Iowa capitol reporter. [volume] (Iowa City, Iowa) 1841-1855, 1847-03-24
IOWA CITY, WEDNESDAY, MARCH "a 1917 - --------

I
I Ssc. IA. find be II further enacted, Thai
it shall and may be lawful for the holder
Of any treasury notes issued, or anthoriz-
ed 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 herein be-
fore provided in relation to the treasury
notes authorized by the first section Of
this act.
SEC. IS. find be Il further enacted, That
the authority to issue treasury notes au-
thorized by the "Act authorizing an issue
Of treasury notes and 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 condi-
tions herein specified: Provided, That the
treasury notes authorized by this section
shall not exceed five millions of dollars.
j, SEC. l6. find be 1t 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 Sec
Ition Of this at, may borrow, on the cred
it Of the United States, such an amount of
money as he may deem proper, and issue
therefor stock OF the United States, bear
ing interest at a rate not exceeding six per
centum per annum for the sum thus boz
rowed, redeemabIe after thirty first De-
cember, eighteen numbered and sixty-sev-
en-; Provided, howerer, That the sum so
borrowed, together with the treasury
notes issued under the first and twelfth
sections of this act, outstanding, and stock
created by this and the thirteenth section
OF this act, shall not in the whole exceed
the sum oftweniy-three millions OF dol
dollars; find prouided further, That no
stock shall be issued at less rate than
| par.
SEC. II. find be it further encated, That
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. Is. find be itfuther enacted, That
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 certifi.
Gates to be sealed with the seal of his de.
partment.
SEC. 10. dteH further enacted, That
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 afer the frat day of January, eigh-
teen hundred and forty eight, first, to pay
the interest on all stocks issued by virtue
of this act, and, secondly, to use the bal
ance Of said receipts, after paying the in
terest aforesaid, in the purchase of said
stocks at their market value, provided no
more thpn par shall be paid for said stocks.
SEC. 20. find be it further enacted That
a sum not exceeding twenty thousand dol
lars, TO be paid out of any unappropriated
money in the treasury, be, and the same is
hereby appropriated, for defraying the cx
! pense Of preparing, printing, engraving
and otherwise, incident to the issuing of
the treasury notes and stock authorized by
this act; Prorided, 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 pins ~.
SEC. 81. lind be it further enaeted, That
i shall be, and hereby is made the duty of
the Secretary of the treasury to cause
statement to be published monthly Of the
amount Of all treasury notes issued or re-
deemed in pursuance of the provisions of
this ACT; and that the power to issue treas.
ury notes conferred on the President Of
the United States by this act shall cease
and deter,nine six months after the ex-
change and ratification of treaty Of peace
with the republic of Mexico. aa ii.
SEC. %. find be IL further enacted, That
it shall be the duty Of the Secretary of the
treasury to report TO Congress at the COM
inencement of each session, the amount of
treasury notes which have been issued I'M
der the provisions Of this act; the amonnt
redeemed, and the manner in which re-
dee,ne1; the amour. purchased, and Of
whom, and at what time purchased; and
the amount ressued, stating in lieu of
which redemption they are reissued, with
the date Of such reissue during the pre-
ceding year.
Approved, January %, lS47.