The national Republican., 1861-06-28
NATIONAL REPUBLICAN.
Public Acts Passed at the Second Session
,a of the Thirty-sixth Congress.

=
Representatives ofHe Inited states Of america |
"a Congress assembled, That the President of
the United States be, and hereby is, authorized, |
at any time within twelve months from the pas. |
sage of this act, to borrow, on the credit Of the |
Cnited States, a sum not exceeding ten mil. |
lions of dollars or 50 much thereof as, in his |
opinion, the exigeucies Ct the public service
may require, to be applied TO the payment Of
appropriations made by law, and the balance
OF treasury notes now outstanding and no
other purposes, in addition TO the money re
ceved, or which may be received, into the trea.
suly from other sources: Provided, That no |
stipulation or contract shall be made to prevent |
the United States from reimbursIng any SUN |
borrowed under the authority of this act at any !
time ailer t.e eXpiratiun OF ten years Iom the |
first day Of July next, by the United States |
giving three months notice, 10 be published in |
some newspaper Published at the seat of gov
ernment, .! tieir readiness to do 81: aud no
contrac. shall be made to prevent the rydemp
ton OF the same at any time after the expiration
o! twenty years from the said tirst day OF July
next, without notice,
Sec. 2. &nd 0e Il further endcted, That stock
shall be issued Tor the amount so borrowed,
bearing Interest not exceeding six per centutn
per aunum; and the Secretary Of the Treasury
be, and is hereby authorized, with the consent
OF the President, 10 cause certificates Of stock
to be prepared, which shall be signed BY the
Register aud sealed with the seal Of the Troa.
sury Department, for the amount SO borrowed.
in favor Of the parties lending the same, or
their assigns, which certificates may be trans
ferred on the books of the treasury, under such
regulations az may be established by the Sec.
retary OF the Treasury: Provided, That no GER
tiEcate shall be issued for less sum than one
thousand dollars: aud provided, also That,
whenever required, the Secretary of the Trea.
sury may cause coupons Of semi.annual interest
payable thereon to be attached to certificates
issued under this act; and any certificate with
such coupons OF interest attached may be rs.
signed aud transferred by delivery OF the same,
instead Of being transferred on the books of ,bo
treasury.
Sec. 8. and be ii further enacted, That, be.
fore awarding any OF said loan, the Secretary
OF the Treasury shall, as The sxicencies of the
public service require, cause to be inserted in
two of the public newspapers OF the city of
washington, and III ohe .. more public news.
papers in other cities c: the United States,
pablo notice that sealed proposals for SO much
Of said loan as is required will be received un
I'll g certain day, 10 be specified in such notice,
hot ess Ihan thirty days itom its first insertion
i'll d " ashington newspaper; aud such notice
shall state the amount of the loan, at what
periods the money shall be paid, if BY install
msnts, and at what places. Such sealed pro-
posals shall be opened, on the day appointed
IN the notice, in the presence OF such persons
as may choose to attend, and the proposals de.
cided on by the Secretary of tie Treasury, who
shall accept the most favorable offered by re-
sponsbe bidders for said stock. And the said
Secretary shall report TO Congress, at the com.
neucement Of the next session, the amount of
money borrowed under this act and of whom
and on what trrils it shall have been obtained,
with an abstract or brief statement of all the
proposals submitted for the same, distinguish.
ing between those accepted and those rejected,
with detailed statement Of the expense Of
laaking such loans: ProUided, That no stock
shall he disposed of at less than its par value
And P'oridcd, further, That no part of the loan
hereby authorized shall be applied TO the ser.
vice Of the present fiscal year.
Sec. 4. And he ii further enacted, That in
case the proposals made for said loan, or for 20
much thereof as the exigencies of the public
service shall require, shall not be satisfactory,
the President OF the United States shall be, and
hereby is, authorized to decline to accept such
offer II for less than the par value Of the bonds
constituting the said stock and in lien thereof
and to the extent and amount of the loan au
thorized to be made by this act, to issue ,rea.
sury notes for sums not less than fifty dollars,
bearing interest at The rate OF six Der centum
per annum, payable semi annually on the first
days Of January ard July in each year, at
proper places Of payment to be prescribed by
the Secretary, with the approval of the Presi.
dent; and under the like circumstances and
conditions, the President of the United States
Is hereby authorized to substitute treasury
notes OF equal amount for the whole or any
part Ut any Of The loans for which he is now by
law authorized to contract and issue bonds
And the treasury notes so issued under the au.
thority herein given, shall be received in pay.
ment for all debts due to the United States
when offered, and in like manner shall be
gwen in payment for any sum due from the
United States, when payment in that mode is
requested by the person to whom payment is
to be made, or for their par value in coin
And the faith OF the United States is hereby
pledged for the due payment Of the interest
ana the redemption OF the principal Of the
stock or treasury notes which may be issued
under the eu hOr'ty Of this act and the sum o
twenty thousand dollars is hereby appropriated,
out Of any moCey in the treasury not otheIwi, e
appropriated, to pay the expenses of preparing
the certificate OF stock or treasury notes herein
authorized, 10 be done in the usual mode and
under the restrlctions as to emp! "yn.ent aud
payment of officers contained ia IT,. laws au.
thorlling tormer loaus aud issues OF treasury
notes. and it shall be at the option Of holders
OF the treasury notes hereby authorized by this
act, 10 exchange tue same for the stock herein
authorized at par, Or lOr bonds, in lieu of which
SAID treasury notes were issued Provided That
no certificate shall BE- exchanged f r treasury
notes, or bouds, in sums less than Eve bund,ed
dollars And proride.l further, That the al,
hority to issue the said treasury notes, or give
the same IN payment for debts due from ,he
United States, shall he limited to ,he rhirt;-IL
day Of June, eighteen huudred aud sixty two :,
aud that the same may be redeemablc at the
pleasure OF the United States at any time with.
in two years after the passage of this act; and