The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1865-03-10

The telegraph announces the passage OF
the following Loan Bill, reported by the
Committee ct Ways and Means, with
slight amendments, which do not affect
its general principles: -.
Be 1t enacted, etc., That the Secretary of the
Treasury be, and he ID hereby authorized to
borrow, from time to time, on the credit of the
United States, in addition to the amounts here
tofore authorized, any sums not exceeding In
the aggregate $500, 000, 900, and to issue there
for bonds or other obligations of the United
States. in such sums 40 he may prescribe, and
so much thereof as may be issued In bonds
shall be of denominations not less than fifty
dollars, and may be made payable at any Pc
Rod not more than forty years from the date of
issue, or may be made redeemable at the pleas
ure of the Government at any period not less
than five years, nor more than forty years from
date, or payable as aforesaid, as may be ex-
pressed upon the face; and 90 much thereof
as may be issued in other forms than
bonds may be convertible into amy bonds
authorized by this act, and.b may be
of such denominations, not less than
$50, and made redeemable or payable at
such periods as in the opinion of the Secretary
of the Treasury may be deemed expedient, and
the interest on such bonds shall be payable
semiannually, and on all other obligations au-
thorized by this act the interest may be made
payable semi-annually or annually, or at the
maturity thereof, and the principal or interest,
or both. may be made payable in coin, or in
lawful money, provided that the rate of inter-
est on any of such bonds or other obligation,
when payable in coin, shall not exceed six per
cent per annum, and when not payable in coin
shall not exceed seven and three-tenths per
cent per annum, end the rate and character of
interest shall be expressed on all such bonds or
obligations.
SEC. 2. That the Secretary of the Treasury
may dispose of any of the bonds or other obi
cations issued under this act, either In the
United States or elsewhere, in such manner
and at such rates, and under such conditions as
he may think advisable, for coin or for lawful
money of the United States, or for any treas
ury notes, certificates of Indebtedness, or GER
tificates of deposit, or other representatives of
value which have been or may be issued under
any act of Congress; and all bonds or other
obligations issued under this act shall be ex.
empt from taxation by or under State or NUM-
cipal authority. 5'-.t -.... III o.
SEC. 3. That all the provisions of the act
entitled IAN act to provide ways and means
for the support of the government and for
other purposes" approved June 80, 1864, in re-
lation to the forms, inscriptions, devices, and
the printing, ,attestations, sealing, signing and
counterfeiting thereof with such others as are
applicable, shall apply to the bonds and other
obligations issued under this act. Provided,
That nothing herein contained shall be con-
strued as authorizing the issue of legal tender
notes in any form ;, and sum not exceeding
per centum of the amount of bonds and other
obligations issued under this act is hereby ap-
prOpriated to pay the expense OF preparing
and issuing the same and disposing thereof.