Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1861-07-27

pontments to NIL vacancies i'll the corps of paymas
tiers shall be made by regular promotion from the
list of assistant paymasters.
Sec. 6 And be IL further enacted, That within six
months after the expiration of the present insunec-
ton the corps OF paymasers and assistant paymas-
tiers shall be reduced to the number OF seventy five
in the whole.
Approved, July II, 1851.
[PUBLIc-No. 81
AN ACT to authorize National Loan. and for 9th
purposes.
Be it enacted By he Senate and House of Repyeenta
ticeS Of the United States of America in Congress as
te'bied, That the Secretary of the Treasury be and
he is hereby authorized to borrow, on the credit of
the United States within twelve months from the
passage of this act, a sum not exceeding two hun
dred and nifty millions of dollars much there
of as may be deemed necessary for the public ser
vice, for which he is authorized to issue coupon
bonds, or registered bonds treasury notes. in such
proportions of each as he may deem advisable the
bonds TO bear interest not exceeding seven per CEN
tum per annun, payable semi annually, irredemable
for twenty years and after that period redeemable
Mt the pleasure of the United Sates and the Urea
sury notes TO be of any denomination fixed by the
Secretary OF the Treasury not less than fifty dollars
and to be payable three years after date with inter-
est at the rate of seven and threeenths per
per annum. payable semi-annually. And the Secre-
tafy OF the treasury may also issue in exchange for
conn., ana as part OF the above loan may pay for
salaries or other dues from the United States Trea-
sury notes of less denomination than fifty dollars
not bearing interest, but payable on demand by the
Assistant Treasurers of the United States at Phila
delphia. New York. or Boston, or Treasury notes
bearing interest at the rate OF three and sixty-ve
date and eXchangeable at any time for Treasury
notes for fifty dollars and upwards issuable under
tne authority OF tins act, and bearing interest
speclhed above: Irocided, That no exchange of
such notes in any less amount than one hundred
dollars shall be made at any time: And prorided
further, That no Treasury notes shall be issued of a
less denomination than ten dollars and that the
whole amount of Treasury notes. not bearing inter
est, issued under the authority of this act shall not
exceed nifty millions of dollars.
Sec. 2, AHd be it further enacted ThatSefS ra.s.
notes and bonds issued undey'5e nroy;s;ons of his
or or The r;s, ~ first second comptrol-
-, VI Lne reiisiiE Treasury and countersgned
BY suc other officer oficers OF the treasury as the
secretary OF the treasury may designate; and all
such obligations, of the denomination Of fifty dol
lars and upwards, shall be issued under the seal of
the treasury department. The registered bonds
shall be transferable the books of the treasury ON
the delivery ofthe certificate, and the coupon bonds
and treasury notes shall be transferable by delivery
The interest coupons may be signed by such person
or persons, or executed in such manner, as may be
designated by the secretary of the treasury, who
shall fix the compensation for the same,
Sec. g. And be 1t further enacted That the secretary
of the treasury shall cause books to be opened for
subscription to the treasury notes Tor fifty dollars
and upwards, at such places he may designate in
the United States, and under such rules and regula-
tons as he may prescribe, to be superintended by
the assistant treasureTs OF the United States their
respective localities and at other places by such de-
pqsitaries, posmasers, and other persons he may
deAignate notice thereof being given at least two
daily papers of this city, and in one or more public
newspapers published in the several places where
subscription books may be opened and subscrp
II
sons who may desire to subscribe, any law to the
contrary Notwithstanding; and if a larger amount
shall be subscribed in the aggregate than is required
at time the secretary OF the treasury is author
lied to receive the same should he deem advanta
geous to the public interest; and if not he shall
cept the amount required by giving the preference
the smaller subscriptions; and the secretary OF the
treasury shall Tx the cOmpensatiOns of the public Of
cers or Others designated TOR receiving said subscr
tons Provided That, for performing this any 9TH
duty in connection with this act, compe nsaton
for services rendered shall be allowed paid any
public officer whose salary is established by law;
and the secretary of the treasury may also make
such other rules and regulations as he may deem ex
pedient touching the instalment to be paid any
subscription at the time of subscribing, and further
payments by instruments otherwise, and penal
ties for nOn-payment OF any instalment, and also
concerning the receipt deposit and safe keeping of
money received from such subscriptions, until the
be placed in the possession of the official
depositaries of the treasury any law laws to the
contrary Notwithstanding. And the secretary of
the treasury is also authorized if he shall deem it
expedient before opening books of subscription as
above provided, to exchange for coin or pay for
public dues or for treasury notes of the of
twenty zfhiId of December, eighteen hundred and
fftyeven, and falling due the thrtieth OF June,
eighteen hundred and sixty-one, or for treasury
lotes issued and taken in exchange for such notes
any amount of said treasury notes, any amount of
said treasury notes for fifty dollars upwards not
exceeding one hundred millions of dollars.
