The Cass County Republican. [volume] (Dowagiac, Mich.) 18??-1880, 1862-03-13
TIE Treasury Note Bill as Finally Passed


rra,;a;no against counterfeiting:
Re AZ enacted, dc, That the Secretary
of the Treasury is hereby authorized to
issue, on the credit of the United States,
one hundred and fifty millions of
dollars of United States notes, and of
such denomination as he may deem ex-
pedient, not less than FIVE dollars each.
PROVIDED howeuer, that fifty millions of
said notes shall be taken up as rapidly
as practicable, and the notes herein
provided for substituted for them, and
provided.f further, that the amount of the
two kind of notes together, shall at
no time exceed the sum Of one hun
dred and fifty millions of dollars and
such notes herein authorized shall be
receivable in payment of all taxes, In
ternal duties, excuses and debts, except
duties on imports, and of all claims
and demands of every kind whatsoever,
except upon bonds and notes, which
shall be paid in coin, and shall also be
lawful money and legal tender in pay
ment of all debts public and private,
within the United States, except for
duties on imports and interest as
aforesaid, and any holders of said Uni
ted States notes depositing any sum
less than fifty dollars, or some multiple
of fifty dollars with the Treasurer of the
United States, or either of the Assis-
tant Treasurers, shall receive in ex-
change therefor duplicate certificates
of deposit, one of which may be trans
mitted to the Secretary OF the Treasury,
who shall thereupon issue to the hol-
ders an equal amount of bonds of the
United States, coupon or registered,
as many by said holder be desired,
bearing interest at the rate of six per
centum per annum, payable semi-annul-
ly, and redeemable at the pleasure of
the United States after five yeras, and
payable twenty years from the date
thereof, and such United States notes
shall be received the same as coin at
rather par value, in payment for any
loans that may be hereafter sold or
negotiated by the Secretary of the
Treasury and be re-issued from time to
time, as the exigencies of the public
may require.
There shall be printed on the back
of the United States notes, which
may be issued under the provisions of
this act, the following words: 1" The
within note is legal tender in pay
lnent of al! debts, public and private,
and is exchangeable for bonds of the
United States bearing six per centum
interest, at twenty years, or in seven
per centum bonds at FIVE years.
Sec. 2. Ind be 1T further enacted.
That to enable the Secretary of the
Treasury to fund the Treasury notes
and floating debt of the United States,
he is hereby authorized to issue, on the
credit Of the United States, coupon
bonds, or registered bonds, to an
amount not exceeding FIVE hundred
millions. of dollars, and redeemable
at the pleasure of the. United States
after five years, and payable twenty
years from date, and bearing interest
at the rate of six per centum per annum,
payable semi-annually. And the bonds
herein authorized shall be of such de-
nominations, not less than fifty dollars,
as may be determined upon by the Sec
rotary of the Treasury. And the Secre-
tary of the Treasury may dispose of
such bonds at any time at the market
value thereof, for the coin of the Uni
ted States, or for any of the Treasury
notes that have been or may hereafter
be issued under any former act of Con-
gress, or for United States notes that
may be issued under the provisions of
this act and all stocks, bonds and 9th
err securities of the United States held
by individuals, corporations or associ-
ations, within the United States, shall
be exempt from taxation under State
authority.
Sec. 4. Ind be 1t further enacted.
That the Secretary of the Treasury
may receive from any person or per-
sons, or any corporation, United States
notes on deposit for not less than thir-
ty days, in sums of not less than one
hundred dollars, with any of the Assis-
tant Treasurers or designated depos-
itaries of the United States authorized
by the Secretary of the Treasury to
receive them, who shall issue therefor
certificate of deposits, made in such
form as the Secretary of the Treasury
shall prescribe, and said certificates of
deposits shall bear interest at the rate
of five per centum per annum; and
any amount of United State notes so
deposited may be withdrawn from de-
post at any time after ten days notice
on the return of said certificates. Pro-
Uided, that the interest on all such de-
posts shall cease and determine at the
pleasure of the Secretary of the Treasu-
ry; and provide further, that the
aggregate of such deposits shall at no
time exceed the amount of twenty FIVE
million dollars.
Sec. 5. And be 1t further enacted, That
all duties on imported goods which shall
be paid in coin, or in notes payable, or
in demand notes heretofore authorized
to be received, and by law receivable
in payment of public dues, and the
coin so paid shall be set apart as
special fund, and applied as follows:
First. The payment, in coin, of the
interest on the bonds and notes of the
United States.
Second. TO the purchase or pay
ment of one per centum of the entire
debt of the United States, to be made
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