Chapter XXVI. *for the extension of the loan of eighteen hundred and forty-one, and for an addition of five millions of dollars thereto; and for allowing interest on Treasury notes due.* April 15, 1842. *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled
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Chap. XXVI.— An Act *for the extension of the loan of eighteen hundred and forty-one, and for an addition of five millions of dollars thereto; and for allowing interest on Treasury notes due.* April 15, 1842. *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, That the time limited by Time for obtaining the loan extended.the first section of the act of Congress, entitled “An act authorizing a loan not exceeding the sum of twelve millions of dollars,” approved July twenty-first, eighteen hundred and forty-one, for obtaining said Act of July 21, 1841, ch. 3.loan, shall be, and the same is hereby, extended for one year from the passage of this act.
Sec. 2. *And be it further enacted,* That so much of said loan as may Loan reimbursable, when.be obtained after the passage of this act shall be made reimbursable, as shall be agreed upon and determined at the time of issuing said stock, 474TWENTY-SEVENTH CONGRESS. Sess. II. Ch. 26. 1842.either at the will of the Secretary of the Treasury, after six months’ notice, or at any time not exceeding twenty years from the first day of January next. Form of certificates. Sec. 3. *And be it further enacted,* That the certificates hereafter to be issued for said loan may, when required, be in such form as shall be prescribed by the Secretary of the Treasury, so that the stock may be Stock, how transferable.transferable by delivery of the certificate, instead of being assignable on the books of the Treasury.
Stock to be disposed of, how. Sec. 4. *And be it further enacted,* That the Secretary of the Treasury be, and he hereby is, authorized to dispose of the stock hereafter to be issued, or any part thereof, at its par value, but no part thereof shall be disposed of under par until the same has been advertised a reasonable time, and proposals for subscription to said loan invited. And the said Secretary is hereby authorized to accept such proposals, if he deem it for the interest of the United States so to do, as shall offer the highest price for said stock or any part thereof; or to appoint an agent or agents as provided in the third section of the act, approved July twenty-first, eighteen hundred and forty-one, before recited, to negotiate the same: *Provided,* That no stock shall be disposed of at a lower rate than the highest price offered in said proposals.
Moneys arising from duties pledged for the payment of the interest, &c. Sec. 5. *And be it further enacted,* That the moneys arising from duties on goods, wares, and merchandise, which may be imported into the United States, or so much thereof as shall be equal to the payment, from time to time, of the interest, and to the ultimate redemption of the principal of the said stock, be, and the same are hereby, pledged for the payment and redemption of the stock hereafter to be issued under and by virtue of this act and the said act of July twenty-first, eighteen hundred and forty-one, hereby amended; and so much thereof as may be necessary to pay the interest on said stock, and redeem the same when due, is hereby appropriated to that object, to be first applied by the Secretary of the Treasury to such payments and redemption.
Report to be made to Congress of the am’t of money borrowed, &c. Sec. 6. *And be it further enacted,* That it shall be the duty of the Secretary of the Treasury to report to Congress, at the commencement of the next session, the amount of money borrowed under this act and the act hereby amended, and of whom and upon 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; and a detailed statement of the expense of making such loans.
What provisions of the former act shall remain in force. Sec. 7. *And be it further enacted,* That all the provisions of the said act, not hereby modified or changed, shall be and remain in force, and apply to this act. Additional loan authorized. Sec. 8. *And be it further enacted,* That the President of the United States is hereby authorized to borrow an additional sum, not exceeding the sum of five millions of dollars, if, in his opinion, the exigencies of the Government may require the same; which additional loan shall be made within the time and according to the provisions of said act, as modified by this.
Treasury notes due and unpaid, &c. to bear 6 per ct. interest. Act of Oct. 12, 1837, ch. 2. Sec. 9. *And be it further enacted,* That all Treasury notes hereto fore issued under the act entitled “An act to authorize the issuing of Treasury notes,” approved the twelfth day of October, eighteen hundred and thirty-seven, and the acts subsequent thereto, and now outstanding and unredeemed, or which may hereafter be issued under and by virtue of the same, shall, if due and unpaid before the fifth day of March, eighteen hundred and forty-two, bear interest at the rate of six per cent, per annum from that day; and when they may become due hereafter, or may have become due since the said fifth day of March, eighteen hundred and forty-two, shall bear interest from the day of their TWENTY-SEVENTH CONGRESS.
Sess. II. Ch. 29. 1842.475so becoming due, at the rate of six per cent, per annum, until they shall be respectively redeemed: *Provided,* That such interest shall Proviso.cease at the expiration of sixty days’ notice, to be given at any time, by the Secretary of the Treasury in one or more of the principal papers published at the seat of Government, of a readiness to redeem the same. And the said interest shall be payable semi-annually at the Treasury of Interest payable semi-annually.the United States, on the first days of January and July in every year.
Approved, April 15, 1842.