriation of engraving, printing, preparing, and issuing the treasury notes Spr'eparingnotes. herein authorized, the sum of fifteen thousand dollars is hereby appropriated, payable out of any unappropriated money in the treasury : Provided, That no compensation shall be made to any Proviso. officer whose salary is fixed by law for preparing, signing, or issuing treasury notes. Sec. 12. And be it further enacted. That if any person shall PorBine. coim- falsely make, forge, or counterfeit, or cause or procure to be made, note^a, "how "pun''. 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, purpoiting to be a treasury note as aforesaid, knowing the same to be falsely made, forged, or counterfeited, or shall falsely alter, or cause or procure to be falsely altered, or willingly aid or assist in falsely altering, any treasury note issued as aforesaid, or shall pass, utter, or publish, or attempt 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 adjudged 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 tlian ten years, and to be fined in a sum not ex- ceeding five thousand dollars. Sec. 13. And be it further enacted. That if any person shall Engraving piate make or engrave, or cause or procure to be made or engraved, or q° tes|"ii'ow'°pm> shall have in his custody and possession any metallic plate en- isiied. graved 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 possession any blank note or notes engraved and Possession ot printed after the similitude of any notes issued as aforesaid, with intent, &c. ' ™' intent to use such blanks, or cause or suffer the same to be used, 72 ACTS OF CONGRESS RELATING TO ia forging or counterfeiting any of the notes issued as aforesaid, 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, in 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 thousand dollars. Secretary of the Sec. 14. And he it, further enacted, That it shall be the duty n»b"a" rtatement 0^ ^^^ Secretary of the Treasury to cause a statement to be pub- monihiy. lished monthly of the amount of treasury notes issued and paid and redeemed under the provisions of this act, showing the balance outstanding each month. Moneyhereafter Sec. 15. And he it further enacted, That all money hereafter deractofiseo.ch. contracted for under the authority of the act entitled "An act to°'rldeni t^^'of authorizing a loan, and providing for the redemption of treasury treasury notes, notes," approved June twenty-second, eighteen hundred and sixty, shall be used in the redemption of treasury notes now outstanding, and those to be issued under this act, and to replace in the treas- ury any amount of said notes which shall have been paid and re- ceived for public dues, and for no other purposes. Approved December 17, 1860. February 8, 1861.— AN ACT authorizing a loan. Section 1. Be it enacted hy the Senate and House of Represen- tatives of the TJnite^d States of America in Congress assembled, $25,000,000 loan That the President of the United States be, and hereby is, author- j"iy°i,'T86L'''™°.^^^''' ^^ ^'^y *™® before the first day of July next, to borrow, on the credit of the United States, a sum not exceeding twenty-five millions of dollars, or so much thereof as, in his opinion, the exi- Purposeofioan. S^"'''®^ °f *^^ public service may require, to be used in the pay- ment of 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, stock, issue, Sec. 2. And he it further enacted, That stock shall be issued transfer ic'.'^of!*' ^'^'^ ^^^ amount SO borrowed, bearing interest not exceeding six per centum per annum, and to be reimbursed within a period not be- yond twenty years and not less than ten years ; and the Sec- retary of the Treasury be, and is hereby, authorized, with the consent of the President, to cause certificates of stock to be pre- pared, which shall be signed by the Eegister 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 certifi- cates maybe transferred on the books of the treasury, under such regulations as may be established by the Secretary of the Treas- No certificate to ury : Provided, That no certificate shall be issued for a less sum $1 oo°o '"'"' *''™ ^^^^ 0°^ thousand dollars : And provided also, That, whenever interostcoupons required, the Secretary of the Treasury may cause coupons of may 1)8 attached, gemi-annual interest payable thereon to be attached to certificates LOANS AND THE CURRENCY. 73 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. Sec. 3. And he it further enacted, That, before awarding said Proposal for loan loan, the Secretary of the Treasury shall cause to be inserted in f°,. "" advertised two of the public newspapers in 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 ten 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 appointed in the no- when, where, tice, in the presence of such persons as may choose to attend, and opened?^ *" ^^ 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 Secretary shall report to Congress, at the „ Secretary of the „, •'. ,i . n 1 Treasury to report commencement oi the next session, the amgunt ot money bor- to congress. rowed 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 submitted for the same, distinguishing between those accepted and those rejected, with a detailed statement of the ex- pense of making such loans. Sec. 4. And be it further enacted, That the faith of the United Paith of the States is hereby pledged for the due payment of the interest andpi°ag^a. ^""°'' the redemption of the principal of said stock. Sec. 5. And he it further enacted, That the residue of the loan Residue of loan authorized by the act of twenty-second of June, eighteen hundred "^.''igo^'jJo"^ Jo bll and sixty, or so much thereof as is necessary, shall be applied to appUed. the redemption of the treasury notes issued under the act of seven- teenth of December, eighteen hundred and sixty, and for no other purpose; and the Secretary of the Treasury is hereby authorized, Bondsunderact at his discretion, to exchange at par bonds of the United States, may be exchanged authorized by said act of twenty-second June, eighteen hundred jjj; ^^'j^'"'' *'^'"'*" and sixty, for the said treasury notes, and the accruing interest thereon. Sec. 6. And he it further enacted, That to defray the expense Appropriation of engraving and printing certificates of such stock, and other der this act. expenses incident to the execution of this act, the sum of twenty thousand dollars is hereby appropriated : Provided, That nocom- pensation shall be allowed for any service performed under this act to any officer whose salary is established by law. Sec. 7. And he it further enacted. That the Secretary of the Secretary of the Treasury shall not be obliged to accept the most favorable bids as acoTptbfdstmiess, hereinbefore provided, unless he shall consider 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, 18Gi. 74 ACTS OF CONGRESS EELATING TO March 2, 1861 . — AN ACT to provide for the payment of outstanding treas- ury notes, to autborize a loan, to regulate and fix the duties on imports, and for other purposes. Section 1 . Be it enacted hy the Senate and House of Representa- Prewdent may fi^gg of the United States ofAmei ica in Gonsress assembled, That the borrow witbin 12 t-, .< ^ , _^ . _ -^ , tit- i • i ^ months not over JrresiQent 01 the United fetates De, and hereby is, authonzecl, at any $10,000,000. (.jjj,g -(^ithin twelve months from the passage of this act, to bor- row, on the credit of the United States, a sum not exceeding ten millions of dollars, or so much thereof as, in his opinion, the exi- How io be ap- gencies of the public service may require, to be applied to the payment of appropriations made by law, and the balance of treas- ury notes now outstanding-, and no other purposes, in addition to the money received, or which may be received, into the treasury from other sources : Provided, That no stipulation or contract When to be re- shall be made to pi-event the United States from reimbursing any sum borrowed under the authority of this 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 published 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 fiist day of July next, without notice. stock, issueB, Sec. 2. And he it further enacted. That stock shall be issued certificates, r.ate of « ,■, , , '^ ti.-, ,, t interest, transfer. lor 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 transferred on the books of thp treasury, under such regulations as may be es- Certifioates to tablished by the Secretary of the Treasury : Provided, That no giooo""*'**^*''™''®'^'''^'^**'® ^'^^^'^ be issued for a less sum than one thousand dol- Conpons may be ^^''^ • And provided also. That, whenever required, the Secre- attached. tary of the Treasury may cause coupons of semi-annual interest payable thereon to be attached to certificates issued under this act ; and any certificate witli 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 any usedfor.'"' '^"^■'"of said loan, the Secretary of the Treasury shall, as the exigen- cies of the public service require, 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. notice that sealed proposals for so much of said loan as is required 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. When to bo at what periods the money shall be paid, if by instalments, and opened. ^(. ^ijat places. Such sealed proposals shall be opened, on the day appointed in the notice, in the presence of such persons as may choose to attend, cand the proposals decided on by the Sec- Whieh to be ac- retary of the Treasury, who shall accept the most favorable cepted offered by responsible bidders for said stock. And the said Sec- Keporttobemade . ^ m ^ ^ n , .i . o , to Congress. retary shall report to Uongress, at the commencement of the next LOANS AND THE CURRENCY. 75 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 submitted for the same, distinguishing between those accepted and those rejected, with a detailed statement of the expenses of making such loans : Provided, That no stock shall be disposed of at less than its par No stock to be sola value: And provided further, That no part of the loan hereby £°J^'Xw7ppifed. authorized shall be applied to the service of the present fiscal year. Sec. 4. And be it further enacted. That in case the proposals ,J^ PJ^P^f^J"^ made for said loan, or for so much thereof as the exigencies of factory, tieusury the public service shall require, shall Hot be satisfactory, the Presi- °u'^^ ""'^ ^ "' dent 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 the 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 prescribed by the Secretary, with the approval of the President ; and under the like circum- stances and conditions, the President of the United States is hereby authorized to substitute treasury notes of equal amount for the whole or any part of the loans for which he is now by law authorized to contract and issue bonds. And the treasury notes Amount when 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 is to be made, or for their par value in coin. And the faith of the United States is hereby pledged /,'»'*'^°f *«um „,_ „,. T, n •'^/.i tod States pledged for the due payment of the interest and the redemption of trie principal of the stock Or treasury notes which may be issued un- der the authority of this act ; and the sum of twenty thousand dol- Appropriation for lars is hereby appropriated, out of any money in the treasury not°^^™"^"' otherwise appropriated, to pay the expenses of preparing the cer- tificates of stock or treasury notes herein authorized, to be done in the usual mode and under the restrictions as to employment and payment of officers contained in the laws authorizing former loans and issues of treasury notes; and it shall be at the option ^^'^^^j''.