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Stat. at Large,

Vol. XII. p. 121.
Treasury

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CHAP. I.-An Act to authorize the Issue of Treasury Notes, and for other Purposes.

Be it enacted, &c. That the President of [the] United [States] be notes, how to be hereby authorized to cause treasury notes, for such sum or sums as the issued, amount, exigencies of the public service may require, but not to exceed at any time the amount of ten millions of dollars, and of denominations not less than fifty dollars for any such note, to be prepared, signed, and issued in the manner hereinafter provided.

and denomina

tion.

To be redeemed

their date.

terest to cease.

SEC. 2. That such treasury notes shall be paid and redeemed by the in one year from United States at the treasury thereof after the expiration of one year from the date of issue of such notes; from which dates, until they shall be respectively paid and redeemed, they shall bear such rate of interest Rate of inter- as shall be expressed in such notes, which rate of interest shall be est, and when in- six per centum per annum: Provided, That, after the maturity of any of said notes, interest thereon shall cease at the expiration of sixty days' notice of readiness to redeem and pay the same, which may at any time or times be given by the Secretary of the Treasury in one or more newspapers at the seat of government. The redemption and payWho to receive ment of said notes, herein provided, shall be made to the lawful holders payment. thereof respectively upon presentment at the treasury, and shall include the principal of each note and the interest which shall be due thereon. And for the payment and redemption of such notes at the time and times therein specified, the faith of the United States is hereby solemnly pledged.

Faith of the United States pledged.

Notes, how signed.

Account of

SEC. 3. That such treasury notes shall be prepared under the direction of the Secretary of the Treasury, and shall be signed in behalf of the United States by the treasurer thereof, and countersigned by the register of the treasury. Each of these officers shall keep in a book, or books notes to be kept. provided for the purpose, separate, full, and accurate accounts, showing the number, date, amount, and rate of interest of each treasury note signed and countersigned by them respectively; and, also, similar ac counts showing all such notes which may be paid, redeemed, and cancelled, as the same may be returned; all which accounts shall be carefully preserved in the Treasury Department. And the treasurer shall account account quar- quarterly for all such treasury notes as shall have been countersigned by the register and delivered to the treasurer for issue.

Treasurer to

terly.

Notes may be issued at par to pay public cred

itors.

SEC. 4. That the Secretary of the Treasury is hereby authorized, with the approbation of the President, to cause such portion of said treasury notes as may be deemed expedient, to be issued by the treasurer in payment of warrants in favor of public creditors, or other persons lawfully entitled to payment, who may choose to receive such notes in payment at par; and the Secretary of the Treasury is hereby authorized, with the approbation of the President, to issue the notes hereby authorized to be Rate of interest issued, at such rate of interest as may be offered by the lowest responsible bidder or bidders who may agree to take the said notes at par after public advertisement of not less than ten days in such papers as the President may direct, the said advertisement to propose to issue such notes at par to those who may offer to take the same at the lowest rate of interest. But in deciding upon those bids no fraction shall be considered which may be less than one fourth per centum per annum.

on such notes,

how to be determined.

Transferable

and delivery.

SEC. 5. That said treasury notes shall be transferable by assignment by indorsement indorsed thereon by the person to whose order the same may be made payable, accompanied together with the delivery of the note so assigned. SEC. 6. That said treasury notes shall be received by the proper officers in payment of all duties and taxes laid by the authority of the United States, of all public lands sold by said authority, and of all debts to the United States, of any character whatever, which may be due and payable at the time when said treasury notes may be offered in pay

To be received in payment of dues to the United States.

how ascertained.

ment thereof; and upon every such payment credit shall be given for the Amount of note, amount of principal and interest due on the note or notes received in payment, on the day when the same shall have been received by such

officer.

