Holmes County farmer. [volume] (Millersburg, Ohio) 1857-1926, 1860-10-18
by AUTHORITY.
LAWS OF THEUNITED STATE

AN ACT authorizing Loan and providing for
tho Redemption of Treasury Notes
BE 70 enacted by he Senate and House Of Repre.
sentatipes ofhe United States of America in Con
gress assembled That the President of the
United States be, and hereby is, authorized at any
time within twelve months from the passage of
this act, TO borrow, on the credit Of the United
States, sum not exec eding twenty one millions
of dollars on so much thereof as, in his opinion,
the exigencies Of the public service may require,
to be used in the redemption of Treasury notes
now outstanding and to rel lace in the Ire asury
any amount of said notes which shall have been
paid and received for public dues, and for other
purposes.
SEC. 9. And be IL further enacted, That stock
shall be issued for the amount so borrowed, bear.
ing interest, not exceeding six per cenium per
annum, and 10 be reimbursed within period not
beyond twenty years and not less than ten years;
and the Secretary the Treasury be- and is hereby
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 lend.
ing the same, or their assigns, which certificates
may be transferred on the books of the Treasury,
under such regulations as may be established by
the Secretary of tho Treosuryi Provided, That no
certificate shall be issued tor les sum than one
thousand dollars; And proUided also, That, when
ever required, the Secretary of the Treasury may
on to be attached to certificates issued under this
act and any certificate with such coupons Of inter-
est attached may be assigned and transferred by
delivery of the same, instead of being transferred
on the books of the trensury.
SEC. 3. And be il further enacted, That before
awarding said loan the Secretary of the Tr, asury
shall cause to be inserted in two OF the public
ne wspapers OF the city of Washington, in one or
more public newspapers in other cities of the
United States, public notice that sealed PROPOSE Is
for such loan will he received until n certain day,
to be specified in such notice, not less than thirty
days from its iirsl insertion in Washington news.
paper and such notice shall stat the amount of the
loan, at what periods the money shall be paid, ii
by insaments, and at what places Such sealed
proposals shall be opened, on the day appointed in
the notice, i'll the presence OF such persons may
choose to attend aud the proposals decided by the
Secretary of the Treasury, who shall accept the
m, st favorable offered by responsible bidders for
said stock. And the said Secretary shall report
to ,ngress, at the commencement of the next
session. the amount OF money borrowed under this
act, and OF whom and on what terms il shall have
been obtained with an abstract or briet statement
OF all the proposals submitted for the sane dis
unguishing between those accepted and those re
lected, with n detailed statement of the expense
| OF making such loans; Aad prouided. That no
stock shall be disposed OF at less than its par vnlue
and the sum of five thousand dollars is hereby ap.
propriated, out OF any money in the treasury not
otherwise appropriated, to pay Tor engraving ana
printing the certificates, and other expenses of ex.
ecuting this act; but additional compensation
shall be allowed to any person receiving n salary
by law.
| SEC. H. And be IL further enacted That the
faith Uf the United States Is here pledged Tor the
due payment ut the interest aud the redemption OF
the principal Of said stock
Approved, June %, 1860