Chapter V. authorizing the Issue of Treasury Notes, a Loan, and for other Purposes
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Chap. V.— An Act authorizing the Issue of Treasury Notes, a Loan, and for other Purposes.Jan. 28, 1847. *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,* That$23,000,000 of treasury notes authorized. the President of the United States is hereby authorized to cause treasury notes, for such sum or sums as the exigencies of the government may require, but not exceeding, in the whole amount of notes issued, the sum of twenty-three millions of dollars, and of denominations not less than fifty dollars for any one note, to be prepared, signed, and issued, in the manner hereinafter provided.
Sec. 2. *And be it further enacted,* ThatWhen to be paid. the said treasury notes authorized to be issued by the first section of this act, shall be reimbursed and redeemed by the United States, at the treasury thereof, after the expiration of one year or two years from the dates of the said notes respectively; from which said dates they shall bear such interest,Rate of interest. until they shall be respectively redeemed, as shall be expressed upon the face of the said notes; which rate of interest upon each several issue of the said notes shall be fixed by the Secretary of the Treasury, by and with the advice and approbation of the President; but shall in no case exceed the rate of interest of six per centum per annum: *Provided,* That after the maturity of any of the said notes,Interest to cease sixty days after notice. such interest shall 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.
The reimbursement herein provided for shall be made at the treasury of the United States to the holders of the said notes respectively, upon presentment, and shall include the principal of each note, and the interest which may be due thereon at the time of payment. For this reimbursement, at the time and timesTWENTY-NINTH CONGRESS. Sess. II. Ch. 5. 1847.119 herein specified, the faith of the United States is hereby solemnly pledged. Sec. 3. *And be it further enacted,* ThatNotes, how signed, &c. the said treasury notes shall be prepared under the direction of the Secretary of the Treasury, and shall be signed, on behalf of the United States, by the treasurer thereof, and countersigned by the register of the treasury; and that those officers respectively shall, as checks upon each other, and to secure the public safety, keep separate, full, and accurate accountsAccounts to be kept. of the number, date, denomination, and amount, of all the notes signed and countersigned by them respectively, which said account shall be entered in a book or books, to be provided for that purpose, and carefully preserved in the treasury department; and also similar accounts, kept and preserved in the same manner, of all the said notes redeemed, as the same shall be returned and cancelled; and the treasurer shall further account, quarterly, for all such notes delivered to him for signature or issue by the register.Additional clerks authorized.
The treasurer and register of the treasury are hereby authorized, by and with the consent and approbation of the Secretary of the Treasury, to employ such additional temporary clerks as the duties enjoined upon them by this act may render necessary: *Provided,* Said number shall not exceed five, and with a salary of not more than at the rate of twelve hundred dollars to each per annum. Sec. 4. *And be it further enacted,* ThatMay be issued to creditors. the Secretary of the Treasury is hereby authorized, with the approbation of the President of the United States, to cause to be issued such portion of the said treasury notes as the President may think expedient in payment of debts due by the United States, to such public creditors, or other persons, as may choose to receive such notes in payment, as aforesaid, at par.
AndMay be pledged. the Secretary of the Treasury is further authorized, with the approbation of the President of the United States, to borrow from time to time such suras as the President may think expedient on the credit of such notes: *Provided, however,*But not for less than par. That no treasury notes shall be pledged, hypothecated, sold, or disposed of in any wise for any purpose whatever, directly or indirectly, for any sum less than the amount of such notes, including the principal and interest thereon when disposed of.
Sec. 5. *And be it further enacted,* ThatHow transferable. the said treasury notes shall be transferable, by delivery and assignment endorsed thereon, by the person to whose order the same shall on the face thereof have been made payable. Sec. 6. *And be it further enacted,* ThatTo be receivable for all public dues. the said treasury notes shall be received in payment of all duties and taxes laid by the authority of the United States, of all public lands sold by the said authority, and of all debts to the United States of any character whatsoever, which may be due and payable at the time when said treasury notes may be so offered in payment; and on every such payment credit shall be given for the amount of the principal and interest which, ou the day of such payment, may be due on the note or notes thus given in payment.
