Chapter V. *to authorize a National Loan and for other Purposes.* July 17, 1861. *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, * That the Secretary of the TreasurySecretary of Treasury may borrow within twelve months not over $250,000,000
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Chap. V.— An Act *to authorize a National Loan and for other Purposes.* July 17, 1861. *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, * That the Secretary of the TreasurySecretary of Treasury may borrow within twelve months not over $250,000,000.Coupon or registered bonds or treasury notes may be issued therefor.Bonds, when redeemable.Treasury notes denomination; interest; when payable. 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 semiannually, 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 fifty dollars, and to be payable three years after date, with interest at the rate of seven and three tenths per centum per annum, payable semiannually.
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 fifty dollars, notCertain treasury notes may be issued in exchange for coin, &c1861, ch. 46, §§ I, 5. *Post*, p. 313. 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 three mid sixty-five hundredths per centum, payable in one year from date, and exchangeable at any time for treasury notes for fifty dollars, and upwards, issuable under the authority of this act and bearing interest as specified above: *Provided,* That noProviso.*Post*, pp. 345, 370.Proviso. exchange of such notes in any less amount than one hundred dollars shall be made at any one time: *And provided further,* That no treasury notes shall be issued of a less denomination than ten dollars, and that the whole*Post*, p. 813. amount of treasury notes, not bearing interest, issued under the authority of this act, shall not exceed fifty millions of dollars.
Sec. 2. *And be it further enacted,* That the treasury notes, and bondsNotes and bonds, how signed, &c. issued under the provisions of this act shall be signed by the First or Second Comptroller, or the Register of the Treasury and countersigned by such other officer or officers of the Treasury as the Secretary of the Treasury may designate; and all such obligations, of the denomination of fifty dollars and upwards, shall be issued under the seal of the Treasury Department. The registered bonds shall be transferable on the books ofHow transferable. the Treasury on the delivery of the certificate, and the coupon bonds and treasury notes shall be transferable by delivery.
The interest coupons may be signed by such person or persons, or executed in such manner, as may be designated by the Secretary of the Treasury, who shall fix the compensation for the same. 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 forBooks to be opened for subscription for treasury notes for $50 and over, &c. fifty dollars 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 mayWho may subscribe.If larger amount is subscribed, &c. 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 lime, 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 260accept the amount required by giving the preference to the smaller subscriptions;
Pay of those receiving subscriptions.Proviso.and the Secretary of I be Treasury shall fix the compensations of the public officers or others designated for receiving said subscriptions: *Provided,* That for performing this or any other duty in connection with this act, no compensation for services rendered shall be allowed or paid to any public officer whose salary is established by law; and the Secretary of the Treasury may also make such other rules and regulations as he may deem expedient touching the instalment to be paid on any subscription Payment of subscription.at the time of subscribing, and further payments by instalments or otherwise, and penalties for nonpayment of any instalment, and also concerning the receipt, deposit, and safekeeping of money received from such subscriptions, until the same can be placed in the possession of the official depositaries of the Treasury, any law or laws to the contrary notwithstanding.
And the Secretary of the Treasury is also authorized, if he shall deem it expedient, before, opening books of subscription as above provided, Treasury notes of $50 and upward a may be exchanged for coin, &c.to exchange for coin or pay for public, dues or for treasury notes of the issue of twenty-third of December, eighteen hundred and fifty-seven, and falling due on the thirtieth of June, eighteen hundred and sixty-one, or for treasury notes issued and taken in exchange for such notes, any amount of said treasury notes for fifty dollars or upwards not exceeding one hundred millions of dollars.
Sec. 4. Proposals for loan to be published. *And be it further enacted,* That, before awarding any portion of the loan in bonds authorized by lids act, the Secretary of the Treasury, if be deem it advisable to issue proposals for the same in the United States, shall give not less than fifteen days’ public notice in two or more of the public newspapers in the city of Washington, and in such other places of the United States as he may deem advisable, designating the amount of such loan, the place and the time up to which sealed proposals will be received for the same, the periods for the payment, and the amount of each instalment in which it is to be paid, and the penalty for the nonpayment of any such instalments, and when and where such proposals shall be opened in the presence of such persons as may choose to attend; and the Most favorable offers to be accepted, but at not less than par.Secretary of the Treasury is authorized to accept the most favorable proposals offered by responsible bidders: *Provided,* That no offer shall be accepted at less than par.
Sec. 5. *And be it further enacted,* That the Secretary of the Treasury Portion of loan may be negotiated in foreign country.may, if he deem it advisable, negotiate any portion of said loan, not exceeding one hundred millions of dollars, in any foreign country and payable at any designated place either in the United States or in Europe, and may issue registered or coupon bonds for the amount thus negotiated agreeably to the provisions of this net, bearing interest payable semiannually, either in the United States or at any designated place in Europe;
Proceedings in such case.and he is further authorized to appoint such agent or agents as he may deem necessary for negotiating such loan under his instructions, and for paying the interest on the same, and to fix the compensation of such agent or agents, and shall prescribe to them all the rules, regulations, and modes under which such loan shall be negotiated, and shall have power to fix the rate of exchange at which the principal shall be received from the contractors for the loan, and the exchange for the payment of the principal and interest in Europe shall be at the same rate.
Sec. 6. Treasury notes under $50 may be re-issued prior to Dec. 31, 1862. *And be it further enacted,* That whenever any treasury notes of a denomination less than fifty dollars, 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: Proviso.*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 thirty-first of December, eighteen hundred and sixty-two.
THIRTY-SEVENTH CONGRESS. Sess. I. Ch. 5, 6. 1861. 261 Sec. 7. *And be it further enacted,* That the Secretary of the TreasuryTreasury notes may be issued in exchange for coin, &c. is hereby authorized, whenever he shall deem it expedient, to issue in exchange for coin, or in payment for public dues, treasury notes of any of the denominations hereinbefore specified, hearing 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 twenty millions of dollars.
Sec. 8. *And be it further enacted,* That the Secretary of the TreasurySecretary of Treasury to report to Congress. shall report to Congress, immediately after the commencement of the next session, the amount he has borrowed under the provisions of this act, of whom, and on what terms, with an abstract of all the proposals, designating those that have been accepted and those that have been rejected, and the amount of bonds or treasury notes that have been issued for the same.
Sec. 9. *And be it further enacted,* That the faith of the United StatesFaith of the United States pledged. is hereby (solemnly pledged for the payment of the interest and redemption of the principal of the loan authorized by this act. Sec. 10. *And be it further enacted,* That all the provisions of the actCertain provisions of act of 1857, ch. 1, revived.Vol. xi. p. 257. 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 reenacted.
Sec. 11. *And be it further enacted,* That, to defray all the expenses thatAppropriation for expenses under this act. may attend the execution of this act, the sum of two hundred thousand dollars, or so much thereof as may be necessary, be, and the same is hereby, appropriated, to be paid out of any money in the Treasury not otherwise appropriated. Approved, July 17, 1861. Chapter VI: making additional Appropriations for the Support of the Army for the fiscal Year ending June thirtieth, eighteen hundred and sixty-two, and Appropriations of Arrearages for the fiscal Year ending June thirtieth, eighteen hundred and sixty-one. 11 Stat. 261 1861-07-17 Chapter VI Little, Brown and Company text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
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Chapter V
*to authorize a National Loan and for other Purposes.* July 17, 1861. *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, * That the Secretary of the TreasurySecretary of Treasury may borrow within twelve months not over $250,000,000
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