reserved to pay 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one hundred dollars, at a rate of interest not exceeding five per centum per annum; and any amount so deposited may be withdrawn from deposit, at any time after ten days' notice on the return of the certificate of deposit.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 $50,000,000 notes authorized by this act, not less than fifty millions of dollars deposits. shall be reserved for the purpose of securing prompt pay. ment 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 for All certificates that purpose. And certificates of deposit and of indebtedof deposit and of indebtedness ness issued under this or former acts may be received on the same terms as United States notes in payment for bonds redeemable after five and payable in twenty years. convertible into bonds. Time of obtain ing loan author July 17, 1861, ex- SEC. 4. And be it further enacted, That the Secretary of ized by act of the Treasury may, at any time until otherwise ordered by Congress, and under the restrictions imposed by the “Act to authorize a national loan, and for other purposes," borrow, on the credit of the United States, such part of the sum of two hundred and fifty millions mentioned in said act as may not have been borrowed, under the provisions of the same, within twelve months from the passage thereof. Appropriation for punishing coin, contained in of United States, ch. 205, 1860. SEC. 5. And be it further enacted, That any part of the counterfeiting of appropriation of ten thousand dollars for the detection and act of June 23, bringing to trial of persons engaged in counterfeiting the 1860, applied to bonds, notes, &c., coin of the United States, made by the act entitled "An act making appropriations for the legislative, executive, and judicial expenses of the government for the year end. ing thirtieth of June, eighteen hundred and sixty-one," approved June twenty-three, eighteen hundred and sixty, may be applied in detecting and bringing to trial and punishment 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 thousand dollars is hereby appropriated, out of any money in the Treasury not otherwise appropriated. Provisions of act of February ble to this act. Ante, p. 44. SEC. 6. And be it further enacted, That all the provisions 25, 1862, applica 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-five, eighteen hundred and sixty-two, so far as the same can or may be applied to the provisions of this act, and not inconsistent therewith, shall apply to the notes hereby authorized to be issued. Approved July 11, 1862. CHAP. CXCVI.-AN ACT TO AUTHORIZE PAYMENTS IN STAMPS, AND July 17, 1862. TO PROHIBIT CIRCULATION OF NOTES OF LESS DENOMINATION Vol. XII, p. 592. THAN ONE DOLLAR. other stamps to exchange for notes; Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Postage and Secretary of the Treasury be, and he is hereby directed to be furnished in furnish to the Assistant Treasurers, and such designated United States depositaries of the United States as may be by him selected, in such sums as he may deem expedient, the postage and Post, p. 56, s. 4. other stamps of the United States, to be exchanged by them, on application, for United States notes; and from and and may be reafter the first day of August next such stamps shall be the United States receivable in payment of all dues to the United States less than five dollars, and shall be received in exchange for United States notes when presented to any Assistant Treasurer or any designated depositary selected as aforesaid in sums not less than five dollars. ceived for dues to less than $5. Circulation, &c., of notes less than $1, as money, prohibited. R. S., 5383, post, p. 129. SEC. 2. And be it further enacted, That from and after the first day of August, eighteen hundred and sixty-two, no private corporation, banking association, firm, or individual shall make, issue, circulate, or pay any note, check, memorandum, token, or other obligation, for a less sum than one dollar, intended to circulate as money or to be received or used in lieu of lawful money of the United States; and every person so offending shall, on conviction thereof in Penalty. any district or circuit court of the United States, be punished by fine not exceeding five hundred dollars, or by imprisonment not exceeding six months, or by both, at the option of the court. Approved, July 17, 1862. [No. 9.] JOINT RESOLUTION TO PROVIDE FOR THE IMMEDIATE PAYMENT OF THE ARMY AND NAVY OF THE UNITED STATES. Jan. 17, 1863. Vol. XII, p. 822. p. 55, 8. 3. Whereas it is deemed expedient to make immediate pro- 1863, ch. 73, post vision for the payment of the Army and Navy: therefore, 000,000 United Be it resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That Issue of $100,the Secretary of the Treasury be, and he is hereby, author. States notes auized, if required by the exigencies of the public service, to thorized. terest. not less than one dollar. except for duties R. S., 3571, post, issue on the credit of the United States the sum of one p. 128. hundred millions of dollars of United States notes, in such Not to bear in- form as he may deem expedient, not bearing interest, payDenominations able to bearer on demand, and of such denominations not less than one dollar, as he may prescribe, which notes so Legal tender, issued shall be lawful money and a legal tender, like the on imports and similar notes heretofore authorized in payment of all debts, public and private, within the United States, except for duties on imports and interest on the public debt; and the notes so issued shall be part of the amount provided for in any bill now pending for the issue of Treasury notes, or that may be passed hereafter by this Congress. interest on the public debt. Approved, January 17, 1863. March 3, 1863. Vol. XII, p. 709. Treasury may Bonds. rate of, payable in coin. CHAP. LXXIII.