The national Republican., 1861-07-20

deem it oxpedient, before opening books of
subscription as above provided, to exchange
for coin or pay for public dues Of foe I'rGa ury
notes Of tue issue Of twenty.lhird Of December,
eighteen hundred and li'ty-evcn, and falling
due on the thirtieth OF June, eighteen hundred
and sixty one, or for Treasury notes issued aud
taken in exchange for such notes, any amount
OF said Treasury notes for fifty dollars or up.
wards not exceeding one hundred millions Of
dollars.
Sec. 4. And be it further enacted, That be.
fore awarding any portion of the loan in bonds
authorized by this act, the Secretary of the
treasury, IT he deem it advisable to issue pro.
posals for the same in the United 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 as be may deem advisable.
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 instalment
in which it is to be paid, and the penalty for
the non.paymcnt of any such ns,alnents, and
when and where such proposals shall be opened
in the presence Of such persons as NAV choose
to attend aud the Secretary of the Treasury is
authorized to accept the most favorable prp.
posals offered by responsible bidders: Pro.
uided, That no ofler shall be accepted at less
than par. .-'
Sec ). Aad be il .jhrtler enacted, That the
Secretary of the Treasury may, il he deem it
advisable, negotiate any portion Of said loan.
not exceeding one hundred millions Of dollars,
in any foreign country, and payable at any de.
signated place, either in the United States or
in Europe, aud may issue registered or coupon
bonds for the amount thus negotiated agreesbly
to the provisions of this act, bearing interest
payable semi.annually, either to the United
States or at any designated place in Europe;
and he is further authorized to appoint such
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, regu.
lations, 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 received from the contractors for the loan.
and the exchange for the payment of the prin.
cipal and interest in Europe shall be at the same
rate.
Sec. 6. And be it further enacted, That when.
ever any Treasury notes, of denomination less
than fifty dollars, authorized to be issued by
this act, shall have been redeemed, the Secrc.
tary Of the Treasury may reissue the same, or
may cancel them and issue new. notes to an
equal amount: Fropided, 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 j sue
or reissue such notes shall cease and determine
after the thirty first Of December, eighteen hun.
dred and sixty.two.
Sec. 7. And be it further enacted That the
Secretary OF the Treasury ID hereby authorized,
whenever he shall deem it expedient, to issue
in exchange for coin, or in payment for public
dues, Treasury notes of any of the denomina.
tions hereinbetore 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 80 issued or paid shall at no time exceed
twenty millions Of dollars.
Sec. 8. And be IL further enacted, That the
Secretary OF the Treasury shall report to Con-
gress, Immediately alter the commencement of
the next session, the amount he has borrowed
under the provisions Of this act, of whom, and
on what terms, with an abstract of all the pro-
posals, designating those that have been ac.
cepted, and those that have been rejected and
the amount Of bonds or Treasury notes that
have been issued for the same.
Sec. 9. And be IL further enacted, That the
faith Of the United States is hereby solemply
pledged for the payment Of the interest and re-
demPtion of the principal of the loan autho.
rized by this act.
sec 10. And be ii further enacted, That all
the provisions Of the act entitled "An act TO
authorize the issue of Treasury notes." ap-
proved the twenty.rhird day of December
eighteen hundred and Gfty.seven, SO far as the
same can or may be applied to the provisions
of this act, and not inconsistent Herewith. are
hereby revived or re.enacted.
Sec. II. and be it further enacted That, to
defray all the expenses that may attend the exc.
cution of this act, the sum OF two hundred thou.
sand dollars, Or 30 much thereofa as may be neces-
sary, be and the same is hereby appropriated,
to be paid out of any money in the Treasury
not otherwise appropriated.
approved, July H. 1861.