The daily union. [volume] (Washington [D.C.]) 1845-1857, 1848-04-01

[PUBIc--No. ~
AN ACT to authorize loan exceed The sum OF six
millions of dollars.
Be enacted By the Senate and House of Reseh tatipes
the United Stateso Ameca IN Congress assembled That
authorized any time within year from the passage
of this act to borrow the credit of the United States
thereof his opinion the eligencies of the government
may require, a rate of interest not exceeding six per
which loan shalt be made reinbursabc any time after
twenty years from the first day of July after the pas
being first duly appropriated therefor be applied in pdd
the money now in the treasury, which may be
public expenses which have been heretofore, may be
hereafter authorized aw and the stock issued upon such
loans shall be transferable the books of the treasury
SEC. And be 1t further eacted, That the Secretary of
the Treasury be- and he hereby authorized with the
prepared certificates of Stock which shall be signed by the
Register OF the Treasury and sealed with the seal OF the
sad any part thereof bearing interest not to exceed
six per centm per and erabe and reimburs
able aforesaid and to said certificates of stock to
be sold Pyouided That part of said stock be sold below
par And provided also, That whe require do
The Secretary Of the Treasury shall be attached to
certificate certificates to be issued under this ACT
coupons Of interest; and any certificate having such
Pons OF interest attached to H. be transferable by de-
livery of the certificate instead of being assgnabe the
books of the treasury but no certificate OF stock shall be
issued for a less amount than fifty dollars.
SEC And be It further enacted, That the Secretary Of
the Treasury be- and he is hereby, authorized receive
proposals for the taking Of such loan, any parts
and that before disposng OF the said stock issued
for such loan, the Secretary of the Treasury shall cause 10
be inserted in public newspapers pnted in the
city OF Washington, and in one two public newspapers
printed in the principal CRY capital of each State
advertisement stating that bids and proposals for such loan
will be received until certain day, be specified in
advertisement than days less than twenty
days from tue the hlst Of said advertise
men in one or TWO spapers in the city OF Washington
and stating the OF the loan required and in what
instruments, and when and where it will be required be
paid And all such proposals shall be required be sealed
and shall be opened by the Secretary, other officer
the department, the day appointed publicly and in the
presence OF such as may choose to atend and
proposal shall be Withdrawn after the sha have been
reury may pay such expenses may be necessarily
Cured in printing and issuing certificates of stocks Prou
ded, hoUerer That the employment Of agents, and other
expenses incident 20 the execution of this act shall
all exceed the sum sixteen thousand dollars
which OF sixteen thousand dollars hereby appropr
ated for these purposes and shall be paid of any
the treasury not otherwise appropriated And pro-
ptded That no compensation shat be allowed any officer
whose salary fixed by law, for any performed
by him in the execution ofths act
SEC. And be II further enacted, That the faith of the
United States is hereby pledged to provide and establish
and for the redemption OF SAID stock And the prime
sum borrowed under the provisions of this act, and the in
eres thereon the SHALL from time to time, become
due and payable shall be paid out of any money in the
treasury not otherwise appropriated
SEC g. And be 1t further enacted, That the Secretary of
the Treasury be- and he is hereby authorized purchase
mpon of the stock hereby created such potion thereof
ut the market price not below the funds of the
eminent may admit OF, after meeting all the demands
the easuy and any surplus that hereafter may be in the
treasury is hereby appropriated to that object
Sec. g. Ind be further enacted, That it shall be the
duty of the Secretary OF the Treasury report Congress-
at the commencement OF the session, the
money borrowed under this act, and of whom, and on
what terms it shall have been obtained, with abssc
brief statement OF all the proposals submitted for the
same, distinguishing between those accepted and those
rejected, with detailed statement of the expense of
making such loans
APPROVED March 81 1S4S.