Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1861-07-26

the United States, within twelve months from the
passage OF this act, sum not exceeding two hum
dred and fifty millions of dollars, or so much there
OF may be deemed necessary for the public SER
vice for which he is authorized to issue coupon
bonds Unregistered bonds or treasury notes, IN such
proportions of each as he may deem advisablei the
bonds to bear interest not exceeding seven per CEN
tum per annum, payable semiannually, irredemapie
for twenty years. and after that period reueemapIe
at the pleasure of the United States; and the lrea
sury notes to be of any denomination fixed py the
Secretary of the Treasury, not less than MY uos
and TO be payable three years after date, with inter
est at the rate of and threetenths per cehtu
per annum. payable semi-annually. And the Secre-
tay of the treasury may also issue in excnange FOR
coin, and part OF the above loan, or may pay lor
salaries other dues from the United States Urea
sury notes of less denomination than hity 1olh,s,
not bearing interest but payable on demand py the
Assistant Treasurers of the United States at Pnla
delphia New York, or Boston, or treasury hotes
bearing interest at the rate OF three ana sA'y-hve
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 above: Provided, That no exchange OF
such notes in any less amount than one huhuIeu
dollars shall be made at any one time: And por'aea
further That no 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, snail not
exceed fifty millions of dollars.
Sec q And be it further enacted, That the treasury
notes and bonds issued under the provisions OF TINS
act shall be signed by the first or second comptrol
err or the register of the treasury, and countersgneu
BY such other officer officers of the treasury as tne
secretary of the treasury may deslgnate ana al
such obligations, of the determination OF my 9oi-
lars and upwards, shall be issued under the seal oil
the treasury department. The registered ponds
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 persop
or persons, or executed in such manner, as may
designated by the secretary of the treasury ~, q
shall fix the compensation for the same. ~ =
Sec 3. And be It further enacted, That thecesretary
of the treasury shall cause books TO bSn ened Tor
subscription to the treasury notes Si!ity dollars
and upwards, at such places as he sast designate in
the United States and under sucN ,sIes and regula
tons he may prescribe, tof'eF superintendent by
the assistant treasurers OF hited States at their
respective localities. and - Sher places by such de.
positaiies, postmasters other persons he may
designate, NOTICE I'D ebeing given in at least two
newspapers pulsatIRd in the several places where
subscrlptlo9fed as may be opened and supIiscnp
lions for So Notes may be received from all per
sons W ~ may desire to subscribe any law to the
contH4 notwithstanding; and if larger amount
subscribed in the aggregate than is required
~ he time, the secretary OF the treasury is author
"a to receive the same, should he deem it adyanta-
geOus to the public Interest," and il not he shall &C
cept the amount required by giving the preference TO
the smaller subscriptions; and the secretary OF the
treasury shall fix the compensations of the public Of
cers Others designated tor receiving said subscrp
tons Provided, That for performing this or any 9TH
duty in connection with this act compensation
for services rendered shall be allowed paid to any
public officer whose salary is established by law
and the secretary of the treasury may also make
pedient touching the instament TO be paid ON any
subscription at the time of subscribing, and further
payments by instalments or otherwise, and penal
ties Tor non-payment OF any lnstalment, ana also
concerning the receipt, deposit, and safe keeping OF
money received from such subscriptions, until the
same be placed in the possession of the official
depositaries of the treasury any law or laws to the
contrary Notwithstanding. And the secretary of
the treasury is also authorized if he shall deem it
eNpedient, before opening books of subscription as
above provided, to exchange for coin or pay for
public dues for treasury notes of the issue of
twenty-third of December, eighteen hundred and
ityseyen, and falling due on the thlTteth OF June,
eighteen hundred and siXty-one, or for treasury
notes issued and taken 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. And be IL 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 same 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 as lie may deem adyisa-
ble designating the amount OF such loan, the place
and the time up to which sealed proposals Will be
received for the same the periods Tor the payment
and the amount of each insament III which it is to
be paid, and the penalty for the nonpayment OF any
such instruments, 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: Prorided,
That no offer shall be accepted at less than par.
See. 5. And be further enacted, That the Secretary
Of the Treasury may il he deem i I'D visa eg9-
ilade any ei.ion OF said loan, not exceeding one
hundred millions of dollars, in any foreign country
and payable at any designated place. either i'll the
United States in Europe, and may issue registered
cupon bonds for the amount thus negotiated,
agieeably to the provisions OF tins act bearing m
eiest payable seiIi-an1,ually eitlsr i ~ nta:l
States any designated place III EurOpei anu nc is
further authorized to appoint such agent or agents
as he may deem necessary Tor negotiating sum io"i
under his Instructions and for PAYING me ntereSe
on the same and to fix the compensation OF such
agent or agents, and shall prescribe 10 them al inc
rules regulations, and modes under winch such
loan shall he negotiated and shall have power 10 X
the rate of exchange at which the principal shall pe
received from the contractors for the Ioan ana the
exchange for the payment Of the pnnclpal ana H.
terest in Europe shall be at the same rate
SEC. 6. And be it further enacted lhat whenever
any Treasury notes, of denomination less than
fifty dollars authorized to be issued by inns act sna
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; frorideai mat
the aggregate amount of bonds ana treasury noles
issued under the foregoing provisions OF TINS aet
shall never exceed the full amount authorized py
the first section of this act and the power 10 ISSUE
OF reissue such notes shall cease and determine ates
the thirty first of December, eighteen hundred ana
SEC T. And be it further enacted That the Secretary
of the Treasury is hereby authorized, whenever nc
| shall deem IT expedent to issue in exchange FOL
coin, in payment tor public dues; treasury nole
Of any of the denominations hereinbeiore speclhed
bearing interest not exceeding six per centnm pc
| anuum and payable at any time not exceeding
twelve months from date, providing that the amour
of notes so issued or paid shall az no uhe eAcee'
twenty millions of dollars.
SEC s. And be it further enacted, That the secretar
of the Treasury shall report TO Congress, lmmed
dately after the commencement OF the next session
the amount he has borrowed under the PROVISION
of this act of whom, and on what terms, with a
abstract of all the proposals, designating those ina
have been accepted and those that have been reJet
ted and the amount of bonds or Treasury note
that have been issued for the same.
SEC. 9. And be IL further enacted, That the falt
of the United States is hereby solemn
pledged for the payment of the interest and redeml
ton of the principal of the loan authorized by til
act. m
SEC TO- And be il further enacted, That all the PR
visions of the act entitled An act 10 authorize IL
issue of Treasury notes. approved the tWentythl
day of December, eighteen hundred and fity-seyel
SO far as the same can or may be applied to the pr.
visions of this act, and not inconsistent therewlt
are hereby revived re-enacted.
SEC. IL And be ii further enacted That, to defra
all the expenses that may attend the execution
this act the sum of two hundred thousand dollar
or so much thereof may be necessary, be and Il
same is hereby appropriated, to be paid out OF an
money in the Treasury not otherwise appropriate
Approved, July II, 1851
Worcester rOst Ohice-sprins ArrangemeI