Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1861-10-25


Sec t. And be it further enacted, That within six
months after the xpirJn of the present insurrcc-
tion the corps of paymasters and assistant paymas
tiers shall be reduced to the number of seVenty-Ve
in the whole.
Approved, July IL, 1851.
[PuBuc-No. ST.
AN ACT TO authorize National Loan and for
other purposes.
BE it enacted by the Senate and House of Repre-
sentatiVes Of the United States of America iii Con-
gTess assembled That the Secretary OF the Treasury
be and he il hereby authorized to borrow, on the
credit of the United States, within twelve months
from the passage of this act, sum not exceeding
two hundred and fifty millions Of dollars, or so much
thereof lie may deem necessary for the public ser
vice. for which he is authorized to issue coupon
bonds or registered bonds or Treasury notes. in such
proportions of each As he may deem advisable; the
bonds bear interest not exceeding seven per cent
per aunum payable semannually, irredcemable for
twenty years, and after that period rcteemable at
the pleasure of the United States; and the Treasury
notes to be Of any denomination fixed by the Secrc
tary of the Treasury not less than MY dollars anu
to be payable three years alter DATE with interest
al the rate of seven and hree-t enths per centum per
amnum, paPable semi-annually. Aud the Secretary
OF the Treasury may also issue in exchange for coin
and as part the above oan 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
Tresurers of the United States at Philadelphia New
York Boston, or Treasury notes bearing interest
MT the rate of three and siNtyhve huudredths per
crutum, payable in year from date and eXchang
able any time for Treasury notes for fifty dollars
and upwards, issuable under the authority of this
act, and bearing interest AS specified above: ProNi-
dr,l. That no exchange of such notes III any less
amount than one hundred dollars shall be made al
any one time: And provided further, That Ii"
Treasury notes shall Le 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 2 And he it further enacted, That the Trca-
sIry notes and bonds issued under the provisions of
this shall be signed 10y the First or Second Comp
trOler or the Register of the Treasury. and counter
signed by such other officer officers of the Treas
urv as the Secretary of the Treasury may designate;
and all such obligations of the denomination Uf fifty
dollars and upwards, shall be issued under the seal
of the Treasury Department. The registered bonds
shall Ice transferable the books of the Treasury
delivery Of the certificate and the coupon bonds
and Treasury notes shall be transferable on delivery
The interest coupons may be signed by such person
or persons or executed III SUCH manner as may De
designated by the Secretary of the Treasury, who
| shall fix the compensation for the same.
Sec. j. And be it further enacted. That the Secre-
tnry of the Treasury shall cause books to he opened
for subscription to the Treasury notes for fifty dol
lars and upwards Rt such places AS lac may designate
in the United States and under such rules ana reGu-
latOn5 he may prescribe, to be superintcnded by
the assistant of the United States at their
respective localities, and ut other places 10y such de-
pOsltories postmasters and other persons as lie may
designate, notice thereof being given in at least two
daily papers of this city, aud i'll one more public
newspapers published in the several places where
subscription books may bcOpened; and subscriptions
for such may he received from all persons who
NAV desire to subscribe any law To the contrary not
withstandng; aud if a larger amount shall be sub
sCrihcd III the aggregate than is required at time
the Secretary of the Treasury is authorized to re-
ceiye the same, should lac deem it advantageous L"
the public Interest; and if not. lie shall accept the
amount required by giving tile preference to the
smaller subscriptions; and the Secretary of the
Treasury shall nix the corporations of the public
officers others designated for receiving said sub
scriptions: Provided, That, for performing this or
any other duty in cOnncXiOn with this act. no COM
pensiItion for services rendered shall bo allowed
paid any public officer whose salary is established
iy law; and the Secretary he Treasury may also
fl,nr
deem cNpclicnt touching thv insalnIcnt To- be paid
any subscription at the time Of subscribing, and
further payments by instruments or otherwise, and
penalties for non-payment of any Instalmcnt, and
also concerning the receipt, deposit. and safe keep
ing of money received from such subscriptions until
the same can be placed in the possession of official
repositories of the Treasury any law or laws To The
/ contrary Notwithstanding. And the Secretary of
the Treasury is also authorized. if hc shall deem il
eXpcdicnt, before opening books "i subscription as
above provided, 10 exchange for coin pay for
public dues or for Treasury notes of the issue of
twenty-third of December, eighteen hundred anu
ffty-seven and falling due on tho thiTtcth Ut June,
/ eighteen hundred and siXty-nne, or for Treasury
notes issued and taken in exchange FOR such notes.
any amount of said Treasury notes for hty dollars
or upwards not exceeding one hundred millions Of
dollars
: Sec 1. AMI lie it further enacted, That, before
awarding any portion Of the loan in bonds author
lied by this act. the Secretary of the Treasury if h"
deem it advisable To issue proposals for the in
Tia" Uutcd States, shall give not less than fifteen
days public notice in two more of the public
newspapers in the city of Washington, and in such
advisable. designating the amount UT such loan the
place and the time up to- which sealed proposals will
c received for the sIne, the periods for the payment
and the amount of each instHlment in which it is
TO be paid and the penalty for the uon-payIncnt Of
any such instruments, and when aud where such pro-
pOsas shall he opened in the presence of such per-
7 he may choose to attend: and the Secretary
OF the Treasury is authorized accept the most i-
v0rablc proposals offered by responsible bidders ;
Provided, That offer shall lee accepted at less than
par.
Sec. s. And be it further enacted That the secrc-
O Treasury he ntly stlI
negotiate any portion Of said loan, not exceeding
one hundred millions of dollars in any foreign
try, and payable at any designated place, either in
the United States or i'll Europe and may issue regis
tered coupon bonds for the amount thus negutia-
interest payable semtannually, either in the United
States at any designated place in Europe and he
is further authorized to appoint such agent agents
rs lie 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 fix the
rate Of exchange at which the principal shall be
Ceiycd 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. e. And he it further enacted, That whenever
any Treasury notes, of denomination less than ity
dollars authorized to be issued by this act shall have
been redeemed, the Secretary of the Treasury may
reissue the same. or may cancel them and issue
notes to equal amount: Provided, That the ag-
gregate amount Of bonds and Treasury notes issued
under the foregoing provisions of this act shall
exceed the full amount authorized by the first sec
ton Of this act; and the power to issue reissue
such not shall Geese and determine after the thirty
hrst Of December, eighteen hundred and siXty-twO.
Sec. Z. And be it further enacted That the Secre-
ary OF the Treasury is hereby authorized, whenever
lie shall deem it expedient TO issue in exchange for
coin, or in payment for public dues Treasury notes
Of any of the denominations hereinbefore specified
bearing interest not exceeding six per centum per
Rnnum, 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.
@ 81 fNRf1 ri. A.
tary Of the Treasury shall report to Congress, imme
diately after the commencement Of the session,
the amount he has borrowed under the provisions Of
| this act, Of whom, and on what terms with an alb
atrhct Of all the pEopolals. designating those that