THE CURRENCY.

The Statutes Relating to Loans and Currency Since 1861.

A Full Text of all the Important Sections of Every Law Passed by Congress, During and Since the War, Relating to any Issue of United States Currency, Treasury Notes, or [Bonds-Something that Every Reflecting Voter Should Preserve tor Reference.

THE ACT OF JULY 17, 1861.

[Under this act were issued the six per cent. bonds now known as "The Loan of July and August, 1861," "The Seven-thirties of 1861,” and "The Demand Notes."]

AN ACT TO AUTHORIZE A NATIONAL LOAN, AND FOR OTHER PURPOSES.-Vol. XII., p. 259, Stat. at Large.

SECTION 1. That the Secretary of the Treasury be, and he is hereby, authorized to borrow on the credit of the United States, within twelve months from the passage of this act, a sum not exceeding two hundred and fifty millions of dollars, or so much thereof as he may deem necessary for the public service, for which he is authorized to issue coupon bonds, or registered bonds, or Treasury notes, in such proportions of each as he may deem advisable; the bonds to bear interest not exceeding seven per centum per annum, payable semi-annually, irredeemable for twenty years, and after that period redeemable at the pleasure of the United States; and the Treasury notes to be of any denomination fixed by the Secretary of the Treasury, not less than $50, and to be payable three years after date, with interest at the rate of 7 3-10 per centum per annum, payable semi-annually. And the Secretary of the Treasury may also issue in exchange for coin, and as part of the above loan, or may pay for salaries or other dues from the United States, Treasury notes of a less denomination_than $50, not bearing interest, but payable on demand by the Assistant Treasurers

of the United States at Philadelphia, New York or Boston, or Treasury notes bearing interest at the rate of 3 65-100 per centum, payable in one year from date, and exchangeable at any time for Treasury notes for $50 and upwards, issuable under the authority of this act, and bearing interest as specified above: Provided, That no exchange of such notes in any less amount than $100 shall be made at any one time: And provided further, That no Treasury notes shall be issued of a less denomination than $10, and that the whole amount of Treasury notes, not bearing interest, issued under the authority of this act, shall not exceed $50,000,000.

SEC. 2 is devoted to prescribing how the various notes and bonds shall be signed, issued and made transferable.

SEC. 3. And be it further enacted, That the Secretary of the Treasury shall cause books to be opened for subscription to the Treasury notes for $50 and upwards at such places as he may designate in the United States, and under such rules and regulations as he may prescribe, to be superintended by the Assistant Treasurers of the United States at their respective localities, and at other places by such depositaries, postmasters and other persons as he may designate, notice thereof being given in at least two daily papers of this city, and in one or more public newspapers published in the several places where subscription books may be opened; and subscriptions for such notes may be received from all persons who may desire to subscribe, any law to the contrary notwithstanding; and if a larger amount shall be subscribed in the aggregate than is required at one time, the Secretary of the Treasury is authorized to receive the same, should he deem it advantageous to the public interest; and if not, he shall accept the amount required by giving the preference to the smaller subscriptions; [after providing for compensation for the officers receiving subscriptions, and for the receipt of the moneys realized therefrom, the act continues:] And the Secretary of the Treasury is also authorized, if he shall deem it expedient, before opening books of subscription as above provided, to exchange for coin, or pay for public dues or for Treasury notes of the issue of 23d of December, 1857, and falling due on the 30th of June, 1861, or for Treasury notes issued and taken in exchange for such notes, any amount of said Treasury notes for $50 or upwards, not exceeding $100,000,000.

SEC. 4 provides that proposals for the loan shall be published, and the most favorable offers accepted, but at not less than par.

SEC. 5 provides that a portion of this loan not exceeding $100,000,000 may be negotiated in a foreign country, and prescribes the regulations therefor.

SEC. 6. That whenever any Treasury notes of a denomination less than $50, authorized to be issued by this act, shall have been redeemed, the Secretary of the Treasury may reissue the same or may cancel them and issue new notes to an equal amount: Provided, That the aggregate amount of bonds and Treasury notes issued under the foregoing provisions of this act shall never exceed the full amount authorized by the first section of this act; and the power to issue or reissue such notes shall cease and determine after the 31st of December, 1862.

SEC. 7. That the Secretary of the Treasury is hereby authorized, whenever he shall deem it expedient, to issue in exchange for coin, or in payment of public dues, Treasury notes of any of the denominations herein before specified, bearing interest not exceeding six per centum per annum, and payable at any time not exceeding twelve months from date, provided that the amount of notes so issued, or paid, shall at no time exceed $20,000,000.

