Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1861-08-23
TPuBlIc-No. 81


Approved, July II, 1861.
[PuBuc-No. s..
An ACT TO authorize National Loan and for
other purposes.
Be it enacted by the Senate and House Of Repre-
sentaivel ef the United states of America in Cp!-
gress assembled Thnt the Secretary of the Treasury
be and he Ia hereby authorized to borrow, on the
credit Of the United States, within twelve months
from the passage of this act, sum not eXceeiinR
hundred and nifty millions OF dollars OF so iinci
thereof as he may deem necessary for the public SER
vice for which he Is authorized 10 issue coupon
bonds or registered bonds, Treasury notes in such
proportions Of each he may deem advisable; tue
bonds to bear interest not exceeding seven per cent
per Rnnum, payable semi-aGnually. lrredeemaDe ioT
twenty years, and after that period redeemaOle al
the pleasure OF the United States: and the Treasury
notes to be Vf any denomination fixed by the Secre-
tRry of the Treasury not less than fifty dollars and
to be payable three years after date with interest
at the rate fseVen and threctenthS per centu per
nunum, payable seini-aunUally. Aud the secretary
Of the Treasury may also issue in exchange for coi
and part of the above oan may pay Tor salaries
or other dues from the United States Treasury notes
Of less denomination than fifty dollars, not bearing
interest, but payable on demand by the ASSISTANT
TreasurerE of the United Saies at Philadelphia, New
York or Boston. or Treasury notes bearing interest
Mt the rate of three and sixty-dve hundredths per
centum payable in one year from date and eXchang-
able at any time for Treasury notes Tor fifty dolals
and upWa ds, issuable under the authority Of this
act, and bearing interest specified above: Provi-
ded. That no exchange of such notes i'll any less
amount than one hundred dollars shall be made at
any one time: And provided further. That no
Treasury notes shall he issued of LEES denomination
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.
Rnry notes and bonds issued under the provisions of
This act shall be signed Icy the First second Comp
Iroer or the Register of the Treasury. and counter
ieucd by such other officer officers Of the Treas
ry as the Secretary of the Treasury may designate;
nd oil such obligations OF the denomination OF hity
hall undo
ri tho Treasury Department. The registered bonds
;hall be transferable the beoks of the Treasury
iu delivery of the certificate, and the coupon bonds
nd Treasury notes shall be transferable on delivery
The interest coupons may he signed by such person
or persons, uttd in such manner. ms may be
designated by the Secretary Of this Treasury, who
hhaii fix the con pensation for the came.
Sec 3. And be it further enacted, That the Score.
tary Of the Treasury shall cause books to be opened
fr subscription to the Treasury notes Tor fifty dol
lars and upwards, at such places as h" may designate
in the United States, and under such rules and IcGu
ItiouS AS he may prescribe to be superintendent by
the assistant reurCTs of the United states at their
respective Localities and ut other places by sncn de-
postoriCs posimnsters ard other persons as lie may
Designate notice thereof being given in at least two
daily papers OF this city. and in more public
newspapers published in the several places where
subscription books opened; and subscriptions
for such may he received from all persons WHO
may desire subscribe any law to thec,ntTary not
withEtaOding; and If larger amount shall be suit
cribed i'll the aggregate tlnnis required at one time
The Secretary Of the Treasury Is authorized TO re-
leive the same. should he deem it advantageous 10
he public interest; and if not. lie shall accept the
mount required by giving the preference TO the
mailer subscriptions; and the Secretary of the
rcasury shall fix the CompenSatiOns OF tile public
Ulcers or others designated for receiving snid sub
riptiDu5: Provided, That, for performing this or
ny other duty In COnncxion with this act no com
ensaiOa for services rendered shall be allowed or
aid 70 any public officer whose salary is established
v laws AID the secretary Of the Treasury may also
nike such other rules and regulations as he may
erm expedient touching the instalment to be paid
n any subscription at the time Of subscribing. and
nav Is
eualties for non-payment Of any instalment, and
'ao concerning the receipt, deposit. and safe keep
lg of money received from such subscriptions until
ne same be placed in the possession OF official
repositories of the Treasury, any law or laws to the
ontrary Notwithstanding. And the Secretary OF
Treasury is also authorized, Ii he shall deem it
xpedient. before opening books Of subscription as
Dove provided, to exchange for coin or pay for
ublic dues or for Treasury notes Of the issue of
Eenty-third of December, eighteen hundred and
Tty-seven and falling due Oh the thirtieih of June.
Shteen hundred aud sixty-one, or for 1reasniy
otes issued and taken in exchange for such notes.
~ of said Treasury notes for nifty dollars
upwards not exceeding ono hundred millions of
olinrs.
wartling any portion Of tho loan in bonds author
ed by this act the Secretary Of tile Treasury if he
it advisable TO issue proposals. for the same in
70 Uuited States, shall give not less than Ef;een
tYS' public notice in two or more Of the public
.wspapcrs in the city Of Washington, and in such
her places Of the United States SS he may deem
lvsable, designating tie amount Of ouch lOnu. the
lace and the time up 10 which scaled proposals will
received Tue elnlC. the
III tho amount of eacl inHtalment in which it is
be paid, and the penalty for the noU-p;ymEnt of
" such instruments, and when and where such pro
oaalS Hhull be opened in the presence Of such per-
ius he may choose TO attend; AMI the Secretary
. the Treasury is authorized to accept She mot Fl.
)rable proposals offered by responsible bidders
rovided That offer shall be accepted at less than
Sec s. And be it further enacted. That the Score
Try of the Treasury may, if he deem it advisable,
eEotiate any portion of aaid loan, not exceeding
ne hu ndred millions OF dollars in any foreign coun-
v, and payable at any designated place, either in
United States in Europe, and may issue regis
1red coupon bonds for the amount thus negotia-
ID RrecIbly 10 the provisions Of this act. bearing
CreSt payable semi.annually, either in the Unite ed
tRtes or at any designated place in Europe; Gnd he
turthor authorized 10 appoint such agent or agents
;he may deem necessary for negotiating such loan
nder his instructions, aud for paying the interest
n the same. and to fix the compensation Of such
gent or agents and shall prescribe 10 them all the
llcs, regulations, and modes under which such loan
lal be negotiated and shall havo poNer to fix tie
lts Of exchange at which the principal shall be re-
,ved from the contractors for the loan and the eS-
mango for the payment Of ihe principal and inter
t III Europe Shall be at the same rate,
, Sec 8. And be il further enacted, That whenever
w Treasury notes. Of denomination less than fifty
ollars authorizes to bs Inaued by this net uhal have
cen redeemed, the Secretary Of the Treasury may
.issue the same may cancel them and issuc new
otes TO equLl amount; Provided, That the eE-
reSHte Inount CT bcndS and Treasury notes issssd
hder the foregoing provihcrs Of THE act siall never
Scesd the fail RnGunt authorized by the first sCc-
on Of this Rgt AMI the power to iesue or rOissue
ICh not .tEli eeass Bpd determine after the thirty
.pt Of December, eighteen hundred and si5ty.twc,
Sec. T. And be II further SoBctcd, That the SecfC-
ltT Of the Treasury f. hereby authorized, whenever
hail S3,sS EoF