Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1863-03-11
1PuRLIC-No. 52.l
l UBLIC-NO. 0E.
AN ACT 20 provide ways and means for the
support of the government.


AN ACT 20 provide ways and means for the
support of the government.
Be it enacted by the senate and house Of
representatives Of the United States of Ameri-
ca in congress assembled, that the secretary
of the treasury be and he is hereby authorized
to borrow, from time to time, on the credit OF
the United States, sum not exceeding three
hundred millions of dollars for the current
fiscal year, and six hundred millions for the
next fiscal year, and to issue therefor coupon
or registered bonds, payable at the pleasure of
the government, after such periods as may be
fixed by the secretary, not less than ten nor
more than forty years from date, in coin, and
of such denominations not less than fifty dol
lars as he may deem expedient, bearing inter
est at a rate not exceeding six per centum per
annum, payable on bonds not exceeding one
hundred dollars, annually, and on all other
bonds SEMI annually, in coin; and he may IN
his discretion dispose of such bonds at any
time, upon such terms as he may deem most
advisable, for lawful money OF the United
States, or for any of the certificates of indebt-
edness or deposit that may at any time be I'M
paid, or for any of the treasury notes hereto
fore issued or which may be issued under the
provisions of this act. And all the bonds and
treasury notes or United States notes issued
under the provisions of this act shall be ex-
empt from taxation by or under state or mu-
nicipal authority: Provided, that there shall
be outstanding of bonds, treasury notes, and
United States notes, at any time, issued under
the provisions of this act no greater amount
altogether than the sum of nine hundred mil
lions of dollars.
Sect 2. And be it further enacted, that
the secretary of the treasury be and he is
hereby authorized to issue, on the credit of
Al, IL l,,,,,l mill &c
dollars in treasury notes, payable at the pleas
ure of the United States, or at such time or
times not exceeding three years from date as
may be found most beneficial to the public in
terest, and bearing interest at rate not ex-
ceeding six per centum per annum, payable
at periods expressed on the face of said treas
ury notes and the interest on the said treas
ury notes, and on certificates of Indebtedness
and deposit hereafter issued shall be paid in
lawful money. The treasury notes thus is
sued shall be of such denomination as the
secretary may direct, not less than ten dol
lars, and may be disposed of on the best terms
that can be obtained, or may be paid to any
creditor OF the United States willing to re-
ceive the same at par. And said treasury
notes may be made legal tender to the same
extent as United States notes, for their face
value including interest: or they may be
made eNCllaIlPCdDlC uuueT ISSuldIlOHS pre-
scribed by the secretary of the treasury, by
the holder thereof at the treasury in the city
of Washington, or at the office of any assis-
tant treasurer or depositary designated for
that purpose, for United States notes equal in
amount to the treasury notes offered for ex-
change, together with the interest accrued
and due thereon, at the date of interest pay
ment next preceding such exchange. And in
lieu of any amount of said treasury notes
thus exchanged, or redeemed or paid at ma
turjty, the secretary may issue an equal
amount of other treasury notes; and the
treasury notes so exchanged, redeemed, or
paid, shall be cancelled and destroyed as the
secretary may direct. In order to secure
certain and prompt exchanges of United Of
states notes for treasury notes when required
as above provided, the secretary shall have
power to issue United States notes to the
amount OF one hundred and fifty millions of
dollars which may be used if necessary for
such exchanges; but no part of the United
states notes authorized by this section shall
be issued Tor or applied to any other purposes
than said exchanges; and whenever anv
amount shall have been so issued and applied.
the same shall be replaced as soon as nracti,
cable from the sales of treasury notes for
United States notes.
Sect. 3. And be it further enacted. that tho
secretary of the treasury be and is hereby au-