ACTS OF CONGRESS RELATING TO LOANS AND THE CURRENCY, FROM 1841 TO 1874 INCLUSIVE. WASHINGTO N: GOVERNMENT PRINTING OFFICE. 1874. LAWS OF THE UNITED STATES AUrH1)RIZTNG ISSUES OF BONDS AND TREASURY NOTES, &c, CHAP. III.-AN ACT AUTHORIZING A LOAN NOT EXCEEDING TiE SUM OF July 21, 1841. TWELVE MILLIONS OF DOLLARS. Vol. V, p. 438. Be it enacted by the Senate and House of Representatives oJ the United States of America in Co ygress assembled, That the l'resident of the United States is hereby authorized, at any Pth.es:dtnt bautime within one year from the passage of this act, to row, $12,000,o0c, at 6 per cent. borrowT, on the credit of the United States, a sum not exceeding twelve millions of dollars, or so much thereof as in his opinion the exigencies of the government may require, at a rate of interest, payable quarterly or semi-annually. not exceeding six per centumn per annum, which loan shall when reimI..~.. ~; ~L~bursa ble. be made reimbursable either at the will of the Secretary of the Treasury, after six months' notice, or at any time after three xears from the first day of January next; and said money so borrowed shall be appl)lied, in addition to the The nioney'bor rowed, rhow money now in the Treasury, or which may be received to be applied. therein from other sources, to the pa,-yment and redemption of the Treasury notes heretofore authorized, which are or may be outstanding and unpaid, and to defray any of the public expenses which have beenl heretofore or which may be authorized by law, which stock shall be transferable Stock, ho a transferable. lSE. 2. And be it further enactedooks of the Tretasury. SEC. 2. And be it further enacted, That the Secretary of the Treasury be, and he is hereby, authorized, with the conlsent of the President, to cause to be pIrepared certificates Certificates of stock to be preof stock, signed by the Secretary and countersigned by the pared and sold. Register of the Treasury, for the sum to be borrowed, or any part thereof, bearing an interest not exceeding six per centum per annumln and transferable and reimbursable as aforesaid, and to cause the said certificates of stock to be sold: Provided, That no stock be sold below p)ar. Proviso. SEC. 3. And be it further enlacted, That the Secretary of tlSeretary of' the Treasury be, anld he is hereby, authorized to receive receive propo7 roposals for takill; tlle snid lorlll, or to eln-)loSsals farthe loan, proposals for taking the said loan, or to emin)loy an agent or, &c. 4 LAWS RELATING TO BONDS AND NOTES. or agents for the purpose of negotiating the same, and to pay to him or them a reasonable commission, not excee(ling one-tenth of one per cent. on the amount so negotiated, which sunl to be allowed to such agent or agents, and such expense as may be necessarily incurred in prillting and issuing certificates of stock, and other expenses incilent to, Expenses in cident to thlis the due execution of this act, in all not exceeding twelve act limited. thousand dollars, which sum is hereby apl)ropriated for that purpose, and shall ble paid out of any money in the Treasury not otherwise appropriated. SSEC. 4. And be it ftrther enacted, That the Secretary of Secretary of the Treasury the Treasury is hereby authorized to purchase, at any time authorized to purchase stock before the pleriod herein limited for the redemption of stock prior to time of redemption. hereby authorizedl, such portion thereof as the funds of the Appropriation government may admit of, after meeting all the denialds therefior. on the Treasury, and any surplus in the Treasury is hereby appropriated to that object. Faith of Uni- SEC. 5. And be it fuirther enacted, That the faith of the ted S t a t e s United States be, and is hereby, pledged for the lunctual pledged for Pmnctua! paY pay- ament of' the interest and redemption of said stock. ment of inter-, est, &c. Approved July 21, 1841. CHAP. XXVI.-AN ACT FOR THE EXTENSION OF THE LOAN OF EIGHTEEN April 15, 1842. HUNDRED AND FORTY-ONE, AND FOR AN ADDITION OF FIVE MILLIONS Vol. V, p. 473. OF DOLLARS THERETO, AND FOR ALLOWING INTEREST ON TREASURY NOTES DUE. Be it enacted by the Senate and House of Representatives of Time for ob- the United States of Anmerica in Congress assembled, That the taining the loan time limited by thle first section of the act of Congress entitled "Ain act authorizing a loan not exceeding the sum Act of July 21, of twelve millions of dbllars," approved July twenty-first, 1841, ch. 3. eighteen hundred andl forty-one, for obtaining said loan, shall be, and the same is hereby, extended for one year firom the passage of this act. Loan reim- SEC. 2. And be it hfurther enacted, That so much of said bursable, when. loan as may be obtained after thle p)assage of this act shall be made reimbursable, as shall be agreed upon and determinedl at the time of issuing said stock, either at the -will of the Secretary of the Treasury, after six months' notice, or at any time not exceeding twenty years from the first day of January next. Form of cer- SEC. 3. And be it further enacted, That the certificates tificates. hereafter to be issued for sai(d loan may, when required, be ACT OF EIGHTEEN HUNDRED AND FORTY-TWVO. O illn such form as shall be p)rescribed by the Secretary of thle Treasury, so that the stock may be transferable by deliveryof the certificate, instead of being assignable on the books S toc,k, how transferable. of the TreaLsury. SEC. 4. And be it further enacted, That the Secretary of Stocktobedisqe)sed of, how. the Treasury be, and lie hereby is, authorized to dispose of the stock hereafter to be issued, or any )art thereof, at its par value, lbut 10o part thereof shall be disposed of under par until the same has been advertised a reasonable time, and proplosals for subscription to said loan invited. And the said Secretary is hlereby authorized to accept 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 twerty-first, eighteen hundred alld forty-one, before recited, to negotiate the sautlle: Provided, That no stock 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 aris- Moneys arising from duties ilg from duties on goods, wares, and merchandise which pledged for the payment of the may be imported into the United States, or so much thereof interest, &e. as shall be equal to the p)ayment, from time to time, of the interest. and to the ultimate 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 bXv- irtue 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 apl)ropriatedl to that object, to be firs-t a ppliedl by the Secretary of the Treasury to such paymlents and redeumptioin. SEC. 6. And be it further enacted, That it shall be the duty Report to be made to Conof the Secretary of the Treasury to relport to Congressss, essofamonut of motney,orat the coinmencement of the next session, the amount of rowed.&e. money borrowed under this act and the act hereby amended, alld of whom and upon what termns it shall have been obtained, with an abstract or brief statement of all the proposals submitted for the same, distingyuishing between those accepted and those rejected, and a detailed statement of the expense of making such loans. 6 LAWS RELATING TO BONDS AND NOTES. w}hat pr.ovis- SEC. 7. And be itfartlier enacted, That all thle provisions of' ions of former actsiallremain the said act, lnot hereby modified or chanlged shall be and in fot(,e. remain in force, and apply to this act. SEC. S. And be it f.rther enacted, That the President of Add1ition al the United States is hereby authorized to borrow an addiloananuthorized, tionlal sun,111 it exceedliIIg the sumn of five lljillions of (lollars, if iln his opicnion tlhe exig'eics of thle g'overnmeilt inIay require the salle; which additional loant siall be mcade withill tie timie, and accordinlg to the provisions, of said act, as modifiel 1by this. T'rrasury notis SEC. 9. And be it f't, ther entacted, That all Trleasury notes due and unpaidl. &c.. to be:L i; heretofore issued llnder the act enttitled "Aul act to anper cent. interest. tllhorize the issuiilg of Treasury notes," al)proved the twelfth Act ofOctober day of October, eighteen ihundred (land thirty-seven, and 12, 18:37, ch. 2. the acts subsequent thereto, alld now outstatding and unredeemed, or which may hereafter be issuedl under and by virtue of the s\amle, shall, if due and lulcnl)aid before the fifth Iday of Marchl eighteen hundred and forty-tw', bear interest at the rate of six per cent. per annum from that dlay; and when they' may become dlue hereafter, or inay have becolle (ue since the said fifth d1ay of March, eighllteen hundred and forty-two, shall bear interest from the day of their so becoming duoe, at the rate of six per celt. per annum, until Proviso. they shall be respectively redeemed: Provided, That such interest shall cease at the expiration of sixty days' notice, to be givren fat anIy t;ime by tle Secretary of tile Treasury ill one or more of the principal papers published at the seat Interest pa β€” of government, of a readiness to redleemn tlle same. And able semi-annw,nally. the said interest shall be payable semi-annually at the Treasury of the Unlited States, on tile first days of January and July in every year. Approve(l April 15. 1842d. July 22, 184:. CHAP. LXI.-AN ACT TO AUTH()RIZE AN ISSUE OF TREASYIIY N()TES AND A LOAN. Vol. IX, p. 3!). Be it enacted by the Senate and Hoause of Rei'peiresentatives oJ the United States of America in Congress assembled, That the IssneofTreas- President of the United States is hereby authorized to nrv notes authorized, n o t cause Treasury notes to be issued for sulch sumr or sums as millions gto e the exigencies of the governmenlt may require, and, ill outstanding qt nyonnetm e. place of such of the same (s may be redeemed, to cause others to be issued; but not exceeding the suin of ten nmil ACT OF EIGHTEEN HUNDRED AND FORTY-SIX. 7 lions of dollars of this emission outstanding at any one time, and to be issued under thelimitations and other provisions containe(l in the act entitled "An act to authorize the To be issued m the o7 ~~~~~under the limiissue of TreasurV notes," approved the twelfth of October, tations of the one thousand eight hunldredl aid thirty-seven, except that act of 1:37, ch. the authority hiereby givenl to issue Treasury notes shall expire at tle elnd of one year fr'om the plassage of this act. SEC. 2. And be itfiurther enacted, That the Presidellt, if in his opl)iion it shall be the interest of the United States so to do, illsteal of issuingl tihe whole amount of Trealsury notes authorized by tle first, section of this act, may borrow The President on thle credit of the United States such anl amount of money mayev in rroew of issui n g as hie 1ma\y deem l)roper, and issue therefor stock of the o''refsurv notec and issue stock United States for the sum thus borrowed, in tire same forll, forthe sulm borand under tile same restrictions, limitaLtiolls, and provisions owed, & as are containedl in the act of Colgress, apl)proved Aplil 1842, ch. 26. fifteenth, one tliousand eight hundlred and forty-two, entitled "; An act, for the extension of the loan of eighteein hundred and forty-one, and for anl addition of five millions of'dollars thereto, and for allowingl interest on Treasury notes due:" Provided, however, That the sumll so borrowed, Wholeamount not to exceed together witll the Treasury notes issued by virtue of $10,ooo,ooo. this act, shall llot, il the whole, exceed the snum of ten millions of dollars: And provided further, That no commlllissionl No commission to be flshall be allowed or l)aidl for the negotiationl of the loan o lowt. e authorized by tllis act, anl also that the sai(l stock shall be redeemable at a period not longer than ten years from the issue tllereof. SEC. 3. And be it further enacted, That the Treasury nlotes Not to bear a higher rate of and the stock issued Lunder thle provisions of this act shall interest than 6 per cent. not bear a higher rate of interest than six per centuan per annum, and no part thereof shall be disposed of at less than par. SEC. 4. And be it further enacted, That no compelnsation Noconpensation to be madle shall be made to any officer, whose salary is fixed by law to any salaried officee for prefor prepalring, signing, or issuing Treasury notes; nor shall s par11 g, i sining andl issuing said any clerks be emiployed beyolnd tile lnulmber authorized by notes, &c. the act hereinl referred to. SEC. 5. And be it further enacted, That the sulm of fifty?5t),0,))()appro1priated for paythousand dollars be, and the same is hereby, appropriated, ing the amount of' certain putout of any money in the Treasury not otherwise appropri- loinedTrieas-lrv notes. ate(l, for the purpose of paying the alnmount of certain Treasury notes, (which having- been receivedl or redeemed 8 LAWS RELATING TO BONDS AND NOTES. by any authorized officer of the government, were subsequently purloined or stolen, and put into circulation withsee act Aug. out evidence on their face of their having been cancelled) 10, 1846, ch. 180. to the respective holders, who may have received the same, or any of them, for a full consideration, in tile 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. CHAP. XC.-INDEPENDENT TREASURY ACT. Vol. IX, p. 64. SEC. 18. And be it further enacted, That on the first day On and after of January, in the year one thousand eight; hundred and Jan. 1, 1847, the duties, taxes, forty-seven, and thereafter, all duties, taxes, sales of public &c., accruing to the UsnAit ebd lands, debts, and sums of money accruinllg or becoming due States shall be mone paid ingoldand to the United States, and also all sutms due, for postages silver coin, or I in Tr e as 11 ry or otherwise, to the General Post Office Department, shall notes. b)e paid in gold and silver coin only, or in Treasury notes issued under the authority of the United States: Provided, Monthly pub- That the Secretary of the Treasury shall publish monthly, lication. ill two newspapers at the city of Washington, the amount of specie at the several places of deposit, the amount of Treasury notes or drafts issued, and the almdunt outstanding on the last day of each month. On and after SEC. 19. And be it further enacted, That on the first day April 1, 1847, all payments to be of April, one thousand eight hundred and forty-seven, and made in gold and silver coin, thereafter, every officer or agent engaged in making disor in Treasury notesifcreditor bursemnents on account of the United States, or of the Genagrees to receive them. eral Post Office, shall make all payments in gold and silver coin, or in Treasury notes, if the creditor agree to receive said notes in payment; and any receiving or disbursing Violation of officer or agent who shall neglect, evade, or violate the this and the preceding see- provisions of this and the last preceding section of this act, tion to be reported to the shall, by the Secretary of the Treasury, be immediately rePresident and to Congress. ported to the President of the United States, with the facts of such neglect, evasion, or violation, and also to Congress, if in session; and if Imot in session, at the commencement of its session next after the violation takes place. ACT OF EIGtHTEEN HUNDRED AND FORTY-SIX. 9 CHAP. CLXXX.-AN ACT TO PROVIDE FOR THE PAYMENT OF THE EVI- August 10, 1846. DENCES OF PUBLIC DEBT IN CERTAIN CASES. Vol. IX, p. 106. Be it enacted by the Sertate and House of Representatives of the United States of America in Congress assembled, That whenever it shall appear to the satisfaction of the Secretary aof of the Treasury, upon due proof taken il the mlanner herein- trhdeem Treas-t ury notes which after directed, that any Treasury note, which has been, before have been stothe passage of this act, received or redeemed by any au- toncnicattiinon thorized officer of the government, has been subsequently ndd not cancelpurloined or stolen, and put into circulation without having upon it any evidence or marks of havillng been cancelled, and has been received by any person or institution for a Actof July 22, full consideration, in the usual course of business, without 1846, sec. 5. notice or knowledge of the same havilg been redeemed or received( as aforesaid, or having been cancelled, or having been purloined or stolen as aforesaid, and without any circuinstances existing to create suspicion of thle good faith or due caution with which thle 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 money in the Treasury not otherwise atl)propriated: Provided, That the facts Proviso as to upon wihich any such pa-ymelnt shall be lade shall be dence required to prove the proved by the oath or affirmlation. of a credible witness or facts. tle witnesses, taken before any judge of the UInite(l 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 notice shall previously be given to the district attornley of the United States for the district in which such testinlon y is taken, who shall be at liberty to appear and propould questions to such witnsesses all of which evidence shall be transmitted to the Secretary of the Treasury, and i)reserved in his department; and all wilful false swearing False swearupon such examninlatioll shall be, and hereby is dleclared to jrty.o be perbe, perjury and liable to the punishment for that offence prescribed by the laws of the Ulited States: And provided further, That a statement of all Treasury notes paid under the provisions of this act, within the preceding year, shall be submitted to Congress with the aniual report of the Secre- Statement to aof the re..be submitted to tary of the Treasury in relation to the finlances. Congress. 10 LAWS RELATIN'G TO BONDS AND NOTES. Officers or SEC. 2. And be it further enacted, That when anyA officer agents of the United States or agent of the United States, duly authlorized to receive, who have or may receive redeemn or cancel any Treasury notes issue by autllority such notes to,hecreditedwith Of law, has received or shall receive, or has paid or shall th~eir amount. pay, any Treasury note which had beenl lpreviously received Credits made or redeemed by any officer or agent having authority to tohbesanction'd. receive or redeem such note, and which had subsequeintly thereto beenl purloined and put into circulation, the Secretary of the Treasury, upon full an(l satisfactory proof that the samle had been paidl upon good( fith, and in the exercise of ordinary prudence, Imay allow a credit for the amount of such note to the officer or agent so receiving or paying the same, and all credits wllich have before the passage of this act been allowed in such cases, and under such circumstances, are hereby sanctioned. Repealofacts SEC. 3. And be itfunrther enacted, That all acts and parts supplied by this act, if not acted of acts heretofore enacted, which are supplied by this act, on, if acted on, ratifiedanudcon- so far as the same may not have been acted on, are hereby firmed. repealed; and so f'ar as they may have been acted on, they are ratified and confirmed. Approved August 10, 1846. January28,1817. CHAP. V.-AN ACT AUTHORIZING THE ISSUE OF TREASURY NOTES, A LOAN, AND FOR OTHER PURPOSES. Be it enacted by the Senate and House of Representatires of the United States of America in Congress aseembled, That the President of the United States is hereby authorized to cause Treasury notes, for such suml or sums as the exigencies of the government may require, but not exceeding, in $23,000,000 of the whole amount of notes issued, the sumn of twenlty-three Treasury notes authorized. millions of dollars, and of denominations not less than fifty dollars for alny one note, to be prepared, signed, and issued, in the manner hereinafter provided. SEC. 2. And he it further enacted, That the said Treasury When to be notes authorized to be issued by the first section of this paid. act shall be reimbursed and redeemed by the United States, at the Treasury thereof, after the expiration of one year or two years fronm the dates of the said notes respectively; from which said dates they shall bear such interest, until they shall be respectively redeemed, as shall be expressed Rate of inter- upon the face.of the said notes; which rate of interest upon est. each several issue of the said notes shall be fixed by the ACT OF EIGHTEEN HUNDRED AND FORTY-SEVEN. 1I 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 centurn per annumll: Provided, That, after the maturity of any of the said notes, such interest shall cease at tile expiration of sixty clays' notice, to Interest to be givell at any time by the Secretary of the Treasury, in ceasesixtydays one or more of the principal papers l)ublished at the seat of goverlment, of a, rea(liness to redeem the same. The reimbursement herein provided for shall be made at the Treasury of the United St-ates to the holders of the said notes respectively, upon lpresentmlentl, and shall include the principal of eachl note, and the interest which may be due thereon at the time of paymellt. For this reimbursement, at the time and times herein specified, the faith of the UTnited States is hereby solemnly pledged. SEC. 3. And be it further enacted, That the scaid Treasury Notes, how notes shall be prepared tlnder the direction of the Secretary signed, &c. of the Treasury, and shall be signed, on behalf of the United States, by the Treasurer thereof, and countersigned by the Register of the Treasury; and that those officers respectively shall, as checks upon each other, and to secure the public safety, keep separate, full, and accurate accounts of Aconntsto be the number, date, denominationl and almount, of all the kept. notes signed and countersiglned by them respectively, which said account shall be entered in a book or books, to be provided for that purpose, and carefully preserved inL the Treasury I)eplartment; anld also similar accounts, kept and preserved in the same manner, of all thle 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 consenlt and approbation of the Secretary of the Treasury, to employ such additional Additional clerks authortemporary clerks as the duties enjoined upon them by this ized. act may render necessary: Provided, Said number shall not exceed five, and with a salary of not more than at the rate of twelve hundred dollars to each per annumn. SEC. 4. And be it further enacted, That the Secretary of the Treasury is hereby alunthorized, with the approbation of the President of the United States, to cause to be issued suchl portion. of the said Treasury notes as tLe President may think expedient, inl payment of debts due by the 12 LAWS RELATING TO BONDS AND NOTES. United States, to such public creditors, or other persons, Maybe issued as may choose to receive such notes in payment, as aforeMay be pledg- said, at par. And the Secretary of the Treasury is further ed, but not for authorized, with the approbation of the President of the United States, to borrow, from time to time, such sums as the President may think expedient, on the c(redit of such notes: Provided, how ever, That no Treasury notes shall be ple(lged, hypothecated, sold, or disposed of in anywise for any purpose whatever, directly or indirectly, for allny sum less than the amount of such notes, including the principal and interest thereon when disposed of. SEC. 5. And be it further enacted, That the said Treasury How transfer- notes shall be transferable, by delivery and assignment able. eilndorsed thereon, by the person to whose order the same shall, on the face thereof, have been made payable. To be receiv- SEC. 6. And be it further enacted, That the said Treasury able for all public dues. notes shall be 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 lue and payable at the time when sai(l Treasury notes nay be so offered ill payment; and on every such payment credit shall be givenI 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. On payment, SEC. 7. And be it further enacted, That every collector, tseeeiPt to be receiver of lpublic moneys, or other officer or agent of the United States, shall, on the receipt of anly Treasury notes in payment for the governlment, take frolm 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 prescribed by the And entry Secretary of the Treasury, entries of whom received, the made. 