United States

pledged.

for

Appropriation expenses.

May be exchanged for bonds, &c. Proviso.

their par value in coin. And the faith of the United States is hereby, Faith of the pledged for the due payment of the interest and the redemption of the principal of the stock or treasury notes which may be issued under the authority of this act; and the sum of twenty thousand dollars is hereby appropriated, out of any money in the treasury not otherwise appropriated, to pay the expenses of preparing the certificates 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 of holders of the treasury notes hereby authorized by this act, to exchange the same for the stock herein authorized, at par, or for bonds, in lieu of which said treasury notes were issued: Provided, That no certificate shall be exchanged for treasury notes, or bonds, in sums less than five hundred dollars: And provided, further, That the authority to issue the said treasury notes, or 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 of the United States, at any time within two years after the passage of this act; and that said notes shall cease to bear interest after they shall have been called in by the Secretary of the Treasury under the provisions of this act.

Notes not to be issued after

June, 1862.

Redemption.

Interest.

CHAP. LXXV.

Stat. at Large, Vol. XII. p. 207.

New silver

·An Act declaring the Value of the new Silver Florin of Austria. Be it enacted, &c. That the new silver florin of Austria shall, in all computations at the custom-house, be estimated at forty-six cents and florin of Austria. nineteen hundredths of a cent.

CHAP. V. - An Act to authorize a National Loan and for other Purposes.

Stat. at Large, Vol. XII. p. 259. Secretary of Treasury may

borrow within

Be it enacted, &c. That the Secretary of the Treasury be, and he is hereby, authorized to borrow on the credit of the United States, within twelve 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 not over $250,000,000.

twelve months

necessary for the public service, for which he is authorized to issue cou- Coupon or reg

therefor.

Treasury notes;

Certain treasury notes may

pon bonds, or registered bonds, or treasury notes, in such proportions of istered bonds or each as he may deem advisable; the bonds to bear interest not exceeding treasury notes seven per centum per annum, payable semi-annually, irredeemable for may be issued twenty years, and after that period redeemable at the pleasure of the Bonds, when United States; and the treasury notes to be of any denomination fixed redeemable. by the Secretary of the Treasury, not less than fifty dollars, and to be denomination; payable three years after date, with interest at the rate of seven and three interest; when tenths per centum per annum, payable semi-annually. And the Secre- payable. tary of the Treasury may also issue in exchange for coin, and as part of the above loan, or may pay for salaries or other dues from the United States, treasury notes of a less denomination than fifty dollars, not bearing interest, but payable on demand by the assistant treasurers of the United be issued in exStates at Philadelphia, New York, or Boston, or treasury notes bearing change for coin, 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 of this act, and bearing interest as specified above: Provided, That no exchange of such notes in any less amount than one hundred 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.

&c.

Proviso.

Proviso.

Notes and bonds, how signed, &c.

SEC. 2. That the treasury notes, and 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 be isHow transfer- sued under the seal of the Treasury Department. The registered 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 be designated by the Secretary of the Treasury, who shall fix the compensation for the same.

able.

Books to be opened for subscription for treasury notes

&c.

scribe.

If larger amount is subscribed, &c.

Pay of those receiving subscriptions. Proviso.

SEC. 3. That the Secretary of the Treasury shall cause books to be opened for subscription to the treasury notes for fifty dollars and upwards at such places as he may designate in the United States, and under such for $50 and over, rules and regulations as he may prescribe, to be superintended by the assistant 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 published in the several Who may sub- 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 notwithstanding; and if a larger amount shall be subscribed in the aggregate than is required at one time, the Secretary of the Treasury is authorized to receive the same, should he deem it advantageous to the public interest; and if not, he shall accept the amount required by giving the preference to the smaller subscriptions; and the Secretary of the Treasury shall fix the compensations of the public officers or others designated for receiving said subscriptions: Provided, That for performing this or any other duty in connection 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 and regulations as he may deem expedient touching the instalment to be paid on any subscription at the time of subscribing, and further payments by instalments or otherwise, and penalties for non-payment of any instalment, and also concerning the receipt, deposit, and safe-keeping of money received from such subscriptions, until the same can be placed in the possession of the official depositaries of the treasury, any law or laws to the contrary notwithstanding. And the Secretary of the Treasury is also authorized, if he shall deem it expedient, before opening books of subscription as above provided, to exchange for coin or pay for public dues or for treasury notes of the issue of twenty-third of December, eighteen hundred and fiftyseven, and falling due on the thirtieth of June, eighteen hundred and sixty-one, or for treasury notes issued and taken in exchange for such notes, any amount of said treasury notes for fifty dollars or upwards not exceeding one hundred millions of dollars.

Payment of subscription.

Treasury notes

of $50 and up

wards may be exchanged for coin, &c.