^^ ^/' of holders of the treasury notes hereby authorized by this act, to &o. exchange the same for the stock herein authorized at par, or for bonds, in lieu of which said treasury notes were issued : Pro- Proviso. vided, That no certificate shall be exchanged for treasury notes, or bonds, in sums less than five hundred dollars : And provided Notes not to be further, That the authority to issue the said treasury notes, or '/gel " °'^ '"'^' give the same in payment for debts due from the United States, shall be limited to the thirtieth day of June, eighteen hundred and sixty-two ; and that the same may be redeemable at the pleasure Kedemption. of the United States at any time within two years after the pas- sage of this act ; and the said notes shall cease to bear interest interest. after they shall have been called in by the Secretary of the Treas- ury under the provisions of this act. » # * * * * Approved March 2, 1861. 76 ACTS OF CONGRESS RELATING TO July 17, 1861. — AN ACT to autliorize a national loan, and for other purposes. Section 1. Be it enacted hy the Senate and House of Repre- sentatioes of the United States of America in Congress assembled. Secretary of the That the Secretary of the Treasury be, and he is hereby, author- row^Shin uvoiv'e ized to borrow on the credit of the United States, within twelve ^-o'ooo 000 °^" months 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, for which he is author- Coupon or regis- ized to issue coupon bonds, or registered bonds, or treasury notes, treasury ""^notoB i^i ®uch proportions of each as he may deem advisable; the bonds may be issued to bear interest not exceeding seven per centum per annum, pay- able semi-annually, irredeemable for twenty years, and after that deemabie!''^™ ^^' period redeemable at the pleasure of the United States ; and the Treasury notes, treasury notes to be of any denomiuEvtion fixed by the Secretary f CTeTwhen^'a 'a- °^ ^^^ Treasury, not less than fifty dollars, and to' be payable bie. three years after date, with interest at the rate of seven and three- Certain treasury tenths per centum per annum, payable semi-annually. And the Bueri™ exchange Secretary of the Treasury may also issue in exchange for coin, for coin, &c. gjj^ g^g p^yj pf jjjg above loan, or may pay for salaries or other dues from the United States, treasury notes of a less denomina- tion than fifty dollars, not bearing interest, but payable on demand by the assistant treasurers of the United States at Philadelphia, New York, or Boston, or treasury notes bearing interest at the rate of three and sixty-five hundredths per centum, payable in one year from date, and exchangeable at any time for treasury notes for fifty dollars, and upwards, issuable under the authority Proviso. of this act, and bearing interest as specified above : Provided, That no exchange of such notes in any less amount than one hun- Proviso. jj.g|j dollars shall be made at any one time : And provided further. That no treasury notes shall be issued of a less denomination than ten dollars, and that the whole amount of treasury notes, not bearing interest, issued under the authority of this act, shall not exceed fifty millions of dollars. Notes and bonds, Sec. 2. And he it further enacted, That the treasury notes ow tigne , c. ^^^ bonds issued under the provisions of this act shall be signed by the First or Second Comptroller, or the Register of the Treasury, and countersigned by such other officer or officers of the treasury as the Secretary of the Treasury may designate ; and all such obligations, of the denomination of fifty dollars and upwards, shall ab?e°^ *''™^'^'^' be issued under the seal of the Treasury Department. The reg- istered bonds shall be transferable on the books of the treasury on the delivery of the certificate, and the coupon bonds and treasury notes shall be transferable by delivery. The interest coupons may be signed by such person or persons, or executed in such manner as may he designated by the Secretary of the Treasury, who shall fix the compensation for the same. Books to be opened ggo. 3. And be it further enacted. That the Secretary of the forsubseriptiontor rj, in i , , t /. , . . •' treasury notes for i reasury Shall cause books to be opened tor subscription to the $50 and over, &c. treasury notes for fifty dollars and upwards at such places as he Boribo? ™^^ '"^ may designate in the United States, and under such rules and regulations as he may prescribe, to be superintended by the assist- ant treasurers of the United States at their respective localities, and at other places, by such depositaries, postmasters, and other persons as he may designate, notice thereof being given in at least two daily papers of this city, and in one or more public newspapers LOANS AND THE CUEBENCY. 77 published in the several places where subscription books may be opened ; and subscriptions for such notes may be received from all persons who may desire to subscribe, any law to the contrary not- withstanding ; and if a larger amount shall be subscribed in the if larger amount aggregate than is required at one time, the Secretary of the Treasury '* TObsoribed, &o. is authorized to receive the same, should he deem it advantageous to the public interest ; and if not, he shall accept the amount re- quired by giving the preference to the smaller subscriptions ; and Pay of those re- the Secretary of the Treasury shall iix the compensations of the°;^„^^°8 ™*'»™i'- public officers or others designated for receiving said subscriptions : Provided, That for performing this or any other duty in connection Proviso, with this act, no compensation for services rendered shall be allowed or paid to any public officer whose salary is established by law ; and the Secretary of the Treasury may also make such other rules Payment of sub- and regulations as he may deem expedient touching the instalment "'"p'"'"- to be paid on any subscription at the time of subscribing, and further payment by instalments or otherwise, and penalties for non- payment of any instalment, and also concerning the receipt, de- posit, and safe-keeping of money received from such subscriptions until the same can be placed in the possession of the official deposi- taries of the treasury, any law or laws to the contrary notwith- standing. And the Secretary of the Treasury is also authorized, Treasury notes oi if he shall deem it expedient, before opening books of subscription faay he'exchanged as above provided, to exchange for coin, or pay for public dues or for coin, &o. for treasury notes of the issue of twenty-third of December, eighteen hundred and fifty-seven, and falUng 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 hun- dred millions of dollars. Sbc. 4. And be it further enacted. That, before awarding any portion of the loan in bonds authorized by this act, the Secretary proposaisforioan of the Treasury, if he deem it advisable to issue proposals for the*''i"'P"''''''''»'i' same in the United States, shall not give less that 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 pro- posals shall be opened in the presence of such persons as may choose to attend ; and the Secretary of the Treasury is authorized Most favorable to accept the most favorable proposals offered by responsible °^™^'°^'J«^^"°5p*; bidders : Provided, That no offer shall be accepted at less than par. thanpar. Sec. 5. And he it further enacted, That the Secretary of the Portion of loan Treasury may, if he deem it advisable, negotiate any portion of J^^^refg^country'! said loan, not exceeding one hundred milhons 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 States or ut any designated place in Europe ; and he is fur- Proceedings in ther authorized to appoint such agent or agents as he may deem ™°'' °''*°- necessary for negotiating such loan under his instructions, and for 78 ACTS OF CONGRESS RELATING TO paying the interest on the same, and to fix the compensation of such agent or agents, and shall prescribe to them all the rules, reg- ulations, and modes under which such loans shall be negotiated, 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 Eu- rope shall be at the same rate. Treasury notes Sec. 6. And be it further enacted,. That whenever any treasury re^-fssuedprior to notes of a denomination less than fifty dollars, authorized to be December3i,i86i. jggjje^jjy jjjig g^g^^ shall have been redeemed, the Secretary of the Treasury may reissue the same, or may cancel them and issue new Proviso. notes to an equal amount : Provided, That the aggregate amount of bonds and treasury notes issued under the foregoing provisions of this act shall never exceed the fall 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. Treasury notes Sec. 7. And be it further enacted, That the Secretary of the eMhange'for Mi™ Treasury is hereby authorized, whenever he shall deem it expedi- te, ent, to issue in exchange for coin, or in payment for public dues, treasury notes of any of the denominations hereinbefore-specified, bearing interest not exceeding six per centum per annum, and pay- able at any time not exceeding twelve months from date : Pro- vided, That the amount of notes so issued or paid shall at no time exceed twenty millions of dollars. Secretary of the ^EC. S. And be it further enacted, Thai the Secretary of the to'^cTorigreB"'^''" Treasury shall report to Congress, immediately after the commence- ment of the next session, the amount he has borrowed under the provisions of this act, of whom, and on what terms, with an abstract of all the proposals, designating those that have been accepted and those that have been rejected, and the amount of bonds or treasury notes that have been issued for the same. Faith of the Uni- Sec. 9. And be it further enacted. That the faith of the United ted states pledged, g^jjfgg jg hereby solemnly pledged for the payment of the interest and redemption of the principal of the loan authoi'ized by this act. Certain provi- guc. 10. And be it further enacted, That all the provisions of the Bions of aet of 1857, ., j ,, . ."i ^i. • ii • d 2. 