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 as prescribed by the last section: Provided, No error shall appear. SEC. 8. And be it further e nacted, That the Secretary of the Treasury be, and he is hereby, authorized and directed Payment. to cause to be reimbursed 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 ACT OF EIGHTEEN HUNDRED AND FORTY-SEVEN. 13 same, according to the provisions of this act, should be thus reimbursed and paid. And the said Secretary is further Purchase by United States. authorized to make purchases of the said notes at parfor United States. the amount of the principal and interest due at the time of purchase on such notes. And so lnuch of unappro- Appropriation priated money in the Treasury as may be necessary for for payment. that purpose is hereby appropriated for paying the principal and interest of said notes. SEC. 9. And be it fJrther enacted, That if any person shall Penalty for forging or con nfalsely make, forge, or counterfeit, or cause or procure to terfeiting, &c, said not*es. be falsely made, forged, or counterfeited or willingly aid or assist in falsely making, forging, or counterfeiting, any note in imitation of, or purporting to be, a Treasury note 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 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 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 to be fined in a sum not exceeding five thousand dollars. SEC. 10. And be it further enacted, That if any person Penalty for shall make or engrave, or cause or procure to be made or keepingan enengraved, or shall have in his custody or possession, any gravedfplate, metallic plate engraved after the similitude of any plate notes. 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 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 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 14 LAWS RELATING TO BONDS AND NOTES. 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 inmprisoned 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 SEC. 11. And be it further enacted, That the Secretary of the Treasury to make rules, &c. the Treasury be, and he is hereby, authorized to make and issue, from 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 saf'e-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 convenience, and secure the United States and the holders of notes against fraud and losses. SEC. 12. And be it fitrther enacted, That, in lieu of the notes authorized by this act which may be redeemed, other Reissue. notes may be issued: Provided, however, The amount of such notes outstanding, together with the stock issued by virtue of the thirteenth and sixteenth sections of this act, Am'tnotto ex- shall not exceed the sum of twenty-three millions of dolceed $23,000,000. lars. May be con- SEC. 13. And be it further enacted, That it shall be lawful verted i n to stock. for the holders of the aforesaid Treasury notes to present thein 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 entitled to receive therefor the amount of the principal of the said notes in a certificate or certificates of funded stock, bearing interest at six per centum per annum from the date of such presentment 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 books of the Treasury: Provided, however, and be it further enacted, That it shall be lawful for Stock, wh en the United States to reimburse the stock thus created at reimbursable. any time after the last day of December, one thousand eight hundred and sixty-seven. ACT OF EIGHTEEN HUNDRED AND FORTY-SEVEN. 15 SEC. 14. And be it further enacted, That it shall and may Same subject. be lawful for the holder of any Treasury notes issued or authorized to be issued under this act, or any laws heretofore passed, to 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. SEC. 15. And be it further enacted, That the authority to Act of 1846, ch. 64, extendissue Treasury notes authorized by the " Act authorizing an ed. issue of Treasury notes and a loan," approved July twentysecond, one, thousand eight hundred and forty-six, be and the same is hereby, extended to the same period fixed for the Treasury notes authorized 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. SEC. 16. And be it further enacted, That the President, Stock may be issued instead if in his opinion it shall be the interest of the United States of noteds. 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 exceedingo six per centunm l)er annum for the sum thus borrowed, redeemable after thirty-first December, eighteen hundred and sixty-seven: Provided, however, That the sum so borrowed, together with the Treasury notes issuedl under the first and twelfth sections of this act outstanding, and the stock Wole amount Wlhole amount created by this and the thirteenth section of this act, shall not to exceed ~23,000,000. not in the whole exceed the sum of twenty-three millions23,000,000. of dollars: And provided further, That no stocks shall be Proviso. issued at a less rate than par. SEC. 17. And be it further enacted, That the interest on Interest payable 1st of Janthe stock created by this act shall be payable semi-annu- uary and July. ally, on the first days of January and July in each year. SEC. 18. And be it further enacted, That the certificates Certificates of stock, how of stock to be issued under this act shall be signed by the signed. Register of the Treasury, and the Secretary of the Treasury shall cause each of said certificates to be sealed with the seal of his department. SEC. 19. And be it further enacted, That for the payment Proceeds of public lands of the stock which may be created under the provisions of pledged for rethis act, the sales of the public lands are hereby pledged, demption. 16 LAWS RELATrING TO BONDS AND NOTES. anld 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 interest aforesaid, in the purchase of said Proviso re- stocks at their mnarket value: Provided, No more than pealed, 1849, ch. 100, sec. 3. par shall be paid for said stocks. C ontingent SEC. 20. And be it further enacted, That a sum not exexpenses. ceeding 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 prelparing, printing, engraving, and otherwise incident, to the issuing of the Treasury notes and stock authorized by this act: Provided, That no compensation shall be made to any officer whose salary is fixed by law, for preparing, signing, or issuing Treasury notes or certificates of stock. Am't issued SEC. 21. And be it further enacted, That it shall be, and or redeeumed to hereby is made the duty of the Secretary of the Treasury he published s ar monthly. to cause a statement to be published monthly of the amount of all Treasury notes issued or redeemed in purIssue, when suance of the provisions of this act; and that the power to cease. to issue Treasury notes conferred on the President of the United States by this act shall cease and determine six months after the exchange and ratification of a treaty of peace with the Republic of Mexico. Report to Con- SEC. 22. And be it further enacted, That it shall be the duty gress at each session. of the Secretary of the Treasury to report to Congress, at the 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. ACT OF EIGHTEEN HUNDRED AND FORTY-EIGHT. 17 CHAP. XXVI.-AN ACT TO AUTHORIZE A LOAN NOT TO EXCEED THE Mfarch 31, 1848. SUM OF SIXTEEN MILLIONS OF DOLLARS. Vol. IX, p. 217. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the l,000,000 o loan President of the United States be, and he is hereby author- authorized ized, at any timle within one year from the passage of this act, to borrow, on the credit of the United States, a sum not exceeding 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 Interest, when centurn per annum, payable quarterly or semi-annually, payable. which loan shall be made reimbursable 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 Treasury, 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 Stock transsuch loan shall be transferable onl the books of the Treasury. ferahbe. SEC. 2. And be it f/rther enacted, That the Secretary of Certificates of the Treasury be, and he is hereby, authorized, with the stock. 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 to be sold: Provided, That no part of said stock be iowsold. sold below par: And provided, also, That, whenever required Coupons for so to do, the Secretary of the Treasury shall cause to be interest. attached to any certificate or certificates to be issued under this act coupons of interest; and any certificate having Certificates such coupons of interest attached to it may be transferable transferable by delivery. 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. SEC. 3. And be it further enacted, That the Secretary of Proposals for the Treasury be, and he is hereby, authorized to receive the loadnmaybe invited. 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 Secretary of the Treasury shall cause to 2 18 LAWS RELATING TO BONDS AND NOTES. be inserted in one or two public 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 stating that bids and proposals for such loan will be received until a certain day, to be specified in such advertisemnent, 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 Secretary, or other officer of the department, on the day appointed, publicly, 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 and issuing certificates of stock: ProContingent vided, however, That the employment of agents, and other expenses ofthis loan. expenses incident to the execution of this act, shall not in all exceed the sum of sixteen thousand dollars, which sum of sixteen thousand dollars is hereby appropriated for these purposes, and shall be paid out of any money in the TreasProviso. ury not otherwise appropriated: And provided, That no compensation 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 SEC. 4. And be it further enacted, That the faith of the for redemptiont d United States is hereby pledged to provide and establish sufficient revenues for the regular payment of the interest, and for the redemption of said stock. And the principal sum borrowed under the provisions of this act, and the inAppropriation. terest thereon, as the same shall, from time to time, become due and payable, shall be paid out of any money in the Treasury not otherwise appropriated. Purchase of SEC. 5. And be it further enacted, That the Secretary of tth e Treasur y be and he is hereby, authorized to purchase, plus funds in the Treasury. at any time 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 funds 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. ACT OF EIGIITEEN HUNDRED AND FIFTY-SEVEN. 19 SEC. 6. And be itfurther enacted, That it shall be the duty Report to be made of things of the Secretary of the Treasury to report to Congress, at done under this act. the commencement 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 submitted for the same, distinguishing between those accepted and those rejected, with a detailed statement of the expense of making such loans. Approved March 31, 1848. CHAP. C.-AN ACT MAKING APPROPRIATIONS FOR THE CIVIL AND DIPLO- March 3, 1849. MATIC EXPENSES OF THE GOVERNMENT FOR THE YEAR ENDING THE THIRTIETH OF JUNE, EIGHTEEN HUNDRED AND FIFTY, AND FOR Vol. IX, p. 369. OTHER PURPOSES. SEC. 3. And be it further enacted, That the proviso to the Repealofproon vf th tnt-ighth of Jan- viso limiting nineteenth section of the act of the twenty-eighth of Janu- the pu.rchase of ary, eighteen hundred and forty-seven, entitled, "An act rt~'sku yeby authorizing the issue of Treasury notes, a loan, and for prtinent, 1847, other purposes," be, and the same is hereby, repealed. CHAP. I.-AN ACT TO AUTHORIZE THE ISSUE OF TREASURY NOTES. Dec. 23,1857. Be it enacted by the Senate and House of Representatives of Vol. XI, p. 257. the United States of America in Congress assembled, That the Issue of not over $20,000,000 President of the United States is hereby authorized to authorized in denominations cause Treasury notes for such sum or sums as the exigencies of not less than $100 each. of the public service may require, but not to exceed, at any 1859, ch. 82, time, the amount of twenty millions of dollars, and of denominations not less than one hundred 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 How, when, where, and to notes shall be paid and redeemed by the United States at whom issued, the Treasury thereof after the expiration of one year from deemed. from the dates of said notes, from which dates, until they shall be respectively paid and redeemed, 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 First issue exceed six millions of dollars of such notes, shall be fixed not to exceed by the Secretary of the Treasury, with the approbation of the President, but shall in no case exceed the rate of six Rate of interest not over 6 per centum per annum. The residue shall be issued, per cent. Residue, how whole or in part, after public advertisement of not less issued. 20 LAWS RELATING TO BONDS AND NOTES. than thirty days, as the Secretary 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 Proviso. centuln, upon the said notes: Provided, That, after the maInterest. when turity of any of said notes, interest thereon shall cease at to cease. the expiration of sixty days' notice of readiness to pay and redeem the same, which may at any time or times be given by the Secretary of the Treasury, in one or more newspapers published at the seat of government. The payment or redemption of said notes herein provided shall be made to the lawful holders thereof, respectively, upon presentment at the Treasury, and shall include the principal of each note Faith of the and the interest which shall be due thereon. And for such United States pam-ent and redemption, at the time or times herein pledged for paymn. n their redemp- specified, the faith of the United States is hereby solemnly pledged. Form and sig- SEC. 3. And be it further enacted, That such Treasury natures. natures. otes shall be prepared under the direction of the Secretary of the Treasury, and shall be signed, in behalf of the United States, by the Treasurer thereof, and countersigned Separate acc'ts by the Register of the Treasury. Each of these officers of each note to be kept by the shall keep, in a book or books provided for that purpose, Treasurer and bythe Register. separate, full, and accurate accounts, showing the number, date, amount, and rate of interest of each Treasury note signed and countersigned by them, respectively; and also similar accounts showing all such notes as may be paid, redeemed, and cancelled, as the same may be returned; Ac't of notes all which accounts shall be carefully preserved in the paid and cancelled to be pre- Treasury Department. And the Treasurer shall account served. Treasurer to quarterly for all such Treasury notes as shall have been account quarterly. countersigned by the Register, and delivered to the Treasurer for issue. To be issued SEC. 4. And be it further enacted, That the Secretary of in payment of the Treasury is hereby authorized, with the approbation public credit'rs, &c.,orforloans. of the President, to cause such portion of said Treasury notes as may be deemned expedient to be issued by the Treasurer in payment of warrants in favor of public creditors, or other persons lawfully entitled to such payment, who may choose to receive such notes in paynment at par. And the Secretary of the Treasury is further authorized, with the approbation of the President, to borrow, from time to time, such sums of money upon the credit of such ACT OF EIGHTEEN HUNDRED AND FIFTY-SEVEN. 21 notes as the President may deem expedient: Provided, Proviso. That no Treasury notes shall be pledged, hypothecated, Not to be disposed of for sold, or disposed of in any way for any purpose whatever, less than the either' directl ~principal and either directly or indirectly, for any sum less than the interest. amount of such notes, including the principal and interest thereof. SEC. 5. And be it further enacted, That said Treasury Transferable notes shall be transferable, by assiglnment indorsed there- aby ind delivery. on by the person to whose order the same shall be made payable, accompanied together with the delivery of the notes so assigned. SEC. 6. And be it further enacted, That said Treasury To be received by public offinotes shall be received by the proper officers in payment cers for all dues to the United of all duties and taxes laid by the authority of the United States. States, of all public lands sold by said authority, and of all debts to the United States of any character whatever, which may be due and payable at the time when said Treasury notes may be offered in payment thereof; and upon every such payment credit shall be given for the amount of principal and interest due on the note or notes received in payment, on the day when the same shall have been received by such officer. SEC. 7. Anl be it further enacted, That every collector of Receipt to be taken and enthe customs, receiver of public moneys, or other officer or tries made and allowed accordagent of the United States who shall receive any Treasury inglytoofficers. note or notes in payment on account of the United Statel, 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 regular and specific entries of all Treasury notes received in payment, showing the person from whom received, the number, date, and amount of principal and interest allowed on each and every Treasury note received in payment; which entries shall be delivered to the Treasury, with the Treasury note or notes mentioned therein, and, if found correct, such officer or agent shall receivNe credit for the amount, as provided in the last section of this act. SEC. 8. And be it further enacted~ That the Secretary of Secretary of the Treasury be, and he is hereby, authorized to make and the Treasury to issue instrucissue, from time to time, such instructions, rules, and regu- tions, &o., to oflations to the several collectors, receivers, depositaries, and all others who mnaS be required to receive such Treas 22 LAWS RELATING TO BONDS AND NOTES. ury 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 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. Payment and SEC. 9. And be it further enacted, That the Secretary of purchase. the Treasury be, and he hereby is, authorized and directed to cause to be paid the principal and interest of such Treasury notes as may be issued under this act, at the time and times when, according to its provisions, the same should be paid. And the said Secretary 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. Appropriation And so much of any unappropriated money in the Treastherefor. ury as may be necessary for the purpose is hereby appropriated to the payment of the principal and interest of said notes. May be issued SEC. 10. And be itfurther enacted, That, in place of such in place of those redeemed. Treasury notes as may have been paid and redeemed, other Treasury notes to the same amount may be issued: ProTotaloutstand- vided, That the aggregate sum outstanding under the ing at no time to e x c e e d authority of this act, shall at no time exceed twenty mil$20,000,000. lions of dollars: And provided fuerther, That the power to Not to be issued after Jan. issue and reissue Treasury notes, conferred on the Presi1, 1859. Post, 1859, ch. 82, see. dent of the United States by this act, shall cease and de5. termine on the first day of January, eighteen hundred and fifty-nine. Appropriation SEC. 11. And be it further enacted, That, to defray the for expense of expenses of engraving, printing, preparing, and issuing issuing, &c. the Treasury notes herein authorized, the sum of twenty thousand dollars is hereby appropriated, to be paid out of any unappropriated money in the Treasury:'Provided, No compen- That no compensation shall be made to any officer whose sation to any salaried officer salary is fixed by law, for preparing, signing, or issuing therefor. Treasury notes. The forging, SEC. 12. And be it further enacted, That if ally person &c., thereof, or the passing, &c., shall falsely make, forge, or counterfeit or cause or procure or the attempt- to be falsely made forged or counterfeited, or willingly aid ing to pass,&c., I md I c t e wligya forged notes, or assist inl falsely making, f or counterteiting, any note in imitation of, or purporting to be, a Treasury note, ACT OF EIGHTEEN HUNDRED AND FIFTY-SEVEN. 23 issued as aforesaid, or shall pass, utter, or publish, or attempt to pass, utter, or publish, as true, any false, forged, or counterf'eited note, purporting 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 Penalty. to be imprisoned and kept at hard labor for a period not less than three years, nor more than ten years, and to be fined in a sum not exceeding five thousand dollars. SEC. 13. And be it.further enacted, That if any person shall The engraving or possession, make or engrave, or cause or procure to be made or &c., of an enengraved, or shall have in his custody and possession alny the possession o f blank notes, metallic plate engraved after the similitude of any plate or paper for making such from which any notes issued as aforesaid shall have been notes with intent, &c., punprinted, with intent to use such plate, or cause or suffer ishable by fine and imprisonthe same to be used, in forging or counterfeiting any of the ment. notes issued as aforesaid, or shall have in his custody or possession ally 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 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. 