Silver coins of SEC. 3586. The silver coins of the United States shall be the United States. a legal tender at their nominal value for any amount not exceeding five dollars in any one payment.

Ibid., s. 15, ante, p. 93,

[Legal-tender quality of trade-dollar repealed by res. of 22 July, 1876, post, p. 148.]

Minor coins.

Ibid., s. 16.

United States notes.

SEC. 3587. The minor coins of the United States shall be a legal tender, at their nominal value for any amount not exceeding twenty-five cents in any one payment.

SEC. 3588. United States notes shall be lawful money, 3 Mar., 1863, s. and a legal tender in payment of all debts, public and private, within the United States, except for duties on im

3, v. 12, p. 711, ante, p. 56.

11 July, 1862, s. ports and interest on the public debt.

1, v. 12, p.532, ante,

p. 50; 25 Feb., 1862, s. 1, v. 12, p. 345, ante, p. 44. [For reference to cases, see R. S., s. 3588.]

ury notes.

45, s. 2, v. 12, p.

Demand Treas- SEC. 3589. Demand Treasury notes authorized by the act 17 Mar., 1862, c. of July seventeen, eighteen hundred and sixty-one, chapter 370, ante, p. 49. five, and the act of February twelve, eighteen hundred and 17 July, 1861, c 5, s. 1, v. 12, p. 259 sixty-two, chapter twenty, shall be lawful money and a legal tender in like manner as United States notes.

a te, p. 38.

12 Feb., 1862, c.

20, v. 12, p. 338, ante, p. 44; 25 Feb., 1862, c. 33, s. 1, v. 12, p. 345, ante, p. 44.

ng notes.

Interest bear- SEC. 3590. Treasury notes issued under the authority of 3 Mar., 1863, c. the acts of March three, eighteen hundred and sixty-three, 710, ante, p. 55. chapter seventy-three, and June thirty, eighteen hundred 30 June, 1864, C. and sixty-four, chapter one hundred and seventy-two,

73, s. 2, v. 12, p.

172, s. 2, v. 13, p. 218, ante, p. 64.

Permanent an

tions.

shall

be legal tender to the same extent as United States notes, for their face value, excluding interest: Provided, That Treasury notes issued under the act last named shall not be a legal tender in payment or redemption of any notes. issued by any bank, banking association, or banker, calcu lated and intended to circulate as money.

PERMANENT ANNUAL APPROPRIATIONS.

SEC. 3689. There are appropriated, out of any moneys in nual appropria- the Treasury not otherwise appropriated, for the purposes hereinafter specified, such sums as may be necessary for the same respectively; and such appropriations shall be deemed permanent annual appropriations.

*

UNDER THE TREASURY DEPARTMENT.

9 Feb. 1847, c. 7, v. 9, p. 123.

Ibid.

1 July, 1862, c.

120, s. 5, v. 12, p. 192 post, p. 223.

Interest on the public debt:

For payment of interest on the public debt, under the several acts authorizing the same.

Bonds issued to Pacific Railway:

For payment of interest on bonds issued by authority of law to Pacific Railway.

2 July, 1864, c. 216, ss. 7, 8, v. 13, p. 359, post, p. 227.

Expenses of national loan:

23 May, 1872, c. 197, v. 17, p. 156,

To pay the expenses of the issue, re-issue, transfer, de- ante, p. 87. livery, redemption, and destruction of securities, legal-tender notes, fractional currency, checks, certificates, commissions, and for any plate and seal engraving and printing required by the Treasury Department, one per centum of the amount of legal-tender notes, fractional currency, and securities issued during each fiscal year.

Refunding the national debt:

14 July, 1870, c. 256, s. 2, v. 16, p.

20 Jan., 1871, c.

Of one-half of one per centum of the amount of bonds 272, ante, p. 83. authorized under the act of July fourteen, eighteen and sev- 23, v. 16, p. 399, enty, to pay the expenses of preparing, issuing, and dispos- ante, p. 85. ing of the same.

Sinking fund:

25 Feb., 1862, c. 33, s. 5, v. 12, p.

Of one per centum of the entire debt of the United States, 346, ante, p. 46. to be set apart as a sinking fund for the purchase or payment of the public debt, in such manner as the Secretary of the Treasury shall from time to time direct.

THE PUBLIC DEBT.

coin.

