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61st C o n g re s s '!
2d Session
-
«at*xr i«p p
J D ocument
b K N A Ih
\ N o. 580
(
N A T IO N A L M O N E T A R Y C O M M IS S IO N
LAWS OF THE
UNITED STATES CONCERNING
MONEY, BANKING, AND
LOANS, 1778-1909
COMPILED BY
A . T . H U N T IN G T O N
CHIEF OF DIVISION OF LOANS AND CURRENCY
UNITED STATES TREASURY
AND
ROBERT J. MAWHINNEY
law
c l e r k , o f f ic e
of
s o l ic it o r
of
TREASURY
J*
Washington : Government Printing Office : 1910
6 1 st C o n g r e s s '!
2d Session
)
0™
ATr
SENATE
(D
j
ocum ent
No. 580
N A T I O N A L M O N E T A R Y C O M M IS S IO N
LAWS OF THE
UNITED STATES CONCERNING
MONEY, BANKING, AND
LOANS, 1778-1909
COMPILED BY
A . T. H U N T IN G T O N
CHIEF OF DIVISION OF LOANS AND CURRENCY
UNITED STATES TREASURY
AND
R O B E R T J. M A W H I N N E Y
LAW CLERK, OFFICE OF SOLICITOR OF TREASURY
Washington : Government Printing Office : 1910
NATIONAL MONETARY COMMISSION.
J u l iu s C . B
E ugene H
h il a n d e r
T
heodore
H
enry
H
ernando
J o seph
M.
W.
E dw ard
B.
urro w s,
ale,
P
N elson
T
B
Michigan.
nox,
urton,
eller,
New York, Vice-Chairman.
R
Ohio.
Texas.
ndrew ,
eeks,
W. B
S ylvester
P.
C.
AssftNE P.
A
rthur
Massachusetts.
onynge,
Sm
it h
,
u rgess,
P u jo ,
Colorado.
California.
Tennessee.
P adgett,
G eorge F . B
Mississippi.
A . P ia t t A
obert
L em uel
Colorado.
a il e y ,
Rhode Island, Chairman.
John W . W
Pennsylvania.
D . M oney,
W. B
l d r ic h ,
Maine.
C. K
E.
A
V reeland,
Texas.
Louisiana.
B . S helton,
Secretary.
Special Assistant to Commission.
T A B L E OF OO^TEISTTS.
FINANCE.
Page.
Articles of Confederation................................................................................................
Constitution.......................................................................................................................
1
3
ACTS OF CONGRESS.
1789, July
Sept.
1790, Mar.
Aug.
Aug.
Aug.
Dec.
1791, Feb.
Mar.
Mar.
Mar.
1792, May
.May
May
1793, Feb.
Mar.
Mar.
1794, Mar.
Apr.
May
May
June
June
June
Dec.
1795, Jan.
31.— Collection of duties—Rates of coins...............................................
2 .—Treasury Departmentestablished...................................................
26.— Payment of interest, appropriation for..........................................
4.— Payment of the public debt; com m issioners...............................
5.—Settling accounts with States...........................................................
12.— Reduction of public d eb t................................................................
27.— Payment of thepublic debt............................................................
25.—Bank of the United States incorporated.......................................
3.— Revenues pledged for interest and debt.........................................
3.— Reduction of the public d eb t...........................................................
3.— Loan for protection of frontiers........................................................
2.—Loan for protection of frontiers........................................................
8.—Supplementary provision for payment of thedeb t.......................
8.—Appropriation for foreign intercourse.
..................
28.—Authorizing a loan.............................................................................
2.— Loan from Bank of United States, payment o n ..........................
2.—Extending time for subscriptions by public creditors..................
20.—Authorizing a loan of $ 1,000,000....................................................
21.— Claims for destroyed certificates....................................................
30.— Extending time for subscriptions by public creditors..............
31.— Interest on balances due to States.................................................
4.— Loan from Bank of United States, payment o n ...........................
5.—Appropriation for vessels...................................................................
9.—Authorizing a loan: Foreign intercourse.......................................
18.—Authorizing a loan of $2,000,000....................................................
8.— Payment of foreign debts and loan from Bank of the United
States................................................................................................
Jan. 28.— Extending time for subscriptions b y public creditors.............
Feb. 21.— Reimbursement of a loan from revenue.......................................
Mar. 3.—Further provision for credit and redemption of deb t...................
1796, Feb. 19.—Extending time for subscriptions by public creditors.............
Apr. 28.— Further provision for credit and redemption of debt.................
May 6 .—Authorizing a loan for city of Washington.....................................
May 30.— Additional loan for foreign intercourse........................................
May 31.—Provision for payment of certain public d eb ts..........................
June 1.—Loan for military and naval establishments..................................
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4
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IV
NATIONAL MONETARY COMMISSION.
Finance.
Page.
1797, Mar. 3.— Appropriation of duties to pay debt................................................
Mar. 3.— Receipt of stock in payment for lands au thorized......................
Mar. 3.—Extending time for subscriptions b y public cred itors...............
July 8 .—Authorizing a loan of $800,000 ..........................................................
1798, June 12.— Respecting loan office and final settlement certificates, indents
of interest, and the unfunded or registered debt....................
July 9.—Time of presenting claims against the United States.................
July 16.— Enabling the President to borrow $5,000,000 .............................
July 16.—Authorizing loan to anticipate direct t a x ..................................
1799, Feb. 15.— Respecting balances due b y States...............................................
Mar. 2.—Appropriation for augmenting the army.........................................
1800, May 7.—Enabling the President to borrow $3,500,000...............................
May 10.—Duties of the Secretary of the Treasury.......................................
1802, Apr. 29.— Providing for redemption of whole of public deb t....................
1803, Feb. 26.— Additional loan for foreign intercourse........................................
Nov. 10.— Creating stock for Louisiana purchase..........................................
Nov. 10.— Provision for payment of French spoliation claims...................
1804, Feb. 24.— Extending certain acts to the Territories...................................
Mar. 26.—Authorizing loan to protect American commerce and seamen
against the Barbary powers..........................................................
1806, Feb. 13.—Additional loan for foreign intercourse.........................................
Apr. 18.— Discontinuing receipt of public debt for land..............................
1807, Feb. 11.—Providing for exchange of stock....................................................
1809, Mar. 3.— Requiring disbursing agents to keep public moneys in b a n k ..
June 28.— Extending powers of sinking fund to all cases of reimburse
ment..................................................................................................
1810, May 1.—Authorizing a loan for a sinking fund............................................
1811, Mar. 2.—Authorizing a loan of $5,000,000 ......................................................
1812, Mar. 14.—Authorizing a loan of $11,000,000 ..................................................
June 30.—Authorizing Treasury notes...........................................................
July 1.—Making Louisiana purchase stock transferable.............................
July 6.—Subscription and exchange of stock.................................................
July 6.—Authorizing agents for $11,000,000 loan.........................................
1813, Feb. 8 .—Authorizing a loan of $16,000,000.....................................................
Feb. 25.—Authorizing Treasury notes............................................................
Aug. 2.—Authorizing a loan of $7,500,000......................................................
1814, Mar. 4.—Authorizing Treasury n otes..............................................................
Mar. 24.—Authorizing a loan of $25,000,000..................................................
Nov. 15.—Authorizing a loan of $3,000,000 ....................................................
Dec. 15.— Pledging revenues for sinking fund..............................................
Dec. 21.—Authorizing loan in anticipation of duties..........................
Dec. 26.—Authorizing Treasury notes............................................................
1815, Jan. 9.—Authorizing a loan to anticipate direct tax.........................
Feb. 24.—Authorizing Treasury notes............................................................
Mar. 3.—Authorizing a loan of $18,452,800....................................................
1816, Apr. 30.—Resolution: Use of legal currency.................................................
1817, Mar. 3.— Duties of commissioners of loans transferred to Bank of the
United States..................................................................................
Mar. 3.— Terminating authority for loans and Treasury notes......................
1817, Mar. 3.— Providing for redemption of debt.....................................................
Mar. 3.—Restrictions on banks in District of Colum bia..............................
1818, Apr. 13.— Extending time for loan office and final settlement certificates
1819, Feb. 4.—Payment of lost Treasury notes........................................................
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Fiwancb.
LAWS CONCERNING MONEY, BANKING, AND LOANS.
1820, May15.—Authorizing a loan of $3,000,000.........................................................
1821, Mar.
3.—Authorizing a loan of $5,000,000...................................................
1822, Feb. 19.—Enabling States to transfer stock ...................................................
Apr. 20.—Authorizing exchange of stocks......................................................
May
3.— Limiting receipt of Treasury notes................................................
May
7.— Extending time for loan office and final settlement certificates.
1823, Mar. 3.—Making foreign gold coins receivable for lands.............................
1824, Jan.22.— Authorizing purchase of 7 per cent
stock.....................................
May
24.—Authorizing stock for settlement of Spanish claims..................
May 26.— Authorizing exchange of stocks......................................................
1825, Mar.
3.— Providing punishment for counterfeiting, etc.............................
Mar.
3.—Authorizing a loan or exchange of stock of 1813.........................
1830, Apr. 24.—Authorizing redemption or purchase of debt..............................
1832, July 14.— Extending time for loan office and final settlement certificates
1836, Apr. 11.— Repealing transfer of duties of commissioners of loans...........
June 7.— Payment of Spanish claim s.............................................................
July
4.— Suspending the sinking fund...........................................................
1837, Oct.
12.—Authorizing Treasury notes............................................................
Oct. 16.— Settling drafts transferring deposits to States.............................
1838, May
21.— Authorizing Treasury notes............................................................
1839, Mar. 2.—Authorizing Treasury notes..............................................................
1840, Mar. 31.— Authorizing Treasury notes............................................................
July 4.— Establishing the Independent Treasury.......................................
1841, Feb. 15.—Authorizing Treasury notes.............................................................
July 21.—Authorizing loan of $12,000,000......................................................
Aug. 13.— Repealing the Independent Treasury act....................................
1842, Jan. 31.—Authorizing Treasury notes.............................................................
Apr. 15.— Extending the loan act of 1841.......................................................
Aug. 31.—Concerning sale of stock and authorizing Treasury notes..........
1843, Mar. 3.— Reissue and funding of Treasury notes.........................................
1846, July 22.—Authorizing Treasury notes anda loan, in all $10,000,000........
Aug. 6 .— Better organization of the Treasury................................................
Aug. 10.—Payment of lost or stolen Treasury notes.....................................
1847, Jan. 28.—Authorizing Treasury notes and a loan, in all $23,000,000........
Feb.
9.—Payment of interest on public deb t...............................................
1848, Mar. 31.—Authorizing a loan of $16,000,000..................................................
1850, Sept. 9.— Payment of $10,000,000 to Texas in stock....................................
1852, Aug. 31.— Disposition of unexpended appropriations..................................
1853, Mar. 2.— Compensation for designated depositaries.....................................
Mar. 3.—Authorizing payment of market price for stock...........................
1857, Mar. 3.— Safe-keeping of public moneys........................................................
Dec. 23.— Authorizing Treasury notes............................................................
1858, June 14.—Authorizing a loan of $20,000,000...................................................
1859, Mar. 3.—Continuing issue of Treasury notes..........* ..................................
. 1860, June 22.— Authorizing a loan of $21,000,000 to fund Treasury notes.......
Dec. 17.—Authorizing Treasury notes............................................................
1861, Feb. 8 .—Authorizing a loan of $25,000,000.....................................................
Mar. 2 .—Authorizing a loan of $10,000,000 and payment or issue of
Treasury notes or certificates.......................................................
Mar. 2 .—Payment on account of Indian hostilities.....................................
July 17.—Authorizing a loan of $250,000,000; issue of bonds or Treasury
notes..................................................................................................
V
Page.
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I ll
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161
VI
NATIONAL MONETARY COMMISSION.
F inance.
Page.
1861, Aug.
1862, Feb.
Mar.
Mar.
Apr.
July
July
1863, Mar.
Mar.
1864, Mar.
Mar.
June
June
June
June
1865, Jan.
Feb.
Mar.
1866, Apr.
Apr.
June
July
July
1867, Feb.
Mar.
Mar.
1868, Feb.
July
1869, Mar.
Mar.
1870, Mar.
July
July
1871, Jan.
1872, May
June
1873, Mar.
Mar.
Mar.
5.— Exchange of bonds for Treasury notes; supplementary to pre
ceding a ct........................................................................................
25.— Authorizing United States notes and redemption, and funding
the floating deb t..............................................................................
1.—Authorizing certificates of indebtedness.......................................
17.—Authorizing the purchase of co in ..................................................
21.— Establishing a branch mint at D enver........................................
1.— Aiding construction of Pacific railroads.......................................
11.—Authorizing United States notes...................................................
3.—Authorizing a loan of $900,000,000 and third issue of legaltender n otes....................................................................................
3.—Coin or bullion contracts, and tax thereon...................................
3.— Supplementary to loan act of March 3, 1863.................................
17.— Resolution: Interest on public debt may be anticipated__ _
3.—Providing a national currency, secured by bonds......................
17.— Prohibiting certain sales of gold and foreign exchange............
30.—Authorizing a loan of $400,000,000................................................
30.— Safekeeping of internal-revenue moneys; taxes........................
28.— Issue of Treasury notes instead of bonds.....................................
13.—Providing for acting assistant treasurers......................................
3.— Authorizing a loan of $600,000,000..................................................
7.— Prohibiting portrait on securities....................................................
12.— Exchanging Treasury notes for bonds..........................................
14.—Safekeeping of public money intrusted to disbursingofficers..
3.—Amending Pacific Railway a ct.......................................................
26.—Authorizing bonds in denominations greater than $1,000........
5.— Punishing forgery, counterfeiting, etc...........................................
2.— Authorizing Assistant Secretary of the Treasury to sign war
rants..................................................................................................
2.—Authorizing temporary loan certificates; redemption com
pound-interest notes......................................................................
4.—Suspending further reduction of the currency.............................
25.—Authorizing further temporary loan certificates; redemption
compound-interestnotes................................................................
3.— Prohibiting work for private parties in Engraving and Printing
Bureau..............................................................................................
18.—Strengthening the public credit; specie p a ym en ts..................
25.—Withholding money from States in default.................................
8.— Refunding interest paid by Massachusetts on account of war..
14.—Authorizing the refunding of the national debt.........................
20.—Amending act authorizing refunding of the national debt.......
23.— Limiting the appropriation for preparation of securities..........
1.— Providing for the issue of bonds in lieu of those destroyed or
defaced.............................................................................................
3.—Withholding payments to Pacific railroads for freight................
3.—Use of money received on account of Geneva award..................
3.— Fixing the value of the English sovereign or pound sterling. .
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202
202
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206
207
208
208
209
REVISED STATUTES.
Sec.
248. General duties of the Secretaryof the Treasury..............................................
257. Annual reports to Congress................................................................................
3473. Duties and other debts, in what currency to be paid...................................
210
210
210
F inance.
LAWS CONCERNING MONEY, BANKING, AND LOANS.
Sec.
Page.
3476. Treasury notes payable for debts of the United States.................................
3481. Retention of money due States in default................................................. —
3576. Portrait on securities............................................................................................
3591. Treasury of the United States............................................................................
3592. Certain mints and assay offices to be depositaries..........................................
3593. Public moneys subject to draft of the Treasurer............................................
3594. Mint and assay officers as assistant treasurers..................................................
3595. Assistant treasurers...............................................................................................
3596. Salaries of assistant treasurers.............................................................................
3597. Receipt of commissions and perquisites b y assistant treasurers, forbidden.
3598. Rooms for use of assistant treasurers.................................................................
3599. Their care and use of the rooms.........................................................................
3600-1. Bonds of assistant treasurers and subordinates...........................................
3602. Deputy assistant treasurer at New Y ork ..........................................................
3603-12. Authorize the employment of subordinate officers, etc., at subtreas
uries......................................................................................................................
3613. Deputies in case of sickness
or
absence.......................................
3615. Collectors of public moneys to pay over...........................................................
3616. How marshals and district attorneys may pay into the Treasury................
3617. Moneys to be deposited without deduction.....................................................
3620. Duty of disbursing officers...................................................................................
3621. Deposit of moneys required................................................................................
3639. Duties of officers as custodians of public moneys...........................................
3640. Transfer of moneys from depositaries to Treasury..........................................
3641. Transfer of postal deposits...................................................................................
3644. Public moneys in Treasury and depositaries subject to draft of Treasurer.
3645. Regulations for presentment of drafts...............................................................
3649. Examination of depositaries................................................................................
3650. Examination of accounts of custodians of public moneys............................
3651. Exchange of funds restricted..............................................................................
3652. Premium on sales of public moneys to be accounted for..............................
3659. Investment of trust funds....................................................................................
3689. Permanent annual appropriations.....................................................................
3693. Payment in coin ....................................................................................................
3694. Application bf coin paid for duties....................................................................
3695. Cancellation of bonds redeemed or paid..........................................................
3696. Addition to sinking fund..................................
3697. Redemption of 6 per cent bonds........................................................................
3698. Payment of interest..............................................................................................
3699. Anticipation of interest........................................................................................
3700. Purchase of coin ....................................................................................................
3701. Exemption from taxation....................................................................................
3702. Duplicate for bonds destroyed............................................................................
3703. Indemnity for destroyed bonds..........................................................................
3704. Duplicate of lost registered bond may be issued............................................
3705. Indemnity for missing bon d...............................................................................
3706. Exchange of registered for coupon bonds.........................................................
3707. Credit to officers for stolen notes........................................................................
3708. Imitating securities or printing advertisements thereon...............................
5153. Duties and liabilities of national-bank depositaries.......................................
5158. United States bonds defined...............................................................................
5260. Withholding payments to certain railroads.....................................................
5413. Obligation or other security of the United States defined.........................
VII
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211
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211
212
212
212
212
212
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222
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VIII
NATIONAL MONETARY COMMISSION.
F inance.
Sec.
5414.
5415.
5430.
5431.
5432.
5433.
5434.
5435.
5436.
5437.
5453.
5488.
5489.
5490.
5491.
5492.
5497.
Page.
Forging or counterfeiting securities..................................................................
Counterfeiting national-bank notes...................................................................
Using plates to print notes, without authority, etc.......................................
Uttering, etc., forged obligations.......................................................................
Taking impressions of tools, implements, etc.................................................
Having unlawful possession of impressions......................................................
Dealing in counterfeit securities........................................................................
False personation of holder of public stocks....................................................
False demand on fraudulent power of attorney..............................................
Circulating bills of expired banks.....................................................................
Secreting or embezzling tools or materials for printing securities..............
Disbursing officer unlawfully disposing of public moneys...........................
Failure of treasurer, etc., to safely keep public moneys...............................
Custodians of public money failing to safely keep without loaning, e tc . .
Failure of officer to render accounts, etc..........................................................
Failure to deposit as required.............................................................................
Unlawfully receiving, to be embezzlement.....................................................
223
223
224
225
226
226
226
227
227
227
228
229
229
229
229
230
230
ACTS SUBSEQUENT TO THE REVISED STATUTES.
1873, Dec.
1874, June
June
1875, Jan.
Mar.
Mar.
Mar.
1876, Apr.
1878, May
June
June
1879, Jan.
Feb.
Mar.
Mar.
1881, Mar.
1882, July
1884, May
1886, Mar.
1887, Mar.
1889, Mar.
1890, Oct.
1891, Feb.
1894, Aug.
Aug.
17.—Providing for the redemption of the loan of 1858......................
20.— Repeal of permanent appropriations for national loan.............
23.—Payment of Alabama claims; issue of bonds..............................
14.— Providing for the resumption of specie payments.....................
3.—Force to be employed in carrying out act of 1874; redemption
of bonds............................................................................................
3.— Payment for Mississippi River improvements to be in money
or bonds...........................................................................................
3.—Adjustment of taxes and penalties due from mining and other
corporations...........................................................
11.—Payment of Alabama claims; issue of bonds..............................
31.— Forbidding the further retirement of United States legal-tender
notes.................................................................................................
8.— Superintendents of mints and assayers may be constituted
assistant treasurers.........................................................................
11.— Sinking fund abolished and transferred......................................
25.—Facilitating the refunding of the national d e b t ........................
26.— Authorizing the issue of certificates of deposit in aid of the
refunding of the public debt.......................................................
3.— Bullion certificates repealed.............................................................
3.—Appropriation for the blin d..............................................................
3.— Surplus in Treasury to purchase bonds..........................................
12.—Exchange of 3| per cent for 3 per cent bonds............................
16.—To prevent and punish counterfeiting.........................................
31.— Authorizing the temporary appointment of an acting assistant
treasurer................................................................
3.— Investigation of Pacific railroads.....................................................
2.— Names on portraits..............................................................................
1.— Incorporation of trust, loan, mortgage, and other corpora
tions within the District of Columbia........................................
10.—To prevent counterfeiting, e tc .......................................................
13.— State taxation of national-bank and Treasury notes.................
15.—Bonds to be issued for paying Cherokee Nation........................
230
231
232
233
235
236
237
237
238
238
239
239
240
240
241
241
241
242
242
243
244
245
245
247
247
Banking.
laws
CONCEKNING MONEY, BANKING, AND LOANS.
1896, May 28.—Moneys to be deposited in public depositories............................
1898, June 13.—Ways and means to meet war expenditures; certificates of
indebtedness, bonds......................................................................
July 1.— Hand-roller presses.............................................................................
July 7.— Settlement with Pacific railroads....................................................
July 7.—Joint resolution: Annexing the Hawaiian Islands; assump
tion of d eb t......................................................................................
1900, Mar. 14.—To define and fix the standard of value, and maintain the
parity of money, to refund the debt, etc..................................
June 6.— Settlement with Pacific railroads....................................................
June 6.—Safe-keeping and disbursement of moneys in the Philippines,
Cuba, and Porto R ico....................................................................
June 6.—Joint resolution: Authorizing the Banco Espanol de Puerto
R ico to amend by-laws.................................................................
1901, Mar. 3.—Amending section 5153, Revised Statutes; national-bank de
positaries..........................................................................................
1902, June
28.— Isthmian Canal loan.....................................................
July 1.— Depositaries of public money in thePhilippines..........................
