The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-12-06
LOAN ACTS OF CONGRESS.


LOAN ACTS OF CONGRESS.
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Acts ..,,norizinG Loans md s,ypopr,s of same.
Acts Of July q, ls4i an April l5 lsA2, authorized
loan OF oo" bearing interest at rate not ex-
ceeding six PEI cent per annum, and reimbursabe a.
the will OF the Secretary after six months notice. or a.
any time after three years from January 1872 tho
act or April 49, l842, authorized the loan OF an ad-
ditionai sum OF $5.O0o0oo and made the amount OBJ
tanned on the loan alter the passage Of this act REIN.
bursabe after six months notice, or at any time not
exceeding twenty years from January J.. 1s43 This
loan was for the purpose OF redeeming oustand
ing Treasury notes. and to defray any Of the public
Act Of January 2s 1s47, authorized the issue Of
S23 in Treasury notes. bearing interest at rate
borrow any portion Of the amount and issue bonds
therefor bearing interest at a not exceeding six per
18th section authorized the funding Of these into
bonds Of the same description. Tho act limited the
amount to be borrowed @ issued n Treasury notes ana
funding OF Treasury notes issued under former acts be-
yond that amount The excess of the $23 600 600 Is
made up Of Treasury notes funded under the lAth
Act Of March 81 1s4s authorized loan Of $1,000 ooo
bearing interest az rate not 81. per ceos per
from July l. 1s4a Authority was given to the secre
tary to purchase tue stock at any time.
$40 900 in bonds bearing I'VE per cent interest and
redeemable at end Of fourteen years. to indemnify
upon the United States for liability the debts Of Texas
and for Compensation for the surrender 70 the United
States o. ne. ships forte arsenas custom houses &c
me Of properly Of 'n' ons0 STATES -
Old funded and .etunded debts-c Consisting Of un.
claimed DIVIDENDS upc, stocks issued before the year
'I prior % 'as sass q Treasury I notes.
Act Of December 70, 1857, authorized issue Of
$50 000, 00OO la treasury notes.
rate not exceeding 81. per ceIis annum. and re-
doqmed after the expiration OF one year from oS Of said
notes.
bearing interest at rate exceeding i've per cent per
annum, and renbursablc at the option OF the govern
ment at any time after the expiration Of fifteen years
Act Of June a. 1850 authorised loan 0, $2l 600 ooo
bearing interest at rate not exceeding six per cent per
annum, and rembursabe within o period not beyond
twenty years and not than years for the redemp
ton Of outstanding treasury notes. and for other pur
Act OF December IT, 1890, authorized an issue Of
$40 In Treasury notes. to be redeemed after the
expiration Of year from tho date Of ISSUE and bear
ing such ratio OF interest may BIO offered by the low
est bidders Authority given TO issue these
in payment Of warrants in favor OF public creditors
their par value, bearing six per cent interest
mum.
Act of FEBRUARY 1891 authorized loan OF s25 oo0 o0o
bearing interest at rate not exceeding six per cent per
annum and reimbursable within period not beyond
twenty years loss thsn ten years This loan was
made for the payment Of the current expenses and
|
Act of March 2, 1861 authorized loan Of $100 000
bearing interest at rate not exceeding six per per
annum, and rembrsssble after The expiration Of ten
were not acceptable, authority gwen 70 issue the
whole amount in Treasury notes bearing interest at
was also given 70 substitute Treasury notes for the whole
any part Of the loans for which the Secretary was by
law authorized to contract issue bonds at The time
Of the passage OF this act and such Treasury notes were
70 be made receivable In payment Of all public Dues and
redeemabe at any time within Two years from March q
1851.
Act Of March q 1851 authorized an ISSUE should the
Secretary OF the Treasury deem expedient OF 900
cent per annun and redeemable in twenty years. for
the payment or expenses incurred by the Territories of
u ana ss - s ss .n Of Indian
Acts OF July III 1851, and August g. 1884, authorized
loan OF $3.50 co., for which could be issued bonds
per annum, ircdeemable for twenty years. and after
that redcemabe at tho pleasure Of the United States
Treasury notes bearing interest at the rate Of 80 per
United States notes Without interest payable on demand.
to the extent Of 900 Increased by act Of Zebra
TO DO issued in such proportions Of the Secretary
may deoin advisable. The supplementary Of August
interest per annum aud payable at the pleasure OF the
United States after twenty years from date which maya
be issued in exchange for 80 Treasury notes but no
the whole amount Of such bonds exceed the whole
amount Of !. 20 Treasury notes issued.
Act Of February rs, 1862. authorized the issue OF
$500 600 six per cent bonds redeemabs after Ave
years and payable twenty years from date which NAV
be exchanged for United States notes Also on March g.
1894 author xed the Issue OF S1l 600 addi
tonal OF similar bonds. TO mee subscriptions already
made and paid FOR. June 80. 1894, January 49, 1866,
Act Of February Is, 1862 authorized the issue Of
$50 o0o. 600 in legal tender United States notes.
ssucd Under act Of july IT. 1881 " '''@'' no''s
Act Of July H. 1892 authorized m additional issue OF
500 600 legal tender notes. $35 600 OF which
might be In denominations less than $3.50 600 Of
this issue TO DO reserved 70 pay temporary loans promptly
In case OF emergency.
Resolution Of Congress January II, 1882 authorized
the OF $780, 600 United States notes for the
immediate payment Of the army and navy such notes 10
be part Of the amount provided for IN any bill that
may hereafter be passed BY this Congress- (rhe amount
In this resolution y included In cot Il March D 1soaJ
Act Of March 1894 further issue Of $50 100000
Treasury notes which may b Issued under this act and
for no other purpose; and further ISSUE necessary,
Of ~ .
notes, which amount includes the 800 100000 author.
lied BY the c!.t resolution Of Congress January H. 1884
notes than So 900 600 may be retired ana can
ceiled within six months from tho passage Of this acl
month; and provided further that the act to which this
Is an amendment shall continue In full force In all lie
provisions excep; ~ modified by this act
Act OF February 25 1862 authorized temporary loan
or t2s In United siates notes. for not less than
thirty days payable after ten days notice. at ave per
eloo, 600 900 by The following ac,s March H. 1852,
authorized increase temporary loans SOS 900 600
oVarbB ntsrest ~ ra4o not excceedng hve cent
per annum. July H. 1852 authorized further increase
Of temporary loans OF $50 900 o00 making the whole
amount authorized 500 100000
act Of June 80 1862 authorized the increase Of tam
poray losgs TO not exceeding 600 at rate not
exceeding per cent
Act OF March ., 1863 authorized a loan Of
$500 600 for ths and 5000 for the next sca
yeAr Tor which could be issued bonds running not less
sn .en nor more than forty years principal and inter.
'st payable In coin, bearing interest rate not ex
ceding sx per cent per anuum, payable bonds not
sAcc ding 500 annually. and all others semi annual
y, The whole amount OF bonds, Treasury notes and |
nted satcs notes issued under this not TO exceed
ne sum OF $500, 900 900 And much or this act as
y limits the loan 70 the current FISCAL year repealed
~ act Of June 90 1894 which also repeas the authority
borrow money conferred by section except 40 Ear as
may Affect $50, 900 900 Of bonds already advertised
Az OF March ., 1s63-And treasury notes 10 the |
amouh, OF 500 100000 not exceeding three years 70
Iun, WIN interest al not per cent per annum |
pnncpel ana insrest payable In lawful money which
may be made leg, tender for their face value erciud