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 less notes of the United States shall be of a less denomination be issued, and old than 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 issues to be can making, &c., of ished. 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, R. S., 5462, post, token, or device whatsoever, in metal or its compound, p. 140. 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. PAYMENT OF COMPOUND-INTEREST NOTES. Vol. XIV, p. 558. certificates may deem compound 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 reinterest 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 Ante, p. 44. 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 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 bank holding or owning the same as a part of the in accordance with the provisions of the above-mentioned act of March second, eighteen hundred and sixty-seven. Approved July 25, 1868. reserve, May form part national banks. of the reserve of Ante, p. 77. CHAP. I.-AN ACT TO STRENGTHEN THE PUBLIC CREDIT. March 18, 1869. The faith of the United States 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 order to remove any doubt as to the purpose of the govern- pledged to the payment in coin, ment to discharge all just obligations to the public creditors, or its equivalent, of all obligations 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, uninto 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. not to be paid be less, &c. 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. 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 be made upon the chusetts for inter expended, &c. 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 paid to Maine and 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 Vol. viii, p. 572. 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. CHAP. CCLII.-AN ACT TO PROVIDE FOR THE REDEMPTION OF THE July 12, 1870. Vol. XVI, p. 251. notes for circula given to what associations. Be it enacted by the Senate and House of Representatives of the United States f America in Coress 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 Notes to be 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 Post, p. 183. 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 What bonds to of the United States, to secure the additional circulating secure such cir be deposited to notes herein authorized, shall be of any description of culation. 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 ment on basis of |