Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1861-10-30

o
months after the expirnt Of the present nsnrrec
lion the corps of paymasters and assistant paymas
ters shall be reduced to the number of seventyiye
Approved, July Il, 1861.
[Pupuc-No. 81
! AN ACT to authorize a National Loan and for
] other purposes.
| lie it enacted by the Senate and House Of Repre-
.eptntives Of the United States OF America in Con-
ress assembled That the Secretary Of the Treasury
| lie and hr 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, OF So much
thereof he may deem necessary for the public SER
| vice. for which lie is authorized TO issue coupon
bonds registered bonds. or Treasury notes i'll such
bonds TO bear not exceeding seven per cent
per anuu, payable -emi-ann""lly irredeeIAhls i"r
twenty years -nd after that period redeamhhie at
the pleasure Of the United Sttes and the Treasury
notes to he nf any denomination fixed by the Score
tary of the Treasury not less than fifty dollars and
la lie naynblc three wears nfler ate. with interest
Mt the rate ofseven and thrce enthS per centum per
nnnum, payable scmtannuHliy. And the secretary
II the Treasury may also issue in exchange for coin
and part Of the nboye loan may pay tor SALARIES
or other dues from the United States Treasury notes
of less denomination than iy dollars, not bearing
interest, but payable on deIinnd by the Assistant
Tru.suTers of the United States at Philadelphia New
York Boston, Treasury notes bearing interest
at the rate Of three ana slXtl-hVc huputeutls prI
rcutum. payable IN year from date aud eNef1u
able any time for Treasury notes Tor fifty dollars
and upwards. isruEbc under the authority OF this
act and bearing interest specified above: Provl-
led, That exchange of such notes III any less
ainrnt than one hundred dollars shall be made vt
any one time: And provided Inrihcr. That ITO
Treasury notes shall he issued Of less denomination
than ten dollars. aud that the whole amount OF
Treasury notes. bearing interest issued under the
authority of this act shall not exceed nifty millions
uf dollars.
Sec . And he IT further enacted. That the Trea-
sry notes aud bonds Issued under the provisions OF
this act shall be signed by the First Second Comp
troler the Register Of the Treasury and counter
signed by such other officer officers of the Treas
a. the Secretary the designate
and all such obligations OF the denomination Of nifty
dollars aud upwards, shall be issued under Tue zeal
Of the Treasury Department. The registered bonds
sfalI lie transferable the books Of tile Treasury
uu delivery Of tho certificate, and the coupon bonds
and Treasury notes shall be transferable delivery.
The interest coupons may be signed by such person
or persons, executed in suclI manner. ns may be
designated by the Secretary Of the Treasury, who
shall fix tile Compensation for the came.
Sec. D. And be II further enacted, That the Score
tAry Of the Treasury shall cause books to he opened
For subscription to the Treasury notes IOT nty dol-
lars aud upwards at such places lie may designate
in the United states and under such rules and Tegil
lations he may prescribe, to be superiniehded by
the assistant OF the United States at their
respective localities and ut other places by such de
poSitories postmAsters md other persons as lie may
designate, notice thereof being given in at least two
daily papers of this city, and in one OF more public
newspapers published in the several places where
subscription books may beopened; and subscriptions
for such notes may be received from all persons who
may desire to subscribe any law to the contrary not
withstandingi aud ifn larger amount shall be sub
crbed in the aggregate thanis required nt one time
the Secretary Of the Treasury is authorized to
ceiye the same should he deem it advantageous to
the public interest; and If not he shall accept the
amount required by giving the preference to the
smaller subscriptions; and the Secretary OF the
Treasury shall nix the corporations Of the public
officers or others designated for receiving said sub
scrptiona: Provided, That, for performing this or
any other duty in connexion with this net, no COIN
PensatiOn for services rendered shall DO allowed OF
raid any public officer whose SALARY is established
by law; and tile Secretary C. he Treasury iuay also
make such other rules ar equations us he may
deem expedient touching the instalment To be paid
auhsrFiDtfOn Mt the time oil Hu1Bcr1DllEs and
further payments by instalments or otherwise, and
penalties for non-Payment Of any instalment, and
also concerning the receipt deposit aud 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 tue Secretary OF
the Treasury is also authorised If lac shall deem it
expedient, before opening books OF subscription ms
above provided, to exchange for coin or pay for
public dues for Treasury notes Of the issue OF
twenty-third Of December, eighteen hundred and
fty-seven, 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 said Treasury notes for fifty dollars
&c ioli %P%"'u' not 'As''uDS one "Fl "'''D, u
Sec i. And be it further enacted That, before
awarding any portion of the loan in bonds author
lied by this act the Secretary of the Treasury. il e
deem It advisable to issue proposals for the same in
the Uuited 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
other places of the United States rs lie may deem
advisable, designating the amount VI such loan the
place and the time mp to which sealed proposals will
lie received for the same the periods for tho payment
md the amount of each instRlment in which it is
to be paid, and the penalty for tho nou-payment Of
any such inBtalments, and when and where such pro-
pob1ls shall be opened in tho presence of such per-
sons lie may choose to attend; md the Secretary
Of the Treasury authorized to accept the most IA
vorable proposals offered by responsible bidders:
Provided, That offer shall be accepted at less than
par.
Sec 5. And be 1t further enacted, That the secrc-
iary OF the Treasury may, IL lie deem it advisable,
negotiate any portion OF said loan. not exceeding
hundred millions dUiHT5, In foreign
try and payable at any designated place. either in
the lted States or in Europe, and may Issue regis
tered or coupon bcts for the amount thus negotia-
ted agreeaby 70 the provisions OF this act hearing
interest payable semt-annuay, either in the United
States Rt any designated place in Europe; and lie
Is further authorized TO appoint such agent agents
he may deem necessary for negotiating such loan
under his Instructions and for paying the interest
on the shme, and to FIX the compensation OF such
agent agents, and shall prescribe to them all the
Tules, regulations, and modes under which such loan
shall be negotiated, and shall have power to fix the
rate Of exchange at which tho principal shall be
ceiVed 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 8. Aud be It further enacted, That whenever
any Treasury notes Of determination less than hitY
dollars authorized TO 10 Issued by this act shall have
Oeon redeemed, tho Secretary Of the Treasury may
reissue the came, or may cancel them andss1o new
notes to ah equal amount: Provided, That the ag
gregate amount Of bonds and Treasury notes issued
under the foregoing provisions Of this act shall never
CHceed the foil amount authorized by the hrSt sec
ton Of this act and the power to issue reissue
such not shall cease and determine after the thirty
Iliut Of December, eighteen hundred and Gixty.two
4 Sec And be It further enacted That the secre
tary Of the Treasury hereby authorized, whenever
he shall deem Il e1pedent TO issue IN exchange fOI
coin, or In payment for public dues, Treasury notes
Of any Of the denominations hereinbefore specified
bearing interest not exceeding Elk per ssntum per
annum, and payable at any time not exceeding
twelve months from date, provided that the amount
OF notes 90 iMued or paid shOll at no time exceed
twenty millions Of dollars 80, z2
Sec 8. And DO II farther enacted, That tho secre
taFy Of the Treasury shall report to Congress- oms
dlatUly after the comm enoement Of the next ges0n
the amount be has Borrowed under the pruViEionB Of
this act, Of whom, ana on what terms, with an alb
i stFsSt 6f All the pr0noaas dedgnafBB those thai
have been accepted AID thoSo that have bbonR6leet
Cd, and the Rmount Of bonda Treasury notes that
hGys been ts.ued for the same = X,