1 ,, ch. 1, revived. act entitled "An act to authorize the issue or treasury notes, ap- proved the twenty-third day of December, eighteen hundred and fifty-seven, so far as the same can or may be applied to the pro- visions of this act, and not inconsistent therewith, are hereby re- vived or re-enacted. Appropriation Sec. 11. A7id be it further enacted, That, to defray all the ex- this'acr™*^"'"'^'^?®'^^®^ ^^^^ ™*y^ 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, appropriated, to be paid out of any money in the treasury not otherwise appropriated. Approved July 17, 1861. LOANS AND THE CUREENCY. 79 August 5, 1861. — AN ACT supplementary to an act entitled " An act to authorize a national loan, and for other purposes." Section 1. Be it enacted hy the Senate and House of Repre- sentatives of the United States of America in Congress assembled, That the Secretary of the Treasury is hereby authorized to issue ^ ®'? i"^'' j."^?*- , n/>iTT-nn i •• "^ , bonds may be is- bonds 01 the United btates, bearing interest at six per centum per sued, redeemable annum, and payable at the pleasure of the United States ^it^^^meTe^ahanglahia twenty years from date ; and if any holder of treasury notes, '<"" certain treasu- 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 and for other purposes, approved July seventeenth, eighteen 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 notes, issue to said Denomination and holder, in payment thereof, an amount of said bonds equal to the ^™°™' <•' bonds. amount which, at the time of such payment or exchange, may be due on said treasury notes ; but no such bonds shall be issued for a less sum than five hundred 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 act ; and any part of the treasury notes payable on demand, authorized where treasury by said act, may be made payable by the assistant treasurer at p°y|X^"'°™''*° St. Louis, or by the depositary at Cincinnati. Sec. 2. And he it further enacted. That the treasury notes is- Treasury notes sued under the provisions of the said act to authorize a national """^ *''^™*'''^' loan, and for other purposes, or of any other act now in force au- thorizing the issue of such notes, shall be signed by the Treasurer of the United States, or by some officer of the Treasury Depart- ment, designated by the Secretary of the Treasury, for said Treas- urer, and countersigned by the Register of the Treasury, or by some officer of the Treasury Department, designated by the Sec- retary of the Treasury, for said Register ; and no treasury notes, seal, issued under any act, shall require the seal of the Treasury De- partment. Sec. 3. And he it further enacted. That so much of the act to May be issued for which this is supplementary as limits the denomination of a poi'- "° "*" ™ ' tion of the treasury notes authorized by said act at not less than ten dollars, be and ia so modified as to authorize the Secretary of the Treasury to fix the denomination of said notes at not less than five dollars. Sec. 4. And he it further enacted. That in addition to the Appropriations amount heretofore appropriated, the sum of one hundred thousand '°^P"P°s^"''''tt'B 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 necessary, in the judgment of the Secre- tary of the Treasury, to carry into execution the provisions of this act, and of the act to which this is supplementary. Sec. 5. And he it further enacted. That the treasury notes au- Notes on demand, thorized by the act to which this is supplementary, of a less de-*?i ™''?i' $^0 re- nomination than fifty dollars, payable on demand without interest, dues, and not exceeding in amount the sum of fifty millions of dollars, shall be receivable in payment of public dues. 80 ACTS OF CONGRESS RELATING TO Portions of sub- ggc. g. And iff it further enacted. That the provisions of the treasury act sus- ■in* 'i/tii .. 01 pended act eutitled "An act to provide for the better organization oi the treasury, and for the collection, safe-keeping, transfer, and dis- 1846, ch. 90. bui'sements of the public revenue," passed August six, eighteen hundred and forty-six, be, and the same are hereby, suspended, so far as to allow the Secretary of the Treasury to deposit any of the moneys obtained on any of the loans now authorized by law, to the credit of the Treasurer of the United States, in such solvent Deposits in sol- specie-paying banks as he may select; and the said moneys, so di&- tag banks!"^^"^" posited, 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 auhorized to be issued under this act or the act to which this is supplementary, payable on demand, as may seem expedient to, or be directed by, the Secre- tary of the Treasury. Six per cent. Seo. 7. And he it further enacted, That the Secretary of the years may be is- Treasury may sell or negotiate, for any portion of the loan pro- sued for certain yided for in the act to which this is supplementary, bonds payable sevenpercent. , « ^ ^ ^ -, ■\ ' . bonds. not more than twenty years irom date, and bearing interest not exceeding six per centum per annum, payable semi-annually, at any rate not less than the equivalent of par, for the bonds bearing seven per centum interest, authorized by said act. Approved August 5, 1861. February 12, 18G-3.— AN ACT to authorize an additional issue of United States notes. Section 1. Be it enacted hy the Senate and House of Repre- sentatives of the United States of America in Congress assembled. Authorize tie is- That the Secretary of the Treasury, in addition to the fifty mil- sue of $10,000,000,. „ •',, . T ■« I . . , '' , demand notes ad- Jions 01 notcs payable on aemand oi denominations not less than ditionai. fiyg dollars, heretofore authorized by the acts of July seventeenth and August fifth, eighteen hundred and sixty-one, be, and he is hereby, authorized to issue like notes, and for like purposes, to the amount of ten millions of dollars, and said notes shall be deemed of 1250,^0,000.°^° psi'* "f Ae loa^i of two hundred and fifty millions of dollars au- thorized by said acts. Approved February 12, 1862. February 25, 1862.— 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. Section 1. Be it enacted hy the Senate and House of Repre- sentatives of the United States of America in Congress assembled, .S™'«Tutho?:That the Secretary of the Treasury is hereby authorized to issue, i^ied. on the credit of the United States, one hundred and fifty millions of dollars of United States notes, not bearing interest, payable to bearer, at the treasury of the United States, and of such de- LOANS AND THE CUERENCY. 81 nominations as he may deem expedient, not less than five dollars ^"^ '<"" *''™ *' each : Provided, however, That fifty millions of said notes shall $50,000,000 to bo be in lieu of the demand treasury notes authorized to be issued in lieu of demand by the act of July seventeen, eighteen hundred and sixty-one ; "o°b6'reaeemea!"^'' which said demand notes shall be taken up as rapidly as practi- cable, and the notes herein provided for substituted for them: And provided further , That the amount of the two kinds of notes together shall at no time exceed the sum of one hundred and fifty millions of dollars, and such notes herein authorized shall be re- payment'*''of au ceivable in payment of all taxes, internal duties, excises, debts, dues to the United and demands of every kind due to the United States, except toa'''oa'"importsi duties on imports, and of all claims and demands against the ™'i. °f claims United States of every kind whatsoever, except for interest upon states except' in- bonds and notes, which shall be paid in coin, and shall also be *f^'*' ?"'',? '^s''' 1 p 1 111 1- /'111! IT tender in all eases lawful money and a legal tender in payment or all debts, pubucof debt. and private, within the United States, except duties on imports Hoiaeis thereof and interest as aforesaid. And any holders of said United States amount ''not iSs notes depositing any sura not less than fifty dollars, or some mul- Trmsurer^OT *''°- tiple of fifty dollars, with the Treasurer of the United States, or siatant tieasurer, either of the assistant treasurers, shall receive in exchange there- cater^ooIvertSfe for duplicate certificates of deposit, one of which may be trans- «"*<> United states 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. And such United States notes shall be received the same as coin, 0,,^ „„*,.,..„„:„ 1 (t /111 11/* oaiu notes receiv- at their par value, in payment for any loans that may be nereaiter able in payment sold or negotiated by the Secretary of the Treasury, and may be united s'tates. *''* reissued from time to time as the exigencies of the public interest shall require. Sec, 2. And he it further enacted, That to enable the Secretary $500,000,000 of 6 of the Treasury to fund the treasury notes and floating debt ofSoriz^to^f™*! the United States, he is hereby authorized to issue, on the credit floating debt, of the United States, coupon bonds, or registered bonds, to an amount not exceeding five hundred millions of dollars, redeemable at the pleasure of the United States after five years, and payable when payable. twenty years from date, and bearing interest at the rate of six per centum per annum, payable semi-annually. And the bonds herein Denomination not authorized shall be of such denominations, not less than fifty dol- ^"'^ *■""" $3". lars, as may be determined upon by the Secretary of the Treasury. And the Secretary of the Treasury may dispose of such bonds at May be disposed any time, at the market value thereof, for the coin of the United market value. States, or for any of the treasury notes that have been or may hereafter be issued under any former act of Congress, or for United States notes that may be issued under the provisions of this act ; and all stocks, bonds, and other securities of the United States held by individuals, corporations, or associations, within the United Exempt from tax States, shall be exempt from taxation by or under State authority, ^i"™- Sec. 3. And be it further enacted. That the United States notes Form of notes and and the coupon or registered bonds authorized by this act shall be bonds. in such form as the Secretary of the Treasury may direct, and shall bear the written or engraved signatures of the Treasurer of how signed, &o. L and c 6 82 ACTS OF CONGRESS KELATING TO the United States and the Register of the Treasury, and also, as evidence of lawful issue, the imprint of a copy of 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 for the Treasurer by such persons as may be specially appointed by the Secretary of the Treasury for that pur- pose, and shall be