Page:United States Statutes at Large Volume 12.djvu/159

February 8, 1861.

CHAP. XXIX.—An Act authorizing a Loan.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, Loan of $25,000,000 authorized before July 1, 1861. That the President of the United States be and hereby is authorized, at any time before the first day of July next, to borrow, on the credit of the United States, a sum not exceeding twenty-five millions of dollars, or so much thereof as, in his opinion, the exigencies of the public service may require to be used in the payment of the current demands upon the Treasury and for the redemption of treasury notes now outstanding, Purpose of loan. and to replace in the Treasury any amount of said notes which shall have been paid and received for public dues.

Stock, issue form, interest, transfer, &c., of. SEC. 2. And be it further enacted, That stock shall be issued for the amount so borrowed, bearing interest not exceeding six per centum per annum, and to be reimbursed within a period not beyond twenty years and not less than ten years; and the Secretary of the Treasury be and is hereby authorized, with the consent of the President, to cause 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 so borrowed, in favor of the parties lending the same, or their assigns, which certificates may be transferred on the books of the Treasury, under such regulations as may be established by the Secretary of the Treasury: No certificate to be for less than $1000. Provided, That no certificate shall be issued for a less sum than one thousand dollars: And provided, also, Interest coupons may be attached. That, whenever required, the Secretary of the Treasury may cause coupons of semi-annual interest payable thereon to be attached to certificates issued under this act; and any certificate with such coupons of interest attached may be assigned and transferred by delivery of the same, instead of being transferred on the books of the Treasury.

Proposals for loan to be advertised for. SEC. 3. And be it further enacted, That, before awarding said loan, the Secretary of the Treasury shall cause to be inserted in two of the public newspapers of the city of Washington, and in one or more public news- papers in other cities of the United States, public notice that sealed pro- posals for such a loan will be received until a certain day, to be specified in such notice, not less than ten days from its first insertion in a Washing- ton newspaper; and such notice shall state the amount of the loan, at what periods the money shall be paid, if by instalments, and at what places. When, where, and how to be opened. Such sealed proposals shall be opened, on the day appointed in the notice, in the presence of such persons as may choose to attend, and the pro- posals decided by the Secretary of the Treasury, who shall accept the most favorable offered by responsible bidders for said stock. Secretary of Treasury to report to Congress. And the said Secretary shall report to Congress, at the commencement of the next session, the amount of money borrowed under this act, and of whom and on what terms it shall have been obtained, with an abstract or brief statement of all the proposals submitted for the same, distinguishing between those accepted and those rejected, with a detailed statement of the expense of making such loans.

Faith of the United States pledged. SEC. 4. And be it further enacted, That the faith of the United States is hereby pledged for the due payment of the interest and the redemption of the principal of said stock.

Residue of loan under act of 1860, ch. 180, how to be applied. Ante, pp. 79, 121. SEC. 5. And be it further enacted, That the residue of the loan author- ized by the act of twenty-second of June, eighteen hundred and sixty, or so much thereof as is necessary, shall be applied to the redemption of the treasury notes issued under the act of seventeenth of December, eighteen hundred and sixty, and for no other purpose; Bonds under act of 1860, ch. 180, may be exchanged at par for treasury notes. and the Secretary of the Treasury is hereby authorized, at his discretion, to exchange at par bonds of the United States authorized by said act of twenty-second June, eighteen hundred and sixty, for the said treasury notes, and the accruing interest thereon.

Appropriation for expenses under this act.}} SEC. 6. And be it further enacted, That, to defray the expense of en- graving and printing certificates of such stock, and other expenses inci-