SEC. 4. That, before awarding any portion of the loan in bonds authorized by this act, the Secretary of the Treasury, if he deem it advisable to issue proposals for the same in the United States, shall give not less than fifteen days' public notice in two or more of the public newspapers in the city of Washington, and in such other places of the United States as he may deem advisable, designating the amount of such loan, the place and the time up to which sealed proposals will be received for the same, the periods for the payment, and the amount of each instalment in which it is to be paid, and the penalty for the non-payment of any such instalments, and when and where such proposals shall be opened in the presence of such persons as may choose to attend; and the Secretary of the Treasury is authorized to accept the most favorable proposals ofered by responsible bidders: Provided, That no offer shall be accepted at less than par.

Portion of loan may be negotiated in foreign

Proceedings in

SEC. 5. That the Secretary of the Treasury may, if he deem it advisable, negotiate any portion of said loan, not exceeding one hundred millions of dollars, in any foreign country and payable at any designated country. 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 at any designated place in Europe; and he is further authorized to appoint such agent or agents as he may deem necessary for such case. negotiating such loan under his instructions, and for paying the interest on the same, and to fix the compensation of such agent or agents, and shall prescribe to them all the rules, regulations, and modes under which such loan 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 Europe shall be at the same rate.

SEC. 6. That whenever any treasury notes of a denomination less than fifty dollars, authorized to be issued by this act, shall have been redeemed, the Secretary of the Treasury may reissue the same, or may cancel them and issue new notes to an equal amount: Provided, That the aggregate amount of bonds and treasury notes issued under the foregoing provisions of this act shall never exceed the full amount authorized by the first section of this act; and the power to issue, or reissue such notes shall cease and determine after the thirty-first of December, eighteen hundred and sixty-two.

Treasury notes under $50, may be reissued prior to Dec. 31, 1862.

Proviso.

in exchange for

SEC. 7. That the Secretary of the Treasury is hereby authorized, Treasury notes whenever he shall deem it expedient, to issue in exchange for coin, or in may be issued payment for public dues, treasury notes of any of the denominations coin, &c. hereinbefore specified, bearing interest not exceeding six per centum per annum, and payable at any time not exceeding twelve months from date, provided that the amount of notes so issued, or paid, shall at no time exceed twenty millions of dollars.

SEC. 8. That the Secretary of the Treasury shall report to Congress, immediately after the commencement of the next session, the amount he has borrowed under the provisions of this act, of whom, and on what terms, with an abstract of all the proposals, 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.

SEC. 9. That the faith of the United States is hereby solemnly pledged for the payment of the interest and redemption of the principal of the loan authorized by this act.

Secretary of Treasury to report to Congress.

Faith of the United States

pledged.

Certain pro

1857, ch. 1, re

SEC. 10. That all the provisions of the act entitled "An act to authorize the issue of treasury notes," approved the twenty-third day of Decem- visions of act of ber, eighteen hundred and fifty-seven, so far as the same can or may be vived. applied to the provisions of this act, and not inconsistent therewith, are Ante, p. 771. hereby revived or re-enacted.

der this act.

SEC. 11. That, to defray all the expenses that may attend the execu- Appropriation tion of this act, the sum of two hundred thousand dollars, or so much for expenses unthereof as may be necessary, be, and the same is hereby, appropriated, to be paid out of any money in the treasury not otherwise appropriated.

No. 27. AUGUST 5, 1861.

CHAP. XLVI. - An Act supplementary to an Act entitled “An Act to authorize a
National Loan, and for other Purposes."

Be it enacted, &c. That the Secretary of the Treasury is hereby authorized to issue bonds of the United States, bearing interest at six per centum per annum, and payable at the pleasure of the United States after twenty years from date; and if any holder of treasury notes, bearing inter

Stat. at Large, Vol. XII. p. 313.

1861, ch. 5. Ante, p. 781. Six per cent. bonds may be is

sued, redeemable

in twenty years,

and exchangeable for certain treasury notes.

est 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 holder, in payment thereof, an amount of said bonds equal to the amount which, at the time of such payment or exchange, Denomination may be due on said treasury notes; but no such bonds shall be issued for and amount of 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 Where treasury tenths per centum interest, issued under said act; and any part of the notes may be treasury notes payable on demand, authorized by said act, may be made made payable. payable by the assistant treasurer at Saint Louis, or by the depositary at Cincinnati.

bonds.

Treasury notes, how executed.

SEC. 2. That the treasury notes issued under the provisions of the said act to authorize a national loan, and for other purposes, or of any other act now in force authorizing the issue of such notes, shall be signed by the Treasurer of the United States, or by some officer of the Treasury Department, designated by the Secretary of the Treasury, for said Treasurer, and countersigned by the register of the treasury, or by some officer of the Treasury Department, designated by the Secretary of the Need not have Treasury, for said register, and no treasury notes, issued under any act, shall require the seal of the Treasury Department.

seal.