14. And be it jfrther enacted, That it shall be the Monthly stateduty of the Secretary of the Treasury to cause a statement issned, p a i d, and redeemed, to be published monthly of the amount of Treasury note to be published. issued, and paid and redeemed, under the provisions of this act, showing the balance outstanding each month. Approved December 23, 1857. 24 LAWS RELATING TO BONDS AND NOTES. June 14,1858. CHAP. CLXV.-AN ACT TO AUTHORIZE A LOAN NOT EXCEEDING THE Vol. XI, p. 365. SctM OF TWENTY MILLIONS OF DOLLARS. 1859, ch. 82, 6. Be it enacted by the Senate and House of Representatives of Presi den t, the United States of America in Congress assembled, That the within twelve months. m a y President of the United States be, and hereby is, authorized, borrow not over $20,000,000, pay- at any time within twelve months from the passage of this able at any time after fif t e en act, to borrow, on the credit of the United States, a sum,years frm Jan185 not exceeding 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 from other Proviso. 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 at any time after the expiration of fifteen years from the first day of January next. Stock issued SEC. 2. And be it further enacted, That stock shall be bherefor ShL issue d for the amount so borrowed, bearing interest not ifive per cent: exceeding five per centuin per annum, payable senmially, with conu- annually, with coupons for the' semi-annual interest pons. attached to the certificates of stock thus created, and the Secretary of the Treasury be, and hereby is, authorized, Certificates, with the consent of the President, to cause certificates of hownd sigprepared stock to be prepared, which shall be signed by the Register, amount of. and sealed with the seal of the Treasury Department, for the amount so borrowed, in favor of the parties lending the Post,. 26. same, or their assigns: Provided, That no certificate shall be issued for a less sum than one thousand dollars. Loan to be ad- SEC. 3. And be it further enacted, That before awarding vertised. said loan, the Secretary of the Treasury shall cause to be inserted in two of the public newspapers of the city of Washington, and in one or more public newspapers in Notice. 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 form its first insertion in a W~ashington newspaper; and such notice shall state the amount of the loan, at what periods the money shall be paid, if by instalments, and at Proposals to what places. Such sealed proposals shall be opened on the be opened. day appointed, in the notice, in the presence of such persons. as may choose to attend, and the proposals decided on by the Secretary of the Treasury, who shall accept the most ACT OF EIGHTEEN HUNDRED AND FIFTY-NINE. 25 favorable proposals offered by responsible bidders for said stock. And the said Secretary shall report to Congress, ait Secretary to report to Conthe commencement of the next session, the amount of gress at commencement of money borrowed under this aet, and of whomn, and on what its next session am't borrowed, terms, it shall have been obtained; with an abstract or &c. brief statement of all the proposals submitted for the same, distinguishing between those accepted and those rejected, with a detailed statement of the expense of making such loans: Provided, That no stock shall be disposed of at less Stock not to *than its I)ar value, ~,C,,~be disposed of than its par value. at less than par. SEC. 4. And be it further enacted, That the faith of the Faith.of the United States is hereby pledged for the due payment of pledged fotraits the interest and the redemp)tion of the principal of said payment. stock. SEC. 5. And be it further enacted, That, to defray the ex- Engraving, &c., pense of engraving and printing certificates of such stock, certificates of stock. and other expenses incident to the execution of this act, the sum of five thousand dollars is hereby appropriated: Provided, That no compensation shall be allowed for any Proviso. service performed under this act to any officer whose salary is established by law. Approved June 14, 1858. CHAP. LXXXII.-AN ACT MAKING APPROPRIATIONS FOR SUNDRY CIVIL March 3,1859. EXPENSES OF THE GOVERNMENT FOR THE YEAR ENDING THE THIRTIETH OF JUNE, EIGHTEEN HUNDRED AND SIXTY. Vol. XI, p. 430. SEC. 5. And be it further enacted, That the power to issue Authority to and reissue Treasury notes, conferred on the President of issue Tndasury the United States, by the act entitled "An act to authorize notes under act1, e the issue of Treasury notes," approved the twenty-third telded to uly December, eighteen 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 thereof the E x p e n s e s thereof. sum of five thousand dollars is hereby appropriated: Pro- thProvso. vided, That the said notes may be issued bearing an interest not exceeding six per centum per annum; and that it shall not be necessary, as directed by the original act aforesaid, after advertisement, 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 Tieasury notes shall be subject to the terms and conditions of the act aforesaid. 2 6 LAWS RELATING TO BONDS AND NOTES. oupon or SEC. 6. And be it further enacted, That the Secretary of re s te r e d stock maybe is- the Treasury is hereby authorized, under the act of June sued. 1858, ch. 165. fourteenth, eighteen hundred and fifty-eight, to issue coupon or registered stock, as the purchaser may elect. Approved March 3, 1859. June 22, 1860. CHAP. CLXXX.-AN ACT AUTHORIZING A LOAN AND PROVIDING FOR THE REDEMPTION OF TREASURY NOTES. (SEE ACT OF 8TH FEBRUARY, 1861, Vol. XII, p. 79. SECTION 5.) Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled. That the President of the United States be, and hereby is, author$21,000,000may ized, at any time within twelve months from-the passage bedeeborrowed to of this act to borrow, on the credit of the United States, urynotes, &c. a sum not exceeding twenty-one millions of dollars, or so much thereof as, in his opinion, 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 is- SEC. 2. And be it jfrther enacted, That stock shall be sued at interest borrowed, interest of not over six issued for the amount so borrowed, bearing interest not per cent. exceeding six per centum per annum, and to be reimbursed within a period not beyond twenty years, and not less than tell years; and the Secretary of the Treasury be, and is hereby authoriz-ed, with the consent of the President, to Certificates. 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, inl favor of the parties lending the same, or their assigns, which certificates may be transferred on the books of the Treasury, under such regulations as may be established by the Secretary of the Treasury: Provided, That no certificate To be in sums shall be issued for a less sum than one thousand dollars: of not less than $1Wh coupons And provided, also, That, whenever required, the Secretary when required. of the Treasury may cause coupons of semi-annual interest A ssignment tlelreof. payable thereon to be attached to certificates issued under this act; and any certificate with such coupons of interest attached may be assigned and transferred by delivery of the same, instead of being transferred on the books of the Treasury. ACT OF EIGHTEEN HUNDRED AND SIXTY. 27 SEC. 3. And be it further enacted, That before awarding Proposals to be advertised said loan, the Secretary of the Treasury shall cause to be for. inserted in two of the public newspapers of the city of Washington, and in one or more public newspapers in other cities of the United States, public notice that sealed proposals for such loan will be received until a certain day, to be specified in such notice, not less than thirty days from its first insertion in a Washington newspaper; and such notice shall state the amount of the loan, at what periods the money shall be paid, if by instalments, and at what places. Such sealed proposals shall be opened on the day When to he appointed in the notice, in the presence.of such persons as hat nbeid and may choose to attend, and the proposals decided by the cepted. 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 com- Report to Conmencement of the next session, the amount of money bor- gress. rowed under this act, an(l 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, d(istinguishing between those accepted and those rejected, with a detailed statement of the expense of making such loans: And provided, That no stock shall be disposed of at less Stock not to than its par value; and the sum of five thousand dollars is be disposed of at less than par. hereby appropriated, out of any money in the Treasury not Appropriation otherwise appropriated, to pay for engraving and printing' for expenses 11 ~I5 rrlV Ci IV V',, UI I1VI under this 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 be it further enacted, That the faith of the Faith of the United States United States is hereby pledged for the due payment of the pledged. interest and the redemption of the principal of said stock. Approved June 22, 1860. CIAP. I. β€”AN ACT TO AUTHORIZE THE ISSUE OF TREASURY NOTES AND Dec. 17, 1860. FOR OTHER PURPOSES. (SEE ACT OF 8TH FEBRUARY, 1861, SECTION 5.) Vol. XII, p. 121. Be it enacted by the Senate and House of Representatives of the U7nited States of America in Congress assembled, That the T r e a s u r y notes how to President of [the] United [States] be hereby authorized to be iss'ued, am't. and denominacause Treasury notes, for such sum or sums as the exi- tion. gencies of the public service may require, but not to exceed at any time the amount of ten millions of dollars, and of 28 LAWS RELATING TO BONDS AND NOTES. denominatiotls not less than fifty dollars for any such note, to be prepared, signed, and issued in the manner hereinafter provided. To be redeem- SEC. 2. And be it further enacted, That such Treasury ed one y e a r from their date. notes shall be paid and redeemed by the United States at the Treasury 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 Rate of inter- bear such rate of interest as shall be expressed in such est, and when in terest to notes, which rate of interest shall be six per centuln per cease. annum: Provided, That, after the maturity of any of said 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 Who toreceive provided, shall be made to the lawful holders thereof repayment. spectively upon presentment at the Treasury, and shall include the principal of each note and the interest which Faith of the shall be due thereon. And for the payment and redemption United States pledged. of such notes at the time and times therein specified, the faith of the United States is hereby solemnly pledged. Notes, how SEC. 3. And be it further enacted, That such Treasury signed. notes shall be prepared under the direction of the Secretary of the Treasury, and shall be signed in behalf of the United States by the Treasurer thereof; and countersigned Account o f by the Register of the Treasury. Each of these officers notestobekept. shall keep in a book, or books, provided for the purpose, separate, full, and accurate accounts, showing the number, date, amount, and rate of interest of each Treasury note signed and countersigned by them respectively; and, also, similar accounts showing all such notes which may be paid, redeemed, and cancelled, as the same may be returned; all which accounts shall be carefully preserved Treasurer to in the Treasury Department. And the Treasurer shall terly.nt account quarterly for all such Treasury notes as shall have been countersigned by the Register and delivered to the Treasurer for issue. Notes may be SEC. 4. And be it further enacted, That the Secretary of psyu ublic cared the Treasury is hereby authorized, with the approbation of itors. the President, to cause such portion of said Treasury notes as may be deemed expedient, to be issued by the Treasurer in payment of warrants in favor of public creditors, or ACT OF EIGHTEEN lHUNDRED AND SIXTY. 29 other persons lawfully entitled to payment, who may choose to receive such notes in payment at par; and the Secretary of the Treasury is hereby authorized, with the approbation of the President, to issue the notes hereby authorized to be issued, at such rate of interest as may be offered by Rate of interest on such the lowest responsible bidder or bidders who may agree to iSnotes, how to be take the said notes at par after public advertisement of determined. not less than ten days, in such papers as the President may direct, the said advertisement to propose to issue such notes at par to those who may offer to take the same at the lowest rate of interest. But in deciding upon those bids no fraction shall be considered which may be less than one-fourth per centum per annum. SEC. 5. And be it further enacted, That said Treasury Transferable notes shall be transferable by assignment indorsed thereon Ynt anddderlivby the person to whose order the same may be made pay- ery. able, accompanied together with the delivery of the note so assigned. SEC. 6. And be it further enacted, That said Treasury To be received notes shall be received by the proper officers in payment i, payment of of all duties and taxes laid by the authority of the United ted States. States, of all public lands sold by said authority, and of all debts to the United States, of any character whatever, which may be due and payable at the time when said Treasury notes may be offered in payment thereof; and Amount of upon every such payment credit shall be given for the tained. amount of principal and interest due on the note or notes received in payment, on the day when the same shall have been received by such officer. SEC. 7. And be it further enacted, That every collector When taken by collectors, of the customs, receiver of public moneys, or other officer receivers, &c., receipt to be or agent of the United States, who shall receive any given, account to be kept, &c. Treasury note or notes in payment on account of the United States, shall take from the holder of such note, or notes, a receipt on the back of each, stating distinctly the date of such payment, and the amount allowed on such note; and every such officer or agent shall keep regular and specific entries of all Treasury notes received in payment, showing the person from whom received, the number, date, and amount of principal and interest allowed on each and every Treasury note received in payment, which entries shall be delivered to the Treasury with the Treasury note or notes mentioned therein; and, if found 30 LAWS RELATING TO BONDS AND NOTES. correct, such officer or agent shall receive credit for the amount, as provided in the sixth section of this act. Secretary of SEC. 8. And be it further enacted, That the Secretary of the Treasury to m a k e regula- the 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 required to receive such Treasury notes in behalf of, and as agents in any capacity for, the United States, as to the custody, disposal, cancelling and return of any such notes as may be paid to and received by them respectively, and as to the accounts and returns to be made to the Treasury Department of such receipts, as he shall deem best calculated to promote the public convenience and security, and to protect the United States, as well as individuals, from fraud and loss. To pay notes SEC. 9. And be it further enacted, That the Secretary of at maturity and to purchase the Treasury be, and hereby is, authorized and directed to them at par. cause to be paid the princip)al and interest of such Treasury notes as may be issued under this act, at the tilme and times when according to its provisions the same shouild 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. And so much of any unappropriated money in the Treasury as Appropriation may be necessary for the purpose, is hereby appropriated therefor. for the payment of the principal and interest of said notes. New n ote s SEC. 10. And be it further enacted, That in place of such in place ofthos Treasury notes as may have been paid and redeemed, redeemed. other Treasury notes to the same amount mnay be issued: Provided7, That the aggregate sum outstandling under the Put not atany authority of this act shall at no time exceed the sum of tenll 10,000,000.eed millions of dollars: And provided further, That the power to issue and reissue Treasury notes conferred by this act Nor afterJan. shall cease and determine on the first day of January, in, 1863. the year eighteen hundred and sixty-three. Appropriation SEC. 11. And be it further enacted, That to defray the for expense &e., of prepar- expenses of engraving, printing, preparing, asnd issuing ing notes. the Treasury notes herein authorized, the sum of fifteen thousand dollars is hereby appropriated, payable out of Proviso. any unappropriated money in the Treasury: Provided, That no compensation shall be made to any officer whose salary is fixed by law for preparing, signillg, or issuing Treasury notes. ACT OF EIGtHTEEN HUNDRED AND SIXTY. 31 SEC. 12. And be it further enacted, That if any person Forging, counterfeiting, &c., shall falsely make, forge, or counterfeit, or cause or pro- the notes, how cure to be made, forged, or counterfeited, or willingly aid punished. or assist in falsely making, forging, or counterfeing, any note in imitation of, or purporting to be, a Treasury note, issued as aforesaid, or shall pass, utter, or publish, or attempt to pass, utter, or publish, any false, forged, or counterfeited note, purporting to be a Treasury note as aforesaid, knowing the 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, klnowing the same to be falsely altered, every such person shall be deemed and adjuldgeed guilty of felony, and being thereof convicted by due course of law, shall be sentenced to be imprisoned and kept at hard labor for a period not less than three years nor more than ten years, and to be fined in a sum not exceeding five thousand dollars. SEC. 13. And be it further enacted, That if any person Engraving shall make or engrave, or cause or procure to be made or fogedto print engraved, or shall have in his custody and possession any how punished. metallic plate engraved, after the similitude of any plate from which any notes issued as aforesaid shall have been printed, with intent to use such plate, or cause or suffer the samue to be used, inl 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 or suffer the saume to be used, in forging or counterfeiting any of the notes issued as aforesaid, or shall have in his custody or possession any Possession of paper adapted to the making of such notes, and similar to bltpank n,t.s, 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 plerson, 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. 32 LAWS RELATING TO BONDS AND NOTES. Secretary of SEC. 14. And be it firrther enacted, That it shall be the the Treasury to publish a state- duty of the Secretary of the Treasury to cause a statement ment monthly. to be published monthly of the amount of Treasury notes issued and paid and redeemed under the provisions of this act, showing the balance outstanding each month. Money here- SEC. 15. And be it further enacted, That all money hereafter contracted for under act of after contracted for under the authority of the act entitled 1860, ch. 18t, to be applied to re- "An act authorizing a loan, and providing for the redempaemption o f Treasury notes. tion of Treasury 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 Treasury any amount of said notes which shall have been paid and received for public dues, and for no other purposes. Approved December 17, 1860. Feb. 8, 1861. CHAP. XXiX.-AN ACT AUTHORIZ[NG A LOAN. Vol. XII, pP. 19. Be it enacted by the Senate and House of Representatires of the United States of America in Congress assembled, That the $25,000,000 loan President of the United States be, anld hereby is, authorized, authorized before July 1,1861. at any time before the first day of July next, to borrow, on the credit of the United States, a sum not exceeding twentyfive millions of dollars, or so much thereof as, in his opinion, Purpose of the exigencies of the public service may require, to be used loan. in the payment 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 be it further enacted, That stock shall be form, interest,. transfer, &c., of. issued for the amount so borrowed, bearing interest not exceeding six per centuin per annum, and to be reimbursed within a period not beyond twenty years and not less than ten years; and the Secretary of the Treasury be, and is hereby, authorized, with the consent of the President, to cause certificates of stock to be prepared, which shall be signed by the Register and sealed with the seal of the Treasury Departmuent, for the amount so borrowed, in favor of the parties lending the same, or their assigns, -which certificates may be transferred on the books of the Treasury, under such regulations as may be established by the SeeNo certificate retary of the Treasury: Provided, That no certificate shall than $1befo l0.es be issued for a less sum than one thousand dollars: And thian ~1?,000. AC(T OF EIGHTEEN HUNDRED AND SIXTY-ONE. 33 provided, also, That, whenever required, the Secretary of the Treasury may cause coupons of seni-annual interest Interest coupons may be atpayable thereon to be attached to certificates issued under tached. 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 be it further enacted, That, before awarding Proposals for loan to be adsaid loan, the Secretary of the Treasury shall cause to be vertised for. 