Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1861-07-19
fvrvn The n. T. H0sid 1
THE TWO HUNDRED AND FIFTY MILLIONS LoAn

TIE TWO HUNDRED AND FIFTY MILLIONS LOAN
- = BILL.
WASHINGTON, July 10 1861.
The following important bill offered BY kr. Stevens
from the Commits Of ways and means passed the House
this afternoon BY vote Of one hundred and ferynins
To Ave- 70 authorize national loan and for other pupo
ses:-
BE snacted by the sssas and House Of Representatives.
ofMs Unitsd States of America in Oongras Asssn.
Died,
That the Secretary Of the Treasury be- and be is here
by authorised TO borrow tho credit Of the United
States within twelve months from the passage OF ths
act sum not exceeding two hundred and my millions
of dollars or so much thereof a be may deem necessary
far the public service for which he 10 authorised to a.
ana certificates of coupons registered stock or Teasu
nv notes in such proportions OF each % no may osem sd
ysabe the stock bear interest not eIceeong seven
DER cent per annum, payable seui-snnu.y, nreoeemr
hs for twenty years and ser that period rsdeensbis
at the pleasure OF the, United States; and tns
Treasury notes to be of anyl denomination hIsa oy
the Secretary Of the Treasury, not ess IMAM hiy ooh
and TO be payable three years after date, Win interest
the rate Of seven and per cent per
n,y.ble annually on the notes Of City dollars and semi
annually on the notes Of larger denomination And
the Secretary of the Treasury may also ISSUE In ei
change fer coin and part Of the above losu or ms
nav for salaries other DIES IRON the United otao'
Treasury, notes of less denomination than hy doAra
/ nj
ostant Tressurers OF the United States ct PhadelPo
New York or sosou 2; Treasury NOES bearing interest
At the rate Of three and sixnve huneretos psr enh
and txchangeabe at any ne for certncates OF STOCK OF
Treasury notes for fly dollars and upwards issued un.
der the authority Of this get spd bearing interest a.
sneced above provided that no such exchange OF such
note. 10 any lsss amount than hundred dollars shall
| be made at any one time.
Sac And BE- IL further enacted, That the Treasury
notes aud certificates Of stock issued under the provisions
4 NJ. 4. - - H. E,~af rnrfrnI liar M
tho Register Of the Treasury, ana " su9h otver ocer
or officers Of the Treasury the Secretary OF the tas
ury nav designate, and all such obligations Of the de.
nomination OF fifty dollars and upwards shall DO issued
under the zeal efthe Treasury Department. re regis
tered stock shall be transferable On The books OF The
Treasury on delivery Of the certificate and ths coupon
stock and Treasury notes shall be transferable bJ deliver
ry The interest coupons may be signed by suoh person
or persons may be designated by tho Secretary OF the
Treasury, who shall hI the compensation for the same
! s,c A-d b IL frthr enacted That the Secretary
Of the Treasury shali cause books TO open.-
scption to the Treasury notes for fifty dollars and up
wards such places he may designate in the United
Staes aud under such rules and regulations as he may
prescribe 70 be spperptended BY the Assistant reasur.
Of the United States at their respective Localities and
&. other places by such depositsres, Postmase and
other persons he may designate notice thereof being
given at least tvo daily papers Of this city, and 10 one
or public newspapers published In the several pa
c93 where 6uO,crpuOn IOf uOtcs 10 toOoNou
from a persons who may desire to subscribe any Law 70
| tie contrary notwthstandng; and If larger amount
shall be subscribed in the aggregate than 70 re-
| quired at one time, tho Secretary OF thu Treas.
| ury ia authorized to receive the same, should
he deem 1t advanta geous the public interest," and II
not be shall accept the amount required by giving tho
preferences the smaller subscriptions And the Secre-
tary of the Treaury shall fix the compepsstions OF the
public officers others designated Tor receiving said
subscriptions: provided that for performing this or any
1 = AT noaft I'm
for services rendered shall pc allowed or paid 70 any
public officer whose salary is established BY law and
the Secretary of the Treasury may also make such other
rules and regulations he may deem expedent touching
the instruments be paid any subscription at the time
Of subscribing, and further payments by instruments CT
otherwise and penalties for nonpayment OF any install
meu and also concerning the receipt deposit and safe
keeping of money received from such subscriptions until
tho same can DO placed in the possession oil the official
depostares Of the treasury any Law or laws TO the con-
trary Notwithstanding And the Secretary oil the Treas.
ury is also authorised II he shs deem It eIpedent, be-
fore opening books Of subscription above provided
to exchange for coin, pay for public dues, or for
Treasury notes Of the of 2ai Of December 1857,
and falling due the S0ih Of june 1851 or Tor Treas
uy issued and taken in exchange for such notes.
any amount of Treasury notes for fifty dollars or up
| wards not exceeding forty millions Of dollars.
