Worcester daily spy., 1861-07-29

the senior officer present may make acting ap-
pointment of any fit person to perform the duties
until another paymaser or assistant paymaster shall
report for duty. Amy person performing the duties
of paymaster or assistant paymaster in accordance
with this section but not otherwise be entitled
to receive the pay OF such grade whilst so acting.
Sec. g. Ana be il further enacted, That each assist
ant paymaster shall, upon his appointment. enter
into bonds in the amount of ten thousand dollars,
with at least two good and sufficient securities for
the faithful performance of his duties, and that
sistant paymasters shall have rank and precedence
with assistant surgeons not passed, and that all ap-
pointments to ill vacancies in the corps of pay mas
tiers shall be made by regular promotion from the
list of assistant paymasters.
Sec. 6 And be it further enacted That within six
months after the expiration of the present insurIec
ton the corps of paymasters and assistant paymas-
ters shall be reduced to the number of seventy-
in the whole.
Approved, July II, 1861.
[PUBLIo-No. 81
AN ACT to authorize National Loan, and for 9th
er purposes.
Be 1t enacted by The Senate and House of Representa-
tiue Of the United States of america, in Congress as
tebled, 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, sum not exceeding two hum
dred and fifty millions of dollars, or SO much there
Of as may 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 annum, payable semi annually, irredemable
for twenty years, and after that period redeemable
at the pleasure Of the United States; and the Urea
sury notes to be of any denomination fixed by the
Secretary of the Treasury. not less than fifty dollars
and to be payable three after date with inter-
est at the rate OF and three-tenths per centum
per annum, payable semi-annually And the Secre-
tary of the treasury may also issue in exchange for
coin, and part OF the above loan, may pay for
salaries or other dues from the United States Trea
sury notes of less denomination than fifty dollars
not bearing interest, but payable on demand by the
Assistant 1reasurers of the United States at Phla
delphia. New York, or Boston, Treasury notes
bearing interest at the rate OF three and sxty-ve
hundredths per centum, payable in one year from
date, and exchangeable at any time for Treasury
notes for fifty dollars and upwards, ssuable under
the authority of this act, and bearing interest as
specified abeye PyOvided, That exchange of
such notes in any less amount than one hundred
dollars shall be made at any one time: And prouided
further, That no Treasury notes shall be issued of
whole amount Of Treasury notes. not bearing inter
est issued under the authority Of this act, shall not
exceed fifty millions of dollars.
Sec. z And be ii further enacted That the Treasury
notes and bonds issued under the provisions OF this
act shall be signed by the first or second comptrol-
err or the register Of the treasury and countersgned
by such other officer officers of the treasury 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
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 person
or persons, or executed in such manner, as may be
sbaI N tbe ps CONNIE une sssie,aIS q me
Esec o. And os JHrfher Stacted That the secretary
ieasufy shall cause books 10 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 he may prescribe to be superintendent by
respective localities and at other places by such
positaries postmasters and other persons he may
designate, notice thereof being given in least two
daily papers of this city, and in or more public
newspapers published in the several places where
subscription books may be opened and subscrip
fnr rlAU ha unh from
sons who may desire to subscribe, any law to the
contrary notwithstanding; and if a larger amount
shall be subscribed i'll the aggregate than is required
at one ume the secretary OF the treasury is author
lied to receive the same, should he deem it advanta
geous to the public interest," and il not, he shall
cept the amount required by giving the preference
the smaller subscriptions; and the secretary of the
treasury shall fix the compensations of the public Of
cers or others designated Tor receiving said subscrip
tions Providsd That, for performing this any 9TH
er duty in connection with this act, compensation
for services rendered shall be allowed paid any
public officer whose salary Is established by law:
and the secretary of the treasury may also make
such other rules and regulations as he may deem ex-
pedient touching the instalment to be paid on any
subscription at the time of subscribing, and further
payments by instruments or otherwise, and penal
ties tor non-payment OF any instalment, and also
concerning the receipt, deposit, and safe keeping of
money received from such subscriptions. until the
can 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 lie shall deem it
expedient, before opening bucks of subscription as
public dues or for treasury notes Of the issue of
twenty-thTd of December, eighteen hundred and
fty-seyen, and falling due the thrtieth OF june
eighteen hundred and sixty-one, for treasury
notes issued and taken in exchange for such notes.
Any amount Of any amount Of
said treasury notes for fifty dollars 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
tins act the Secretary 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-
Bile, designating the amount of such loan the place
and the time up to which sealed proposals will be
received for the same the periods for the payment
and the amount of each instament in which it is to
be paid, and the penalty Tor the payment OF any
SUCH instruments, and when and where such propo-
sails shall be opened in the presence of such persons
may choose to attend; and the Secretary of the
Treasury is authorized to accept the most favorable
proposals offered by responsible bidders: Procided
That no offer shall be accepted at less than par
Sec. g. And be IL further enacted, That the Secretary
Of the Treasury may, il he deem advisable nego-
tiate any portion Of said loan, not exceeding one
hundred millions of dollars in any foreign country
and payable at any designated place, either iu the
United States or in Europe and may issue registered
or cupon bonds for the amount thus negotiated
agreeaby to the provisions of this act bearing in
terest payable serni-annualy, either in the United
States or any designated place in Europe and he is
further authorized to appoint such agent or 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 sneh
agent or agents. and shall prescribe to them ali rho
rules, regulations, and modes under which such
loan shall be negotiated, and shall have powerto 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 s. And be IL 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, or may cancel them and is
sue new notes to an equal amount Provided, 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
or reissue such notes shall cease and determine after
the thiity-hrst of December, eighteen hundred and
sixty-two. $3.50
SEC Z And be it further enacted That the Secretary
OF the Treasury is hereby authorized whenever he
shall deem 1t expedient, to issue in exchange for
coin, OF IN payment tor nublic dues Treasury notes
~ any y tne eenomnailons hereinbefore specified
hnnum4 ana payable at any time NOT exceadino
twelve months from date. pro oyidjng hal tl,e ee5
OF notes SO issued or paid shall at no time exceed
twenty millions OF dollars.
SEC. s. And be further enacted That the socro,o,
Of the Treasury shall report to Congress immedi
diately affef the commencement of the next sesson
the amount he has borrowed under the proyisionss
Of tins act, OF whom, and 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 issned for the same.
SEC. 8. And be IL further enacted, That the faith
Of the United States is hereby solemnly
pledged for the payment of the interest and redemp
non OF the principal Of the loan authorized by this
SEC 10. And be ii further enacted, That all the pro
sons OF the act entitled An act to authorize the