the United States notes in coin. Redemption of And the United States also solemnly pledges its faith to make provision at the earliest practicable period for the redemption of the United States notes in coin. Approved, March 18, 1869. July 8, 1870. Vol. XVI, p. 197. be made upon the CHAP. CCXXIX.-AN ACT PROVIDING FOR REFUNDING THE INTEREST Be it enacted by the Senate and House of Representatives of Allowances to the United States of America in Congress assembled, That claim of Massa- there be allowed on the claim of the State of Massachusetts, est upon money for interest paid by her on money expended by said State chusetts for inter expended, &c. paid to Maine and Massachusetts, on account of the war with Great Britain in eighteen hundred 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 TreasOne-third to be ury is hereby authorized and directed to pay one-third part two-thirds to Of the said claim of six hundred and seventy-eight thousand and all for the three hundred and sixty-two dollars and forty-one cents to ropean and North the State of Maine, and the other two-thirds part thereof way Company. to the State of Massachusetts, by an issue to each of said States, for the use and benefit of said European and North Certificates of American Railway Company, of an amount of United States form, interest, certificates of indebtedness equal to its share in the whole sum allowed and to be paid; said certificates to be of the denomination of one thousand dollars each, to be made and issued by the Secretary of the Treasury in such form, and signed, attested, and 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 draw interest, payable semi-annually, at the rate of four per cent. per annum, and to be payable, both principal and interest, in lawful money of the United States, to be hereafter appropriated and provided for by Congress. benefit of the Eu American Rail. indebtedness, &c. Massachusetts, All claims by SEC. 2. And be it further enacted, That the acceptance by Maine, &c., for, the said States of Massachusetts and Maine and the said &c., to be liqui dated hereby. European and North American Railway Company of the amount hereby authorized to be paid to each of said States for the use and benefit of said railway company shall be held and regarded as a full adjustment, and payment of any and all claims for interest as aforesaid, and also a complete adjustment, liquidation, and payment of any and all other claims of the said States of Massachusetts and Maine and of said railway company, or either of them, against the United 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 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 company. Approved July 8, 1870. Vol. viii, p. 572. CHAP. CCLII.-AN ACT TO PROVIDE FOR THE REDEMPTION OF THE July 12, 1870. Vol. XVI, p. 251. notes for circula Notes to be Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That Additional fifty four millions of dollars in notes for circulation may tion to national banking associabe issued to national banking associations, in addition tions. to the three hundred millions of dollars authorized by the twenty-second section of the "Act to provide a national Post, p. 153. 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; and the amount of notes so provided shall be furnished to banking associations organized, or to be organized, in given to what es those States and Territories having less than their pro- sociations. portion 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 sixty-five; and the bonds deposited with the Treasurer of the United States, to secure the additional circulating notes herein authorized, shall be of any description of bonds of the United States bearing interest in coin; but a new apportionment of the increased circulation herein New apportionprovided for shall be made as soon as practicable, based census of 1970. upon the census of eighteen hundred and seventy: Prorided, That if applications for the circulation herein au Post, p. 183. what bonds to be deposited to secure such circulation. ment on basis of for such circula &c. If applications thorized shall not be made within one year after the pastion are not made sage of this act by banking associations organized, or to in one year, it may be issued 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 R. S., 5176, post, 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 have over $500,- banking association hereafter organized shall have a circulation in excess of five hundred thousand dollars. p. 194. 000 circulation. Comptroller of Currency to re amount of circu sued, &c. cancel certain Ante, p. 77. holders that they SEC. 2. And be it further enacted, That at the end of port monthly to each month after the passage of this act, it shall be the Secretary of the Treasury the duty of the Comptroller of the Currency to report to the lating notes is-Secretary of the Treasury the amount of circulating notes issued, under the provisions of the preceding section, to national banking associations, during the previous month; Secretary to whereupon the Secretary of the Treasury shall redeem and three per cent. cancel an amount of three per centum temporary loan certemporary loan certificates. tificates issued under the acts of March two, eighteen hundred and sixty-seven, and July twenty-five, eighteen hundred and sixty-eight, not less than the amount of circuMay notify lating notes so reported, and may, if necessary, in order to will not bear in- procure the presentation of such temporary loan certificates ger part of money for redemption, give notice to the holders thereof, by publication or otherwise, that certain of said certificates (which shall be designated by number, date, and amount), 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; After that time and, after the day designated in such notice, no interest interest not to be paid, &c. shall be paid on such certificates, and they shall not thereafter be counted as a part of the reserve of any banking association. terest nor be lon reserve of banks. * * Approved July 12, 1870. * * July 14, 1870. Vol. XVI, p. 272. Secretary of the sue not over pon or registered CHAP. CCLVI.