Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1865-02-25

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the SECRETARY s~1i-anasa!ly. Asa shs mid
treasury notes may b disposed Al BY The
Secretary Of the Tressury. ea the bess tsrns
that can be obtained, for lawful nosey and
such Of them - shall be made osyablr. psis-
cipal and interest, at'masurisy, shali BE- alreal
tender to the same extent a. United States
note for their face value, excluding interest.
and may be paid to any creditor Of the United
States at their face value. excluding interest,
or to any creditor willing to recsive them at
par. including interest; and any treasury
notes issued under the Authority Of this act
may DO made convertible, at the discretion
If the Secretary Of the Treasury, into any
bonds issued under the authority Of this
act. And the Secretary Of the Treasury may
redeem and cause TO be cancelled aud de.
stroy cd any treasury notes or United Statss
notes heretofore issued under authority of pre-
v;ous 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: Provided,
That the total amount of bonds and treasury
notes authorized by the first and second Sec
tions of this act shall not exceed flour hun.
drcd millions of dollars, in addition to tho
amounts heretofore issued; nor shall the
total amount of United States notes. issued,
ever exceed four hundred millions of dollars,
and sue additional sum, not exceeding fifty
milione Of dollars, as may b. temporarily
required for the redemption Of temporary
loan; nor shall any treasury note bearing
interest, issued under this act, b. a legal
tender in payment or redemption of any notes
issued by any bank, banking association, or
banker, calculated or intended to circulate as
money.
Sec. 3. And be It further enacted, That
tho interest on all bonds heretofore issued,
payable annually, may be paid semi-annual.
iy; aud in lieu Of such bonds authorized to
be issued. tho Secretary Of tho Treasury may
issue bonds bearing interest. payable semi.
annually. And he may also issue in exchange
for treasury notes heretofore issued bearing
seven and three tenths per centum interest,
besides the six per centum bonds heretofore
authorized, like bonds of all the denomina-
,ions in which such treasury notes have been
issued; and the interest on such treasury
notes after maturity shall be paid in lawful
money. and they may be exchanged for such
bonds at any time within three months from
tho date of notice Of redemption BY the Sec
rtary Of the Treasury. after which the inter-
est on such treasury notes shall cease. And
80 much Of the law approved March third,
eighteen hundred and sixty-four, as limits
the loan authorized therein to the current
fiscal year, is hereby repealed; and the au-
thority Of the Secretary Of the Treasury to
borrow money and issue therefor bonds or
notes conferred by the first section of the act
Of March third, eighteen hundred and sixty
three, entitled IAN act to pre- vide ways aud
means for the support Of the government"
shall cease on and after the passage Of this
act, except 90 for as it may effect seventy
millions Of bonds already advertised.
Sec. 4. Axd be It purifier enacted, That
tho Secretary Of the Treasury may authorize
the receipt, as Temporary loan. OF United
States notes OF the notes Of the national
banking associations on deposit for nut lsss
than thirty days, in sums OF not less than
fifty dollars, by any Of the assistant treasurcrs
of,he United States, or repositories dcsig-
mated for that purpose, other than national
banking associations, who shall issue certif-
Gates Of deposit in such form ~ the Secreta-
~ Of the treasury shall prescribe, bearing
interest not exceeding six per centum aunu-
ally aud payable .. any time after the term
Of deposit, and after ten days subsequent
notice, unless time and notice be waived BY
the Secretary Of the Treasury; and the Sec
re,ary Of the Treasury may increase the In
,cvcst on deposits at lrss than six PER centum
70 that rate, or, ON tsn days notice to drpos-
itors. may diminish the rate q interest - The
public interest nay require; but the egsrs-
gate Of such deposits shall not excesd oae
6uadrvd and fity millioas of 6ollass; sad
he Secretary sfths T~asssy nay issse. and
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