the mint, with the approval of the Secretary of the Treasury, to cause the motto "In God we trust" to be placed upon such coins hereafter to be issued as shall admit of such legend thereon. two-cent coins to SEC. 6. And be it further enacted, That the one and two One-cent and cent coins of the United States shall not be a legal tender for be a legal tender only for four any payment exceeding four cents in amount; and so much cents. of the laws of the United States heretofore enacted as are in Ante, p. 62, s. 4. conflict with the provisions of this act, are hereby repealed. Approved March 3, 1865. CHAP. XXVIII.-AN ACT TO AMEND AN ACT ENTITLED "AN ACT TO the April 12, 1866. Vol. XIV, p. 31. Ante, p. 71. Secretary of the Treasury empow Treasury notes, for bonds. Bonds may be sold and the pro ceeds used only for retiri'g Treas obligations is Congress. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the act entitled "An act to provide ways and means to support ered to receive the government," approved March third, eighteen hundred &c., in exchange and sixty-five, shall be extended and construed to authorize R. S., 3582, post, the Secretary of the Treasury, at his discretion, to receive P. 129. any Treasury notes or other obligations issued under any act of Congress, whether bearing interest or not, in exchange for any description of bonds, authorized by the act to which this is an amendment; and also to dispose of any description of bonds authorized by said act, either in United States or elsewhere, to such an amount, in such ury notes or other manner, and at such rates as he may think advisable, for sued under act of 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 which may be issued under any act of Congress, the proceeds thereof to be used only for retiring Treasury notes or other obligations issued under any act of Congress; but nothing Public debt not herein contained shall be construed to authorize any increase of the public debt: Provided, That of United States notes Proviso. 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 provided further, That the act to which this is an amendment shall continue in full force in all its provisions, except as modified by this act. to be increased. Secretary of the Treasury to re amount of ex SEC. 2. And be it further enacted, That the Secretary of the Treasury shall report to Congress at the commencement port to Congress of the next session the amount of exchanges made or changes, loans, money borrowed under this act, and of whom, and on what amount and charterms; and also the amount and character of indebtedness edness retired. &c., and also acter of indebt retired under this act, and the act to which this is an amendment, with a detailed statement of the expense of making such loans and exchanges. Approved April 12, 1866. May 16, 1866. Vol. XIV, p. 47. to be coined of devices, &c. CHAP. LXXXI.-AN ACT TO AUTHORIZE THE COINAGE OF FIVE-CENT Be it enacted by the Senate and House of Representatives of Five-cent pieces the United States of America in Congress assembled, That, so copper and nickel. Soon as practicable after the passage of this act, there shall be coined at the mint of the United States a five-cent piece composed of copper and nickel, in such proportions, not exceeding twenty-five per centum of nickel, as shall be deterWeight, shape, mined by the director of the mint, the standard weight of which shall be seventy-seven and sixteen hundredths grains, with no greater deviation than two grains to each piece; and the shape, mottoes and devices of said coin shall be determined by the director of the mint, with the approval Laws relating of the Secretary of the Treasury; and the laws now in force to coinage of cents, &c., to ap- relating to the coinage of cents, and providing for the purply to this coiuchase of material, and prescribing the appropriate duties age. of the officers of the mint and the Secretary of the Treasury, be, and the same are hereby, extended to the coinage herein provided for. Laws relating to coins extended SEC. 2. And be it further enacted, That all laws now in to this act so far force relating to the coins of the United States, and the as applicable. striking and coining of the same, shall, so far as applicable, be extended to the coinage herein authorized, whether said laws are penal or otherwise, for the security of the coin, regulating and guarding the process of striking and coining, for preventing debasement or counterfeiting, or for Regulations as any other purpose. And the director of the mint shall to alloy. prescribe suitable regulations to insure a due conformity to the required weights and proportions of alloy in the said coin, and shall order trials thereof to be made from time to time by the assayer of the mint, whereof a report shall be made in writing to the director. Report. To be legal ten der to amount of a dollar. exchange for cur rency. SEC. 3. And be it further enacted, That said coin shall be a legal tender in any payment to the amount of one dollar. To be paid in And it shall be lawful to pay out such coins in exchange for the lawful currency in the United States, (except cents, Act of April 2, or half cents, or two-cent pieces, issued under former acts Act of April 22, of Congress,) in suitable sums, by the treasurer of the mint, 1864, ante, p. 62. Ante, p. 74, s. 3. and by such other depositaries as the Secretary of the Treasury may designate, and under general regulations approved 1792, ante, p. 1. by the Secretary of the Treasury. And under the like regulations the same may be exchanged in suitable sums for any lawful currency of the United States, and the expenses incident to such exchange, distribution, and transmission may be paid out of the profits of said coinage; and the net profits of said coinage, as ascertained in the manner prescribed in the second section of the act entitled "An act relating to foreign coins and the coinage of cents at the mint of the United States," approved February twenty-first, Ante, p. 24. eighteen hundred and fifty-seven, shall be transferred to the Treasury of the United States: Provided, That from and after the passage of this act no issues of fractional currency of ess notes of the United States shall be of a less denomination