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 a 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 I)aid, if by installnents, and at what places. Such sealed proposals shall be olened, on the day appointed When, where. in the notice, in the presence of such persons as may choose and how to be opened. to attend, and the proposals decided by the Secretary of the Treasury, who shall accept the most favorable offered by responsible bidders for said stock. And the said Secre- Secretary of tary shall report to Congress, at the comlmencement of the Treasury to report t o Connext session, the amount of mloney borrowed under this gress. act, and of whorn, 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 expense of making such loans. SEC. 4. And be it further enacted, That the faith of the Faith of the United States is hereby pledged for the due payment of the Unitedd States interest and the redemption of the principal of said stock. SEC. 5. And be it further enacted, That the residue of the Residue of loan under act loan authorized by the act of twenty-second of June, of 1860, oh. 180, eighteen hundred and sixty, or so much thereof as is neces- phied.o be psary, shall be applied to the redemption of the Treasury notes issued under the act of seventeenth of December, eighteen hundred and sixty, and for no other purpose; and the Secretary of the Treasury is hereby authorized, at his Bonds under discretion, to exchange at par bonds of the United States act of 18s0, oh. 180, may be exauthorized by said act of twenty-second June, eighteen changedat par hundred and sixty, for the said Treasury notes, and the notes. accruing interest thereon. 3 34 LAWS RELATING TO BONDS AND NOTES. Appropriation SEC. 6. And be it further enacted, That to defray the exfor expenses a under this act. pense of engraving and printing certificates of such stock, and other expenses incident to the execution of this act, the sum of twenty thousand dollars is hereby appropriated: Provided, That no compensation shall be allowed for anly service performed under this act to any officer whose salary is established by law. Secretary of SEC. 7. And be it further enacted, That the Secretary of th e Treasury need not accept the Treasury shall not be obliged to accept the most favorbids unless, &c. able bids as 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, 1861.:Iarch 2, 1861. CHAP. LXVIIT.-AN ACT TO PROVIDE FOR THE PAYMENT OF OUTSTANDING TREASURY NOTES, TO AUrHORIZE A LOAN, TO REGULATE AND Vol. XII, p. 178. FIX THE DUTIES ON IMPORTS, AND FOR OTHER PURPOSES. Be it enacted by the Senate and House of Representatives of President may the United States of America in Congress assembled, That the borrow within 12 months not President of the United States be, and hereby is, authorover 10,000,00. ized, at any time within twelve months from the passage of this act, to borrow, on the credit of the United States, a suln not exceeding ten millions of dollars, or so much thereof as, in his opinion, the exigencies of the public serHow to be ap- vice may require, to be applied to the payment of appropliefd. priations made by law, and the balance of Treasury notes now outstanding, and no other purposes, in addition to the money received, or which may be received, into the Treasury from other sources: Provided, That no stipulation or contract shall be made to prevent the United States from reimbursing any sum borrowed under the authority of this When to be act at any time after the expiration of ten years from the redeemed. 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 redemption of the same at any time after the expiration of twenty years from the said first day of July next, without notice. Stock. issues, SEC. 2. And be it further enacted, That stock shall be oeftinfiatersest, issued for the amount, so borrowed, bearing interest not otran esfer.tn transfer. exceeding six per centurl per annum; and the Secretary of the Treasury be, and is hereby, authorized, with the ACT OF EIGHITEEN HIUNDRED AND SIXTY-ONE. 35 consent of the President, to cause certificates of stock to be prepared, which shall be signed by the Register and sealed with the seal of the Treasury Department, for the amount so borrowed, in favor of the parties lending the same, or their assigns, which certificates may be transferred on the books of the Treasury, under such regulations as may be established by the Secretary o- the Trealsury: Provided, That no certificate shall be issued for a less Certificate1 to sum than one thousand dollars: And provided, also, That, tbhea, o000.les whenever required, the Secretary of the Treasury may cause coupons of semi-annual interest payable thereon to Coupons may be attached to certificates issued under this act; and lany be attached. 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 be it further enacted, That, before awarding Proposals for any of said loan, the Secretary of the Treasury Shall, as loan to be ad-; I vertised for. the exigencies 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 that sealed Notice. 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, 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 notice, in the When to be presence of such persons as may choose to attend, and the opened. proposals decided on by the Secretary of the Treasury, who shall accept the most favorable offered by responsible Which to be bidders for said stock. And the said Secretary shall re- accepted. Report to be port to Congress, at the commencement of the next ses- made to Congress. sion, 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 expense of making such loans: Provided, That no stock No stock to shall be disposed of at less than its par value: And pro- th sold for less vided further, That no part of the loan hereby authorized Loan, how apshall be applied to the service of the present fiscal year. plied. 36 LAWS RELATING TO BONDS AND NOTES. If' proposals SEC. 4. And be it further enacted, That in case the profor loan are not satisfactory, posals made for said loan, or for so much thereof as the Treasury notes may be issued. exigencies of the public service shall require, shall not be satisfactory, the President of the United States shall be, and hereby is, authorized to decline to accept such offer if for less than the par value of the bonds constituting the said stockl, and in lieu thereof, and to the extent and amount of the loan authorized to be made by this act, to issue Treasury notes for sums not less than fifty dollars, bearing interest at the rate of six per centuln per annum, pIayable 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 circumstances 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 any of the loans for which he is nlow by law authorAmount when ized to contract and issue bonds. And the Treasury notes payable, &c. so issued under the authority herein given shall be received illn payment for all debts due to the United States when offered, and in like manner shall be given in pay-ment for any sum due from the United States, when payment in that Ilode is requested by the person to whom payment Faithl of the iS to be mlade, or for their par value in coin. And the faith plned States of the United States is hereby 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 Appropriation (dollars is hereby appropriated, out of any money in the for expenses. Treasury not otherwise appropriated, to pay the expenses of preparing the certificates of stock or Treasury notes herein authorized, to be done ill the usual mnode and under the restrictions as to employment and payment of officers conltained in the laws authorizing former loans and issues May be ex- of Treasury notes; and it shall be at the option of holders changed for of the Treasury notes hereby authorized by this act, to bonds, &c. exchange the same for the stock herein authorized at par, or for bonds, in lieu of which said Treasury notes were Proviso, issued: Provided, That no certificate shall be exchanged for Treasury notes, or bonds, in sums less than five hunNotes not to dred dollars: And provided further, That the authority to be issued after June, 1862. issue the sai(l Treasury notes, or give the same in payment for debts due froim the United States, shall be limited to the thirtieth day of June, eighteen hundred and sixty-two; ACT OF EIGHTEEN HUNDRED AND SIXTY-ONE. 37 and that the same may be redeemable at the pleasure of Redemption. the Ullited States at any time within two years after the passage of this act; and that said notes shall cease to bear interest after they sllall have been called in. by the Interest. Secretary of the Treasury under the provisions of this act. * * * * * * Approved MIarch 2, 1861. CHAP. V β€”AN ACT TO AUTHORIZE A NATIONAL LOAN, AND FOR OTHER July 17, 1861. PURPOS ES. Vol. XII, p. 259. Be it enacted by the Senate and House of Representatives of Secretary of the United States of America in Congress assembled, That the th e Treasury mna y borrow Secretary of the Treasury be, and he is hereby, authorized withsnotwelee to borrow on the credit of the United States, within twelve $250,o00,000. 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 deemn necessary for the public service, for which he is authorized to issue coupon bonds, or Coupon or registered registered bonds, or Treasury notes, in such proportions bonds or Treasury notes may of each as he may deem advisable; the bonds to bear be issuedthereinterest not exceeding seven per centurn per annum, payable semi-anllnually, irredeemable for twenty years, and Bonds, when after that period redeemable at the pleasure of the United redeemable. States; and the Treasury notes to be of any denomination T r e asury notes, denomifixed by the Secretary of the Treasury, not less than fifty nation, interest, dollars, and to be payable three years after date, with when payable. interest at the rate of seven and three-tenths per centurn per annum, payable semi-annually. And the Secretary of CertainTreasury notes may the Treasury may also issue in exchange for coin, and as be issued inex part of the above loan, or may pay for salaries or other cef dues from the United States, Treasury notes of al less dellomination 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 hundredthls 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 Proviso. less amount than one hundred dollars shall be lmade at any one time: And provided fiurther, That no Treasury notes Proviso. shall be issued of a less denomination than ten dollars, and 38 LAWS RELATING TO BONDS AND NOTES. that the whole ainount of Treasury notes, not bearing interest, issued under the authority of this act, shall not exceel fifty millions of dollars. N o t e Sh and SEC. 2. And be itfurther enacted, That the Treasury notes bonds, h o w signed, &c. 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 issued under the How transfer- seal of the Treasury Department. The registered bonds able. 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. Books to be SEC. 3. And be it further enacted, That the Secretary of opened for subscription fo r the Treasury shall cause books to be opened for subscripTreasury notes for $50 and over, tion to the Treasury notes for fifty dollars and upwards at such places as he may designate ill the United States, and under such 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 places where subscription books may be opened; and subscriptions for such notes Who may sub- may be received from all persons who may desire to subscribe, scribe, any law to the contrary notwithstanding; and if a If a larger larger amount shall be subscribed in the aggregate than is amount is subscribed, &c. required at one time, the Secretary of the Treasury is authorized to receive the same, should lie deem it advantageous to the public interest; and if not, he shall accept the amount required by giving the preference to the smaller Pay of those subscriptions; and the Secretary of the Treasury shall fix receiving subscriptions. the compensations of the public officers or others designated Proviso. for receiving said subscriptions: Provided, That for performing this or any other duty in connection with this act, no compensatioll for services rendered shall be allowed or paid to any public officer awhose salary is established by ACT OF EIGHTEEN HUNDRED AND SIXTY-ONE. 39 law; and the Secretary of the Treasury may also make Payment of subscription. 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 Treasurvynote is also authorized, if he shall deem it expedient, before of $50 and upwards may be opening books of subscription as above provided, to ex- exchanged for I coin, &C. change for coin, or pay for public dues or for Treasury notes of the issue of twenty-third of December, eighteen hundred and fifty-seven, and falling due on the thirtieth of June, eighteen hundred and sixty-one, or for Treasury notes issued and taken in exchange for such notes, any amount of said Treasury notes for fifty dollars or upwards not exceeding one hundred millions of dollars. SEC. 4. And be it further enacted, That, before awarding Proposals for any portion of the loan in bonds authorized by this act, the loan to be pu)blished. Secretary of the Treasury, if he deem it advisable to issue proposals for the same in the United States, shall give not less than fifteenl days' public notice in two or more of the public newspapers in the city of Washington, and in such other places of the Unlited States as lie 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 wheni and where such proposals shall be opened in the presence of such persons as may choose to attend; and the Secretary Mo s t favorable offers to be of the Treasury is authorized to accept the most filvorable accepted, but at not less than proposals offered by responsible bidders: Provided, That par. no offer shall be accepted at less than par. SEC. 5. And be it further enacted, That the Secretary of Portion of loan may be nethe Treasury may, if he deem it advisable, negotiate any gotiated in forportion of said loan, not exceeding one hundred millions eign country. 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, 40 LAWS RELATING TO BONDS AND NOTES. bearing interest payable semi-annually, either in the United Proceedings States or at any designated place ill Europe; and he is furin such case. ther authorized to appoint such agent or agents as he may deem necessary for negotiating such loan under his inistructions, 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 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 Europe,. shall be at the same rate. Treasury notes SEC. 6. And be it further enacted, That whenever any under $50 may be reissued pri- Treasury notes of a denomination less than fifty dollars or to December 31,1862. 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 Proviso. 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; an I 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 may be issued in exchange for the Treasury is hereby authorized, whenever he shall deem inexchangefor the Treasu is coin, &c. it expedient, 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 centumrn per annum, and payable at any time not exceedirng twelve months from date, provided that the amount of notes so issued, or paid, shall at no time exceed twenty millions of dollars. Secretary of SEC. 8. And be it further enacted, That the Secretary of the Treasury to the Treasury shall report to Congress, immediately after report to Congress. the commencement of the next session, the amount he has. borrowed under the provisions of this act, of whom, and on what terms, with an abstract of all the proposals, designatinlg those that have been accepted and those that have been rejected, and the arnoullt of bonds or Treasury notes that have been issued for the same. Faith of the SEC. 9. And be it further enacted, That the faith of the United States pledged. United States is hereby solemnly pledged for the payment of the interest and redemption of the principal of the loan authorized by this act. ACT OF EIGHTEEN HUNDRED AND SIXTY-ONE. 41 SEC. 10. And be it further enacted, That all the provisions Certain provisions of act of of the act entitled " An act to authorize the issue of Treas- 1857, ch. 1, reury notes," approved the twenty-third day of December, eighteen hundred and fifty-seven, so far as the same call or may be applied to the provisions of this act, and not inconsistent therewith, are hereby revived or re-enacted. SEC. 11. And be itfurther enacted, That, to defray all the Appropriation expenses that may attend the execution of this act, the sum for expenses under this act. 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. CHAP. XLVI.-AN ACT SUPPLEMENTARY TO AN ACT ENTITLED "AN ACT August 5,1861. TO AUTHORIZE A NATIONAL LOAN, AND FOR OTHER PURPOSES." Vol. XII, p. 313, Be it enacted by the Senate and House of Representatives of 1Ante,p. 37. the United States of America in Congress assembled, That the Six per cent. ~ bonds may be Secretary of the Treasury is hereby authorized to issue issued redeemable in twenty bonds of the United States, bearing interest at six peryears and eOxcentum per annum, and payable at the pleasure of the certain Treasury notes. United States after twenty years from date; and if any holder of Treasury notes, bearing interest at the rate of seven and three-tenths per centumn, 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 Denomination any time before or at the maturity of said Treasury notes and amount of 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, 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 by said act, may be made payable by the Assist- Where Treasant Treasurer at St. Louis, or by the depositary at Cincin- ury noteS may nati. able. SEC. 2. And be it further enacted, That the Treasury notes T re a s u r y issued under the provisions of the said act to authorize a cu howte. - national loan, and for other purposes, or of any other act 42 LAWS RELATING TO BONDS AND NOTES. 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 Treasury, for said Register, and no Treasury notes, Need not have issued under any act, shall require the seal of the Treasury seal. Department. Maybeissued SEC. 3. And be it further enacted, That so much of the for notless than $5. 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. Appropriations SEC. 4. And be it further enacted, That, in addition to the for purposes of this act, &c. 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 neces sary, in the judgment of the Secretary of the Treasury, to carry into execution the provisions of this act, and of the act to which this is supplementary. Notes on de- SEC. 5. And be itfurther enacted, That the Treasury notes mand, &c., under $50, receiv- authorized by the act to which this is supplementary, of a able for public dues. 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. Portions of SEC. 6. And be it further enacted, That the provisions of 5 u b - treasury act suspended. the act entitled " An act to provide for the better organization of the Treasury, and for the collection, safe-keeping, transfer, and disbursements of the public revenue," passed 1846, ch. 90. August six, eighteen hundred and forty-six, be and the same are hereby suspended, so far as to allow the Secretary l)epositsin sol- of the Treasury to deposit any of the moneys obtained on vent specie-paying banks. any of the loans now authorized by law, to the credit of the Treasurer of the United States, in such solvent speciepaying banks as he may select; and the said moneys, so deposited, may be withdrawn from such deposit for deposit with the regular authorized depositaries, or for the payment of public dues, or paid in redemption of the notes authorized ACT OF EIGHTEEN' HUNDRED AND SIXTY-TWO. 43 to be issued under this act or the act to which this is supplementary, payable onl demand, as may seem expedient to, or be directed by, the Secretary of the Treasury. SEC. 7. And be it further enacted, That the Secretary of six per cent. the Treasury may sell or negotiate, for any portion of the'eaonds due in s loan provided for in the act to which this is supplementary, tain seven per bonds payable not more than twenty years from date, and cent. bonds. bearingu 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 centumn interest, authorized by said act. Approved August 5, 1861. CHAP. XX.-AN ACT TO AUTHORIZE AN ADDITIONAL ISSUE OF UNITED Feb. 12, 1862. STATES NOTES. Vol. XII, p. 338. Be it enacted by the Senate and House of Representatives of Authorizes the United States of America in Congress assembled, That the t h e issue of $10,00)0,000 deSecretary of the Treasury, in addition to the fifty millions and nlotes adof notes payable on demand of denominations not less than five, 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 part of the loan of two hundred To he pi a rt f loan of and fifty millions of dollars authorized by said acts. $250,000,000. Approved February 12, 1862. CHAP. XXXIII.-AN ACT TO AUTHORIZE THE ISSUE OF UNITED STATES Feb. 25,1862. NOTES, AND FOR THE REDEMPTION OR FUNDING THEREOF, AND FOR FUNDING THE FLOATING DEBT' OF THE UNITED STATES. Vol. XII, p. 345. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the $150,000,000 Secretary of the Treasury is hereby authorized to issue, o0l authorized. 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 Not less than less than five dollars eachll: Provided, however, That fifty $.eeach. millions of said notes shall be in lieu of the demand Treas- e in lieu O of deanand notes, ury notes authorized to be issued by the act of July seven- whlic are to be teen, eighteen hundred and sixty-one; which said demand redeemed. notes shall be taken up as rapidly as practicable, and the 44 LAWS RELATING TO BONDS AND NOTES. notes herein provided for substituted for them: And provided further, That the amount of the two kinds of notes to-ether shall at no time exceed the sum of one hundred and fifty millions of dollars, and such notes herein authorReceivable in ized shall be receivable in payment of all taxes, internal payment of all dues to United duties, excises, debts, and demands of every kind due to States except duties on im- the United States, except duties on imports, and of all ports, and of claims against claims and demands against the United States of every kilnd the United States except whatsoever excepte for interest upon bonds and notes, which interest, and a legal tender in shall be paid in coin, and shall also be lawful money and a, all cases of debt. legal tender in paymeilt of all debts, public and private, within the United States, except duties on imports and inHolders there- terest as aforesaid. And any holders of said United States of may depcsit any amount,,-t notes depositing any sum not less than fifty dollars, or less t ha n $:dolars with the Treas- some multiple of fifty dollars, with the Treasurer of the urer or Assistant Treasurer, United States, or either of the Assistant Treasurers, shall and receive certificates.on- receive in exchange therefor duplicate certificates of devertible in t o United States posit, one of which may be transmitted to the Secretary of bonds. 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 senmiannually, and redeemable at the pleasure of the United States after five years, and payable twenty years from the Said notes re- date thereof. And such United States notes shall be receivable in paymentof loans to ceived the same as coin, at their par value, in payment for the United States. 