1905, Dec. 21.— Supplemental to Isthmian Canal a ct...................................... . . .
1906, June
25.— Modifying appropriation for the b lin d .....................................
1908, May30.—Amending the national banking law (Aldrich-Yreeland Act) .
1909, Mar.
4.— National monetary commission continued...................................
Aug. 5.— Isthmian Canal; additional issue of bonds; certificates of in
debtedness.......................................................................................
1910, Feb. 4.— Bonds and certificates of indebtedness;conditions of issue.. . .
IX
Page.
248
248
250
250
251
252
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258
258
259
260
261
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262
263
264
265
266
BANKING.
ACTS OF CONGRESS.
1791, Feb. 25.— Incorporating the Bank of the United States..............................
Mar. 2.—Supplementary to the bank a ct......................................................
1793, Feb. 28.—Loan from the bank; how to be paid............................................
Mar. 2.—Payment of first installment on aloan due the b a n k ..................
1794, June 4.—Payment of second installment on aloan due the bank.............
June 5.—Loan authorized; how to be paid...................................................
June 9.—Loan authorized; how to be paid...................................................
1795, Jan.
8 .—Payment of foreign debts, and third installment on a loan due
to the bank......................................................................................
Feb. 21.— Reimbursement of a loan authorized at last session..................
1796, June 1.—Loan authorized; how to be paid...................................................
1798, June 27.—Penalty on forging or counterfeiting bills, etc., of the b a n k .. .
July 16.— Obtaining a loan on credit of the direct ta x...............................
1799, Mar. 2.—Loan from the bank; how to be paid.............................................
1802, Apr. 29.—Provision for the redemption of the whole of the public debt;
employment of the bank..............................................................
1803, Feb. 26.—Loan from the bank.........................................................................
1804, Feb. 24.—Acts concerning the bank extended to Louisiana.....................
, Mar. 23.— Bank authorized to establish offices of discount and deposit..
Mar. 26.—Loan from the bank; how to be paid...........................................
1806, Feb. 13.—Loan from the bank; how to be paid.......................................
1807, Feb. 24.—Punishment of frauds committed on the bank...........................
1809, June 28.—Loans from the bank authorized...................................................
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X
NATIONAL MONETARY COMMISSION.
Banking .
I
1811, Feb.
1812, Mar.
Mar.
1813, Feb.
Aug.
Aug.
1814, Nov.
Dec.
Dec.
1815, Jan.
1816, Apr.
1817, Mar.
Mar.
1825, Mar.
1836, Apr.
June
June
June
July
1837, Oct.
Oct.
1838, July
July
July
1841, Aug.
1861, Aug.
1863, Feb.
Mar.
1864, June
June
1865, Mar.
Mar.
1867, Mar.
1868, Feb.
1869, Feb.
Mar.
Mar.
Mar.
1870, July
July
1872, June
1873, Jan.
Feb.
Mar.
15.—Acts concerning banks in the District of Columbia and Terri
tories.................................................................................................
14.—Loans from banks in the District of Columbia...........................
19.—Repealing tenth section of the bank act......................................
8.—Loans from the banks in the District of C olum bia.....................
2.—Loans from the banks in the District of Columbia......................
2 .— Laying duties on notes of banks, etc.............................................
15.— Loan from the banks in the District of Columbia......................
10.— Supplementary to act laying duties on notes ofbanks, etc___
21.—Loan in anticipation of a direct tax..............................................
9.— Loan from United States Bank in anticipation of ta x e s...........
10.— Incorporating the Bank of the United States..............................
3.—Transferring duties of commissioners of loans to the bank.........
3.— Concerning banks in Washington, Georgetown, and Alexan
dria....................................................................................................
3.—Forgery of Treasury notes or other public securities...................
11.— Repealing transfer of duties of commissioners ofloans..............
15.— Repealing fourteenth section of the United StatesBank a c t ..
23.— Regulating deposits of public m oney.................................
23.— Respecting government stock in the United StatesBank . . . .
4.—Supplementary to act regulating deposits of public money;
" transfers............................................................................................
2.—Postponing further deposits with the States.................................
16.—Adjusting claims upon deposit banks...........................................
5.—As to receipt of bank notes...............................................................
7.— Forbidding issue of notes of expired corporations.......................
7.— Restraining small notes in the District of Columbia...................
13.— Deposit act of 1836 repealed, except.............................................
5.— Deposits in solvent specie-paying banks......................................
25.— Providing a national-bank currency.............................................
3.—Tax on fractional notes of banks, e t c ...........................................
3.—Providing a national-bank currency..............................................
30.— Duty on deposits, capital, and circulation of banks and
bankers......................................................................
3.—Taxation and conversion of banks..................................................
3.—Amending national-bank act; circulation.....................................
2.—Temporary loan certificates issued to redeem compound inter
est notes; part of bank reserve....................................................
10.— In relation to taxing shares in national banks...........................
19.— Forbidding banks to lend upon United States notes................
3.— Providing for reports b y banks.......................................................
3.— In reference to certifying checks by national banks..................
3.—Penalty for violating bank laws......................................................
12.— Redemption of 3 per cent temporary loan certificates and in
crease of bank notes (and gold banks).......................................
14.— Retirement of notes by banks in liquidation.............................
8.—Receipt of United States notes on deposit; certificates there
for; reserve......................................................................................
20.—Examination of banks in District of Columbia..........................
19.—Condition of bankB organized under state laws..........................
3.— Banks to restore capital when impaired, and amending na
tional currency act........................................................................
Page.
288
292
292
292
292
293
293
293
294
294
295
311
312
313
314
315
315
322
323
323
324
325
326
326
326
327
327
329
330
362
362
364
365
365
366
367
368
368
369
372
373
374
374
375
Banking.
LAWS CONCERNING MONEY, BANKING, AND LOANS.
XI
R E V ISE D S T A T U T E S .
COMPTROLLER OF THE CURRENCY.
Page.
Sec.
332. Examination of banks in District of Columbia...............................................
333. Comptroller to report annually to Congress.....................................................
376
377
SUITS, JURISDICTION, AND EVIDENCE.
380.
563.
629.
884.
885.
Solicitor to supervise suits under banking laws..............................................
Jurisdiction of suits...............................................................................................
Jurisdiction of suits..............................................................................................
Papers of Comptroller as evidence....................................................................
Organization certificates as evidence................................................................
377
377
377
378
378
BANKS AND BANKERS.
3407. Definition of words “ bank,” “ banker” ...........................................................
378
TAX ON CIRCULATION, ETC.
3410.
3411.
3412.
3413.
3414.
3415.
3416.
3417.
Capital of banks expired or converted.............................................................
Circulation, when exempted from tax.............................................................
Tax on notes of personsor state banks...............................................................
Tax on notes of cities, etc....................................................................................
Returns of notes of persons, cities, state banks, etc., paid out....................
In default of returns, what..................................................................................
Converted bank to make returns and pay tax................................................
Tax on deposits, capital, and circulation.........................................................
378
378
379
379
379
379
380
380
DEBTS DUE BY OR TO THE UNITED STATES.
3475. National bank notes, receivable for what........................................................
380
LEGAL TENDER.
3590. Interest-bearing notes, legal tender...................................................................
380
ORGANIZATION AND POWERS OF NATIONAL BANKS.
5133.
5134.
5135.
5136.
5137.
5138.
5139.
5140.
5141.
5142.
5143.
5144.
5145.
5146.
5147.
5148.
5149.
5150.
5151.
Formation of, national banks....................................................................
Requisites of organization certificate................................................................
Acknowledging and filling certificate...............................................................
Corporate powers of associations........................................................................
Power to hold real property................................................................................
Capital required.....................................................................................................
Shares of stock and transfers...............................................................................
How payment of stock must be made and proved..........................................
If shareholder fails to pay installments............................................................
Increase of capital stock.............................
Reduction of capital stock..................................................................................
Right of shareholders to vote....................... , ....................................................
Election of directors............................................................................................
Qualifications of directors..................................................................................
Oath required from directors............................................................................
Filling vacancies...................................................................................................
Where no election is held on the proper day..................................................
Election of president of board............................................................................
Individual liability of shareholders..................................................................
381
381
381
382
383
383
383
383
384
384
384
385
385
385
385
386
386
386
386
XII
Sec.
5152.
5153.
5154.
5155.
5156.
NATIONAL MONETARY COMMISSION.
Banking.
Page.
Executors, trustees, etc., not personally liable...............................................
Banks as designated depositaries for public moneys......................................
Conversion of state banks into national............................................................
State banks having branches..............................................................................
Rights of associations organized under act of 1863 .........................................
387
387
387
388
388
OBTAINING AND ISSUING CIRCULATING NOTES.
5157.
5158.
5159.
5160.
5161.
5162.
5163.
5164.
5165.
5166.
5167.
5168.
5169.
5170.
5171.
5172.
5173.
5174.
5175.
5176.
5177.
5178.
5179.
5180.
5181.
5182.
5183.
5184.
5185.
5186.
5187.
5188.
5189.
Provisions applicable to associations................................................. 1.............
United States bonds defined...............................................................................
United States bonds to be deposited before commencing business..............
Bonds to be increased or diminished according to capital.............................
Exchange of coupon for registered bonds........................................................
Manner of making transfers of bonds................................................................
Registry of transfers..............................................................................................
Notice of transfer to be given to association....................................................
Examination of registry and bonds...................................................................
Annual examination of bonds by associations................................................
Bonds to be held to secure circulation; interest; increase; exchange; with
drawal.................................................................................................................
Comptroller to determine if associations can commence business.................
Certificate of authority to commence business................................................
Publication of certificate.....................................................................................
Delivery of circulating notes to associations...................................................
Form, denominations, and printing of circulating notes.............................
Control of plates and dies and expenses of Bureau........................................
Annual examination of plates, dies, etc...........................................................
Issue of notes under $5 lim ited.........................................................................
Circulation of certain banks limited to $500,000............................................
Aggregate amount of circulating notes.............................................................
Apportionment of circulating notes..................................................................
Equalizing the distribution of circulating notes............................................
Method of procedure in withdrawing excess of circulation..........................
Removal of associations from State having an excess of circulation to one
having a deficiency..........................................................................................
Circulating notes, when may be issued by association.................................
Issue of other notes prohibited...........................................................................
Destroying and replacing worn-out and mutilated notes.............................
Organization of association for issuing gold notes...........................................
Gold bank reserve; to be received at par; “ Lawful money ” .....................
Penalty for unlawfully countersigning or delivering circulating n o te s ...
Imitating national-bank notes with advertisements thereon......................
Mutilating, etc., national-bank notes................................................................
389
389
389
389
389
389
390
390
390
390
391
392
392
393
393
393
394
394
394
395
395
395
395
396
396
397
397
397
397
398
398
398
399
REGULATION OF THE BANKING BUSINESS.
5190.
5191.
5192.
5193.
5194.
5195.
5196.
5197.
5198.
Place of business..............................................
Requirements as to lawful money reserve.......................................................
Redemption cites; reserve which may be kept; clearing-house certificates.
United States certificates of deposit may be issued, and count as reserve.
Limitation upon the issue of certificates of deposit.......................................
Agents for redemption of circulating notes to be designated.......................
National banks to receive notes of all other national banks........................
Limitation upon rate of interest.........................................................................
Usurious interest...................................................................................................
399
399
400
400
401
401
401
402
402
Banking .
Sec.
5199.
5200.
5201.
5202.
5203.
5204.
5205.
5206.
5207.
LAWS CONCERNING MONEY, BANKING, AND LOANS.
5208.
5209.
5210.
5211.
5212.
5213.
5214.
5215.
5216.
5217.
5218.
5219.
Page.
Dividends and surplus fund...............................................................................
Limit of liabilities to an association of any person, firm, etc.......................
Association not to loan upon or purchase their own stock...........................
Limit of indebtedness of associations................................................................
Circulating notes not to be hypothecated........................................................
Withdrawal of capital prohibited.......................................................................
Enforcing payment of deficiency in capital stock..........................................
Associations not to pay out uncurrent notes....................................................
Penalty for offering or receiving United States or national-bank notes as
security for loans, etc.......................................................................................
Penalty for falsely certifying checks.................................................................
Embezzlement...............
List of shareholders to be kept subject to inspection....................................
Reports of associations to Comptroller..............................................................
Dividends and earnings, reports o f....................................................................
Penalty for failure to make reports....................................................................
Duty on circulation, deposits, e tc .....................................................................
Semiannual returns of circulation, deposits, and capital stock...................
Method of assessment if return is not made.....................................................
How tax may be collected if association fails to pay...................................
Refunding excess of duties paid........................................................................
State taxation.........................................................................................................
5220.
5221.
5222.
5223.
5224.
5225.
5226.
5227.
5228.
5229.
5230.
5231.
52325233.
5234.
5235.
5236.
5237.
5238.
5239.
5240.
5241.
5242.
5243.
Voluntary liquidation..........................................................................................
Notice of intent to dissolve.................................................................................
Deposit of lawful money to redeem circulation.................... *.......................
Consolidating banks need not deposit lawful m oney...................................
Reassignment of bonds to closed b a n k s...........................................................
Destruction of redeemed notes................................. .........................................
Mode of protesting notes......................................................................................
Examination by special agents, after notice of protest.................................
Association not to do business after notice of protest...................................
Notice to noteholders............................................................................................
Sale of bonds'at auction.......................................................................................
Sale of bonds at private sale...............................................................................
Disposition to be made of notes redeemed.......................................................
Cancellation of notes............................................................................................
Receiver, appointment and duties o f...............................................................
Notice by Comptroller to creditors....................................................................
Dividends by Comptroller to creditors.............................................................
Injunction upon receivership.............................................................................
Fees and expenses of protest and receivership...............................................
Penalty for violation of this title.......................................................................
Bank examiners, appointment, powers, etc ...................................................
Limitation of visitorial powers............................................................................
Transfers, assignments, etc., after an act of insolvency, void......................
Use of the title “ national” .................................................................................
XIII
402
403
403
403
403
404
404
405
405
405
406
406
406
407
407
407
408
408
408
408
409
DISSOLUTION AND RECEIVERSHIP.
409
409
409
410
410
410
410
411
411
411
412
412
412
413
413
413
413
414
414
414
415
416
416
416
ACTS SUBSEQUENT TO THE REVISED STATUTES.
1874,
June 18.— Deposits in certain savings banks to be exempt from taxation.
417
June 20.— Fixing the amount of United States notes, redistribution of
national-bank currency, e t c ........................................................
418
June 22.— Certain savings banks exempt from internal-revenue tax........
422
XIV
NATIONAL MONETARY COMMISSION.
1875, Jan.
Jan.
Feb.
Mar.
1876, June
1877, Mar.
1880, Feb.
1881, Feb.
1882, July
1883, Mar.
1885, Mar.
1886, Mar.
May
1887, Mar.
Mar.
1890, May
July
1892, May
July
Aug.
1894, Aug.
1897, Mar.
1898, June
1900, Mar.
Apr.
Apr.
June
June
1901, Feb.
Mar.
Mar.
1902, Apr.
Apr.
1903, Mar.
1905, Feb.
Dec.
1906, June
1907, Jan.
Mar.
1908, May
1909, Mar.
B a n k in g .
14.—Providing for the resumption of specie payments.......................
19.—To remove the limitation restricting the circulation of bank
ing associations issuing notes payable in gold.........................
8.—A tax on notes; returns to Commissioner of Internal Revenue.
3.—Taxes and penalties due from mining and other corporations.
30.—Authorizing the appointment of receivers of national banks,
etc.....................................................................................................
3.— Expenses of engraving and printing..............................................14.—Authorizing the conversion of national gold banks...................
26.— Defining the verification of returns of national banks..............
12.—To enable national-banking associations to extend their cor
porate existence, etc.....................................................................
3.— Internal-revenue taxes on banks, etc., repealed.........................
3.— Banks in Territories authorized......................................................
29.—Additional to the national currency act of June 3, 1864..........
1.— Increase of capital stock, and change of name or location.........
3.—Jurisdiction of banks b y the courts.................................................
3.—Amending sections 5191 and 5192, Revised Statutes; reserve
cities.................................................................................................
2.— Effect of national-banking laws in Oklahoma..............................
14.— Directing the purchase of silver bullion and the issue of
treasury notes thereon; redemption of bank notes...................
12.— Branch bank at the World’s Columbian Exposition, authorized.
28.—Amending act for the redemption of national-bank notes
stolen or lost....................................................................................
3.— Amending an act authorizing appointment of receivers...........
13.—State taxation of national bank and United States notes..........
2.—Amending an act authorizing appointment of receivers of
national banks, etc........................................................................
13.—Annual tax upon banks and bankers im posed............................
14.—To define and fix the standard of value, maintain the parity of
money, refund the public debt; provisions applicable to
national banks................................................................................
12.—Federal laws applicable to Porto R ico..........................................
30.— Federal laws applicable to Hawaii................................................
6.— Safekeeping and disbursement of public moneys in the Phil
ippines, Cuba, and Porto R ico ....................................................
6.—Joint resolution: To authorize and empower the Banco Espanol
de Puerto R ico to amend by-laws..............................................
18.—Banks and trust companies in the Indian Territory..................
3.— Branch bank at the Louisiana Purchase Exposition.............
3.—Amending section 5153, Revised Statutes; public depositaries.
12.— Extension of charters of national banks.......................................
28.— Report of liquidation expenses.......................................................
3.—Amendment of sections 5191 and 5192, Revised Statutes;
reserve cities, etc............................................................................
28.—Amending section 5146, Revised Statutes; qualifications of
directors of national banking associations.................................
21.—Isthmian Canal bonds, rights, etc..................................................
22.—Amending section 5200, Revised Statutes; indebtedness to
banks................................................................................................
26.—Corporations contributing for politicalelections..........................
4.—Amending the national banking act..............................................
30.—Amending the national banking laws (Aldrich-Vreeland act)..
4.— National monetary commission.......................................................
422
423
424
424
425
428
429
430
430
435
435
436
437
438
438
439
440
441
441
442
442
442
446
446
448
448
449
449
450
451
451
452
452
453
453
454
455
455
456
458
469
Coinage.
LAWS CONCERNING MONEY, BANKING, AND LOANS.
XV
COINAGE.
Page.
Articles of Confederation................................................................................................
Constitution.............................
473
473
ACTS OF CONGRESS.
1791, Mar.
1792, Apr.
May
1793, Jan.
Feb.
1794, Mar.
3.—Resolution: Mint established....................................Hk..................
2.— Establishing a mint and regulating the coinage...........................
8.— Providing for copper coinage............................................................
14.—Amending act establishing a mint and regulating the coinage..
9.—Regulating foreign coins........ ..........................................................
3.—Alteration of the act establishing a mint and regulating the
coinage.............................................................................................
1795, Mar. 3.— Supplementary to the act establishing a mint and regulating
the coinage......................................................................................
1796, May 27.—Respecting the m int........................................................................
1797, July 22.—Proclamation that the mint is open............................... r ............
1798, Feb. 1.—Supplementary to the act regulating foreign coins......................
1800, Apr. 24.— Respecting the m int........................................................................
May 14.—Supplementary to the act establishing the mint and regulating
the coinage.........................................
1801, Mar.
3.— Concerning the m int.......................................................................
1804, Feb. 24.—Coinage acts extended to the LouisianaPurchase......................
1806, Apr. 10.—Regulating foreign coins............................... ...............................
Apr. 21.—Counterfeiting the current coin .....................................................
1812, Apr. 14.—Prohibiting the exportation of specie, etc., for a limited tim e ..
1818, Jan.
14.—Continuance of the mint at Philadelphia....................................
1823, Mar. 3.— Continuance of the mint at Philadelphia......................................
1825, Mar. 3.—Counterfeiting, embezzling, e tc ......................................................
1828, May 19.—Continuance of the mint at Philadelphia, etc............................
1834, June 27.—Gold and silver a tender.................................................................
June 28. Concerning the gold coins of the United States...........................
June 28.—Regulating certain foreign gold coins...........................................
] 835, Mar. 3.—Establishing branches of the m int.....................................
1837, Jan. 18.— Supplementary to the act establishing the Mint and regulat
ing the coinage...............................................................................
1849, Mar. 3.— Coinage of gold dollars and double eagles.....................................
1850, May 23.— Providing for advances of coin for bullion..................................
Sept. 30.—Assaying and stamping gold in California...................................
1851, Mar. 3.— Coinage of 3-cent piece......................................................................
1852, July 3.—Branch mint in California established, etc...................................
1853, Feb. 21.—Amendment relative to half dollar, quarter dollar, dime, and
half dim e.........................................................................................
Mar.3.—Assaying; mint officers, and coinage...................................................
Mar.
3.—Assaying and coinage..................................................................
1857, Feb. 21.—Relating to foreign coins; coinage of cents, etc..........................
1862, Apr. 21.—Branch mint at Denver established.............................................
IS<>3, Mar. 3.— Branch mint at Carson City established........................................
1864, Apr. 22.—Amending act relating to foreign coins and the coinage of
cents.................................................................................................
June 8.—Counterfeiting coins...........................................................................
1865, Mar. 3.—Coinage of 3-cent pieces, etc............................................................
1866, May 16.—Five-cent pieces authorized...........................................................
186/, Mar. 22.—Joint resolution: Coin and bullion on special deposit in the
Treasury...........................................................................................
473
474
480
481
481
483
483
485
486
487
487
488
488
489
490
491
491
492
493
493
494
495
496
497
498
500
508
509
510
510
511
511
513
514
517
518
520
522
523
523
525
527
f
XVI
NATIONAL MONETAKY COMMISSION.
C o in a g e .
Page.
1868, July 20.— Refining gold and silver bullion; exchange for refined b a rs .. .
1869, Feb. 19.— Assay office at Boise City established...........................................
1870, July 15.— Exchange of bullion, weight, e tc ...................................................
1871, Mar.
3.—Redemption of copper and other token coins..............................
1873, Feb. 12.— Revising and amending the laws relative to the mints, assay
offices, and coinage........................................................................
F!
Sec.
343.
345.
3474.
3495.
3496.
3497.
3500.
3501.
3502.
3503.
3504.
3505.
3506.
3507.
3508.
3509.
3510.
3511.
3512.
3513.
3514.
3515.