Sec. 4. And be 1t further enacted, That before award
ing any portion OF the loan in bonds authorized by
this act the Secretary Of the Treasury, if he deem
it advisable to issue proposals for the in the
United States, shall give not less than fifteen days
public notice in two or more of the public newspa-
pers in the city of Washington, and in such other
places of the United States he may deem advisa-
Bile, designating the amount of such loan, the place
and the time up to which sealed proposals will be
received for the same the periods for the payment,
and the amount of each instalment in which it is to
be paid and the penalty for the payment OF any
such instruments, and wuen and where such propo-
sails shall be opened in the presence Of such persons
as may choose to attend; and the Secretary Of the
Treasury is authorized to accept the most favorable
proposals offered by responsible bidders Pocided
That no offer shall be accepted at less than par.
Sec. 5. And be 1t further enacted That the Secretary
o. the Treasury may, II he deem it advisable, nego-
tiate any portion OF said loan, not exceeding one
hundred millions of dollars, in any foreign country
and payable at any designated place, either iu the
United States or in Europe and may registered
or cupon bonds for the amount thus negotiated
agreeaby to the provisions of this act, bearing in
terest payable semi-annually, either in the United
States or any designated place in Europe; and he is
further authorized to appoint such agent or agents
as he may deem necessary Tor negotiating such loan
under his instructions, and for paying the interest
ON the same, and to fix the compensation Of such
agent agents, and shall prescribe to them all The
rules, regulations, and modes under which such
loan shall be negotiated and shall have power to ,
the rate of exchange at which the principal shall be
received from the contractors for the loan and the
exchange for the payment Of the principal and in
terest in Europe shall be at the same rafe.
SEC. 8. And be il further enacted, That whenever
any Treasury notes, of a denomination less than
fifty dollars authorized to be issued by this act sha
have been redeemed the Secretary OF the Treasury
may reissue the same, or may cancel them and is
sue new notes to an equal amount; POrided, That
issued under the foregoing provisions of this ACT
snail never exceed the full amount authorized by
my nas. seeu9h OF this act; and the power TO issue
or reissue such notes shall cease and determine after
the thirty first of December, eighteen hundred and
SIG z And be il further enacted That the Secretary
Of me treasury is hereby authorized Whenever he
snail deem II eXpedent, to issue in exchang e for
com, OF IN payment for ublic dues Treasure notes
Of any Of the denominations hereinbefore srac;ted
bearing interest not exceeding six per centnm ner
annun, and payable at any time not er ',a per
twelve months from date providing that the
Of notes 50 issued or paid shall at no time exceed
twenty millions of dollars ~ eNueeu
SEC. B. Afid be IL further enacted, That fine Seer,
Of the Treasury shall report to Congress in,,nedS
diately amer the commencement of the next sessio
the amount he has borrowed under the nroyision
OF this act, of whom, and ON what terms with n,
abstract OF all the proposals, designating those tina
have been accepted, and those that have been reec
ted and the amount of bonds or Treasury u9te
that have been issued for the same
SEC. o. And Be az further enacted. That the taitl
OF the United States is hereby solemnl
pledged for the paNlneni OF the intercsi nd r..a.