, 1864-06-24

The bill Was then Passed without diyis-
ion, the eas and nays having been dem md
ed and refused. The bill authorizes the Sec
retary Of the Treasury to borrow from time
10 time on the credit of the United Str:es,
$sCO,0C0, ,OCO, and To- iasue therefor coupon
registered bends Of the United Suites, re-
dtematle ut the pleasure Of the Government
after any period OF not less th2n i've nor
more than thirty years; OF, If deemed expe~
dient, made payable ut any period Of not
more than 1orty years from d.te, the bonds
to be-of such denomination as the. Seerc.
tnry Of the Treasury shall direct, not leas
than fftY dollars, aud to bear an annual in
terest not exceeding per cent, payable
sen, ,l-annually In coin. The Secretary Of the
Trtasuary may dispose of such bonds, or any
part thereof, and of any bonds commonly
known as 5-20's remaining unso1d in th.
United STAGES, or. If he shall find 1t eIpedi-
ent, in Europe, at any time, on such terms
and conditions as he shall deem most advisa-
BILE in lawful money of the United Stltes, or,
at Ills discretion for Treasury notes certi-
post Issued under any act Of Congress,
bonds, Treasury notes, and other obligations
Of the United States, to be exempt from tax
alton By or under State Or municipal autaor-
ity.
on the credit OF the United States, in lieu OF
an equal amount Of bonds authorized By the
preceding section, aud as part Of said loan,
not EXCEEDING $20o, ,000. .o00 IN Treasury notes,
Of any denomination not less than ten dol
lars, pay able at any time not exceeding three
years from date, or, if Thought more expedf-
ent, redeem able Mt any time after three years
ing the rate Of Z $40 per cent. payable in
discretion Of the Secretary, seml-an-
nualIy. Treasury notes may be disposed
OF By the Secretary Of the Treasury on the
hoet hot ,ha ~ fnfr frr 7rr rFT,l
money, and such Of them IS shall be made
pay able principal and Interest shall be legal
tender to the same extent as United States
notes for their face- yalue eIcludlng the in
terest, and mar be paid to any creditor Of the
United St,tes ut their face value, excluding
them at par Including interest; and any
Treasury notes issued under the authority
of this act may be mado convertible at the
discretion of the Secretary Of the Treasury
into aug bonds issued under the authority
Of this act
and cause to be cancelled and destroyed any
Treasury notes OF United States notes hefe
tofore issued under the authority of previous
acts of,CoDgress, and substitute in lieu there
ofan equal amount Of Treasury notes such
as arc authorized by this act, OF Of other
United States notes Of such denomination as
shall be deemed expedient, not exceeding
one dollar, provided the total amount OF
bonds and Treasury notes authorized by the
first and second sectious Of this act, shall
not exceed $400, GOO, 900 in addition to
those heretofore issued. nor shall the
tot,l amount of United States notes
to be issued ever exceed $400, 000, 900, aud
such additional suun not exceeding $50, ,0o0.
0S0, as may be temporarily required for the
temporary loan, nor shall any Treasury note,
barring interest, issued under this act, be
legal tender In payment or redemption Of
-Az h -Axntr 1T
association or banker, to circulate as money.
The interest on all bonds heretofore Issued
payable annually may be paid semi-anuually,
aud In lieu Of such bonds authorized to be
Issued, the Secretary Of the Treasury may
issue bonds bearing interest payable semi
annually, and may also exchange for Treas
ury notes heretofore issued be .ring 1910
per cent Interest besides the stx per cent
heretofore authorized the like bonds Of all
the denominations In which such Treasury
potes have been Issued. The interest on such
Treasury notes NIT. maturity shall be paid
in lawful money, and they may be exchanged
for such bonds at any time within three
months
So much ofthe low approved March 81,
1861, as limits the law authorized therein to
the current fiscal year, is reported, and the
authority Of the Secretary OF the Treasury to
borrow money and iasue therefor bonds Or
notes conferred by the first SECTION OF said
sage Of this act.
The Secretary Of the Treasury may anthor:
lie the receipt as temporary loan Of United
States notes, OF the notes OF national banking
associations on deposit for not less than 80
days Oh sums not less than $50 by the Assts-
tant Treasurer OF the United States, or de-
positories designated for that purpose other
than national bunk associations, VINO shall fs-
sue certificates of deposit in such forms as
the Secretary OF the Treasury shall prescribe,
bearing intereat not exceeding six per cent
nm, annually, and payable at any time after
i the term Of deposit, after ten days subse-
quent notice, unless time and notice be
waived by the Secretary OF the Treasury.
The Secretary Of the Treasury may in
crease the interest on deposits at less than
SIX per cent to that rate, or on ten days no.
tice to depositors be may diminish the rate
Of. interest as the public interests may re-
quire; but the aggregate of such deposits
shall not exceed $150, ,000, 600, and
the Secretary Of the Treasury may issue
and shall hold In reserve for pay menk Of
such deposits United States notes, not e1-
ceejing CSC, ,000, 900, including the amount al
ready applied IN such payment: and the
U, 8. notes so held in reserve shall be used
onls when needed in his Judgment. for the
prompt payment OF such deposit on demand,
and shall be Withdrawn and placed again In
reserve, as the amount Of deposits shall
again Increase.
At O'Clock the House adjourned