Chapter CLXXX. *authorizing a Loan and providing for the Redemption of Treasury Notes.* June 22, 1860. *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 twelve $
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Chap. CLXXX.— An Act *authorizing a Loan and providing for the Redemption of Treasury Notes.* June 22, 1860. *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 twelve $21,000,000 may be borrowed to redeem Treasury notes, &c.months from the passage, of this act, to borrow, on the credit of the United States, a sum not exceeding twenty-one millions of dollars, or so much thereof as, in his opinion, the exigencies of the public service may require, to be used in 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, and for no other purposes.
Sec. 2. *And be it further enacted,* That stock shall be issued for the Stock to be issued at interest of not over six per cent. Certificates.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;
To be in sums of not less than $1,000. With coupons when required. Assignment thereof.*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. 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 Proposals to be advertised for.newspapers in other cities of the United States, public notice that sealed proposals 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 proposes shall be opened, on the day appointed in When to be opened and what bids acceptedthe 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 80 THIRTY-SIXTH CONGRESS. Sess. I. Ch. 180, 181. 1860. Report to Congress.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: *And provided,* That no stock shall be Stock not to be disposed of at less than par.
Appropriation for expenses under this act.disposed of at less than its par value; and the sum of five thousand dollars is hereby appropriated, out of any money in the treasury not otherwise appropriated, to pay for engraving and printing the certificates, and other expenses of executing this act; but no additional compensation shall be allowed to any person receiving a salary by law. Faith of the United States pledged. Sec. 4. *And be it further enacted,* That the faith of the United States is hereby pledged for the due payment of the interest and the redemption of the principal of said stock.
Approved, June 22, 1860.