710 THIRTY-SEVENTH CONGRESS, Sess. III. CTL 73. 1863. Bonds. next fiscal year, and to issue therefor coupon or registered bonds, pay;. ble at the pleasure of the Government after such periods as may be nxed by the Secretary, not less than ten nor more than forty years from date, Denominations. in coin, and of such denominations not less than fifty dollars as he may rmi-est onqatg deem expedient, bearing interest at a rate not exceeding six per centum °$,’“*dP°Y*bl°i¤ per annum, payable on bonds not exceeding one hundred dollars, my °°m' nually, and on all other bonds semi-annually, in coin ; and lie may, in his 30,,,;, may bg discretion, dispose of such bonds at any time, upon such terms as he may dl¤P¤¤¤<i vt deem most advisable, for lawful money of the United States, or for any of the certificates of indebtedness or deposit that may at any time be unpaid, or for any of the treasury notes heretofore issued or which may be To be eaempt issued under the provisions of this act. And all the bonds and treasury l'°’“ *““"°”‘ notes or United States notes issued under the provisions of this act shall be exempt from taxation by or under state or municipal authority: Pro» Amount Out- vided, That there shall be outstanding of bonds, treasury notes, and
- ¤*·¤*l}¤S 00* United States notes, at any time, issued under the provisions of this act,
ggggzzdooo no greater amount altogether than the sum of nine hundred millions of i I l dollars. $¤9f¢*¤¤V Sec. 2. And be izfurther enacted, That the Secretary of the Treasury Qlfoiggggzwiu be, and he is hereby, authorized to issue, on the credit of the United tmasiiry hates. States, four hundred millions of dollars in treasury notes, payable at the When payable, pleasure of the United States, or at such time or times not exceeding my '·’·*° °f ‘”*°" three years from date as may be found most beneficial to the public in- °°terests, and bearing interest at a rate not exceeding six per centum per annum, payable at periods expressed on the face of said treasury notes; niterestpuy- and the interest on the said treasury notes and on certificates of indebted-
- ll::;;l“"f“l ness and deposit hereafter issued, shall be paid in lawful money. The
Dem.;mhmi0,,S_ treasury notes thus issued shall be of such denomination as the Secretary and how disposed may direct, not less than ten dollars, and may be disposed of on the best °£ terms that can be obtained, or may be paid to any creditor of the United ` gow ,, nga; States willing to receive the same at par. And said treasury notes may ¢¤¤d¤r,&<=- be made a legal tender to the same extent as United States notes, hF°*' wget °¤· for their face value excluding interest; or they may be made exchange- ° nga °' able under regulations prescribed by the Secretary of the Treasury, by the holder thereof at the treasury in the city of Washington, or at the office of any assistant treasurer or depositary designated for that purpose, for United States notes equal in amount to the treasury notes offered for exchange, together with the interest accrued and due thereon at the date other mm of interest payment next preceding such exchange. And in lieu of any yyyay i,,,;,,,,,,; {O, amount of said treasury notes thus exchanged, or redeemed or paid at ¤*¤<>¤¤ ¤X¢¤¤¤s¤d· maturity, the Secretary may issue an equal amount of other treasury notes; and the treasury notes so exchanged, redeemed, or paid, shall be cancelled and destroyed as the Secretary may direct. In order to secure certain and prompt eztchanges of United of States notes for treasury $150,000000 of notes when required as above provided, the Secretary shall have power };;f:d"I3:\?'ex‘j to issue United States notes to the amount of one hundred and fifty mileinmges. lions of dollars, which may be used if necessary for such exchanges; but no part of the United States notes authorized by this section shall be issued for or applied to any other purposes than said exchanges; and When issued whenever any amount shall have been so issued and applied, the same
- ';la
- l;l*il'°d¤h°" shall be replaced as soon as practicable from the sales of treasury notoi
for United States notes. if ’;‘;¤:c;»;:;~>;gry, Sec. 3. And be it further enacted, That the Secretary of the Treasury yum arm`,, be, and he is hereby, authorized, if required by the ezgigencies of the §::.,mayissii_e public service, for the payment of the army and navy, and other cred—
- ?&°_2?;g‘£€¤ itors of the government, to issue on the credit of the United States the
{Bmw_ sum of one hundred and fifty millions of dollars of United States notes, including the amount of such notes heretofore authorized by the joint resolution approved January seventeen, eighteen hundred and sixty-