SEC. 8 provides that the Secretary of the Treasury shall report to Congress his proceedings under this act.

SEC. 9. That the faith of the United States is hereby solemnly pledged for the payment of the interest and redemption of the principal of the loan authorized by this act.

SEC. 10. That all the provisions of the act entitled "An act to authorize the issue of Treasury notes," approved the twenty-third day of December, eighteen hundred and fifty-seven, so far as the same can or may be

applied to the provisions of this act, and not inconsistent therewith, are hereby revived or re-enacted.

THE ACT OF AUGUST 5, 1861.

[This act is supplementary to the foregoing, and relates to precisely the same issues.]

AN ACT SUPPLEMENTARY TO AN ACT ENTITLED AN ACT TO AUTHORIZE A NATIONAL LOAN, AND FOR OTHER PURPOSES."-Vol. XII. p. 313, Stat. at Large.

SECTION 1. That the Secretary of the Treasury is hereby authorized to issue bonds of the United States, bearing interest at 6 per cent. per annum, and payable at the pleasure of the United States after 20 years from date; and if any holder of Treasury notes, bearing interest at the rate of 7 3-10 per cent., which may be issued under the authority of the act to authorize a national loan and for other purposes, approved July 17, 1861, shall desire to exchange the same for said bonds, the Secretary of the Treasury may at any time before or at the maturity of said Treasury notes, issue to said holder, in payment thereof, an amount of said bonds equal to the amount which, at the time of such payment or exchange, may be due on said Treasury notes; but no such bonds shall be issued for a less sum than $500, nor shall the whole amount of such bonds exceed the whole amount of Treasury notes bearing 7 3-10 per cent interest, issued under said act; and any part of the Treasury notes payable on demand, authorized by said act, may be made payable by the Assistant Treasurer at St. Louis, or by the depositary at Cincinnati.

SEC. 2 relates entirely to the method of making the Treasury notes. SEC. 3 reduces the lowest denomination of the Treasury notes from $10 to $5.

SEC. 4 appropriates $100,000 more for expenses.

SEC. 5. That the Treasury notes authorized by the act to which this is supplementary, of a less denomination than $50, payable on demand without interest, and not exceeding in amount the sum of $50,000,000, shall be receivable in payment of public dues.

SEC. 6 suspended those portions of the sub-treasury act (1846, ch. 90) which would not permit deposits in solvent specie-paying banks, and authorized such deposits.

SEC. 7. That the Secretary of the Treasury may sell or negotiate, for any portion of the loan provided for in the act to which this is supplementary, bonds payable not more than 20 years from date, and bearing interest not exceeding 6 per centum per annum, payable semi-annually, at any rate not less than the equivalent of par, for the bonds bearing 7 per centum interest authorized by said act.

THE ACT OF FEB. 12, 1862.

[This act authorized the issue of $10,000,000 more of "Demand Notes," making $60,000,000 in all.]

AN ACT TO AUTHORIZE AN ADDITIONAL ISSUE OF UNITED STATES NOTES.

Vol. XII., p. 338, Stat. at Large.

That the Secretary of the Treasury, in addition to the $50,000,000 of notes payable on demand, of denominations not less than $5, heretofore authorized by the acts of July 17 and August 5, 1861, be, and he is hereby authorized to issue like notes, and for like purposes, to the amount of $10,000,000, and said notes shall be deemed part of the loan of $250,000,000 authorized by said acts.

THE ACT OF FEB. 25, 1862.

[This act authorized the issue of the first "Greenbacks," of the bonds known as "the 5-20s of 1862," and of the earliest issue of the "Temporary Loan Certificates."]

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. -Vol XII, p. 345, Stat. at Large.

SECTION 1. That the Secretary of the Treasury is hereby authorized to issue, on credit of the United States, $150,000,000 of United States notes, not bearing interest, payable to bearer, at the Treasury of the United States, and of such denominations as he may deem expedient, not less than $5 each: Provided, However, that fifty millions of said notes shall be in lieu of the demand Treasury notes authorized to be issued by the act of July 17, 1861; which said demand notes shall be taken up as rapidly as practicable, and the notes herein provided for substituted for them: And provided further, That the amount of the two kinds of notes together shall at no time exceed the sum of $150,000,000, and such notes herein authorized shall be receivable in payment of all taxes, internal duties, excises, debts, and demands of every kind due to the United States, except duties on imports, and of all claims and demands against the United States of every kind whatsoever, except for interest upon bonds and notes, which shall be paid in coin, and shall also be lawful money and a legal tender in payment of all debts, public and private, within the United States, except duties on imports and interest as aforesaid. And any holders of said United States notes depositing any sum not less than $50, or some multiple of $50, with the Treasurer of the United States, or either of the Assistant Treasurers, shall receive in exchange therefor duplicate certificates of deposit, one of which may be transmitted to the Secretary of the Treasury, who shall thereupon issue to the holder an equal amount of bonds of the United States, coupon or registered, as may by said holder be desired, bearing interest at the rate of six per centum per annum, payable semi-annually, and redeemable at the pleasure of the United States after five years, and payable twenty years from the date thereof. And such United States notes shall be received the same as coin, at their par value, in payment for any loans that may be hereafter sold or negotiated by the Secretary of the Treasury, and may be re-issued from time to time as the exigencies of the public interest shall require.