coutersigned by the Register of the Treasury, or for the Register by such persons as the Secretary of the Treasury may specially appoint for that purpose; and all the provisions of the act entitled "An act to 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 incon- Appropriatior. of sistcnt therewith, are hereby revived and re-enacted; and the sum pens'es of "engva- of three hundred thousand dollars is hereby appropriated, out of Ting, &c. any money in the treasury not otherwise appropriated, to enable the Secretary of the Treasury to carry this act into effect. Maybe deposited Sec. 4. And he it further enacted. That the Secretary of the States Treasury in Treasury may receive from any person or persons, or any corpo- sunis of not lesBj-ation, United States notes on deposit for not less than thirty tiffcates be^aring^'s days, in sums of not less than one hundred dollars, with any of ''*u dTherefor^"' *^® assistant treasurers or designated depositaries of the United States authorized by the Secretary of the Treasury to receive them, who shall issue therefor certificates of deposit made in such form as the Secretary of the Treasury shall prescribe, and said cer- tificates of deposit shall bear interest at the rate of five per centum per annum ; and any amount of United States notes so deposited may be withdrawn from deposit at any time after ten days' notice Deposits may be On the return of said certificates: Provided, That the interest on withdrawn. ^11 suoh deposits shall cease and determine at the pleasure of the Aggregate of de- Secretary of the Treasury: And provided further. That the ag- ceed $25,000,000. gregate of such deposit shall at no time exceed the amount of twenty-five millions of dollars. Duties to be re- Sbc. 5. And he it farther enacted, That all duties on imported demandnotes! ™* goods shall be paid in coin, or in notes payable on demand here- tofore authorized to be issued and by law receivable in payment of public dues, and the coin so paid shall be set apart as a special fund, and shall be applied as follows : Coin tow used to First. To the payment in coin of the interest on the bonds and paym 1 . uoteg 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 hundred and sixty-two, which To create a sink-is to bs Set apart as a sinking fund, and the interest of which shall mg fund. jjj j;]jg manner be applied to the purchase or payment of the public debt as the Secretary of the Treasury shall from time t? time direct. Third. The residue thereof to be paid into the treasury of the United States. Forging, &c. Sec. 6. And he it further enacted, That if any person or per- sons 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, counterfeit- ing, or altering, any note, bond, coupon, or other security issued under the authority of this act, or heretofore issued under acts to LOANS AND THE CURRENCY. 83 authorize the issue of treasury 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, 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 secu- rity, with intent to defraud any body corporate or politic, or any other person or persons whatsoever, evei*y person so offending shall be deemed guilty of felony, and shall, on conviction thereof, be punished by fine not exceeding five thousand dollars, and by how punished. imprisonment and confinement to hard labor not exceeding fifteen years, according to the aggravation of the offence. Sec. 7. Ani he it further enacted. That if any person, having Persons having the custody of any plate or plates from which any notes, bonds, andusjngs'ameun' coupons, or other securities mentioned in this act, or any part "°i'*^f"iiy- thereof, shall have been printed, or which shall have been pre- pared 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 permit 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 order of the proper officer thereof; or if any person shall engrave, or cause or procure to be engraved, or shall aid in engraving, any plate or plates in the likeness or similitude Engraving simi- of any plate or plates designed for the printing of any such notes, fraudulent" purpo- 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, 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 posses- sion any metallic plate engraved after the similitude of any plate from which any such notes, bonds, coupons, or other 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 possession 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 or otherwise use the same; or if any person shall print, photo-. Fraudulent print- graph, or in any other manner execute or cause to be printed, |^|'^ &„. ° "^^^ photographed, or in any manner executed, or shall aid io printing, photographing, or executing any engraving, 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 officer 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 foreign 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 officer of the United States, or shall have in his custody 84 ACTS OP CONGRESS RELATING TO or poasession any paper adapted to the making of sucli notes, bonds, coupons, 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 counterfeiting any of the notes, bonds, coupons, or other securities, issued as'aforesaid, every such person so offending shall be deemed guilty of a felony, and shall, How punished, qjj conviction thereof, be punished by 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 offence. Approved February 25, 1862. March ], 1862.— AN ACT to authorize the Secretary of the Treasury, to issue certificates of indebtedness to public creditors. Be it enacted by the Senate and House of Representatives of Issue of certifl- the United States of America in Congress assembled. That the ntss'authorted!*' Secretary of the treasury be, and he is hereby, authorized to cause to be issued to any public creditor who may be desirous to receive the same, upon requisition of the head of the proper de- partment, in satisfaction of audited and settled demands against the United States, certificates for the whole amount dne or parts i,?m ^^^ *''''° tli^rsof D"'' ^sss than one thousand dollars, signed by the Treas- How signed. ^"^^^ of ^^^ United States, and countersigned as may be directed by the Secretary of the Treasury ; which certificates shall be When payable, payable In one year from date or earlier, at the option of the Six per cent, in- government, and shall bear interest at the rate of six per centum terest. ^^^ annum. Approved March 1, 1862. March 17, 1862. — AN ACT to authorize the purchase of coin, and for other purposes. SEcnoN 1. Be it. enacted by the Senate and House of Repre- ^("h"^^^ IT °°'d *fi'*''^'*^<^* of the United States of America in Congress assembled, states bond" or That the Secretary of the Treasury may purchase coin with any of notes authorized. ^^^ bonds and notes of the United States, authorized by law, at such rates and upon such terms as he may deem most advantageous to the public interest ; and may issue, under such rules and regula- Certificatesofiu- tions as he may prescribe, certificates of indebtedness, such as are fsscwd "to "holders authorized by an act entitled " An act to authorize the Secretary of checks, &c. of the Treasury to issue certificates of indebtedness to public creditors," approved March first, eighteen hundred and sixty-two, to such creditors as may desire to receive the same, in discharge 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 discharge of audited and settled accounts, as provided by said act. LOANS AND THE CURRENCY. 85 Sec. 2. And he it further enacted, That the demand notes au- mfae^^MdvaWe thorized by the act of July seventeen, eighteen hundred and ana a legal tendm- sixty-one, and by the act of February twelfth, eighteen hundred ^^°°^^f„7^^t,",j;; and sixty-two, shall, in addition to being receivable in payment of aiy 25, isea. duties on imports, be receivable, and shall be lawful money and a legal tender, in like manner, and for the same purposes, and to the same extent, as the notes authorized by an act entitled " An act to authorize the issue of United States notes, and for the re- demption or funding thereof, and for funding the floating debt of the United States," approved February twenty-fifth, eighteen hundred and sixty-two. Sec. 3. And be it further enacted, That the limitation upon Secretary of the temporary deposits of United States notes with any assistant izedToreoeWe de- treasurers or designated depositaries, authorized by the Secretary posits of treasury p ■, rr^ • 1 -i • t* • notes to amount of 01 the ireasury to receive such deposits, at live per cent, interest, $50,000,000. to twenty-five millions of dollars, shall be so far modified 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 Treasury not exceeding the annual rate of five per centum. Skc. 4. And he it further enacted. That, in all cases where the May issue new Secretary of the Treasury is authorized by law to reissue notes, "hose worn out. 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 re- quired to be taken up and not reissued, shall, when so replaced, or taken up, be destroyed in such manner and under such regula- tions as the Secretary of the Treasury may prescribe. Approved March 17, 1862. July 11, 1862. — AN ACT to authorize an additional issue of United States notes, and for other purposes. Section 1. Be it enacted hy the Senate and House of Representa- tives of the United Stales of America in Congress assembled. That A'J*JJ'^y|}°i.|™^ the Secretary of the Treasury is hereby authorized to issue, in ad- ury notes. dition to the amounts heretofore authorized, on the credit of the United States, one hundred and fifty millions of dollars of United States notes, not bearing interest, payable to bearer at the treas- ury of the United States, and of such denominations as he may deem expedient : Provided, That no note shall be issued for the $35,000,000 may fractional part of a dollar, and not more than thirty-five millions tiraa"from$i to'ls! shall be of lower denominations than five dollars ; and such notes shall be receivable in payment of all loans made to the United Receivable for all States, and of all taxes, internal duties, excises, debts, and de- oa?m°ports and'in- mauds of every kind due to the United States, except duties on ts™' ™ bonds, n.*' inni> -\ ^ 1 ' ^ l.