-AN ACT TO AUTHORIZE THE REFUNDING OF THE NATIONAL DEBT. Be it enacted by the Senate and House of Representatives of Treasury may is- the United States of America in Congress assembled, That the $200,000,000 con- Secretary of the Treasury is hereby authorized to issue, in five per cent. a sum or sums not exceeding in the aggregate two hundred ble after ten million dollars, coupon or registered bonds of the United years; denomination; principal States, in such form as he may prescribe, and of denominaand interest pay- tions of fifty dollars, or some multiple of that sum, redeem bonds, redeema able in coin; cember 17, 1873, $300,000,000 four half per cent. bonds, re fifteen years; redeemable after able in coin of the present standard value, at the pleasure See act of Deof the United States, after ten years from the date of their s. 2, post, p. 140. issue, and bearing interest, payable semi-annually in such coin, at the rate of five per cent. per annum; also a sum or also, not over sums not exceeding in the aggregate three hundred million and a dollars of like bonds, the same in all respects, but payable deemable after at the pleasure of the United States, after fifteen years from the date of their issue, and bearing interest at the rate of four and a half per cent. per annum; also a sum or also, not over $1,000,000,000 four sums not exceeding in the aggregate one thousand million per cent. bonds, dollars of like bonds, the same in all respects, but pay- thirty years; able at the pleasure of the United States, after thirty years from the date of their issue, and bearing interest at the rate of four per cent. per annum; all of which said all to be exseveral classes of bonds and the interest thereon shall be ed States or State taxes. exempt from the payment of all taxes or duties of the United States, as well as from taxation in any form by or under State, municipal, or local authority; and the said Bonds to set bonds shall have set forth and expressed upon their face when payable. the above specified conditions, and shall, with their coupons, be made payable at the Treasury of the United States. But nothing in this act, or in any other law now in force, Bonded debt shall be construed to authorize any increase whatever of creased. the bonded debt of the United States. empt from Unit R. S., 3701, post, p. 133. forth what and not to be in sell bonds at not See act of June 142. ог may change for five SEC. 2. And be it further enacted, That the Secretary of Secretary may 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, &c.; their par value for coin, and to apply the proceeds thereof to the redemption of any of the bonds of the United States 20, 1874, post, p. outstanding, and known as five-twenty bonds at their par value, or he may exchange the same for such five-twenty bouds, par for par; but the bonds hereby authorized shall twenties at par. be used for no other purpose whatsoever. And a sum not exceeding one-half of one per cent. of the bonds herein authorized is hereby appropriated to pay the expense of Appropriation preparing, issuing, advertising, and disposing of the same. SEC. 3. And be it further enacted, That the payment of any of the bonds hereby authorized after the expiration of to be in what the said several terms of ten, fifteen, and thirty years, how determined. 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 numbered, of the time of which intended payment or redemption the Secretary of the Treasury shall give public notice, thereof. for expenses. Payment of bonds after, &c., amounts and Public notice to cease. Interest, when and the interest on the particular bonds so selected at any time to be paid, shall cease at the expiration of three months from the date of such notice. pay at par and five-twenty bonds. p. 132. Secretary may SEC. 4. And be it further enacted, That the Secretary of cancel certain the Treasury is hereby authorized, with any coin of the Treasury of the United States which he may lawfully apply to such purpose, or which may be derived from the sale of any of the bonds, the issue of which is provided R. S., 3697, post, for in this act, to pay at par and cancel any six per cent. bonds of the United States of the kind known as fivetwenty bonds, which have become or shall hereafter become Particular redeemable by the terms of their issue. But the particular how to be indi- bonds so to be paid and cancel[1]ed shall in all cases be indicated and specified by class, date, and number, in the orde[r] of their numbers and issue, beginning with the first Public notice. numbered and issued, in public notice to be given by the Secretary of the Treasury, and in three months after the Interest to date of such public notice, the interest on the bonds so selected and advertised to be paid shall cease. bonds to be paid, cated. cease after, &c. Secretary may, within two years, on deposit and is SEC. 5. And be it further enacted, That the Secretary of receive gold coin the Treasury is hereby authorized, at any time within two years from the passage of this act, to receive gold coin of interest at not the United States on deposit for not less than thirty days, half per cent. per in sums of not less than one hundred dollars, with the sne certificates therefor, bearing over two and a annum. Treasurer or any Assistant Treasurer of the United States, 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 anDeposits, when and how may be and any amount of gold coin so deposited may be num; withdrawn. withdrawn from deposit at any time after thirty days from the date of deposit, and after ten days' notice, and on the Interest to return of said certificates: Provided, That the interest on cease, when, &c. all such deposits shall cease and determine at the pleasure Gold so received of the Secretary of the Treasury. And not less than on deposit, how to be applied. twenty-five per cent. of the coin deposited for or represented by said certificates of deposits shall be retained in the Treasury for the payment of said certificates; and the excess beyond twenty-five per cent. may be applied, at the discretion of the Secretary of the Treasury, to the payment or redemption of such outstanding bonds of the United States, heretofore issued and known as the fivedeposit, &c., re- twenty bonds, as he may designate under the provisions. ment of bonds of the fourth section of this act; and any certificates of deposit issued as aforesaid, may be received at par with Certificates of ceived in pay bereby authorized. |