Year: 1861

WASHINGTON, FEB. z, 1901.


The bin to enable the incoming administration TO
on the government, authorizing . loan of twenty five
millions Of dollars, passed the House to-day


The f st section provides that the President o. the
United States be and hereby is authorized at any time
before the LIST OF July next, TO borrow the credit of
the United States sum not exceeding twenty dve mil
lions Of dollars or much thereof in his opinion the
exgencies Of the public service may require be
in the of the demands upon the Treasu
rer, for the redemption Of Treasury now out
standing, and to replace in the Treasury any Of
sad notes which shall have been paid ana received for
public dues.


Section second provides that stock shall be issued
the amount 50 borrowed bearing interest not exceeding
six centuu per annum, and TO be reimbursed within


period no. hey ond twenty years and not less than
years and the Secretary of the Treasury be and here
by authorized, with the consent Of tho Presdeut to
certificates Of stock prepared which shall be
signed by the Register and sealed with the seal Of the
sury Department for the amount borrowed in favor
of the parties len ling the same, their assigns, which
certificates may be transferred the books of the
Treasury under such regulations may be established
by the Secretary of the Treasury provided tha.
certificate shall 10 issued for less sum than one
thousand dollars and provided also that whenever
quired tho Secretary OF the Treasury may coupons
OF semi annual interest payable thereon to be attached
certificates issued under this net, and any certificate
with such coupons Of interest attached may assigned
and transferred by delivery OF the same ustcd Of being
transferred ON the books of the Treasury


Section third provides that before awarding said loan
the Secretary Of the Treasury shall to be inserted
in two or three public newspapers of the city Of Washing
ton and in public newspapers other cities
of the United States public notice that sealed proposals
for such loan will be received until certain day. to DO
specified in such notice, less than ton days from is


first insertion in Washington newspaper and snch notice
shall state the amount of the loan, in what portions the
money shall be paid If by instaments and at what places
Such sealed proposals shall be opened the day appoint
ed in the notice in the presence OF such persons may
choose to attend and the proposals he decided by the
Secretary OF the Treasury who shall accept the most
favorable offered by responsible bidders FOR saii stock
and the said Secretary shall report Congress- the
Of the session amount of money
borrowed under this act, and of whom, and on what
terms it shall have been obtained, with abstract or
brief statement Of all the proposals submitted for the
same distinguishing between those accepted and those
making such loans.


Section fourth provides that the faith OF the United
States is hereby pledged for the due pc ut of the ia
terest and the principal OF said stock.


The bill reached the Senate, but not ornsi6ercf
An attack win undoubtedly be mado upon it similar to
the opposition manifested in the House today Il is
believed that II will pass