Chapter CLXV. to authorize a Loan not exceeding the Sum of Twenty Millions of Dollars
706 words·~3 min read·
/statutes-at-large/vol-11/chapter-clxv-1474859·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Chap. CLXV.— An Act to authorize a Loan not exceeding the Sum of Twenty Millions of Dollars.June 14, 1858.1859, ch. 82, § 6. *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, at any time within twelvePresident within 12 months may borrow not over $20,000,000. payable at any time, after 15 years, from Jan. 1, 1859. months from the passage of this act, to borrow, on the credit of the United States, a sum not exceeding twenty millions of dollars, or so much thereof as, in his opinion, the exigencies of the public service may require; to be applied to the payment of appropriations made by law, 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 toProviso. prevent the United States from reimbursing any sum borrowed under the authority of this act at any time after the expiration of fifteen years from the first day of January next.
Sec. 2. *And be it further enacted,* That stock shall be issued for theStock issued therefor shall bear not over 5 per cent. interest, payable semi-annually, with coupons.Certificates, how prepared and signed, and amount of.*Post*, p. 430. amount so borrowed, bearing interest not exceeding five per centum per annum, payable semi-annually, with coupons for the semi-annual interest attached to the certificates of stock thus created, and the Secretary of the Treasury be, and hereby is, 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: *Provided,* that no certificate shall be issued for a less sum than one thousand dollars.
Sec. 3. *And be it further enacted,* That, before awarding said loan, theLoan to be advertised. 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 proposalsNotice. for such loan 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 inProposals to be opened. 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 proposals offered by responsible bidders for said stock. And the said Secretary shall report to Congress, at the commencementSecretary to report to congress at commencement of its next session amount borrowed, &c.Stock not to be disposed of at less than par. 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.
Sec. 4. *And be it further enacted,* That the faith of the United StatesFaith of the United States pledged for its payment. is hereby pledged for the due payment of the interest and the redemption of the principal of said stock. Sec. 5. *And be it further enacted,* That, to defray the expense of en-Engraving, &c. certificates of stock.366THIRTY-FIFTH CONGRESS. Sess. I. Ch. 166, 167. 1858.graving and printing certificates of such stock, and other expenses incident to the execution of this act, the sum of five thousand dollars is hereby appropriated: *Provided,* That no compensation shall be allowed forProviso. any service performed under this act to any officer whose salary is established by law.
Approved, June 14, 1858.