Chapter LXIV. *to authorize an Issue of Treasury Notes and a Loan.* July 22, 1846. *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 is hereby authorized to cause treasury notes toIssue of treasury notes author
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Chap. LXIV.— An Act *to authorize an Issue of Treasury Notes and a Loan.* July 22, 1846. *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 is hereby authorized to cause treasury notes toIssue of treasury notes authorize,. not exceeding ten millions to be outstanding at any one time. be issued for such sum or sums as the exigencies of the government may require; and, in place of such of the same as may be redeemed, to cause others to be issued; but not exceeding the sum of ten millions of dollars of this emission outstanding at any one time, and to be issued under the limitations and other provisions contained in theTo be issued under the limitations of the act of 1837, ch. 2. act entitled “An Act to authorize the Issue of Treasury Notes,” approved the twelfth of October, one thousand eight hundred and 40TWENTY-NINTH CONGRESS.
Sess. I. Ch. 65. 1846.thirty-seven, except that the authority hereby given to issue treasury notes shall expire at the end of one year from the passage of this act. Sec. 2. The President may borrow money in lieu of issuing treasury notes, and issue stock for sum borrowed, &c. *And be it further enacted,* That the President, if in his opinion it shall be the interest of the United States so to do, instead of issuing the whole amount of treasury notes authorized by the first section of this act, may borrow on the credit of the United States such an amount of money as he may deem proper, and issue therefor stock of the United States for the sum thus borrowed, in the same form, and under the same restrictions, limitations, and provisions, as are contained in the act of Congress, approved April fifteenth, one 1842, ch, 215.thousand eight hundred and forty-two, entitled “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.” *Provided, however,* That the sum so borrowed, together with the treasury notes issued by virtue of this act, Whole amount not to exceed $ 10,000,000.No commission to be allowed.shall not in the whole exceed the sum of ten millions of dollars: *And provided, further,* That no commission shall be allowed or paid for the negotiation of the loan authorized by this act; and also that the said stock shall be redeemable at a period not longer than ten years from the issue thereof.
Sec. 3. *And be it further enacted,* That the treasury notes and Not to bear a higher rate of interest than six per cent.the stock issued under the provisions of this act shall not bear a higher rate of interest than six per centum per annum, and no part thereof shall be disposed of at less than par. Sec. 4. *And be it further enacted,* That no compensation shall be No compensation to be made to any salaried officer for preparing, signing, and issuing said notes, &c.made to any officer, whose salary is fixed by law, for preparing, signing, or issuing treasury notes; nor shall any clerks be employed beyond the number authorized by the act herein referred to.
Sec. 5. $50,000 appropriated for paying the amount of certain purloined treasury notes.Post, p. 106, *And be it further enacted,* That the sum of fifty thousand dollars be, and the same is hereby, appropriated, out of any money in the treasury not otherwise appropriated, for the purpose of paying the amount of certain treasury notes (which, having been received or redeemed by any authorized officer of the government, were subsequently purloined or stolen, and put into circulation without evidence on their face of their having been cancelled) to the respective holders, who may have received the same, or any of them, for a full consideration, in the usual course of business, without notice or knowledge of the same having been stolen, or cancelled, or altered, and without any circumstances to cast suspicion on the good faith or due caution with which they may have received the same.
Approved, July 22, 1846.