Sec. 7. *And be it further enacted,* ThatOn payment, a receipt to be taken. every collector, receiver of public moneys, or other officer or agent of the United States, shall, on the receipt of any treasury notes in payment for the government, take from the holder thereof a receipt on the back of each of said notes, stating distinctly the date, and the amount received; and shall keep, according to such forms as shall be prescribed by the Secretaryand entry made. of the Treasury, entries of whom received, the number, date, and respective amounts of principal and interest of each and every treasury note thus received; and on delivering the same to the treasury shall receive credit for the amount paid as prescribed by the last section: *Provided,* no error shall appear. 120TWENTY-NINTH CONGRESS.
Sess. 120. Sec. 8. *And be it further enacted,* ThatPayment. the Secretary of the Treasury be, and he is hereby, authorized and directed to cause to be reimbursed and paid the principal and interest of the treasury notes which may be issued by virtue of this act, at the several time and times when the same, according to the provisions of this act, should be thus reimbursed and paid.Purchase by U. S. And the said Secretary is farther authorized to make purchases of the said notes at par for the amount of the principal and interest due at the time of purchase on such notes.Appropriation for payment.
And so much of unappropriated money in the treasury as may be necessary for that purpose is hereby appropriated for paying the principal and interest of said notes. Sec. 9. *And be it further enacted,* ThatPenalty for forcing or counterfeiting, &c., said notes. if any person shall falsely make, forge, or counterfeit, or cause or procure to be falsely made, forged, or counterfeited, or willingly aid or assist in falsely making, forging, or counterfeiting, any note in imitation of, or purporting to be, a treasury note aforesaid, or shall falsely alter, or cause or procure to be falsely altered, or willingly aid or assist in falsely altering, any treasury note issued as aforesaid, or shall pass, utter, or publish, or attempt to pass, utter, or publish as true, any false, forged, or counterfeited note, purporting to be a treasury note as aforesaid, knowing the same to be falsely forged or counterfeited, or shall pass, utter, or publish as true, any falsely altered treasury note issued as aforesaid, knowing the same to be falsely altered, every such person shall be deemed and adjudged guilty of felony, and being thereof convicted, by due course of law, shall be sentenced to be imprisoned and kept to hard labor for a period not less than three years nor more than ten years, and to be fined in a sum not exceeding five thousand dollars.
Sec. 10. *And be it further enacted,* ThatPenalty for making or keeping an engraved Plate, &c., of said notes. if any person shall make or engrave, or cause or procure to be made or engraved, or shall have in his custody or possession any metallic plate engraved after the similitude of any plate from which any notes issued as aforesaid shall have been printed, with intent to use such plate, or cause or suffer the same to be used in forging or counterfeiting any of the notes issued as aforesaid, or shall have in his custody or possession any blank note or notes engraved and printed after the similitude of any notes issued as aforesaid, with intent to use such blanks, or cause or suffer the same to be used in forging or counterfeiting any of the notes issued as aforesaid, or shall have in his custody or possession any paper adapted to the making of notes and similar to the paper upon which any such notes shall have been issued, with intent to use such paper or cause or suffer the same to be used in forging or counterfeiting any of the notes issued as aforesaid, every such person being thereof convicted by due course of law, shall be sentenced to be imprisoned, and kept to hard labor, for a term not less than three nor more than ten years, and fined in a sum not exceeding five thousand dollars.
Sec. 11. *And be it further enacted,* ThatSecretary of the Treasury to make rules, &c. the Secretary of the Treasury be, and he is hereby, authorized to make and issue, from time to time, such instructions, rules, and regulations to the several collectors, receivers of public money, depositaries, and all others who may be authorized to receive the said treasury notes on behalf of and as agents in any capacity for the United States, as to the safe-keeping, disposition, return, and cancelling of the said notes so paid to and received by them, respectively, and as to their accounts and returns to the department of such receipts as may seem to him best calculated to promote the public interests and convenience, and secure the United States and the holders of the notes against fraud and losses.
Sec. 12. *And be it further enacted,* That,Reissue. in lieu of the notes authorized by this act which may be redeemed, other notes may beTWENTY-NINTH CONGRESS. Sess. II. Ch. 5. 1847.121 issued: *Provided, however,*Amount not to exceed $23,000,000. The amount of such notes outstanding, together with the stock issued by virtue of the thirteenth and sixteenth sections of this act, shall not exceed the sum of twenty-three millions of dollars. Sec. 13. *And be it further enacted,* ThatMay be converted into stock. it shall be lawful for the holders of the aforesaid treasury notes to present them, at any time, to the treasury of the United States, or to any assistant treasurer, or to such collectors of the customs and receivers of public moneys as may be designated by the Secretary of the Treasury; and the holders of the said treasury notes shall be entitled to receive therefor the amount of the principal of the said notes in a certificate or certificates of funded stock, bearing interest at six per centum per annum, from the date of such presentment of said treasury notes, and for the interest, shall be paid in money; and the stock thus to be issued shall be transferable on the books of the treasury: *Provided, however, and be it further enacted,*Stock when reimbursable.
