The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1863-03-24
toFFICIAL,l
LAWS OF THE UNITED STATES,
Passed at The Third Session Of The Thirty
seventh Congress.
IPunLro-No. 81

DC " eldcted on ne senate and House of
Representatives ofAe United States of Anler-
ioa in Congress assembled, That the Secre-
tary of the Treasury be and he is hereby
authorized TO borrow, from time TO time,
on the credit of the United States, a 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 therefore 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
net less than fifty dollars as he may deem
eNpedient, bearing interest at a rate II {
exceeding six per centum per annum, pay
able on bonds notexceeding 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 NAV
deem most advisable, for lawful money
of the United States, or for any of the
certificates of indebtedness or deposit
that may at any time be unpaid, or for
any of the treasury notes heretofore issu-
ed 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 exempt from taxation by or un-
der State or municipal authority; Pro-
Uided, That there shall be outstanding of
bonds, treasury notes, and United States
notes, at any time, issued under the pro-
visions of this act, DO greater amount al
together uan the sum of nine hundred
millions Of dollars.
Sec. 2. A'd be 10 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 notes,
payable at the pleasure of the United
States, or at such time or times not ex-
ceediDg three years from date as may be
found most beneficial to the public inter-
est, and bearing interest at rate not ex-
ceeding six per centum per annum, pay
able at periods expressed on the face of
said Treasury notes; and the interest on
the said treasury notes and on certificates
of Indebtedness and deposit hereafter is
sued shall be paid in lawful money. The
treasury notes thus issued 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 cred
itor 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 excluding interest; or
they may be made exchangeable under
regulations prescribed by the Secretary
|, of the Treasury, by the holder thereof at
the Treasury in the city of Washington,
or at the Office of any assistant treasurer
or depositsry designated for that pur-
pose, 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 in .
terest payment next preceding such ex-
change. And in lieu of any amount of
said treasury notes thus exchanged, or
redeemed, or paid at maturity the Sec
retary 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 Sc
cure certain end prompt exchanges OF
United Of States notes for treasury notes
!
i, Secretary shall have power 10 issue Uni
ted 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
Q States notes authorized by this section
. shall be issued for or applied 10 any other
4 purposes than said exchanges; and when
ever any amount shall have been 80 is
2 sued and applied, the same shall be re-
placed as soon as practicable from the
sales Of treasury notes for United States
notes.
Sec. 3. Alld Js IL furtlsr enacted, That
the Secretary of the Treasury be aud he
, is hereby authorized, if required by th,
exigencies Of the public service, for th,
payment Of the army and navy, and Othel
creditors of the Government, TO issue on
the credit Of the United States the sun
Of one hundred and fifty millions of dol.
= lars of United States notes, including tb,
amount of such notes heretofore author.
, lied by the joint resolution approved
= January seventeen, eighteen hundred anC
sixty three, in such form as he may deem
expedient, not bearing interest payable
TO bearer, and OF such denominations, no
less than one dollar, as he may prescribe
which notes so issued shall be lawfu
money and legal tender in payment o
all debts, public and private, within th
United States, except for duties on i'm
ports and interest on the public debt
and any Of the said notes, when returne
10 the Treasury, may be reissued fron
time TO time as the exigencies OF the pub
/. lie service may require. And in lieu q
/, any Of said notes, or any other Unite
States notes, returned 10 the Treasury
and cancelled or destroyed, there ma
be issued equal amounts Of the Unite
States notes, such as are authorized b
8 this act. And 80 much Of the act 10 au
IL thorize the issue OF the UAited State
notes, and for other purposes, approve
"a, February twenty-five, eighteen hund
red and sixty-two, and Of the act
authorize an additional issue Of Unite
States notes, aud for other purposes, az
proved July eleven, eighteen hundred an
- sixty-two, as restricts the negotiation
4, bonds 70 market vSlue, is hereby rspeale
And the holders of United States note
issued under aud by virtue Of said act
shall present the same for the purpose
exchanging the same for bonds, az there
~ proyided. on or before the frat dav