Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1863-02-27
FROM WASHINGTON.

WARRINGTON, Feb. 26,-lt ia now settled that
the Sec'y of the Treasury is authorized to bor-
row from time to time, on the credit of the u.
s., q sum not exceeding. 500, ,000, 900, for the
current 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 more than forty Yeas
from date, in coin, and in such denomina lions,
not less than fifty dollars, as he may deem
expedient, bearing interest at q rate not exceed
ing ak per cent per aDnum, payable on bonds
not exceeding one hundred dollars annually,
aud Oh all other bonds semi-snDually 10 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
indebtedness or deposit that may at amy time
be unpaid or for any Of the treasury notes hereto
fore Issued, or that may be issued under bonds
or treasury notes or United States notes issued
under the provisions of this act, and all bonds
or treasury notes or United States notes iesued
under the provisions of this sct shall be ex.
empt from taxation by or under State or mu.
nicipal authority; provided there shall be out
standing of bonds, treasury notes or United
States notes, at any time issued under the pro :
visions of this act, no greater amount alto
pether than the cum of nine hundred million
dollars.
The Secretary Of the Treasury is authorized
to issue on the credit of the United States four
hundred million dollars in treasury notes,
PAYABLE at tho pleasure 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 interest, and bearing
interest ct rate not exceeding six per cent.
per ennum, payable at the periods expressed on
the face of said treasury notes, and on certif-
Gates Of indebtedness and deposit thereafter
issued, shall be paid in lawful money. The
treasury notes thus issued to be Of such de-.
nomination as the Secretary may direct, not
less than ten dollars, and may be disposed of on
| the beat terms that can beobtained, or may be
paid to any creditor of the United States will.
ing to receive the same at par.
These Treasury notes may be made legal
tender to the same extent as the U s. Tressu-
ry notes, for their face value, excuiiDg inter
est; or they may be made exchangeable under
regulations prescribed by the Secretary OF the
Treasury, by the holder thereof, at the Treas
ury in Washington or at the office OF any AS
sistant Treasurer or depository designated for
that purpose, for u. s. notes equal in amount
to the Treasury notes offered for exchange
together with the interest accrued and due
thereon at the date OF the interest pay
ment next preceding such exchange; and
10 lieu Of any amount, Of treasury notes thus
exchanged or redeemed, or paid at maturity
the Secretary may Issue an equal amount o
other treasury notes, and the treasury notes 81
exchanged, redeemed or paid, shall be cNncelle'
and destroyed, as the Secretary may Direct
In order to secure certain and prompt OF
changes of u. 8. notes for treasury notes whel
: required as above provided, the secretay shal
have power to issue u, s. notes to the amour
Of $l5O, ,O0O, 900, which may be used II neoes
, sary for such exchanges, but no part of the {
s. notes authorized by this section shall be issue
for or applied to any other purpose than sal
exchanges and wherever any amount sha
have been 90 issued and applied, the same cha