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 interest shall require. $500,000,(00 of SEC. 2. And be it further enacted, That, to enable the s i x per cent. bonds author- Secretary of the Treasury to fund the Treasury notes and ized to fund floating debt. floating debt of the United States, he is hereby authorized to issue, on the credit 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 When payalle. 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 Denomination authorized shall be of such denominations, not less than not less titan $50. fifty dollars, as may be determined upon by the Secretary May be dis- of the Treasury. And the Secretary of the Treasury may posed of f,r dispose of such bonds at any time, at the market value coin or at mfr- tl ket value. thereof, for the coin of the United States or for any of tle United Sates, fr of th ACT OF EIGHTEEN HUNDRED AND SIXTY-TWO. 45 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 States, shall be exempt from taxation by or:4 Exempt from taxation. under State authority. SEC. 3. And be it further enacted, That the United States Form of notes and bonds. notes and the coupon or registered bonds authorized by this act shall be in such form as the Secretary. of the Treasury may direct, and shall bear the written or engraved signa- How signed, tures of the Treasurer of 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 purpose, and shall be countersigned 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 fiftyseven, so far as they can be applied to this act, and not inconsistent therewith, are hereby revived and re-enacted; and the sum of three hundred thousand dollars is hereby Appropriation appropriated, out of any money in the Treasury not other- fo $300,000,000f wise appropriated, to enable the Secretary of the Treasury engraving, &c. to carry this act into effect. SEC. 4. And be it further enacted, That the Secretary of Maybe deposited with the the Treasury may receive from any person or persons, or United States Treasury in any corporation, United States notes on deposit for not lessofnorte than $100, and less than thirty days, in sums of not less than one hundred aertti fic'ates dollars, with any of the Assistant Treasurers or designated eon t. ginterest depositaries of the United States authorized by the Secre- issuedtherefor. tary 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 certificates of deposit shall bear interest at the rate of five per centumn per annum; and any amount of United States notes so 46 LAWS RELATING TO BONDS AND NOTES. Deposits may deposited may be withdrawn from deposit at any time be witdrawn after ten days' notice on the return of said certificates: Provided, That the interest on all such deposits shall cease and determine at the pleasure of the Secretary of the Aggregate of Treasury: And provided further, That the aggregate of deposits n o t to e x c e e d such deposit shall at no time exceed the amount of twenty$25,o00,000. five millions of dollars. Duties to he SEC. 5. And be itfurther enacted, That all duties on iamreceived in cocoin and deme an d ported goods shall be paid in coin, or in notes payable on notes. demand heretofore 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 a's follows: Coin, h ow First. To the payment in coin of the interest on the used to pay in- bonds and notes of the United States. terest. Second. To the purchase or payment of one per centuln of the entire debt of the United States, to be made within each fiscal year after the first day of July, eighteen hunTo create a dred and sixty-two, which is to be set apart as a sinking sinking fund. fund, and the interest of which shall in like manner be applied to the purchase or payment of the public debt as the Secretary of the Treasury shall from time to time direct. Third. The residue thereof to be paid into the Treasury of the United States. Forging, &c. SEC. 6. And be it further enacted, That if any person or persons shall falsely make, forge, counterfeit, or alter, or cause or procure to be falsely made, forged, counterfeited, or altered, or shall willingly aid or assist in falsely making, forging, counterfeiting, or altering, any note, bond, coupon, or other security issued under the authority of this act, or heretofore issued under acts to authorize the issue of 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 security, with intent to defraud any body corporate or politic, or any other person or persons whatsoever, every person so offending shall be deemed guilty of How punished. felony, and shall, on conviction thereof, be punished by fine not exceeding five thousand dollars, and by imprison ACT OF EIGHTEEN HUNDRED AND SIXTY-TWO. 47 ment and confinement to hard labor not exceeding fifteen years, according to the aggravation of the offence. SEc. 7. And be it further enacted, That if any person, Persons havIng custody of having the custody of any plate or plates from which any platesandusing same unlawfulnotes, bonds, coupons, or other securities mentioned in this ly. act, or any part thereof, shall have been printed, or which shall have been prepared for the purpose of printing any such notes, bonds, coupons, or other securities, or any part thereof, shall use such plate or plates, or knowingly 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 Engraving the likeness or similitude of any plate or plates designed ilfor fraudulent for the printing of any such notes, bonds, coupons, or purposes. 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 possession 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 sfich 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, photograph, or in any other manner execute or cause to be printed, photographed, or in any manner executed, or Fraudulent. printing, photoshall aid in printing, photographing, or executing any en- graphing, &c. graving, photograph, or other print, or impression, in the likeness or similitude of any such notes, bonds, coupons, or other securities, or any part or parts thereof, exceptfor the 48 LAWS RELATING TO BONDS AND NOTES. use of the UJnited States and by order of the proper officer 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 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 or possession any paper adapted to the making of such 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, on convicHow punished. tion thereof, be punished by fine not exceeding five thousand dollars, and by imprisonment and confinement to hard laber not exceeding fifteen years, according to the aggravation of the offence. Approved February 25, 1862. March 1, 1862. CHAP. XXXV.-AN ACT TO AUTHORIZE THE SECRETARY OF THE TREASURY TO ISSUE CERTIFICATES OF INDEBTEDNESS TO PUBLIC CREDVol. XII, p. 352. ITORS. Be it enacted by the Senate and Rouse of Representatives Issue of cer- of the United States of America i Congress assembled, That tificates of in- A ones debtedness au- the Secretary of the Treasury be, and he is hereby authorized to cause t(o be issued to any public creditor who may be desirous to receive the same, upon requisition of the head of the proper department, in satisfaction of audited and settled demands against the United States, certificates Not less than for the whole amount due or parts thereof not less than $1,000 How signed. one thousand dollars, signed by the Treasurer of the United States, and countersigned as may be directed by the When payable. Secretary of the Treasury; which certificates shall be payable in one year from date or earlier, at the option of the Six per cent. government, and shall bear interest at the rate of six per interest. centurn per annum. Approved March 1, 1862. ACT OF EIGHTEEN HUNDRED AND SIXTY-TWO. 49 CHAP. XLV.-AN ACT TO AUTHORIZE THE PURCHASE OF COIN AND FOR March 17, 1862. OTHER PURPOSES. Vol. XII, p. 370. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled. That Purchase of coin with any the Secretary of the Treasury may purchase coin with any United States bonds or notes,of the bonds or notes of the United States, authorized 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 regulations as he may prescribe, cer- Certificates of indebte d n e s s tificates of indebtedness, such as are authorized by an act may be issued to holders of,enxtitled "An act to authorize the Secretary of the Treas- cheeks, &e. ury 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 salne, in' discharge of checks drawin by disbursing officers upon sulns 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. SEC. 2. And be it further enacted, That the demand notes Demand notes ma d e receivauthorized by the act of July seventeen, eighteen hundred able and a legal tender as notes and sixty-one, and by the act of February twelfth, eighteen issued u n d e r hundred and sixty-two, shall, in addition to being receiva- 25, 1862. ble in payment of duties on imports, be receivable, and shall be lawful money and a legal tenlder, in like mailer, alnd for the same l)urposes, and to the same extent, as the notes authorized by an act entitled " Ain act to authorize the issue of United States notes, and for the redemption or funding thereof,; and for flunding the floating debt of the United States," approved February twenty-fifth, eighteen hullndred and sixty-two. SEC. 3. And be it further enacted, That the limitation Secretary of t h e Treasury upon temporary deposits of United States notes with any authorized to receive deposassistant treasurers or designated depositaries, authorized its of Treasury notes toamount by the Secretary of the Treasury to receive such deposits, of$50,000,000. at five per cent. interest, 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 centurn. SEC. 4. And be it further enacted, That, in all cases where May issue new notes in place the Secretary of the Treasury is authorized by law to of those worn 4 out. 50 LAWS RELATING TO BONDS AND NOTES. reissue notes, he may replace such as are so mutilated or otherwise injured as to be unfit for use with others of the same character and amount; and such mutilated notes, and all others which by law are required to be taken up and not reissued, shall, when so replaced, or taken up, be destroyed in such manner and under such regulations as the Secretary of the Treasury may prescribe. Approved March 17, 1862. July 11, 18.;2. CHAP. CXLII.-AN ACT TO AUTHORIZE AN ADDITIONAL ISSUE OF UNITED STATES NOTES, AND FOR OTHER PURPOSES. Vol. XII, p. 532. Be it enacted by the Senate and House of Representatives Authorityto is- of the United States of America in Congress assembled, That sur 150,000o,00 the Secretary of the Treasury is hereby authorized to issue~ Treasury notes. rai issue, in addition to the amounts heretofore authorized, on the credit of the United States, one hund red and fifty millions of dollars of United States notes, not bearing interests payable to bearer at the Treasury of the United States, and of such denominations as he may deem expedient: $35,o000,000may Provided, That no note shall be issued for the fractional be of denominations from $1 part of a dollar, and not more than thirty-five millions shall to.$;5. be of lower denominations than five dollars; and such notes Receivablefor shall be receivable in payment of all loans made to the all dues except I duties o n im- United States, and of all taxes, internal duties, excises, ports and interest on bonds, debts, and demands of every kind due to the United States, &c.. and convertible into 6 except duties on imports and interest, and of all claims per cent. bonds. and demands against the Ulnited States, except for interest upon bonds, notes, and certificates of debt or deposit; and shall also be lawful money and a legal tender in payment of all debts, public and private, within the United States, except duties on imports and interest, as aforesaid. And any holder of said United States notes depositing any sum not less than fifty dollars, or some multiple of fifty 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 after five years, and payable ACT OF EIGHTEEN HUNDRED AND SIXTY-TWO. 51 twenty years from the date thereof: Provided, however, That May be paid any notes issued under this act may be paid in coin, instead of being received in exchange for certificates of deposit as above specified, at the direction of the Secretary of the Treas ury. And the Secretary of the Treasury may exchange for such notes, on such terms as he shall think most beneficial May exchange six per cent. to the public interest, any bonds of the Uniited States bear- bonds for any notes now outing six per centurn interest, and redeemable after five and standing and reissue notes, payable in twenty years, which have been or may be law- and may cancel any notes and fully issued under the provisions of any existing act; may issue others in reissue the notes so received in exchange; may receive ld their place. 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, and cost of purchase not exceeding one-eighth of one per centuin, Maypurchase any outstanding any bonds or certificates of debt of the United States as evidences o f he may deem advisable. debt. SEC. 2. And be it further enacted, That the Secretary of Notes may be the Treasury be, and he is hereby, authorized, in case lie e d, &c., in Treasury Deshall think it inexpedient to procure said notes, or any partment. part thereof, to be engraved and printed by contract, to cause the said notes, or ainy part thereof, to be engraved, printed, and executedl, in such form as he shall prescribe, at the Treasury Department in Washington, and under his direction; and he is hereby empowered to purchase and provide all the machinery and materials, and to employ such persons and appoint such officers as may be necessary for this purpose. SEC. 3. And be it further enacted, That the limitation Limit to deupon temporary deposits of United States notes with any posits of notes extended from Assistant Treasurer, or designated depositary authorized $5~0,,00 oo to by the Secretary of the Treasury to receive such deposits, to fifty millions of dollars be, and is hereby repealed; and the Secretary of the Treasury is authorized to receive such deposits, under such regulations as he may prescribe, to such amount as he may deem expedient, not exceeding one hundred millions of dollars, for not less than thirty days, in sums not less than one hundred dollars, at a rate of interest not exceeding five per centum per annum; and any amount so deposited may be withdrawn from deposit, at any time after ten days' notice on the return of the certificate of deposit. And of the amount of United States notes 52 LAWS RELATING TO BONDS AND NOTES. $5o,,0.0o 00notes authorized by this act, not less than fifty millions of dollars reservedl to pay deposits. 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 needed All certificates for that purpose. And certificates of deposit and of inof deposit and ofindebtedness debtedness issued under this or former acts may be convertible into bonds. received on the same terms as United States notes in payInent for bonds redeemable after five and payable in twenty years. SEC. 4. And be 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 Time of ob- to authorize a national loan, and for other purposes" taining lean authorized by act borrow, on the credit of the United States, such part of of July 17, 1861, extended. the suln of two hundred and fifty millions mentioned ill said act as may not have been. borrowed, under the provisiolls of the same, within twelve months froni the passage thereof. Appropriation SEC. 5. And be it further enacted, That any part of the for punishing counterfeiting app)ropriation of tell thousand dollars for the detection and of coin, contaned in act of bringing to trial of persons engaged in counterfeiting the June 23, 1860, app lie d to coin of the United States, made by the act entitled "An bonds, notes, &c., of United act making appropriations for the legislative, executive, States, ch. 205, 18;o.' afd judicial expenses of the government for the year ending thirtieth of June, eighteen hundred and sixty-one," aplproved June twenty-three, eighteen hundred and sixty, may be applied in detecting and bringing to trial and 1punishment 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 thousalnd dollars is hereby appropriated, out of any money in the Treasury not otherwise appropriated. Provisions of SEC. 6. And be it further enacted, That all the provisions act of February 25, 1862, appli- of the act entitled "An act to authorize the issue of United eable to this act. States notes, and for the redemption or funding thereof, and for funding the floating debt of the United States," al)proved February twenty-five, eighteen hundred and sixty-two, so far as the same call or may be applied to the provisions of this act, and1( not inconsistent therewith, shall apply to the notes hereby authorized to be issued. Approved July 11, 1862. ACT OF EIGHTEEN IIUNDRED AND SIXTY-THREE. 53 CHAP. LXXIIT.-AN ACT TO PROVIDE WAYS AND MEANS FOR THE SUP- March 3, 1863. PORIT OF THE GOVERNMENT. Vol. XII, p. 709. Be it enacted by the Senate and [ouse of Representatives of the United States of Amrerica in Congress assembled, That the Secretary of t h e Treasury Seeretary of thle Treasury be, anid he is hereby, authorizedl may borrow no over $300,000,000 to borrow, from time to tillle, on the credit of the United for t h is year, Se and $600,000,000 States, a sum not exceelillg three hundred millions of for thenext. dollars for the current fiscal year, and six hundred millions for the next fiscal year, and to issue therefor coupon or Bonds. registered bonds, Ip)ayable at the ldleasure of the government after such periods as may be fixed by the Secretary, not less than tell nor more than forty years from date, in coin, and of such denominations not less than fifty dollars Denonm in ations. as he may deem expedient, bearing interest at a rate niot Interest on, 19t~~~~~ ~rate of, payable exceeding six per centuin )per annum, p)ayable on bonds not in coin. exceeding one hundred dollars, annually, and on all other bonds semi-annually, in coin; and he may, in his discretion, dispose of such bonds at any time, upon such terms as he Bondsmaybo may deem most advisable, for lawful money of the United disposed of. States, or for any of the certificates of indebtedness or deposit that may at any time be unpaid, or for any of the Treasury notes heretofore issued or which may be issued under the provisions of this act. And all the bonds and Treasury notes or United States notes issued under the provisions of this act shall be exempt from taxation by or To be exempt under State or municipal authority: Provided, That there fro, taxation. shall be outstanding of bonds, Treasury notes, and United ing not to exStates notes, at any time, issued under the provisions of this act, no greater amount altogether than the sum of nine hundred millions of dollars. SEC. 2. And be it further enacted, That the Secretary of s c r e t a r y the Treastry be, and he is hereby, authorized to issue, on $400,000,000 in the credit of the United States, four hundred millions of Treasurynotes. dollars in Treasury notes, payable at the pleasure of the When payable United States, or at such time or times not exceeding and rate of inthree years fiorm date as may be found most beneficial to the public interests, and bearing interest at a rate not exceeding six per centumr per annum, payable at periods expressed oi the face of said Treasury notes; and the Interest payinterest on the said Treasury notes and on certificates of able in lawful indebtedness and deposit hereafter issued, shall be paid in lawfnl money. The Treasury notes thus issued shall be of such denomination as the Secretary may direct, not less 54 LAWS RELATING TO BONDS AND NOTES. De nom in a- than ten dollars, and may be disposed of on the best terms tions and how disposed of. that can be obtained, or may be paid to any creditor of the United States willing to receive the same at par. And How a legal said Treasury notes may be made a legal tender to the same tender, &c. extent as United States notes, for their face value, excludFor what ex- ing interest; or they may be made exchangeable under changeable. regulations prescribed by the Secretary of the Treasury, by the holder thereof, at the Treasury in the city of Washing(ton or at the office of any Assistant Treasurer or depositary designated for that purpose, for United States notes equal in amount to the Treasury notes offiered for exchange, together with the interest accrued and due thereon at the date of interest payment next preceding Other notes such exchange. And in lieu of any amount of said Treasmay be issued for those ex- ury notes thus exchanged, or redeemed or paid at maturity, changed. the Secretary may issue an equal amount of other Treasury notes; and the Treasury notes so exchanged, redeemed, or paid, shall be cancelled and destroyed as the Secretary $150,000,0o00 of may direct. In order to secure certain and prompt exnotes may be issued for ex- changes of United States notes for Treasury notes, when changes. required as above provided, the Secretary shall have power to issue United States notes to the amount of one hundred and fifty millions of dollars, which may be used if necessary for such exchanges; but no part of the United States notes authorized by this section shall be issued for or applied to any other purposes than said exchanges; and whenever any When issued amount shall have been so issued and applied, the saime and applied, how replaced. shall be replaced as soon as practicable from the sales of Treasury notes for United States notes. The Secretary, SEC}3. 3. And be it further enacted, That the Secretary of pay the asrmy, the Treasury be, and he is hereby, authorized, if required &c., ma y issue $15,00000 may issn by the exigencies of the public service, for the payment of notes without interest. the army and 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 deemi expedient, not bearing interest, payable to bearer, and of such De n o m in a- denominations, not less than one dollar, as he may prescribe, tions. Legal tender, which notes so issued shall be lawful money and a legal except for duties and inter- tender in payment of all debts, public and private, within est. the United States, except for duties on imports and interest ACT OF EIGHTEEN HUNDRED AND SIXTY-THREE. 