Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1865-03-04
me six Hundred arfIlion loan RiHIr
WAsurNaToy. Feb. %, 1855.

1
81 WAsHrNoToE, Feb. 2s, 1855,
The following is copy Of the Loan bill
a. passed By the House. The Senate has
yet to act on it;
Sec. I.-Be it enacted, &c, That the SEC
retary of the Treasury be, and he Is hereby
authorized to borrow from time to time, on
the credit of the United States, in addition
to the amount heretofore authorized, any
sums not exceeding in the aggregate SIX
hundred millions Of dollars and 70 ssue
therefor bonds or Treasury notes OF the
United States, in such form as he msy pre-
scribe; 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 period not more than forty
years from date Of issue; or may be made
redeemabls at the pleasure Of the govern
ment at or after any period not less than
five wears nor more than forty years from
date; or may be redeemable and payable
As aforesaid, as may be expressed upon
their face; and so much thereof as msy be
issued in the Treasury notes may be made
convertible into any bonds authorized BY
this act, and may be of such denominations
not less than fifty dollars, and bear such
date, and made redeemable and payable st
such periods SIS in the opinion of the Seere-
taTy Of the Treasury may be deemed ex-
pedient; and the interest on such bonds
shall be payable semi-snnually; and on all
the Treasury notes authorized by this act
the interest may be made payable semi
annually, or annually, or at maturity there
Of; and the principal, or interest, or both,
shall be made paysble in coin or other law
full money; provided that the rate Of inter-
est on such bonds or Treasury notes shall
not exceed six per cent. per snn1m; and
the rate sEd character Of the interest shall
be expressed on all such bonds, or obliga-
tions, or Treasury notes; and provided FUR
ther, that the act entitled Gan act TO pro
vide WAYS aud means for tbs support OF the
government, snd for other purposes" Rp-
TO authorize the issue of bonds Of any de-
scription authorized by this set, and any
proved June 30, '64, shall be construed 80 IS
Treasury notes or other obligations bearing
interest, Issued under any act Of Congress,
may, at the discretion of the Secretary Of
the Treasury, and with The consent Of the
holder, be converted into any description
of bonds authorized by this act; and no
bonds 80 authorized shall be considered
part of the amount Of SIX hundred millions
heretofore authorized.
SEC. BE it further enacted, That the
Secretary of the Treasury may dispose Of
the bonds or other obligations issued IN
der this act either in the United States or
elsewhere, in such manner and st such
rates and under such conditions ss he may
think advisable, for coin or for other law
full money of the United States, or for any
Treasury notes, certificates Of indebted
ness, certificates of deposit or other repre-
sentatives Of value which have been ormsy
be issued under any act Of Congress, and
may at his discretion issue bonds or Treas
ury notes authorized by this act in pay
ment for any reguisitions for any maseri-
sis or supplies which shall have been
made by the appropriate department or
officers of the United States, on receiving
notice in writing through the department.
or office making the requisition, that the
owner of the claim for which the requiEi-
ton is issued desires to subscribe for an
amount of the loan that will cover said re-
QUESTION or any part thereof; and all
bonds, or other obligations, issued under
this act shall be exempt from taxation by
or under State or municipal authority.
SEC. 3-And be it enacted, That all the
provisions of the set entitled, "An set to
provide ways and means for the support OF
the government and for other purposes"
approved June 80, 1864, in relation to
forms, inscriptions, devices, and the print
ing attestation, sealing signing and coun-
terfeiting thereof, with such others as are
applicable, shall apply TO the bonds or
other obligations issued under this acts
that nothing herein contained
shall be construed as authorizing the Is
sue of legal tender notes in any form; and
3 sum not exceeding one per centum OF
the amount of bonds and other obligations
issued under this act is hereby sppropriA-
ted to pay the expense of preparing and
issuing the same and disposing thereof