United States Statutes at Large/Volume 5/27th Congress/2nd Session/Chapter 287
[Obsolete.]
Chap. CCLXXXVII.—An Act to limit the sale of the public stock on par, and to authorize the issue of Treasury notes, in lieu thereof, to a certain amount.[1]
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,No stock authorized by acts of 21st July, 1841, ch. 3, and 15th April 1842, ch. 26, to be sold below par. That no stock authorized to be issued for a loan, by the act entitled “An act authorizing a loan not exceeding the sum of twelve millions of dollars,” approved July twenty-first, eighteen hundred and forty-one, and the act amendatory of the same, entitled “An act for the extension of the loan of eighteen hundred and forty-one, and for an addition of five million of dollars thereto, and for allowing interest on Treasury notes due,” approved April fifteenth, eighteen hundred and forty-two, shall hereafter be sold below par;Issue of treasury notes authorized upon certain contingencies. and in case the same cannot be sold at or above par, and the exigencies of the public service shall require the same, then and in that case the Secretary of the Treasury shall be, and hereby is, authorized to issue Treasury notes in lieu of so much thereof as cannot be thus negotiated, to an amount not exceeding six millions of dollars.
Time for the issuing of the treasury notes limited.
To be issued under the provisions and limitations of acts of 12th October, 1837, ch. 2, and 31st March 1840, ch. 5.
Proviso.
Amount outstanding not to exceed $6,000,000.Sec. 2. And be it further enacted, That the Treasury notes authorized to be issued by virtue of this act shall not be issued after the time limited by said last mentioned act, being the fifteenth day of April, eighteen hundred and forty-three, for making said loan, and they shall be issued under the provisions and limitations contained in the act entitled “An act to authorize the issuing of Treasury notes,” approved the twelfth day of October, eighteen hundred and thirty-seven, and as modified by the act entitled “An act additional to the act on the subject of Treasury notes,” approved March thirty-first, eighteen hundred and forty: Provided, That the notes authorized to be issued by virtue of this act may, when redeemed, be reissued, or new notes issued in lieu of such as may be redeemed within the time above prescribed for issuing the same, provided that not more than six millions in amount shall be outstanding at any one time under the authority of this act.
Relative to the issuing of certificates of stock.Sec. 3. And be it further enacted, That nothing in the act contained, entitled an act authorizing the loan, above referred to, and an act amendatory of the same, shall be so construed as to authorize the issue of certificates of stock, for debts now due or to become due by the United States, for any other purpose than a bona fide loan to the Government according to the original intention of that law, and that no certificate for any loan shall be issued for a less sum than one hundred dollars.
Approved, August 31, 1842.
- ↑ Notes of the acts authorizing the issuing of treasury notes, vol. 2, 766.