United States, by the act entitled "An act to authorize the issue of treasury notes," approved the twenty-third December, eighteen hundred and fifty-seven, be, and the same hereby is, revived and continued in force from the passage of this act until the first day of July eighteen hundred and sixty; and to defray the expenses thereof the sum of five thousand dollars is hereby appropriated: Provided, That the said notes may be issued bearing an interest not exceeding six per centum per annum; and that it shall not be necessary, as directed by the original act aforesaid, after advertisement to exchange them for specie to the bidder or bidders who shall agree to make such exchange at the lowest rate of interest upon said notes; and that in all other respects the reissue of said treasury notes shall be subject to the terms and conditions of the act aforesaid.

SEC. 6. And be it further enacted, That the Secretary of the Treasury is hereby authorized, under the act of June fourteenth, eighteen hundred and fifty-eight, to issue coupon or registered stock, as the purchaser may elect.

[Approved, March 3, 1859. 11 Statutes at Large, 430.]

1859-60, Chap. CLXXX. An Act authorizing a Loan and providing for the Redemption of Treasury Notes. Be it enacted, That the President of the United States be, and hereby is, authorized, at any time within twelve months from the passage of this act, to borrow, on the credit of the United States, a sum not exceeding twenty-one millions of dollars, or so much thereof as, in his opinion, the exigencies of the public service may require, to be used in the redemption of Treasury notes now outstanding and to replace in the Treasury any amount of said notes which shall have been paid and received for public dues, and for no other purposes.

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

1860.]

PROVISIONS FOR ISSUING STOCK.

153

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; Provided, That no 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 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.

[Section 3 provides for sealed proposals, and the acceptance of the most favorable, and for a report of all transactions to Congress, as in section 3 of the Act of June 14, 1858, on page 151; "Provided, That no stock shall be disposed of at less than its par value."]

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.

[Approved, June 22, 1860. 12 Statutes at Large, 79.]

PART II.

CURRENCY, FINANCE, AND BANKING.

1860-1890.

1860-61, Chap. I. An Act to authorize the Issue of Treasury Notes, and for other Purposes.

Be it enacted, . . That the President of [the] United [States] be hereby authorized to cause treasury notes, for such sum or sums as the exigencies of the public service may require, but not to exceed at any time the amount of ten millions of dollars, and of denominations not less than fifty dollars for any such note, to be prepared, signed, and issued in the manner hereinafter provided.

SEC. 2. And be it further enacted, That such treasury notes shall be paid and redeemed by the United States at the Treasury thereof after the expiration of one year from the date of issue of such notes; from which dates, until they shall be respectively paid and redeemed, they shall bear such rate of interest as shall be expressed in such notes, which rate of interest shall be six per centum per annum: Provided, That, after the maturity of any of said notes, interest thereon shall cease at the expiration of sixty days' notice of readiness to redeem and pay the same, which may at any time or times be given by the Secretary of the Treasury in one or more newspapers at the seat of government. The redemption and payment of said notes, herein provided, shall be made to the lawful holders thereof respectively upon presentment at the Treasury, and shall include the principal of each note and the interest which shall be due thereon. And for the payment

and redemption of such notes at the time and times therein specified, the faith of the United States is hereby solemnly pledged.

[Section 3 provides for the signing of the treasury notes and the accounts to be kept thereof.]

SEC. 4. And be it further enacted, That the Secretary of the Treasury is hereby authorized, with the approbation of the President, to cause such portion of said treasury notes as may be deemed expedient, to be issued by the Treasurer in payment of warrants in favor of public creditors, or other persons lawfully entitled to payment, who may choose to receive such notes in payment at par; and the Secretary of the Treasury is hereby authorized, with the approbation of the President, to issue the notes hereby authorized to be issued, at such rate of interest as may be offered by the lowest responsible bidder or bidders who may agree to take the said notes at par after public advertisement of not less than ten days in such papers as the President may direct, the said advertisement to propose to issue such notes at par to those who may offer to take the same at the lowest rate of interest. But in deciding upon those bids no fraction shall be considered which may be less than one-fourth per centum per annum.

[Sections 5-9, providing for the transfer, receipt, custody, redemption, and cancellation of the notes, are identical with sections 5-9 of the Act of December 23, 1857, on page 150.]

SEC. 10. And be it further enacted, That, in place of such treasury notes as may have been paid and redeemed, other treasury notes to the same amount may be issued: Provided, That the aggregate sum outstanding under the authority of this act shall at no time exceed the sum of ten millions of dollars: And provided further, That the power to issue and reissue treasury notes conferred by this act shall cease and determine on the first day of January, in the year eighteen hundred and sixty-three.

[Section 14 requires the publication of a monthly statement of the amount of notes issued, paid, redeemed, and outstanding under this act, as in section 14 of the act last mentioned.