Chapter CXCIV. *to provide Ways and Means for the Payment of Compound Interest Notes*
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CHAP. CXCIV.— An Act *to provide Ways and Means for the Payment of Compound Interest Notes*. March 2, 1867. *Be it enacted by the Senate and House of Representatives of the United States of America, in Congress assembled*, Temporary loan certificates may be issued to redeem compound interest notes.1862, ch. 33, § 4.Vol. xii. p. 346. That for the purpose of redeeming and retiring any compound interest notes outstanding, the Secretary of the Treasury is hereby authorized and directed to issue temporary loan certificates in the manner prescribed by section four of the act entitled “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,” approved February twenty-fifth, eighteen hundred and Bate of interest.Principal and interest payable in lawful money.Certificates may be held by banks as reserve.1804, ch. 106, §§ 31, 32.Vol. xiii. pp. 108, 109.sixty-two, bearing interest at a rate not exceeding three per centum per annum, principal and interest payable in lawful money on demand; and said certificates of temporary loan may constitute and be held, by any national bank holding or owning the same, as a part of the reserve provided for in sections thirty-one and thirty-two of the act entitled “An act to provide a national currency secured by a pledge of United States bonds, and to provide for the circulation and redemption thereof,” approved June three, eighteen hundred and sixty-four: *Provided*, That not less than two fifths of the entire reserve of such bank shall consist of lawful money Proviso.of the United States: *And provided further*, That the amount of such temporary certificates at any time outstanding shall not exceed fifty millions of dollars.
Approved, March 2, 1867.