The national Republican., 1861-07-20
= PUDLIc-No. 8.
AN ACT to authorize National Loan, and
for other purposes,

AIN hO1 W auIuOTlL6 u NAtlOUAl LOAD, ana
for other purposes.
Be ii enacted by the Senate and House of
Representatives. of the United States of america
in Congress assembled, That the Secretary of
the Treasury be and he is 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 aud fifty
millions of dollars, or 30 much thereof as he
may deem necessary for the public service, for
which he is authorized to issue coupon bonds,
or registered bonds, or Treasury notes, in such
proportions of each as he may deem advisable 4;
the bonds to bear interest not exceeding seven
per centum per snnum, payable semi annually,
irredeemable for twenty years, and after that
period redeemable at the pleasure Of the United
Statesj and the Treasury 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 interest at
the rate of seven and three.tenths per centum
per annum, payable semi.annually. And the
Secretary Of the Treasury may also issue in
exchange for coin, and as part of the above
loan, or may pay for salaries or other dues from
the United States, Treasury notes of less de-
nomination than fifty dollars, not bearing in.
terest but payable on demand by the assistant
treasurers Of the United States at Philadelphia,
New York, or Boston, or Treasury notes bear
ing interest at the rate Of three and sixtyfive
hundredths per centum, payable in one year
from date and exchangeable at any time for
Treasury notes for fifty dollars and upwards,
issuable under the authority of this act, and
bearing interest US specified above: Provided,
That no exchange OF such notes in any less
amount than one hundred dollars shall be made
at any one time: And provided .fartler That
no Treasury notes shall be issued of less de.
nomination than ten dollars, and that the whole
amount OF Treasury notes, not bearing interest,
issued under the authority of this act, shall not
exceed fifty millions Of dollars.
Sec. 2. And be it further enacted, That the
Treasury notes and bonds issued under the pro.
visions of this act shall be signed by the First
or Second Comptroller, or the Register of the
Treasury, and countersigned by such other off.
Ger or officers Of the Treasury as the Secretary
of the Treasury may designate; and all such
obligations, Of the denomination of fity dollars
and upwards, shall be issued under the seal of
the Treasury Department. The registered bonds
shall be transferable on the books of the Treas
ury on the delivery Of the certificate, and the
coupon bonds aud Treasury notes shall be
transferable by delivery. The interest coupons
may be signed by such person or persons, or
executed in such manner, as may be desig.
mated by the Secretary of the Treasury, who
shall fix the compensation for the same.
Sec. 3. And be ii further enacted, That the
Secretary Of the Treasury shall cause books to
be opened for subscri pton to the Treasury
notes for fifty dollars and upwards, at such
places as he may designate in the United States,
and under such rules and regulations as he
may prescribe to be superintended by the as.
sistant treasurers of the United States at their
respective localities, and at other places by
such depositaries postmasters, and other per.
sons as he may designate, notice thereof being
given in at least two daily papers of this city,
and in one or more public newspapers pub.
lished in the several places where subscription
books may be opened and subscriptions for
such notes may be received from all persons
who may desire to subscribe, any law to the con-
trary notwithstanding and if larger amount
shall be subscribed in the aggregate than is
required at one time, the Secretary of the Treas
ury is authorised to receive the same, should
he deem it advantageous to the public inter.
est and if not, he shall accept the amount re.
quired by giving the preference to the smaller
subscriptions and the Secretary OF the Treas
ury shall fix the compensations Of the public
officers or others designated for receiving said
subscriptions Provided, That, for performing
this or any other duty in connection with this
act, no compensation for services rendered
shall be allowed or 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 as he NAV deem
expedient touching the instalmept to be paid
on any subscription at the time of subscribing,
and further payments by iustalments or other.
wise, and penalties for non.puyment of any in.
stalment, aud also concerning the recent.
deposit, and safe keeping of money received
from such subscriptions, until the same can be
placed in the possession of the official deposi.
taries Of the Treasury, any law or laws to the
contrary notwithstanding And the Secretary
of the Treasury is also authorized, if he shall