When taken

SEC. 7. That every collector of the customs, receiver of public moneys, or other officer or agent of the United States, who shall receive any by collectors, receivers, &c. retreasury note or notes in payment on account of the United States, shall ceipt to be givtake from the holder of such note or notes, a receipt on the back of each, en, accounts to stating distinctly the date of such payment, and the amount allowed on be kept, &c. such note; and every such officer or agent shall keep regular and specific entries of all treasury notes received in payment, showing the person from whom received, the number, date, and amount of principal and interest allowed on each and every treasury note received in payment, which entries shall be delivered to the treasury with the treasury note or notes mentioned therein; and, if found correct, such officer or agent shall receive credit for the amount, as provided in the sixth section of this act.

SEC. 8. That the Secretary of the Treasury be, and hereby is, authorized to make and issue from time to time such instructions, rules, and regulations to the several collectors, receivers, depositaries, and all others who may be required to receive such treasury notes in behalf of, and as agents in any capacity for the United States, as to the custody, disposal, cancelling, and return of any such notes as may be paid to and received by them respectively, and as to the accounts and returns to be made to the Treasury Department of such receipts, as he shall deem best calculated to promote the public convenience and security, and to protect the United States, as well as individuals, from fraud and loss.

SEC. 9. That the Secretary of the Treasury be, and hereby is, authorized and directed to cause to be paid the principal and interest of such treasury notes as may be issued under this act, at the time and times when according to its provisions the same should be paid. And said Secretary is further authorized to purchase said notes at par for the amount of principal and interest due thereon at the time of such purchase. And so much of any unappropriated money in the treasury as may be necessary for the purpose, is hereby appropriated for the payment of the principal and interest of said notes.

SEC. 10. That in place of such treasury notes as may have been paid and redeemed, other treasury notes to the same amount may be issued: Provided, That the aggregate sum outstanding under the authority of this act shall at no time exceed the sum of ten millions of dollars: And vided further, That the power to issue and reissue treasury notes conferred by this act shall cease and determine on the first day of January, in the year eighteen hundred and sixty-three.

pro

Secretary of the Treasury to make regulations, &c.

To pay notes at maturity, and to purchase them at par.

Appropriation

therefor.

New notes may

be issued in place of those redeemed.

But not at any time to exceed $10,000,000.

Nor after Jan.

1, 1863.

SEC. 11. That to defray the expenses of engraving, printing, prepar- Appropriation ing, and issuing the treasury notes herein authorized, the sum of fifteen for expense, &c. of preparing thousand dollars is hereby appropriated, payable out of any unappropri- notes. ated money in the treasury: Provided, That no compensation shall be Proviso. made to any officer whose salary is fixed by law for preparing, signing, or issuing treasury notes.

the notes, how

SEC. 12. That if any person shall falsely make, forge, or counterfeit, Forging, counor cause or procure to be made, forged, or counterfeited, or willingly aid terfeiting, &c. or assist in falsely making, forging, or counterfeiting, any note in imitation punished. of, or purporting to be, a treasury note, issued as aforesaid, or shall pass, utter, or publish, or attempt to pass, utter, or publish, any false, forged, or counterfeited note, purporting to be a treasury note as aforesaid, knowing the same to be falsely made, forged, or counterfeited, 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 falsely

Engraving plate to print forged notes, how punished.

Possession of

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 at 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. 13. That if any person shall make, or engrave, or cause or procure to be made or engraved, or shall have in his custody and possession any metallic plate engraved after the similitude of any plate from which any notes issued as aforesaid shall have been printed, with intent to use 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 blank notes, with similitude of any notes issued as aforesaid, with intent to use such blanks, intent, &c. 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 such 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 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.

Secretary of

lish statement

SEC. 14. That it shall be the duty of the Secretary of the Treasury Treasury to pub- to cause a statement to be published monthly of the amount of treasury notes issued and paid and redeemed under the provisions of this act, showing the balance outstanding each month.

monthly.

Money hereafter contracted for under act of

1860, ch. 180, to be applied to redemption of

treasury notes.

SEC. 15. That all money hereafter contracted for under the authority of the act entitled "An act authorizing a loan, and providing for the redemption of treasury notes," approved June twenty-second, eighteen hundred and sixty, shall be used in the redemption of treasury notes now Outstanding, and those to be issued under this act, and to replace in the treasury any amount of said notes which shall have been paid and received for public dues, and for no other purposes.

