Iowa capitol reporter. [volume] (Iowa City, Iowa) 1841-1855, 1847-03-24
VOLUME
BY AUTHORITY.

PUBIC No. a.

.-a xSt1A LUX HCSSs
TPUBLrc-No. 4.
AN ACT authorizing the issue Of treasury
notes, loan, and for other purposes.
Be il enacted By the Senate and House Of
Representatives. Of the United STATES Of A.
msrica, IN Congress assembled, That 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 exceed
ing, in the whole amount Of notes issued,
the sum Of twenty three millions Of dol
lars, and Of denominations not less than
fifty dollars for any one nots, to be prepar-
ed, signed, and issued, in the manner
hereinafter provided.
Sec. 2. find he 1t further enacted, That
the said treasury notes authorized to be
issued by the first section Of this act shall.
be reimbursed and redeemed by the Uni
ted States, at the treasury thereof, after
the expiration Of one year or two years
from the dates Of said notes respectively;
from which said dates they shall bear such
interest, until they shall be respectively
redeemed, as shall be expressed upon the
face Of the said notes; which rate OF inter.
est upon each several issue oflhe said notes
shall be fixed by the Secretary Of the
Treasury, by and with the advice and APP
probation Of the President; but shall in no
case exceed the rate Of interest Of six per
cent,m per annum: Provided, That after
the maturity Of any of said notes sucI, in
terest shall cease at the expiration ofsixty
days notice, to be given al 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 ofthe United States to the holders
OF the said notes respectively, upon pre-
sentiment, 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
times herein specified, the faith OF the
United States is hereby so.mnIy pledged.
SEC. 3. ind be it further enactsd, That
the said treasury notes shall be prepared
under tae direction of the Secretary OF the
Treasury, and shall be signed, on behalf
ofthe United States by theTreasurer there
OF, and countersigned by the Register Of
the Treasury; ard that those officers res
positively shall act as checks upon each 9TH
Grand to secure the public safety keep sep
crate. fuil, and accurate accounts Of the
number, date, determination, and amount,
ofall the notes signed and countersigned
by them respectisely, which said accoun,
shall be entered in book or books, to be
proyived for that purpose, and carefully
preser we'd in the Heasury Department !;
and also similar accounts, kept and pre-
served in the same manner, OF all the said
notes redeemed, as the same shall be re-
turned and cancelled; and the Treasurer
shall further account, quarterly, tor all
such notes delivered TO him for signature
or issue by the Register. The Treasurer
and Register of the Treasury are hereby
authorized, by and with the consent and
appreciation OF the Secretary Of the Trea-
sury, to employ such additional temporary
clerks as the duties enjoined upon them by
this act may render necessary: Prorided,
Said number shall not exceed five, and
with salary of not more than at the rate
oftwelve hundred dollars to each, per an
nun.
Sec. 4. find be it further enacted, That
the Secretary of the Treasury is hereby
authorized, with the appreciation Of the
President ofthe 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 Io,her
persons, as may choose to receive such
notes In payment, as aforesaid, at par. And
the Secretary Of the Treasury is further
authorised, with the appreciation Of the
President Of the United States, to borrow
from time to time such sums as the Pres
ident may think expedient, on the credit
ofsuch notes: Provided, houeuer, That no
treasury notes shall be pledged, hypothe-
Gated, sold or disposed Of in anywise, for
any purpose whatever, directly or indi-
rectly, for any sum less than the amount
Of such notes, including the principal and
interest thereon, when disposed OF.
SEC. 5. find Be 1t further enaeted, That
the said treasury notes shall be transfer
able, BY deliver assignment endorse
ed thereon, by the person to whose order
the same shall on the face thereof have
been made payable.
SEC. 6. find be 1t further enacted, That
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
ofall 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- Civ
en- for the amount Of the principal and in
.terest which on the day Of such payment
may be due on the mute or notes thu. given
in payment.
SEQ. Z. .andbe 1t further enacted, That
every collector, receiver of public moneys
Or other officer or agent of the United
States, shall, on the receipt Of any treas