E » , THIRTY—SIXTH CONGRESS. Sess. II. Ch. 29. 1861. 129 ’ CHAP. EIX.—An Act author-izing a Loan. Febmmy 8, 1861; y Be it emzcted ky the Senate and House of Representatives of the United ‘_"'——" States of America in Congress assembled, That the President of the L°““ °f E United States be and hereby is authorized, at any time before the firstg23§&0g§0g,9;::Q E day of July next, to borrow, on the credit of the United States, a. sum July 1, 1861- E not exceeding twenty-Eve millions of dollars, or so much thereof as, in
his opinion, the exigencies of the public service may require to be used
i in the payment of the current demands upon the Treasury and for the redemption of treasury notes now outstanding, and to replace in the Treas- Purpose of pry antyiargount of said notes which shall have been paid and received loan. r pu o ues. Sec. 2. And be it further enacted, That stock shall be issued for the S°°<§k»i¤¤¤¤ amount so borrowed, bearing interest not exceeding six per centum per 2Egf;m§t%£ annum, and to be reimbursed within a period not beyond twenty years i i 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 M5? fm““ may be established by the Secretary of the Treasury: Provided, That no than m00g_ certificate shall be issued for a less sum than one thousand dollars: And provided, also, That, whenever required, the Secretary of the Treasury may cause coupons of semi-annual interest payable thereon to be attached hum, wm to certificates issued under this act; and any certificate with such coupons pom: may be _ of interest attached may be assigned and transferred by delivery of the °°°‘°h"‘d‘ same, instead of being transferred on the books of the Treasury. Sec. 3. And be it further enacted, That, before awarding said loan, the Proposals for Secretary of the Treasury shall cause to be inserted in two of the public l°’;_’gi;;’dbf‘;°d· newspapers of the city of Washington, and in one or more public news- v° r' papers in other cities of the United States, public notice that sealed proposals 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 Washington 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. Such sealed proposals shall be opened, on the day appointed in the notice, when, wm-,, in the presence of such persons as may choose to attend, and the pro- ¤¤b¢ posals decided by the Secretary of the Treasury, who shall accept the °p°°°d' most favorable offered by responsible bidders for said stock. And the said Secretary shall report to Congress, at the commencement of the next ofsmsmy to session, the amount of money borrowed under this act, and of whom and Rpm mu y on what terms it shall have been obtained, with an abstract or brief state- C<>¤gr¤¤¤· , ment of all the proposals submitted for the same, distinguishing between those accepted and those rejected, with a detailed statement of the expense of makin such loans. Sue. E And be it further enacted, That the faith of the United States Ifaith of the is hereby pledged for the due payment of the interest and the redemption of the principal of said stoek. Sec. 5. And be it further enacted, That the residue of the loan author- Residue of ized by the act of twenty-second of June, eighteen hundred and sixty, or loan under set so much thereof as is necessary, shall be applied to the redemption of the ;g3g;>,_g=, treasury notes issued under the act of seventeenth of December, eigh- ed, A,,,,,pp_·,·g, teen hundred and sixty, and for no other purpose; and the Secretary of $21- the Treasury is hereby authorized, at his discretion, to exchange at par Bonds under bonds of the United States authorized by said act of twenty-seeond June, Q§g°;1;8°& gl; eighteen hundred and sixty, for the said treasury notes, and the accruing magggggtpu interest thereon. g’£‘¢¤$¤1'Y Sue. 6. And be it further enacted, That, to defray the expense oth en- Appmpmden graving and printing ceniiiicates of such stock, and other expenses mei- sg VOL. XIL UB.--