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Stat. at Large, Vol. XII. p. 129. Loan of

$25,000,000 authorized before July 1, 1861.

Purpose of loan.

Stock, issue, form, interest, transfer, &c. of.

No certificate to be for less than $1000.

CHAP. XXIX. — An Act authorizing a Loan.

Be it enacted, &c. That the President of the United States be, and hereby is, authorized, at any time before the first day of July next, to borrow, on the credit of the United States, a sum not exceeding twentyfive millions of dollars, or so much thereof as, in his opinion, the exigencies of the public service may require to be used in the payment of the current demands upon the treasury and for the redemption of treasury notes now outstanding, and to replace in the treasury any amount of said notes which shall have been paid and received for public dues.

SEC. 2. That stock shall be issued for the amount so borrowed, bearing interest not exceeding six per centum per annum, and to be reimbursed within a period not beyond twenty years and not less than ten years; and the Secretary of the Treasury be, and is hereby, authorized, with the consent of the President, to cause certificates of stock to be prepared, which shall be signed by the register and sealed with the seal of the Treasury Department, for the amount so borrowed, in favor of the parties lending the same, or their assigns, which certificates may be transferred on the books of the treasury, under such regulations as may be established by the Secretary of the Treasury: Provided, That no certificate shall be issued for a less sum than one thousand dollars: And provided, also, That, whenever required, the Secretary of the Treasury may

attached.

cause coupons of semi-annual interest payable thereon to be attached to Interest coucertificates issued under this act; and any certificate with such coupons of pons may be interest attached may be assigned and transferred by delivery of the same, instead of being transferred on the books of the treasury.

Proposals for vertised for.

loan to be ad

When, where, and how to be

SEC. 3. That, before awarding said loan, the Secretary of the Treasury shall cause to be inserted in two of the public newspapers of the city of Washington, and in one or more public newspapers in other cities of the United States, public notice that sealed proposals for such a loan will be received until a certain day, to be specified in such notice, not less than ten days from its first insertion in a Washington newspaper; and such notice shall state the amount of the loan, at what periods the money shall be paid, if by instalments, and at what places. Such sealed proposals shall be opened, on the day appointed in the notice, in the presence of such persons as may choose to attend, and the proposals decided by the Secretary of the Treasury, who shall accept the most favorable offered by responsible bidders for said stock. And the said Secretary shall report to Congress, at the commencement of the next session, the amount port to Congress. 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.

opened.

Secretary of Treasury to re

SEC. 4. That the faith of the United States is hereby pledged for the Faith of the due payment of the interest and the redemption of the principal of said United States

stock.

loan under act

pledged. SEC. 5. That the residue of the loan authorized by the act of twenty-, Residue of second of June, eighteen hundred and sixty, or so much thereof as is of 1860, ch. 180, necessary, shall be applied to the redemption of the treasury notes issued how to be apunder the act of seventeenth December, eighteen hundred and sixty, and for no other purpose; and the Secretary of the Treasury is hereby authorized, at his discretion, to exchange at par bonds of the United States authorized by said act of twenty-second June, eighteen hundred and sixty, changed at par for the said treasury notes, and the accruing interest thereon.

plied.

Bonds under act of 1860, ch. 180, may be ex

for treasury notes.

SEC. 6. That, to defray the expense of engraving and printing certifi- Appropriation cates of such stock, and other expenses incident to the execution of this for expenses act, the sum of twenty thousand dollars is hereby appropriated: Pro- under this act. vided, That no compensation shall be allowed for any service performed under this act to any officer whose salary is established by law.

not accept bids

SEC. 7. That the Secretary of the Treasury shall not be obliged to ac- Secretary of cept the most favorable bids as hereinbefore provided, unless he shall Treasury need consider it advantageous to the United States to do so, but for any por- unless, &c. tion of such loan, not taken under the first advertisement, he may advertise again at his discretion.

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Stat at Large, Vol. XII. p. 178.

