Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1863-06-27
OFFICIAL.
LAWS OF THE UNITED STATES,
Passed at the Third Session Of the Thirty
Seventh Congress.

PUBLIc-No. SO.
AN ACT to provide ways and means for the
support Of the Government.
Be 1t enactedby the Senate and House of
REPRESENTATIVES of the United States of Amer
ica, in Congress assembled, That. the Sec
retary of the Treasury be and he is hereby
authorized to borrow, from time to time, on
the credit of the United States, sum not ex-
ceeding three hundred millions of dollars for
the current fiscal year, and six hundred mil
lions 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 dollars as he may deem expe-
dient, bearing interest at rate not exceeding
six per centum per annum. payable on bonds
not exceeding one hundred dollars. annually
and on all other bonds semiannually, 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 certifi.
Gates Of Indebtedness or deposit that may at
any time BE- unpaid, or for any of the treas
ury notes or United States notes issued under
the provisions of this act. And all the bonds
and treasury notes or United States notes is
sued under the provisions of this act shall be
exempt from taxation by or under State or
municipal 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 hun
drcd millions of dollars.
Sec. 2. And be 1t further enacted, That
the Secretary of the Treasury be and he is
hereby authorized to issue, on the credit Of
the United States, four hundred millions Of
dollars in treasury note, payable at the pleas
ure Of the United States, or at such time or
times not exceeding three years from date as
may b. found most beneficial to the public
interest, 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 treasury
notes and on certificates Of Indebtedness and
deposit hereafter issued shall bs paid in law
full money. The treasury notes thus is.
sued shall be Of such denomination as
the Secretary may direct, not less than
ten dollars. 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 receive the same at par. And said
treasury notes may be made a legal tender
to the same extent as United States notes,
for their face value excluding interest; or
they may be made exchangeable under regu-
lations prescribed by the Secretary of the
Treasury, by the holder thereof at the Treas
ury in the city Of Washington, or at the office
Of any assistant treasury or deputy designa-
ted for that purpose, for United States notes
equal in amount to the treasury notes offered
for exchange, together with the interest ac.
crued and due thereon at the date of interest
payment next preceding such exchange.
And in lieu of any amount of said treasury
notes thus exclaimed. or redeemed, or paid
at maturity, the Secretary may issue an equal
amount Of other treasury notes; and the
treasury notes go exchanged, redeemed, or
paid, shall BE- cancelled and destroyed as the
Secretary may direct. In order to secure
cerain 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 for or applied to any other purposes
than said exchanges; and whenever any
amount shall have been so issued and applied.
the same shall be replaced as soon as practi-
cable from the sales Of treasury notes for
United States notes.
Sec. 8. And be 1t further enacted. That.
the Secretary of the Treasury BE- and he is
hereby authorized. II required by the exigen-
cies Of the public service. for the payment of