Chapter LXXVII. *to provide Ways and Means for the Support of the Government.* March 3, 1865. *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,* That the Secretary of the Treasury may borrow not over $600,000,000, and issue bonds, &c
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Chap. LXXVII.— An Act *to provide Ways and Means for the Support of the Government.* March 3, 1865. *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,* That the Secretary of the Treasury may borrow not over $600,000,000, and issue bonds, &c.Treasury be, and he is hereby, authorized to borrow, from time to time, on the credit of the United States, in addition to the amounts heretofore authorized, any sums not exceeding in the aggregate six hundred millions of dollars, and to issue therefor bonds or treasury notes of the United Bonds, and when redeemable.States, in such form as he may prescribe; and so much thereof as may be issued in bonds shall be of denominations not less than fifty dollars, and may be made payable at any period not more than forty years from date of issue, or may be made redeemable, at the pleasure of the government, at or after any period not less than five years nor more than forty years from date, or may be made redeemable and payable as aforesaid, as may be expressed upon their face; and so much thereof as may be issued in Treasury notes.treasury notes may be made convertible into any bonds authorized by this act, and may be of such denominations—not less than fifty dollars—and bear such dates and be made redeemable or payable at such periods as in the opinion of the Secretary of the Treasury may be deemed expedient.
Interest.And the interest on such bonds shall be payable semi-annually; and on treasury notes authorized by this act the interest may be made payable Principal and interest how payable. Rate of interest.semi-annually, or annually, or at maturity thereof; and the principal, or interest, or both, may be made payable i n coin or in other lawful money: *Provided,* That the rate of interest on any such bonds or treasury notes, when payable in coin, shall not exceed six per centum per annum; and when not payable in coin shall not exceed seven and three ten th per centum per annum; and the rate and character of interest shall be ex pressed on all such bonds or treasury notes: *And provided, further,* That 1884, ch. 172. *Ante,* p. 218.the act entitled “An act to provide ways and means for the support of the government, and for other purposes,” approved June thirtieth, eighteen hundred and sixty-four, shall be so construed as to authorize the issue of bonds of any description authorized by this act.
And any treasury notes or other obligations bearing interest, issued under any act of congress, may, at the discretion of the Secretary of the Treasury, and with the Convertible.consent of the holder, be converted into any description of bonds authorized by this act; and no bonds so authorized shall be considered a part of the amount of six hundred millions hereinbefore authorized. Bonds, where may be disposed of and at what rates. Sec. 2. *And be it further enacted,* That the Secretary of the Treasury may dispose of any of the bonds or other obligations issued under this act, either in the United States or elsewhere, in such manner, and at such rates, and under such conditions, as he may think advisable, for coin, or for other lawful money of the United States, or for any treasury notes, certificates of indebtedness, or certificates of deposit, or other representa tives of value, which have been or may be issued under any act of con-THIRTY-EIGHTH CONGRESS.
Sess. II. Ch. 77, 78. 1885. 469gress; and may, at his discretion, issue bonds or treasury notes authorized Bonds may be issued for supplies.by this act, in payment for any requisitions for materials or supplies which shall have been made by the appropriate department or offices upon the treasury of the United States, on receiving notice in writing through the department or office making the requisition, that the owner of the claim for which the requisition is issued desires to subscribe for an amount of loan that will cover said requisition, or any part thereof; and all bonds or other obligations issued under this act shall be exempt from taxation by Exempt from taxation.or under state or municipal authority.
Sec. 3. *And be it further enacted,* That all the provisions of the act Form of notes, &c. 1864. ch. 172. *Ante,* p. 218.entitled “An act to provide ways and means for the support of the government, and for other purposes,” approved June thirtieth, eighteen hundred and sixty-four, in relation to forms, inscriptions, devices, and the printing, attestation, sealing, signing, and counterfeiting thereof, with such others as are applicable, shall apply to the bonds and other obligations issued under this act: *Provided,* That nothing herein contained shall be construed as Legal tenders not authorized hereby.authorizing the issue of legal-tender notes in any form; and a sum, not exceeding one per centum of the amount of bonds and other obligations issued under this act, is hereby appropriated to pay the expense of preparing Appropriation for expensesand issuing the same, and disposing thereof.
Approved, March 3, 1865.