Stat. at Large, CHAP. V. - An Act authorizing the Issue of Treasury Notes, a Loan, and for other Vol. IX. p. 118. Purposes.

Be it enacted, &c. That the President of the United States is hereby authorized to cause treasury notes, for such sum or sums as the exigencies of the government may require, but not exceeding, in the whole $23,000,000 of amount of notes issued, the sum of twenty-three millions of dollars, and treasury notes of denominations not less than fifty dollars for any one note, to be preauthorized. pared, signed, and issued, in the manner hereinafter provided. When to be paid.

est.

SEC. 2. That the said treasury notes authorized to be issued by the first section of this act, shall be reimbursed and redeemed by the United States, at the treasury thereof, after the expiration of one year or two years from the dates of the said notes respectively; from which said dates they shall bear such interest, until they shall be respectively redeemed, Rate of inter- as shall be expressed upon the face of the said notes; which rate of interest upon each several issue of the said notes shall be fixed by the Secretary of the Treasury, by and with the advice and approbation of the President; but shall in no case exceed the rate of interest of six per centum per annum: Provided, That, after the maturity of any of the said notes, such interest shall cease at the expiration of sixty days' nocease sixty days tice, to be given at any time by the Secretary of the Treasury, in one or more of the principal papers published at the seat of government, of a readiness to redeem the same. The reimbursement herein provided for shall be made at the treasury of the United States to the holders of the said notes respectively, upon presentment, and shall include the principal of each note, and the interest which may be due thereon at the time of payment. For this reimbursement, at the time and times herein specified, the faith of the United States is hereby solemnly pledged.

Interest to

after notice.

Notes, how signed, &c.

Accounts to be kept.

Additional

clerks authorized.

May be issued

to creditors.

May be pledged,

but not for less than par.

SEC. 3. That the said treasury notes shall be prepared under the direction of the Secretary 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 the number, date, denomination, and amount, of all the notes signed and countersigned by them respectively, which said account shall be entered in a book or books, to be provided for that purpose, and carefully preserved in the treasury department; and also similar accounts, kept and preserved in the same manner, of all the said notes redeemed, as the same shall be returned and cancelled; and the treasurer shall further account, quarterly, for all such notes delivered to him for signature or issue by the register. The treasurer and register of the treasury are hereby authorized, by and with the consent and approbation of the Secretary of the Treasury, to employ such additional temporary clerks as the duties enjoined upon them by this 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 annum.

SEC. 4. That the Secretary of the Treasury is hereby authorized, with the approbation of the President of the United States, to cause to be issued such portion of the said treasury notes as the President may think expedient, in payment of debts due by the United States, to such public creditors or other persons, as may choose to receive such notes in payment, as aforesaid, at par. And the Secretary of the Treasury is further authorized, with the approbation of the President of the United States, to borrow, from time to time, such sums as the President may think expedient, on the credit of such notes: Provided, however, That no treasury notes shall be pledged, hypothecated, sold, or disposed of in any wise for any purpose whatever, directly or indirectly, for any sum less than the amount of such notes, including the principal and interest thereon when disposed of.

SEC. 5. That the said treasury notes shall be transferable, by delivery and assignment endorsed thereon, by the person to whose order the same shall, on the face thereof, have been made payable.

How transfer

able.

To be receivable for all pub

SEC. 6. That the said treasury notes shall be received in payment of all duties and taxes laid by the authority of the United States, of all pub- lic dues. lic lands sold by the said authority, and of all debts to the United States of any character whatsoever, which may be due and payable at the time when said treasury notes may be so offered in payment; and on every such payment credit shall be given for the amount of the principal and interest which, on the day of such payment, may be due on the note or notes thus given in payment.

On payment a

SEC. 7. That every collector, receiver of public moneys, or other officer or agent of the United States, shall, on the receipt of any treasury taken, receipt to be notes in payment for the government, take from the holder thereof a receipt on the back of each of said notes, stating distinctly the date and the amount received; and shall keep, according to such forms as shall be prescribed by the Secretary of the Treasury, entries of whom received, and entry made. the number, date, and respective amounts of principal and interest of each and every treasury note thus received; and on delivering the same to the treasury shall receive credit for the amount paid as prescribed by the last section: Provided, No error shall appear.

Payment.

SEC. 8. That the Secretary of the Treasury be, and he is hereby, authorized and directed 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 same, according to the provisions of this act, should be thus reimbursed and paid. And the said secretary is further authorized to make purchases of the said notes at par for the amount of the principal and interest due at the time of purchase on such notes. And so much of unappropriated money in the treasury as may be necessary for that purpose is hereby appropriated for paying the for payment. principal and interest of said notes.

Purchase by

United States.

Appropriation

said notes.

SEC. 9. That if any person shall falsely make, forge, or counterfeit, or Penalty for cause or procure to be falsely made, forged, or counterfeited, or willingly forging or counterfeiting, &c. 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. That if any person shall make or engrave, or cause or pro- Penalty for cure to be made or engraved, or shall have in his custody or possession ng an engraved making or keepany metallic plate engraved after the similitude of any plate from which plate, &c. of any notes issued as aforesaid shall have been printed, with intent to use said notes. 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 to be used in forging or counterfeiting

Secretary of the Treasury to make rules, &c.

Reissue.

Amount not

to exceed

$23,000,000.

May be con

verted into stock.

any of the notes issued as aforesaid, every such person, being thereof convicted by due course of law, shall be sentenced to be imprisoned, and kept to hard labor, for a term not less than three nor more than ten years, and fined in a sum not exceeding five thousand dollars.

