Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1863-01-23


10 II enacted by the senate and house of
representatives, that the secretary OF the
treasury be and he is hereby authorized to
harrow from time to time on the credit OF the
limited States, a sum not exceeding three hun
dred million dollars for the current fiscal year,
and six hundred million dollars for the next
fiscal year. and to issue three million dollars
of coupon or registered bonds, payable at
the pleasure of the government after twenty
wears from date in coin, and of such denomi-
nations. not less than fifty dollars, as he may
deem expedient, bearing interest at rate not
exceeding six per centum per annum payable
semi-annually; and he may i'll his discretion
dispose of such bonds at any time on such
terms as he may deem most advisable for law
| full money of the United States, or tor any OF
the certificates of indebtness that may at any
time be unpaid, or for any of the treasury
notes heretofore issued or which may be is
sued under the 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
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 sum ct
nine hundred million dollars.
| Sect 2. And be it further enacted, that the
secretary CT the treasury be and he is hereby
| authorized to issue on the credit of the United
States four hundred million dollars of treasury
notes, bearing interest at rate not exceeding
| six per cent, payable semi annually in CON,
and the principal payable at any time after
| three years from date, at the treasury OF the
| United States, of such denominations as he
may deem expedient. not less than ten dollars
| each, and such notes shall be receivable Tor
internal duties, and all debts and demands due
the United States, except duties on imports,
| and the holders of any such notes shall have
the right, at any time on or after they become
| due, and under such rules as may be pre-
| scribed by tie secretary of the treasury, to
exchange the same with the accrued interest
| thereon, at the treasury or the office of any
| assistant treasurer or depository designated
| fer the purpose, for any equal amount of legal
tender notes; and such treasury notes may
| be used by the secretary of the treasury at
their par value, in payment of the lawful cred
itors of the United States, who may be willing
| to receive the same, and shall be received at
| par value, in payment of any bonds that may
| be hereafter negotiated by the secretary of the
treasury, who shall also allow in any such me-
gOtiations and pay in coin any interest which
| may have accumulated thereon, and the sec
rotary of the treasury may from time to time;
as the exigences of the public service may re"
| quire, reissue any amount of treasury notes
| herein authorized equal to the amount re-
deemed. There shall be printed upon the
back of the treasury notes which may be
| issued under the provisions OF this act the
amount of interest which shall have accumu-
lated at the end of three months from the date
| thereof, and the words importing that the said
notes are legal tender in the payment of in
| for dntia nd oil and 1Aunau1c dino
| 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 any additional
issue of legal te"der notes.
| Sect. 3. And be it further enacted, that the
secretary of the treasury be and is hereby au-
| thorized, if required by the eXigencies of the
| public service for the payment OF the army
and navy and other creditors ofthe government,
to issue on the credit of the United States the
sum of three hundred millions OF dollars Of
| United States notes, in such form as he may
deem expedient, not bearing interest, payable
| to the bearer, and of such denominations, not
less than one dollar, as he may prescribe;
which notes so issued shall be lawful money
and legal tender for the payment of alt debts,
public and private, within the United States,
except for duties on imports and interest on
public debt.
Sect. 4. And be it further enacted, that in
| lieu of postage and revenue stamps for trac-
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 expedient, and may
| provide for the engraving, preparation, and
| issue thereof, in the treasury department
building, and all such notes issued shall be
exchangeable by the treasurer, assistant treas
urer, and designated repositories for the post
age revenue, and received in payment Of any
| dues to the United States less than five dol
| lars, except duties on imports, and shall be re-
| deemed on presentation at the treasury OF the
| United States in such sums and under such
regulations as the secretary of the treas
ury shall prescribe, and shall be eXchangeable
at the office of any treasurer of the United
States, or of any assistant treasurer or desig-
mated depository for United States notes Of
an equivalent amount; and the amount of
fractional currency issued, including postage
and revenue stamps issued as currency, shall
not exceed fifty millions of dollars.
Sect 8. And be it further enacted, that the
secretary of the treasury is hereby authorized
to receive deposits of gold com and bullion
with the treasurer or any assistant treasurer
| of the United States, in sums not less than
twenty dollars each, and to insure certificates
therefor in denominations not less than twenty
dollars, corresponding with the denomination
of the United States notes. The com and
bullion deposited for or representing the GER
titicates of deposit shall be retained in the
treasury for the payment of the same on de-
mand; and certificates representing coin in
the treasury may be issued in payment of the
interest on the public debt, which certificates,
together with those issued for coin and bullion
deposited, shall not at any time exceed twenty
per cent beyond the amount of coin and bull
lion in the treasury, and the certificates for
coin and bullion in the treasury shall be re-
ceived at par in payment for duties upon i'm
ports.
Sect. 6. And be it further enacted, that the
the coupons on the registered bonds, treasury
notes and 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 or engraved signatures of the presi-
dent of the United States and the register OF
treasury; and also, as evidence of lawful
issue, the imprint and copy Of the seal of the
treasury department, which imprint shall be
made under the direction of the Sec
rotary after the said notes or bonds shall
be received from the engravers, and be-
fore they are issued or the said notes and
bonds shall be signed by the treasurer of the
Unitee States, or for the treasury by such
persons as may be specially appointed by the
secretary OF the treasury for that purpose, anG
shall be countersigned by the register of the
treasury, or for the register by such persons
| In nf fho fro inll