Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1861-08-03

Congress
(PUBLIc-No 81
AN ACT 70 authorize a National Loan, and for 9TH
er purposes.
Be !, enacted by the Senate aud House Of Representa-
fires of the United States Of AHyicd, Congress
tsabled That the Secretary of the Treasury be and
he is hereby authorized TO borrow, the credit of
the United States, within twelve months from the
passage of this act, a sum not exceeding two hum
dred and fifty millions of dollars, much there
of as NAV be deemed necessary for the public SER
vice. for which he is authorized TO issue coupon
bonds registered bonds treasury notes. in such
proportions of each as he may deem advisable; the
bonds to bear interest not exceeding seven per
tum per annun, payable semi annually, iredemable
for twenty years, and after that period iedeelnable
at the pleasure of the United States; and the Tea
sury notes to be OF any denomination fixed by the
Secretary OF the Treasury. less than fifty dolais
and TO be payable thlee AFTER date, with inter
est at the rate of seven and hleetents per cenium
per annnm, payable seni-anhually. And the Seele-
taTy of the treasury may also issue in exchange Tor
CON- and as part OF the above loan, may pay ier
salaries or other dues nom the United States, llea-
sury notes of less denomination than fifty dollars.
not bearing interest, but pay able on demand by me
Assistant Treasures of the United States al fhls-
delphia New York, or Boston, or Treasury notes
bearing interest at the rate OF three and slNty-hye
hundredths per centum, payable IN one year rom
date, and exchangeable at any time for treasury
notes for fifty dollars and upwards issuable unuer
the authority of this act, and bearing interest as
specified abeye: Porided, That no exchange OF
such notes in any less amount than one bundled
dollars shall be made at any one time: And PTorided
further That Treasury notes shall be issued OF
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 fifty millions OF dollars.
Sec q And be further enacted, That the Treasury
notes and bonds issued under the provisions of this
act shall be signed by the first OF second comptrol
err the register of the treasury and countersgned
by such other officer officers 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
hall hn M he n he
the delivery Ofte 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. 3. And be IL further enacted, That the secretary
of the treasury shall books to be opened for
subscription TO the treasury notes for fifty dollars
and upwards, at such places as he may designate in
the United States, and under such rules and regula-
tons as lie may prescribe, TO be superintendent by
the assistant treasures OF the United States at their
respective localities and at other places by such de-
postaies, postmasteis, and other persons he may
designate, notice thereof being given in at least o
daily papers of this city, and in one OF more public
newspapers published i'll the several places where
subscription books may be opened; and subscrip
tions for such notes may be received from all per-
sons who may desire TO subscribe, any law to the
contrary Notwithstanding; and if 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 it adganta-
ge0us to the public INTEREST," and il not, he shall
cept the amount required by giving the preference TO
the smaller subscriptions; and the secretary OF the
treasury shall fix the compensations the public
cers Others designated Tor receiving said subscip
tons: POrided, That, for performing this any 9TH
duty in connection with this act, compe nsation
for services rendered shall be allowed paid any
public officer whose salary is established by law;
and the secretary of the treasury NAV also make
such other rules and regulations as he may deem
pedient touching the nstameut to be paid on any
subscription at tie time Of subscribing, and further
payments by instalments otherwise, and penal
ties tor non-payment OF any instalment and also
nV tlp prpinf aud cnfn Eaaf -
money received from such subscriptions, until the
same can be placed in the possession of the official
Repositories of the treasury, any law or laws TO the
contrary Notwithstanding And the secretary of
the treasury also authorized if lie shall deem it
expedient, before opening books of subscription as
above provided, to exchange for coin OF pay for
public dues for treasury notes Of the issue of
twenty-thiTd of December, eighteen hundred and
httyseven, and failing due the thirtieth OF june
eighteen hundred AID sixty-one, or for treasury
notes issued and tifken in exchange for such notes.
any amount of said treasury notes, any amount of
said treasury notes for fifty dollars or upwards not
exceeding one hundred millions of dollars
Sec 4. Aud be 10 further enacted, That before award
ing any portion the loan in bonds authorized by
this act thesSecretary 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 adyisa-
ble designating t. AMOUNT of such loan, the place
and the time ap TO which sealed proposals will be
feeeiYed 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 any
such instalments, and when 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: Provided,
That no offer shall be accepted at less than par.
