Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1861-07-25
OFFICIAL.
AN ACT to authorize National Loan and for 9TH
LAWS OF THE UNITED STATES.
Passed at tine First Session of the Thlrty.seventh
Congress

AN ACT to authorize National Loan, and for 9TH
er purposes
BE il enacted by The Senate and House of Representa-
tees Of the United States Of america, Congress
te1qbed 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 much there
of as may be deemed necessary for the public SER
vice, for which he is authorized to issue coupon
bonds unregistered bonds, treasury notes. in such
proportions of each as he may deem advisable; the
bonds to bear interest not exceeding per
tum per annuin, payable semi annually, irredemable
for twenty years. and after that period ledeemable
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 years after date with inter-
al the rate of and three-tenths per centum
per annum. payable semi-annually. And the Secre-
tary Of the treasury may also issue i'll exchange for
coin, and part OF the above loan, may pay for
salaries other dues from the United States, rea
sury notes of less denomination than fifty dollars,
not bearing interest, but payable on demand by the
Assistant TreasurGrs of the United States al Phila
delpha. New York, or Boston, Treasury notes
bearing interest at the rate OF three and sixty-ye
hundredtlis 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
specified above: Provided That exchange of
such notes in any less amount than one hundred
dollars shall be made AT any one time: And Procided
further That Treasury notes shall be issued of
less denomination than ten dollars and that the
whole amount OF Treasury notes. not bearing inter
est issued under the authority OF this act, shall not
exceed fifty millions of dollars.
Sec q And be it further enacted That the Treasury
notes and bonds issued under the provisions of this
shall be signed by the first OF second comptro-
er or the register OF the treasury and undersigned
by such other officer or officers OF the treasury the
secretary of the treasury may designate; and all
such obligations, of the denomination of fifty dol
fars 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.
ft In gIfT
| or persons executed i'll such manner, as may be
designated by the secretary of the treasury, who
| shall fix the compensation for the same.
Sec. g. And be IL further enacted, That the secretary
of the treasury shall cause books to be opened for
subscription the treasury notes Tor fifty dollars
and upwards, at such places he may designate in
the United States and under such rules and regula-
lions as lie may prescribe, TO lie superintendent by
the assistant teasurers OF the United States at their
respective localities and at other places by such de-
posares, postmasteIs, and other persons as he may
designate, notice the eof being given i'll at least two
daily papers OF this city, and in one or more public
| newspapers published in the several places where
| subscription books may be opened; and subscrp
tons for such notes may be received from all per
| sons who may desire TO subscribe any law TO the
contrary notwithstanding; and ii larger amount
shall be ing agsfegae B thnn Is rs9pIed
IZcd 10 fectile the same. should he deem it advana-
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 liz the comp ensatOns OF the public of
cers others designated Tor receiving said subscrD-
tions: Prorded, That for performing this or any 9th
duty i'll connection with this act no compt nsaton
for services rendered shall be allowed paid to any
public officer whose salary is established by law
| and the secretary of the treasury may also make
such other rules and regulations he may deem ex-
| pedent touching the instament to be paid on any
subscription at the time OF subscribing, and further
| payments by instruments or otherwise, and penal
ties Tor non-pay ment OF any instaiment and also
concerning the receipt deposit, and safe keeping OF
money received from such subscriptions until the
he placed in the possession of the otici;
deposnanes OF the treasury, any law or laws to the
contrary Notwithstanding. And the secretary of
the treasury is also authorized, If he shall deem it
eNpedient before opening bucks OF subscription as
above provided, to exchange for coin or pay for
| public dues or for treasury notes of the issue of
| twenty-third of December, eighteen hundred and
fltyseyen, and falling due the thirtieth OF June,
| eighteen hundred and siNty-one, or for treasury
notes issued and taken III exchange for such notes.
| any amount of said treasury notes, any amount of
said treasury notes for fifty dollars Or upwards not
| exceeding one hundred millions of dollars
Sec. 4. And be it further enacted That before award
ing any portion OF the loan i'll bonds authorized by
this act, the Secretary of the Treasury, il lie deem
it advisable to issue proposals for the same in the
United States, shall give not less than fifteen DAYS
! public notice i'll two or more OF the public newspa-
pers in the city OF Washington, and in such other
places OF the United States lie may deem adysa-
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 Tor the payment
and the amount OF each lnstalment in which it is to
be paid, and the penalty for the payment OF any
such insa ments, and when and where such propo-
sails shall be opened i'll the presence OF SUCH persons
as may choose to attend; ana the Secretary OF the
Treasury is authorized TO accept the most favorable
proposals offered by responsible bidders Provided
That no offer shall be accepted at less than par.
Sec O. And be ttarher enacted, That the Secretary
OF the Treasury may, il he deem it advisable, negO-
tiate any portion OF said loan, not exceeding one
hundred millions OF dollars any foreign country
and payable at any designated place, either iu the
United States or in Europe may issue registered
or cupon bonds for the amount thus negotiated,
agIeeably to the provisions OF this act, bearing in
terest payable semi-annually, either in the United
States or amy designated place i'll Europe; and he is
further authorized 10 appoint such agent agents
as he may deem necessary Tor negotiating such loan
under his Instructions and for paying the interest
on the same, and to fix the compensation of such
agent agents. and shall prescribe to them all The
rules regulations, and modes under which such
loan shall be negotiated and shall have power to Xix
the rate OF exchange at which the principal shall be
received from the contractors tor the loan, and the
exchange for the payment of the principal and i'll
terest i'll Europe shall be at the same rate.
SEC. 8. Aatd be it 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: Povided, 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
reissue such notes shall cease and determine after
the thirty-tlst of December, eighteen hundred and
siXty-two.
SEC l. and be it further enacted, That the Secretary
of the Treasury is hereby authorized, whenever he
shall deem it expedient, to issue ill exchange for
coin, i'll payment Tor public dues Treasury notes
OF any OF the denominations hereinbetore specified
bearing interest not exceeding six per cenium per
annum, and payable at any time not exceeding
twelve months from date, providing that the amount
of notes issued or paid shall ut no time exceed
twenty millions of dol liars
SEC. g. Aad be further enacted, That the Secretary
OF the Treasury shall report to Congress, immedi.
dlately after the commencement OF the next session
the amount he has borrowed under the provisions
q Hrs ACT, OF whom, ana ON what terms with an
abstract of all the proposals, designating those that
have been accepted and those that have been reiec
hn nfh hon fp
that have been issued Tor the same.
SEC. g. And be it further enacted, That the faith
Of the United States is hereby soemnly
pledged for the payment OF the interest and redemp-
ton OF the principal Of the loan authorized by this
act.
SEC. 10. And be ii further enacted That all the pro-
visions OF the act entitled An act to authorize the
issue OF Treasury notes., approved the twenty third
day OF December, eighteen hundred and ffty-seyen,
SO iaI as the same may be applied to the pro-
VISIONS OF tins act and not inconsistent Herewith,
are hereby revived or re-enacted
SEC. IL. Atd be IL further enacted, That, to delray
all the expenses that may attend the execution of
this act, the of two hundred thousand dollars,
or much thereof may be necessary, be and the
is hereby appropriated, to be paid out Of any
money in the Treasury not otherwise appropriated.
Approved, July II, 1861.
q. Il. Harris, Dentist. l5s Main street, opposite
the Mechanics lila Building. o5
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