3516.
3517.
3518.
3519.
3520.
3521.
3522.
3523.
3524.
3525.
3526.
3527.
3528.
3529.
3530.
3531.
3532.
3533.
3534.
3535.
3536.
3537.
3538.
527
527
529
529
530
REVISED STATUTES.
Bureau of the Mint established..........................................................................
Powers and reports b y directors.........................................................................
What coin receivable........................................................................................
Enumeration of mints and assay offices............................................................
Officers of mints....................................................................................................
Superintendent of certain mints to perform duties of treasurer..................
Oath of office of officers, assistants, and clerks.................................................
Bonds of Officers, assistants, and clerks.............................................................
Who to act in absence of director, superintendent, etc..................................
General duties of superintendents of mints.....................................................
Ib id ..........................................................................................................................
Coins reduced in weight by abrasion................................................................
Duties of superintendents in respect to coins and bullion............................
Duties of assayers..................................................................................................
Duties of melters and*refiners.............................................................................
Duties of coiners....................................................................................................
Duties of engravers...............................................................................................
Gold coins of the United States and their weight..........................................
Gold coins, recoinage o f.......................................................................................
Silver coins and their weight.............................................................................
Standard for gold and silver coins...............................................
Minor coins, their weight and alloy..................................................................
Issue of other coins prohibited...........................................................................
Inscriptions upon coins........................................................................................
Gold and silver bars.............................................................................................
Coining gold bullion; deposits may be refused.............................................
Silver bullion may be received for forming into bars ortrade dollars. . . .
Bullion, weighing and ascertaining its value..................................................
Bullion, assay o f....................................................................................................
Bullion, assayed, assayer to report to superintendent quality o f................
Bullion, etc., charges for converting into coin ................................................
Assayer to verify calculations of value of deposits.........................................
Bullion, purchase of, for silver coinage; the silver-profitfund......................
Paying out silver coins for gold coins authorized...........................................
Metal for minor coinage, purchase of; minor-coinage profit fund...............
Minor coins, delivery and redemption o f.........................................................
Bullion, transfer of, for making into ingots.....................................................
Ingots to be assayed and receipted for.............................................................
Ingots, delivery of, to coiner..............................................................................
Ingots used for coinage, standard o f..................................................................
Preparation and stamping of bars for payment of deposits..........................
Deviations allowed in adjusting weights of gold coins...................................
Deviations allowed in adjusting weights of silver coins.................................
Deviations allowed in adjusting weights of minor coins................................
Delivery of coins by coiner and trial of pieces...............................................
550
551
551
551
551
551
551
552
552
552
553
553
553
554
554
554
554
555
555
555
555
555
556
556
556
556
556
557
557
557
557
557
558
558
558
559
559
559
559
560
560
560
560
560
560
Coinage.
LAWS CONCERNING MONEY, BANKING, AND LOANS.
Sbc.
XVII
Page.
3539. Trial pieces to be sealed up and transmitted quarterly to the mint at
Philadelphia................................................................................. .....................
561
3540. Disposal of clippings, e tc .....................................................................................
561
3541. Yearly settlement of accounts of coiner and of melter and refiner............
562
3542. Allowance for wastage..........................................................................................
562
3543. Statement of balance sheet to be forwarded by superintendent to director
562
3544. Delivery of coin or bars to depositor.................................................................
563
3545. Payment in money to depositors when value ascertained...........................
563
3546. Exchange of unparted bullion for fine bars.....................................................
563
3547. Appointment and meeting of assay commissioners........................................
563
3548. Standard troy pound for the regulation of coinage........................................
564
3549. Standard weights for mints and assay offices...................................................
564
3550. Yearly destruction of obverse working dies.....................................................
564
3551. National and other medals may be struck at the mintat Philadelphia.. .
565
3552. Money arising from charges to be covered into the Treasury......................
565
3553. Business of assay office at New Y ork.................................................................
565
3554. Appointment of officers at New Y ork...............................................................
565
3555. Duties, etc., of officers at New Y o rk ................................................................
565
3557. Appointment and salaries of assistants and employees at New Y ork.........
566
3558. Business of mint at Denver and assay offices, Boise City and Charlotte.. .
566
3559. Appointment of officers at Denver, Boise City, andCharlotte.....................
566
3560. Powers and duties of assayers at assay offices.................................................
566
3561. Bond and oath of officer and clerk.........................................................
566
3562. Laws relating to mints extended to assay offices...........................................
567
3563. Decimal system established........................................................................
567
3564. Value of foreign coins, how ascertained....................................................
567
3565. Value of the sovereign or pound sterling....................................................
567
3566. Recoinage of foreign coins....................................................
...
567
3567. Spanish and Mexican coins.........................................................................
568
3568. 1 heir transmission for recoinage.................................................................
568
3584. Foreign coins, legal tender..............................................................................
568
3585. Gold coins of the United States..........................................................................
568
3586. Silver coins of the United States.......................................................................
558
3587. Minor coins.....................................................
50g
3592. Certain mints and assay offices to be depositaries..........................................
568
3594. Certain superintendents to be assistant treasurers.........................................
569
3651. Disbursing officers exchanging funds for gold or silver;payments in coin.
569
3697. Redemption of 6 per cent bonds in coins.........................................................
569
3700. Purchase of coin .....................................................................................................
570
5457. Counterfeiting gold or silver coins or bars........................................................
570
5458. Counterfeiting minor coins..................................................................................
570
5459. Falsifying, mutilating, or lightening coins......................................................
571
5460. Debasing coins by officers of the m int....... ......................................................
571
o461. Making or uttering coins resembling m oney......... ..........................................
572
5462. Making or uttering devises of minor coins.......................................................
572
ACTS SUBSEQUENT TO THE REVISED STATUTES.
1874, Jan. 29.— Coinage at the mint for foreign countries.....................................
May 12.—To establish an assay office at Helena...........................................
June 22.—-Transfer of gold mint bars from the assay office to the assistant
treasurer at New Y ork ..................................................................
1875, Jan. 14.—To provide for the resumption of specie payments....................
Mar. 3.—Authorizing the coinage of a 20-cent p iece...................................
15712“—10----- 2
572
573
573
574
574
NATIONAL MONETARY COMMISSION.
XVIII
Coinage.
Page.
1876, Apr.
July
Aug.
1877, Jan.
Mar.
1878, Feb.
May
June
June
1879, Mar.
June
1881, Mar.
Mar.
Mar.
1882, May
July
Aug.
1886, Aug.
1887, Mar.
1888, May
1889, Mar.
1890, July
Sept.
Sept.
Oct.
1891, Feb.
Mar.
Mar.
1892, Aug.
Aug.
1893, Mar.
Nov.
1894, Aug.
1895, Feb.
Mar.
Mar.
1896, June
1897, Feb.
Mar.
Mar.
1898, May
June
July
17.—
22.—,
15.—
16 — Amending section 5457, Revised Statutes; counterfeiting........
3.— Refining and parting bullion..........................................................
28.— To authorize the coinage of the standard silver dollar and to
restore its legal-tender character................................................
2 .—•To prohibit the coinage of the 20-cent piece...............................
8 .—•To constitute superintendents of mints or assayers, assistant
treasurers.........................................................................................
19 —■Refining and parting bullion; payment to depositors; coin cer
tificates; charges to pay expenses..............................................
3.—•Bullion certificates............................................................................
9 —•Exchange of subsidiary coins for lawful money; legal tender..
1.—■To amend section 3524, Revised Statutes; charge for melting
or refining bullion..........................................................................
3.—•Parting and refining bullion............................................................
3.—•Free transportation of silver coin ...................................................
26.—•Receipt of United States gold coin in exchange for gold bars..
12.—
7.—
4.—
3.—
24.—
to a common silver coin ...............................................................
2.— Silver-profit fund, use o f..................................................................
14.— Purchase of silver bullion and the issue of treasury notes
thereon.............................................................................................
26.—■To amend section 3510, Revised Statutes, and to provide for
new designs of authorized devices of coins..............................
26.— To discontinue the coinage of the $3 and $1 gold pieces and 3cent nickel piece...........................................................................
1 —•Value of foreign coins; estimated quarterly.............................
10 —
3.—
3 .5.— International monetary conference................................................
5.— Coinage of souvenir half dollars for the World’s Columbian
Exposition.......................................................................................
3 . - ■Authorizing coinage of souvenir quarter dollars for the W orld’s
Columbian Exposition..................................................................
1.—
13.—
20. 2.—
2. 11.—•Minor coins, recoinage, etc.............................
1 9 .- •Assay office at Denver, rents, expenses, etc
3.—
3 .etc...................................................
21. - -Assay office at Seattle established.
13.—
7 .-
575
576
577
577
578
579
581
581
582
583
584
584
585
585
586
586
587
587
588
589
589
589
592
593
593
594
596
597
597
598
599
599
600
601
601
602
603
603
604
605
606
606
607
Papee<Money.
1899, Feb.
Mar.
Mar.
1900, Mar.
Apr.
1901, Mar.
1902, June
1903, Jan.
Mar.
Mar.
1904, Apr.
1905, Feb.
1906, Apr.
1908, May
LAWS CONCERNING MONEY, BANKING, AND LOANS.
24.—Mint at Carson, appropriation.........................................................
3.— Lafayette souvenir dollars.................................................................
3.— Counterfeiting, etc., in Alaska.........................................................
14.—To define and fix the standard of value, to maintain the par
ity, to refund the public debt, etc.............................................
12.— Redemption, etc., of Porto Rican coins........................................
3.—Amendment in relation to receipt of gold coin in exchange
for gold bars.....................................................................................
28.— Louisiana Exposition gold dollar...................................................
14.—Hawaiian silver coinage and silver certificates...........................
3.— Subsidiary coinage, limitation removed........................................
3.— Counterfeiting, etc..............................................................................
13.—Lewis and Clark Exposition gold dollar.......................................
21.—Use of devices calculated to convey the impression that the
United States certifies to the quality of gold or silver used
in arts...............................................................................................
24.— Purchase of metal and the coinage of minor coins, and the
,
distribution and redemption of said coins................................
18.— Restoration of the motto “ In God we trust” ..............................
XIX
Page.
607
608
609
610
615
616
616
617
619
619
620
621
622
624
PAPER MONEY.
ACTS OF CONGRESS.
1791, Feb. 25.
Bank of the United States; bills or notes receivable by the
United States........................................................................
627
1797, Mar.
3. Receipt of evidences of the public debt in payment for lands.
627
1798, June 27.—Forging or uttering counterfeit bills, etc., on the Bank of the
United States............................................................................
g28
1807, Feb. 24.—To punish frauds on the Bank of the United States................ ’
628
1812, Mar.
14. Loans from banks in the District of Columbia.............................
629
Mar. 19.—Repealing the tenth section of the act to incorporate the
Bank of the United States...........................................................
630
1816, Apr.
10. Bills or notes of the Bank of the United States,receivable for
w hat.........................................................................
630
1834, June 27. Payments not to be made in bank notes below par.................
630
June 30.— Certain banks not to issue promissory notes forless than $10..
631
1836, Apr. 14. Denominations of bank notes.........................................................
631
1838, July 5.—Modifying the last clause of section 5 of the deposite act of June
23, 1836.............................................................................................
631
July
7. Bills, notes, etc., of expired corporationsprohibited...................
632
July 7.— To restrain the circulation of small notes in the District of
Columbia..........................................................................................
633
1840, Mar. 31.—Additional to the act on the subject of Treasury notes...........
633
1841, Aug. 13.—Denominations of bank notes.........................................................
634
1861, July 17.—To authorize a national loan...........................................................
634
1862, Feb. 25.—To authorize the issue of United States notes, and for the
redemption or funding thereof....................................................
635
Mar. 17.—Demand notes may be legal tender; new notes in place of wornT ,
July
July
1863, Jan.
out-......... ; ........................................................................................
11. Additional issue of United States notes.......................................
To authorize payments in stamps and to prohibit notes of less
than $1..............................................................................................
17.—Joint resolution: Issue of United States notes for one hundred
millions.......................... „ ..............................................................
637
638
17.
641
641
4
NATIONAL MONETARY COMMISSION.
XX
P a p e r M oney.
Page.
1863, Mar.
3.— Issue of Treasury notes for four hundred millions......................
1864, June 3.—Issue of national-bank notes............................................................
June 30.— Interest-bearing Treasury notes, issue, legal tender, etc.; frac
tional currency...............................................................................
1865, Mar.
3.— To amend act to provide a national currency.............................
Mar.
3.— No fractional note to be issued under 5 cents..............................
1866, Apr. 12.— Treasury notes exchangeable for bonds.........................................
May 16.— No fractional currency of less than 10 cents................................
1867, Feb.
5.—Counterfeiting, etc............................................................................
Mar. 26.— Notes of towns, cities, or municipalities taxable........................
1868, Feb.
4.— Further reduction of the currency suspended.............................
1869, Feb. 19.—To prevent loaning money upon United States notes................
Mar. 18.—To strengthen the public credit; notes payable in coin............
1870, July 12.— Redemption of temporary loan certificates and increase of bank
notes.................................................................................................
642
645
645
647
648
648
649
650
650
651
651
652
653
REVISED STATUTES.
Sec.
254.
3475.
3476.
3571.
3572.
3573.
3574.
3575.
3576.
3577.
3578.
3579.
3580.
3581.
3582.
3583.
3588.
3589.
3590.
3651.
3652.
3689.
1
3693.
3708.
5171.
5172.
5173.
5175.
5177.
5178.
Gold certificates, issue of.....................................................................................
Legal-tender quality of national-bank n otes....................................................
Treasury notes payable for all debts of the United States..........................
United States notes...............................................................................................
Amount of fractional currency authorized.......................................................
No fractional currency less than 10 cents........................................................
Form and redemption of fractional notes.......................................................
Regulations for the issue and redemption of notes.........................................
No portrait of living person to be placed on securities...............
Engraving and printing notes.............................................................................
Expenses of issuing notes.............................. » ....................................................
Reissue of United States notes......................
Replacing mutilated notes..................................................................................
Destruction of notes..............................................................................................
Reduction of the currency suspended..............................................................
Restriction on notes less than $ 1 ......................................................................
Legal-tender qualities of United States notes.................................................
Legal-tender qualities of demand Treasury notes..........................................
Legal-tender qualities of interest-bearing notes...........................................
Exchange of funds restricted..............................................................................
Premium on sales of public moneys to be accounted for.............................
Permanent annual appropriations; expenses of issue, redemption, etc.,
paper m oney.......................................................................................................
Payment in coin of all obligations of the United States.................................
Imitating securities or printing advertisements thereon.............................
Delivery of circulating notes to banks..............................................................
Form, denomination, and printing of bank notes.............................................
Control of plates and dies and expenses of bureau.......................................
Issue of notes under $5 lim ited..........................................................................
Limit to aggregate amount of circulating notes..............................................
Apportionment of aggregate amount of circulating notes...........................
661
661
662
662
663
663
663
663
664
5179.
5180.
5181.
5182.
Equalizing the apportionment of circulating notes.....................................
Withdrawal of notes...........................................................................................
Removal of bank to another place..................................................................
For what demands national-bank notes may be received.........................
664
664
665
665
657
657
657
657
658
658
658
658
658
658
659
659
659
659
659
659
659
660
660
660
661
i
PapebMoney.
LAWS CONCERNING MONEY, BANKING, AND LOANS.
Sec.
5183.
5184.
5185.
5186.
5187.
5191.
5192.
5193.
5194.
5195.
5196.
5206.
5207.
5226.
Issue of other notes prohibited..........................................
Destroying and replacing worn-out and mutilated notes.............................
Gold-note banks..........................................................
Bank reserve, and receiving notes of other banks.........................................
Penalty of issuing notes to unauthorized banks..........................................
Lawful money reserve of national banks.................................................
What may be counted lawful money reserve; redemption cities................
Certain certificates of deposit may be counted as reserve..................
Limitation upon the issue of certificates of deposit.....................................
Agents for redemption of circulating notes..................................
National banks to receive notes of other national b a n k s...........................
Associations not to pay out uncurrent notes............................................
United States or national-bank notes not to be held as collateral............
Mode of protesting notes.........................................
5227.
5228.
5229.
5230.
5231.
5232.
5233.
5234.
5236.
5237.
5238.
5242.
5243.
Examination of banks which fail to redeem their notes.............................
Continuing business after default.................................................
Notice to holders; redemption; cancellation of bonds...................................
Sale of bonds of defaulting bank at auction......................................
Sale of bonds of defaulting bank at private sale....................................
Disposal of protested notes.....................................
Cancellation of national-bank notes.................................
Appointment of receivers for national banks
Dividends after bank defaults.......................................]
Injunction upon receivership........................
Fees and expenses of receivership, etc.................. . " . .
.............
Transfers of notes, etc., after insolvency, void ..."..'..".........
Use of the title “ national” ...........................
Page.
5413. “ Obligation or other security of the United States” defined............. ' ’ "
414. Forging or counterfeiting United States securities...................................
5415. Counterfeiting national-bank notes......................................
5430. Using plates to print obligations of the United States without authority,
5431.
5432.
5433.
5434.
5435.
5436.
5437.
XXI
Uttering, etc., forged obligations................................................
Taking impressions of tools, implements, etc........................................
Having unlawful possession of impressions....................................
Dealing in counterfeit securities.............................................
la lse personation of holder of public stock..............................................
false demand on fraudulent power of attorney......................................
Circulating bills of expired banks......................................................
5453. Secreting or embezzling tools and materials for printing securities...........
666
666
666
667
667
667
668
668
669
669
669
670
670
670
671
671
671
672
672
672
672
673
673
673
674
674
674
675
675
675
676
677
677
678
678
678
679
679
679
ACTS SUBSEQUENT TO THE REVISED STATUTES.
1874, June 20.
June
1875, Jan
Jan.
Feb.
Mar.
1876, Apr.
June
July
Fixing the amount of the United States notes, redistribution
of the national-bank currency.....................................
23.—Notes to be destroyed b y maceration..........................................
14.—Resumption of specie payments..............................................
19-—Limit to circulation of gold banks removed.................................
8.—Tax on circulation of other than national banks, e tc .................
3. Making and issuing currency.........................................
Redemption of fractional currency........................................
30. Fraudulent notes to be stamped as “ counterfeit” .....................
22.—Joint resolution: Issue of silver coin for legal-tender notes___
680
684
685
686
687
687
688
689
689
XXII
NATIONAL MONETARY COMMISSION.
Paper Monet.
Page.
1877, Mar.
1878, Feb.
May
3.— Engraving and Printing Bureau, appropriation for.....................
28.— Issue of certificates of deposit for silver dollars...........................
31.— Further retirement of United States legal-tender notes for
bidden ..............................................................................................
June 8.—Superintendents of mints or assayers may be assistant treas
urers .................................................................................................
1879, Mar. 3.—Bullion certificates.............................................................................
June 21.— Fractional currency reserve............................................................
1882, July 12.—To enable national banking associations to extend their cor
porate existence, e tc......................................................................
1886, Aug. 4.— Silver certificates to be issued; printing large denominations
in lieu of small................................................................................
1887, Mar. 3.—Legal-tender notes may be redeemed at San Francisco..............
1890, July 14.— Purchase of silver bullion and the issue of Treasury notes
thereon.............................................................................................
1891, Feb. 10.—Counterfeiting, etc., United States obligations............................
1892, July 28.— Redemption of national-bank notes stolen orlost........................
1893, Nov. 1.—To repeal a part of the act directing the purchase of silver bul
lion and the issue of Treasury notes thereon...........................
1894, Aug. 13.— State taxation of national banks and United States Treasury
notes.................................................................................................
1898, July 1.—Printing from hand-roller presses....................................................
1899, Mar.
3.— Counterfeiting, etc., in Alaska........................................................
1900, Mar. 14.—To define and fix the standard of value, to maintain the parity,
to refund the public deb t............................................................
Apr.23.—Printing notes of larger denomination..............................................
1901, Mar. 3.—To amend section 5153, Revised Statutes; national-bank de
positaries..........................................................................................
1907, Mar.
4.—To amend the national banking act..............................................
1908, May 30.—To amend the national banking laws (Aldrich-Vreeland a c t )..
690
691
691
692
692
693
693
697
697
698
700
701
702
702
703
703
704
710
711
711
714
FINANCE.
Under this subject are grouped the statutes relating to loans and other interestbearing obligations, the subtreasury system, the status of foreign coins, and other
statutes not relating specifically to banking, paper money, or coinage.
'
•
---------
2
- M
ARTICLES OF CONFEDERATION OF JULY 9, 1778.
i st„t. l„ 7.
A rticle 9.
S ec. 5. The United States, in Congress assembled, shall
have authority * * * to borrow money or emit bills
on the credit o f the United States, transmitting every
h alf year to the respective States an account o f the sums
o f money so borrowed or em itted; * * *.
S ec. 6. The United States, in Congress assembled, shall
never engage in a war, * * * , nor coin money, nor
regulate the value thereof, * * * , nor emit bills, nor
borrow money on the credit o f the United States,
unless nine States assent to the same, * * *.
*
*
l stat. l ., 8.
*,
A rticle 12.
A ll bills o f credit emitted, moneys borrowed, and debts
contracted by or under the authority o f Congress, before
the assembling o f the United States, in pursuance o f the
present confederation, shall be deemed and considered
as a charge against the United States, for payment and
satisfaction whereof the said United States and the pub
lic faith are hereby solemnly pledged.
i
stat. l ., 8.
THE CONSTITUTION OF THE UNITED STATES.
A rticle 1.
S ec. 8. The Congress shall have power—
1 stat. l„ 13.
T o lay and collect taxes, duties, imposts, and excises, to ^ to lay .taxes,
pay the debts, and provide for the common defence and the common de
general welfare of the United States; but all duties, im- fare. Duties to
posts, and excises shall be uniform throughout the United
States:
T o borrow money on the credit o f the United States:
0 rr0 w
To regulate commerce with foreign nations, and among cor^ ercegulate
the several States, and with the Indian tribes:
T o establish * * * uniform laws on the subject Bankruptcies,
o f bankruptcies throughout the United States:
To coin money, regulate the value thereof, and o f for- To coin mon1 J2
1
1 -1 p
.
’
ey. To fix the
eign com, and hx the standard 01 weights and m easures:standard of
0
weights and
measures.
T o provide for the punishment o f counterfeiting: the to puni sh
securities and current coin o f the United States:
*
*
Hi
He
H
e
T o make all laws which shall be necessary and proper
to
m ake la w s
for carrying into execution the foregoing powers, and all fnto Execution
other powers vested by this Constitution in the govern - vested ^Gov8
ment o f the United States, or in any department or un“ij&estates?f
officer thereof. >
S e c . 10. No
State shall
*
*
* ; coin money; emit
bills o f credit; make any thing but gold and silver coin
a tender in payment o f debts; * * *.
A C T O F J U L Y 31, 1789.
C hap . V .— A n act to regulate the collection of the duties
imposed by law on the tonnage of ships or vessels, and
on goods, wares and merchandises imported into the
United States.
*
S e c . 18.
*
*
*
1 stat. l„ 29.
*
And be it further enacted, That all foreign
Rates of forcoins and currencies shall be estimated according to the currency? and
follow ing rates: Each pound sterling o f Great Britain,
at four dollars forty-four cents; each livre tournois o f
3
NATIONAL MONETARY COMMISSION.
4
France, at eighteen cents and a h a lf; each florin or
guilder of the United Netherlands, at thirty-nine cents;
each mark banco o f Hamburgh, at thirty-three cents and
one th ird ; each rix dollar of Denmark, at one hundred
cents; each rix dollar o f Sweden, at one hundred cents;
each ruble o f Russia, at one hundred cents; each real
plate o f Spain, at ten cents; each milree o f Portugal, at
one dollar and twenty-four cents; each pound sterling
o f Ireland, at four dollars ten cents; each tale of China,
at one dollar forty-eight cents; each pagoda o f India,
at one dollar ninety-four cents; each rupee o f Bengal,
at fifty-five cents and a h a lf; and all other denomina
tions o f money in value as near as may be to the said
invoices to be rates; and the invoices o f all importations shall be made
theCp[aceCfrom out in the currency o f the place or country from whence
p o r t a t i o n the “importation shall be made, and not otherwise.
comes.
*
*
*
*
*
Rates of coins
S e c . 30. And be it further enacted. That the duties
f o r receiving
,
•
1
duties and fees, and fees to be collected by virtue o f this act, shall be
received in gold and silver coin only, at the following
rates, that is to say, the gold coins o f France, England,
Spain and Portugal, and all other gold coin of equal
fineness, at eighty-nine cents for every pennyweight.
The
Mexican dollar at one hundred cents; the crown o f France
at one dollar and eleven cents; the crown o f England at
one dollar and eleven cents; and all silver coins o f equal
fineness at one dollar and eleven cents per ounce.
*
*
*
*
*
Approved, July 31, 1789.
[Further provisions fixing the rates and status of for
eign coins and currency are as follow s: 1 Stat. L ., 167,
173, 215, 262, 300, 539, 673, 68 0 ; 2 Stat. L ., 121, 173, 37 4 ;
3 Stat. L ., 322, 525, 645, 777, 7 7 9 ; 4 Stat. L ., 593, 681,
699, 7 0 0 ; 5 Stat. L ., 496, 607, 625, 7 4 0 ; 9 Stat. L ., 1 4 ; 11
Stat. L ., 163.
Former acts making foreign coins a cur
rency or legal tender, repealed, 11 Stat. L ., 163; 12 Stat.
L ., 2 0 7 ; 17 Stat. L ., 602 (secs. 3564-3565, R. S .) ]
A C T O F S E P T E M B E R 2, 1789.
l stat. l ., 65. C h a p . X I I . — A n act to establish the Treasury Depart
ment.
S ection 1. Be it enacted by the Senate and House of
Representatives of the United States of America in CondSfgnated?ent^ r m
assembled, T hat there shall be a Department o f
LAWS CONCERNING FINANCE.
5
Treasury, in which shall be the follow ing officers, nam ely:
A Secretary o f the Treasury, to be deemed head o f the r °®yersc:0mep’department; a Comptroller, an Auditor, a Treasurer, a Tr0easurerdRegRegister, and an Assistant to the Secretary of the Treas- totesecretaryant
ury, which assistant shall be appointed by the said
Secretary.
S e c t . 2 . And be it further enacted, T hat it shall be Se^retary0f the
the duty o f the Secretary o f the Treasury to digest and
prepare plans for the improvement and management of
the revenue, and for the support o f public credit; to pre
pare and report estimates o f the public revenue, and the
public expenditures; to superintend the collection o f the
revenue; to decide on the forms o f keeping and stating
accounts and making returns, and to grant under the
limitations herein established, or to be hereafter provided,
all warrants for monies to be issued from the Treasury,
in pursuance o f appropriations by la w ; to execute such
services relative to the sale o f the lands belonging to the
United States, as may be by law required o f h im ; to
make report, and give information to either branch of
the legislature, in person or in writing (as he may be
required), respecting all matters referred to him by the
Senate or House o f Representatives, or which shall ap
pertain to his office; and generally to perform all such
services relative to the finances, as he shall be directed to
perform.
S e c . 3.
S e c . 4.
(Prescribes the duties o f the Comptroller.)
And be it further enacted, That it shall be the T^
duty of the Treasurer to receive and keep the monies o f
the United States, and to disburse the same upon war
rants drawn by the Secretary o f the Treasury, counter
signed by the Comptroller, recorded by the Register, and
not otherwise; he shall take receipts for all monies paid
by him, and all receipts for monies received by him shall
be endorsed upon warrants signed by the Secretary o f the
Treasury, without which warrant, so signed, no acknowl
edgment for money received into the public Treasury
shall be valid.
A n d the said Treasurer shall render his
accounts to the Comptroller quarterly (or oftener if re
quired), and shall transmit a copy thereof, when settled,
to the Secretary o f the Treasury.
H e shall moreover,
on the third day o f every session o f Congress, lay before
the Senate and House o f Representatives, fair and ac
curate copies o f all accounts by him from time (to time)
rendered to, and settled with the Comptroller as afore-
,e®
the
NATIONAL MONETARY COMMISSION.
6
said, as also, a true and perfect account o f the state of
the Treasury.
H e shall, at all times, submit to the Secre
tary o f the Treasury, and the Comptroller, or either o f
them, the inspection o f the monies in his hands; and shall,
prior to the entering upon the duties of his office, give
bond, with sufficient sureties, to be approved by the Secre
tary of the Treasury and Comptroller, in the sum o f one
Act of Mar. 3,
1809, ch. 28,
sec. i.
hundred and fifty thousand dollars, payable to the United
States, with condition for the faithful performance o f
i
1
the duties o f his office, and for the fidelity o f the persons
to be by him employed, which bond shall be lodged in
the office of the Comptroller of the Treasury of the
United States.
(F o r additional duties imposed on the Treasurer see
1 Stat. L ., 280.)
S ec. 5. (Prescribes the duties of the Auditor.)
Register
°f the
S ec .
A nd
^ f ur^ er enacted, That it shall be the
duty o f the Register to keep all accounts o f the receipts
and expenditures o f the public money, and of all debts
due to or from the United States; to receive from the
Comptroller the accounts which shall have been finally
adjusted, and to preserve such accounts with their vouch
ers and certificates; to record all warrants for the receipt
or payment of monies at the Treasury, certify the same
thereon, and to transmit to the Secretary of the Treasury,
copies o f the certificates o f balances o f accounts adjusted
as is herein directed.
(Section 7 provides that the Assistant Secretary shall
have charge o f the records, etc., in case o f vacancy in the
office of the Secretary.)
(Section 8 forbids any person appointed to any office
instituted by this act to be concerned in trade, commerce,
navigation, or the purchase o f public property or public
securities, or to take any emolument for transacting busi
ness in the department, other than is allowed by law.)
Approved, September 2, 1789 (1 Stat. L ., 6 5 ).
A C T O F M A R C H 26, 1790.
l stat. l., 105. C hap . IV . — A n act making appropriations for the sup
port o f government fo r the year one thousand seven
hundred and ninety.
*
before'prov’ided
S ec.
£urthorizaed,’ forsa^
certain
poses.
pur
*
*
*
*
A n d he it further enacted, T hat out of the afore-
appropriation of one hundred and forty-seven thou-
hr
LAWS CONCERNING FINANCE.
i
sand one hundred and sixty-nine dollars and fifty-four
cents, the payment o f the following sums, not heretofore
provided for by law, and estimated in the aforesaid re
port o f the Secretary of the Treasury o f the first of March
instant, is hereby authorized and intended to be made, to
w it:
* * * : For paying the interest due on the loans
made by the Secretary o f the Treasury, two thousand
four hundred and fourteen dollars, and sixty-one cents.
*
*
*
*
*
S ec. 7. And be it further enacted, T hat the President of necessary1“ may
the United States be authorized to empower the Secretary to thmake good
o f the Treasury, i f he shall deem it necessary, to make
®tj0^sappro‘
such loans as may be requisite to carry into effect the
foregoing appropriations, for the repayment o f which
the aforesaid duties on imports and tonnage shall be, and
are hereby pledged.
Approved, March 26, 1790.
A C T O F A U G U S T 4, 1790.
C h a p . X X X I V . — A n act making 'provision for the [pay - 133 stat‘ L-’
ment of the\ debt of the United States.
W hereas, justice and the support o f public credit require, that provision should be made for fulfilling the
engagements o f the United States, in respect to their
Recital*6’1
foreign debt, and for funding their domestic debt upon
equitable and satisfactory term s:
^ S e c t i o n 1.
Be it enacted by the Senate and House of
Representatives of the United States of America in Con
gress assembled, T hat reserving out o f the monies which po^ts^andVon
have arisen since the last day o f December last past, and nag® appropriwnich shall hereafter arise from the duties on goods,grest^debt&Sa
wares and merchandise imported into the United States, futu.reloa°|^e,
.
*
’ serving $600,and on the tonnage o f ships or vessels, the yearly sum o f 200 annually
.
,
®
y
’
J
J
for support of
six hundred thousand dollars, or so much thereof as may Government,
be appropriated from time to time, towards the support
of the Government o f the United States, and their com
mon defence, the residue o f the said monies, or so much
thereof, as may be necessary, as the same shall be received
m each year, next after the sum reserved as aforesaid,
shall be, and is hereby appropriated to the payment o f
the interest which shall from time to time become due on
the loans heretofore made by the United States in foreign
countries; and also to the payment o f interest on such
r
NATIONAL MONETARY COMMISSION.
8
further loans as may be obtained for discharging the
arrears o f interest thereupon, and the whole or any part
o f the principal thereof; to continue so appropriated until
the said loans, as well those already made as those which
may be made in virtue o f this act, shall be fully satisfied,
pursuant to the contracts relating to the same, any law to
the contrary notwithstanding.
A nd provided, That noth
ing herein contained, shall be construed to annul or alter
any appropriation by law made prior to the passing of
this act.
For payment
of interest nnd
A n d as new loans are and will be necessary for the pay•
*'
jt
%/
installments of ment o f the aforesaid arrears o f interest, and the instal
foreign debt.
ments o f the principal o f the said foreign debt due and
growing due, and may also be found expedient for effect
ing an entire alteration in the state o f the sam e:
(Section 2 authorizes the President o f the United States
to cause not exceeding twelve millions of dollars to be bor
rowed, for the discharge o f said arrears and installments
or for paying off the whole foreign debt, and to make
such further contracts respecting said debts as may be
expedient, provided that no contract shall preclude the
United States from reimbursing within fifteen years any
sum borrowed.)
Domestic debt
S ec. 3. Be it
to be loaned to
its full amount, the full amount
and subscrip- . . .
therefore further enacted, T hat a loan to
'
. '
.
7
of the said domestic debt be, and the same
„
.
tions thereto, is hereby proposed; and that books tor receiving subscriphowtobemade; .
7
• i
. ,,
tions to the said loan be opened at the treasury of the
United States, and by a commissioner to be appointed in
each o f the said States, on the first day of October next, to
continue open until the last day o f September following,
inclusively; and that the sums which shall be subscribed
abieWhat
pay' thereto, be payable in certificates issued for the said debt,
according to their specie value, and computing the interest
upon such as bear interest to the last day o f December
next, inclusively; which said certificates shall be o f these
several descriptions, to w it :
Those issued by the Register o f the Treasun*.
Those issued by the commissioners o f loans in the sev
eral States, including certificates given pursuant to the
act o f Congress o f the second o f January, one thousand
seven hundred and seventy-nine, for bills o f credit o f the
several emissions o f the twentieth o f M ay, one thousand
seven hundred and seventy-seven, and the eleventh of
A p ril, one thousand seven hundred and seventy-eight.
LAWS
CO N C E R N IN G
F IN A N C E .
9
Those issued by the commissioners for the adjustment
o f the accounts of the quartermaster, commissary, hos
pital, clothing, and marine departments.
Those issued by the commissioners for the adjustment
o f accounts in the respective States.
Those issued by the late and present Paymaster-Gen
eral, or commissioner o f A rm y accounts.
Those issued for the payment o f interest, commonly
called indents o f interest.
A n d in the bills o f credit issued by the authority o f the
United States in Congress assembled, at the rate o f one
hundred dollars in the said bills, for one dollar in specie.
S ec. 4. And be it further enacted, That for the whole
Subscribers
or any part o f any sum subscribed to the said loan, b}^ cjpa'fof domelany person or persons, or body politic, which shall be paidproportfonr^f
in the principal o f the said domestic debt, the subscriber of Merest, and
or subscribers shall be entitled to a certificate, purportingment entitled
that the United States owe to the holder or holders th ere-t0
of, his, her, or their assigns, a sum to be expressed there•
JL---
” 7 --------------O
six per centum per annum, payable quarter
} early, and subject to redemption by payments not ex
ceeding in one year, on account both o f principal and
interest, the proportion o f eight dollars iqion a hundred
o f the sum mentioned in such certificate; and to another
certificate purporting that the United States owe to the
holder or holders thereof, his, her, or their assigns, a sum
to be expressed therein, equal to the proportion o f thirtythiee dollars a n d ,one-third o f a dollar upon a hundred
o f the sum so paid, which after the year one thousand
eight hundred shall bear an interest o f six per centum
per annum, payable quarter yearly, and subject to re
demption by payments not exceeding in one year, on ac
count both o f principal and interest, the proportion of
eight dollars upon a hundred o f the sum mentioned in
such certificate: Provided , That it shall not be under
stood that the United States shall be bound or obliged to
redeem in the proportion aforesaid; but it shall be under
stood only that they have a right so to do.
S ec. 5. And be it further enacted, T hat for the whole
Subs cribers
or any part o f any sum subscribed to the said loan by est'oTdomestic
any person or persons, or body politic, which shall bejYoY’tTonspiof
paid in the interest o f the said domestic debt, computed on^tereatSd
to the said last dav nf
to.
10
NATIONAL MONETARY COMMISSION.
certificates issued in payment o f interest, commonly called
indents o f interest, the subscriber or subscribers shall be
entitled to a certificate purporting that the United States
owe to the holder or holders thereof, his, her, or their
r .
assigns, a sum to be specified therein, equal to that by him,
her, or them so paid, bearing an interest of three per centum
per annum, payable quarter yearly, and subject to re
demption by payment o f the sum specified therein, when
ever provision shall be made by law for that purpose.
erC°t“ “ eSlap-
S EC* 6* And be it further enacted, That a commissioner
itatefo receive
subscriptions,
appointed for each State, to reside therein, whose duty
shall be to superintend the subscriptions to the said
loan; to open books for the same; to receive the certifi
cates which shall be presented in payment thereof; to
liquidate the specie value o f such of them as shall not
have been before liquidated; to issue the certificates above
mentioned in lieu thereof, according to the terms o f each
subscription; to enter in books to be by him kept for that
purpose, credits to the respective subscribers to the said
loan for the sums to which they shall be respectively en
titled; to transfer the said credits upon the said books
from time to time as shall be requisite; to pay the interest
thereupon as the same shall become due, and generally to
observe and perform such directions and regulations as
shall be prescribed to him by the Secretary o f the Treas
ury, touching the execution o f his office.
(Section 7 provides that the stock created in pursuance
o f this act shall be transferable only on the books o f the
Treasury or o f the commissioners in which it is recorded
at the time o f transfer, by the owner or by his attorney;
but stock may be transferred by the Secretary o f the
Treasury from the books o f one office to those o f another,
by request o f the owner.)
(Section 8 provides for the payment of the interest,
to be made quarterly on the last days o f March, June,
September, and December in each year.
(Sections 9 and 10 provide that nothing in this act
shall impair the rights o f creditors who do not subscribe
to the loan, but that they shall receive to the end o f 1791
the same rate o f interest as is paid to subscribing cred
itors, and payable at the same times and places. But
as some o f the certificates outstanding have not been
liquidated to specie value, and as some have been coun
terfeited, such creditors as do not hold certificates issued
by the Register o f the Treasury, in order to be entitled
LAWS CONCERNING FINANCE.
11
to interest, are required to present them before June 1,
1791, to be exchanged for new certificates specifying
the specie amounts o f debt and otherwise like those
heretofore issued by the Register, and made transferable
like those issued to subscribers under this act.
(Sections 11 and 12 prescribe the salaries to be paid
to the commissioners, and provide for their oath of office
and official bonds.)
S ec. 12 (2nd paragraph). A nd whereas a provision
state debts
for the debts o f the respective States by the United
States, would be greatly conducive to an orderly, eco
nomical and effectual arrangement of the public finances:
S ec . 13. Be it therefore further enacted, That a loan beamountof $21?
proposed to the amount o f twenty-one million and five a loan pVohundred thousand dollars, and that subscriptions to thePnS certificates
said loan be received at the same times and places, and of thc statei”
by the same persons, as in respect to the loan herein
before proposed concerning the domestic debt of the
United States. A nd that the sums which shall be sub
scribed to the said loan, shall be payable in the principal
and interest of the certificates or notes, which prior to the
first day of January last, were issued by the respective
States, as acknowledgments or evidences o f debts by
them respectively owing, except certificates issued by the
commissioners o f A rm y accounts in the State of North
Carolina, in the year one thousand seven hundred and
eighty-six.
eU a
Provided , That no greater sum shall be received in the ?e0rtafnesumSi
certificates of any State than as follow s; that is to sa y : eachIn those of New Hampshire, three hundred thousand
dollars.
In those o f Massachusetts, four million dollars.
In those o f Rhode Island and Providence Plantations,
two hundred thousand dollars.
In those of Connecticut, one million six hundred thou
sand dollars.
In those of New York, one million two hundred thou
sand dollars.
In those
dollars.
of
New
Jersey,
eight
hundred
thousand
In those of Pennsylvania, two million two hundred
thousand dollars.
In those o f Delaware, two hundred thousand dollars.
In those of M aryland, eight hundred thousand dollars.
12
NATIONAL MONETARY COMMISSION.
In those o f Virginia, three million five hundred thou
sand dollars.
In those of North Carolina, two million four hundred
thousand dollars.
In those of South Carolina, four million dollars.
In those o f Georgia, three hundred thousand dollars,
what certifi- And provided, That no such certificate shall be received,
cates shall not
£
’
’
be received.
which from the tenor thereof, or from any public record,
act, or document, shall appear or can be ascertained to
have been issued for any purpose, other than compensa
tions and expenditures for services or supplies towards
the prosecution o f the late war, and the defence o f the
United States, or o f some part thereof during the same.
Subscriptions g EC< 14, Provided also, and be it further enacted, That
smn aUowcd to i f the total amount o f the sums which shall be subscribed
any State, what
,
.
.
.
shaii^be paid° n
sa^ l ° an *n ^ ie debt
any State, within the time
limited for receiving subscriptions thereto, shall exceed
the sum by this act allowed to be subscribed within such
State, the certificates and credits granted to the respective
subscribers, shall bear such proportion to the sums by
them respectively subscribed, as the total amount of the
said sums shall bear to the whole sum so allowed to be
subscribed in the debt o f such State within the same.
A n d every subscriber to the said loan shall, at the time
o f subscribing, deposit with the commissioner the certifi
cates or notes to be loaned by him.
Subscribers
S ec . 15. And be it further enacted, That for two-thirds
to said l oan,
'
. ,
.
what propor- o f any sum subscribed to the said loan, by any person or
tion of princiJ
. ,
.. .
J
pal ra te of^in- jiersons, or body politic, which shall be paid in the prm terms of’ pay- cipal and interest of the certificates or notes issued as
me n t entitled *
.
.
to.
aforesaid by the respective States, the subscriber or sub
scribers shall be entitled to a certificate, purporting that
the United States owe to the holder or holders thereof,
or his, her or their assigns, a sum to be expressed therein,
equal to two-thirds o f the aforesaid two-thirds, bearing
an interest of six per centum per annum, payable quarter
yearly, and subject to redemption by payments, not ex
ceeding in one year, on account both of principal and
interest, the proportion o f eight dollars upon a hundred
of the sum mentioned in such certificate; and to another
certificate, purporting that the United States owe to the
holder or holders thereof, his, her or their assigns, a sum
to be expressed therein, equal to the proportion o f thirtythree dollars and one third of a dollar upon a hundred
o f the said two thirds o f such sum so subscribed, which
LAWS CONCERNING FINANCE.
13
after the year one thousand eight hundred shall bear an
interest of six per centum per annum, payable quarter
yearly, and subject to redemption by payments, not ex
ceeding in one year, on account both o f principal and
interest, the proportion o f eight dollars upon a hundred
o f the sum mentioned in such certificate; and that for
the remaining third o f any sum so subscribed, the sub
scriber or subscribers shall be entitled to a certificate, pur
porting that the United States owe to the holder or hold
ers thereof, his, her or their assigns, a sum to be expressed
therein, equal to the said remaining third, bearing an in
terest of three per cent, per annum, payable quarter
yearly, and subject to redemption by payment o f the sum
specified therein whenever provision shall be made by
law for that purpose.
S ec . 10. And be it further enacted, That the interest
interest, how
upon the certificates which shall be received in payment ed, and payable
o f the sums subscribed towards the said loan, shall pe <iUd,ter yearlycomputed to the last day o f the year one thousand seven
hundred and ninety-one, inclusively; and the interest
upon the stock which shall be created by virtue o f the
said loan, shall commence or begin to accrue on the first
day o f the year one thousand seven hundred and ninetytwo, and shall be payable quarter yearly, at the same time,
and in like manner as the interest on the stock to be
created by virtue o f the loan above proposed in the do
mestic debt o f the United States.
S ec. 17. And be it further enacted, That if the whole
Sum allowed
sum allowed to be subscribed in the debt or certificates o f not aiSdngStsdub<m\ State as aforesaid, shall not be subscribed within the state to receive
time for that purpose limited, such State shall be entitled amount of den'
to receive, and shall receive from the United States, a n "™ 1'''
interest per centum per annum, upon so much of. the said
sum as shall not have been so subscribed, equal to that
which would have accrued on the deficiency, had the same
been subscribed in trust for the non-subscribing creditors
o f such State, who are holders o f certificates or notes is
sued on account o f services or supplies towards the prose
cution o f the late war, and the defence o f the United
States or of some part thereof, to be paid in like manner
as the interest on the stock which may be created by vir
tue o f the said loan, and to continue until there shall be
a settlement o f accounts between the United States and
the individual States; and in case a balance shall then
14
NATIONAL MONETARY COMMISSION.
appear in favour of such State, until provision shall be
made for the said balance.
But as certain States have respectively issued their
own certificates, in exchange for those of the United
States, whereby it might happen that interest might be
twice payable on the same sums:
State certifi
cates issued in
lieu of those of
the U n i t e d
S t a t e s , pay
ment of inter
est on,
sus
pended.
S e c . 18. Be it further enacted, That the payment of
interest whether to States or to individuals, in respect to
the debt o f any State, by which such exchange shall have
been made, shall be suspended, until it shall appear to the
satisfaction o f the Secretary o f the Treasury, that certifi
cates issued for that purpose by such State, have been re
exchanged or redeemed, or until those which shall not
have been re-exchanged or redeemed, shall be surrendered
S t a t e s
chargeable
with amount of
subscriptions.
to the United States.
S e c . 19. And he it further enacted, That so much of
the debt o f each State as shall be subscribed to the said
loan, and the monies ( if any) that shall be advanced to
the same pursuant to this act, shall be a charge against
such State, in account with the United States.
Further ap
S e c . 2 0 . And he it further
propriation of
monies arising arising under the revenue laws,
from the reve
nue laws to the the present session o f Congress
purposes
of
this a c t;
thereof as may be necessary,
enacted, That the monies
which have been or during
may be passed, or so much
shall be and are hereby
pledged and appropriated for the payment o f the interest
on the stock which shall be created by the loans aforesaid,
pursuant to the provisions o f this act, first paying that
which shall arise on the stock created by virtue o f the said
first mentioned loan, to continue so pledged and appro
priated, until the final redemption of the said stock, any
law to the contrary notwithstanding, subject nevertheless
to such reservations and priorities as may be requisite to
satisfy .the appropriations heretofore made, and which
during the present session of Congress may be made by
law, including the sums herein before reserved and appro
priated; and to the end that the said monies may be in
violably applied in conformity to this act, and may never
be diverted to any other purpose, an account shall be kept
of the receipts and disposition thereof, separate and dis
tinct from the product o f any other duties, imposts, ex
cises and taxes whatsoever, except such as may be here
after laid, to make good any deficiency which may be
found
in the product thereof towards satisfying the
interest aforesaid.
LAWS CONCERNING FINANCE.
15
S ec . 21. And be it further enacted, T hat the faith of the united^states
United States be, and the same is hereby pledged to pro- j^ ^ g o o d d e fl0
vide and appropriate hereafter such additional and per- cienciesmanent funds as may be requisite towards supplying any
such deficiency, and making full provision for the pay
ment o f the interest which shall accrue on the stock to be
created by virtue of the loans aforesaid, in conformity to
the terms thereof respectively, and according to the tenor
o f the certificates to be granted for the same pursuant to
this act.
S ec . 22. And be it further enacted, That the proceeds o f fro^ r °SaieS
ed„f
the sales which shall be made of lands in the western ter- £,e^ er™ alas^ :
ritory, now belonging, or that may hereafter belong to th e ing funcL
United States, shall be, and are hereby appropriated
towards sinking or discharging the debts, for the pay
ment whereof the United States now are, or by virtue of
this act may be holden, and shall be applied solely to that
use until the said debts shall be fully satisfied.
Approved, August 4, 1790.
N ote— By a series o f acts, beginning with that o f May 8, 1792
(1 Stat. L., 279), the time allowed for subscriptions under section 3
above was extended to December 31, 1797, giving to nonsubscrib
ing creditors a rate o f interest equal to that which would be pay
able to them as subscribing creditors. (See the act o f March 3,
1797, 1 Stat. L., 516.)
The time for receiving upon loan the debts o f the States under
section 13 above was also extended by the act o f May 8, 1792, to
March 1, 1793, “ Provided always, That the commissioners o f loans
for North Carolina shall not be allowed to receive any certificate
issued by Patrick Travers, commissioner o f Cumberland County,
or by the commissioners o f army accounts at W arrenton.”
A C T O F A U G U S T 5, 1790.
C h a p . X X X V I I I . — A n act to 'provide more effectually ^ i s t a t . n,
for the settlement of the accounts between the United
States and the individual States.
S ection 1. Be it enacted, * * *, That a board, to
consist o f three commissioners, be, and hereby is estab
lished to settle the accounts between the United States,
and the individual states; and the determination of a
majority o f the said commissioners on the claims sub
mitted to them, shall be final and conclusive; and they
shall have power to employ such number o f clerks as they
may find necessary.
16
NATIONAL MONETARY COMMISSION.
(Section 2 provides for the oath of office to be taken
by the commissioners, and for their payment, at the rate
o f two thousand two hundred and fifty dollars per annum
for each.)
cedfi°ee i°n Pex- S ecAnd be it further enacted, That it shall be the
aminingclaims, duty o f the said commissioners to receive and examine
all claims which shall be exhibited to them before the
first day o f July, one thousand seven hundred and ninetyone, and to determine on all such as shall have accrued
for the general or particular defense during the war, and
on the evidence thereof, according to the principles of
general equity (although such claims may not be sanc
tioned by the resolves o f Congress, or supported by regu
lar vouchers), so as to provide for the final settlement of
all accounts between the United States and the states
individually; but no evidence of a claim heretofore ad
mitted by a commissioner o f the United States for any
state or district, shall be subject to such examination; nor
shall the claim of any citizen be admitted as a charge
against the United States in the account o f any state,
unless the same was allowed by such state before the
twenty-fourth day o f September, one thousand seven
hundred and eighty-eight.
to Tpecieuvaful
S ec.
And he it further enacted, That it shall be the
debits1of cerd-d lltT
sa^ commissioners to examine and liquidate
tain states.
to specie value, on principles o f equity, the credits and
debits o f the states already on the books of the treasury
for bills o f credit subsequent to the eighteenth of March,
one thousand seven hundred and eighty,
settlement,fiag?
S e c . 5.
And he it further enacted, That the commis-
tKafan0cfesatosi ° ners shall debit each state with all advances which
betwPeedn*thehave been, or may be made to it by the United States,
states.
anc] with the interest thereon to the last day o f the year
one thousand seven hundred and eighty-nine, and shall
credit each state for its disbursements and advances on the
principles contained in the third section of this act, with
interest to the day aforesaid, and having struck the bal
ance due to each state, shall find the aggregate o f all the
balances, which aggregate shall be apportioned between
the states agreeably to the rule hereinafter given; and the
difference between such apportionments, and the respec
tive balances, shall be carried in a new account to the
debit or credit o f the states respectively, as the case
may be.
•
LAWS
CO N C E R N IN G
F IN A N C E .
17
S ec. 6. And be it further enacted, That the rule for
The rule of
apportioning to the states the aggregate o f the balances
first above mentioned, shall be the same that is prescribed
by the constitution o f the United States, for the appor
tionment o f representation and direct taxes, and accord
ing to the first enumeration which shall be made.
S ec. (. And be it further enacted, That the states who sta^eaeta ^ 0 r
shall have balances placed to their credit on the books their balances
o f the treasury o f the United States, shall, within twelve
months after the same shall have been so credited, be
entitled to have the same funded upon the same terms
with the other part o f the domestic debt o f the United
States; but the balances so credited to any state shall not
be transferable.
(Section 8 relates to the compensation o f the clerks
employed by the commissioners.)
9. And be it further enacted, That the powers o f
Continuance
the said commissioners shall continue until the first day
o f July, one thousand seven hundred and ninety-two, un
less the business shall be sooner accomplished.
Approved, August 5, 1790.
sfon ers,C
pow ers!
S
e c
.
N ote.— T he time for settling the accounts under this act was
TXt229)d t0 JUly
1793’ by tbe aCt °f January 23’ 1792 (1 Stat
A C T O F A U G U S T 12, 1790.
C
h a p
.
X L V I I .— A n act making 'provision for the reduc-
1
sta t
l
.,
tion o f the public debt.
It being desirable by all just and proper means, to effect , AV of Mar.
a reduction o f the amount o f the public debt, and as the 3Act9of May2!;
application of such surplus o f the revenue as may remain 1' R ecital.8 8 '
after satisfying the purposes for which appropriations
shall ha\e been made by law. will not only contribute to
that desirable end, but will oe beneficial to the creditors o f
the United States, by raising the price o f their stock,.
and be productive o f considerable saving to the United
S ta te :
S e c t i o n 1. Be it enacted, by the Senate and House o f f,The surpiusof
epresentatives of the United States of America in Con- duties ° n goods
gross assembled, That all such surplus of the product of o e c e m b e T n e x ^
the duties on goods, wares and merchandise imported,
th e purchase o f
and on the tonnage o f ships or vessels to the last day o f the PUbUc debt‘
December next, inclusively, as shall remain after satisfy-
18
NATIONAL MONETARY COMMISSION.
ing the several purposes for which appropriations shall
have been made by law to the end o f the present session,
shall be applied to the purchase o f the debt o f the United
States, at its market price, if not exceeding the par or
true value thereof.
rertLn^pur"
S e c . 2.
And be it further enacted, That the purchases
bemade“rand°to
made of the said debt, shall be made under the
direction o f the President of the Senate, the Chief Jus
tice, the Secretary o f State, the Secretary of the Treasury,
and the Attorney-General for the time being; and who,
or any three of whom, with the approbation o f the Presi
dent o f the United States, shall cause the said purchases
to be made in such manner, and under such regulations
as shall appear to them best calculated to fulfill the intent
ner.what man'o f this act: Provided , That the same be made openly,
and with due regard to the equal benefit of the several
States: And provided further , That to avoid all risk or
failure, or delay in the payment o f interest stipulated
to be paid for and during the year one thousand seven
hundred and ninety-one, by the act, intituled “ An act
making provision for the debt o f the United States,”
such reservations shall be made of the said surplus as
may be necessary to make good the said payments, as they
shall respectively become due, in case of deficiency in the
amount of the receipts into the Treasury during the said
year, on account of the duties on goods, wares and mer
chandise imported, and the tonnage o f ships or vessels,
after the last day o f December next.
o f T peurchas?ng
S e c . 3.
And be it further enacted, That accounts of
ptiblfcac8 ^ ie application o f the said monies shall be rendered for
counts.
settlement as other public accounts, accompanied with
other
returns o f the amount of the said debt purchased there
with, at the end o f every quarter of a year, to be com
puted from the time of commencing the purchases aforeeef»di>ngs ^ ‘be sa^ : and that a full and exact report o f the proceedings
gress>eforet on ° f the said five persons, or any three of them, including
a statement o f the disbursements and purchases made
under their direction, specifying the times thereof, the
prices at which, and the parties from whom the same
may be made, shall be laid before Congress, within the
first fourteen days o f each session which may ensue the
present, during the execution o f their said trust.
S e c . 4. And be it further enacted, That the President
row$2,000,000. 0f fpe fjnited States be, and he is hereby authorized to
thaHzedfto bor-
cause to be borrowed, on behalf o f the United States, a
10
LAWS CONCEBNING FINANCE.
sum or sump not exceeding in the whole two millions of
dollars, at an interest not exceeding five per cent, and that
the sum or sums so borrowed, be also applied to the the purchase of
purchase o f the said debt o f the United States, under th^ t ebof May
the like direction, in the like manner, and subject to t h e | ^ 7®2» ch- 88»
like regulations and restrictions with the surplus a fo re-3
March
said: Provided , That out o f the interest arising on th esec-?.
debt to be purchased in manner aforesaid, there shall be
appropriated and applied a sum not exceeding the rate
o f eight per centum per annum on account both o f prin
cipal and interest towards the repayment of the two
millions of dollars so to be borrowed.
Approved, August 12, 1790.
A C T O F D E C E M B E R 27, 1790.
C h a p . I .— A n act supplementary to the act intitled “ A w 18| stat- L->
act making further provision for the payment of the
debts of the United States.”
Whereas no express provision has been made for extending the act, intitled “ A n act to provide more effect
ually for the collection o f the duties imposed by law on
^cit°afte‘]
goods, wares and merchandise imported into the United
States, and on the tonnage o f ships or vessels,'’ to the
collection o f the duties imposed by the said “ A ct making
further provision for the payment o f the debts of the
United States,” doubts concerning the same may arise:
Therefore,
• Be it enacted by the Senate and House of Representa
tives of the United States of America in Congress assem
bled, That the act, intitled “ A n act to provide more
Provisions of
efiectually for the collection of the duties imposed by lection of du_
1 10S,
0X t6 D C 10tl
law on goods, wares and merchandise imported into the to the act mak.
°
’
A
ing further pro-
United States, and on the tonnage of ships or vessels,” vision for the
'
®
x
doth and shall extend to, and be in force for the
7 payment of the
collec- debts of the
tion o f the duties specified and laid m and bv the act,
intitled “ A n act making further provision for the pay
ment o f the debts o f the United States,” as fully and
effectually, as i f every regulation, restriction, penalty,
provision, clause, matter and thing therein contained,
had been
aforesaid.
inserted in
and reenacted by the act last
Approved, December 27, 1790.
NATIONAL MONETARY COMMISSION.
20
A C T O F F E B R U A R Y 25, 1791.
191
stat' L’’ ^ HAP- Xv— A n act to incorporate the subscribers to the
Bank of the United States.
be*subscribed*°
S ec .
And be it further enacted, That it shall be law
ful for any person, co-partnership, or body politic, to sub
scribe for such or so many shares, as he, she, or they shall
think fit, not exceeding one thousand, except as shall be
of^gofd*1and hereafter directed relatively to the United States; and
pubfic d e b t * t o * h e sums, respectively subscribed, except on behalf o f
b e subscribed
' the United States, shall be payable one fourth in gold and
and
silver, and three fourths in that part of the public debt,
which, according to the loan proposed in the fourth and
fifteenth sections o f the act, entitled “ A n act making pro
vision for the debt o f the United States,” shall bear an
accruing interest, at the time o f payment, o f six per
centum per annum, and shall also be payable in four equal
parts, in the aforesaid ratio of specie to debt, at the diswhen tobepaid, tance o f six calendar months from each other; the first
whereof shall be paid at the time o f subscription.
coifstVtution ° f
S ec.
A nd be it further enacted, That the follow
ing rules, restrictions, limitations and provisions, shall
form and be fundamental articles o f the constitution of
the said corporation, viz.
*
what objectto
N o loan shall be made by the said corporation, for
make loans,
the use or on account of the government o f the United
States, to an amount exceeding one hundred thousand dol
lars, or o f any particular state, to an amount exceeding
fifty thousand dollars, or o f any foreign prince or state,
unless previously authorized by a law o f the United
States.
may°Wbem°ady
vanmi or lent,
S ec. 9* And be it further enacted’, That if the said corporation shall advance or lend any sum, for the use or on
account o f the government of the United States, to an
amount exceeding one hundred thousand dollars; or of
any particular state to an amount exceeding fifty thou
sand dollars; or o f any foreign prince or state (unless
previously authorized thereto by a law o f the United
States), all and every person and persons, by and with
LAWS CONCERNING FINANCE.
21
whose order, agreement, consent, approbation, or con
nivance, such unlawful advance or loan shall have been
made, upon conviction thereof, shall forfeit and pay, for
every such offence, treble the value or amount o f the sum
or sums which shall have been so unlawfully advanced or
len t; one fifth thereof to the use o f the informer, and the
residue thereof to the use o f the United States; to be dis
posed o f by law and not otherwise.
*
S e c . 11.
*
*
*
*
And be it further enacted. That it shall be law-
Subscriptions
tul tor the President o f the United States, at any time orjj^® ^ he°t^ to
times, within eighteen months after the first day of A p ril
1d
next, to cause a subscription to be made to the stock o f the
said corporation, as part o f the aforesaid capital stock o f
ten millions of dollars, on behalf o f the United States, to
an amount not exceeding two millions of dollars; to be
paid out o f the monies which shall be borrowed by virtue
o f either o f the acts, the oiie entitled “ A n act making
i~9o, ch. 34.
provision for the debt of the United States; ” and the
other entitled “ A n act making provision for the reduction
of the public debt; ” borrowing o f the bank an equal sum,
fo be applied to the purposes, for which the said monies
1790, ch. 47.
^hal] have been procured; re-imbursable in ten years, by
equal annual instalments; or at any time sooner, or in any
greater proportions, that the Government may think fit.
*
*
*
*
*
Approved, February 25, 1791.
(F o r the full text o f this act, see p. 269).
ACT
OF
M ARCH
3, 1791.
C h a p . X V .— A n
act repealing, after the last day o f , 1 stat.
June next , the duties heretofore laid upon d i s t i l l e d '
spirits imported from abroad, and laying others in their
stead; and also upon spirits distilled within the United
States, and for appropriating the same.
*
*
*
*
l .,
*
S e c . 60. And be it further enacted', That the nett prod- Net productof
net o f the duties hereinbefore specified, which shall b ef°r paymenfof
raised, levied and collected by virtue o f this act, or so loans ;r e s 1 °u
much thereof as may be necessary, shall be, and is hereby
pledged and appropriated for the payment o f the in
terest o f the several and respective loans which had been
made in foreign countries, prior to the fourth day o f
22
NATIONAL MONETARY COMMISSION.
•
August last; and also upon all and every the loan and
loans which have been and shall be made, and obtained
1790 , ch. 34. pursuant to the act, intituled “ A n act making provision
for the debt o f the United S tates;” and according to the
true intent and meaning o f the said act, and o f the several
provisions and engagements therein contained and ex
pressed, and subject to the like priorities and reserva
tions as are made and contained in and by the said act.
in respect to the monies therein appropriated, and sub
ject to this farther reservation, that is to say— O f the nett
amount or product during the present year, o f the duties
laid by this act, in addition to those heretofore laid upon
spirits imported into the United States, from any foreign
port or place, and o f the duties laid by this act on spirits
distilled within the United States, and on stills; to be
disposed o f towards such purposes for which appropriv“oia°biye a?-ati ° ns
be made during the present session. And
plied thereto.
tjie end that the said monies may be inviolably applied
in conformity to the appropriation hereby made, and
m ay never be diverted to any other purpose until the final
redemption, or reimbursement o f the loans or sums for
the payment o f the interest whereof they are appropri
ated, an account shall be kept o f the receipts and dis
position thereof, separate and distinct from the product
o f any other duties, impost, excise, and taxes whatsoever,
except those heretofore laid and appropriated to the same
purposes.
Unappropriiiow
S ec. 61.
And be it further enacted, That the unappro-
to be ap- priated surplus, if any there shall be, o f the revenue aris
ing under this act, at the end o f this and every succeed
ing year, shall be applied to the reduction o f the public
1790 ,
debt, in like manner as is directed by the act, intituled
cb. 34. u A n act making provision for the reduction of the pub-
1790, ch. 47. lie debt,” and provided by the act, intituled “ An
act
making provision for the debt o f the United States;” un
less the said surplus, or any part thereof, shall be required
for the public exigences o f the United States, and shall,
by special acts o f Congress, be appropriated thereto.
iinpoled,hhrobw S e c . ^2. And be it further enacted, That the several
tinue8 *° con‘ duties imposed by this act, shall continue to be collected
and paid, until the debts and purposes for which they
are pledged and appropriated, shall be fully discharged
and satisfied, and no longer.
Provided always, That
LAWS CONCERNING FINANCE.
23
nothing herein contained, shall be construed to prevent
the legislature o f the United States from substituting
other duties or taxes o f equal value to all or any o f the
said duties and imposts.
Approved, March 3, 1791.
A C T O F M A R C H 3, 1791.
C h a p . X X V . — A n act supplementary to the act making 21g s t a t • L-*
provision for the reduction of the public debt.
Whereas it hath been made known to Congress that the la^ a°f *3oooPresident o f the United States, in consequence o f “ A n 50perflcent%er
act making provision for the reduction o f the public annum>
debt,” hath caused a certain loan to be made in Holland,
on account o f the United States, to the amount o f three
millions o f florins, bearing an interest o f five per centum
per annum, and reimbursable in six yearly instalments,
commencing in the year one thousand eight hundred, and
ending in the year one thousand eight hundred and six,
or at any time sooner, in whole or in part, at the option
of the United States;
itoo,
ch. 47.
A n d whereas it hath been also stated to Congress, c h lVg^s are
that the charges upon the said loan have amounted to 4* per cent
four and a half per centum, whereby a doubt hath arisen,
whether the said loan be within the meaning o f the said
last mentioned act, which limits the rate o f interest to five
per centum per annum ;
A nd Avhereas it is expedient that the said doubt be
removed;
Be it enacted and declared by the Senate and House of
Representatives of the United States o f America in Con
gress assembled, T hat the loan aforesaid shall be deemed w ft 't m n°the
and construed to be within the true intent and meaning “ cT p^vfdinK
of the said act, intituled “ A11 act making provision for nonS^hfpubthe reduction o f the public debt,” and that any fartheraisoVuVther
loan, to the extent o f the principal sum authorized to be like terms0 the
borrowed by the said act, the interest whereof shall be
five per centum per annum, and the charges Avhereof shall
not exceed the said rate o f four and a half per centum,
shall, in like manner, be deemed and construed to be with
in the true intent and meaning o f the said act.
Approved, March 3, 1791.
1790, ch> 47-
NATIONAL MONETARY COMMISSION.
24
22l s t a t .
A C T O F M A R C H 3, 1791.
L.,
Repealed. ^ C h a p . X X V I I I . — A n act for raising and adding another
regiment to the military establishment of the United
States, and for making farther provision for the pro
tection of the frontiers.
^
%
5JC
>fi
5}:
bo rCr o w*eydbif ^ EC- 16. Be it further enacted, T hat it shall be lawful
necessary.
for the President to take on loan the whole siun by this
act appropriated, or so much thereof as he may judge
requisite, at an interest not exceeding six per centum per
annum ; and the fund established for the above-mentioned
appropriation, is hereby pledged for the repayment of
the principal and interest o f any loan to be obtained in
manner aforesaid; and in case o f any deficiency in the
said fund, the faith o f the United States is hereby also
pledged to make good such deficiency.
Approved, March 3, 1791.
A C T O F M A Y 2, 1792.
262 S1a 4' L’’ C h a p . X X V I I . — A n act for raising a farther sum of
money for the protection of the frontiers, and for other
purposes therein mentioned.
H:
*
*
*
st:
Untte^sTates
S ec . 16. And he it further enacted, That the President
fromktehenba°nk
the United States be empowered to take on loan, on
sum of money accoimt
the United States, from the President, direct
ors and company o f the bank o f the United States, who
are hereby authorized and empowered to lend the same,
from any other body politic or corporate within the
United States, or from any other person or persons, the
whole or any part o f the aforesaid sum o f five hundred
and twenty-three thousand five hundred dollars, to be
applied to the purpose to and for which the same is
above appropriated, and to be reimbursed out of the
aforesaid surplus o f the duties by this act imposed, which
surplus is, accordingly, appropriated to the said reim
bursement.
Provided, That the rate o f interest o f such
loan shall not exceed five per centum per annum, and that
the principal thereof may be reimbursed at the pleasure
o f the United States.
*
*
*
?Jc
Approved, M ay 2, 1792.
LAWS CONCERNING FINANCE.
25
A C T O F M A Y 8, 1792.
C h a p . X X X V I I I . — A n act supplementary to the act
l s t a t . l„
making provision for the debt of the United States.
(Sections 1, 2, 3, and 4 provide for extending the time
allowed for receiving on loan the domestic debt of the
United States and the debt o f the respective States under
the act o f August 4, 1790.)
(Section 5 authorizes the President o f the United States
to discharge the principal and interest of the debt due
to foreign officers out o f any monies borrowed under the
aforesaid act and not needed to fulfil its purposes.)
S ec.
6.
And be it further enacted, That the President
Certain per-
o f the Senate, the Chief Justice, the Secretary of State, commissioners
5
7
^
7 to pur c has e
the Secretary o f the Treasury, and the
^ e ht of the
Attorney-General,
for the time being, shall be commissioners, who, or a n y etc.
three o f whom, are hereby authorized, with the approba
tion o f the President o f the United States, to purchase
the debt o f the United States, at its market price, if not
exceeding the par or true value thereof; for which pur
chase the interest on so much o f the public debt, as has
already been, or may hereafter be purchased for the
United States, or as shall be paid into the Treasury, and
so much o f the monies appropriated for the payment o f
the interest on the foreign and domestic debt, as shall
exceed what may be sufficient for the payment o f such
interest to the creditors o f the United States, shall be
and are hereby appropriated.
A n d it shall be the duty
Account t o
o f the said commissioners to render to the legislature, Suaiiydered an"
within two months after the commencement of the first
session thereof in every year, a full and precise account
o f all such purchases made, and public debt redeemed, in
pursuance o f this act.
S e c . 7. A n d whereas it is expedient to establish a fund crJaut^ fforfut£e
for the gradual reduction o f the public debt: Be it fu r - purpose;
ther enacted, That the interest on so much o f the debt o f
the United States, as has been or shall be purchased or re
deemed for or by the United States, or as shall be paid
into the Treasury thereof in satisfaction of any debt or
demand, and the surplus o f any sum or sums appropri
ated for the payment o f the interest upon the said debt,
which shall remain after paying such interest, shall be,
and hereby are appropriated and pledged firmly and in
violably for and to the purchase and redemption o f the
15712°—10-----4
26
NATIONAL MONETARY COMMISSION.
pliedt0 ^ ap" Sa^ debt, to be applied under the direction of the Presi
dent o f the Senate, the Chief Justice, the Secretary of
State, the Secretary of the Treasury and the Attorney
General for the time being, or any three o f them, with the
approbation o f the President o f the United States, for the
time being, in manner following, that is to sa y: First, to
the purchase o f the several species o f stock constituting the
debt o f the United States, at their respective market
prices, not exceeding the par or true value thereof, and as
nearly as may be, in equal proportions, until the annual
amount o f the said funds, together with any other pro
visions which may be made by law, shall be equal to two
per centum o f the whole amount o f the outstanding
funded stock bearing a present interest o f six per centum.
Thenceforth, secondly, to the redemption of the said last
mentioned stock, according to the right for that purpose
reserved to the United States, until the whole amount
thereof shall have been redeemed.
A n d lastly, after such
redemption, to the purchase, at its market price, of any
other stock consisting of the debt o f the United States,
which may then remain unredeemed: and such purchase,
as far as the fund shall at any time extend, shall be made
within thirty days next after each day, on which a quar
terly payment o f interest on the debt of the United States
shall become due, and shall be made by a known agent, to
be named by the said commissioners,
h oP w Ct o Sebe
mude.
S ec.
And be it further enacted, That all future purchases o f public debt on account o f the United States,
shall be made at the lowest price, at which the same can
be obtained by open purchase, or by receiving sealed pro
posals, to be opened in the presence of the commissioners,
or persons authorized by them to make purchases, and the
persons making such proposals.
counts (f/appir
S e c . 9.
And be it further enacted. That quarter yearly
fundnto°be ren*- accounts o f the application o f the said fund shall be ren
dered, etc.
dered for settlement, as other public accounts, accompanied
with returns o f the sums o f the said debt, which shall
have been from time to time purchased or redeemed; and
a full and exact report o f the proceedings o f the said
commissioners, including a statement of the disburse
ments, which shall have been made, and of the sums
which shall have been purchased or redeemed under their
direction, and specifying dates, prices, parties, and places,
shall be laid before Congress, within the first fourteen
27
LAWS CONCERNING FINANCE.
days o f each session which may ensue the present, during
the execution o f the said trust.
Approved, M ay 8, 1792.
ACT OF M A Y
C
X L I .— A n
.
h a p
*
*
8, 1792.
act making certain
therein specified.
*
*
appropriations
*
l
sta t.
l
.,
*
S ec . 8. A n d he it further enacted, That a sum of fifty COureewnhfoVthousand dollars in addition to the provision heretofore ei®n nationsmade be appropriated to defray any expense which may
be incurred in relation to the intercourse between the
United States and foreign nations, to be paid out o f any
monies, which may be in the treasury, not otherwise ap
propriated, and to be applied under the direction o f the
President of the United States who, if necessary, is au- Presi dent
thorized to borrow, on the credit o f the'United States, the?5o,ooo.
said sum of fifty thousand dollars; an account of the
expenditure whereof as soon as may be, shall be laid be
fore Congress.
Approved, M ay 8, 1792.
A C T O F F E B R U A R Y 2 8 ,1 7 9 3 .
C
h a p
.
X \ I I I .—-A n act making appropriations fo r the
support o f
|
sta t.
l
.,
Government fo r the year one thousand
seven hundred and ninety-three.
*
S ec .
*
3.
*
*
*
A n d he'it further enacted, That the President o f ma£ rbeo r r onw
the United States be authorized to borrow, on account of $80o,oooeedin8
the said States, any sum or sums, not exceeding, in the
whole, eight hundred thousand dollars, at a rate o f in
terest not exceeding five per centum per annum, and reim
bursable at the pleasure o f the United States, to be ap
plied for the purposes aforesaid, and to be repaid out o f
the said surplus o f the duties on imports and tonnage, to
on a^dh a0£
the end o f the present year, one thousand seven hundred whom,
and ninety-three: A nd that it shall be lawful for the the°bank.adhow
Bank o f the United States to lend the said sum. A n d the t0 ^ paid offPresident o f the United States shall cause so much o f the
loan, made of the Bank o f the United States, pursuant to
the eleventh section o f the act, by which it is incorporated,
to be paid off, in sums not less than fifty thousand dollars,
as, in his opinion, the state o f the Treasury may, from
NATIONAL MONETARY COMMISSION.
28
time to time, admit, out o f any monies which may be in
the Treasury, having due regard to the exigencies o f Gov
ernment, and the appropriations made and to be made by
law.
Approved, February 28, 1793.
A C T O F M A R C H 2, 1793.
338 sta t‘ L ’ C
[O b s o le te .]
. X X V . — A n act 'providing for the payment of the
first instalment due on a loan made of the Bank of the
United States.
h a p
Be it enacted by the Senate and House of Representa
tives of the United States of America in Congress aspresident sembled, That the President o f the United States be, and
tain moneysYo he hereby is authorized and empowered to apply two
nfen?1to‘ itankhundred thousand dollars, o f the monies which may
states.11 1 1 e d have been borrowed, in pursuance o f the fourth section
1790 , ch.
^.jie ac^ intituled “ A n act making provision for the
reduction o f the public debt,” in payment of the first
instalment, due to the Bank o f the United States, upon
a loan made o f the said bank, in pursuance of the eleventh
section o f the act for incorporating the subscribers to the
said bank.
Approved, March 2, 1793.
A C T O F M A R C H 2, 1793.
l stat. l ., C hap . X X V I . — A n act for extending the time for receiv-
[Obsolete.]
ing on loan that part of the domestic debt of the United
States, which may not be subscribed, prior to the first
day of March, one thousand seven hundred and ninetythree.
S ection 1. Be it enacted by the Senate and House of
Representatives of the United States of America in Con-
V
debt° teG
m c dress assembled, T hat the term for receiving on loan that
receiving on part o f the domestic debt o f the United States, which
to June, 1794. shall not have been subscribed, in pursuance o f the act,
Act'of’ May3|; intituled “ A n act supplementary to the act making pro1793, ch. 38 .
vision for the debt o f the United States,” be extended,
from and after the first day o f March, one thousand seven
hundred and ninety-three, until the last day o f June, one
thousand seven hundred and ninety-four inclusively, on
the same terms and conditions, as are contained in the act,
intituled “ A11 act making provision for the debt o f the
United States: Provided , That the books for receiving the
LAWS CONCERNING FINANCE.
29
said subscriptions shall be opened only at the Treasury
o f the United States.
S e c . 2. And be it further enacted, T hat such o f the n0QJ
srui^ 1
cer^ inof
creditors o f the United States, as have not subscribed, and cred itors,
shall not subscribe to the said loan, shall nevertheless re
ceive, during the year one thousand seven hundred and
ninety-three, a rate per centum on the amount o f such of
their demands, as shall have been registered, conformable
to the directions contained in the said act, on or before
the last day o f June, one thousand seven hundred and
ninety-four, equal to the interest, which would be payable
to them, as subscribing creditors.
Approved, March 2, 1793.
A C T O F M A E C H 20, 1794.
C h a p . V I I I .— A n act authorizing a loan of one million
of dollars.
Be it enacted by the Senate and House of Representa
tives of the United States of America in Congress assem
bled^ That the President of the United States be, and he
hereby is authorized and empowered to borrow, on the
s t a t . l .,
[O b s o le te .]
P resid en t o f
au th orized
to
credit ox the Tinted States, if, m his opinion, the public ooo.
service shall require it, a sum not exceeding one million
o f dollars, at an interest not exceeding five per centum
per annum, reimbursable at the pleasure of the United
States, to be applied to such public purposes, as are
authorized by law, and to be repaid out o f the duties on
imports and tonnage to the end o f the present y e a r: A nd
that it shall be law ful for the Bank o f the United States,
and the said bank hereby is authorized and empowered
to make the loan aforesaid.
Approved, March 20, 1794.
A C T O F A P K I L 21, 1794.
C h a p . X X I .— A n act limiting the time for presenting
claims for destroyed certificates of certain descriptions.
S e c t io n 1. Be it enacted by the Senate and House of
Representatives of the United States of America in Con
gress assembled, That all claims for the renewal o f cer-
i s t a t . l .,
[O b s o le te .]
L im ita tio n o f
tificates o f the unsubscribed debt o f the United States, new&i ofr dto f the descriptions commonly called “ Loan Office Cer-^tes. certifi"
NATIONAL MONETARY COMMISSION.
30
tificates,” or
Final Settlements,” which may have been
accidentally destroyed, shall be forever barred and pre
cluded from settlement or allowance, unless the same
shall be presented at the treasury, on or before the first
P r o c e e d in g s
to be ha d fo r
establishing
claim s.
day o f June, in the year one thousand seven hundred
and ninety-five.
S ec. 2. And be it further enacted, That no claim shall
'
’
be allowed for the renewal o f loan office certificates de
stroyed before the fourth day o f March, one thousand
seven hundred t and eighty-nine, unless the destruction
o f the same was advertised, according to the resolution
o f Congress, o f the tenth day o f M ay, one thousand seven
hundred and eighty; or before that time, was notified
to the office from which the same was issued, nor shall
claims be allowed for the renewal of loan office certifi
cates destroyed on or after the said fourth day o f March,
one thousand seven hundred and eighty-nine, nor of
final settlement certificates destroyed at any time, unless
the destruction o f the same was so far made public, as
to be known to at least two credible witnesses, soon after
it happened, and shall have been before the presentation
o f the claim, as hereinafter provided, advertised for at
least six weeks successively, in some one o f the news
papers o f the state in which the destruction happened;
and also, in some one o f the newspapers of the state in
which the certificate issued, if that was another state;
the advertisement or advertisements, in such case, ex
pressing with as much precision as possible, the number,
date and amount o f the certificate alleged to have been
destroyed, and the name o f the person to whom the
same was issued, together with the time when, the place
where, and the means by which the same was destroyed.
By whom and
receiv ed 8 to
S ec . 3. And be it further enacted, That all claims for
be the renewal of destroyed certificates, o f either o f the
descriptions aforesaid, not precluded by this act, shall
be receivable, with the evidence in support o f the same,
by the Auditor o f the Treasury, until the said first day
o f June, one thousand seven hundred and ninety-five, and
shall, by the accounting officers o f the treasury, be duly
exam ined; and if satisfactorily supported, the claimants
shall be entitled to receive certificates o f registered debt,
equal to the specie value o f the loan office or final settle
ment certificates so proved to have been destroyed.
Approved, A p ril 21, 1794.
31
LAWS CONCERNING FINANCE.
A C T O F M A Y 30, 1794.
C
. X X X V I . — An act further extending the time fo r 3710 . s t a t ‘ L"
receiving on loan the domestic debt of the United [O bsolete.]
h a p
States.
S e c t i o n 1. Be it enacted by the Senate and House of
Representatives of the United States of America in Con
gress assembled, T hat the term for receiving on loan t h a t J ^ ^ t L
part o f the domestic debt o f the United States which sh all fe n d e d bt o g 3i s t
not have been subscribed in pursuance o f the act, entituled D®c7^317^ ; 26
“ A n act for extending the time for receiving on loan that * 795, ch. 13.
part of the domestic debt o f the United States which may
not be subscribed prior to the first day o f March, one
thousand seven hundred and ninety-three,” be, and the
same is hereby further extended from and after the last
day o f June ensuing, until the last day o f December next
inclusively, on the same terms and conditions as are c o n -^ o n
what
tained in the act, intituled “ A n act making provision for
the debt o f the United States.”
Provided , T hat the books
for receiving the said subscriptions shall be opened only
at the treasury o f the United States.
S e c . 2. And be it further enacted, T hat such o f th e { 0^ r ° n o n -s u b
creditors of the United States as have not subscribed and sc riw n g cred-
shall not subscribe to the said loan, shall nevertheless re
ceive during the year one thousand seven hundred and
ninety-four, a rate per centum on the amount o f such of
their demands, as have been registered or as shall be reg
istered at the treasury conformable to the directions in
the act, intituled “ A n act making provision for the debt
1790>ch- 34-
of the United*States,” equal to the interest which would
be payable to them as subscribing creditors.
Approved, M ay 3 0 ,1 7 9 4 .
A C T O F M A Y 31, 1794.
C
h a p
.
X X X V I I . — An act making provision for the pay - g71 stat.
ment of the interest on the balances due to certain
States, upon a final settlement of the accounts between
the United States and the individual States.
S e c t i o n 1. Be it enacted,
* * *, That interest upon
the balances reported to be due to certain states, by the
commissioners for settling accounts between the United
States and individual states, be allowed, from the last
day of December, one thousand seven hundred and eighty-
l
.
NATIONAL MONETARY COMMISSION.
32
nine, and to be computed to the last day o f December, one
thousand seven hundred and ninety-four, at the rate of
four per centum per annum : A n d that the amount o f such
interest be placed to the credit o f the state, to which the
same shall be found due, upon the books of the treasury
o f the United States, and shall bear an interest o f three
per centum per annum, from and after the said last day
o f December, one thousand seven hundred and ninety-four.
(Section 2 provides for the quarterly payment o f the
interest due to any state, beginning on the last day o f
March, 1795; and pledges for the payment o f the interest
so much o f the duties-arising from imports and tonnage,
after December 31, 1794, as may be necessary and not
otherwise appropriated, also pledging the faith o f the
United States to provide for any deficiency.)
Approved, M ay 31, 1794.
N ote.— By the act o f January 2, 1795 (1 Stat. L., 409), any
State is authorized, within two years, to transfer stock thus cre
ated to creditors o f the State who were such prior to July 1, 1793.
This authority was continued to March 4, 1799, by the act o f July
6, 1797.
A C T O F J U N E 4, 1794.
l
stat.
C h a p . X L . — A n act providing for the payment of the
l .,
second instalment due on a loan made of the Bank of
the United States.
[Obsolete.]
S e c t io n 1. Be it enacted by the Senate and House of
Representatives of the United States of America in ConPresident °f qress assembled, That the President o f the United States
i*nstafmenCt°Ito^)e’ anc^
hereby is authorized and empowered to apply
the bank out of two hundred thousand dollars o f the proceeds o f foreign
fo re ig n loans.
•
n
&
loans heretofore transferred to the United States, in pay
ment o f the second instalment due to the Bank of the
United States, upon a loan o f the said bank, made pur
suant to the eleventh section o f the act for incorporating
r ^ n n u a 1 pe-the subscribers to the said bank: and that the annual
ment of each period for the payment o f each instalment o f the said
iDSt&llU6Ilt
a •/
loan, shall be deemed to be the last day o f December in
each year.
tionP
for°payin-
S ec .
ioanrest °n sai®
And be it further enacted, That a sufficient sum
the dividends, which have accrued, or which shall here
after accrue, on the stock owned by the United States, in
the Bank o f the United States, be, and the same is hereby
appropriated to the payment o f the interest, which has,
or shall become due, on the loan obtained, as aforesaid.
Approved, June 4, 1794.
LAWS CONCERNING FINANCE.
33
A C T O F J U N E 5, 1794.
Chap . X L V T . — A n act to authorize the President of the 37| stat- L >
United States during the recess of the 'present Congress,
to cause to he purchased or huilt a number of vessels
to he equipped as Galleys, or otherwise, in the service
of the United States.
S e c . 3.
And he it further enacted, That there be a p p r o -1Appropriation
piiated for the purpose aforesaid, the sum of eighty thou
sand dollars to be paid out o f the proceeds o f any revenue
of the United States, which now are, or hereafter during
the present session shall be provided, not being otherwise
appropriated.
A n d that the President o f the United
President au-
States be authorized to take on loan o f the Bank o f the rowrl?80,ooob° r'
United States, or o f any other body politic or corporate,
person or persons, the said sum of eighty thousand dol
lars, to be reimbursed, principal and interest, out o f the
said proceeds, appropriated as aforesaid, according to
such contract or contracts, which shall be made concern
ing the same.
Approved, June 5, 1794.
A C T O F J U N E 9, 1794.
C hap . L X I I I . A n act making appropriations for certain purposes therein expressed.
S e c . 2.
And he it further exacted, That the President
i
stat.
l„
President of
o f the United States be empowered to borrow, on behalf spates11 tJ *ȣ
° f the United States, o f the Bank o f the United States r°W* SUm‘
(which is hereby authorized to lend the sam e), or o f any
other body or bodies politic, person or persons, any sum
not exceeding in the whole, one million o f dollars, to be Not exceeding
applied to the purposes aforesaid, and to be reimbursed, $1’000’000as well interest as principal, out o f the proceeds o f the
said revenues.
^ rovided always, and he it further enacted
Certain sum
r h *t ^ e r e shall be reserved out o f the proceeds o f the*0 * reserved'
sai revenues, a sum sufficient to pay the interest o f wThatt
T
~
may be borrowed pursuant to the act, inti^ eC r 11 ac‘t making further provision for the expenses
attending the intercourse o f the United States with for
eign nations; and further to continue in force the act,
1794, ch. 7
NATIONAL MONETARY COMMISSION.
34
intituled “ Ail act providing the means of intercourse be
tween the United States and foreign nations;” and such
sum is hereby pledged and appropriated for that purpose,
according to the terms o f the contract or contracts which
shall or may be made concerning the said monies.
And
the faith o f the United States is hereby pledged to make
such further provision therefor, as may be necessary.
Approved, June 9, 1794.
A C T O F D E C E M B E R 18, 1794.
404 Stat' L’’ C h a p . I V .— A h act authorizing a loan of two million of
dollars.
[E x p ir e d .]
S ection 1. Be it enacted by the Senate and House of
Representatives of the United States of America in Cono f qress assembled, T hat the President o f the United States
P resid en t
to
be empowered to borrow, on behalf o f the United States,
borrow
any sum not exceeding two million o f dollars, at an in
terest not exceeding five per cent, per annum, reimburs
able at the pleasure of the United States, to be applied to
such public purposes, as are authorized by law, and to be
repaid out o f the duties on impost and tonnage, to the
end o f the year one thousand seven hundred and ninetyfive.
