The weekly Mississippian. [volume] (Jackson, Miss.) 1859-1864, 1860-11-21

CHAP. CLXXX.-sn act authorizing = Loan and
providing for the redemption of Treasury n otes.
b it enacted by tie Scnne and House of Repres-
entatires the United States of America Congress
assembled, That the President Of the United State,
be, and hereby is, authorized, at any time within
twelve months from the passage of this act to Dor
row, on the credit of the United States, sum not
exceeding tweuty-one millions Of dollars, or so
much thereof, as IN his opinion, the exgencies Of
tbs public service may require, to be used in the
redemption Of Treasury notes now outstanding and
to replace in the Treasury any amount Of said
notes which shall have bsen paid and received for
public dues, and for other purposes.
SEC. g And be further enacted. That stock shall
be issued fer the amount so borrowed bearing in
terest, not exceeding six per eentum per alnum,
aud to be rein bu,s ID within period not beyond
twenty years and not less than tsn years and the
Secretary of the Treasury be- and is herel author
lied, with the consent Of the President, 60 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 80 Dor
rowed, in favor of the parties lending the same,
or their assigns, which certificates may be trans
ferred on the books of the Treasury, under such
regulations as may be established by the Secre-
tary of the Treasury: Provided, That no certth-
cate shall be istued for less sum than one thous-
and dollars; And proyided alsb That whenever re-
auired the Secretary OF the Treasury may cause
coupons of semiannual interest payable thereon to
be attached to certificates iasued under this act;
and any certificate with such coupons of interest
attached NAV be assigned and transferred by de-
livery of the same, instead Of be transferred on
the books of the treasury.
Sec g. And be it farther enacted, That before
awarding said loan, the Secretary Of the Treasury
shall cause to be inserted in two Of the public news
papers of the city of Washington, and in one or
more public newspapers in S.her cities Of the Uni
ted States public notice that sealed proposals for
such loan will be received until certain day, to
be specified in such notice, not less than thirty
days from its first insertion IN " ashingtOn news
paptr: and such notice shall state the amount OF
the loan, at what periods the money shall be paid,
if by instalments and at whatplace. Such sealed
proposals shall be opened, the day appointed in
the notice, in the presence of such persons as may
choose to attend and the proposals decided by the
Secretary Of tho Treasury, who shall accept the
most favorable offered By responsible Builders for
said stock And the said Secretary shall report to
Conpess at the commencement of the next session,
the amount of money borrowed under this act, and
of whom and on what terms it shall have been OBJ
tanned, with an abstract or brief statement of all
the proposals submitted for tho same distinguishing
between those accepted and those rejected, with a
detailed statement Of the expense of making such
loans And IroUtded That stock shall be disposed
of at less than its par value; and the sum of five
thousand dollars is hereby appropriated out ofany
m ney in the treasury not otherwise appropriated,
to pay for engraving and printing the certificates,
aad other expenses Of executing this act; but no
additional compensation shall be allowed to any
person receiving salary by law.
SEC. 4. AId be IL further enacted, That the faith
or the United States is hereby pledged for the due
payment Of the interest and the redemption of the
principal d. said stock.
Approved, June g, 1860. a