^ °^^-i and convorti- imports and interest, and or all claims and demands against the bie into 6 per cent. United States, except for interest upon bonds, notes, and certifi- •'""^s- cates 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 deposit- 86 ACTS OP CONGRESS RELATING TO ing any sum not less than fifty dollars, or some multiple of fifty dollars, with the Treasurer of the United States, or either of the assistant treasurers, shall receive in exchange therefor duplicate certificates of deposit, one of which may be transmitted to the Secretary of the Treasury, who shall thereupon issue to the holder an equal amount of bonds of the United States, coupon or registered, as may by said holder be desired, bearing interest at the rate of six per centum per annum, payable semi-annually, and redeemable at the pleasure of the United States-Rafter five years, and payable twenty years from the date thereof: Provided, May be paid in however, That any notes issued under this act may be paid in """'■ coin, instead of being received in exchange for cei'tificates of deposit as above specified, at the direction of the Secretary of the May exchange 6 Treasury. And the Secretary of the Treasury may exchange for any note'snowouT such notcs, on such tcrms as he shall think most beneficial to the suenotfs andmay P'^^'i*' interest, any bonds of the United States bearing six per cancel any notes centum interest, and redeemable after five and payable in twenty aeir pilce'!*''"" ™ years, which have been or may be lawfully issued under the pro- visions 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, at rates not exceeding that of the current market, aatatandfng'°evi^^°^ '^°®* °^ purchase not exceeding one-eighth of one per centum, dencea of debt, any bonds or certificates of debt of the United States as he may deem advisable. 1°*ld "^''rtat^d' ^^^' ^" "^"^ ^^ ^^ further enacted, That the Secretary of the &c., in TreaBury TreasTuy be, and he is hereby, authorized, in case he shall think Department. j^; expedient to procure said notes, or any part thereof, to be en- graved and printed by contract, to 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 material, and to employ such per- sons and appoint such officers as may be necessary for this purpose. Limit to deposit Sec. 3. And belt further ewacterf. That the limitation upon tem- from$50,ooo,oootoporary deposits of United States notes with any assistant treas- $100,000,000. uxer, or designated depositary authorized 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 au- thorized to receive such deposits, under such regulations as he may prescribe, to 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 inter- est not exceeding five per centum per annum ; and any amount so deposited may be withdrawn from deposit, at any time after ten £ved?opay°de- ^^y^' °°t''=«' °^ ^^^. ^^turn of the certificate of deposit. And of posits. the amounts of United States notes authorized by this act, not less than fifty millions of dollars shall be reserved for the purpose of securing prompt payment 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 d^po8T'"!i'ifd''' of needed for that purpose. And certificates of deposit and of in- indebtedness con- debtcduess issued Under this or former acts may be received on the bonds.' " '" ° same terms as United States notes in payment for bonds redeema- ble after five and payable in twenty years. LOANS AND THE CUEEENCY. 87 Sec. 4. And he it further enacted, That the Secretary of the Treasury may, at any time until otherwise ordered by Congress, and under the restrictions imposed by the "Act to authorize a national loan, and for other purposes," borrow, on the credit of Timeofobtaimng the United States, such part of the sum of two hundred and fifty actof Juiyi7,i86i, millions mentioned in said act as may not have been borrowed, o^'™'!*'^- under the provisions of the same, within twelve months from the passage thereof. Sec. .5. And be it further enacted, That any part of the appro- p^PP™P^'^^^°/°/. priation of ten thousand dollars for the detection and bringing to feitmg of coin, con- trial of persons engaged in counterfeiting the coin of the United j''„°°'^g3°igjo'ap-' States, made by the act entitled " An act making appropriations pi'oa *<> bonas, i? ^1. 1 • 1 i.- L- J3 • J- • 1 c ^^ notes, &c., of TJm- lor the legislative, executive, and j udiciai expenses oi the govern- ted states, oh. 205, ment for the year ending thirtieth of June, eighteen hundred and i^^"- 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 appro- priated, out of any money in the treasury not otherwise appro- priated. Sec. 6. And he it further enacted, That all the provisions of Provisions of act 1 ' 1 -t k 1-1- PTT-1C1 of February 2o, the act entitled" An act to authorize the issue 01 United otates 1862, applicable to notes, and for the redemption or funding thereof, and for funding "''^ *"*■ the floating debt of the United States," approved February twen- ty-five, eighteen hundred and sixty-two, so far as the same can or may be applied to the provisions of this act, and not inconsistent therewith, shall apply to the notes hereby authorized to be issued. Approved July II, 1862. March 3, 1863. — AN ACT to provide ways and means for the support of the government. S ECTION 1. Beit enacted hy the Senate and House of Representa- tives of the United States of America in Congress assemhled, That Secretary of the the Secretary of the Treasury be, and he is hereby, authorized borrow'\ot ovS to borrow, from time to time, on the credit of the United States, a $300,000,000 for sum not exceeding three hundred millions of dollars for the cur- $600,000,000 for rent fiscal year, and six hundred millions for the next fiscal "'b™^*' year, and to issue therefor coupon or registered bonds, pay- able at the pleasure of the government after such periods as may be fixed by the Secretary, not less than ten nor more than forty years from date, in coin, and of such denominations not less than Denominations, fifty dollars as he may deem expedient, bearing interest at a rate interest on, r ■^ T ■ . 1,1 I, J i of. payable not exceeding six per centum per annum, payable on bonds not coin. exceeding one hundred dollars annually, and on all other bonds semi-annually, in coin ; and he may, in his discretion, dispose of Bonds may be such bonds at any time, upon such terms as he may deem most ad- 'I'sp""^'! "f- visable, for lawful money of the United States, or for any of the cer- tificates of indebtedness or deposit that may atany time be unpaid, or for any of the treasury notes heretofore issued or which may be issued under the provisions of this act. And all the bonds and ■ate 88 ACTS OF CONGRESS RELATING TO treasury notes or United States notes issued under the provisions fr^taxatim."'''*of *^'s ^'^^ ^^^^^ ^^ exempt from taxation by or under State or Amount out- municipal authority : Provided, That there shall be outstanding oe^d"$900,ooo°ooa of bonds, treasury notes, and United States notes, at any time, issued under the provisions of this act, no greater amount alto- gether than the sum of nine hundred millions of dollars. Secretary may Sec. 2. And he it further enacted. That the Secretary of the in'"t«Sy''noS Treasury be, and he is hereby, authorized to issue, on the credit of the United States, four hundred millions of dollars in treasury When payable notes, payable at the pleasure of the United States, or at such and rate of inter- ^^^^ ^^ times not exceeding three years from date as may be found most beneficial to the public interest at a rate not exceeding six per centum per annum, payable at periods expressed on the face of Interest payaWe Said treasury notes ; and the interest on the said treasury notes m lawful money. ^^^ ^^ certificates of indebtedness and deposit hereafter issued and'how^drBpoBea®^'^'-' ^® P^'*^^"^ ^^^''^"^ ^"'^^y^" The treasury notes thus issued of. shall be of such denomination as the Secretary may direct, not less than ten dollars, and may be disposed of on the best terms that can be obtained, or may be paid to any creditor of the United How a legal gtatss willing to receive the same at par. And said treasury notes tender, &c. , -*5 r , '^ may be made a legal tender to the same extent as United btates notes, for their face value, excluding interest; or they may be For what ex- made exchangeable, under regulations prescribed by the Sec- changeabie. ^^^^^^ ^^ ^^ Treasury by the holder thereof at the treas- ury in the city of Washington, or at the oifice of any assistant treasurer or depositary 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, other notes may A,nd in lieu of any amount of said treasury notes thus exchanged, exchanged. or redeemed or paid at maturity, the Secretary may issue an equal amount of other treasury notes ; and the treasury notes so ex- changed, redeemed, or paid, shall be cancelled and destroyed as |.50,ooo,ooo of the Secretary may direct. In order to secure certain and prompt sued for exchan- exchanges of United States notes for treasury notes, when re- s'^'- quired as above provided, the Secretary shall have power to issue United States notes to the amount of one hundred and fifty mil- lions of dollars, which may be used if necessary for such ex- changes ; but no part of the United States notes authorized by this section shall be issued for or applied to any other purposes than When issued gaid exchanges ; and whenever any amount shall have been so and applied how. , jttt i,, i , -, replaced. issued and applied, the same shall be replaced as soon as practica- ble from the sales of treasury notes for United States notes, if '^nece^ssary'''^o ^''■°- ^^ ^'^^ ^^ ^^ f^^^her enacted, That the Secretary of the pay the army, Treasury be, and he is hereby, authorized, if required by the exi^ fi5u,oo",ooo """ngencies of the public service, for the payment of the army and notes without in- navy, and other creditors of the government, to issue on the credit of the United 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 expedient, not bearing interest, payable to Denominntions. bearer, and of sucli denominations, not less than one dollar, as he cxce" Wor'TuIr' ^^^ prescribe, Avhich notes so issued shall be lawful money and a and interest. legal tender in payment of all debts, public and private, within the United State s except for duties on imports and interest on the LOANS AND THE CURRENCY. 89 public debt ; and any of tbe said notes, when returned to the Keisuue. treasury, may be reissued from time to time as the exigencies of the public service may require. And in lieu of any of said notes, is'ues in lion of or any other United States notes, returned to the treasury, and°° °^ ""''"' " cancelled or destroyed, there may be issued equal amounts of United States notes, such as are authorized by this act. And so Eepeai of part much of the act to authorize the issue of United States notes, and Jeea^ ok' i42!'(v^oi for other purposes, approved February twenty-five, eighteen xu, pp. 345,' 532,) hundred and sixty -two, and of the act to authorize an additional atLn" to ^market issue of United States notes, and for other purposes, approved ■"''"<*• July eleven, eighteen hundred and sixty- two, as restricts the ne- gotiation of bonds to market value, is hereby repealed. And the whon former holders of United States notes, issued under and by virtue of said ""ntecT^for^ ^ex- acts, shall present the same for the purpose of exchanging the<='i™g«- 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. Sec. 4. And be it further enacted, That in lieu of postage and in lieu of revenue stamps for fractional currency, and of fractional notes, i"'**^^^ 9''"'™°/' , '; , .