SEC. 11. That the Secretary of 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 safe-keeping, disposition, return, and cancelling of the said notes so paid to and received by them, respectively, and as to their accounts and returns to the department of such receipts as may seem to him best calculated to promote the public interests and convenience, and secure the United States and the holders of the notes against fraud and losses.

SEC. 12. That, in lieu of the notes authorized by this act which may be redeemed, other 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, shall not exceed the sum of twenty-three millions of dollars.

SEC. 13. That it shall be lawful for the holders of the aforesaid treasury notes to present them, at any time, to the treasury of the United States, or to any assistant treasurer, or to such collectors of the customs and receivers of public moneys as may be designated by the Secretary of the Treasury; and the holders of the said treasury notes shall be 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, Stock, when however, and be it further enacted, That it shall be lawful for the United States to reimburse the stock thus created, at any time after the last day of December, one thousand eight hundred and sixty-seven.

reimbursable.

Same subject.

Act of 1846,

SEC. 14. That it shall and may 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. That the authority to issue treasury notes authorized by the ch. 64, extended. « Act authorizing an issue of treasury notes and a loan," approved July twenty-second, one thousand eight hundred and forty-six, be, and the same is hereby, extended to the same period fixed for the treasury notes 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 million of dollars.

Stock may be issued instead of notes.

Whole amount

not to exceed $23,000,000.

Proviso.

SEC. 16. That the President, if in his opinion it shall be the interest of the United States so to do, instead of issuing the whole amount of treasury notes authorized by the first section of this act, may borrow, on the credit of the United States, such an amount of money as he may deem proper, and issue therefor stock of the United States, bearing interest at a rate not exceeding six per centum per 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 issued under the first and twelfth sections of this act outstanding, and the stock created by this and the thirteenth sections of this act, shall not in the whole exceed the sum of twenty-three millions of dollars: And provided further, That no stocks shall be issued at a less rate than par.

Interest paya

SEC. 17. That the interest on the stock created by this act shall be payable semi-annually, on the first days of January and July in each ary and July.

year.

Certificates of stock, how

SEC. 18. That the certificates of stock to be issued under this act shall be signed by the register of the treasury, and the Secretary of the Treas- signed. ury shall cause each of said certificates to be sealed with the seal of his department.

SEC. 19. That, for the payment of the stock which may be created un- Proceeds of der the provisions of this act, the sales of the public lands are hereby pledged for republic lands pledged, and it is hereby made the duty of the Secretary of the Treasury demption. 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 stocks at their market value: Provided, No more than par shall be paid for said stocks. pealed, 1849, ch. SEC. 20. That a sum not exceeding twenty thousand dollars, to be paid 100, § 3, post, p.

Proviso re

out of any unappropriated money in the treasury, be, and the same is 771. Contingent hereby appropriated, for defraying the expense of preparing, printing, en- expenses. graving, 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.

or redeemed to

SEC. 21. That it shall be, and hereby is, made the duty of the Secre- Amount issued tary of the Treasury to cause a statement to be published monthly of the be published amount of all treasury notes issued or redeemed in pursuance of the monthly. provisions of this act; and that the power to issue treasury notes con- Issue, when to ferred 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.

cease.

session.

SEC. 22. That it shall be the duty of the Secretary of the Treasury Report to Conto report to Congress, at the commencement of each session, the amount gress at each 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.

CHAP. XXVI. — An Act to authorize a Loan not to exceed the Sum of Sixteen Millions of Dollars.

Stat. at Large, Vol. IX. p. 217.

Loan of

thorized.

Be it enacted, &c. That the President of the United States be, and he is hereby, authorized, at any time within one year from the passage of this $16,000,000 auact, 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 exceed- Interest, when ing six per centum per annum, payable quarterly or semi-annually, which payable. 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 such loan shall be transferable on the books of the treasury.

SEC. 2. That the Secretary of the Treasury be, and he is hereby authorized, with the consent of the President of the United States, to cause

Stock transferable.

Certificates of

stock.

How sold.

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 sold below par: And provided, also, That, whenever required so to do, the Secretary of the Treasury shall cause to be attached to any certificate or certificates to be issued under this act, coupons of interest; and any certificate having such coutransferable by pons of interest attached to it, may be transferable by delivery of the certificate, instead of being assignable on the books of the treasury; but no certificate of stock shall be issued for a less amount than fifty dollars.

Coupons for interest.

Certificates

delivery.

Proposals for the loan may be invited.

Contingent expanses of this

Proviso.

SEC. 3. That the Secretary of the Treasury be, and he is hereby, authorized to receive proposals for the taking of such loan, or any part or parts thereof; and that, before disposing of the said stock issued for such loan, the Secretary of the Treasury shall cause to 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 advertisement, not more than sixty days or less than twenty days from the time of the first insertion of said advertisement in one or two newspapers in the city of Washington, and stating the amount of the loan required, and in what instalments, and when and where it will be required to be paid. And all such proposals shall be required to be sealed, and shall be opened by the 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: Provided, however, That the employment of agents, and other 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 treasury 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. That the faith of the United States is hereby pledged to profaith pledged for vide and establish sufficient revenues for the regular payment of the inredemption. terest, and for the redemption of said stock. And the principal sum borrowed under the provisions of this act, and the interest thereon, as the same shall, from time to time, become due and payable, shall be paid out Appropriation. of any money in the treasury not otherwise appropriated.

Purchase of stock when there are surplus funds in the treasury.

Report to be

SEC. 5. That the Secretary of the Treasury be, and he is hereby, authorized to purchase, 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. SEC. 6. That it shall be the duty of the Secretary of the Treasury to made of things report to Congress, at 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.

done under this

act.