Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1862-01-16

with at least two good and sufficient securities for
the faithful performance of his duties, and that
sistant paymasters Alall have rank and precedence
with assistant geons not passed. and that all APP
pointments to fill vacancies In the corps Of paynas
ters shall be mRde by regular promotion from tho
list of assistaDt payHiastsrs.
Sec. 6. And be it further enacted That within six
months after the expiration of the present nsurreC
tiers shall be reduced to the number of seventy-ive
Approved, July II, 1861.
[PuBuC-No. 81
AN ACT to authorize a National Loan and for
other purposes.
Be it enacted by the Senate and House Of Repre-
sentatives Of the United States of America in Con-
gress 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 tue passage of this act, exceeding
twohundred and Atty millions Of dollars SO much
thereof as he may Ieeln necessary for the public
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
per annum, payable semianuually, irredeemRbIe for
twenty years, and after that period redeemable at
the pleasure of the United States; and the Treasury
notes to be of any denomination fixed by the Score
tary of the Treasury, not less than fifty dollars, and
to be payable three years after date with interest
at the rate ofseveD and threctenths per per
annum. payable semi-annually. And the Secretary
of the Treasury may also issue in exchange for COIN
and part Of the above Oan may pay for salaries
or other dues from the United States Treasury notes
of less denomination than fifty dollars not bearing
interest, but payable demand by the Assistant
Trcsurers of the United States at Philadelphia New
YORK OF Boston, OF Treasury notes bearing interest
ut the rate of three and sixty-fve hundredths per
centrum, payable in year from date and exchange
able at any time for Treasury for fifty dollars
and upwards, issuable under the authority of this
act, and bearing interest specified above: Pruvi-
ded, That no exchange of such notes in any less
amount than one hundred dollars shall be made at
any one time: And provided further, That no
Treasury notes shall be issued of denomination
than ten dollars, and that the whole amount of
1naR
authority Of this act shall not exceed fifty millions
of dollars.
Sec. 2. 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 Second Comp
trOler or the Register Of the Treasury and counter
signed by such other officer officers of the Treas
ury the Secretary of the Treasury may designate;
and all such obligations. of the denomination Of fifty
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 of the certificate and the coupon bonds
and Treasury netes shall be transferable on delivery
The Interest coupons may be signed by such person
or persons or executed in sucI manner as nav he
| designated by the Secretary Of the Treasury, who
| shall fix the compensation for the same
Sec 3. And be it further enacted, That the Secre-
tAry OF the Treasury shall cause books be opened
Tor subscription to the Treasury notes for fifty dol
lars and upwards, at such places lie may designate
IN tine United states, and under such rules and reg-
lations as he may prescribe to DO superintendent by
the assistant rcasurers of the United States at their
respective localities and at other places by such
pOsItories, postmaEteTs, and other persons he may
designate notice thereof being given in least two
daily papers of this city, and in or more public
newspapers published in the several Dlaccs where
subscription books may beopened; and subscriptions
Tor such notes be received from all persons who
may desire to subscribe any law to the contrary
outstanding; and If larger amount shall be sub.
scrbed in the aggregate than required one time
the Secretary Of the Treasury authorized to re-
ceivc the same, should he deem it a,lVanageoust To
the public interest; and if not lie shall accept the
amount required by giving tho preference to the
smaller subscriptions; and the Secretary of tile
Treasury shall nix the conpcn ltiOns of the public
officers others designated for receiving snid eu
scriptons: Provided, That, for performing this or
any other duty in connection with this act, no com
pensation for services rendered shall he allowed or
paid to any public officer whose salary is established
by laws ard the Secretary g he Treasury may also
make such other rules arc equations as he may
deem eXpedient touching tho instalmcnt to DO paid
on any subscription at the time of subscribing, and
further payments by instruments otherwise, and
IenaIIea ior nonpayment OF any instalmCnt, and
also concerning the receipt deposit safe keen.
me 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 is also authorized ifhe shall deem II
cXpedicnt, before opening books OF substitution us
above provided, to exchange for coin or pay fol-
public dues or for Treasury notes of the issue o
twcnty-third Of December, eighteen hundred and
htty-sCYen and falling duo the thirtcth of June
eighteen hundred and sixty-One, or for Treasury
notes issued and taken in exchange for such notes
any amount of said Treasury notes for fifty dollars
or upwards not exceeding ono hundred millions OF
A Sec. 4. And be IT further enacted, That, before
awarding any portion of the loan in bonds author
III
oeen! advisable to issue proposals for the IN
the Uuited States, shall give not less than fifteen
days public notice in two of the public
newspapers in tho city of Washington, and in such
other places of the United States as he may deem
advisable, designating the amount of such loan the
place Rndthc time up to which sealed proposals viii
10 received for tho the periods for the payment
and the amount of each instalmeut in which II Il
to be paid, and the penalty for the non-payent NJ
any such instruments: and when and where sucl pro
Posals shall be opened in the presence of such per
sons as he may choose TO attend and the Secretary
IL ngVf z..I Al.
Yorable proposals offered by responsible bidders
Provided, That offer shall he accepted at less than
par.
Sec. 3. And be it further enacted That the Score
tary OF the Treasury may, If he deem it advisable
negotiate any portion of said loan, not exceeding
one hundred millions of dollars in any foreign coun
try, and payable at any designated place either in
the uIted States or fin Europe, and may issue regis
tered or coupon bonds for the amount thus uegotia.
ted Agreeaby to the provisions of this act bearing
interest payable semiannualy, either in the UnitcI
states or at any designated place in Europe; lie
Is iurther authorized to appoint such agent agents
RS he may deem necessary for negotiating such loan
under his instructions and for paying the interest
agent agents, and shall prescribe to them ali tLG
rules regulations, and modes under which sucb loan
shl be nogoti"ted and shall have power to fix the
rate OF exchange at which the principal shall be re
ceiyed 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. 8. And be it further enacted, That whenever
any Treasury notes, of denomination less than ffv
dollars, authorized to be issued by this act shall have
Deen redeemed, the Secretary of the Treasury may
reissue the same, may cancel them and issue new
notes to an equal amount: Provided, That the az
gregnte amount Of bonds and Treasury notes issueI
oeI INC foregoing provisions Of this act shall never
ecteG Lhe in! amount authorized by the first sec
o Vi L"ls Sct and the power to issue reissue
sach mol shall cease and determine after the thrty
ntst OF december, eighteen hundred and sxty-two
sec Z; And be it further enacted, That the Secre-
[ary OF the Treasury is hereby authorized whenever
G 1no Geem expedient to issue in exchange for
OF any OF the denominations hereinbefore EnAriSI
bearing interest not exceeding six per ceptum ne2
annum, and payable at any time not exceedip1
twelve months from date, provided that the smoun3
Of notes 50 issued or paid shall at no time exceed
Sec. 8. And be it further enacted, That tho secrs
tary OF the Treasury shall report to Congress- mme
dately alter the commencement Of the next sessioT
Ine amount no has borrowed under the proyiaionsSf
TINS act OF whom, and on what terms, with An az