The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1864-06-29
The Loan Bill.

The bill authoriz the Secretary of
the Treasury to borrow from time to
timeeon the credit of the United States,
four hundred millions of dollars, and
to issue therefor coupons or registered
bonds Of the United States, redeemable
at the pleasure Of the government after
any period not less than FIVE nor more
than thirty years, or, if deemed expe-
dent, made payable at any period not
more than forty years from date. The
bonds to be of such a denomination as
the Secretary of the Treasury shall
direct, not less than fifty dollars, and
bear an annual interest not exceeding
six per centUm, payable semi-annually
in coin. The Secretary of the Treasury
may dispose Of such bonds or any part
thereof, and of any bonds commonly
known as hve-tWenties, remaining un-
sold, in the United States, or, if he
shall Ord it expedient, in Europe, at
any time, on such terms and conditions
as he may deem most advisable, for
lawful money Of the United States, or
at his discretion for Treasury notes,
certificates of indebtedness, or certif-
Gates of deposit issued under any act
Of Congress.
Bonds, treasury notes, and other OBJ
legations of the United States shall be
exempt from taxation by or under State
or municipal authority. The Secretary
of the. Treasury may issue on credit OF
the United States, and in lieu Of an
equal amount of bonds authorized by
the preceding section, part Of said
loan not exceeding two hundred mil
lions of dollars IN treasury notes of any
denomination not less thar ten dollars.
payable at any time not exceeding three
years from date or if thought more exDe-
dent redeemable at any time after
three years from date, and bearing IN
terest not exceeding the rate Of seven
and thTee-tenths per annum, payable
in lawful money, at maturity, or az the
discretion Of the Secretary, semiannu-
ally. Treasury notes may be disposed
Of by the Secretary Of the Treasury on
the best terms that can be obtained for
lawful money, and such Of them as shall
be made payable, principal and inter
est ct maturity, shall be legal tender to
the same extent as United States notes
for their face value, excluding inter
est. and may be paid to any creditor OF
the United States at their face value,
excluding interest, OF TO any creditor
willing to receive them at par inelud-
ing interest and any Treasury notes
issued under the authority of this act
may be made convertible, at the dis
cretion Of the Secretary Of the Treasury,
into any bonds issued under the author
ity Of this act The Secretary Of the
Treasury may redeem and cause to be
cancelled and destroyed any Treasury
notes or United States notes heretofore
issued under suthOrity of previous acts
Of Congress, and substitute in lieu
thereof an equal amount Of Treasury
notes, such as are authorized by this act,
or Of other United States notes Of such
determinations as shall be deemed ex-
pedient, not exceeding one dollar
Provided the total amount Of bonds and
Treasury notes authorized BY The lrst
and second sections Of this act shall
not exceed four hundred millions Of
dollars 10 addition to the amounts here
tofore issued, nor shall the total amount
of the United States notes issued or to
be issued. ever exceed four hundred
millions Of dollars, and such additional
sum, not exceeding fifty millions Of
dollars, az may be temporarily required
for the retention Of Temporary loans
nor shall any treasury note bearing
interest, issued under this act, be
legal tender in payment or redemption
Of notes issued BY any banking associ-
alton or banker, circulated or intended
10 circulate as money. The interest on
all bonds heretofore issued, payable
annually, may be paid semi-annually
and in lieu Of such bonds authorized
TO be Issued, the Secretary Of the
may issue bonds bearing in
.erest payable semi-annually and may 4
also issue in exchange for Treasury !
notes heretofore issued, bearing seven I
and taTee-tenths per cenium interest, 4
besides the six per centum bonds here L
.ofore authorized. like bonds Of al the /
in which such Treasury
lotes have been issued. The interest
N such Treasury notes after maturity
hall be paid in lawful money, and they
nay be exchanged for such bonds az
ny time within three months from the
late Of notice Of redemption By the
iscretary Of the Treasury, Of which the
interest on such Treasury notes shall
esse
SO much Of the law approved March
1904, as limits the loan authorized
herein 70 the current fiscal year IA re-
ealed, and the authority Of the Secre-
sry Of the Treasury 70 borrow money
nd issue thereof bonds OF notes con-
srred BY the first section OF the act Of
larch 3, 1865, entitled San act % pro
ide ways and means for the support Of
be government, shall cease on and /
aer the passage Of this aci. The