SKc t. And be Il further enacted, that before award
ing any portion Of the loan In stock authorised by this
act the Secretary OF the Treasury, II be deem 1t advis-
able prOp0ea5 same III
shall give not LEES than fifteen days public notice 10 two
or more Of the public newspapers in the city Of Washing
tou and in suoh other places Of the Unit States ss be
may deem advisable, designating the amount OF such
loan the plcs and the time up 10 Which sealed propos
ais will be received for the same; the periods for the
payment and the amount Of each nsalment in which II
to be paid spd the pensl; for the pon-psyment Of
any such s,alment and When and where such propoF-
ais shall be opened in the presence Of egch persons as he
may choose attend and the Secretary Of the Treasury
i, authorized accept the most favorable proposals Of
fered by responsible bidders Provided that no cher
| shall be acctp pied et less than par.
SEc g. And be IL further enacted That the Secretary
OF the Treasury may, If he deem il advisable negotiate
any portion of said oan exceeding one hundred mill
lions of collars In any foreign country, and may issue
bonds or certificates Of stock for the thus
atsd sgrseaby the provisions Of this act The interest
payable serannuay either 10 the United States at
any designated place in Europe. And he is further au-
taor ED appoint such agSnt agents be may deem
necessary for negotiating ouch loan under bis iEstruc.
tons aud for paying the interest on the same and 70 fix
the compensation of such agent OF agents and shall pre-
be them all the rules regulations aud modes under
which said loan shall be negotiated, and shall have power
to fix the ratio Of exchange at which the principal shall
b. received from the contractors Tor the loan, and the
exchange for the payment Of the interest in Europe shall
i be at the same rate.
src g. AID be It turtle, enacted, That whenever any
Treasury of denomination less than fifty dollars,
authorized 10 be Issued by this shall have been
Il
same, or may cancel them and issue notes to an
equal amour; provided that tho aggregate amount Of
stock and Treasury Issued under the proynos OF
this act shall never exceed the full amount authorized by
the first section of this act and the pover issue
ssuo ouch shall and determine after the Slst
| OF December, 1862.
Srp. 7. And be it further enacted Tha. tho Secretary
Of the Treasury shall report to Congress- Immediately s
ter the Of the next session, the amount
he hes bonowod undsr tho provisions Of this Of
whom and on what terms, with abstract Of al the
proposals designating those that have been accepted and
those that have been rejected and the amount OF stock
Of Treasury that have been issued for the same.
SEC 8. And be IL rthr resolved, That the faith OF
the United States is hereby soemny pledged for the pay
Of the interest and redemption of the principal OF
the loan authorized by this act and for the full and
punctus payment Of the interest the United States espe
cisy pledges the duties Of mpos tea, ceee, sugar,
SPACES wines and liquids and also such excise and other
internal duties OF ses 60 may be received into the trea-
| sury.
SIC 9 And be il further enncicd That all the pro-i-
sions of The act entitled An act to authorize the issue
Of treasury notes. approved the Esd day Of Dec mber,
1857, far tho may be applied to the
provisions Of this act and not Inconsistent herewith
are hereby revived re-enscted.
SIC 10. And BE- further enacted That to defray all
the expenses that may attend the execution Of this act
the sum Of tso hundred thousand dollars or so much
theref may be hscesa7 be- and tho same Is hereby
appropriated TO be paid opt " any Iooney the Urea.
sury not otherwise appropriated.
NORTHERN CONGRESS.
| HOUSE OF REPRESENTATIVES, JULY TO-
COLLECTION OF raE RrvrSUE.
| Mr. Washbrrne, from the Committee on Conmercs,
,enorted hack House hill No l6 further to provide