May be issued for not less than

$5.

Appropriation for purposes of this act, &c.

Notes on demand, &c. under

$50, receivable for public dues.

Portions of

Ante, p. 296.

SEC. 3. That so much of the act to which this is supplementary as limits the denomination of a portion of the treasury notes authorized by said act at not less than ten dollars, be and is 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. That, in addition to the amount heretofore appropriated, the sum of one hundred thousand dollars, or so much thereof as may be necessary, be, and the same is hereby, appropriated, out of any money in the treasury not otherwise appropriated, to pay such expenses, commissions, or compensation as may be necessary, in the judgment of the Secretary of the Treasury, to carry into execution the provisions of this act, and of the act to which this is supplementary.

SEC. 5. That the treasury notes authorized by the act to which this is supplementary, of a less denomination than fifty dollars, payable on demand without interest, and not exceeding in amount the sum of fifty millions of dollars, shall be receivable in payment of public dues.

SEC. 6. That the provisions of the act entitled "An act to provide for sub-treasury act the better organization of the treasury, and for the collection, safe-keeping, suspended. transfer, and disbursements of the public revenue," passed August six, 1846, ch. 90. 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 Deposits in sol- of the Treasurer of the United States, in such solvent specie-paying vent specie-pay-banks as he may select; and the said moneys, so deposited, may be withing banks. drawn from such deposit for deposit with the regular authorized depositaries, or for the payment of public dues, or paid in redemption of the notes authorized to be issued under this act, or the act to which this is supplementary, payable on demand, as may seem expedient to, or be directed by, the Secretary of the Treasury.

Six per cent. bonds due in 20

years may be is sued for certain

seven per cent. bonds.

SEC. 7. That the Secretary of the Treasury may sell or negotiate, for any portion of the loan provided for in the act to which this is supplementary, bonds payable not more than twenty years from 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.

CHAP. XX.

No. 28.

FEBRUARY 12, 1862.

An Act to authorize an additional Issue of United States Notes.

Stat. at Large, Vol. XII. p. 338. $10,000,000 of demand notes to

be issued, &c.

Be it enacted, &c. That the Secretary of the Treasury, in addition to the fifty millions of notes payable on demand of denominations not less than five dollars, heretofore authorized by the acts of July seventeenth 1861, ch. 5 & 46. 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 part of the loan of two hundred and fifty millions of dollars authorized by said acts.

CHAP. XXXIII. ·

Stat. at Large,

Vol. XII. p. 345.

$150,000,000 treasury notes authorized.

Denominations,

how payable, in

terest.

$50,000,000 to be in lieu of demand notes.

payment of dues

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. Be it enacted, &c. That the Secretary of the Treasury is hereby authorized to issue, 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 denominations as he may deem expedient, not less than five dollars each: Provided, however, That fifty millions of said notes shall be in lieu of the demand treasury notes authorized to be issued by the act of July seventeen, eighteen hundred and sixty-one; which said demand notes shall be taken up as rapidly as practicable, 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 Treasury notes receivable in payment of all taxes, internal duties, excises, debts, and receivable in demands of every kind due to the United States, except duties on imports, to United States, and of all claims and demands against the United States of every kind except duties on whatsoever, except for interest upon bonds and notes, which shall be paid imports, and inin coin, and shall also be lawful money and a legal tender in payment of bonds and notes all debts, public and private, within the United States, except duties on which shall be imports and interest as aforesaid. And any holders of said United States paid in coin, and to be legal tender notes depositing any sum not less than fifty dollars, or some multiple of fifty except for duties dollars, with the Treasurer of the United States, or either of the assistant and interest. treasurers, shall receive in exchange therefor duplicate certificates of de- ible in sums of posit, one of which may be transmitted to the Secretary of the Treasury, not less than who shall thereupon issue to the holder an equal amount of bonds of the $50, &c. into United States, coupon or registered, as may by said holder be desired, 6 per cent stock, bearing interest at the rate of six per centum per annum, payable semi- &c. 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, at their par value, in payment for any loans that may be hereafter sold or negotiated by the Secretary of the Treasury, and may.be reissued from time to time as the exigencies of the public interests shall require.

terest on federal

To be convert

United States

SEC. 2. That to enable the Secretary of the Treasury to fund the Funding treastreasury notes and floating debt of the United States, he is hereby author-sury notes and ized to issue, on the credit of the United States, coupon bonds, or regis- provisions for. floating debt, tered bonds, to an amount not exceeding five hundred millions of dollars, redeemable at the pleasure of the United States after five years, and payable twenty years from date, and bearing interest at the rate of six per centum per annum, payable semi-annually. And the bonds herein authorized shall be of such denominations, not less than fifty dollars, as may be determined upon by the Secretary of the Treasury. And the Secretary of the Treasury may dispose of such bonds at any time, at the market value thereof, for the coin of the United States, or for any of the