Page:United States Statutes at Large Volume 13.djvu/247

THIRTY—EIGHTH CONGRESS. Sess. I. Ch. 172. 1864. 219 United States at their face value, excluding interest, or to any creditor willing to receive them at par, including interest ; and any treasury notes issued under the authority of this act may be made convertible, at the Treasury notes discretion of the Secretary of the Treasury, into any bonds issued un- §;£°,)ggg§°’*"bI° der the authority of this act. And the Secretary of the Treasury may " redeem and cause to be cancelled and destroyed any treasury notes or United States notes heretofore issued under authority of previous acts of congress, and substitute, in lieu thereof, an equal amount of treasury M¤>"¤¤ subst? notes such as are authorized by this act, or of other United States notes: Provided, That the total amount of bonds and treasury notes authorized Amount of by the iirst and second sections of this act shall not exceed four hundred Egg? Zgfeggms millions of dollars, in addition to the amounts heretofore issued; nor shall $00,000,500; the total amount of United States notes, issued or to be issued, ever exceed of ¤<>¤=S Mt to four hundred millions of dollars, and such additional sum, not exceeding °X°°°d’ &°‘ fifty millions of dollars, as may be temporarily required for the redemption of temporary loan ; nor shall any treasury note bearing interest, is- _ I¤*°{g$*;1l;‘ia; sued under this act, be a legal tender in payment or redemption of any Ligtgsdei ,0,. R, notes issued by any bank, banking association, or banker, calculated or demption stmintended to circulate as money. °“l°°‘°“ °H’”“ks‘ Sec. 3. And be it further enacted, That the interest on all bonds here- 1¤*°*°$* Of . . . · · bonds heretofore tofore issued, payable annually, may be paid semi-annually ; and in lieu ,,5,,,,,, may be of such bonds authorized to be issued, the Secretary of the Treasury may paid semi-annuissue bonds bearing interest, payable. semi-annually. And he may also *11** issue in exchange for treasury notes heretofore issued bearing seven and _ B°3<lS mi? b° three tenths per centum interest, besides the six per centum bonds hereto- gssgenioggveu fore authorized, like bonds of all the denominations in which such treasury and three—tenths notes have been issued; and the interest on such treasury notes after “°*°s‘ maturity shall be paid in lawful money, and they may be exchanged for such bonds at any time within three months from the date of notice of redemption by the Secretary of the Treasury, after which the interest on such treasury notes shall cease. And so much of the law approved March Ksrwl <>f pm third, eighteen hundred and sixty-four, as limits the loan authorized there- 1§;,e°};_117;,;_§ in to the current nscal year, is hereby repealed; and the authority of the ° Secretary of the Treasury to borrow money and issue therefor bonds or notes conferred by the first section of the act of March third, eighteen of 1863, eh. 73, hundred and sixty-three, entitled "An act to provide ways and means for $6;), Xu ,.0,, the support of the government," shall cease on and after the passage of " "p` I " this act, except so far as it may efect seventy-tive millions of bonds already advertised. Sec. 4. And be it further enacted, That the Secretary of the Treasury Secretary of may authorize the receipt, as a temporary loan, of United States notes or T¥"?$“"5' '““Y"°‘ _ • . . . . . CBI` C (8HlpO!'K]'y the notes of national banking associations on deposit for not less than thirty ,0,,,,,_ days, in sums of not less than fifty dollars, by any of the assistant treasurers of the United States, or depositories designated for that purpose, other than national banking associations, who shall issue certificates of deposit Csrtificatespf in such form as the Secretary of the Treasury shall prescribe, bearing g;§g$;,:;;;,l%i_’s' interest not exceeding six per centum annually, and payable at any time When payable, after the term of deposit, and after ten days’ subsequent notice, unless time and i¤*¤1'¤$*· and notice be waived by the Secretary of the Treasury ; and the Secretary of the Treasury may increase the interest on deposits at less than six per centum to that rate, or, on ten days’ notice to depositors, may diminish the rate of interest as the public interest may require; but the aggregate of AQKWGMF Ml such deposits shall not exceed one hundred and fifty millions of dollars; to °X°°°d’ &°' and the Secretary of the Treasury may issue, and shall hold in reserve for Bcscrvc for payment of such deposits, United States notes not exceeding fifty millions thm paY'°°"t‘ of dollars, including the amount already applied in such payment; and the United States notes, so held in reserve, shall be used only when needed, in his judgment, for the prompt payment of such deposits on demand, and shall be withdrawn and placed again in reserve as the amount of deposits shall again increase.