Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1862-01-18

q. And be 1t further enacted, That within
months after the expiration of the present insurrec
tiOn the corps Of paymastcrs and assistant paymas
tiers shall be reduced to the number of seventy-ve
Approved, July Il, 1861.
| tPUBLIC-No. 81
| AN ACT to authorize a National Loan and for
| other purposes.
| 30 1t enacted by the Senate and House Of Repre-
sentatives of the United States of America in Con-
gres assembled That 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 not exceeding
two hundred and fifty millions OF dollars, much
thereof lie may deem necessary for the public
vice, for which he is authorized to issue coupon
bonds, orrcgistcred bonds Treasury notes. in such
proportions oil each rs lie may deem HaviSabej the
bonds to bear Interest not exceeding per cent
per aunum, payable semianuuRlly, irTedeemRble for
twenty years, and after that period redeemable at
the pleasure of the United States; and tho Treasury
notes 70 be Of any denomination fixed by the Secre-
tary OF the Treasury, not less than y dollars, and
to be payable three years after date, with interest
at the rate ofscvcn and trectents per Centum per
nnnun, papROle SGmiannuully. And the Secretary
Of the Treasury may also issue in exchange for coin
und part of the above loan, pay salaries
or other dues from the United States Treasury notes
of less denomination than fifty dollars, bearing
! interest, but payable demand by the Assistant
TrcsuIers of tile United States mt Philadelphia New
York or Boston, or Treasury notes bearing interest
at the rate of three aud siXty-iVe hundrcdtlIs per
ccntum payable in year from date, and cXclang-
able at any time for Treasury notes Tor fifty dollars
ana upwards lSsuable under the authority of this
act, and bearing interest specified above: Pruvi-
| Ucd, That no exchange Of such notes in less
amount than one hundred dollars shall be made ut
any one time: And provided further. That no
Treasury notes shall he issued Of less 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
See. . And be it further enacted, That the Trea-
snry notes and bonds issued under the provisions Of
this act shall be signed by The First or Second Comm
trOer, the Register Of the Treasury and counter
signed by such other officer officers of tho Treas
ury a. the Secretary OF the Treasury may designate;
TlI i'm az
dollars and upwards, shall be issued under the seal
OF the Treasury Department. The registered bonds
shall be transferable on the books of the Treasury
on delivery oil Ill" certificate and the coupon bonds
and Treasury notes shall he transferable OH delivery.
The Interest coupons may DC signed by such person
or persons, or eNetutcd in such manner, may he
designated by the Secretary OF the Treasury, who
shall fix tho compensation for tho came.
Sec. ). And be it further enacted, That the Score
tary of the Treasury shall cause books to he opened
for subscription to the Treasury for fifty dol
lars anu upwards, at such places as he designate
in the United States and under such rules and rcg1-
attons as he may prescribe to he superintendent
respective locntics and other places by such de-
pOstories, postmasters and other persons he may
designate, notice thereof being given in at least two
daily papers of this city, and i'll more public
newspapers published in the several plnccs where
subscription books may beopencd; and subscriptions
TOR such notes may be received from all persons who
may desire to subscribe any law to the contrary not
withstandng; and ifa larger amount shall be sub
scribed in the aggregate thanis required ut time,
the Secretary OF the Treasury is authorized to
ceive the same, should hc deem it advantageous to
puDlC interest; II not. he shall the
amount required by giving tie preference to the
smaller subscriptions; and the Secretary of the
Treasury shall fix tile cOmpens,ions of the public
officers or others designated Tor receiving said
scriPtions Provided, That, for performing this or
any other duty in conneXiou with this act, no COM
pensnton for services rendered shall be allowed
paid to any public officer whose salary is established
by law; and tho Secretary 6 he Treasury may also
f make such other rules are equations as he NAV
deem expedent touching tho instalmcnt to be pniII
any subscription at the time of subscribing and
further payments by instruments or otherwise and
nf inst lIy
also concerning the receipt, deposit and safe keen
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 the Secretary OF
the Treasury also authorized, lac shall deem
oHpeuichL before opening books OF subscription as
: above provided, to exchange for coin or pay for
public dues or for Treasury notes of the issue OF
1 twcnty-third of December, eighteen hundred aud
hftyscven, and falling due the thirteth Of June,
}. eighteen hundred and sixty-One, or for Treasury
notes issued and taken in exchange for such notes,
any amount of sad Treasury notes 1ITty dollars
' or upwards not exceeding one hundred millions OF
i Sec. l. And lie it further enacted, That, before
awarding any portion of the loan in bonds author
lied by this act tho Secretary Of the Treasury if lie
deem it advisable to issue proposals Tor tile same in
the Uuitcd States, shall give not less than fifteen
days public notice in two or more of tic nmLIic
newspapers in the city of Washington, and in such
other places of the United States he may deem
advisable, designating the amount Of such loan, the
place and the time up to which scaled proposals will
be received for the same. the periods tho payment
l. and the amount of each instalment in which it is
"
4 any such instruments, and when and where such pro-
Posals shall be opened in the presence OF such per
sons as he may choose to attend; and the Secretary
of the Treasury is authorized to accept the most IA.
vorable proposals offered by responsible bidders
Provided, That NJ offer shall be accepted at less than
b par
Sec. 5. And be it further enacted That the sccre-
try OF the Treasury may, if he deem it advisable,
L negotiate any portion of said loan, not exceeding
one hundred millions of dollars any foreign coun
try aud payable at any designated place, either IN
The Cted States or in Europe, and may issue regis
tered OF coupon bonds for tho amount thus neRofa-
ted "grecably to the provisions of this act bearing
Interest payable scmi-annually either in the IntetI
States or at any designated place in Europe; and Inc
Is further authorized to appoint such agent agents
under his instructions, and for paying the Interest
on tho same, and to fix the CONDENSATION of suCl,
agent or agents, and skal prescribe to them all tho
rules regulations and modes under which such loan
shall he negotiated, and shall have power to fix lilo
ratio of exchange Mt which tho principal shall be re.
cevcd from the contractors for the loan, and the ex
Change for the payment OF the principal and inter
est in Europe shall be at the same rate.
Sec. 6. And DO it further enacted, That whenever
any Treasury notes, of denomination less than fifty
dollars, authorized TO DO Issued by this shall hTvc
been redeemed, the Secretary of the Treasury may
: reissue the same or may cancel them and issue
t notes to an equal amOunt Provided, That the ag-
gregate amount OF bonds and Treasury issued
uhder the foregoing provisions of this shall never
r exceed tho full amaunt authorized nv tho first sec
toh ol TINS act; and the power Issue or reissue
hrst of December, eighteen hundred and sixtytyro
sec. q And be it further enacted, That the Secre-
Q 10y o u, VI" 1reasnry Is hereby authorized whenever
ne sh"il deem II eNpcent, TO issue in exchange for
COIN or in payment for public dues Treasury notes
OF any oi the denominations herenbefore specified
bearing interest not exceeding six ner centTn ,
g annInnl, and payable at any time not exceeding
WE'VE months from date, provided that the amount
OF notes 40 issued or paid shall at no time e1csi
twenty millions of dOllarS eN'eeu
Sec. s. And be it further enacted, That the Sccre
ary OF the Treasury shall report to Congress- imme
dlatey after the commencement of tho next session
the amount he has borrowed under the provisonS ~
this act Of whom, aud on what terms, with an All
stract of all the proposals. designating those that
have been accepted and those that have been reject
ed and the amount of bonds or Treasury notes tIat
have been issued for the same.
Sec. 9. And be It further enacted, That the faith