55 on the public debt; and any of the said notes, when re- Reissue. turned to the Treasury, may be reissued from time to time as the exigencies of the public service may require. And Issues in lieu of notes canin lieu of any of said notes, or any other United States celled. notes, returned to the Treasury, and cancelled or destroyed, Repeal of part there may be issued equal amounts of United States notes, 1862, ch. h42, such as are authorized by this act. And so much of the (32. restr pp. 345, act to authorize the issue of United States notes, and for market value.to other purposes, approved February twenty-five, eighteen hundred and sixty-two, and of the act to authorize an additional issue of United States notes, and for other purposes, approved July eleven, eighteen hundred and sixty- When former notes must be two, as restricts the negotiation of bonds to market value, presented for is hereby repealed. And the holders of United States exchange. notes, issued under and by virtue of said acts, shall present the same for the purpose of exchanging the same for bonds, as therein provided, on or before the first day of July, eighteenl hundred and sixty-three, and thereafter the right so to exchange the same shall cease and determine. SEC. 4. And be itfitrther enacted, That in lieu of postage In lieu ofposand revenue stamprns for fractional currency. and of frac- fractional note;s tional notes, commonly called postage currency, issued or may be issued. to be issued, the Secretary of the Treasury may issue fractionlal notes of like amounts inl such form as he may deem expedient, and may provide for the engraving, preparation, and( issue thereof in the Treasury Department building. For what exAnd all such notes issued shall be exchangeable by the changeable and Assistant Treasurers and designated depositaries for United States notes, in sums not less than three dollars, and shall be receivable for postage and revenue stamps, and also in payment of any dues to the United States less than five dollars, except duties on imports, and shall be redeemed on presentation at the Treasury of the United States in such sums and under such regulations as the Secretary of Issue notto exthe Treasury shall prescribe: Provided, That the whole $ amount of fractional currency issued, including postage and revenue staml)s issued as currency, shall not exceed fifty millions of dollars. SEC. 5. And be it further enacted, That the Secretary of Secretary may receive gold on the Treasury is hereby authorized to receive deposits of deposit and isgold coin and bullion with the Treasurer or any Assistant therefort Treasurer of the United States, in sums not less than twenty dollars, and to issue certificates therefor, in denominations of not less than twenty dollars each, corresponding o56 LAWS RELATING TO BONDS AND NOTES. with the denominations of the United States notes. The coin and bullion deposited for or representing the, certificates of deposit shall be retained in the Treasury for the suclh certif- payment of the same on denmand. And certificates reprecates may be issued to pay in- senting coin in the Treasury may be issued in payment of terest o n the public debt and interest on the public debt, which certificates, together duties. Limit of ain't. with those issued for coin and bullion deposited, shall not at any time exceed twenty per centum beyond the amount of coin and bullion in the Treasury; and the certificates for coin or bullion in the Treasury shall be received at par in payment for duties on imports. Secretary to SEC. 6. And be itfurther enacted, That the coupon or regdetermine form of bonds istered bonds, Treasury notes, and United States notes and notes. authorized by this act shall be in such form as the SecreWprat to be tary of the Treasury may direct, and sha11 have printed printed there- i on. upon them such statements, showirig the amount of accrued or accruing interest, the character of the notes, and the penalties or punishment for altering or counterfeiting them, as the Secretary of the Treasury may prescribe, and shall How signed. bear the written or engraved signatures of the Treasurer of the United States and the Register of the Treasury, and To have im- also as evidence of lawful issue, the imprint of a, copy of print of seal. 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 Signature. 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 apProvisions of pointed by the Secretary of the Treasury for that purpose, act 1857, chI. 1, revived, vol. xi, and shall be countersigned by the Register of the Treasury, p. 257. 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 inconsistent therewith, are hereby revived and re-enacted. Duty on Bank SEC. 7. And be it further enacted, That all banks, associrculation, &c., after April 1, ciations, corporations, or individuals, issuing notes or bills 1863. for circulation as currency, shall be subject to and pay a duty of one per centum each half year from and after April first, eighteen hundred and sixty-three, upon the average amount of circulation of notes or bills as cur ACT OF EIGHTEEN HUNDRED AND SIXTY-ThIREE. rency issued beyond the amount. hereinafter named, that is to say: banks, associations, corporations, or individuals, having a capital of not over one hundred thousand dollars, ninety per centuin thereof; over one hundred thousand andl not over two hundred thousand dollars, eighty per centunl 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 centumrn thereof; over five hunldred thousand and not over one million of dollars, fifty per centumrn thereof; over one million and not over one million and a half of dollars, forty per centumn thereof; over one million and a half, and not over two millions of dollars, thirty per centurn 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 colsidered to be the amount allotted to or used by such branch; and all such banks, associations, corporations, and individuals shall also be subject to and pay a duty of one-half of one per centum each half year from and after April first, eighteen hundred and sixty-three, upon the average amount of notes or bills not otherwise herein taxed and outstanding as currency during the six months next preceding the return hereinafter provided for; and the rates of tax or duty imposed on the circulation of associations wvhich may be organized under the act "to provide a national currency, secured by a pledge of United States stocks, and to provide for the circulation and redemption thereof," approved February twenty-fifth, eighteen hundred and sixty-three, shall be the same as that hereby imposed on the circulation and deposits of all banks, associations, corporations, or' individuals, but shall be assessed and collected as required by said act; all banks, associations, or corporations, andl individuals issuing or reissuing notes or bills for circulation as currency after April first, eighteen hundred and sixty-three, in sumns representing any fractional part of a dollar, shall be subject to and pay a duty of five per centurn each half year thereafter upon the amount of such fractional notes or bills so issued. And all banks, associations, corpora 58 LAWS RELATING TO BONDS AND NOTES. tions, and individuals receiving deposits of money subject to payment on check or draft, except savings institutions, shall be subject to a duty of one-eighth of one per centum 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 Revenue, which shall contain a true and faithful account of the amount of duties accrued or which fshould accrue, on the full amount of the fractional note circulation and on the average amount of all other circulation and of all such deposits, for the six months next preceding. And there shall be annexed to every such list or return a declaration, under oath or 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 accrued, 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 beeni 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. ACT OF EIGHTEEN HUNDRED AND SIXTY-FOUR. 59 SEC. 8. And be it further enacted, That, in order to pre- Penalties of former act vent and punish counterfeiting and fraudulent alterations against counterfeiting, &c., of the bonds, notes, and fractional currency authorized to made applicable. be issue(l by this act, all the provisions of the sixth and 1862, ch.:r3, i 6, 7,vol. xii, p. seventh sections of the act entitled'" An act to authorize 317. the issue of United States notes, and for the redemption or funding thereof, and for funding the floating debt of the United States," approved February twenty-fifth, eighteen hundred aind sixty-two, shall, so far as applicable, apply to the bonds, notes, and fractional currency hereby authorized to be issued, in like manner as if the said sixth and seventh sections were hereby adopted as additional sections of this act. And the provisions and penalties of said sixth and seventh sections shall extend and apply to all persons who shall imitate, counterfeit, make, or sell any paper such as that used, or provided to be used, for the fractional notes prepared, or to be prepared, in the Treasury Department building, and to all officials of the Treasury Department engaged in engraving and preparing the bonds, nlotes, and fractional currency hereby authorized to be issued, and to all official and unofficial persons in any manner elnployed under the provisions of this act. And the sum of six hundred thousand dollars is hereby Appropriation appropriated, out of any money in the Treasury not other- for exptenses of wise appropriated, to enable the Secretary of the Treasury to carry this act into effect. Approved March 3, 1863. CHAP. XVII.-AN ACT SUPPLEMENTARY TO AN ACT ENTITLED "AN ACT March 3, 1864. TO PROVIDE WAYS AND MEANS FOR THE SUPPORT OF THE GOVERNMENT," APPROVED MARCH THIRD, EIGHTEEN HUNDRED AND Vol. XIII, p.:1-. SIXTY-TH R EE. Be it enacted by the Senate and House of' Representatives of 1863, ch. 73. the United States of America in Congress assembled, That in Vol. xii, p. 709. lieu of so much of the loan authorized by the act of March Secretary of third, eighteen hundred alnd sixty-three, to which this is mty borrownot over $200,0(0,000 supp)lelentary, the Secretary of the Treasury is authorized and issue therefor five-forty to borrow, from time to time, on the credit of the United bondls. States, not exceeding two hundred millions of dollars during the current fiscal year, and to 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 60 LAWS RELATING TO BONDS AND NOTES. government after any period not less than five years, and tiDenomina- payalble at any period not more than forty years from date, in coinl, and of such denominations as may be found expeInterest not dient, not less than fifty dollars, bearing interest not exover 6 per cent. payalble in coin. ceeding six per centum a year, payable on bonds not over one hundred dollars, annually, and on all other bonds seIiHow disposed annually, in coin; and he may dispose of such bonds at of 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 certifiExempt fr om cates of deposit, issued under any act of Congress; and all taxation. bonds issued under this act shall be exempt from taxation by or under State or municipal authority. And the Secretary of the Treasury shall pay the necessary expenses of the preparation, issue, and disposal of such bonds out of Appropriation any money in the Treasury not otherwise appropriated, fo r expenses, not to exceed but the amount so paid shall not exceed one-half of one one half of one per cent. per centumn of the amount of the bonds so issued and lisposed of. F i v e-twenty SEC. 2. And be it further enacted, That the Secretary of bonds may be issued to cer- the Treasury is hereby authorized to issue to persons who tain subscribers. subscribed on or before the-tweifty-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 nlil18G2, ch. 33. lions of dollars; and the bonds so issued shall have the Vol. xii, p. 345. same force and effect as if issued under the provisions of the act to " authorize the issue of United States notes and for other purposes," approved February twenty-sixth, [fifth,] eighteen hundred and sixty-two. Approved March 3, 1864. June 30, 1864. CHAP. CLXXII.-AN A(T TO PROVTDE WAYS AND MEANS FOR THE SUPPORT OF THE GOVERNMENT, AND FOR OTHER PURPOSES. Vol. XI, p. 28. Be it enacted by the Senate and House of Representatives of Secretary of the United States of America in Congress assembled, That the t h e Treasury Secretary of the Treasury be, and he is hereby, authorized may borrow $400,000,0o00 and to borrow, from time to time, on the credit of the United issue bonds, &c. States, four hundred millions of dollars, and to issue therefor coupon or registered bonds of the United States, re ACT OF EIGIITEEN HUNDRED AND SIXTY-FOUR. 61 deellable at the pleasure of the government, after any When redeemable. 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 Denominasuch denominations as the Secretary of the Treasury shall direct, not less than fifty dollars, and bear an annual inter- Interestsemiannually in est not exceeding six per centum, payable semi-annually coin. in coin. And the Secretary of the Treasury may dispose H ow bon-is may be disof such bonds, or any part thereof, and of any bonds corn- posed of. monly knovwn as five-twenties 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 indebtedness, All obligations of the United or certificates of deposit issued under any act of Congress. States to be exempt from taxAnd all bonds, Treasury notes, and other obligations of the atifn. United States shall be exempt from taxation by or under State or municipal authority. SEC. 2. And be it further enacted, That the Secretary of Secretary may issue in lieu of the Treasury may issue on the credit of the United States, part of 1 o a n S2o0,000,000 and in lieu of an equal amount of bonds authorized by the Tleasurv notes. preceding section, and as a part of said loan, not exceeding two hundred millions of dollars, in Treasury notes of any Denominations, and when denomination not less than ten dollars, payable at any time payable. not exceeding three years from date, or, if thought more expedient, redeemable at any time after three years fi'om date, and bearing interest not exceeding the rate of seven Interest payable in lawful and three-tenths per centum payable in lawful money at money. maturity, or, at the discretion of the Secretary, semiannually. And the said Treasury notes may be disposed How may be of by the Secretary of the Treasury, on the best terms that disposed of. car be obtained, for lawful money; and such of them as shall be made payable, principal and interest, at maturity, shall be a legal tender to the same extent as United States now far to be notes for their face value, excluding interest, and may be lfgal tender. paid to any creditor of the United States at their face value, excluding interest, or to ally creditor willing to receive them at par, including interest; and any Treasury Treasurynotes notes issued under the authority of this act may be made ble into bonds. convertible, at the discretion of the Secretary of the Treasul'y, into any bonds issued under the authority of this act. And the Secretary of the Treasury may redeem and cause May be substituted for the to be carcelled and destroyed any Treasury notes or United notes of previous issue. 6'2 LAWS RELATING TO BONDS AND NOTES. 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 Am o unt of act, or of other United States notes: Provided, That the bonds andnotes not to exceed total amount of bonds and Treasury notes authorized by st 000.000. * the first and second sections of this act shall not exceed four hundred millions of dollars, in addition to the amounts Notes not to heretofore issued; nor shall the total amount of United exceed, &c. States notes, issued or to be issued, ever exceed four hundred millions of dollars, and such additional sum, not Interest-bearing notes not exceeding fifty millions of dollars, as may be temporarily legal tender for the redemption required for the redlemption of itemporary loan; nor shall of circulation of banks. 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. Interest of SEC. 3. And be it further enacted, That the interest on all bonds hereto- bonds heretofore issued, payable annually, may be paid fore issued may eannally. semi- semi-annuall; and in lieu of such bonds authorized to be issued, the Secretary of the Treasury may issue bonds Bondsmaybe bearing interest, payable semi-annually. And he may also issued in exchange for sev- issue in exchange for Treasury notes heretofore issued en and threetenths notes. bearing seven and three-tenths per centurn interest, besides the six per centumrn bonds heretofore authorized, like bonds of all the denominations in which such Treasury notes have been issued; and the interest on such Treasury notes after maturity shall be paid in lawful money, and they may be exchanged for such bonds at any time within three months from the date of notice of redemption by the Secretary of the Treasury, after which the interest on such Repeal of part Treasury notes shall cease. And so much of the law apof 1864, ch. 17,. 1, vol. xiii, p. 13; proved March third, eighteen hundred and sixty-four, as limits the loan authorized therein to the current 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 And of 1863, third, eighteen hundred and sixty-three, entitled "'An act ch. 73, 1, vol. xii, p. 709. to provide 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 seventy-five millions of bonds already advertised. Secretary of SEC. 4. And be it further enacted, That the Secretary of may receive the Treasury may authorize the receipt, as a temporary temporary loan loan, of United States notes or the notes of national bank ACT OF EIGHTEEN HUNDRED AND SIXTY-FOIR. 63 ing 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 depositaries designated for that purpose other than national banking associations, who shall issue certificates of deposit in such form as the Secretary of the Treasury shall prescribe, Certificates of deposit to be isbearing interest not exceeding six per centum annually, sued therefor. and payable at any time after the term of deposit, and after ten days' subsequent notice, unless time and notice When payable, and interest. be waived by the Secretary of the Treasury; and the Sec- a retary of the Treasury may increase the interest on deposits at less than six per centunl to that rate, or, on ten days' notice to depositors, may diminish the rate of interest as the public interest may require; but the aggregate of such Aggregate not deposits shall not exceed one hundred and fifty millions of t) exceed, &c. 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 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 the amount of deposits shall Reserve for again increase. their payment. SEC. 5. And be it further enacted, That the Secretary of Fractional currency may be the Treasury may issue notes of the fractions of a dollar is su e d to an am't n o t over as now used for currency, in such form, with such inscrip- $5o,ooo,ooo. tions, and with such safeguards against counterfeiting, as he may judge best, and provide for the engraving and preparation, and for the issue of the same, as well as of all other notes and bonds, and other obligations, and shall make such regulations for the redemption of said fractional 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. 64 LAWS RELATING TO BONDS AND NOTES. Coupon and SEC. 6. And be it further enacted, That the coupon and registered bonds to be of registered bonds shall be in such form and bear such inwhat form and how signed. scriptions as the Secretary of the Treasury may direct, and shall be signed by 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 Seal. of the seal of the Treasury Department, to be made under Where to be the direction of the Secretary of the Treasury, in a room made. set apart especially and exclusively for that purpose, under the care of some person appointed directly by hin. And Coupons. the coupons attached to such bonds shall bear the engraved signature of the Register of the Treasury, and such other device or safeguard against counterfeiting as the Secretary mIay approve; and it is hereby declared that all bonds heretolfo]re issued, bearing the signature of the Register, shall have the same force, effect, axnd validity, as if Forlmer bonds signred also by the Treasurer, and all bonds bearing the signiide valid, nature of the Register, erroneously described as Treasurer of the United States, shall have the same force, effect, and validity, as if his official designation had been correctly stated; and all coupons bearing the elngraved signature of the IRegister of the Treasury in office at the time whern such signatures were authorized and engrave(d, shall have full force validity, and effect, notwithsta.nding such Register may have subsequently ceased to hold office as such, when issued in conlectioll with bonds duly authorized and signed by or Form ofTreas- for the successor or successors of said Register. And the ury notes. Treasury notes and United States notes authorized by this act shall be in such form as the Secretary of the Treasury shall direct, and shall bear the written or engraved signatur'es 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 accruilg interest and the character of the notes, as the Secretary of the Treasury may prescribe; and shall bear as a filrtller evidence of lawful issue, the imprint of the seal of tihe Treasury Department, to be made under the direction of the Secretary of the Treasury, as before directed. R egistered SEC. 7. And be it further enacted, That the Secretary of bonds may be the Treasury is hereby authorized to issue, upon such issued for coupon. terms and under such regulations as he may from time to time prescribe, registered bonds in exchange for, and in ACT OF EIGHTEEN HUNDRED AND SIXTY-FOUR. 65 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 for exchange. And for all mutilated, defaced, or indorsed Mutilated, def a ced, &c., coupon or other bonds presented to the Department, the bonds. 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. SEC. 8. And be it further enacted, That the Secretary of Instructions, the Treasury is hereby authorized and required to make officers receiving or preparand issue, from time to time, such instructions, rules, and ing U n i te d States notes, &c. 