SEC. 3693. The faith of the United States is solemnly Payment in pledged to the payment in coin or its equivalent of all the 18 Mar., 1869, c. obligations of the United States not bearing interest, known 1, v. 16,ante, p. 79. 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 the interest-bearing obligations not already due shall be redeemed or paid before maturity, unless at such time United States notes are convertible into 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. The faith of the United States is also solemnly pledged to make provisions at the earliest practicable period for the redemption of the United States notes in coin.

coin paid for du

SEC. 3694. The coin paid for duties on imported goods shall Application of be set apart as a special fund, and shall be applied as follows: ties. First. To the payment in coin of the interest on the bonds Payment of inand notes of the United States.

terest on public debt.

25 Feb., 1862, c. 33, s. 5, v. 12, p. 346, ante, p. 46.

3, 1875, post, p.

145.

Second. To the purchase or payment of one per centum Sinking fund. of the entire debt of the United States, to be made within, See act of Mar. each fiscal year, which is to be set apart as a sinking-fund, and the interest of which shall in like manner be applied to the purchase or payment of the public debt, as the Secretary of the Treasury shall from time to time direct.

bonds redeemed

or paid.

14 July, 1870, c.

273, ante, p. 85.

Third. The residue to be paid into the Treasury. Cancellation of SEC. 3695. All bonds applied to the sinking-fund, and all other United States bonds redeemed or paid by the United 256, s. 6, v. 16, p. States, shall be canceled and destroyed. A detailed record of the bonds so canceled and destroyed shall be first made in the books of the Treasury Department. The amount of the bonds of each class that have been canceled and destroyed shall be deducted respectively from the amount of each class of the outstanding debt of the United States.

Addition to

sinking fund.

SEC. 3696. In addition to other amounts that may be Ibid, ante, p. 85. applied to the redemption or payment of the public debt, an amount equal to the interest on all bonds belonging to the sinking-fund shall be applied, as the Secretary of the Treasury shall from time to time direct, to the payment of the public debt.

Redemption of six per cent.

bonds.

p. 84.

SEC. 3697. The Secretary of the Treasury is authorized, 'with any coin in the Treasury which he may lawfully apply Ibid., s. 4, ante to such purpose, or which may be derived from the sale of any of the bonds which he may be authorized to dispose of for that purpose, to pay at par and cancel any six per centum bonds of the United States of the kind known as five-twenty bonds, which have become or shall hereafter become redeemable by the terms of their issue. But the particular bonds so to be paid and canceled shall in all cases be indicated and specified by class, date, and number, in the order of their numbers and issue, beginning with the first numbered and issued, in a public notice to be given by the Secretary of the Treasury, and, in three months after the date of such public notice, the interest on the bonds so selected and advertised to be paid shall cease.

Payment of interest.

SEC. 3698. The Secretary of the Treasury shall cause to be 9 Feb., 1847, c. paid, out of any money in the Treasury not otherwise appropriated, any interest falling due, or accruing, on any portion of the public debt authorized by law.

7, v. 9.

Anticipation of

interest.

404, p. 61.

SEC. 3699. The Secretary of the Treasury may anticipate 17 Mar., 1864, the payment of interest on the public debt, by a period not 404, ante. P. exceeding one year, from time to time, either with or without a rebate of interest upon the coupons, as to him may seem expedient; and he is authorized to dispose of any gold in the Treasury of the United States, not necessary for the payment of interest of the public debt. The obligation to create the sinking-fund shall not, however, be impaired thereby. SEC. 3700. The Secretary of the Treasury may purchase 17 Mar., 1862, c. coin with any of the bonds or notes of the United States, 45013 P. authorized by law, at such rates and upon such terms as he may deem most advantageous to the public interest.

Purchase of

coin.

370, ante, p. 49.

SEC. 3701. All stocks, bonds, Treasury notes, and other obligations of the United States, shall be exempt from taxa tion by or under State or municipal or local authority.

Exemption 30 June, 1864, c.

from taxation.

172, s. 1, v. 13, p. 218 ante, p. 63;

for

bonds destroyed.

254, s. 1, v. 17, p.