That it shall be lawful for the United States to reimburse the stock thus created, at any time after the last day of December, one thousand eight hundred and sixty-seven. Sec. 14. *And be it further enacted,* ThatSame subject. it shall and may be lawful for the holder of any treasury notes issued, or authorized to be issued, under this act or any laws heretofore passed, to convert the same into certificates of funded stock, upon the same terms and in the same manner hereinbefore provided in relation to the treasury notes authorized by the first section of this act.
Sec. 15. *And be it further enacted,* ThatAct of 1846, ch. 64, extended. the authority to issue treasury notes authorized by the “Act authorizing an Issue of Treasury Notes and a Loan,” approved July twenty-second, one thousand eight hundred and forty-six, be, and the same is hereby, extended to the same period fixed for the treasury notes authorized by this act, and upon the same terms and conditions herein specified: *Provided,* That the treasury notes authorized by this section shall not exceed five million of dollars.
Sec. 16. *And be it further enacted,* ThatStock may be issued instead of notes. 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 Stales, bearing interest at a rate not exceeding six per centum per annum for the sum thus borrowed, redeemable after thirty-first December, eighteen hundred and sixty-seven: *Provided, however,*Whole amount not to exceed $23,000,000.
That the sum so borrowed, together with the treasury notes issued under the first and twelfth sections of this act outstanding, and the stock created by this and the thirteenth section of this act, shall not in the whole exceed the sum of twenty-three millions of dollars: *And provided further,*proviso. That no stock shall be issued at a less rate than par. Sec. 17. *And be it further enacted,* ThatInterest payable 1st of January and July. the interest on the stock created by this act shall be payable semi-annually on the first days of January and July in each year.
Sec. 18. *And be it further enacted,* ThatCertificates of stock, how signed. the certificates of stock to be issued under this act shall be signed by the register of the treasury, and the Secretary of the Treasury shall cause each of said certificates to be sealed with the seal of his department. Sec. 19. *And be it further enacted,* ThatProceeds of public lands pledged for redemption. for the payment of the stock which may be created under the provisions of this act the sales of the public lands are hereby pledged, and it is hereby made the duty of the Secretary of the Treasury to use and apply all moneys which may be received into the treasury for the sales of the public lands after the first day of January, eighteen hundred and forty-eight,122TWENTY-NINTH CONGRESS.
Sess. II. Ch. 6. 1847. first,Proviso repealed, post, p. 369. to pay the interest on all stocks issued by virtue of this act; and, secondly, to use the balance of said receipts, after paying the interest aforesaid, in the purchase of said stocks at their market value: *Provided,* No more than par shall be paid for said stocks. Sec. 20. *And be it further enacted,* ThatContingent expenses. a sum not exceeding twenty-thousand dollars, to be paid out of any unappropriated money in the treasury, be, and the same is hereby appropriated, for defraying the expense of preparing, printing, engraving, and otherwise, incident to the issuing of the treasury notes and stock authorized by this act: *Provided,* That no compensation shall be made to any officer whose salary is fixed by law, for preparing, signing, or issuing treasury notes or certificates of stock.
Sec. 21. *And be it further enacted,* ThatAmount issued or redeemed to be published monthly. it shall be, and hereby is, made the duty of the Secretary of the Treasury to cause a statement to be published monthly of the amount of all treasury notes issued or redeemed in pursuance of the provisions of this act; and that the powerIssue, when to cease. to issue treasury notes conferred on the President of the United States by this act shall cease and determine six months after the exchange and ratification of a treaty of peace with the Republic of Mexico.
Sec. 22. *And be it further enacted,* ThatReport to Congress, at each session. it shall be the duty of the Secretary of the Treasury to report to Congress at the commencement of each session the amount of treasury notes which have been issued under the provisions of this act, the amount redeemed, and the manner in which redeemed, the amount purchased and of whom, and at what time purchased, and the amount reissued, stating in lieu of which redemption they are reissued, with the date of such reissue, during the preceding year.
Approved, January 28, 1847.