The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-08-21
TREAsuRY DEPARTMENT,
August 10, 1871.

TREAsuRY DEPARTMENT,
August 10, 1871.
An act having been passed By Congress and sP-
proved b. the President Of the United States Tie
2lst uliimo, IS follows, VIZ
AN ACT authorizing a loan exceeding the sum
Of twelve millions Of dollars.
Be II enacted By he Senate and Ho1ss of Repre-
senfalr<s Of The United States Of America IN Con
g-ess assembIsd, That the President Of the United
States Is hereby authorized, at any time wahin one
year after the passage Of this act 10 borrow on the
credit Of the United States exceeding twelve
millions Of dollars or much thereof ia his opin-
ion The erigencies OF the Gov may require al
Of interest payable quarterly semi nusliy,
exceeding sIx per centum per annum, which loan
shall be made reimburssble either al the will OF the
Secretary of the Treasury after sax months notice
al any time amer thee years from the hfst day Of
January neIt; and said money so borrowed shall be
spoiled 10 addition 10 the money now 10 the Treasury,
which may be received therein from other sources
the payment and redemption Of the Treasury notes
heretofore authorized, which may be outstand
ing and unpaid and 10 defray any Of the pcbc ex-
penses which have been heretofore, which may be
authorized by law which stock shall be transferable
only on the books Of the Treasury.
Sec. q And be II further enacted, That the Secre-
tary Of the Treasury be- and he il hereby auihorzed
with the consent Of the President TO cause TO be pre-
pared certificates of stock signed by the Secretary and
countersigned by the Register Of the Treasury, Tor
the sun TO be borrowed, or any part thereof bearing
an interest exceeding SIX per cebtum per annum
and transferable and reibursable aforesaid, and TO
cause the said certificates Of stock to be sold Prori-
ded, that stock be sold below par
Sec g. And be II further enacted, That the Secre-
tary Of the Treasury be- and be is hereby authorized
10 receive proposals for taking the said loan, or 10 en-
poy agent agents for the purpose OF negotiating
the same and 10 pay him or them reasonable com
mission, exceeding one tenth OF one per cent on
the amount negotiated which sum to be allowed 70
| A .v1s oh AZ IN
cessarly incurred in printing and issuing certihea'es
Of stock and other expenses incident 10 the due exc
cuon Of this act in all not exceeding twelve thousand
dollars which is hereby appropriated for that Pur
pose and shall be paid out OF any money IN the lea-
sorry not otherwise appropriated.
Sec 4. And be IL further enacted, That the Secre-
iary Of the Treasury Is hereby authorized TO purchase,
any time before the period herein limited for The
redemption Of stock hereby authorized, such portion
thereof as the funds of the Government may admit Of
after meeting all The demands on the Treasury, and
any surplus the Treasury Is hereby appropriated TO
that object
Sec s. And be IL further enacted, That the faith Of
the United States be, and Is hereby, pledged for the
ponc,usi payment of the interest and redemption Of
said stock.
Approved July 81, iS4i.
The undersigned, Secretary Of the Treasury, will
in Of the provisions Of said act receise pro-
posas the Treasury until the 10Th instant Inclu-
sive, for the subscription OF million Of dollars
part Of the loan authorized by the said act The pro-
posals will state the loves, Of interest for which
specie, or the notes of speeiepaying Banks at par,
will be placed the credi, OF the Treasurer Of the
United States, in such repositories may desgnsted
by the Secretary in Boston, New York, or Philadel-
pha.
Stock will be inscribed the books Of the Depart
ment and certificates issued for the thus agreed
for on evidence Of the depose Of the money, pro-
vded above bearing interest from the date Of the de-
poste and rredeemable before the 3ls Of December,
1874 And all stock inscribed on the books under the
proposals received for this portion Of the loan will bear
the same rate Of interest," but offer for sum less
than IS, 600 will be considered.
Transfers will be made at the Treasury, on the per-
sona surrender Of certificates BY individuals in whose
the stock stands or by transmitting the certif-
to the Register Of the Treasury by mail, with
special endorsement thereon atested by notary pub
lie or the clerk Of court Of record under their
spectiye seals la cases where stock shall stand in
the name Of corporation body polite, transfers
will be made upon special endorsement Of the proper
officers of the corporation, under the corporation
seal
The transfer books will be closed for fifteen days
previous the close Of each quarter Should request
be received by the Register Of the Treasury before the
close Of the books the end of quarter from any
person in whose name stock stands that his dividend
of interest be paid at Boston, New York, Philadel-
phia, Baltimore, payment will be made according
ly otherwise, the quarterly interest will be payable q,
the Treasury.
T. EWING,
Aug 2l-4t Secretary of the Treasury.