Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1861-11-09

months after the expiration of the present nsurrec
ton the corps Of payma6ters and assistant Paynas
tiers shall be reduced to the number OF seIentyhTe
Approved, July IL, 1861.
[PUBLIc-No. 81
AN ACT to authorize National Loan and for
other purposes.
Be it enacted by the Senate and House Of Repre-
srntatiYes of the United States of America ia Con-
gress assembled That the Secretary of the Treasury
be and lie il hereby authorized to borrow, ON the
credit of the United States, within twelve lnonths
from tue passage of this act q sum not exceeding
two hundred and fifty millions Of dollars or so much
thereof he may deem necessary for the pubic SER
vice for which he is authorized To issue coupon
bonds registered bonds, or Treasury notes. IN SUCH
proportions of each IA he may deem auNls'Ole' tue
bonds bear interest not exceeding seven per cent
per annum payable semi-anmually, irredeemnble Tor
twenty wears. and after that period Tedeemable at
the pleasure Of the United States; and the Treasury
notes to he Of any denomination hXed by Inc SecTe,
tary of the Treasury, not less than hity dollars ana
to be payable three years after date, with interest
Mt the rate Ofseven and threetentls per centun per
Annunl, payable semiannunlly. And the Secretary
Of the Treasury may also issue IN exchange iOf conn.,
and as part of the above lOan may pay for salaries
or other dues from the United States Treasury notes
of less denomination than fifty dollars not bearing
interest, but payable ON demand by the Assistant
TreasureTs of the United States at Philadelphia, New
York Boston, or Treasury notes bearing Interest
at the rate of three and sixty-hve hnndredths per
centum, payable in year from date, and eXchang-
able Mt any time for Treasury notes for fifty dollars
and upwards. issuable under the authority of this
net, and bearing interest as specified above: ProH-
ded. That no exchange of such notes in any less
amount than one hundred dollars shall be made at
any one time: And provided further, That no
Treasury notes shall be issued of less denomination
than ten dollars, and that the whole amount Of
Treasury notes. not bearing interest issued under the
authority of this act, shall not exceed fifty millions
of dollars.
Sec. .. And he it further enacted, That the Trea-
sury and bonds issued under the provisions OF
this act shall be signed by the First or Second Comp
trOller, the Registered the Treasury and counter
signed by such other officer officers of the Treas
ury the Secretary of the Treasury may designate;
and all such obligations, of the denomination OF fifty
dollars and upwards shall be issued under the seal
of the Treasury Department. The registered bonds
shall he transferable on the books Of the Treasury
on delivery of the certificate and the coupon bonds
aud Treasury notes shall be transferable on delivery
The interest coupons may be signed by such person
persons, or executed in such manner. as may ne
designated by the Secretary Of the Treasury, who
shall fix the compensation for the same
Sec. g. And be it further enacted, That the Score.
try of the Treasury shall cause books to he opened
for subscription to the Treasury notes for fifty dol
lars and upwards Mt such places rs he may designate
III the United States, and under such rules and regu-
ntons he may prescribe, to be superintcndcd by
the assistant treasurers Of the United states at their
respective localities and at other places by such de-
positOries posmasers, and other persons as lie may
designate. notice thereof being given i'll at least two
daily papers of this city, and in one or more public
newspapers published i'll the several places where
subscription books may bGOpcned; and subscriptions
for such may lie received from all persons VIII"
may desire to subscribe, any law TO the contrary moi
withstanding; and i'll larger amount shall be sub
the Secretary Of the Treasury is authorized to re-
ceive tile same, should he deem it advantageous To
tile public INTEREST," and If not lie shall accept INC
amount required by giving the preference to the
smaller subscriptions; and the Secretary OF the
Treasury shall fix the cOmpen,atons Of the public
officers others designated for receiving said sub
scriptions Provided, That for performing this
any other duty in connection with this act, no Con-
pcnsaton for services rendered shall lie allowed or
paid any public officer whose salary is established
by law; ard the Secretary C he Treasury may also
make such other rules an equations as he may
deem exPedient touching the instalment TO be paid
any subscription ut the time OF subscribing and
further payments by instruments or otherwise AMI
penalties for nOn-paymcnt of any nstalment, and
also concerning the receipt, deposit, aud safe keep
ing az money received from such subscriptions, until
tile be placed III the possession of official
repositories Of the Treasury, any law or laws To the
contrary notwithstanding. And the Secretary III
tho Treasury is also authorized If he shall deem it
eXpedcmt, before opening books OIL subscription as
above provided, to exchange for coin or pay for
public dues or for Treasury notes Of the issue Of
twenty-thirl Of December, eighteen hundred and
hfty-seven, and falling due on the thriieth Of june
eighteen hundred aud siNty-onc, or Tor Treasury
notes Issued and taken in exchange for such notes.
