, 1858-12-03
Pub: 81.
AN ACT to authorize loan not exceeding tie sum
Of twenty millions Of dollars.

AN ACT TO authorize a loan not exceeding tie sum
oftwenty millions Of dollars.
b. il enacted by the Senate and House of Represent
aiius of the United States Of AHerieG in Congress
assembled, That the President Of the United States
be, and hereby is authorized, at any time within
twelve months from the passage OF hi. act to borrow
on Ne credit Of the United States, not exceed
Ing twenty millions Of dollars or so much thereof as.
IN hh opinion. the exigencies Of the public service
mayfcquire; TO be applied to the payment Of apprO>
priatous made by law, in addition to the money re.
celval, or which may be received, into the treasury
fromother snurces PROVIDED That no stipulation or
eonthet shall be made to prevent the United States
tromrembursing any sum borrowed under the au-
hory Of this act at any time after the expiration of
6feq years from the first day Of January next.
SEl Q. And be IL further enacted That stock shall
be Issued for the amount so borrowed, bearing interest
not cfceeding Eve per oentum per amman, payable
eenllnnnally, with coupons for the semiannual in
teresttached to the certificates Of stock thus created
and tie Secretary of the Treasury be- and hereby Il
auhoized with the consent Of the President to cause
certificates Of stock 20 be prepared which shall bs
sgnedby the Register and sealed with the seal Of the
Treasury Department for the amount so borrowed In
favor the parties lending the same their assgns
propidd that no certificate shall be issued for a less
som thn one thousand dollars.
Ssc.t dnd be IL further enacted, That before
awarding said loan. the Secretary of the Treasury
shall case TO be inserted in two Of the public newd-
papers the city Of Washington, and in one or more
public newspapers in other cities Of the United States
public ndice that sealed proposals for such loan will
be reeeivd until a certain day to be specified in such
notice nd less than thirty days from ts rst insertion
In Washington newspaper; and such notice shall
state the hmonnt Of the loan at what periods the
money shal be paid, If by instaments, and at what
places. Sch sealed proposals shall be opened the
DAY appointed in the notice in the presence Of such
Persons as nay choose to attend, and the proposals
decided v the Secretary Of the Treasury, who shall
accept the lost favorable proposals offered by respon-
sible bidderfor said stock And the said Secretary
shall report % Congress at the commencement Of the
next session. the amount Of money borrowed under
sha act, AMI of whom and on wnat terms, II shall
nave been btained; with abstract or brief state
ment Of all te proposals submitted for the same dis
lnguishing Rtween those accepted and those reject
Cd with dehied statement Of the expense Of making
anch loans Proridsd, That no stock shall be dis
posed Of at lei than its par value.
SEC. 4. -did be IL further enacted That the faith
ol the United States is hereby pledged for the due
payment Of tie interest and the redemption Of the
principal Of sdd stock
sEc. g. Ani be il further enacted. That to defray
expense ofengraving and printing certificates Of