The Union and journal. [volume] (Biddeford, Me.) 1858-1882, 1870-11-18

fa,rs NJ tss Caiisd States passod al he Sec
SaS Ssssion Of he FSrty-FSrsi Coagras.

fa.s ~ tss Uaiisd States pdssod al hs Sec.
caS Sssion Of he Forfy-F ird Coaercs.
Az Atr'' authorize The rounding Of Tie national
no % s.aeisi Ly tie ssssfs and Hosss eJ Rsprs
s,.tsi,pss Of tAs United states Of <.srses - Cos
yrsss assembled That the Secretary Of the TrcAsury
hereby Authori,sd to issue, an sum or sum, mol
dollars, coupons OF registered bonds Of the United
states, In such form as he may prescribe, and o.
denominations Of any dollars OF some multiple q
ard value, at the pleasure OF the United States
Alter Ten years ffom tho date Of their Issue, and
bearlpr Interest," payable semi-annuAlly In such
coin, at the rate OF i've per cent. per annum Also
hundred million dollars Of like boni.. the same in
Ali respects, but payable at the pleasure Of the
United States, amer hfteen years nun the date d
their issue and bearing Interest nj the rate Of foui
and half per cent per annum aiso o sum or sum,
not exeeedlng In the aggregate one thousand million
dollars " nks bonds, tho same In all respects, bui
payable at the pleasure Of the United States aftei
thirty years nom the date OF their issue, and bear
ing interest at the rate Of four per cent per annum;
all OF which aid several classes Of bonds and the
interest thereon shall be exempt from the payment
Of all taIes or duties ofthe United States a we'll .,
nom taxation In any form by or under STATE, NUM-
elpal. or local authority and the said bonds shall
have set birth and expressed upou their nee the
above specified conditions, and shall, with theii
coupons, Dc made pay Dlo NJ IrcAsufy " bne
United states. But nothing In this act, or In any
other law now In force, shall DO construed 70 gu
thoriie any increase whatever VI the bonded debt
Of the United states.
rotary Of the Treasury IL hereby authorized 10 dis
poe Of any % the bonds issued under this 81 mol
les than their par value or coin, and " apply The
proceed: ,heTcof 70 The redsmp.ion Of any % the
~ ave-twcnty bonds, or he may exchange The same
FOR nvetwenty bonds, par Tor par but The bonds
hereby authorised shall be used Tor no other pur'
poe whatsoever. And q sum not exceeding ooe-
half Of one per cent Of the bonds herein authorized
n hereby appropriated 30 pay the expenses OF pre-
pairing, Issuing. advertising and disPosins OF the
anne.
SEC I And he II further enacted, That the pay
ment Of any OF the bonds hereby authorized aiteI
the expiration Of the sAd several terms or ten. III
teen, and thirty years, shall be made In amounts
10 be determined from time 10 time by ths Seere-
tsry OF the Treasury at his discretion, the bonds %
TO to paid be Distinguished and described by the
dates and numbers, beginning Tor each successive
payment with the bonds OF each class last dated
And numbered, OF the time OF which intended pay
ment OF redemption the Secretary of the Treasury
shalt give public notice, and the interest on the
particular bonds 50 selected at any time TO DO paid
shali cease nc the expiration OF three months RON
the date OF such notice.
SIC l. And DO 10 further enacted, That the Sec.
rotary Of the Treasury Is hereby authorized, with
any coin In the Treasury OF me United otats when
NAV re derived nun the sale OF any OF the bonds,
the issue Of which 10 provided for In this act to pay
at par and cancel any SIX per cent. ponds OF tne
United STATES Of the Kind known rs hve-twenty
bonds, which have become or shall hereafter become
redeemable by the terms Of the II issue. but the
particular bonds 10 be paid and caDoelllcd shall
In all cases be indicated and specified by class date,
and number In the ordelrl Of their numbers and
ISSUE beginning with the frst numbered and Issued,
Ia public notice 10 DO given by tho Secretary OF the
Treasury, and In three months after the date OF
such public notice tss inssrest 90 me eoad' ~ ~
sEc s. And be 10 further enacted, That the Sec
rotary OF the Treasury Ia hereby authorized, ut any
time within two year Rom the B.ssage Of 1 a SsI
for not less than thirty days In suns OF not less
than one hundred dollars, with tho Treasurer, or
any assistant treasurer Of the United states author
med 10 receive the same, who shall isuse therefor
certificates Of deposit, made In such form ~ the
SECRETARY OF the Treasury shall prescribe, and said
certificates Of deposit shall bear interest at rate
not exceeding two and hall per cent. Per annam
withdrawn ftOm deposit ut any time after thirty
DAYS nom the date 81 deposit, and after ten days
notice aud the return Of said certihcatesi Pro.
v,d,f That the interest on all such deposits shall
cease and determine nj the pleasure OF the Secre-
tary OF the Treasury. And not less than twenty-five
per cent OF the coin deposited for or represented by
aid certificates OF deposit shall DO retained In the
treasury for the payment OF said certificates, and
the excess beyond twenty-five per cent. may DO APP
piled nj the discretion OF the Secretary OF the Treas
ury TO the payment or redemption Of such outstand,
lng DDuus VI otatcs saw efe
known As the hye-twenty bonds, rs he may desig-
nate under the provisions OF tho fourth section Of
this act; and any certificates Of deposit issued rs
Aforesaid may DO received at par with the interest
acc, ued thereon IN payment for any bonds author
ired 10 bo issued by this act.
Sac G. And be- ID further enacted. That the United
States bonds purchased and now held In the treas
ury In accordance with the provisions relating TO
sinking fund.- Of section ave OF tho act entitled IAN
act % authorize the issue Of United States notss,
and Cor the redemption OF funding thereof and Tor
funding the floating debt OF the United States" ap-
proved February twenty -hnh, eightcea hundred
and sixty-two, and oil other United States bonds
which have been purchased by the Secretary or the
Treasury with surplus FUNDS In the treasury, and
now held In the treasury OF the United States shall
be cancelled and destroyed, . detailed record OF
such bonds 30 cancelled and destroyed 10 DO hrst
made I'm the books of the Treasury Department
Any bonds hereafter applied TO said sinking fund,
and All other United States bonds redeemed or paid
hereafter by the United States, shall also In like
manner be recorded, esneellled and destroyed, and
the amount ofthe bonds Of each class that have teen
and destroyed shall be deducted respect
lively rom the amount OF each elias Of the oustand-
ing debt Of the United States In addition TO other
amounts that may DO applied TO the redemption or
payment Of the public debt an amonnt equal To the
Interest on all bonds belonging 10 the aforesaid
sinking fund shall be applied, as the Secretary OF
the Treasury shall nom time 10 time direct, To the
payment Of the public debt as provided Tor In SEQ
ton ave OF the net aforesaid. And the amount 30 10
be applied Is hereby appropriated annually fer Inst
purpose, out Of the receipts for duties on imported
goods.
Approved, July IA, 1870.