•''-, 1 . T 1 iractiiinal notes commonly called postage currency, issued or to be issued, the may bo issued. Secretary of the Treasury may issue fractional notes of like amounts in such form as he may deem expedient, and may provide for the engraving, preparation, and issue thereof in the Treasury Depart- ment building. And all such notes issued shall be exchangeable For what ex- by the assistant treasurers and designated depositaries for United payable. ° "" 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 siich regu- lations as the Secretary of the Treasury shall prescribe : Provided, issue not to ex- That the whole amount of fractional currency issued, including °*' * ■ ■ • postage and revenue stamps issued as currency, shall not exceed fifty millions of dollars. Sec. 5. And he it further enacted. That the Secretary of the Secretary may Treasury is hereby authorized to receive deposits of gold coin and ''^^'"^J^ and'^ssue bullion with the Treasurer or any assistant treasurer of the Uni- certificates there- ted States, in sums not less than twenty dollars, and to issue cer- *"''■ tificates therefor, in denominations 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 cer- tificates of deposit shall be retained in the treasury for the pay- ment of the same on demand. And certificates representing coin Suoh oertifloates ' in the treasury may be issued in payment of interest on the pub- ™*^ 'interest'^ on lie debt, which certificates, together with those issued for coin and the public debt bullion deposited, shall not at any time exceed twenty per centum * LimtttT/amount. 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 in payment for duties on imports. Sko. 6. And be it further enacted. That the coupon or registered Secretary to de- bonds, treasury notes, and United States notes authorized by tliis^^J^^jj/"™^"^ act shall be in such form as the Secretary of the Treasury may di- rect, and shall have printed upon them such statements, showing the -w^iiat to bo amount of accrued or accruing interest, the character of the notes, printed tuoreon. and the penalties or punishment for altering or counterfeiting them, 90 ACTS OF CONGKESS RELATING TO as the Secretary of the Treasury may prescribe, and shall bear How signed, the Written or engraved signatures of the Treasurer of the United of seai."™™^"" States and the Register of the Treasury, and also, as evidence of lawful issue, the imprint of the copy of 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 Signature. bonds shall be signed by the Treasurer of the United States, or for the Treasurer by such persons as may be specially appointed by the Secretary of the Treasury for that purpose, and shall be countersigned by the Register of the Treasury, or for the Regis- ter by such persons as the Secretary of the Treasury may speci- Provisiona of ally appoint for that purpose. And all the provisions of the act vived, voi.'xi, p. entitled " An act to 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 incon- sistent therewith, are hereby revived and re-enacted. circuMioT *&"'' ®^*^- '''• ^^'^ ^^ it further enacted, That all banks, associations, after April 1, 1863! 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 currency 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 hundred 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 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 considered to be the amount allotted to or used by such branch ; and all such banks, associations, corporations, and individuals shall also be subj^ect 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 a 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 circu- lation and redemption thereof," approved February twenty-fifth, eighteen hundred and sixty-three, shall be the same as that here- by imposed on the circulation and deposits of all banks, associa- tions, 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 LOANS AND THE CUEEENCr. 91 as currency after April first, eighteen hundred and sixty-three, in sums representing any fractional part of a dollar, shall be subject to and pay a duty of five per centum each half year there- after upon the amount of such fractional notes or bills so issued. And all banks, associations, corporations, and individuals receiv- ing 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 each half year from and after April first, eighteen hundred 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 hundred and sixty -three, and each six months thereafter, to the Commissioner of Internal Kevenue, which shall contain 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 pre- ceding. And there shall be annexed to every such list or return a declaration, under oath or affirmation, to be made in form and manner as shall be prescribed by the Commissioner of Internal Revenue, of the president, or some other proper officer of said bank, association, corporation, or individual, respectively, that the same contains a true and faithful account of the duties which have ac- crued, or which should accrue, and not accounted 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 the Commissioner of Internal Revenue 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 prescribed 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. Sec. 8. And he it further enacted, That, in order to prevent Penalties of for- and punish counterfeiting and fraudulent alterations of the bonds, MunterMtufgT&o! notes, and fractional currency authorized to be issued by this act, ™a'J« applicable. all the provisions of the sixth and seventh sections of the act jj^j^^^^l "''•^^^j^j'*^' entitled "An act to authorize the issue of United States notes, and p. 317.' 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. 92 ACTS OF CONGRESS RELATINa TO for the fractional notes prepared, or to be prepared, in the Treasury Department building, and to all officials of the Treasury Depart- ment engaged in engraving and preparing the bonds, notes, and fractional currency hereby authorized to be issued, and to all official and unofficial persons in any manner employed under the Appropriation provisions of this act. And the sum of six hundred thousand this act.''™'"'' °^ 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. — AN ACT supplementary to an act entitled ' 'An act to provide ways and means for the support of the government," approved March third, eighteen hundred and sixty-three. 1863, ch. 73,voi. SECTION 1. Be it enacted by the Senate and House of Representa- XII, p. 709. tivesofthe United States of Americain Congress assembled, That, in lieu of so much of the loan authorized by the act of March third, eighteen hundred and sixty-three, to which this is supplementary, Secretary of the j.jjg Secretary of the Treasury is authorized to borrow, from time 1 reasury may •' ■ n ^ tt * i c^ 3*'i. borrow not over to time, on the Credit of the United States, not exceeding two fru?tKforfi've* hundred millions of dollars during the current fiscal year, and to forty bonds. prepare and issue therefor coupon or registered bonds of the United States, 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, in Denominations, coin, and of sucli denominations as may be found expedient, not Interest not over less than fifty dollars, bearing interest not exceeding six per centum abie'Tn eota.' '^*'^' ^ J^^^' payable on bonds not over one hundred dollars, annually, Howdisposedof. and on all other bonds semi-annually, in coin; and he may dis- pose of such bonds at any 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 cer- tificates of deposit, issued under any act of Congress ; and all bonds Exempt from issued under this act shall be exempt from taxation by or under taxation. State Or municipal authority. And the Secretary of the Treasury shall pay the necessary expenses of the preparation, issue, and Appropriation disposal of sucli bonds nut of any money in the treasury not other- t"ex«£Toue and wise appropriated, but the amount so paid shall not exceed one- a half per cent, jjg^jf gf one per centum of the amount of the bonds so issued and disposed of. Five-twenty Sec. 2. And be it further enacted. That the Secretary of the sued* t'o^ertoS Treasury is hereby authorized to issue to persons who subscribed BubBoribors. qu 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 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 subscriptions may be in excess of five hundred millions of xi?^if'345'^'''^°'''^°''^^''*' ^'"^ ^'^^ bonds so issued shall have the same force and effect as if issued under the provisions of the act to " authorize the LOANS AND THE CURRENCY. 93 issue of United States notes and for other purposes," approved February twenty-sixth, [iifth,] eighteen hundred and sixty-two. Approved March 3, 1864. June 30, 1864. — AN ACT to provide ways and means for the support of the government, and for other purposes. Section 1. Be it enacted by the Senate and House of Repre- sentatives of the United States of America in Congress assembled, That the Secretary of the Treasury be, and he is hereby, author- Tr^elsurymay toi^ ized to borrow, from time to time, on the credit of the United '"^ $400,000,000, States, four hundred millions of dollars, and to issue therefor cou- &(.. '"°"° °° "' pon or registered bonds of the United States, redeemable at the when redeema- pleasure of the government, after any 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 such denominations as the Secretary of the Treasury Denominations. shall direct, not less than fifty dollars, and bear an annual interest not exceeding six per centum, payable semi-annually in coin. And annulfw in cota' the Secretary of the Treasury may dispose of such bonds, or any part thereof, and of any bonds commonly known as five-twenties ^9'''"'°'^''™''? remaining unsold, in the United States, or if he shall find it expedient, in Europe, at any 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 indebted- ness, or certificates of deposit issued under any act of Congress. And all bonds, treasury notes, and other obligations of the United All obligations of States shall be exempt from taxation by or under State or munici- tobe^exempffrom pal authority. taxation. Sec. 2. And he it further enacted, That the Secretary of the Secretary may Treasury may issue on the credit of the United States, and in p^"* '"of "™ioa"n lieu of an equal amount of bonds authorized by the preceding $200,000,000 treaa- section, and as a part of said loan, not exceeding two hundred ""^^ ^°^'' millions of dollars, in treasury notes of any denomination not less penominations, , -,,, ,, "^ .