be issued, and old issues to be canthan ten cents; and all such issues at that time outstand- celled. ing shall, when paid into the Treasury or any designated R. S., 3573, post, depository of the United States, or redeemed or exchanged p. 128. as now provided by law, be retained and cancelled. No fractional than ten cents to making, &c., of ished. R. S., 5462, post, p. 140. SEC. 4. And be it further enacted, That, if any person or Unauthorized persons not lawfully authorized shall knowingly make, such coins punissue, or pass, or cause to be made, issued, or passed, or aid in the making, issuing, or passing of any coin, card, token, or device whatsoever, in metal or its compound, intended to pass or be passed as money for the coin authorized by this act, or for coin of equal value, such person or persons shall be deemed guilty of a misdemeanor, and shall, on conviction thereof, be punished by a fine not exceeding one thousand dollars, and by imprisonment for a term not exceeding five years, at the discretion of the court. SEC. 5. And be it further enacted, That it shall be lawful for the treasurer and the several assistant treasurers of the United States to redeem in national currency, under such rules and regulations as may be prescribed by the Secretary of the Treasury, the coin herein authorized to be issued, when presented in sums of not less than one hundred dollars. Approved May 16, 1866. May be redeem ed in sums of not less than one hun dred dollars. CHAP. CXCIV.-AN ACT TO PROVIDE WAYS AND MEANS FOR THE March 2, 1867. Vol. XIV, p. 558. certificates may Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That Temporary loan for the purpose of redeeming and retiring any compound- be issued to redeem compoundinterest notes outstanding, the Secretary of the Treasury interest notes. is hereby authorized and directed to issue temporary loan certificates in the manner prescribed by section four of the Certificates banks as reserve. 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 Ante, p. 44. February twenty-fifth, eighteen hundred and sixty-two, Rate of interest. bearing interest at a rate not exceeding three per centum Principal and per annum, principal and interest payable in lawful money interest payable in lawful money. On demand; and said certificates of temporary loan may may be held by constitute and be held by any national bank holding or owning the same, as a part of the reserve provided for in sections thirty-one and thirty-two of the act entitled "An act to provide 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 twoSee post, p. 79. fifths of the entire reserve of such bank shall consist of lawful money of the United States: And provided further, That the amount of such temporary certificates at any time outstanding shall not exceed fifty millions of dollars. Approved March 2, 1867. Post, p. 153. Feb. 4, 1868. Vol. XV, p. 34. retary of Treasu CHAP. VI.-AN ACT TO SUSPEND FURTHER REDUCTION OF THE CUR RENCY. Be it enacted by the Senate and House of Representatives of Power of Sec- the United States of America in Congress assembled, That, ry to reduce cur- from and after the passage of this act, the authority of rency by, &c., suspended. the Secretary of the Treasury to make any reduction of the currency, by retiring or cancelling United States Mutilated Unit- notes, shall be, and is hereby, suspended; but nothing may be replaced. herein contained shall prevent the cancellation and deR. S., 3582, post, struction of mutilated United States notes, and the replacing of the same with notes of the same character and amount. ed States notes p. 129. SCHUYLER COLFAX, Speaker of the House of Representatives. B. F. WADE, President of the Senate pro tempore. Indorsed by the President: "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 July 25, 1868. Vol. XV, p. 183. certificates limit to redeem out Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That for Temporary loan the sole purpose of redeeming and retiring the remainder ed to; authorized of the compound-interest notes outstanding, the Secretary standing comof the Treasury is hereby authorized and directed to issue pound-interest an additional amount of temporary loan certificates, not exceeding twenty-five millions of dollars; said certificates notes. est. to bear interest at the rate of three per centum per annum, Rate of interprincipal and interest payable in lawful money on 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 any national national banks. bank holding or owning the same as a part of the reserve, Ante, p. 77. in accordance with the provisions of the above-mentioned act of March second, eighteen hundred and sixty-seven. Approved July 25, 1868. May form part of the reserve of CHAP. I.-AN ACT TO STRENGTHEN THE PUBLIC CREDIT. March 18, 1869. United States payment in coin, of all obligations States, &c., ex R. S., 3693, post, Be it enacted by the Senate and House of Representatives of Vol. XVI, p. 1. the United States of America in Congress assembled, That in The faith of the order to remove any doubt as to the purpose of the govern- pledged to the ment to discharge all just obligations to the public creditors, or its equivalent, and to settle conflicting questions and interpretations of the of the United laws by virtue of which such obligations have been con- cept, &c. tracted, it is hereby provided and declared that the faith. of the United States is solemnly pledged to the payment in p. 131. coin or its equivalent of all the obligations of the United States not bearing interest, known as United States notes, and of all the interest-bearing obligations of the United States, except in cases where the law authorizing the issue of any such obligation has expressly provided that the same may be paid in lawful money or other currency than gold and silver. But none of said interest-bearing obligations Interest - bearing obligations not already due shall be redeemed or paid before maturity not already due unless at such time United States notes shall be convertible fore maturity, unnot to be paid beinto coin at the option of the holder, or unless at such time bonds of the United States bearing a lower rate of interest than the bonds to be redeemed can be sold at par in coin. less, &c. |