-AN ACT TO PROVIDE WAYS AND MEANS FOR THE Be it enacted by the Senate and House of Representatives of Secretary of the the United States of America in Congress assembled, That the borrow not over Secretary of the Treasury be, and he is hereby, authorized $300,000,000 for this year and to borrow, from time to time, on the credit of the United $600,000,000 for the next. States, a sum not exceeding three hundred millions of dollars for the current fiscal year, and six hundred millions for the next fiscal year, and to issue therefor coupon or registered bonds, payable at the pleasure of the governSee post, p. 60. ment after such periods as may be fixed by the Secretary, not less than ten nor more than forty years from date, in Denominations. coin, and of such denominations not less than fifty dollars Interest on, as he may deem expedient, bearing interest at a rate not exceeding six per centum per annum, payable on bonds not exceeding one hundred dollars, annually, and on all other Bonds may be bonds semi-annually, in coin; and he may, in his discretion, dispose of such bonds at any time, upon such terms as he may deem most advisable, for lawful money of the United 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 To be exempt under the provisions of this act. And all the bonds and R. S., 3701, post, Treasury notes or United States notes issued under the provisions of this act shall be exempt from taxation by or Am't outstand- under State or municipal authority: Provided, That there ing not to exceed $900,000,000. shall be outstanding of bonds, Treasury notes, and United disposed of. from taxation. p. 133. States notes, at any time, issued under the provisions of this act, no greater amount altogether than the sum of nine hundred millions of dollars. issue $400,000,000 notes. and rate of inter payable in lawful money. and how disposed R. S., 3476, post p. 110. How a legal tender, &c. R. S., 3590, post, p. 130. changeable. SEC. 2. And be it further enacted, That the Secretary of, Secretary may the Treasury be, and he is hereby, authorized to issue, on in Treasury the credit of the United States, four hundred millions of dollars in Treasury notes, payable at the pleasure of the When payable United States, or at such time or times not exceeding est. three years from date as may be found most beneficial to the public interests, and bearing interest at a rate not exceeding six per centum per annum, payable at periods expressed on the face of said Treasury notes; and the Interest interest on the said Treasury notes and on certificates of indebtedness and deposit hereafter issued, shall be paid in lawful money. The Treasury notes thus issued shall be of Denominations such denomination as the Secretary may direct, not less of. than ten dollars, and may be disposed of on the best terms that can be obtained, or may be paid to any creditor of the United States willing to receive the same at par. And said Treasury notes may be made a legal tender to the same extent as United States notes, for their face value, excluding interest; or they may be made exchangeable under For what ex regulations prescribed by the Secretary of the Treasury, by the holder thereof, at the Treasury in the city of Washington, 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 offered for exchange, together with the interest accrued and due thereon at the date of interest payment next preceding such exchange. And in lieu of any amount of said Treas- Other notes may be issued for ury notes thus exchanged, or redeemed or paid at maturity, those exchanged. 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 may direct. In order to secure certain and prompt exchanges of United States notes for Treasury notes, when 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 same replaced. shall be replaced as soon as practicable from the sales of Treasury notes for United States notes. $150,000,000 of notes may be issued for exchang es. and applied, how if necesary to &c., may issue SEC. 3. And be it further enacted, That the Secretary of The Secretary, the Treasury be, and he is hereby, authorized, if required pay the Army. by the exigencies of the public service, for the payment of $150,000,000 in the Army and Navy, and other creditors of the government, terest. notes without in Ante, p. 53. except for duties R. S., 3571, post, to issue on the credit of the United States the sum of one p. 128. hundred and fifty millions of dollars of United States notes, including the amount of such notes beretofore authorized by the joint resolution approved January seventeen, eighteen hundred and sixty-three, in such form as he may deem expedient, not bearing interest, payable to bearer, and of such Denominations. denominations, not less than one dollar, as he may prescribe, Legal tender, which notes so issued shall be lawful money and a legal and interest. tender in payment of all debts, public or private, within R. S., 3588, post, the United States, except for duties on imports and interest on the public debt; and any of the said notes, when reR. S., 3579, post, turned to the Treasury, may be reissued from time to time Issues in lieu as the exigencies of the public service may require. And in lieu of any of said notes, or any other United States notes, returned to the Treasury, and cancelled or destroyed, there may be issued equal amounts of United States notes, Repeal of part such as are authorized by this act. And so much of the States notes, and for p. 130. Reissue. p. 129. of notes cancelled. of 1862, ch. 33, 1862, ch. 142, re- act to authorize the issue of United stricting nego value. Ante, p. 50. tiation to market 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 sixtytwo, as restricts the negotiation of bonds to market value, When former is hereby repealed. And the holders of United States presented for ex- notes, issued under and by virtue of said acts, shall present change. the same for the purpose of exchanging the same for bonds, as therein provided, on or before the first day of July, eighteen hundred and sixty-three, and thereafter the right so to exchange the same shall cease and determine. notes must be age currency, may be issued. post, p. 128. Ante, p. 53. In lieu of post- SEC. 4. And be it further enacted, That in lieu of postage fractional notes and revenue stamps for fractional currency, and of fracR. S., 3574, 3575, tional notes, commonly called postage currency, issued or to be issued, the Secretary of the Treasury may issue fractional notes of like amounts in such form as he may deem expedient, and may provide for the engraving, preparation, and issue thereof in the Treasury Department building. For what ex And all such notes issued shall be exchangeable by the changeable and payable. 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 Isane not to ex- the Treasury shall prescribe: Provided, That the whole Deed $50,000,000. amount of fractional currency issued, including postage |