How to be ap

CHAP. LXVIII. - An Act to provide for the Payment of outstanding Treasury Notes, to authorize a Loan, to regulate and fix the Duties on Imports, and for other Purposes. Be it enacted, &c. That the President of the United States be, and President may borrow, within hereby is, authorized, at any time within twelve months from the passage twelve months, of this act, to borrow, on the credit of the United States, a sum not not over exceeding ten millions of dollars, or so much thereof as, in his opinion, $10,000,000. the exigencies of the public service may require, to be applied to the payment of appropriations made by law, and the balance of treasury notes now outstanding, and no other purposes, in addition to the money received or which may be received, into the treasury from other sources: Provided, That no stipulation or contract shall be made to prevent the United States from reimbursing any sum borrowed under the authority of this act at any time after the expiration of ten years from the first day of

plied.

When to be

redeemed.

Stock, issue,

of interest, transfer.

July next, by the United States giving three months' notice, to be published in some newspaper published at the seat of government, of their readiness to do so; and no contract shall be made to prevent the redemption of the same at any time after the expiration of twenty years from the said first day of July next, without notice.

SEC. 2. That stock shall be issued for the amount so borrowed, bearcertificates, rate ing interest not exceeding six per centum per annum; and the Secretary of the Treasury be, and is hereby, authorized, with the consent of the President, to cause certificates of stock to be prepared, which shall be signed by the register and sealed with the seal of the Treasury Department, for the amount so borrowed, in favor of the parties lending the same, or their assigns, which certificates may be transferred on the books of the treasury, under such regulations as may be established by the SecCertificate to retary of the Treasury: Provided, That no certificate shall be issued for a less sum than one thousand dollars: And provided, also, That, whenever required, the Secretary of the Treasury may cause coupons of semiannual interest payable thereon to be attached to certificates issued under this act; and any certificate with such coupons of interest attached may be assigned and transferred by delivery of the same, instead of being transferred on the books of the treasury.

be for not less than $1000.

Coupons may be attached.

Proposals for loan to be adver

tised for.

Notice.

When to be opened.

Which to be accepted. Report to be made to Con

gress.

No stock to be sold for less than

par. Loan, how applied.

If proposals for loan are not satisfactory, treasury notes may

be issued.

SEC. 3. That, before awarding any of said loan, the Secretary of the Treasury shall, as the exigencies of the public service require, cause to be inserted in two of the public newspapers of the city of Washington, and in one or more public newspapers in other cities of the United States, public notice that sealed proposals for so much of said loan as is required, will be received until a certain day, to be specified in such notice, not less than thirty days from its first insertion in a Washington newspaper; and such notice shall state the amount of the loan, at what periods the money shall be paid, if by instalments, and at what places. Such sealed proposals shall be opened, on the day appointed in the notice, in the presence of such persons as may choose to attend, and the proposals decided on by the Secretary of the Treasury, who shall accept the most favorable offered by responsible bidders for said stock. And the said Secretary shall 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: Provided, That no stock shall be disposed of at less than its par value: And provided, further, That no part of the loan hereby authorized shall be applied to the service of the present fiscal year.

SEC. 4. That in case the proposals made for said loan, or for so much thereof as the exigencies of the public service shall require, shall not be satisfactory, the President of the United States shall be, and hereby is, authorized to decline to accept such offer if for less than the par value of the bonds constituting the said stock, and in lieu thereof, and to the extent and amount of the loan authorized to be made by this act, to issue treasury notes for sums not less than fifty dollars, bearing interest at the rate of six per centum per annum, payable semi-annually on the first days of January and July in each year, at proper places of payment to be prescribed by the Secretary, with the approval of the President; and under the like circumstances and conditions, the President of the United States Amount, when is hereby authorized to substitute treasury notes of equal amount for the payable, &c. whole or any part of any of the loans for which he is now by law authorized to contract and issue bonds. And the treasury notes so issued under the authority herein given, shall be received in payment for all debts due to the United States when offered, and in like manner shall be given in payment for any sum due from the United States, when payment in that mode is requested by the person to whom payment is to be made, or for

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