Sec s. And5e further enacted, fhut the Secretary
Of he 1rsssury may. he deem it advisable, nego-
tate any portion of said loan, not exceeding ole
hundred millions OF dollars in any foreign country
and payable at any designated place, either i'll the
United States or in Europe and may issue registered
mr. nurnn "a fhne ANfnaaA
agreeaby to the provisions of this act bearing in
terest payable semi-annualy, either in the United
States or any designated place in Europe; and he is
further authorized to appoint such agent agents
he may deem necessary Tor negotiating such loan
under his instructions, and for paying the interest
the same, and to fix the COMPENSATION of such
agent agents. and shall prescribe to them ali 1he
rules, regulations, and modes under which such
loan shall be negotiated, and shall have power 10 fix
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 rate.
SEC. g. And be 1t further enacted, That whenever
any Treasury notes, of a denomination less than
fifty dollars, authorized to be issued by this shall
have been redeemed the Secretary OF the Treasury
may reissue the same, may cancel them and is
new notes to an equal amount Porided, That
the aggregate amount of bonds and Treasury notes
issued under the foregoing provisions of this act
shall never exceed the full amount authorized by
the first section OF this act and the power to issue
reissue such notes shall and determine after
the thlity-hrst OF December, eighteen hundred and
sixty two
SEC. Z. Astd be IL further enacted That the Secretary
of the Treasury is hereby authorized whenever he
shall deem it expedient, to issue in exchange for
coin, or in payment for public dues, Treasury notes
OF any OF the denominations herenbefoie specified,
bearing interest not exceeding six per ceninm per
annum, and payable at any time not exceeding
twelve months from date providing that the amount
Of notes SO issued or paid shall at time exceed
twenty millions of do lars.
SEC. g. Aud be 1t further enacted That the Secretary
of the Treasury shall report TO Congress immedi
diately after the commencement of the next session.
q NKad u11dar
&c. this act, of whom aud ON what terms with an
abstract of all the proposals, designating those that
have been accepted, and those that have been reiec
ted and the amount of bonds or Treasury notes
that have been issued for the same
SEC g. And be It further enacted, That the faith
Of the United States is hereby solemnly
pledged for the payment of the interest and redemp
ton OF the principal of the loan authorized by this
act.
SEC TO- AMI be it further enacted, That all The pro.
visions of the act entitled " An act to authorize the
issue of Treasury notes approved the twenty-thiid
day of December, eighteen hundred and fisty-seven
SO far as the same can or may be applied to the pro-
visions of this act and not inconsistent Herewith
are hereby revived or re-enacted
SEC. II. And be IL further enacted, That to defray
all the expenses that may attend the execution of
this act, 1.-The sum of two hundred thousand dollars
or so much thereof as may be necessary be and the
same is hereby appropriated, TO be paid out of any
money in the Treasury not otherwise appropriated
Approved, July II, 1861.
[PUBLIo-No. 81
AN AL huultlOnhI appropriations Tor the
support of the army for the fiscal year ending
June thirtieth eighteen hundred and sixty-two
and appropriations OF arrearages for the fiscal wear
ending June thirtieth. eighteen hundred and sixty
one.
Be enacted by he Senate and House Of Representa-
tiUes Of the United States Of Aserica Congress as
senl6Esd, That the following sums be and the same
are hereby appropriated, out of any money in the
Treasury, not otherwise appropriated for the sup
port of the army for the ending the thirteth of
June eighteen hundred and sixty two.
For expenses of recruiting transportation of re-
cruits from the different rendezvous to general de-
pots, procuring OF medical attendance, and all other