28 Jan., 1865, c. 22, s. 1, v. 13, p. 425, ante, p. 71; 3 Mar., 1865, c. 77, s. 2, v. 13, p. 469, ante, p. 73; 14 July, 1870, c. 256, s. 1. v. 16, p. 272, ante, p. 83; 3 Mar., 1864, c. 17, s. 1, v. 13, p. 13, ante, p. 61; 3 Mar., 1863, c. 73, s. 1, v. 12, p. 710, ante, p. 54; 25 Feb., 1862, c. 33, s. 2, v. 12, p. 346, ante, p. 45; Bank vs. Supervisors, 7 Wail., 26. SEC. 3702. Whenever it appears to the Secretary of the Duplicate Treasury, by clear and unequivocal proof, that any interest-1 June, 1872 c. bearing bond of the United States has, without bad faith 196, ante, p. 88. upon the part of the owner, been destroyed, wholly or in part, or so defaced as to impair its value to the owner, and such bond is identified by number and description, the Secretary of the Treasury shall, under such regulations and with such restrictions as to time and retention for security or otherwise as he may prescribe, issue a duplicate thereof, having the same time to run, bearing like interest as the bond so proved to have been destroyed or defaced, and so marked as to show the original number of the bond destroyed and the date thereof. But when such destroyed or defaced bonds appear to have been of such a class or series as has been or may, before such application, be called in for redemption, instead of issuing duplicates thereof, they shall be paid, with such interest only as would have been paid if they had been presented in accordance with such call.

SEC. 3703. The owner of such destroyed or defaced bond shall surrender the same, or so much thereof as may remain, and shall file in the Treasury a bond in a penal sum of double the amount of the destroyed or defaced bond, and the interest which would accrue thereon until the principal becomes due and payable, with two good and sufficient sureties, residents of the United States, to be approved by the Secretary of the Treasury, with condition to indemnify and save harmless the United States from any claim upon such destroyed or defaced bond.

Indemnity for destroyed bonds. Ibid., &. 2.

lost registered

3 Mar., 1871,

SEC. 3704. Whenever it is proved to the Secretary of the Duplicate of Treasury, by clear and satisfactory evidence, that any duly bond may be is registered bond of the United States, bearing interest, is. sued. sued for valuable consideration in pursuance of law, has res. 49, v. 16, p. 600, ante, p. 86. been lost or destroyed, so that the same is not held by any person as his own property, the Secretary shall issue a duplicate of such registered bond, of like amount, and bearing like interest and marked in the like manner as the bond so proved to be lost or destroyed.

SEC. 3705. The owner of such missing bond shall first file in the Treasury a bond in a penal sum equal to the amount of such missing bond, and the interest which would accrue thereon, until the principal thereof becomes due and pay

Indemnity for missing bond.

Ibid.

172, s. 7, v. 13, p.

able, with two good and sufficient sureties, residents of the United States, to be approved by the Secretary of the Treasury, with condition to indemnify and save harmless the United States from any claim because of the lost or destroyed bond.

Exchange of SEC. 3706. The Secretary of the Treasury is hereby au registered for coupon bonds. thorized to issue, upon such terms and under such regula30 June, 1864, C. tions as he may from time to time prescribe, registered 220, ante, p. 67. bonds in exchange for and in lieu of any coupon-bonds which have been or may be lawfully issued; such registered bonds to be similar in all respects to the registered bonds issued under the acts authorizing the issue of the couponbonds offered for exchange.

Credit to offi. cers for stolen notes.

180, s. 2, v. 9.

SEC. 3707. When any officer or agent duly authorized to receive, redeem, or cancel any Treasury notes issued by 10 Aug. 1846, c. authority of law, shall receive, or pay, any Treasury note which has been previously received or redeemed by any officer or agent having authority to receive or redeem such note, and which has subsequently thereto been purloined and put into circulation, the Secretary of the Treasury, upon full and satisfactory proof that the same has been received or paid in good faith, and in the exercise of ordinary prudence, may allow a credit for the amount of such note, to the officer or agent so receiving or paying the same.

Imitating United States securi

26, ss. 2, 3, v. 14.

[See R. S., 88. p. 135.]

SEC. 3708. It shall not be lawful to design, engrave, print, ties, or printing or in any manner make or execute, or to utter, issue, disbusiness cards, &c., on them; tribute, circulate, or use, any business or professional card, penalty. 5 Feb., 1867, c. notice, placard, circular, handbill, or advertisement, in the likeness or similitude of any bond, certificate of indebted5413, 5414, post, ness, certificate of deposit, coupon, United States note, Treasury note, fractional note, or other obligation or security of the United States which has been or may be issued under or authorized by any act of Congress heretofore passed or which may hereafter be passed; or to write, print, or otherwise impress upon any such instrument, obligation, or security any business or professional card, notice, or advertisement, or any notice or advertisement of any matter or thing whatever. Any person violating this section shall be liable to a penalty of one hundred dollars, recoverable one half to the use of the informer.