The Portland daily press., 1863-01-23
Brilliant Conduct of our Fleet at Arkansas
The Army to be Immediately Paid.
Nominations by the President.

tne state OIL the Union mas acted upon 1t.
Be 1t enacted by the Senate and House of
Representatives, that the Secretary OF the
| Treasury be, and is hereby, authorized to Dor
row, from time TO time, on the credit of the
United States, sum not exceeding S300,000,-
600 for the current fiscal year, and $780, 600 900
for the next fiscal year, and to issue therefor
coupon or registered bonds, payable at the
pleasure Of the government after 20 years, in
coin, and of such denominations not less than
| $50 as he may deem expedient, bearing inter-
| est at the rate of not exceeding per centum
per annum, payable semi-annualy in coin and
| he may. in his discretion, dispose of such bonds
| at any time on such terms as he may deem
| most advisable, for lawful money of the u. S.,
| or for any of the certificates of indebtedness
! that may at any time be unpaid, or for any of
i the Treasury notes heretofore issued or which
| may be issued under tho provisions of this act;
and all bonds and treasury notes issued under
the provisions of this act shall be exempt from
taxation by or under State authority, provided
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 sum of
$900O00.0O0.
Sect. 2. And be it further enacted, that the
| Secretary of the Treasury be and is hereby
authorized to issue on the credit Of the U. s.,
S40000O,O00 of treasury notes, bearing interest
at a rate of not exceeding @ per cent, payable
seni-annually in coin, and the principal paya-
BILE at any time after three years from date, at
the Treasury of the United States, and of
such denominations as lie may deem expedi-
ent, not less than ten dollars each; and such
notes shall be receivable for internal duties
and all debts and demands due the United
States, except duties on imports and the hold
ers of any such notes shall have the right at
any time on or after they become due, and I'M
der such rules as may be prescribed by the
Secretary of the Treasury, to exchange the
same with the accrued interest thereon at the
treasury, or the Office Of any assistant treasury
or depository designated for the purpose, for
any equal amount Of legal tender notes. And
such treasury notes may be used by the-Secre-
tary OF the Treasury at their par value, in
payment Of the lawful creditors of the United
States who may be willing to receive the same,
and shall be received at their par value in pay
ment of any bond that may be hereafter ncgo-
tiated by the Secretary Of the Treasury, who
shall also allow in any such negotiations and
pay in coin any interest which may have accu-
INFLATED thereon. And the Secretary Of the
Treasury may IRON time to time, as the ext
| gencics Of the public service may require, re-
issue any amount OF treasury notes herein
authorized, equal to the amount redeemed
There shall be printed upon the back of treas
ury notes which may be issued on the provis-
ion of this act, the amount of interest which
will have accumulated at the end of three
months from the date thereof and the words
importing that the said notes are illegal tender
In payment of internal duties and all debts and
demands due the United States, except duties
on imports. and receivable for all loans payable
| to the United States. But nothing in this
section shall be construed to authorize an adj
ditional issue Of legal tender notes.
| Sect. 3. And be 1t further enacted, that the
Secretary OF the Treasury be, and Is hereby
authorized, II required by the exigencies of
the public service for the payment of the army
and navy and other creditors of the Govern
ment, to issue, on the credit of the United
States, the sum Of S300000,000 of United
States notes, in such form as may be deemed
expedient, not bearing interest, payable to the
bearer OF such denominations, not less than
one dollar, as he may prescribe; which notes
so issued shall be lawful money and legal ten
der for the payment Of all debts, public and
private within the United States. except for
duties on imports and interest on the public
debt.
Sect A. And be II further enacted, that in
lieu of postage and revenue stamps for frac-
tional currency, and of fractional notes, com
monty called postage currency, issued, or to
be issued, the Secretary of the Treasury may
issue fractional notes of like amounts in such
form as he may deem expedent, and may pro-
vide for the engraving, preparation and issue
thereof In the Treasury Department building;
and all such notes issued shall be exchanged
bic by the Treasurer, Assistant Treasurer and
designated repositories for the postage reve-
nue., and received in payment Of any dues to
the United States less than five dollars, except
duties on imports, and shall be redeemed on
presentation at the Treasury of the United
States, in such sums and under such reguia-
tons as the Secretary of the Treasury shall
prescribe; and shall be exchangeable at the
Office of any Treasurer of the United States,
or OF any Assistant Treasurer, or designated
repositories for the United States. Notes of
an equivalent amount of fractional currency
issued, including postage and revenue stamps
issued as currency, shall not exceed $50, 100000.
Sect. 3. And be IL further enacted that the
Secretary of the treasury is hereby authorized
TO receive deposits of gold coin and bullion
from the treasury of any Assistant Treasurer
OF the United States, in sums of not less than
twenty dollars each, and to issue certificates
therefor on denominations of not less than
twenty dollars, corresponding with the denom-
nations of the United States notes. The coin
and bullion deposited for, or representing the
certificates OF deposit, shall be retained in the
treasury for the payment OF the same on de-
lnand, and certificates representing coin in the
treasury may be issued in payment of the in-
terest on the public debt, which certificates,
together with those issued for coin and bullion
deposited, shall not at any time exceed 20 per
cent beyond the amount of coin and bullion
and bullion in the treasury shall be received at
par in payment for duties on imports.
Sect. q. And be IL further enacted, that the
coupons on the registered bond treasury notes
and the United States notes authorized by this
act shall be in such form as the Secretary OF
the Treasury shall direct, and shall bear the
written engraved signatures of the President
OF the United States and the Register of the
treasury, and also as evidence OF lawful issue
the Imprint and copy of the seal of the treasury
department, which imprint shall be made I'M
der the direction of the Secretary after the
said notes or bonds shall be received from the
engrayers and before they are issued, or the
said notes and bonds shall be signed by the
treasurer of the United States, or for the
treasury by such persons as may be specially
appointed by the Secretary of the Treasury
for that purpose, and shall be countersigned
by the Register of the Treasury, or for the
Register by such persons as the Secretary Of
the Treasury may specially appoint for the
purpose, and all the provisions Of the act en-
titled an act TO authorize the issue OF the treas
ury notes, approved the 23d day of December,
1857, SO far as they can be applied to this act,
and not inconsistent Herewith, are hereby re-
vived and enacted.
Sect. Z. And be 1t further enacted that on
and after the LIST Of March, 1863, the coupon of
all bonds of the United States heretofore is
sued, and which may be issued under this act,
may at any time within thirty days of the time
they become due, be received for customs as
-. Al.