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 security, and to protect the United States, as well as individuals, from fraud and loss. SEC. 9. And be it further enacted, That the necessary ex- Expenses of penses of engraving, printing, preparing, and issuing the prepssing bonds. United States notes, Treasury notes, fractional notes, and bores; ¬ to bonds, hereby authorized, and of disposing of the same exceed one per to subscribers and purchasers, shall be paid out of any money in the Treasury not otherwise appropriated; but the whole amount thereof shall not exceed one per centum onl the amount of notes and bonds issued. SEC. 10. And be it further enacted, That, if any person Penalty f o r or persons shall falsely make, forge, counterfeit, or alter, countterfeit ing or cause or procure to be falsely made, forged, counter- tedStates seenfeited, 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 For uttering, States from any foreign place with intent to pass, utter, &c.: counterfeit, 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 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 shalll, on conviction thereof, be punished by fine not exceeding five thousand dollars, and by imprisonment and 5 66 LAWS RELATING TO BONDS AND NOTES. confinement at hard labor not exceeding fifteen years, according to the aggravation of the offt'ence. For u s in g SEC. 11. And be it further enacted, That if any person plates to print notes without having control, custody, or possession of any plate or authority. plates from which any obligation or other security., or anly part thereof, shall have been printed, or which mnay 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 security, 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, For engraving or cause or procure to be engraved, or shall aid or assist plates, &c. in engraving, any plate or plates in the likeness or similitude of any plate or plates designed for the printing of' any such obligation or other security, or any part thereof, or shall vend or sell any such plate or plates, or shall bring into the United States from any foreign place any such plate or plates, except under the direction of the Secretary of the Treasury or other proper officer, or with any other intent, or for any other purpose, in either case, than that such plate or plates shall be used for the printing of such notes, bonds, coupons, or other obligations or securities, or some part or parts thereof, for the use of the United States, or shall have in his control, custody, or possession, any metallic plate engraved after the similitude of any plate from which any such obligation or other security, or any part or parts thereof, shall have been printed, with intent to use such plate or plates, or cause or suffer the same to be used, in forging or counterfeiting any such obligation or other security, or any part or parts thereof, or shall have in his custody or possession, except under authority from the Secretary of the Treasury, or other proper officer, any obligation or other security, engraved and printed after the similitude of any obligation or other security issued under the authority of the United States,. with intent to sell or otherwise use the same; or if any Penalty for person shall print, photograph, or in any other manner printingorpho- make or execute, or cause to be printed, photographed, or notes, &C. in any manner made or executed, or shall aid in printing, photographing, making, or executing any engraving, pho ACT OF EIGHTEEN HUNDRED AND SIXTY-FOUR. 67 tograph, or other print or impression in the likeness or similitude of ally obligation or other security, or any part or,Iarts 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 For bringing into the United any foreign place any such engraving, photograph, print, s t a t e s such p h otographed, or other impression, except by the direction of some proper &c., notes. officer of the United States, or shall have or retain ill his custody or possession, after a distinctive paper shall have been adopted by the Secretary of the Treasury for obligations and other securities of the United States, any similar paper adapted to the making of any such obligation or other security, except under authority of the Secretary of the Treasury, or some other proper officer of the United States, every person so offending shall be deemed guilty of a felony, and shall, on conviction thereof, be punished by a fine not exceeding five thousaind dollars, or by imprisonment and confinement at hard labor, not exceeding fifteen years, or by both, in the discretion of the court. SEC. 12. And be it further enacted, That if any person For retaining plates, &c., withshall have or retain in his or her custody, possession, or out authority. control, without the written authority or warrant of the Secretary of the Treasury, or of the Comptroller of the Currency, approve(l by the Secretary of the Treasury, any engraved or transferred plate, block, or electrotype, or any die, roll, or other original work used in making or preparing any plate, block, or electrotype, or any plate, block, or electrotype prepared or made after the similitude of any plate, block, or electrotype, from which any obligation or other security authorized to be issued by any act of Congress, or any part thereof, has been, or may hereafter be, printed, or shall use, or cause or knowingly suffer the same to be used, in forging or counterfeiting any such obligation For u s i n g or other security, or shall print, or cause to be printed, any pounterfeit ing bronzed or gilt letters or devices, or shall print, or cause to notes. be printed, any letters, figures, or devices with green ink, or any green color or pigment, upon any note, bond, or other representative of value, intended or adapted to be used as a currency or a circulating medium, every such person, being thereof convicted by due course of law, shall be deemed guilty of felony, and shall be imprisoned and kept at hard labor for a term not more than ten years, 68 LAWS RELATING TO BONDS AND NOTES. and fined in a sum not more than ten thousand dollars: Pendingpros- Provided7 That nothing in this act shall affect any proseecutions under f,rmer act not secution pending, or any civil or criminal liabilities incuraffected. Proviso. red, under any former act: Provided Jurther, That the foregoing provisions of this section shall not be held or construed to deprive any person of the right to retain in his custody and possession and use for any lawful purpose, any engraved or transferred plate, block, or electrotype, or any die, roll, or other original work as aforesaid, which had been used by him in printing or engraving bank notes or other obligations, before being used in printing any obligation or other security authorized to be issued by any act of Congress; nor shall any of said foregoing provisions be held or construed to prohibit or restrain the lawful use by any person of any ink, color, or pigment, the exclusive right to which has been secured to any such person by letters patent which are still in force. ation ords otherb- SEC. 13. And be itfurther enacted, That the words "oblito inciudewhat. gation or other security of the United States," used in this act, shall be held to ilnclude and mean all bonds, coupons, national currency, United States notes, Treasury notes, fractional notes, checks for money of authorized officers of tile United States, certificates of indebtedness, certificates of deposit, stamps, and other representatives of value of whatever denomination, which have been or may be issued under any act of Congress. Approved June 30, 1864. Jan 28, 165. CHAP. XXII.-AN ACT TO AMEND AN ACT ENTITLED "AN ACT TO PROVIDE WAYS AND MEANS FOR THE SUPPORT OF THE GOVERNMENT, Vol. XIII, p.425. AND FOR OTHER PURPOSES," APPROVED JUNE THIRTIETH, EIGHTEEN HUNDRED AND SIXTY-FOUR. Be it enacted by the Senate and House of Representatives of Maly is su e the United States of America in Congress assembled, That in Treasury notes of same charac- lieu of any bonds authorized to be issued by the first secter of those authorized by 2d tion of the act entitled " An act to provide ways and means section of the ac t of June 30. for the support of the government," approved June thir1864. in lieu of bonds. tieth, eighteen hundred and sixty-four, that may remain unsold at the date of this act, the Secretary of the Treasury may issue, under the authority of said act, Treasury notes of the description and character authorized by the ACT OF EIGHTEEN HUNDRED AND SIXTY-FIVE. 69 second section of said act: Provided, That the whole amount Whole am't not to exceed of bonds authorized as aforesaid, and Treasury notes issued $4o,000,000oo. and to be issued in lieu thereof, shall not exceed the sum of four hundred millions of dollars; and such Treasury May receive certificates of notes may be disposed of for lawful money, or for any other indebtedness or certificates of Treasury notes or certificates of indebtedness or certificates deposit in payment. of deposit issued under any previous act of Congress; and Exempt from State and musuch notes shall be exempt from taxation by or under State nicipal t a x aor municipal authority. tion. SEC. 2. And be itfurther enacted, That any bonds known Mayissueany 5-20 bonds not as five-twenties, issued under the act of twenty-fifth Feb- exceed in g ruary, eighteen hundred and sixty-two, remaining unsold maining unsold of the act of to an amount not exceeding four millions of dollars, may February 25, 1862. be disposed of by the Secretary of the Treasury in the May sell bonds in United States United States, or, if he shall find it expedient, in Europe, or Europe. at any time, on such terms as he may deem most advisable: Provided, That this act shall not be so construed as to give No further isany authority for the issue of any legal-tender notes, in any der notes anform, beyond the balance unissued of the amount author- thorized. ized by the second section of the act to which this is an amendment. Approved January 28, 1865. CHAP. LXXVII -AN ACT TO PROVIDE WAYS AND MEANS TO SUPPORT THE March 3,1865. GOVERNMENT. Vol. XIII, p. 468. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Secretary of th e Treasury Secretary of the Treasury be, and he -is hereby, authorized authorized to borrow sums to borrow, from time to time, on the credit of the United not exceeding States, in addition to the amounts heretofore authorized, $600,00o,000. any sums not exceeding in the aggregate six hundred millions of dollars, and to issue therefor bonds or Treasury B o n d s or notes of the United States, in such form as he may pre- masury beissued scribe; and so much thereof as may be issued in. bonds therefor. shall be of denominations not less than fifty dollars, and may be made payable at any period not more than forty years from date of issue, or may be made redeemable, at the pleasure of the government, at or after any period not less than five years nor more than forty years f'rom date, or may be made redeemable 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 70 LAWS RELATING TO BONDS AND NOTES. into any bonds authorized by this act, and may be of such denominations-not less than fifty dollars-and bear such dates and be made redeemable or payable at such periods as in the opinion of the Secretary of the Treasury may be Interest on deemed expedient. And the interest on such bonds shall bonds payable be payable semi-annually; and on Treasury notes authorsemi-annually. ized by this act the interest may be made payable semialnnually, or annually, or at maturity thereof; and the principal, or interest, or both, may be made payable in coin or in other lawful money: Provided, That the rate of interest on any such bonds or Treasury notes, when payable in coin, shall not exceed six per centurm per annum; and when not payable in coin shall not exceed seven and three-tenths per centurn per annum; and the rate and character of interest shall be expressed on all such bonds or Treasury notes: And provided further, That the act entitled "An act to provide ways and means for the support of the government, and for other purposes," approved June thirtieth, eighteen hundred and sixty-four, shall be so construed as to authorize the issue of bonds of any description Treasury notes authorized by this act. And any Treasury notes or other or other inter- obligations bearing interest, issued under any act of Conest-bearing obigations m a yrted gress, may, at the discretion of the Secretary of the Treasinto bondyhs ury, and with the consent of the holder, be converted into thorized by this ury a wi act. any description of bonds authorized by this act; and no bonds so authorized shall be considered a part of the amount of six hundred millions hereinbefore authorized. nonds or ob- SEC. 2. And be it jfrther enacted, That the Secretary of ligations issued the Treasury may dispose of anv of the bonds or other obliunder this act mpay be dis- gatiOlns issued under this act either in the United States posed of in the United States or elsewhere, in such manner, and at such rates and under o r elsewhere for coin, lawful such conditions, as he may think advisable, for coin, or for money, &c. other lawful money of the United States, or for any Treasury notes, certificates of indebtedness, or certificates of deposit, or other representatives of value, which have been or may be issued under any act of Congress; and may, at his discretion, issue bonds or Treasury notes authorized by this act, in payment for any requisitions for materials or supplies which shall have been made by the appropriate Department or offices upon the Treasury of the United States, on receiving notice in writing, through the departmnent or office making the requisition, that the owner of the claim for which the requisition is issued desires to sub ACT OF EIGHTEEN HUNDRED AND SIXTY-SIX. 71 scribe for an amount of loan that will cover said requisi- Bonds or obtion, or any part thereof; and all bonds or other obligations exempt from State and muissued under this act shall be exempt from taxation by or nicipal taxaunder State or municipal authority. tion. Approved March 3, 1865. CHAP. XXVIII.-AN ACT TO AMEND AN ACT ENTITLED "AN ACT TO PRO- April 12, 1866. VIDE WAYS AND MEANS TO SUPPORT THE GOVERNMENT," APPROVED - MARCH THIRD, EIGHTEEN HUNDRED AND SIXTY-FIVE. Vol. XIV, p. 31. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Secretary of act entitled "An act to provide ways and means to support thempoered ty receive Treas-the government," approved March third, eighteen hundred iry notes, &c., in exchange for and sixty-five, shall be extended and construed to authorize bonds. the Secretary of the Treasury, at his discretion, to receive any Treasury notes or other obligations issued under any act of Congress, whether bearing interest or not, in ex-,challnge for any description of bonds authorized by the act to which this is an armendlment; and also to dispose of any Bonds may be description of bonds authorized by said act, either in the PseodI d the United States or elsewhere, to such an amount, in such nly for retiring UnitedState or elewher T'reasury notes ll~llnner Ra1d at such rates as he may think advisable for tr other obligamanr a avsbe tions issned nnlawful money of the United States, or for any Treasury deract of Connotes, certificates of indebtednlless, or certificates of deposit, or other representatives of value, which have- been or which may be issued under any act of Congress, the pro*ceeds thereof to be nsed onlly for retiring Treasury notes or other obligations issued under any act of Congress; but Public debt nothing herein contained shall be construed to authorize cnrtastd be in-any increase of the public debt: Provided, That of Unitecd Proviso. States notes not more than ten millions of dollars may be retired and cancelled within six months from the passage of this act, and thereafter not more than four millions of dollars in any one month: And providedfurther, That the act to which this is an amendment shall continue ill full force in all its provisions, except as modified by this act. SEC. 2. And be it further enacted, That the Secretary of Secretary of the Treasury shall report to Congress at the commencement terpolTreart to Congress amonnt of of the nest session the amount of exchanges made or exchanges, loans, &c., and money borrowed under this act, and of whom, and on what also a mount and character of terms; and also the amount and character of indebtedness indebte d n e s s retired under this act, and the act to which this is an retired. 72 LAWS RELATING TO BONDS AND NOTES. amendment, with a detailed statement of the expense of making such loans and exchanges. Approved April 12, 1866. tMarch 2, 1867. PUBLIC-No. 109.-AN ACT TO PROVIDE WAYS AND MEANS FOR THE PAYMENT OF COMPOUND-INTEREST NOTES. Vol. XIV, p. 558. Be it enacted by the Senate and House of Representatives of Temporary the United States of America in Congress assembled, That loan certificates may be issued for the purpose of redeeming and retiring any compoundto redeem compoundl-interest interest notes outstanding, the Secretary of the Treasury notes. is hereby authorized and directed to issue temporary loan certificates in 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 the floating debt of the United States," approved February twenty-fifth, eighteen hundred and sixty-two, Rate of inter- bearing interest at a rate not exceeding three per centuln est. Principal and per annum, principal and interest payable in lawful money interest payable in l awful on demand; and said certificates of temporary loan may Certific ate s constitute and be held by any national bank holding or may be held by b a n ks as re- owning the same, as a part of the reserve provided for in serve. sections thirty-one and thirty-two of the act entitled " An act to provide a national currency secured by a pledge of United States bonds, and to provide for the circulation and redemption thereof," approved June three, eighteen hundred and sixty-four: Provided, That not less than twofifths of the entire reserve of such bank shall consist of Proviso. lawful money of the United States: And provided further,. That the amount of such temporary certificates at any time outstanding shall not exceed fifty millions of dollars. Approved March 2, 1867. Feb. 4, 188. CHAP. VI.-AN ACT TO SUSPEND FURTHER REDUCTION OF THE CURRENCY. Vol. XV, p. 34. Be it enacted by the Senate and House of Representatives of' Power of See- the United States of America in Congress assembled, That, retary of Treasury to reduce from and after the passage of this act, the authority of currency b y, &c., suspended. the Secretary of the Treasury to make any reduction of' the currency, by retiring or cancelling United States.:MutilatedUni- notes, shall be, and is hereby, suspended; but nothing ted States notes herein contained shall prevent the cancellation and demay be replaced. struction of mutilated United States notes, and the re ACT OF EIGHTEEN HUNDRED AND SIXTY-EIGHT. 73 placing of the same with notes of the same character and amount. SCHUYLER COLFAX, Speaker of the House of Representatives. B. F. WADE, President of the Senate pro tempore. Indorsed by the P'resident: " Received January 23, 1868." [NOTE BY THE DEPARTMENT OF STATE.-The foregoing act having been presented to the President of the United States for his approval, and not having been returned by him to the house of Congress in which it originated within the time prescribed by the Constitution of the United States, has become a law without his approval.] CHAP. CCXXXVII.-AN ACT TO PROVIDE FOR A FURTHER ISSUE OF TEM- July 25, 1868. PORARY LOAN CERTIFICATES, FOR THE PURPOSE OF REDEEMING AND RETIRING THE REMAINDER OF THE OUTSTANDING COMPOUND- Vol. XV, p. 18I. INTEREST NOTES. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That Tempo r a r y loan certificates for the sole purpose of redeeming and retiring the remain- limited to; authorized to reder of the compound-interest notes outstanding, the Secre- deem outstandtary of the Treasury is hereby authorized and directed to ingerest notes. issue an additional amount of temporary loan certificates, not exceeding twenty-five millions of dollars; said certificates to bear interest at the rate of three per centum per Rate of interannum, principal and interest payable in lawful money on est. demand, and to be similar in all respects to the certificates authorized by the act entitled " An act to provide ways and means for the payment of compound-interest notes," approved March second, eighteen hundred and sixty-seven; and the said certificates may constitute and be held by May form part of the reserve of any national bank holding or owning the same as a part national banks. of the reserve, in accordance with the provisions of the above-meftioned act of March seconlld, eighteen hundred and sixty-seven. Approved July 25, 1868. 74 LAWS RELATING TO BONDS AND NOTES. July 12, 1870. CHAP. CCLI. β€”AN ACT TO PROVIDE FOR THE REDEMPTION OF THE THREE PER CENT. TEMPORARY LOAN CERTIFICATES AND FOR AN Vol. XVI, p. 251. INCREASE OF NATIONAtL BANK NOTES. Be it enacted by the Senate and House of Representatives of Additional the United States of America in Congress assembled, That notes for circulation to nation- fifty-four millions of dollars in notes for circulation may al banking associations. be issued to national banking associations, in addition to the three hundred millions of dollars authorized by the 1864, ch. 106, g twenty-second section of the "Act to provide a national 22, vol. xiii, p. 105. currency, secured by a pledge of United States bonds, and to provide for the circulation and redemption thereof," approved June three, eighteen hundred and sixty-four; Notes to be and the amount of notes so provided shall be furnished given to what associations. to banking associations organized, or to be organized, in 1865, ch. 82, vol. xiii, p. 498. those States and Territories having less than their proportion under the apportionment contemplated by the provisions of the "Act to amend'An act to provide a national currency secured by a pledge of United States bonds, and to provide for the circulation and redemption thereof,"' approved March three, eighteen hundred and What bonds sixty-five; and the bonds deposited with the Treasurer to be deposited to secure such of the United States, to secure the additional circulating circulation. notes herein authorized, shall be of any description of bonds of the United States bearing interest in coin; but N e w appor- an Ilew apportionment of the increased circulation herein tionment on basis of census of provided for shall be, made as soon as practicable, based 1870. np1870. on the census of eighteen hundred and seventy: ProIf applications vided, That if applications for the circulation herein aufor such circulation are not thorized shall not be made within one year after the pasmade in one year, it may be sage of this act by banking associations organized, or to be organized, in States having less than their proportion, it shall be lawful for the Comptroller of the Currency to issue such circulation to banking associations applying for the same in other States or Territories having less than their proportion, giving the preference to such as have No bank here- the greatest deficiency: And provided further, That no after organized to h a v e over banking association hereafter organized shall have a cir$500,000 circulation. - culation in excess of five hundred thousand dollars. Comptro Iler SEC. 2. And be it further enacted, That at the end of of Currency to report monthlly each mouth after the passage of this act, it shall be the to Secretary of th e Treasury duty of the Comptroller of the Currency to report to the the amount of circul ating Secretary of the Treasury the amount of circulating notes n o te s issued, &c. issued, under the provisions of the preceding section, to national banking associations, during the previous month; ACT OF EIGHTEEN HUNDRED AND SEVENTY. 