, 1861-01-25
EER AND DEMOCRAT, OLYMPIA w. IT, JANUARY 25, 1861
An Act authorizing a Loan and providing for the Re-
dempiiOu Ol Treasury Notes.

ACL Loan ana lTaNlNlNN loT lllG iNG-
dempton ol Treasury Notes
BE Il enac.sd bg The Seaaie and HOUSE qf Rcprcscn-
t1iirss uf Me Uaiisd States Of dMc.icl in CUngT6ss
asse5ed, That the President of the United states bc.
and hereby H. authorized, at any time within twelve
months from the pas,sge uf this net 10 borrow on the
credit Of the United States sum not exceeding twtn
tyone millions OF dollars or much thereof as Ia hi
opinion, the eNigeGcics OF the pebble service MY re-
quire 10 he used IN the redemption Of Treasury notes
now outstanding and 70 replace in the Irea ury any
amount Of said notes which shall have paid and re-
ceiyed for public dle., and Tor no other purposes.
SRc. 2. And b. Il further sRaccd, Tnat tIck shall
he issued for the amodnt SO borrowed, barng inter
est, not exceeding six PER cent m per aInGn, AID to
be reimbursed within peri not beyond twenty years
aud not less than ten Acur; AID the Secretary OF the
Treasury be- and is hereby Authorized. with the con
Of the President 10 cause ccrth, atcs Of .tprk 70
be prepared. which shall he signed by the Register
and sealed with tue seal Of the Treasury Department
for the amOg 80 borrowed In favor Of the parties
lending the same their assigns, which certificates
may bc transferred on tde books Of the Treasury un'
der such regulations as may be established by the Sec
rrtary Of the Treas Iry: PrOridfd, That no certificate
shall be issued for less sum than one thousand: ind
pTOridtd, also. That, whenever required the SecTCta
~ Of the Treasury may cause coupons 0f semannual
interest payable thereon TO he attached to certificate,
issued under this act; and any certificates with such
coupons Of interest attached may be assigned aud
tranerred by delivery of the same, instead OF being
! transferred on the books Of the treasury.
i SIC. 8. And b. IL further enacted, That before
awarding said loan. the Secretary Of the Treasury
shall cause 10 he Inserted In two of the pubc newspa
pers Of the city OF aShingon, and IN or more
public newspapers In other cities Of the United State
public notice that sealed proposals for such loan will
be received until certain day, to be specified in such
notice NOT less than thirty days from It's first insertion
in a Washington newspaper; and such notice shal
state the amount Of the loan at what periods the mon
ey shallbp paid II by nsalments and at what places
Such seled proposals shall be opened, the day ap
pointed In the notice. n the presence Of such person
aychoose to attend and the proposals decided BY
the Secretary OF the Treasury who shall accept tht
most favorable offered by responsible bidders for said
stoyk And the said Secretary shall report to Con
gess, at the commencement OF the next session, the
4 amount of money borrowed under this act and VI
whom and on what terms it shall have been obtained
with an abstract brief statement Of all the propos
ais submitted for the same, distinguishing between
those accepted and those rejected with detailed
statement Of the expense Of making such loans; dnd
prorided, That stock shall be disposed Oi at le,
than its par value; and the Of FIVE thousand dol
lars is hereby appropriated, ont Of any money in thu
treasury not otherwise appropriated. TO pay for en-
gMyng aud printing the certificates, and other ex.
penses Of executing this acts but no additional com
pensaton shall be allowed to any person receiving
| salary by law.
SEC. T. And be Il further saacisd That the faith Of
the United States is hereby pledged for the due pay
ment Of the interest and the redemption Of the prnci
/ pal Of said stock
Approved, June %, Is6O.