The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1862-03-11
The Treasury Note Bin as Passed by the Sem
ate and House.
An ACT 10 authorize the issue Of United States notes
and for the redemption or Jasding thereof and for

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funding the floating debt Of the United States.
BE ii enacted, de-, That the Secretary oil
the Treasury is hereby authorized to issue on
the credit of the United States ono hundred
and fifty millions Of dollars Of United States
Notes, not bearing interest, payable to bearer
at the Treasury of the United States, and OF
such denominations as he may deem exredi.
ent, not less than five dollars each: provided
however, that fifty millions of said Notes shall
be in lieu of the demand Treasury Notes au-
horized to be issued by tho act of July 18th
1861, VIII ch said demand notes shall be taken
up as rapidly as practicable, and the notes
herein provided for substituted for them; and
provided further, that the amount Of the two
kinds of notes together shall at no time ex.
ceed the sum of one hundred and fifty mil
lion dollars, end such not herein authorized
shall be receivable in payment of all taxes,
internal duties, excises, debts, except duties on
imports, and demands of every kind due to
the United States except duties on imports,
and of all claims and demands against the
United States Of every kind whatsoever, ex-
cepi for interest upon bonds and notes, which
shall be paid in coin, and shall also be lawful
money aad legal tender in payment of all
debts, public and private, within the United
States, except duties on imports as aforesaid !;
and any holders of said United States notes
depositing any sum not less than fifty dollars,
or some multiple of fifty dollars, with the
Treasurer Of tho United States, or either of
the Assistant Treasures, shall receive in ex.
change therefor duplicate certificates Of depos-
it, one of which may be transmitted to the
Secretary Of the Treasury, who shall thereup
on issue to the holier an equal amount Of
bonds of the United States, coupons or regis.
tered, as may by said holders be desired, bear
ing interest at the rate of six per centum per
anuum, payable sem-annualiy, aud redeema-
ble at the pleasure of the United States after
five years, and payable twenty years from the
date thereof; and such United States notes
shall be received the same as coin at their par
value, in payment for any loans that may be
hereafter sold or negotiated by tho Secretary
Of the Treasury, and may be re issued from
time to time, as the exigenccs Of the public
interests may require.
SEC. 2. And be it further enacted, That to
enable the Secretary of the Treasury to fund
the Treasury notes and floating debt of tho
United States, he is hereby authorized to is
sue on the credit Of the United States coupon
bonds, or registered bonds, to an amount not
exceeding 100000 900, and redeemablo at
the pleasure of the United States after five
years, and payable twenty years from date,
AMI bearing interest at the rate of six per
centum per annum, payable semi.anrualy.- -
And the bonds herein authorized shall be of
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AS may lie determined upon by tie Secretary
of the Treasury. And the Secretary Of the
Treasury may dispose of such bonds ut any
time at the market value thereof, for Qawful
money! the coin Of the United States, or for
any Of the Treasury Notes that have been, or
may hereafter be issued under any former act
Of Congress, or for the United States Notes
that may be issued under the provisions of
this act; aud all stocks, bonds aud other Sc.
curities of the United States held by individ-
uaIs, corporations, or associations within the
United States, shall be exempt from taxation
by or under State authority.
SEC. 3. And be it further enacted, That
the United States notes and the coupons or
bonds authorized by this act shall
bc in such form as the Secretary of the Treas
ury nay direct, and shall bear the written or
engraved signature, of the Treasurer Of the
United States and the Register Of the Treas
ury, and also, as evidence of lawful issue, the
imprint of a copy of the seal Of the Treasury
Department, which imprint shall be made un
der the direction Of the Secretary, after the
said notes or bones shall be received from the
engravcrs ana before they are issued; or the
said notes aud bonds shall be signed by the
Treasurer of the United States, or for the
Treas rer, by such persons as may be special
~ appointed by the Secretary Of the Treasu.
ry for that purpose, and shall be countersign
ed by the Rcg,,e: Of the Treasury, or for the
Register by such persons as the Secretary Of
the Treasury may specially appoint for that
purpose; and all the provisions of the act en-
titled can act TO authorize the issue Of Treas
ury notes. approved the 23d day Of Decem-
Der, 1857, so far as they can be applied to this
act, and not inconsistent Herewith, are hereby
revived and rc.enacted; and the sum O.
is hereby Appropriated out of any
money in the Treasury not otherwise appro-
p'iatcd, TO enable the Secretary Of the Treas
lry to carry this act into effect.
SEC. 4. And be it further enacted, That
me SECRETARY ol the treasury may receive
from any person or persons, or any corpora.
ton, United States notes on deposit Tor not
less than thirty DAYS in sums Of not less than
one hundred dollars, with any of the Assis
Lant Treasurers or designated jepostaries of
the United States authorized by the Secleta-
~ of the Treasury to receive thom, who shall
ssuc therefor certificates of deposit, made in
such form as the Secretary Of the Treasury
shall prescribe, and said certificates Of deposit |
shall bear interest at the rate of fivo por CEN
.um per annum; and any amount Of United .
States notes so deposited may be Withdrawn
rom deposit at any time after ten days no.
tice on the return Of said certificates: Provi /
led, that the interest on such deposits shall
cease and determine q; tho pleasure Of the |
Secretary of the Treasury; and provided, fur.
her, that the aggregate of such deposits shall
at no time exceed the amount Of twenty five |
million dollars.
SEC. 5. And be it further enacted, That
all duties on imported goods which shall DO
paid in coin, or in notes payable or in demand |
notes heretofore authorized to be received and |
by law receivable in payments of public dues,
and the coin so paid, shall be set apart as a
special fund and applied as follows:
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