The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1858-07-21
IPuRLIc-No. 57.l
AN ACT to authorize q loan not exceeding tn
sum of twenty millions OF dollar'-

AN ACT to authorize q loan not exceeding the
sum of twenty millions OF dollarr- 4
Be 1t enacted 6vthe Senate and House
of REPRESENTATIVES of the United States
of Anterica IN Congress assembled, That
the President of the United States be,
and hereby is, aqthorized, at any time
within twelve months from the passage
of this act, to borrow, on the credit OF
the United States, sum not exceeding
twenty millions of dollars, or Sd much
thereof as. in his opinion, the exigencles
of the public service may requires to be
applied to the payment of appropriations
made by law in addition to the money
received, or which may be received,
into the treasury from other sources {:
Provided, That no stipulation or con-
tract shall be made to prevent the
United States from REIN bursting any
sum borrowed under the authority OF
this act at any time after the expiration
of fifteen years from the first day of
January next.
SECTION 2. And be it further enacted,
That stock shall be issued for the amount
so borrowed, bearing interest not exceed
ing FIVE per centum per annum, payable
semi annually, with coupons for the
semi annual interest attached to the
| certificates Of stock thus created, and
the Secretary of the Treasury be, and
hereby is, authorized, with the consent
| of the President, to cause certificates of
stock to be prepared, which shall be
signed by the Register, and sealed with
the seal of the Treasury Department,
for the amount SO borrowed in favor OF
the parties lending the same, or their
assigns; provided, that no certificate
shall be issued for q less sum than one
thousand dollars.
Section 8. And be 1T further enacted,
That before awarding said loan, the Sec
rotary of the Treasury shall cause to be
inserted 10 two of the public newspapers
of the city of Washington, and in n
or more public newspapers in other CT
ties of the United States, public notice
that sealed pro; osals for such loan will
be received until a certain day to be
specified in such notice, not less than
thirty days from its first insertion IN a
Washington newspaper; aud such notice
shall state the amount of the loan, at
what periods the money shall be paid, if
by ipstalments, and at what places
Such sealed proposals shall be opened on
the day appointed in the notice, in the
presence of such persons as may choose
to intend, and the proposals decided on
BY the Secretary Of the Treasury, who
| sLal accept the most favorable propo-
sails offered by responsible bidders for
said stock. And the said Secretary shall
report to Congress, at the commence.
meut Of the next session. the amount OF
money borrowed under this act, and OF
whom, and ON what terms, it shall have
been obtained; with an abstract or brief
statement of all the proposals, submitted
for the same, distinguishing between
those accepted aud those rejected, with
q detailed statcmout of the expense OF
making such loans. Provided, That no
stock shall be disposed Of at less than
its par value.
SEerroN 4. And be at further enacted,
That the faith of the United States is
hereby pledged for the due payment of
the interest and the redemption of the
principal of said stock.
SECTION s. And be ~ further enacted,
That, to defray the expense of engrav-
ing and printing certificates of such
stock, and other expenses incident to the
execution of this act, the sum of Eve
J thousand dollars is hereby appropriated: