Full text of Second Legal Tender Act

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

532
Jnlv 11 1862.
----- - — --------—

THIRTY-SEVENTH CONGRESS.
C h at. C 5 L II.

S ess.

II.

Ch. 142.

1862.

An Act to authorize an additional Issue o f United States Nates, and
for other Purposes.

B e it enacted by the Senate and House o f Representatives o f the United
Slates o f America in Congress assembled, That the Secretary o f the
Dotes°authorizeZ Treasury is hereby authorized to issue, in addition to the amounts hereto­
fore authorized, on the credit o f the United States, one hundred and fifty
millions o f dollars of United States notes, not bearing interest, payable
Denominations, to bearer at the treasury o f the United States, and o f such denominations
Notes not to be as he may deem expedient: Provided, That no note shall be issued for
issued for fracthe fractional part of a dollar, and not m ore than thirty-five millions shall
doUarPartS°f *
° f l° wer denominations than five dollars; and such notes shall be
To be receiva- receivable in payment o f all loans m ade to the United States, and o f all
ble for all dues,
taxes, internal duties, excises, debts, and demands of every kind due to
?m° OTtsdandSinn
United States, except duties on imports and interest, and o f all claims
toesC&c? m" ar)d demands against the United States, except for interest upon bonds,
To'be legal
notes, and certificates o f debt or deposit; and shall also be lawful money
tender.
and a legal tender in payment of all debts, public and private, within the
United States, except duties on imports and interest, as aforesaid. And
Certificates of any holder o f said United States notes depositing any sum not less than
deposit.
fifty dollars, or some multiple o f fifty dollars, with the Treasurer o f the
United States, or either o f the assistant treasurers, shall receive in ex­
change therefor duplicate certificates of deposit, one of which may be
Convertible in- transmitted to the Secretary o f the Treasury, who shall thereupon issue to
to coupon, &e., the holder an equal amount o f bonds o f the United States, coupon or
bonds.
registered, as may by said holder be desired, bearing interest at the rate
o f six per centum per annum, payable semi-annually, and redeemable at
the pleasure o f the United States after five years, and payable twenty
Proviso.
years from the date thereof: Provided, however, That any notes issued
under this act may be paid in coin, instead o f being received in exchange
for certificates of deposit as above specified, at the direction o f the SecreSccretary may tary of the Treasury.
And the Secretary o f the Treasury may exchange
exchange notes for such notes, on such terms as he shall think most beneficial to the
Statesbonds*&c. public interest, any bonds of the United States bearing six per centum
interest, and redeemable after five and payable in twenty years, which
have been or may be lawfully issued under the provisions o f any existing
act; may reissue the notes so received in exchange; may receive and
cancel any notes heretofore lawfully issued under any act o f Congress,
and in lieu thereof issue an equal amount in notes such as are authorized
by this act; and may purchase, at rates not exceeding that o f the current
market, and cost of purchase not exceeding one-eighth of one per centum,
any bonds or certificates of debt o f the United States as he may deem
advisable.
Notes may be
S e c . 2. And be it further enacted, That the Secretary o f the Treasury
the^tre«ury0 de- ')e>an<* is hereby, authorized, in case he shall think it inexpedient to
oartment.
procure said notes, or any part thereof, to be engraved and printed by
contract, to cause the said notes, or any part thereof, to be engraved,
printed, and executed, in such form as he shall prescribe, at the Treasury
Department in Washington, and under his direction; and he is hereby
empowered to purchase and provide all the machinery and materials, and
to employ such persons and appoint such officers as may be necessary for
this purpose.
Limitation up^EC'
^ ** further enacted, That the limitation upon temporary
on temporary de- deposits o f United States notes with any assistant treasurer, or designated
posits, repealed, depositary authorized by the Secretary o f the Treasury to receive such
deposits, to fifty millions o f dollars be, and is hereby, repealed ; and the
Secretary o f the Treasury is authorized to receive such deposits, under
such regulations as he may prescribe, to such amount as he may deem
Not to exceed e x Pe(Jient, not exceeding one hundred millions of dollars, for not less than
$100,000,000.
thirty days, in sums not less than one hundred dollars, at a rate o f interest

Additional
issue of $150,-

THIRTY-SEVENTH CONGRESS.

S ess.

II.

Ch. 142, 143.

1862.

533

not exceeding five per centum per annum; and any amount so deposited Deposits maybe
may be withdrawn from deposit, at any time after ten days’ notice, on
ten
the return o f the certificate o f deposit. And o f the amount o f United
States notes authorized by this act, not less than fifty millions o f dollars
shall be reserved for the purpose o f securing prompt payment o f such Reserve for
deposits when demanded, and shall be issued and used only when, in the payment of
judgment of the Secretary o f the Treasury, the same, or any part there- eposlts‘
of may be needed for that purpose. And certificates o f deposit and o f Certificates
indebtedness issued under this or former acts may be received on the convertible
same terms as United States notes in payment for bonds redeemable after int0 stoo:cfive and payable in twenty years.
S e c . 4 . And be it fu rther enacted, That the Secretary o f the Treasury
Secretary of
may, at any time until otherwise ordered by Congress, and under the
restrictions imposed by the “ A ct to authorize a national loan, and for $2^000,000° an­
other purposes,” borrow, on the credit o f the United States, such part o f thorized by act
the sum o f two hundred and fifty millions mentioned in said act as may of 1861’ el1' 5'
not have been borrowed, under the provisions o f the same, within twelve
months from the passage thereof.
S e c . 5. A nd be it further enacted, That any part o f the appropriation
Appropriation
o f ten thousand dollars for the detection and bringing to trial o f persons Siting of^ n *6^
engaged in counterfeiting the coin o f the United States, made by the act how may be apentitled “ An act making appropriations for the legislative, executive,
^ 2Q5
and judicial expenses o f the government for the year ending thirtieth o f Ante p. 102.'
June, eighteen hundred and sixty-one,” approved June twenty-three,
eighteen hundred and sixty, may be applied in detecting and bringing to
trial and punishment persons engaged in counterfeiting treasury notes,
’jonds, or other securities of the United States, as well as the coin o f the
United States. A nd to carry into effect the preceding sections o f this Appropriation,
act the sum o f three hundred thousand dollars is hereby appropriated,
out o f any money in the treasury not otherwise appropriated.
S e c . 6 . A nd be it further enacted, That all the provisions o f the act
entitled “ An act to authorize the issue o f United States notes, and for
applicable to
the redemption or funding thereof, and for funding the floating debt o f this act.
the United States,” approved February twenty-five, eighteen hundred
and sixty-two, so far as the same can or may be applied to the pro- Ante, P- 345visions o f this act, and not inconsistent therewith, shall apply to the notes
hereby authorized to be issued.
N
A p p r o v e d , July 11, 1862.

C hap. C X L I I I .— An Act making further Appropriations fo r sundry Civil Expenses o f j uiy
1862.
the Government far the Year ending thirtieth o f June, eighteen hundred and sixty-three, ---------------------and additional Appropriations for the Year ending thirtieth June, eighteen hundred and
sixty-two.

Be it enacted by the Senate and House o f Representatives o f the United
States o f Am erica in Congress assembled, That the following sums be, and Appropriation
the same are hereby, appropriated for the objects*hereafter expressed, for
the fiscal year ending thirtieth o f June, eighteen hundred and sixtythree, v iz :
For completing the west wing o f the Treasury Building, five hundred Treasury
thousand dollars.
_
_
Building.
For painting the outside o f the old portion o f the Capitol, eight thou- Capitol,
sand dollars.
To pay the amount provided for under and by virtue o f an act entitled Atlantic, &c.,
“ An act to facilitate communication between the Atlantic and Pacific States
137.
by electric telegraph/’ or so much thereof as may become payable under Ante, p. 41.
said act, forty thousand dollars.
For the purpose o f enabling the commissioner o f public buildings Capitol,
and grounds to remove the army bakery from the basement floor o f the