STATEMENT

OF THE

INDEBTEDNESS OF THE UNITED STATES.

No. 6. THE INDEBTEDNESS

Acts authorizing loans, and synopsis of same.

Title.

Length of loan.

Acts of July 21, 1841, and April 15, 1842.

Authorized a loan of $12,000,000, bearing interest at a rate
not exceeding 6 per cent. per annum, and reimbursable at
the will of the Secretary, after six months' notice, or at any
time after three years from the 1st of January, 1842. The
act of April 15, 1842, authorized the loan of an additional
sum of $5,000,000, and made the amount obtained on the
loan after the passage of this act, reimbursable after six
months' notice, or at any time, not exceeding twenty years,
from the first day of January, 1843. This loan was made
for the purpose of redeeming outstanding treasury notes,
and to defray any of the public expenses.

Loan of 1842... Twenty

years.

Act of July 22, 1846. Authorized an issue of $10,000,000 in treasury notes, bearing Loan of 1846...

interest at a rate not exceeding 6 per cent per annum, and
payable one year from date. Instead of issuing the whole
amount in treasury notes, authority was given to borrow
any part of it, and issue therefor bonds in the same form
and under the same restrictions, limitations, and provisions
contained in the act of April 15, 1842. The whole amount
of treasury notes and bonds issued under this act not to
exceed $10,000,000. Authority was given the Secretary to
purchase the treasury notes at any time.

Ten years.

Act of Jan. 28, 1847. Authorized the issue of $23,000,000 in treasury notes, bearing Loan of 1847... Twenty

interest at a rate not exceeding 6 per cent per annum,
with authority to borrow any portion of the amount, and
issue bonds therefor, bearing interest at a rate not exceed-
ing 6 per cent., and redeemable after the 31st of Decem
ber, 1867. The 13th section authorized the funding of these
notes into bonds of the same description. The act limited
the amount to be borrowed or issued in reasury notes
and funded as aforesaid to $23,000,000, bu' authorized the
funding of treasury notes issued under former acts beyond
that amount. The excess of the $23,000,000 is made up of
treasury notes funded under the 14th section.

Act of Mar. 31, 1848. Authorized a loan of $16,000,000, bearing interest at a rate

not exceeding 6 per cent. per annum, and re`mbursable at
any time after twenty years from 1st of July, 1848. Author-
ity was given the Secretary to purchase the stock at any

time.

Act of Sept. 9, 1850. Authorized the issue of $10,000.000 in bonds, bearing 5 per cent. interest, and redeemable at the end of fourteen years, to indemnify the State of Texas for her relinquishment of al claims upon the United States for liability of the debts of Texas, and for compensation for the surrender to the United States of her ships, forts, arsenals, custom houses, &c., which became the property of the United States at the time of annexaмon.

Old funded and unfunded debt.

Acts prior to 1857...

Act of Dec. 23, 1857.

Consisting of unclaimed dividends upon stocks issued before
the year 1800 and those issued during the war of 1812.
Different issues of treasury notes.......

Authorized an issue of $20,000,000 in treasury notes, bearing
interest at a rate not exeeding 6 per cent. per annum, and
receivable in payment of all public dues, and to be re-
deemed after the expiration of one year from the date of
said notes.

Act of June 14, 1858. Authorized a loan of $20,000,000, bearing interest at a rate
not exceeding 5 per cent. per annum, and reimbursable at
the option of the government at any time after the expira-
tion of fifteen years from the 1st of January, 1859.

Act of June 22, 1860. Authorized a loan of $21,000,000, bearing interest at a rate

not exceeding 6 per cent. per annum, and reimbursable
within a period not beyond twenty years, and not less than
ten years, for the redemption of outstanding treasury notes,
and for no other purpose.

years.

Loan of 1848... Twenty years.

Act of Dec. 17, 1860. Authorized an issue of $10.000,000 in treasury notes, to be Treasury notes.

redeemed after the expiration of one year from the date of issue, and bearing such a rate of interest as may be offered by the lowest bidders. Authority was given to issue these notes in payment of warrants in favor of public creditors at their par value, bearing 6 per cent. interest per annum. Act of Feb. 8, 1861.. Authorized a loan of $25,000,000, bearing interest at a rate

not exceeding six per cent. per annum, and reimbursable
within a period not beyond twenty years nor less than ten
years. This loan was made for the payment of the current ex-
penses, and was to be awarded to the most favorable bidders.