•' -. and when paya- than ten dollars, payable at any time not exceeding three years bie. from date, or, if thought more expedient, redeemable at any time after three years from date, and bearing interest not exceeding the rate of seven and tliree-tenths per centum payable in lawful money . interest payable at maturity, or, at the discretion of the Secretary, semi-annually. " ^' And the said treasury notes may be disposed of by the Secretary How may be of the Treasury, on the best terms that can be obtained, for lawful "^'"'"^ ° ' money ; and such of them as shall be made payable, principal and How far to be interest, at maturity, shall be a legal tender to the same extent as '^^'*' tender. United States notes for their face value, excluding interest, and may be paid to any creditor of the United States at their face value, excluding interest, or to any creditor willing to receive them at par, including interest ; and any treasury notes issued Under the Treasury notes authority of this act may be made convertible, at the discretion of Into bondr'"'"''^ the Secretary of the Treasury, into any bonds issued under the authority of this act. And the Secretary of the Treasury may May be substi- redeem and cause to be cancelled and destroyed any treasury notes S pretloisisBnl!" 94 ACTS OF CONGRESS RELATING TO or United States notes heretofore issued under authority of pre- vious acts of Congress, and substitute, in lieu thereof, an equal amount of treasury notes such as are authorized by this act, or of ttudnCteanottoex- other United States notes : Provided, That the total amount of ceed 1400,000,000; bonds and treasury notes authorized by the first and second sec- ceed, &c. tions of this act shall not exceed four hundred millions of dollars, in addition to the amounts heretofore issued ; nor shall the total amount of United States notes, issued or to be issued, ever exceed four hundred millions of dollars, and such additional sum, not ex- ceeding fifty millions of dollars, as may be temporarily required for note/notiegai"en* the redemption of temporary loan ; nor shall any treasury note aerfoiTedemption bearing interest, issued under this act, be a legal tender in pay- of circulation of , ° , . „ ^ . , , i ° , i i . ^ •' banks. ment or redemption ot any notes issued by any bank, banking asso- ciation, or banker, calculated or intended to circulate as money. Interest of bonds Qec. 3. And be it further enacted, That the interest on all heretofore lasued, , ii^j.- j ui i, , . -, may be paid semi- boiids neretoiore issued, payable annually, may be paid semi-an- annuaiiy. nually ; and in lieu of such bonds authorized to be issued, the Secretary of the Treasury may issue bonds bearing interest, pay- issue'd'f ' "S^ '"' *^'^ semi-annually. And he may also issue in exchange for for seven and three treasury notes heretofore issued bearing seven and three-tenths per tenths notes. centum interest, besides the six per centum bonds heretofore au- thorized, like bonds of all the denominations in which such treas- ury 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 Secretary of the Treasury , after which the interest on such treasury notes shall cease. Repeal of part And SO much of the law approved March third, eighteen hundred tioif i^'voi. xiirp.^"*^ sixty-four, as limits the loan authorized therein to the current 13; fiscal year, 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 third, section 'i^^vo?'xii' ^'S'^'®^" hundred and sixty -three, entitled "An act to provide p. 709. ' ' ways and means for the support of the government," shall cease on and after the passage of this act, except so far as it may effect [affectj seventy-five millions of bonds already advertised. Secretary of the Sec. 4. And be It further enacted. That the Secretary of the Treasury may re- m , , . i • t % tt . i ceive temporary ireasiiry may authorize the receipt, as a temporary loan, oi United '°'"'" States notes or the notes of national banking associations on deposit for not less than thirty days, in sums of not less than fifty dollars, by any of the assistant treasurers of the United States, or deposi- taries designated for that purpose other than national banking ^^^t'^t^^'b' °^ associations, who shall issue certificates of deposit in such form as sued therefor. the Secretary of the Treasury shall prescribe, bearing interest not exceeding six per centum annually, and payable at any time after and intere^s't?"' °' the term of deposit, and after ten days' subsequent notice, unless time and notice be waived by the Secretary of the Treasury ; and the Secretary of the Treasury may increase the interest on deposits at less than six per centum to that rate, or, on tea days' notice to depositors, may diminish the rate of interest as the public interest Aggregate not ^ay require ; but the aggregate of such deposits shall not exceed to exceed, &c. one hundred and fifty millions of 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, including the amount already applied in such payment ; and the LOANS AND THE CURRENCY. 95 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 placed again in reserve as Eea3rve tor their the amount of deposits shall again increase. Sec. 5. And be it further enacted, That the Secretary of the Fractional cur- Treasury may issue notes of the fractious of a dollar as now used sued' tcT^Mi't^ not for currency, in such form, with such inscriptions, and with such °""^^ $50,000,000. Siifeguards against counterfeiting, as he may judge best, and pro- vide for the engraving and pieparation, 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 expedient ; 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. Skc. C. And he it further enacted, That the coupon and regis- Couponandreg- . 11 T ini.' \ e lu u- 'i.* istered bonds to be tered bonds shall be m such lorm and. bear such inscriptions as of wiiat form and the Secretary of the Treasury may direct, and shall be sigued by ^°'" signed. the Register of the Treasury, or for the Register, by such person or persons as may be specially designated for that purpose by the Secretary of the Treasury, and shall bear, as evidence of lawful issue, the imprint of the seal of the Treasury Department, to be Seal. made under the direction of the Secretary of the Treasury, in a room set apart especially and exclusively for that purpose, under where to be made. the care of some person appointed directly by him. And the Coupons, coupons attached to such bonds shall bear the engraved signature of the Register of the Treasury, and such other device or safe- guard against counterfeiting as the Secretary may approve ; and it is hereby declared that all bonds hereto[fo]re issued, bearing the signature of the Register, shall have the same force, effect, and validity as if signed also by the Treasurer, and all bonds bearing the signature of the Register, erroneously described as Treasurer of the United States, shall have the same force, effect, and validity ^"''""'r.- '"""^' as if his official designation had been correctly stated ; and all coupons bearing the engraved signature of the Register of the Treasury in office at the time when such signatures were author- ized and engraved, shall have full force, validity, and effect, not- withstanding such Register may have subsequently ceased to hold office as such, when issued in connection with bonds duly author- ized and signed by or for the successor or successors of said Register. And the treasuiy notes and United States notes author- Form of treasury ized by this act shall be in such form as the Secretary of the""''"" Treasury shall direct, and shall bear the written or engraved sig- natures of the Treasurer of the United States and the Register of the Treasury, and shall have printed upon them such statements, showing the amount of accrued or accruing interest and the char- acter of the notes, as the Secretary of the Treasury may prescribe ; and shall bear, as a further evidence of lawful issue, the imprint of 96 ACTS OF CONGRESS RELATING TO the seal of the Treasury Department, to be made uader the direc- tion of the Secretary of the Treasury, as before directed. Registered bonds Sec. 7. And be it further enacted, That the Secretary of the coupon! '""^* '""^ Treasury is hereby authorized to issue, upon such terms and under such regulations as he may from time to time prescribe, registered bonds in exchange for, and in lieu of, any coupon bonds which have been or may hereafter be lawfully issued ; such registered bonds to be similar in all respects to the registered bonds issued under the acts authorizing the issue of the coupon bonds offered Mutilated, de- for exchange. And for all mutilated, defaced, or indorsed coupon ace , c, on s. ^^ Q^jjgj. Jjouds presented to the department, the Secretary 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. Instructions, &o , Sec. 8. And he it further enacted, That the Secretary of the receivhig" oi^pr" Treasury is hereby authorized and required to make and issue, paring u. states from time to time, such instructions, rules, and regulations, to the °°''^''' "■ several collectors, receivers, depositaries, officers, and others, who may receive treasury notes. United States notes, or other securities in behalf of the United States, or who may be in any way engaged or employed in the preparation and issue of the same, as he shall deem best calculated to promote the public convenience and secu- rity, and to protect the United States, as well as individuals, from fraud and loss. Expenses of pre- Sec. 9. And he it farther enacted. That the necessary expenses bondsf note'sT&of "^ engraving, printing, preparing, and issuing the United States how borne i not to notes, treasury notes, fractional notes, and bonds, hereby author- exceed one per. ^ inn- . r.,, , i-i ii cent. ized, and oi disposmg or the same to subscribers and purcnasers, 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. Penalty for coun- Sec. 10. And he it further enacted. That, if any person or ing'^unifed states P^''®°"^ ^^ falsely make, forge, counterfeit, or alter, or cause securities. or procure to be falsely made, forged, counterfeited, or altered, any obligation or security of the > United States, or shall pass, utter, publish, or sell, or attempt to pass, utter, publish, or sell, or shall bring into the United States from any foreign place, with intent to Poruttering, &c.,pass, utter, publish, or sell, or shall have or keep in possession, or counterfeit, &c.,* , vi • .. i ^ ^j. i-i- i ii i /■ i /■ i notes. conceal, with intent to utter, publish, or sell, any such false, forged, counterfeited, or altered obligation, 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 exceeding five thousand dollars, and by imprisonment and confinement at hard labor not exceeding fifteen years, according to the aggregation of the offence. For using plates Sec. 11. And he it further enacted, That if any person having without authority! control, custody. Or possession of any plate or plates from which 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 Treasury, 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 secu- rity, or any part thereof, except such as shall be printed for the use of the United States, by order of the proper officer thereof; LOANS AND THE CUEEENCY. 