Year: 1860

GPubIc S7f


AN ACT authorizing loan and providing for the redemp
tun Of Treasury notes


BE enacted by the Senate and House of Representatives
Of United States of Amerca in Congress assembled
That the President of the United States be- and hereby is
authorized at any time within twelve months from the
passage this act to borrUw the credit of the United
States a sum exceeding twenty millions of dollars
much thereof bis opinion the exgencies of the
public may require be used in the redemption OF
Treasury notes now outstanding, and to replace IN the
Treasury any of said notes which shall have been
paid and received for public dues and for other pur
SIC And be it further enacted That stock shall be
issuad the borrowed, bearing interest
exceeding six per centum per annum reimburs-
ell within a period bevond twenty years and less
than years. and the Secretary of the Treasury be- and
be hereby authorized with the consent of the President
to certificates of stock to be prepared which shall be
signed BY the Register, and sealed with the seal Of the
Treasury Department. for the amount borrowed in favor
of the parties lending the same, their assigns which
certificates be transferred the books of the Treasu
y under such regulations be established by the
Secretary of the Treasury Provided That cercihcate
shall be issued for less sum than thousand dollars
And provided aIso That whenever required the Secretary
of the Treasury coupons of semanuua interest
PAYABLE thereon 10 be attached to certificates issued under
This act and certificate with such coupons of interest
attached be assigned and transferred BY delivery u the
same instead Of being transferred the books of the
Treasury


said oan the Secretary of the Treasury shall 10 be
inserted in two of he public newspapers of the city Of
Washington and pubic newspapers IN 9TH
er cities of the United States public notice that sealed





to be specified such notice. less than thirty days
from its first insertion Washington newspaper and
such nOtice shall state The oil the nan what
riudS The money shall be paid If by nsalmenS and Ut
what places Such sealed Sas shall be opened the
day appointed in the notice. IN the of such
may chouse attend, and the proposals decided oy the
Secretary of the Treasury who shall accept the mast tv
orable offered by responsible bidders for said stock And
the said Secretary shall report to Congress at the
of The next session. the amount of money bur-
rnwed under this act and Of whom and what terms 1t
shall have been obtained with abstract brief state
ad drSItn
gushing between thUse accepted and those rejected with
detailed statement of the expenses of making such luanS
And provided, That stock shall be disposed of less
than its par value and the of i've thousand dollars
is hereby appropriated of any in tue treasury
otherwise appropriated 10 pay for engraving and print
ing the certificates and other nt executing This
act; but additional compensation shall be allowed To
any person receiving a salary by law.


SEQ. 4. And be it u; ther enacted That the faith of the
United States is hereby pledged for the due payment Of
the interest and tbe redemption Of the principal Of said
stock. '


Approved, June % 1860.