One

year.

Loan of Feb. Twenty 1861. years.

Act of Mar. 2, 1861.. Authorized a loan of $10,000,000, bearing interest at a rate not exceeding 6 per cent. per annum, and reimbursable after the expiration of ten years from July 1, 1861. In case proposals for the loan were not acceptable, authority was given to issue the whole amount in treasury notes, bearing interest at a rate nct exceeding 6 per cent per annum. Authority was also given to substitute treasury notes for the whole or any part of the loans for which the Secretary was by law authorized to contract and issue bonds, at the time of the passage of this act, and such treasury notes were to be made receivable in payment of all public dues, and redeemable at any time within two years from March 2, 1861.

Oregon war.... 20 yrs..

Act of Mar. 2, 1861.. Authorized an issue, should the Secretary of the Treasury deem it expedient, of $2,800,000 in coupon bonds, bearing interest at the rate of 6 per cent. per annum, and redeemable in twenty years, for the payment of expenses incurred by the Territories of Washington and Oregon in the suppression of Indian hostilities during the years 1855-'56. Authorized a loan of $250,000,000, for which could be issued 20 yr's sixes.. 20 yrs. bonds bearing interest at a rate not exceeding 7 per cent. per annum, irredeemable for twenty years, and after that redeemable at the pleasure of the United States. Treasury notes bearing interest at the rate of 7.30 per cent. per annum, payable three years after date ; and

Acts of July 17, 1861 and Aug. 5, 1861.

United States notes without interest, payable on demand, to
the extent of $50,000,000. (Increased by act of February
12, 1862, to $60,000,000.*)

The bonds and treasury notes to be issued in such proportions
of each, as the Secretary may deem advisable
The supplementary act of August 5, 1861, authorized an issue
of binds bearing 6 per cent. interest per annum, and payable
at the pleasure of the United States after twenty years from
date, which may be issued in exchange for 7.30 treasury
notes; but no such bonds to be issued for a less sum than
$500, and the whole amount of such bonds not to exceed
the whole amount of 7.30 treasury notes issued.

Act of Feb. 25, 1862. Authorized the issue of $150,000,000 in legal tender United

States notes, $50,000,000 of which to be in lieu of demand
notes issued under act of July 17, 1861, $500,000,000 in 6 per
cent bonds, redeemable after five years, and payable
twenty years from date, which may be exchanged for
United States notes, and a temporary loan of $25,000,000 in
United States notes for not less than thirty days, payable
after ten days' notice at 5 per cent interest per annum.
(This last was increased to $100,000,000 by the following
acts.)

Act of Mar. 17, 1862. Authorized an increase of temporary loans of $25,000,000,
bearing interest at a rate not exceeding 5 per cent. per
annum. (Included above.)

Act of July 11, 1862. Authorized a further increase of temporary loans of

$50,00,000, making the whole amount authorized
$100,000,000. (Included above.)

7.30 notes...

(Two issues.) 3yrs

Dem'd notes.. Payable

indebtedness.

Act of Mar. 1, 1862.. Authorized an issue of certificates of indebtedness, payable | Certificates of 1 year. one year from date, in settlement of audited claims against the government. Interest 6 per cent. per annum, payable in gold on those issued prior to March 4, 1863, and in lawful currency on those issued on and alter that date. Amount of issue not specified.

Act of July 11, 1862. Authorized an additional issue of $150,000,000 legal tender

notes, $35,000,000 of which might be in denominations less
than five dollars. $50,000,000 of this issue to be reserved
to pay temporary loans promptly in case of emergency.

United States
notes.

Act of July 17, 1862. Authorized an issue of notes of the fractional part of one dol- Postal currency..

Resolution of Congress, Jan. 17, 1863.

lar, receivable in payment of all dues, except customs, less
than five dollars, and exchangeable for United States notes
in sums not less than five dollars. Amount of issue not
specified.
Authorized the issue of $100,000,000 in United States notes
for the immediate payment of the army and navy; such
notes to be a part of the amount provided for in any bill
that may hereafter be passed by this Congress The
amount in this resolution is included in act of Mar. 3, 1863.

*Act of February 12, 1862, authorized an increase of $10,000,000 demand notes, included in above state

ment.