The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-12-20

A BILL TO AUTHORIZE THE ISSUE OF TREASURY NOTES.
Be It enacted by and House OF Representa-
fves OF the United States Of America Congress
sembed That the President OF the United States is hero
by authorized to treasury notes for such
sums Is the exigencies Of the public service may
require, but not to exceed, nj any time, III
amount Of twenty millions of dollars, and OF denom
nations less than hundred dollars for any such
note prepared signed and issued in the manner here
matter provided.
Sec 4 And be further enacted That such treasury
shall be paid and redeemed by the United States at
the Treasury thereof after the expiration OF one year
from the dates Of said notes from which dates until
they shall be respectively paid and redeemed, they
shall bear such rate Of interest as shall DO ex
pressed in notes which rate OF interest upon the
frst issue which shall not exceed six millions OF dollars
of such shall be fixed by the Secretary Of the Urea
sury with the appreciation OF the President but shall In
no case exceed the Of six per centum per
The residue shall be raised in whole or part after public
I not ess arn ' hv I'M bsm a.
their par for specie 70 the bidder or bidders who
shall agree make such exchange at the lowest rate of
interest exceeding six cenum upon the said notes
Provided That the maturity OF any OF said notes,
interest thereon shall the expiration Of sixty days
notice readiness pay and redeem the same, which
may al any time or be given by the secretary OF the
Treasury In or more newspapers published AZ the
noses bsreIn provided shall be made to the lawful
holders thereof respectively, upon presenment at the
Treasury and shall include the principal Of each note and
che interest which shall be due thereon. And for such
payment and redemption, at the time or times herein
specified the faith Of the United States hereby solemny
Sec O. And be II further enacted, That such treasury
notes shall be prepared under the direction OF
IN behalf Of the United states by the Treasurer
thereof and countersigned by the Register OF the
Treasury. Each Of these officers shah Keep IN book
or books provided for that purpose SEPARATE full and
curate accounts showing the number, Gate, amount and
rate Of interest each treasury note signed and counter
signed by them respectively and also similar accounts
showing ali such notes may be paid, redeemed and
ranceled as may be returned all which accounts
SNAIL be carefully preserved In the Treasury Department
A,dt ln Traa
treasury shall have been oountersgned By the
Register and delivered - the Treasurer ior issue.
the Treasury hereby authorized, with the appreciation
of the President, 50 cause such portion OF said
treasury notes may be deemed expedient 10
be issued by the Treasurer in payment Of war
aus IN favor Of public creditors, other persons law
fully entitled % such who may Snoose receive ~,
Treasury further authorized with Tho APPROPRIATION o.
the President TO borrow from time 20 time such sums OF
money upon the credit Of such notes az The President may
deem expcdent provided, that treasury notes shall
I've pledged hypotbeaied sold or disposed Of IN any way
Tor any purpose whatever either directly or indirectly
for any sum less the of such notes. including
The principal and interest thereof.
Sec s. And be further enacted, Thai said treasury
notes shall DO transferable, by assignment endorsed
by the person TO whose order the same shall be
made payable accompanied together with the delivery Of
Sec 8 And be Il further enacted, That said treasury
notes shall be received by the proper officers IN payment
aes Of all public lands sold by said authority and of all
debts the United states Of any character whatever,
which may be due and payable al The time when said
treasury may be offered n payment thereot and
upon every such payment credit shall DC given for The
amount principal and interest due on the note or notes
received the day when the same snail nave
been received by such officer.
Sec 4 And be further enacted, That every collector OF
fhe cusoms receiver public moneys or other officer or
agent o. the United States who shall receive any treasury
note or notes payment account OF the United states
shall take from the holder OF such note or notes receipt
upon the bsx Of each stating distinctly the date OF such
1ayment and the amount allowed upon such note; aud
every such officer agent shall keep regular and specific
entries of all treasury received ia payment showing
the person from whom received the number date, and
amount of principal and interest allowed on each and
every treasury note received In payment which entries
shall be delivered the Treasury with the treasury note
notes mentioned therein, and found correct sucn
officer agent shall receive credit ior tbe ame"h ~
provided in the last section az this act
Sec. g. And be further enacted Una, mo secretary
OF the Treasury be- and he hereby 1 authorized 70 make
and ISSUE from time time, such nsruotons, rules anu
regulations 10 the several collectors, receivers dcpos
res and all others who be required 70 receive sucn
treasury notes In behalf Of and agents any capacity
and return OF any such notes may be paid 70 and re-
ceved by them respectively and as 70 the accounts and
returns 70 De made 70 the Treasury Department. on such
receipts ms ne shall deem best calculated 10 promote the
Fuehc convenience and security and ~ protect the UNI
too states az well as individuals from fraud and loss
Set And be further enacted That the secretary on
the treasury be, and he hereby s authorized and d.
recd 70 cause 70 be paid the principal and interest o.
sucn treasury notes az may be issued under this act a.
the une sna tunes when according 20 It's provisions the
should be paid And the said Secretary Is further
authorized 10 purchase said par the amount
orrncpal and interest due the time Of the purchase