United“ states S ec .
^ n d be it further enacted, That it shall be lawloan said ful for the Bank o f the United States, and the said bank
hereby is authorized and empowered to loan the said sum,
or any part thereof.
Approved, December 18, 1794.
A C T O F J A N U A R Y 8, 1795.
1
409.
S ta t
L .,
[ O b solete.]
C hap . X I . — A n act providing for the payment of certain
instalments of foreign debts/ and of the third instal
ment due on a loan made of the Bank of the United
States.
B e it enacted by the Senate and House o f Representa
tives of the United States of America, in Congress assem
- bled, That the President o f the United States be, and he
C ertain i n
sta lm en ts
o f
debt, h ow to be
paid.
hereby is authorized and empowered to cause any instal
ments o f the foreign debts, wThich may fall due in the
year one thousand seven hundred and ninety-five, and
also the third instalment due on a loan made o f the Bank
LAWS CONCERNING FINANCE.
o f the United States, in pursuance o f the eleventh section
of the act for incorporating the subscribers to the said
35
1791>ch io.
bank, to be paid out o f the proceeds o f any foreign loans
heretofore made.
Approved, January 8, 1795.
A C T O F J A N U A R Y 28, 1795.
C hap . X I I I . — A n act further extending the time for re- i stat. l.,
ceiving on loan the domestic debt of the United 41[Obsoiete.]
States.
S ection 1 . B e it enacted by the Senate and House of
Representatives o f the United States of America, in Con
gress assembled, T hat the term for receiving on loan that
Time for re
part o f the domestic debt of the United States which h asth e DgdomeX
not been subscribed in pursuance o f the provisions here-tm* thete3iest
tofore made by law for that purpose, be and the same is Dei?90^chne34.
hereby further extended until the thirty-first day o f D e
cember next, on the same terms and conditions as are con
tained in the act, entitled “ A n act making provision for
the debt o f the United
States.”
Provided , That the
books for receiving the said subscriptions shall be opened
only at the Treasury o f the United States.
S e c . 2. And be it further enacted, That such o f the. Non-subscrtbcreditors o f the United States as have not subscribed andunit^distates
shall not subscribe to the said loan shall nevertheless re- oner<yeare live
ceive during the year one thousand seven hundred anduieir demands!1
ninety-five a rate per centum on the amount o f such o f
their demands as have been registered or as shall be reg
istered at the Treasury conformable to the directions in
the act, entitled “ A n act making provision for the debt
1790, ch. 34.
o f the United States,” equal to the interest which would
be payable to them as subscribing creditors.
Approved, January 28, 1795.
A C T O F F E B R U A R Y 21, 1795.
C hap . X X V . — A n act for the reimbursement of a loan ^ | stat- L->
authorized by an act of the last session of Congress.
[Obsolete.]
S ection 1. Be it enacted by the Senate and House of
Representatives of the United States of America in Con
gress assembled, That the Bank o f the United States be? Un® eadn §ta£e£
and tlie same is hereby authorized to lend to the United authorized ato
NATIONAL MONETARY COMMISSION.
36
States, the whole, or any part o f the sum o f eight hun
dred thousand dollars (remaining unapplied)
1794, ch. 7.
in pur
suance o f the authority granted to borrow one million
dollars, by the act, intituled “ A n act making further
provision for the expenses attending the intercourse of
the United States with foreign nations; and further to
continue in force the act, intituled “ A n act providing
the means of intercourse between the United States and
foreign nations.
ta1nrpIrev«nC
ues
S e c . 2 . And be it further enacted, That after reserving
appropriated. sucj1 sums ag may pe gllfficient to satisfy prior appropria
tions, there be further appropriated, in aid of the provision
heretofore made, out of the proceeds of the duties which
have arisen, or may arise upon carriages for the convey
ance of persons; upon licenses for selling wines and for
eign distilled spirituous liquors by retail; upon snuff and
refined sugar; and upon property sold at auction; which
were imposed by acts passed during the last session, and
which may be further continued, the present session of
Congress, or from the proceeds o f such duties or revenues
as may be established in lieu thereof, a sum sufficient to
the reimbursement, before the year one thousand eight
hundred and one, o f any loan or loans, which have been,
or which may hereafter be made, in virtue o f the act
aforesaid: A nd that the faith of the United States be,
and the same is hereby pledged, to make good any defi
ciency o f the said duties.
Approved, February 21, 1795.
ACT
433 S t a 4 ’ L" C
T
OF M ARCH
3, 1795.
X L V . — A n act making further provision for the
support of public credit, and for the redemption of the
public debt.
hap.
(Section 1 authorizes the commissioners o f the sinking
fund to borrow not exceeding one million dollars in any
one year, in anticipation o f the revenue, for the payment
o f interest on the public debt, and appropriates for the
interest on such temporary loan the proceeds o f duties on
goods imported, on tonnage, and upon spirits distilled
within the United States, and stills.
(Sections 2, 3, and 4 authorize a loan to be issued in ex
change for equal amounts of the foreign debt, to bear
an interest equal to the interest payable on the foreign
LAWS CONCERNING FINANCE.
37
debt exchanged, with an addition o f one-half o f 1 per cent
per annum, and the principal to be reimbursable at
pleasure.
The new loan is to be entered on the books of
the treasury in like manner as the domestic funded debt,
and to be transferable in like m anner; and the interest
and principal o f loans authorized by this act are to be
payable at the treasury only, so far as relates to the prin
cipal and interest o f the domestic debt.
(Section 5 provides that so much o f the duties on
goods imported, on tonnage, and upon spirits distilled
and stills as may be set free by subscriptions to the new
loan, with such further part of the proceeds as may be
necessary, shall remain appropriated for the payment of
interest on the said loan until the principal thereof is
reimbursed ; provided that nothing herein contained shall
alter any existing contract concerning the foreign debt
except as to such holders as may subscribe to the new
loan.)
S ec. 6. And be it further enacted. T hat the several and . c e r t a i n
j .
. '
.
'
.
duties to conrespective duties laid and contained in and by the act, in- tinue^to be coitituled “ A n act laying additional duties on goods, wares
and merchandise imported into the United States,” passed
the seventh day o f June, one thousand seven hundred and
ninety-four, shall, together with the other duties hereto
fore charged with the payment o f interest on the public
debt, continue to be levied, collected and paid, until the
whole o f the capital or principal o f the present debt of
the United States, and future loans which may be made,
pursuant to law, for the exchange, reimbursement or re
demption thereof, or o f any part thereof, shall be reim
bursed or redeemed, and shall be, and hereby are, pledged
and appropriated for the payment of interest upon the
said debt and loans, until the same shall be so reimbursed
or redeemed.
(Section 7 annuls the reservation made by section 4 of
the act o f August 12, 1790, and makes other provision for
the same purpose.)
S ec . 8. And be it further enacted, That the fo llow in g tiotgPmadrel 70
appropriations, in addition to those heretofore made, b e certain £undmade to the fund constituted by the seventh section of
the act, intituled “ A n act supplementary to the act mak-
1792> ch- 38-
ing provision for the debt of the United States,” passed
the eighth day o f M ay, one thousand seven hundred and
ninety-two, to
be hereafter
denominated
“ The sinking cJ^
ch2’ 1791-
38
NATIONAL MONETARY COMMISSION.
fund,” to w it : First, so much o f the proceeds of the duties
on goods, wares and merchandise imported; on the ton
nage o f ships or vessels, and on spirits distilled withip
the United States and stills, as, together with the monies
which now constitute the said fund, and shall accrue to it,
by virtue o f the provisions herein before made, and by
the interest upon each instalment, or part o f principal,
which shall be reimbursed, will be sufficient, yearly and
every year, commencing the first day of January next, to
reimburse and pay so much as may rightfully be reim
bursed and paid, o f the principal o f that part o f the debt
or stock, which, on the said first day o f January next,
shall bear an interest of six per centum per annum, re
deemable by payments on account both o f principal and
interest, not exceeding, in one year, eight per centum,
excluding that which shall stand to the credit o f the com
missioners o f the sinking fund, and that which shall stand
to the credit o f certain States, in consequence o f the
balances reported in their favour, by the commissioners
for settling accounts between the United States and indi
vidual States: Secondly,— The dividends, which shall be,
from time to time, declared on so much o f the stock of
the Bank o f the United States, as belongs to the United
States (deducting thereout such sums, as will be requi
site to pay interest on any part remaining unpaid o f the
loan o f two millions o f dollars, had o f the Bank o f the
United States, pursuant to the eleventh section o f the act,
tionsPPmaderlt o ^ which the said bank is incorporated) : Thirdly,— So
certa in fu n ds, much o f the duties on goods, wares and merchandise im
ported, on the tonnage o f ships or vessels, and on spirits
distilled within the United States and stills, as, with the
said dividends, after such deduction, will be sufficient,
yearly and every year, to pay the remaining instalments
of the principal of the said loan, as they shall become due,
and as, together with any monies, which, by virtue o f pro
visions in former acts, and herein before made, shall, on
the first day o f January, in the year one thousand eight
hundred and two, belong to the said sinking fund, not
otherwise specially appropriated; and with the interest
on each instalment, or part o f principal, which shall, from
time to time, be reimbursed, or paid, of that part o f the
debt or stock, which, on the first day o f January, in the
year one thousand eight hundred and one, shall begin to
bear an interest of six per centum per annum, will be
sufficient, yearly and every year, commencing on the first
LAWS CONCERNING FINANCE.
39
day o f January, in the year one thousand eight hundred
and two, to reimburse and pay so much, as may rightfully
be reimbursed and paid, o f the said principal o f the said
debt or stock, which shall so begin to bear an interest of
six per centum per annum, on the said first day of Jan
uary, in the year one thousand eight hundred and one, ex
cluding that, which shall stand to the credit o f the com
missioners o f the sinking fund, and that, which shall
stand to the credit o f certain States as aforesaid:
Fourthly,— The net proceeds o f the sales o f lands belonging, or which shall hereafter belong to the United States,
in the western territory thereof:
F ifth ly ,— A ll monies,
which shall be received into the Treasury, on account o f
debts due to the United States, by reason o f any matter
prior to their present constitution: A n d lastly,— A ll sur
pluses o f the revenues of the United States, which shall
lemain, at the end o f any calendar year, beyond the
amount o f the appropriations charged upon the said rev
enues, and which, during the session of Congress next
there after, shall not be otherwise specially appropriated
or reserved by law.
S e c . 9. And be it further enacted, T hat as well the. Moneysaccrumonies which shall accrue to the said sinking fund, bying Snd*5nS
virtue o f the provisions o f this act, as those which shall recUon thea nd
have accrued to the same, by virtue o f the provisions oftT ecSission any former act or acts, shall be under the direction a n d ers'
management o f the commissioners of the sinking fund,
or the officers designated in and by the second section o f
the act, intituled “ A n act making provision for the re
duction o f the public debt,” passed the twelfth day o f
August, one thousand seven hundred and ninety, and
theii successors in office; and^ghall be, and continue appro-
17!)0 ch 47
pi iated to the said fund, until the whole o f the present
debt o f the United States, foreign and domestic, funded
and unfunded, including future loans, which may be made
How long to
tor reimbursing or redeeming any instalments or parts o f ated. appropr1'
principal o f the said debt, shall be reimbursed and reteem ed; and shall be, and are hereby declared to be
nested m the said commissioners, in trust, to be applied,
according to the provisions of the aforesaid act o f the
^ j 1C
in the year one thousand seven huntiec ant ninety-two, and of this act, to the reimburselnent and redemption o f the said debt, including the loans
a oiesaid, until the same shall be fully reimbursed and re
deemed.
A n d the faith o f the United States is hereby
40
N A T IO N A L
M ONETARY
C O M M IS S IO N .
pledged, that the monies or funds aforesaid, shall invio
lably remain and be appropriated and vested, as afore
said, to be applied to the said reimbursement and re
demption, in manner aforesaid, until the same shall be
fully and completely effected.
mentmbofr Sthe ®EC*
And be it further enacted, That all reimbursetoP
beauiiderdthe men^s
the capital, or principal o f the public debt, foreUn cre° o f “the
and domestic, shall be made under the superintendwhomaay “bor-ence
the commissioners o f the sinking fund, who are
rowhereby empowered and required, if necessary, with the
approbation of the President of the United States, as any
instalments or parts o f the said capital or principal be
come due, to borrow, on the credit o f the United States,
the sums requisite for the payment o f the said instalments
or parts o f principal: Provided , That any loan which
may be made by the said commissioners, shall be liable
to reimbursement at the pleasure o f the United States;
and that the rate o f interest thereupon, shall not exceed
six per centum per annum ; and for greater caution, it is
a ^oodSexecue hereby declared, that it shall be deemed a good execution
power °to Vorethe said power to borrow, for the said commissioners,
rowwith the approbation o f the President, to cause to be con
stituted certificates o f stock, signed by the Register of the
Treasury for the sums to be respectively borrowed, bear
ing an interest o f six per centum per annum, and re
deemable at the pleasure of the United States; and to
cause the said certificates o f stock to be sold in the market
fwPPtheriapa°y“
ment of mter-
the United States, or elsewhere; Provided , T hat no
s^oc^ be sold under par. A n d for the payment o f
interest on any sum or sums which may be so borrowed,
either by direct loans, or by the sale o f certificates of
stock, the interest on the sum or sums which shall be reim
bursed by the proceeds thereof (except that upon the
funded stock, bearing and to bear an interest o f six per
centum, redeemable by payments, not exceeding in one
year, eight per centum on account both o f principal and
interest), and so much o f the duties on goods, wares
and merchandise imported, on the tonnage o f ships or
1802, ch. 32.
vessels, and upon spirits distilled within the United
gtates, and upon stills, as may be necessary, shall be, and
hereby are pledged and appropriated.
the\ba nfm fs*
S ec . 11. And be it further enacted, That it shall be the
pay annuaify11duty o f the commissioners o f the sinking fund, to cause to
be applied and paid, out o f the said fund, yearly and
every year, at the Treasury o f the United States, the sev-
LAWS
C O N C E K N IN G
41
F IN A N C E .
eral and respective sums following, to w it: First, such
sum and sums as, according to the right for that purpose
reserved, may rightfully be paid for, and towards the
reimbursement or redemption o f such debt or stock o f the
United States, as, on the first day o f January next, shall
bear an interest o f six per centum per annum, redeemable
by payments, not exceeding in one year, eight per centum,
on account both o f principal and interest, excluding that
standing to the credit o f the commissioners o f the sinking
fund, and that standing to the credit of certain States, as
aforesaid, commencing the said reimbursement or redemp
tion, on the said first day o f January next: Secondly, such
sum and sums as, according to the conditions o f the afore
said loan, had o f the Bank o f the United States, shall be
henceforth payable towards the reimbursement thereof,
as the same shall respectively accrue: Thirdly, such sum
and sums as, according to the lfight for that purpose re
served, may rightfully be paid for and towards the reim
bursement or redemption o f such debt or stock o f the
United States as, on the first day o f January, in the year
one thousand eight hundred and one, shall begin to bear
an interest o f six per centum per annum, redeemable by
payments, not exceeding in one year, eight per centum, on
account both o f principal and interest, excluding that
standing to the credit o f the commissioners o f the sinking
fund, and that standing to the credit of certain States, as
aforesaid, commencing the said reimbursement or redemp
tion, on the first day o f January, in the year one thousand
eight hundred and tw o ; and also to cause to be applied all
such surplus o f the said fund, as may at any time exist,
after satisfying the purposes aforesaid, towards the fu r
ther and final redemption o f the present debt o f the
United
States, foreign and domestic, funded and un
funded, including loans for the reimbursement thereof, by
payment or purchase, until the said debt shall be com
pletely reimbursed or redeemed.
S ec. 12. Provided always, and be it fu rth er enacted,
That nothing in this act shall be construed to vest in the
C om m ission-
commissioners o f the sinking fund, a right to pay, in the m o re 'otfor0 the
purchase or discharge of the unfunded domestic debt o f mestic dd ebd°,
the United States, a higher rate than the market price orketVice o f t h e
value of the funded debt of the United States: And pro- ^Government
rided also, That if, after all the debts and loans aforesaid, fe arye n t a appronow due, and that shall arise under this act, excepting the?unds°inSa cer*
said debt or stock, bearing an interest o f three per cent.tain event'
15712”— 10----- 5
42
N A T IO N A L
M ONETARY
C O M M IS S IO N .
shall be fully paid and discharged, any part of the prin
cipal o f the said debt or stock bearing an interest o f three
per cent, as aforesaid, shall be unredeemed, the Govern
ment shall have liberty, i f they think proper, to make
Priorities in
other and different appropriations of the said funds.
S ec . 13. And be it further enacted, That all priorities
^iereto^ore established in the appropriations by law, for
the interest on the debt o f the United States, as between
cied the different parts o f the said debt, shall, after the year
mentthof toter
est to cease as
i t o r s !taln
one thousand seven hundred and ninety-six, cease with re
gard to all creditors o f the United States, who do not,
before the expiration of the said period, signify, in writ
ing, to the Comptroller o f the Treasury, their dissent
therefrom ; and that thenceforth, with the exception only
o f the debts o f such creditors who shall so signify their
dissent, the funds or revenues charged with the said ap
propriations, shall, together, constitute a common or con
solidated fund, chargeable indiscriminately, and without
priority, with the payment of the said interest.
(Section 14 requires that all outstanding loan-office
certificates, final settlements, and indents of interest shall
be presented before January 1, 1797, to the Auditor o f
the Treasury, to be exchanged for new certificates, or
registered and returned, at the option o f the holder; and
all certificates not so presented shall be forever barred.
(Section 15 enacts that any transfer of stock standing
to the credit o f a State, made after December 31, 1795,
shall be upon condition that it shall be lawful to reim
burse so much o f the principal o f the stock transferred
as will make its reimbursement equal to that of the same
stock transferred previous to the said day.)
Sumofmon^
S ec. 16. And be it further enacted, That in regard to
biu’remafningany sum which shall have remained unexpended upon any
f o^a^rtafn appropriation other than for the payment o f interest on
rTe dt0toe The the funded d ebt; for the payment o f interest upon, and
fund!”1 p 1 u 8 reimbursement, according to contract, of any loan or
loans made on account o f the United States; for the pur
poses o f the sinking fu n d ; or for a purpose, in respect
to which, a longer duration is specially assigned by law,
for more than two years after the expiration o f the calen
dar year in which the act of appropriation shall have been
passed, such appropriation shall be deemed to have ceased
and been determined; and the sum so unexpended shall
be carried to an account on the books of the Treasury,
to be denominated “ T h e S u r p l u s F u n d . ”
But no ap-
LAWS
C O N C E R N IN G
43
F IN A N C E .
propriation shall be deemed to have so ceased and been
determined, until after the year one thousand seven hun
dred and ninety-five, unless it shall appear to the Secre
tary of the Treasury, that the object thereof hath been
fully satisfied, in which case, it shall be law ful for him
to cause to be carried the unexpended residue thereof, to
the said account o f “ the surplus fund.”
(B y sections IT, 18, and 19 the Treasury is required to
establish rules for the execution o f this act; all restric
tions and regulations heretofore imposed by law upon
the commissioners o f the sinking fund are made appli
cable in analogous cases under this act, and an account o f
all sales o f stock or loans made is required to be laid
before Congress within fourteen days after its next meet
in g ; and in every case it is made law ful to borrow from
the Bank of the United States, whatever the amount of
the loan.
(Section 20 continues acts laying duties on carriages,
licenses for selling wines and liquors, duties on snuff
and sugar, and property sold at auction.)
Approved, March 3, 1795.
A C T O F F E B R U A R Y 19, 1796.
A n act further extending the time for receiv- i s t a t . L . ,
ing on loan the domestic debt of the United States.
44[8dbsoiete.]
C hap. I I.
S e c t i o n 1. Be it enacted by the Senate and House of Act of March
Representatives of the United States of America in Con- ’ 1797’ Ch' 25'
gress assembled, That the term for receiving on loan that Extension of
pait o f the domestic debt of the United States, which has ceiving on loan
not been subscribed, in pursuance o f the provisions here- debt.domebtlL
tofore made by law for that purpose, be, and the same is
hereby further extended, until the thirty-first day of De
cember next, on the same terms and conditions, as are con
tained in the act, intituled “ A n act making provision for
the debt o f the United S tates: ” Provided , That the books
Proviso,
for receiving the said subscriptions shall be opened only
at the Treasury o f the United States.
S e c . 2. And be it further enacted, That it shall be law-
Reimburse-
ful to reimburse so much o f the principal o f the debt or uienpr?ncipai.of
stock, which may be subscribed, pursuant to this act, as
v ill make the reimbursement thereof equal in proportion
and degree, to that o f the same stock subscribed ante
cedent to the present year; and the said reimbursement
shall be made at the expiration o f the quarter in which
44
N A T IO N A L
M ONETARY
C O M M IS S IO N .
1795, ch. 45. such debt or stock shall be subscribed, and pursuant to
the rules and conditions prescribed by the act, intituled
“ A n act making further provision for the support of
public credit, and for the redemption o f the public debt.”
Provision for S e c . 3. And be it further enacted, That such of the
the payment of
,.
.
•
. 7
'
interestto^non-creditors ot the United States, as have not subscribed,
and shall not subscribe to the said loan, shall, neverthe
less, receive, during the year one thousand seven hundred
and ninety-six, a rate per centum on the amount o f such
o f their demands as have been registered, or as shall be
registered at the Treasury, conformably to the directions
in the act, intituled, “ A n act making provision for the
debt o f the United States,” equal to the interest which
would be payable to them as subscribing creditors.
Approved, February 19, 1T96.