SEC. 2. That to enable the Secretary of the Treasury to fund the Treasury notes and floating debt of the United States, he is hereby authorized to issue, on the credit of the United States, coupon bonds, or registered bonds, to an amount not exceeding $500,000,000, redeemable at the pleasure of the United States, after five years, and payable 20 years from date, and bearing interest at the rate of 6 per centum per annum, payable semi-annually. And the bonds herein authorized shall be of such denominations, not less than $50, as may be determined upon by the Secretary of the Treasury. And the Secretary of the Treasury may dispose of such bonds at any time, at the market value thereof, for the coin of the United States, or for any of the Treasury notes that have been or may hereafter be issued under any former act of Congress, or for United States notes that may be issued under the provisions of this act; and all stocks, bonds, and other securities of the United States held by individuals, corporations, or associations within the United States, shall be exempt from taxation by or under State authority.

SEC. 3 relates to the form of the notes and bonds—their signing, etc., and appropriates $300,000 for expenses of engraving, etc.

SEC. 4. That the Secretary of the Treasury may receive from any person or persons, or any corporation, United States notes on deposit for not less than 30 days, in sums of not less than $100, with any of the Assistant Treasurers or designated depositaries of the United States authorized by the Secretary of the Treasury to receive them, who shall issue therefor

certificates of deposit made in such form as the Secretary of the Treasury shall prescribe, and said certificates of deposit shall bear interest at the rate of five per centum per annum; and any amount of United States notes so deposited may be withdrawn from deposit at any time after ten days' notice on the return of said certificates; Provided, That the interest on all such deposits shall cease and determine at the pleasure of the Secretary of the Treasury. And provided further, That the aggregate of such deposit shall, at no time, exceed the amount of $25,000,000.

SEC. 5. That all duties on imported goods shall be paid in coin, or in notes payable on demand heretofore authorized to be issued and by law receivable in payment of public dues, and the coin so paid shall be set apart as a special fund, and shall be applied as follows:

1. To the payment in coin of the interest on the bonds and notes of the United States.

2. To the purchase or payment of one per centum of the entire debt of the United States, to be made within each fiscal year after the first day of July, 1862, 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.

3. The residue thereof to be paid into the Treasury of the United States.

SEC. 6 provides penalties for forging, counterfeiting, etc.
SEC. 7 does likewise.

THE ACT OF MARCH 1, 1862.

[By this act the first issue of "Certificates of Indebtedness' was authorized.]

AN ACT TO AUTHORIZE THE SECRETARY OF THE TREASURY TO ISSUE CERTIFI

CATES OF INDEBTEDNESS TO PUBLIC CREDITORS.-Vol. XII., p. 352, Stat. at Large.

SECTION 1. That the Secretary of the Treasury be and he is hereby authorized to cause to be issued to any public creditor who may be desirous to receive the same, upon requisition of the head of the proper department, in satisfaction of audited and settled demands against the United States, certificates for the whole amount due, or parts thereof not less than one thousand dollars, signed by the Treasurer of the United States, and countersigned as may be directed by the Secretary of the Treasury; which certificates shall be payable in one year from date or earlier, at the option of the Government, and shall bear interest at the rate of six per centum per annum.

THE ACT OF MARCH 17, 1862.

[This act authorized the additional issue of "Temporary Loan Certificates" and "Certificates of Indebtedness," and made the "Demand Notes" a legal tender.]

AN ACT TO AUTHORIZE THE PURCHASE OF COIN AND FOR OTHER PURPOSES.

Vol. XII., p. 370, Stat. at Large.

SECTION 1. That the Secretary of the Treasury may purchase coin with any of the bonds or notes of the United States, authorized by law, at such rates and upon such terms as he may deem most advantageous to the public interest; and may issue, under such rules and regulations as he may prescribe, certificates of indebtedness, such as are authorized by an act entitled "An act to authorize the Secretary of the Treasury to issue certificates of indebtedness to public creditors," approved March 1, 1862, to