75 whereupon the Secretary of the Treasury shall redeem Secretary to cancol certain and cancel an amount of three per centum temporary loan three per cent. temporary loan certificates issued under the acts of March two, eighteen certificates. hundred and sixty-seven, and July twenty-five, eighteen hundred and sixty-eight, not less than the amount of circulating notes so reported, and may, if necessary, in order:,i a y notify holders t h a to procure the presentation of such temporary loan certifi- they will n ot b e a r interest cates for redemption, give notice to the holders thereof, by nor be longer part of moneypublication or otherwise, that certain of said certificates,.e s e r v e of (which shall be designated by number, date, and amount) banks. shall cease to bear interest from and after a day to be designated in such notice; and that the certificates so designated shall no longer be available as any portion of the lawful money reserve in possession of any national banking association; and after the day designated in After t ha t time interest such notice, no interest shall be paid on such certificates, not to be paid, and they shall not thereafter be counted as a part of the &C reserve of any banking association. Approved July 12, 1870. CHAP. CCLVI.-AN ACT TO AIUTHORIZE THE REFUNDING OF THE NATIONAL Jul 14, 1870. DEBT. Vol. XVI, p. 272. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Secretary of t h e Treasury Secretary of the Treasury is hereby authorized to issue, in may issue not over $200,000,000 a sum or sums not exceeding in the aggregate two hundred coupon or regmillion dollars, coupon or registered bonds of the United iscent.erbond fie per deemable after States, in such form as he may prescribe, and of denominina- ten year; ternom i nat i o n; tions of fifty dollars, or some multiple of that sum, re- principal a n d deemable in coin of the Iresent standard value, at the in coin; pleasure of the United States, after ten years from the date of their issue, and bearing interest, payable semiannually in such coin, at the rate of five per cent. per annumL; also a suImn or sums not exceeding in the aggregate Also, not over three hundred million dollars of like bonds, the satne in all $300,oo0l000 four and a half per respects, but payable at the pleasure of the United States, ent. bondsf, reafter fifteen years from the (late of their issue, and bearing fifteen years; interest at the rate of four and a half per cent. per annum; also a sum or sums not exceeding in the aggregate one thou- Also, not over sand million dollars of like bonds, the same in all respects, per cent. bonds, but payable at the pleasure of the United States, after thirty erdemable afyears from the date of their issue, and bearing interest at 76 LAWS RELATING TO BONDS AND NOTES. All to be ex- the rate of four per cent. per annum; all of which said empt from United States or several classes of bonds and the interest thereon shall be exempt from the payment of all taxes or duties of the United States, as well as from taxation in any form by or Bonds to set under State, municipal, or local authority; and the said when payatble.nd bonds shall have set forth and expressed upon their face the above specified conditions, and shall, with their coupons, be made payable at the Treasury of the United States. Bonded debt But nothing in this act, or in any other law now in force, creastd. shall be construed to authorize any increase whatever of the bonded debt of the United States. Secretary may SEC. 2. And be it further enacted, That the Secretary of sell bonds at not the Treasury is hereby authorized to sell and dispose of below par for coin, and apply any of the bonds issued under this act, at not less than proceeds, &e.; a their par value for cOin, and to apply the proceeds thereof to the redemption of any of the bonds of the United States outstanding, and known as five-twenty bonds at their par Or may ex- value, or he may exchange the same for such five-twenty ehangies foat five- bonds, par for par; but the bonds hereby authorized shall Appropriation be used for no other purpose whatsoever. And a sum not for expenses. exceeding one-half of one per cent. of the bonds herein authorized is hereby appropriated to pay the expense of preparing, issuing, advertising, and disposing of the same. Payment of SEC. 3. And be't further enacted, That the payment of bonds after, &at. any of the bonds hereby authorized after the expiration of to be in what amounts a n d the said several terms of ten, fifteen, and thirty years, h o w deter- mined. shall be made in amounts to be determined from time to time by the Secretary of the Treasury, at his discretion, the bonds so to be paid to be distinguished and described by the dates and numbers, beginning for each successive payment with the bonds of each class last dated and nlnmbered, of the time of which intended payment or redemlpPublic notice tion the Secretary of the Treasury shall give public nothert, whenof. tice, and the interest on the particular bonds so selected to cease. at any time to be paid, shall cease at the expiration of three months from the date of such notice. Secretary may SEC. 4. And be it further enacted, That the Secretary of pay at par and the Treasury is hereby authorized, with any coin of the cancel certain u iauhrzd t c five-twenty Treasury of the United States which he may lawfully bonds. apply to such purpose, or which may be derived from the sale of any of the bonds, the issue of which is provided for in this act, to pay at par and cancel any six per cent. bonds of the United States of the kind known as five ACT OF EIGHTEEN HUNDRED AND SEVENTY. 77 twenty bonds, which have become or shall hereafter become redeemable by the terms of their'issue. But the particular Particular bonds to be bonds so to be paid and cancel[l]ed shall in all cases be paid, how to be indicated and specified by class, date, and number, in the indicated. orde[r] of their numbers and issue, beginning with the first numbered and issued, in public notice to be given by the Secretary of the Treasury, and in three months after the Public notice. date of such public notice, the interest on the bonds so Interest to cease after, &c. selected and advertised to be paid shall cease. SEC. 5. And be it further enacted, That the Secretary of Secretary may,' within two the Treasury is hereby authorized, at any time within two years, receive gold coin on deyears from the passage of this act, to receive gold coin of posit and issue certificates the United States on deposit for not less than thirty days therefor, bearing interest at in sums of not less than one hundred dollars, with the not over two and a half per Treasurer or any Assistant Treasurer of the United States ce n t. per ahnum. authorized by the Secretary of the Treasury to receive the same, who shall issue therefor certificates of deposit, made in such form as the Secretary of the Treasury shall prescribe, and said certificates of deposit shall bear interest at a rate not exceeding two and a half per cent. per annum; and any amount of gold coin so deposited may be Deposits, when and how maybe withdrawn from deposit at any time after thirty days from withdrawn. the date of deposit, and after tell days' notice, and on the return of said certificates: Provided, That the interest on Inter est to all such deposits shall cease and determine at the pleasure en, &c. of the Secretary of the Treasury. And not less than twenty-five per cent. of the coin deposited for or repre- Gold so received on desented by said certificates of deposits shall be retained in posit, how to be the Treasury for the payment of said certificates; and the applied. excess beyond twenty-five per cent. may be applied, at the discretion of the Secretary of the Treasury, to the paynient or redemption of such outstanding bonds of the United States, heretofore issued and known as the fivetwenty bonds, as he may designate under the provisions of the fourth section of this act; and any certificates of Certifieatesof deposit issued as aforesaid, may be received at par with deposit, &c., rethe interest. accrued thereon, in payment for any bonds m ent. of bonds hereby authorauthorized to be issued by this act. ized. SEC. 6. And be it farther enacted, That the United States United States b o n d s purbonds purchased and now held in the Treasury in accord- chased and now hel d in the ance with the provisions relating to a sinking fund, of Treasury to be section five of the act entitled "An act to authorize the destroyed. issue of United States notes, and for the redemption or fund 78 LAWS RELATING TO BONDS AND NOTES. ing thereof, and for funding the floating debt of the United States," approved Februar3y twenty-fifth, eighteen hundred and sixty-two, and all other United States bonds which have been purchased by the Secretary of the Treasury, with surplus funds in the Treasury, and now held in the Treasury of the United States shall be cancel[l]ed and Record there- destroyed, a detailed record of such bonds so cancelled of to be first made. and destroyed, to be first made in the books of the TreasSuch bonds ury Department. Any bonds hereafter applied to said so hereafter purchased and sinking fiund, and all other United States bonds redeemed held to be likewise recorded or paid hereafter by the United States, shall also in like and destroyed. manner be recorded, cancel[l]ed, and destroyed, and the amount of the bonids of each class that have been cancel[ll]ed and destroyed shall be deducted respectively froml the amount of each class of the outstanding debt of the An amount United States. In addition to other amounts that may be equal to interest on all bonds applied to the redemption or payment of the public debt, belonging to sinking fund to an amount equal to the interest on all bonds belonging to be applied to payment ofpub- the aforesaid sinking fund shall be applied, as the Secrelie debt. tary of the Treasury shall from time to time direct, to the payment of the public debt as provided for in section five Amount to be of the act aforesaid. And the amount so to be applied is annually appropriated. hereby appropriated annually for that purpose, out of the receipts for duties on imported goods. Approved July 14, 1870. Jatn. 20, 1871. CHAP. XXIII.-AN ACT TO AMEND AN ACT ENTITLED "AN ACT TO AUTHORIZE THE REFUNDING OF THE NATIONAL DEBT." Vol. XVI, p. 399. Be it enacted by the Senate and House of Representatives of Amount of the United States of America in Congress assembled, That the five per cent. bonds may be amount of bonds authorized by the act approved July increased to $00,000,00oo and fourteen, eighteen hundred and seventy, entitled " An act interest made payable quar- to authorize the refunding of the national debt," to be issued bearing five per centumn interest per annum, be, and the same is, increased to five hundred millions of dollars, and the interest of any portion of the bonds issued under said act, or this act, may, at the discretion of the Secretary Proviso. of the Treasury, be made payable quarter-yearly: Provided, Total amount however That this act shall not be construed to authorize not to exceed, &c. any increase of the total amount of bonds provided for by the act to which this act is an amendment. Approved January 20, 1871. ACT OF EIGHTEEN HUNDRED AND SEVETNY-ONE. 79 CHAP. CCXLVI.-AN ACT FOR THE BETTER SECURITY OF BANK RE- June 8,1872. SERVES, AND TO FACILITATE BANK CLEARING-HOUSE EXCHANGES. Vol.XVII, p. 3316 Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the The Secretary Secretary of the Treasury is hereby authorized to receive oftah Treeives United States United States notes on deposit, without interest, from na- notes on depostional banking associations, in sums not less than ten thou- it withoutinterand in what sand dollars, and to issue certificates therefor, in such fornl sums. as the Secretary may prescribe, in denominations of not less than five thousand dollars; which certificate shall be pay- Certificates therefor a n d able on demand in United States notes, at the place where how payable. the deposits were made. SEC. 2. That the United States notes so deposited in the Notes deposTreasury of the United States shall not be counted as part ited not to be of the legal reserve, but the certificates issued therefor may serve. Inay be held and counted by national banks as part of Certificates to be part thereof, their legal reserve, and may be accepted in the settlement &c. of clearing-house balances at the places where the deposits therefor were made. SEC. 3. That nothing contained in this act shall be con.- Currency not to be expanded strued to authorize any expansion or contraction of the or contracted currency; and the United States notes for which such cer- hereby. Notes to be tificates are issued, or other United States notes of like special deposits and how apamount, shall be held as special deposits in the Treasury, plied. and used only for the redemption of such certificates. Approved June 8, 1872. No. 49.-JOINT RESOLUTION TO ENABLE OWNERS TO OBTAIN DUPLI- MIarch 3, 1871. CATES OF LOST AND DESTROYED REGISTERED BONDS OF THE UNITED STATES. Vol. XVI, p. 600. Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Secretary of t h e Treasury Secretary of the Treasury be, and herebv is, authorized may issue duplicates of lost and directed, whenever it is proved by clear and satisfac- pr destroyed tory evidence that any duly registered bond of the United b ogn d s upon States, bearing interest, issued for valuable consideration proof, &C. in pursuance of law, has been lost or destroyed, so that the same is not held by any person as his own property, to issue a duplicate of said registered bond, to be so markedl, of like amount, and bearing like interest as the bond so proved to be lost or destroyed: Provided, That the owner Owner to file of such missing bond shall file in the Treasury a bond in a nity to United penal sum equal to the amount of said missing bond, and States. 80 LAWS RELATING TO BONDS AND NOTES. the interest which would accrue thereon, until the principal thereof is due and payable, with two good and sufficient sureties, residents of the United States, to the approval of the Secretary of the Treasury, with condition to indemnify and save harmless the United States from any claim because of the said lost or destroyed bond. Approved March 3, 1871. June 1, 1872. CHAP. CCLIV.-AN ACT TO PROVIDE FOR THE ISSUE OF BONDS IN LIEU OF DESTROYED OR DEFACED BONDS OF THE UNITED STATES. Vol. XVII, p. 196 Be it enacted by the Senate and House of Representatives of Bonds of the the United States of America in Congress assemlbled, That United States may he issued whenever it shall appear to the Secretary of the Treasury, in lieu of those destroyed or by clear and unequivocal proof, that any interest-bearing defaced. bond of the United States has, without bad faith upon the part of the owner, been destroyed, wholly or ill part, or so defaced as to impair its value to the holder, and which bondl shall be identified by number and description, the Secretary of the Treasury shall, under such regulations and with such restrictions as to time and retention for security or otherwise as he may prescribe, issue a duplicate of such bond, having the same time to run, bearing like interest as the bond so proved to have been destroyed or defaced, and so marked as to show the original number of the bond Called bonds destroyed and the date thereof: Provided, That where such to be paid. destroyed or defaced bonds shall appear to have been of such a class or series as has been or may, before such application, be called in for redemption, instead of issuing duplicates thereof they shall be paid, with such interest only as would have been paid if presented in accordance with such call. Owners of SEC. 2. That the owner of such destroyed or defaced destroyed, &c., bond shall surrender the same, or so much thereof as may bonds to give s bond of indeth remain, and shall file in the Treasury a bond in a penal ties. sum double the amount of said destroyed or defaced bond, and the interest which would accrue thereon until the principal thereof is due and payable, with two good and sufficient sureties, residents of the United States, to be approved by the Secretary of the Treasury, with condition to indemnify and save harmless the United States from any claim upon the said destroyed or defaced bond. Approved June 1, 1872. ACT OF EIGHTEEN HUNDRED AND SEVENTY. 81 CHAP CCXXIX.-AN ACT PROVIDING FOR REFUNDING THE INTEREST July 8, 1870. PAID BY THE STATE OF MASSACHUSETTS ON MONEY EXPENDED BY β€” HER ON ACCOUNT'OF THE WAR OF EIGHTEEN HUNDRED AND TWELVE p. 197. TO EIGHTEEN HUNDRED AND FIFTEEN. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That Allowances to be made upon there be allowed on the claim of the State of Massachusetts, tte c I a i m of Massachusetts for interest paid by her on money expended by said State for interest upon account of the war with Great Britail in eighteen hull- pended, &c. dred and twelve to eighteen hundred and fifteen, the sum of six hundred and seventy-eight thousand three hundred and sixty-two dollars and forty-one cents, in full of said claim; and whereas by an arrangement made by the said State of Massachusetts and the State of Maine, at the time of their separation, in eighteen hundred and twenty, the said State of Maine becomes the owner of one-third of this claim; and whereas both of said States have assigned their respective interests in said claim to the European and North American Railway Company of Maine, to aid said company in constructing its line of railway, the Secretary of the Treasury is hereby authorized and directed to pay one-third part One-third to of the said claim of six hundred and seventy-eight thousand and two Ma-thirds to Massachothree hundred and sixty-two dollars and forty-one cents to setts, and all for the benefit the State of Maine, and the other two-thirds part thereof of the European and N o r t h to the State of Massachusetts, by an issue to each of said American RailStates, for the use and benefit of said European and North way Company. American Railway Company, of an amount of United States Certificates of in d e btedness, certificates of indebtedness equal to its share in the whole form, interest, sum allowed and to be paid; said certificates to be of the lenomination of one thousand dollars each, to be made and issue(l by the Secretary of the Treasury in such form, anld signed, attested, andll registered as he shall direct, and with or without interest warrants as he may prefer. Each certificate to run five years from its date, to d(raw interest, payable semi-annluallly, at the rate of four per cent. per annunm, and to be payable, both principal aind interest, in lawful money of the United States, to be hereafter appropriated and provided for by Congress. SEC. 2. And be it further enacted, That the acceptance by All claims by Massachus etts, the said States of Massachusetts and Maine and the said Maine, &c., for, European aend North American Railway Company of the dated hereby. amount hereby authorized to be paid to each of said States for the iuse anld benefit of said railway company shall be 6 8 2 LAWS RELATING TO BONDS AND NOTES. held and regarded as a full adjustment, and payment of any and all claims for interest as aforesaid, and also a complete a(ljustment, liquidation, and payment of alny and all other claims of the said States of Massachusetts and Maine and of said railway company, or either of them, against the JUnited States for and on account of any matters arising from any money expended by said State of Massachusetts on account of the war with Great Britain in eighteen hundred and twelve to eighteen hundred and fifteen, or any interest thereon, or on account of any matters arising out Vol. viii, p. 572. of or accruing from the treaty with Great Britain, known as the Treaty of Washington, or for or on account of any other matters which have been assigned by said States of Massachusetts and Maine to said railway companly. Approved July 8, 1870. Dec. 17, 1873. CHAP. -.-AN ACT TO PROVIDE FOR THE REDEMPTION OF THE LOAN OF EIGHTEEN HUNDREI AND FIFTY-EIGHT. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That for the purpose of redeeming the bonds issued under the act entitled "An act to authorize a loan not exceedling the sum of twenty millions of dollars," approved June fourteenth, eighteen hundred and fifty-eight, as amended March third, eighteen hundred and fifty-nine, called the loan of eighteen hundred and fifty-eight, it is hereby declared to be the pleasure of the United States to pay all the coupon bonds of said loan on the first day of January, eighteen hundred and seventy-four, at which date the interest thereon shall cease, and coin in the Treasury sufficient to redeem said coupon bonds is hereby approp)riate(l for that purpose. SEC. 2. That the Secretary of the Treasury may issue Ilan equal amounlt, at par of principal allid interest, of five pier centunl bonds of the funded loanl under the act for refunlding the lnationlal debt, approved July fourteenlthl eighteen hundred and seventy, and the act amendatory thereof, appro ved January twentieth, eighteen hundred and seven tyone, for any of the bonds of the loan of eighteen hundred arnl fifty-eight, which the holders thereof may, onll or before February first, eighteen hundred and sevenlty-four, elect to exchange for the five per centum bonds of the said funded ACT OF EIGHTEEN HUNDRED AND SEVENTY-THREE. 83 loan, with inlterest from said January first: Provided, That no commnissions or allowances whatever shall be paid for the exchange of bonds hereby authorized, and no interest shall be allowed on the new bonds for any time for which interest is paid on the bonds exchalnged. Approved Deceimber 17, 1873.