any amOn"t of said Treasury notes for fifty dollars
or upwards not exceeding one hundred millions Of
dollars.
Sec. 4. And be it further enacted That, before
awarding any portion of the loan in bonds author
lied by this act the Secretary of the Treasury. If hG
deem it advisable to issue proposals for the same III
the Uuited States, shall give not less than fifteen
days public notice in two or more of the public
newspapers in the city of Washington and in such
other places of the United States az lie may deem
advisable, designating the amount of such loan, the
place and the time up to which sealed proposals will
io received for the slme the periods for the payment
and the amount of each instalment in which it is
to be paid, and the penalty for the nnn-payment Of
any such instruments. and aud where such pro-
poslls shall be opened in the presence of such per-
sons lie may choose to attend; and the Secretary
of the Treasury is authorized to accept the most ia
vOrablc proposals offered by responsible bidders
Provided That offer shall DC accepted at less than
par.
Sec s. And be il further enacted, That the Score
tary of the Treasury may, if he deem it advisable
negotiate any portion of said loan, not exceeding
hundred millions of dollars, in any foreign cnun
try and payable at any designated place, either in
the United States or in Europe, and may iSEIe regis
tered coupon bonds for the amount thus negOtia-
interest payable semannunlly, either in the United
States ut any designated place in Europe; and he
Is further authorized to appoint smell agent agents
as he may deem necessary for negotiating such loan
under his instructions, and for paying the interest
| on the same, and to fix the compensation of suCh
agent or agents. and shall prescribe to them all the
rules, regulations and modes under which such loan
shall be negotiated, and shall have power to fix the
rate of exchange at which the principal shall be
ceived from the contractors for the loan, and the
change for the payment of the principal and inter
est in Europe shall be at the same rate.
| Sec. 6. And be it further enacted That whenever
any Treasury notes, of denomination less than fifty
dollars authorized to be issued by this act shall have
been redeemed, the Secretary Of the Treasury may
reissue the same. may cancel them and issue new
notes to an equal amount: Provided, That the ag-
gregate amount of bonds and Treasury notes Issued
under the foregoing provisions of this act shall never
exceed the full amount authorized by the first
ton of this act; and the power to issue reissue
such not &shal and determine after the thirty
first of December, eighteen hundred and stxty-two.
Sec. Z. And be it further enacted, That the Secre
tary Of the Treasury is hereby authorized whenever
lie shall deem it expedient to issue in exchange for
coin, in payment for public dues, Treasury notes
OF any Of the denominations hereinbefore specified
bearing interest not exceeding six per centum per
annum, and payable at any time not exceeding
twelve months from date, provided that the amount
of notes so issued or paid shall at time exceed
twenty millions Of dollars.
Sec. g. And be It further enacted, That the Secrc-
tary Of the Treasury shA report to Congress, imme
datsly after tho commencement Of the next session,
the amount he has borrowed under the provisions Of
this act of whom and on what terms with an alb.
gtraot Of all the proposals., Designating those that
have been accepted and those that have been reject
cd and the amount of bonds or Treasury notes that
have been Issued for the Bame.
Sec, .. And DO It further enacted, That the faith
Of the United States IL hereby soemnly pledged for
the DAyEuank of fh6 intbreSk and FeSmDfIOu Of the