Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1862-07-31

LAWS OF THE UEITED STATES
Passed at the Second Session of the Thrty-Seventh
Congress.
1PUBLIc-No. ZIG. I
AN ACT to authorize an additional issue of

GUBLlC-NO. ITO.
AN ACT to authorize an additional issue of
treasury notes, and for other purposes.
Be it enacted by the senate and house of
representatives of the United States of Amer
lea in congress assembled that the secretary
of the treasury is hereby authorized to issue,
in addition to the amounts heretofore author
lied, on the credit of the United States, one
hundred and fifty millions of dollars of Uni
ted States notes, not bearing interest, paya-
BILE to bearer at the treasury of the United
States, and of such denominations as he may
deem expedient: Provided, that no note shall
be issued for the fractional part of dollar,
and not more than thirty five millions shall be
of lower denominations than five dollars and
such notes shall be receivable in payment of
all loans made to the United States and of all
taxes, internal duties, excuses, debts and de-
mands of every kind due to the United States,
except duties on imports and interest, and of
all claims and demands against the United
States, except for interest upon bonds, notes
and certificates Of debt or deposit; and shall
also be lawful money and legal tender in
payment of all debts, public and private,
within the United States, except duties on
imports and interest, as aforesaid. And any
holder of said United States notes depositing
any sum not less than fifty dollars, or some
multiple of fifty dollars, with the treasury OF
the United States, or either of the assistant
treasurers, shall receive in exchange therefor
duplicate certificates of deposit, one of which
may betransmittedto the secretary of the treas
ury, who shall thereupOn issue to the holder ar
equal amount of bonds of the United States
coupon or registered, as may by said holder
be desired, bearing interest at the rate of sil
per centum per annum, payable semi-annual
ly, and redeemable at the pleasure Of the Uni
ted States after five years, and payable TWEEN
| ty years from the date thereof: Provided
| however, that any notes issued under this &C
may be paid in coin, instead of being receive
in exchange for certificates of depositas abov
specified at the direction of the secretary
the treasury. And the secretary Of the treas
ury may exchange for such notes, on sue
terms as he shall think most beneficial to til
| public interest, any bonds of the United State
| bearing six per centum interest, and redeemf
| BILE after five and payable in twenty years
| which have been or may be lawfully issue
| under the provisions of any existing act; ma
| reissue the notes SO received in exchange
| may receive and cancel any notes heretof0r
lawfully issued under any act of congress, an
in lieu thereof issue an equal amount in note
such as are authorized by this act; and ma
purchase, at rates not exceeding that of tn
current market, and cost of purchase not ex
ceeding one-eighth of one per centum, an,
bonds or certificates of debt of the Unite
States as he may deem advisable.
Sect. 2. And be it further enacted, tina
the secretary of the treasury be and is hereb,
authorized, i'll case he shall think it eXpedient
to procure said notes, or any part thereof, tt
be engraved and printed by contract, to caus,
the said notes or any part thereof to be en-
graved, printed, and executed in such form a
he shall prescribe, at the treasury department
in Washington, and under his direction; anC
he is hereby empowered to purchase and pro
vide all the machinery and materials, and tt
employ such persons and appoint such off
GERS as may be necessary for this purpose.
Sect 8. And be it further enacted, that the
limitation upon temporary deposits of United
States notes with any assistant treasurer o.
designated depository authorized by the sec
rotary of the treasury to receive such depos
its to fifty million dollars, be and is hereby
repealed; and the secretary of the treasury
is authorized to receive such deposits, undel
such regulations as he may prescribe, to sucl
amount as he may deem expedient, not eX
ceeding one hundred millions of dollars, fol-
not less than thirty days, in sums not less
than one hundred dollars, at q rate of interest
not exceeding five per centum per annum
and any amount so deposited may be with
drawn from deposit at any time after ten
days notice, on the return of the certificates
of deposit. And of the amounts of the United
States notes authorized by this act not less
than fifty millions of dollars shall be reserved
for the purpose of securing prompt payment
of such deposits when demanded, and shall
be issued and used only when in the judgment
of the secretary of the treasury the same or
any part thereof may be needed for that pur-
pose. And certificates of deposit and of in
debtedness issued under this or former acts
may be received on the same terms as United
States notes in payment for bonds redeemable
after five and payable in twenty years.
Sec. 4. And be it further enacted, that the
secretary of the treasury may, at any time
until otherwise ordered by congress, and
under the restrictions imposed by the ''Act to
authorize national loan, and for other pur-
poses" borrow, on the credit of the United
States, such part of the sum Of two hundred
and fifty millions mentioned in SAID act as
may not have been borrowed, under the pro-
visions of the same, within twelve months
from the passage thereof.
Sect. 5. And be it further enacted, that any
part of the appropriation of ten thousand dol
lars for the detection and bringing to trial o.
persons engaged in counterfeiting the coin o.
the United States may by the act entitled can
act making appropriations for the legislative
executive, and Judicial expenses of the gov.
eminent for the year ending thirtieth June,
eighteen hundred and sixty one" approved
June twenty-three, eighteen hundred and six
ty, may be applied in detecting and bringing
to trial and punishment persons engaged in
counterfeiting treasury notes, bonds, or Other
securities of the United States, as well as the
coin of the United States. And to carry into
effect the preceding sections of this act the
sum of three hundred thousand dollars is
hereby appropriated, out of any money in the
treasury not otherwise appropriated.
Sect. 6. And be it further enacted, that al
the provisions of the act entitled can act tt
authorize the issue of United States notes
and for the redemption Of funding thereof
and for funding the floating debt Of the UniteC
States" approved February twenty five, eigh
teen hundred and sixty-two, so far as the
same can or may be applied to the provisions
of this act, and not inconsistent Herewith
shall apply to the notes hereby authorized t.
| be issued.
Approved, July IL, 1862.
|