of said notes which shall have been paid and received for public dues, and for no other purposes. Approved December 17, 1860. Feb. 8, 1861. Vol. XII, p. 129. authorized before July 1, 1861. CHAP. XXIX.-AN ACT AUTHORIZING A LOAN. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the President of the United States be, and hereby is, authorized, $25 000,000 loan 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, Purpose of loan. 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, aud to replace in the Treasury any amount of said notes which shall have been paid and received for public dues. Stock, issue, SEC. 2. And be it further enacted, That stock shall be form, interest, transfer, &c., of. 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 Secto be for 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 semi-annual 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. $1,000. certificate less than Interest coupons may be attached. Proposals for loan to be advertised for. SEC. 3. And be it further enacted, 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 and how to be 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 when, where, in the notice, in the presence of such persons as may choose opened. 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 Secre- Secretary of Treasury to retary shall report to Congress, at the commencement of the port to Congress. 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. United of the States. Residue of loan under act of 1830, ch. 180, how to be applied. Ante, p. 26. SEC. 4. And be it further enacted, That the faith of the Faith United States is hereby pledged for the due payment of the pledged. interest and the redemption of the principal of said stock. SEC. 5. And be it further enacted, That the residue of the loan authorized by the act of twenty-second of June, eighteen hundred and sixty, or so much thereof as is necessary, shall be applied to the redemption of the Treasury notes issued under the act of seventeenth of 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, for the said Treasury rotes, and the accruing interest thereon. Bonds under 180, may be ex changed at par for Treasury notes. Ante, p. 26. act of 1860, ch. Appropriation for expenses uu- SEC. 6. And be it further enacted, That to defray the expense of engraving and printing certifica tes of such stock, der this act. and other expenses incident to the execution of this act, the sum of twenty thousand dollars is hereby appropriated: Provided, That no compensation shall be allowed for any service performed under this act to any officer whose salary is established by law. SEC. 7. And be it further enacted, That the Secretary of the Treasury shall not be obliged to accept the most favor. able bids as herein before provided, unless he shall consider it advantageous to the United States to do so, but for any portion of such loan, not taken under the first advertisement, he may advertise again at his discretion. Approved February 8, 1861. 3 Secretary of the not accept bids Treasury need unless, &c. Ante, p. 32. March 2, 1861. Vol. XII, p. 178. borrow within 12 $10,000,000. plied. deemed. CHAP. LXVIII.-AN ACT TO PROVIDE FOR THE PAYMENT OF OUT Be it enacted by the Senate and House of Representatives of President may the United States of America in Congress assembled, That the mouths not over President of the United States be, and hereby is, authorized, at any time within twelve months from the passage of this act, to borrow, on the credit of the United States, a sum not exceeding ten millions of dollars, or so much thereof as, in his opinion, the exigencies of the public servHow to be apice 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 When to be re- act at any time, after the expiration of ten years from the first day of 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. And be it further enacted, That stock shall be of interest, trans- issued for the amount so borrowed, bearing interest not exceeding six per centum per anuum; 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 TreasCertificates to ury; Provided, That no certificate shall be issued for a less than $1,000. sum than one thousand dollars: And provided, also, That, Coupons may whenever required, the Secretary of the Treasury may cause coupons of semi-annual 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. Stock, issues, certificates, rate fer. be for not less be attached. Proposals for loan to be advertised for. SEC. 3. And be it further enacted, 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 opened. be Which to be ac cepted. made to Congress. sold for less than Washington, and in one or more public newspapers in other cities of the United States, public notice that sealed Notice. 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 When to 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 Report to be 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 No stock to be less than its par value: And provided further, That no part par. of the loan hereby authorized shall be applied to the service Loan, how apof the present fiscal year. SEC. 4. And be it further enacted, That in case the pro-, If proposals for posals made for said loan, or for so much thereof as the isfactory, Treas exigencies of the public service shall require, shall not be issued. 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 is hereby authorized to substitute Treasury notes of equal amount for the 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 Amount, when so issued under the authority herein given shall be received payable, &c. 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 plied. loans are not sat ury notes may be United States Faith of the is to be made, or for their par value in coin. pledged. for expenses. changed for bonds, &c. And the faith of the United States is hereby pledged for the due payment of the interest and the redemption of the principal of the stock or Treasury notes which may be issued under Appropriation the authority of this act; and the sum of twenty thousand dollars is hereby appropriated, out of any money in the Treasury not otherwise appropriated, to pay the expenses of preparing the certificates of stock or Treasury notes herein authorized, to be done in the usual mode and under the restrictions as to employment and payment of officers contained in the laws authorizing former loans and issues May be ex of Treasury notes; and it shall be at the option of holders of the Treasury notes hereby authorized by this act, to exchange the same for the stock herein authorized at par, or for bonds, in lieu of which said Treasury notes were issued: Provided, That no certificate shall be exchanged for Treasury notes, or bonds, in sums less than five hunNotes not to be dred dollars: And provided further, That the authority to issue the said Treasury notes, or give the same in payment for debts due from the United States, shall be limited to the thirtieth day of June, eighteen hundred and sixty-two; Redemption. and that the same may be redeemable at the pleasure of the United States at any time within two years after the passage of this act; and that said notes shall cease to bear interest after they shall have been called in by the Secretary of the Treasury under the provisions of this act. Proviso. issued after June, 1862. Interest. SEC. 31. And be it further enacted, That all acts and parts of acts repugnant to the provisions of this act, be, and the same are hereby, repealed. Approved, March 2, 1861. March 2, 1861. Vol. XII, p. 198. Bonds may be issued for the claims. CHAP. LXX.-AN ACT TO PROVIDE FOR THE PAYMENT OF EXPENSES Be it enacted by the Senate and House of Representatives of SEC. 4. And be it further enacted, That for the payment payment of these of claims provided for in this act, the Secretary of the Treasury may, if he deem it expedient, issue to the claimauts, or their legal representatives, bonds of the United States of a denomination not less than fifty dollars, redeemable in twenty years, and bearing interest at the rate E |