97 or if any person shall engrave, or cause or procure to be engraved, .^°^ engraving or sball aid or assist in engraving, any plate or plates in the like- ness or similitude cf 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 officer, or with any other intent, or for any other pur- pose, 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, any metallic plate engraved after the similitude of any plate fi'om 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 obligatioii or other security, engraved and printed after the simili- tude of any obligation or other security issued under the atfthority of the Untied States, with intent to sell or otherwise use the same ; or if any person shall print, photograph, or in any other manner Penalty forprint- mako or execute, or cause to be priuted, photographed, or in any "| ° o^^ °'^^J*^ manner made or executed, or shall aid in printing, photographing, making, or executing any engraving, photograph, 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 fov bringing into foreign place any such engraving, photograph, print, or other im- ^^ ^"^J? States pression, except by the direction of some proper officer of the ed, &c., notes. 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 obli- gation or other security, except under authority of the Secretary of the Treasury, or some other proper officer of the United States, every person so offending shall be deemed guilty of a felony, and shall, on conviction thereof, be punished bjj^ 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 he it further enacted, That if any person shall For retaining have or retain in hisor her custody, possession, or control, without p|j"'^^j^°;l™'"'' 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 electro- type, or any die, roll, or other oiiginal work used in making or preparing any plate, block, or electrotype, or any plate, block, or electrot} pe prepared or made after the similitude of any plate, block, or electroty|)e, from which any obligation or other security authorized to be issued by any act of Congress, or any part thereof, has been, or may hereafter be, printed, or shall use, or cause or I, and c 7 98 ACTS OP CONGRKSS RELA.TI^fG TO &c°L"oounterfdt' ^*^°^^°S'y Suffer the same to be used, in forging or counterfeiting ing notes. any sucli obligation or other security, or shall print, or cijiuse 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 ink, or any green color or pigment, upon any note, bond, or other rep- resentative of value, intended or adapted to be used as a currency or a circulating medium, every such person, being thereof con- victed 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 Pending prosecu- dollars : Provided That nothing in this act shall affect any prose- act'no°affected!°' cution pending, or any civil or criminal liabilities incurred under Proviso. any former act ; Provided, further, That the foregoing provisions of this section shall not be held or construed to deprive any per- son 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 lias been secured to any such person by letters patent which arc still in force. Words "obliga- Sec. 13. Aiid be it further enacted. That the words " obliga- rity," &a, to in- tiou Or Other security of the United States," used in this act, shall elude what. j^g hLon.nof 16G3. After June 30, 1881 6 per cent- .. Pr'm, 4.i:i pr. ct. 75, 000, 000 75, 000, 000 75, 030, OSO 00 J c ■ Treasury notes. 2 years. 1 year.. 2 years afterdate.. 1 year after date . . 5 per cent... --..do Par .. ..do.. ..do.. '466,'6o6,"o6o Not specified 200, GOD, COO 1 211,000,000 1, 123, 830 OO 19, 207, 520 00 171,409,350 00 3, 882, 500 00 • Ten-forties Five-twenties.. 10 or 40 years, 5 or 20 years. After Feb. 28, 1874 After Oct. 31, 1669 5 per cent... Gpercent... ..do.. ..do.. 172, 770; 100 ■ Certificates of indebtedness. 1 year,- 1 year after date.. ---.do ..do.. Not specified 36, 000 00 pr.o+!il niij-rpnov ..do.. Not specified / 50, OCO, 000 5 497 534 93 ■■Fractional cur- rency. ..do.. 23, 809, 968 59 5 or 20 years. After Oct. 31, 1S69 125, 501, 300 OO 108 ACTS OF CONGRESS RELATING TO Statement of the indebtedness of the Acts authorizing loans, and synopsis of same. Act of June 30, 1864— Continued. Act of March 3, 1863. Act of June 30, 1864 . Act of Jan. 28, 1865-. Act of March 3, 1865- Act of April 12, ]866, amendment to act of March 3, 1865. Acts of July 1, 1862. and July 2, 1864. Act of March 2, 1867. date. And said bonds shall bear an annual interest not exceeding six per centum, < payable semi-annually in coin. And the Secretary of the Treasury may dispose of such bonds, or any part thereof, and of any bonds commonly known as five- twenties, remaining unsold, on such terms as he may deem most advisable, for lawful money of the United States, or, at his discretion, for treasury notes, certifi- cates of indebtednesi?, or certificates of deposit, issued under any act of Congress. Auihorizes an issue of treasury notes, not exceeding three years to run, interest at not over six per cent, per annum, principal and interest payable in lawful money. Also, authorizes the issue of and in lieu of an equal amount of bonds authorized by the fir^t section, and as a part of said loan, not exceeding $200,000,000 in treasury notes of any denomination not less than $10, payable at any time not exceeding three years from date, or, if thought more expedient, redeemable at any time after three years from date, and bearing interest not exceeding the rate of 7 3-10 per centum, payable in lawful money at maturity, or, at the discretion of the Secretary, Bemi-annually; and such of them as shall bo made payable, prin- cipal and interest, at maturity, shall be a legal tender to the same extent as United States notes, for their face value, excluding interest, and may be paid to any creditor of the United States, at their face value, excluding interest, or to any creditor willing to receive them at par, including interest ; and any treasury notes issued under the authority of this act may be made convertible, at the discretion of the Secretary of the Treasury, into any bonds issued under the authority of • this act, and the Secretary may redeem and cause to be cancelled and destroyecl 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 act, or of other United States notes ; nor shall any treasury note bearing interest issued under this act be a legal tender in payment or redemption of any notes issued by any bank, banking association, or banker, calculated or intended to circulate as money. Whole amount may be issued in bonds or treasury notes, at the discretion of the Secretary. Authorized an issue of $600,000,000 in bonds or treasury notes; bonds may be made payable at any period not mor? than forty years from the date of issue, or may be made redeemable at the pleasure of the government, at or after any period not less than five years nor more than forty years from date, or may be made redeem- able and payable as aforesaid, as may be expressed upon their face, and so much thereof as may be issued in treasury notes may be made convertible into any bonds authorized by this act, and be of such denominations, not less than fifty dollars, and bear such dates, and be made redeemable or payable at such periods as the Secretary of the Treasury may deem expedient. The interest on the bonds payable semi-annually, on treasury notes semi-annually, or annually, or at ma- turity thereof ; and the principal or interest, or both, be made payable in coin or other lawful money ; if in coin, not to exceed six per ceut. per annum ; when not payable in coin, not to exceed 7 3-10 per cent, per annum. Rate and character to be expressed on bonds or treasury notes. Authorizes the Secretary of the Treasury, at his discretion, to receive any treasury notes or other obligations issued under any act of Congress, whethei: bearing in- terest or not, in exchange for any description of bonds authorized by the act to which this is an amendment- and also to dispose of any description of bonds au- thorized by said act, either iu the United States or elsewhere, to such an amount, in such manner, and at such rates as he msiy think advisable, forlawfulmouey 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 herein contained shall be construed to authorize any increase of the public debt. Bonds issued to the Union Pacific Railroad Company in accordance with these acts. For the purpose of redeeming and retiring any compound intercut notes outstanding, the Secretary of the Treasury is authorized and directed to issue temporary loan certificates iu the manner prescribed by section four of the act entitled "An act to authorize the issue of United States notes and for the redemption or funding thereof, and for funding tho floating debt of the United States," approved Feb- ruary 2."), 1862, bearing interest at a rate not exceeding three per centum per an- num, principal and interest payable in lawful money on demand; and said certifi- cates of temporary loan may constitute and be held by any national bank holding or owning the same, as a part of the reserve provided for in sections thirty-one and thirty-two of the act entitled ' ' An act to provide u, national currency secured by a pledge of United States bonds, and to provide for the circulation and redemp- tion thereof," approved June 3, 1864 : F/ovidcd, That not less thau two-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. LOANS AND THE CUERKNCY 109 United States^ June 30, 1867 — Continued. Treasury notes Treasury notes Treasni-y notes 3 years 3 years 3 years 7.30 treasury notes. "Wlien redeem- able. 3 years after date. 3 years after date. 3 years after date 3 years. 3 years after Aug. 7.30 per cent J 5, 1864. 7 3-10 treasury notes, three Five-twenties.. 3 ' yi's. 5 or 20 years. Union Pacific R. R.. Co. bonds. 6 per cent, comp. iut. After Aug. 14, 1867 After J line 14,1868 After July 14, 1868 After Oct. 31, 1870 After June 30, 1870 30 years 6 per cent. . ..do After Jan. 15, 1895 7 3-10 per cent. Amount authorized. Substit'te re- deemed 5 p. ct, notes. I, 000, 000 Amount i»Bued. $17,250,000 177, 045, 770 22, 728, 390 234, 403, OOO 60O, OGO, 000 Amount outstanding. $122,394,480 00 48S, 647, 425 00 181, 427, 250 00 ■ 301, 880, 250 00 14,762,000 OO 2, 692, 199, 215 12 w^* y ■'0m^