A C T O F A P R I L 28, 1796.
l s t a t . l .,C h a p . X V I . — A n act in addition to an act intituled “ A n
°[Obsolete.]
act making further provision for the support of public
credit, and for the redemption of the public debt.11
S e c t i o n 1. Be it enacted by the Senate and House of
Repinesentalives of the United States o f America in Concommission- qress assembled. That it shall be lawful for the commisers of the sink* ^
'
ing fund to paysioners o f the sinking fund, and they are hereby required,
stock bearing to cause the funded stock o f the United States bearing a
6 per cent by present interest ot six per centum per annum, to be reim
bursed and paid, in manner following, to w it: First, by
dividends to be made on the last days o f March, June
and September for the present year, and from the year
one thousand seven hundred and ninety-seven, to the year
one thousand eight hundred and eighteen inclusive, at
the rate o f one and one h alf per centum upon the original
capital. Secondly, by dividends to be made on the last
day o f December for the present year, and from the year
one thousand seven hundred and ninety-seven, to the year
one thousand eight hundred and seventeen inclusive, at
the rate o f three and one h alf per centum upon the orig
inal capital; and by a dividend to be made on the last day
o f December, in the year one thousand eight hundred and
eighteen, o f such a sum, as will be then adequate, accord
ing to the contract, for the final redemption o f the said
stock.
\
LAWS CONCERNING FINANCE.
45
(Section 2 makes similar provision for the reimburse-45| s fca •L irient o f the stock bearing six per cent after the year 1800,
by a like series o f dividends beginning March 31, 1801,
and ending December 31, 1824.
(Section 3 extends these provisions to all balances of
stock, bearing a present or deferred interest o f six per
cent, standing to the credit o f the States, under the act
o f M ay 31, 1794; and section 4 appropriates, in addi
tion to sums already appropriated, such a sum o f the
duties on goods imported, on tonnage, and on spirits
distilled in the United States and on stills, as shall be
sufficient, with monies already applicable, to reimburse
the said balances, in the manner directed.)
S ec . 5. And be it further enacted, T hat it shall be . The commislawful for the commissioners o f the sinking fund, to po°intrSamsecreappoint a secretary, whose duty it shall be, to record
and preserve their proceedings and documents, and to
certify copies thereof, when thereunto duly required;
and the said secretary shall be allowed a compensation
not exceeding two hundred and fifty dollars, annually, His compen/» i •
•
sation.
for his services.
Approved, A p ril 28, 1796.
A C T O F M A Y 6, 1796.
C h a p . X X I . — A n act authorizing a loan for the use of ^
the city of ]Vashing ton, in the District of Columbia,
and for other purposes therein mentioned.
(N ote.—T h is'act
provided that the Commissioners o f
the city of W ashington m ight borrow certain sums of
money to carry into effect the act establishing the seat of
government; certain lots were made chargeable with the
repayment o f such loans, and if the proceeds o f the lots
should be insufficient the United States should be liable
for the balance; and the act o f A pril 18, 1798 (1 Stat. L .,
551) authorized the President to cause to be loaned to
said commissioners the sum of one hundred thousand dol
lars; which sum was declared to be in full o f the monies
which the said commissioners were authorized to borrow
under the act o f M ay 0, 1796.)
s tat.
l .,
46
N A T IO N A L
M ONETARY
C O M M IS S IO N .
A C T O F M A Y 30, 1706.
487.s 1 a 4' L" C
X L I . — A n act making further provision for the
expense attending the intercourse of the United States
with foreign nations; and to continue in force the act,
intituled “A n act providing the means of inter
course between the United States and foreign nations.”
hap.
*
sN
sfc
*
*
thePreun?t e°d S ec .
And be it further enacted, That the President
r o T n o t 'e i - 0^ the United States be authorized to borrow, on the
53SM)6.S $324’* cre(iit o f the United States, if, in his opinion, the public
service shall require it, a sum not exceeding three hun
dred and twenty-four thousand five hundred and thirtynine dollars and six cents, at an interest not exceeding
six per centum per annum, reimbursable at the pleasure
o f the United States, to be applied to the purposes of
this act, and to be repaid out o f the duties on imports
and tonnage accruing during the present year, and not
otherwise appropriated: and it shall be lawful for the
Bank o f the United States to lend the same.
Approved, M ay 30, 1796.
A C T O F M A Y 31, 1796.
488 s t a t
'
L’’ C h a p . X L I V .— A n act making provision for the pay-
[Expired.]
ment of certain debts of the United States.
(Sections 1 and 2 authorize the commissioners o f the
sinking fund to borrow a sum not exceeding five millions
o f dollars, to be used in paying the capital o f any debt
due by the United States to the Bank o f the United
States, or to the Bank o f New Y ork , or any instalment
o f foreign debt, the loan to bear an interest o f six per
cent, payable quarter yearly, and to be redeemable at
the pleasure o f the United States after the close o f the
year 1819.
The Bank o f the United States is authorized
to lend the whole sum and to sell the stock received
therefor.
Credits for the sums borrowed are to
be
entered on the books of the Treasury, and certificates
“ for sums not less than one hundred dollars *’ are to be
issued by the Register, and are to be transferable and
the interest thereon is to be payable, as provided in sec
tions 7 and 8 o f the act o f August 4, 1790.)
power* To bore ®EC- 3. A nd be it further enacted, That it shall be
ecuteday be ex deemed a good execution o f the power to borrow, herein
LAWS
C O N C E R N IN G
F IN A N C E .
47
granted, for the said commissioners of the sinking fund,
to cause to be constituted, certificates of stock of the
description herein mentioned, and to cause the same to be
sold in the United States, or elsewhere: Provided , That
no more than one moiety o f the said stock shall be sold
under p a r : A n d it shall be lawful for the commissioners
o f the sinking fund, i f they shall find the same to be
most advantageous, to sell such and so many o f the shares
o f the stock of the Bank o f the United States, belonging
to the United States, as they may think proper; and that
they apply the proceeds thereof to the payment o f the said
debts, instead o f selling certificates o f stock, in the manner
prescribed in this act.
A nd such o f the revenues o f the
Appropr ia-
United States, heretofore appropriated for the payment ment f°of ptFe
o f interest o f debts, thus discharged, shall be, and the luteiest'
same are hereby pledged and appropriated, towards the
payment o f the interest, and instalments o f the principal,
which shall hereafter become due, on the loan obtained
o f the Bank o f the United States, pursuant to the eleventh
section o f the act for incorporating the subscribers to the
said bank.
S e c . 4. And be it further enacted, T hat such o f the Funds approrevenues o f the United States, heretofore appropriated ment of inter-
for the payment o f interest on such debts as may bepai.and prlnci
liberated or set free, by payments from the proceeds of
the loan herein proposed, together with such further sums
o f the proceeds o f the duties on goods, wares and mer
chandise imported; on the tonnage o f ships or vessels;
and upon spirits distilled in the United States, and stills;
as may be necessary, shall be, and the same are hereby
pledged and appropriated for the payment o f the interest
which shall be payable upon the sums subscribed to the
said loan; and shall continue so pledged and appropri
ated, until the principal o f the said loan shall be fu lly
reimbursed and redeemed.
S e c . 5. And be it further enacted, That the principal of redeemable1unthe said loan, bearing interest as aforesaid, shall remain ^ 19the y ear
fixed and irredeemable by the United States, until the
close o f the year one thousand eight hundred and* nine
teen ; after which period, the said loan shall be redeemed,
at the pleasure o f the United States: and the funds which
shall be liberated by the discharge of the stock o f the
United States, bearing a present interest o f six per cen
tum, or so much thereof, as may be necessary, shall be,
48
N A T IO N A L
M ONETARY
C O M M IS S IO N .
and the same are hereby pledged and appropriated for
the said redemption.
treasury
de-
S ec .
And be it further enacted, That the department
partment here- Gf the treasury, according to the respective duties o f the
officers thereof, shall, and they are hereby directed to
establish such forms and rules o f proceeding, touching
the execution o f this act, as shall be conformable with
the provisions thereof.
Approved, M ay 31, 1796.
A C T O F J U N E 1, 1796.
s t a *' L'’ C hap . L I . — A n act making appropriations for the sup[Obsolete.]
port of the military and naval establishments for the
493
year one thousand seven hundred and ninety-six.
*
out of what
funds payable.
*
*
*
*
( Section 2 makes reference to authority o f Bank of
v
^
the United States to make a loan.)
united*spates
S ec.
^ n d be it further enacted, That the President of
$6a/o ooo to sat"
United States be empowered to borrow, at an interest
isfy this act. not exceeding six per centum, o f the Bank of the United
Stales, which is hereby authorized to lend the sam e; or of
any body or bodies politic, person or persons, any sum or
sums not exceeding in the whole, six hundred and fifty
thousand dollars, and to be applied to the purposes afore
said, and to be reimbursed, as well interest as principal,
out o f the funds aforesaid.
*
*
*
*
*
Approved, June 1, 1 7 9 6 ..
A C T O F M A R C H 3, 1797.
i s ta t. l ., C hap . X . — A n act for raising a further sum o f money , by
additional duties on certain articles imported, and for
other purposes.
*
tion Pofr duties"
*
*
*
*
S eq.
And ^e ^ f ur^ ier enacted, That the proceeds of
the duties laid by this act, shall be solely appropriated to
the follow ing purpose; that is to s a y : First, for the pay
ment o f the principal o f the present foreign debt of the
United States: Secondly, for the payment o f the principal
o f the debt now due by the United States to the Bank of
the United States.
Approved, March 3, 1797.
LAWS
C O N C E R N IN G
49
F IN A N C E ,
A C T O F M A R C H 3, 1797.
C
. X I V . — A n act to authorize the receipt of evidences
of the public debt, in payment for the lands of the
United States.
h a p
_^i s t a t .
B e it enacted by the Senate and House of Representa
tives of the United States of America in Congress assem
bled. That the evidences o f the public debt o f the United T. s to c k
0
.
.
.
.
l
„
[O bso lete.]
o f the
United States
States, shall be receivable in payment for any o f the lands received in pay•
x.
«/
men£ foi* west-
which may be hereafter sold in conformity to the act,era lands,
intituled “ A n act providing for the sale o f the lands o f
the United States, in the territory northwest o f the river
Ohio, and above the mouth o f Kentucky River,” at the
following rates, v iz.: the present foreign debt o f the
United States, and such debt, or stock, as, at the time o f
payment, shall bear an interest o f six per centum per
annum, shall be received at their nominal value; and the
other species o f debt, or stock, o f the United States, shall
be received at a rate bearing the same proportion to their
respective market price, at the seat o f Government, at the
time o f payment, as the nominal value o f the above men
tioned six per centum stock shall, at the same time, bear
to its market price at the same place; the Secretary o f the
Treasury, in all cases, determining what such market
price is.
Approved, March 3, 1797.
(Section 5 o f the act o f M ay 10, 1800, chapter 55 (2
Stat. L ., 7 3 ), contains a similar provision.
(Section 1 o f the act o f A pril 18, 1806, chapter 50 (2
Stat. L ., 4 0 5 ), repeals the acts authorizing the receipt o f
evidences o f the public debt in payment for land after the
30th o f A p ril, 1806.)
N ote. This provision is also made applicable under the act o f
May 10, 1800, amending the acts providing for the sale o f public
lands. (2 Stat. L., 74.)
A C T O F M A R C H 3, 1797.
C h a p . X X V . — A n act extending the time for receiving 51| s t a t .
on loan the domestic debt of the United States.
l .,
[O bso lete.]
<
^ enacted by the Senate and House of Representa
tives of the United States of America in Conqress assem- T im e extenduiea, m a t ail the several provisions o f the act, intituled mestic debt-
50
N A T IO N A L
M ONETARY
C O M M IS S IO N .
“ A n act further extending the time for receiving on loan
1796, ch. 2.
the domestic debt o f the United States,” passed the nineteenth day o f February, one thousand seven hundred and
ninety-six, be, and they are hereby continued in force,
until the thirty-first day o f December next, and no longer:
Provided , That nothing herein contained, shall be con
strued to extend to any evidence o f public debt, which
may be barred by any act of limitation.
Approved, March 3, 1797.
A C T O F J U L Y 8, 1797.
s t a t . l .,
[Obsolete.]
^1
C h a p . X Y I .—
A n act authorizing a loan of money.
S e c t i o n 1. Be it enacted by the Senate and House of
Representatives of the United States of America in Con$8oo,ooo°an ot9ress assembled, That the President o f the United States
be, and he is hereby empowered to borrow on the credit of
the United States, a sum not exceeding eight hundred
thousand dollars, at an interest not exceeding six per
centum per annum, reimburseable at the pleasure o f the
United States, or at such period as may be stipulated by
contract not exceeding five years from the time o f obtain
ing the loan, to be applied to such public purposes as are
How to be or may be authorized bv law, and to be repaid out of the
paid.
•
. '
A
revenues accruing to the end of the present year and such
further revenues as have been, or may be provided during
the present session of Congress; and it shall be lawful
for the Bank o f the United States to lend the said sum.
flciencySfa?thdof
S ec.
And be it further enacted, That in case the ex-
statesT pledged isting revenues o f the United States, together with such
sk)™for r vi‘ further revenues as have been or may be provided, during
the present session, shall be insufficient to discharge and
reimburse the said loan, the faith o f the United States is
hereby pledged to make such further provision therefor,
as may be necessary.
Approved, July 8, 1797.
A C T O F J U N E 12, 1798.
6* stat- L >C h a p . L I .— A n act respecting loan office and final settle
ment certificates, indents of interest, and the unfunded
or registered debt credited in the books of the Treasury.
(B y section 1 the time fixed by section 14 o f the act
o f March 3, 1795, for the presentation of loan office cer-
LAWS
C O N C E R N IN G
F IN A N C E .
51
tificates, final settlements, and indents of interest, is ex
tended for one year.
(Sections 2 and 3 provide that on the settlement of such
certificates and indents o f interest, the creditors may re
ceive three per cent stock o f the United States, to the
amount o f the indents and o f arrearages o f interest on
certificates accruing prior to January 1, 1791; and that
the principal sums of the certificates, with interest since
January 1, 1791, shall be discharged by reimbursement
equal to the sum which would have been payable if the
certificates had been subscribed, and by payment o f the
market value o f the remaining funded stock which would
have been created by such subscription.
(The remaining sections forbid the officers o f the Treas
ury to issue any further certificates o f registered or un
funded debt; require the commissioners of the sinking
fund to reimburse the principal sums of the unfunded or
registered debt; and authorize the creditors o f the un
funded or registered debt to receive three per cent stock
equal to the arrearages o f interest due to them prior to
January 1, 1791.)
Approved, June 12, 1798.
A C T O F J U L Y 9, 1798.
C hap . L X I X . — A n act limiting the time, within which 5 go.s t a * ' L"
claims against the United States, for credits on the Obsolete.]
hooks of the Treasury, may he presented for allowance.
Be it enacted hy the Senate and House of Representa
tives of the United States of America in Congress as
sembled, T hat all credits on the books o f the Treasury o f
the United States, for transactions during the late war,
which, according to the course o f the Treasury, have
hitherto been discharged by issuing certificates o f regis
tered debt, shall be forever barred and precluded from
settlement or allowance, unless claimed by the proper
creditors, or their legal representatives on or before the
first day o f March, in the year one thousand seven hun
dred and ninety-nine. A n d the Secretary o f the Treas
ury is hereby required to cause this act to be published
in one or more o f the public papers o f each State.
Approved, July 9 , 1 7 9 8 .
52
N A T IO N A L
M ONETARY
C O M M IS S IO N .
A C T O F J U L Y 16, 1798.
i s tat.
l .,
[Obsolete.]
A n act to enable the President of the
United States to borrow money for the public service.
C h a p . L X X I X .—
Be it enacted by the Senate and House of Representa
tives of the United States of America in Congress asdenthmayPrbor-5 m ^ e<^’ That the President o f the United States shall be,
r.ow
“ ii- and
hereby is authorized to borrow, on behalf of the
United States, from the Bank o f the United States, which
is hereby authorized to lend the same, or from any other
body or bodies politic or corporate, or from any person
or persons and upon such terms and conditions as he shall
judge most advantageous for the United States, a sum
not exceeding five millions o f dollars, in addition to the
monies to be received into the Treasury o f the United
States, from taxes, for making up any deficiency in any
appropriation heretofore made by law, or to be made
during the present session of Congress; and defraying the
expenses which may be incurred, by calling into actual
service, any part o f the militia o f the United States, or
by raising, equipping and calling into actual service any
regular troops, or volunteers, pursuant to authorities
vested or to be vested in the President o f the United
by la w : Provided , that no engagement nor conshall preclude the
1
.
United States from reimbursing any sum or sums bor
o f rth«f7ight°toStates,
reimburse after tract shall be entered into, which
fifteen years.
. . .
rowed at any time after the expiration of fifteen years
from the date o f such loan.
.^Su^pllls 0 f S ec . 2. And be it 'further enacted’, That
so much as may
the duties on
,
imports a n d be necessary o f the surplus of the duties on imports and
t o n n a g e
17
r
.
.
1
_
PadSmefn V o ftonnag e’ frey ° nt‘ “ ie permanent appropriations heretoprindpai and fore charged upon them by law, shall be and hereby is
pledged and appropriated for paying the interest o f all
such monies as may be borrowed, pursuant to this act,
according to the terms and conditions on which the loan
or loans, respectively, may be effected; and also for pav
ing and discharging the principal sum or sums o f any
such loan or loans, according to the terms and conditions
Permanentto be fixed, as aforesaid. A n d the faith of the United
revenues f o r
7
.
, ,
,
making up the States shall be and hereby is pledged, to establish sumestablished,
cient permanent revenues for making up any deficiency
LAWS
C O N C E R N IN G
53
F IN A N C E .
that may hereafter appear in the provisions for paying
the said interest and principal sums, or any o f them, in
manner aforesaid.
S e c . 3. And be it further enacted, That the sums to be ro| ^ st J ° bre
borrowed, pursuant to this act, shall be paid into the ^ a s u ^ 0 t!thtf
Treasury o f the United States, and there separately ac- Appropria-
counted fo r ; and that the same shall be and hereby are same? 0 f t h e
appropriated in manner follow ing: First, to make up
any deficiency in any appropriation heretofore made by
law, or to be made, during the present session o f Con
gress; and, secondly, to defray the expenses which may
be incurred before the end of the next session o f Congress,
by calling into actual service, any part o f the militia o f
the United States, or by raising, equipping and calling
into actual service, any regular troops, or volunteers,
pursuant to authorities vested or to be vested in the Presi
dent o f the United States, by law.
Approved, J u ly 16, 1798.
A C T O F J U L Y 16, 1798.
A n act making certain appropna- i s t a t . L . ,
tions; and, to authorize the President to obtain a loan 6°9'
on the credit of the direct tax.
C h a p . L X X X I V .—
*
S e c . 2.
*
*
*
*
And be it further enacted, That the President
of the United States shall be, and he is hereby authorized
L ie
r.ow
rresi-
two'Tm n -
to borrow o f the Bank o f the United States, who are creditVf th e
hereby enabled to.lend the same, or of any other corpora- d" eCt taX’
lion, persons or person, the sum o f two millions o f dollars,
upon the credit, and in anticipation o f the direct tax,
laid and to be collected within the United States; which
tax shall be, and is hereby pledged for the repayment of
any loan which shall be obtained thereon, as aforesaid;
and the faith o f the United States shall be, and is hereby
pledged to make good any deficiency: Provided , that the
niteiest to be allowed for such loan, shall not exceed six
pei centum per annum ; and that the principal shall be
leimbursed at the pleasure of the United States.
Approved, July 16, 1798.
54
N A T IO N A L
ACT
6 ji s t a t .
M ONETARY
OF
C O M M IS S IO N .
FEBRUARY
15, 1799.
I I I . — A n act respecting balances reported against
certain States, by the commissioners appointed to settle
the accounts between the United States and the several
States.
l ., C h a p .
[E x p ir e d .]
S ection 1. Be it enacted by the Senate and Rouse of
Representatives of the United States of America in Cona slfum i n g^to 9ress
assembled, That if any state, against which a balance
j)end°in fortlfl-was reP01’ted by the commissioners appointed to settle the
ca tio n s a sum accounts between the United States and the several states,
in m oney o r in
’
their S t s° sb &d , on or before the first day o f A p ril, one thousand eight
d is c h a r g e ^ e t c ^
hundred, by a legislative act, engage to pay into the
treasury o f the United States within five years after pass
ing such legislative act, or to expend, within the time last
mentioned, in erecting, enlarging or completing any forti
fications for the defence of the United States at such
place or places the jurisdiction whereof, having been,
previously to such expenditure, ceded by such state to the
United States, with reservation that process civil and
criminal issuing under authority o f such state, may be
served and executed therein, and according to such plan
or plans as shall be approved by the President of the
United States, a sum in money, or in stock o f the United
States, equal to the balance reported as aforesaid, against
such state, or to the sum assumed by the United States in
the debt o f such state, such payment or expenditure, when
so made, shall be accepted by the United States as a full
discharge of all demands on account of said balance; and
the President o f the United States, shall be, and hereby
is authorized to cause credit to be given to such state on
the books o f the treasury of the United States accord-
Limitation in g ly : Provided however, that no more than one third
p
payment or expenditure that may be
o f the d escrip tion s o f s tock part o f the whole
to be p a id o r ^
expen ded.
made by any such
r J
r
.
state shall be made in three per cent
stock, nor more than one third part o f the remaining two
masyu obtafnatathirds shall be made in deferred stock:
theCp a ym en tbo r
aXpes u m re
m oney, etc.
A nd provided
also, that any such state may obtain a full discharge, as
0°faforesaid, by the payment or expenditure of a sum of
money, sufficient in the opinion o f the Secretary of the
Treasury, to purchase, at market price, the different
species o f stock, the payment or expenditure o f which
would be accepted as a full discharge, as aforesaid.
LAWS
C O N C E R N IN G
F IN A N C E .
00
S ec . 2. Provided always, and be it further enacted, in^u^ing8 e°xn
That i f any such state as is aforesaid shall have expended,
i oYn
since the establishment o f the present Government o f the b efore their
United States, any sum o f money in fortifying any place United states6
since ceded by such state to the United States, or which
may be so ceded, within one year after the passing o f this
act, such expenditure having been ascertained and proved
to the satisfaction o f the Secretary o f the Treasury, shall
be taken and allowed as part o f the expenditure intended
by this act.
Approved, February 15, 1799.
A C T O F M A R C H 2, 1799.
C h a p . X X X I .— An act giving eventual authority to the
President of the United States to augment the army.
lg t a t .L ,
‘ “Repealed
1802, ch. 9.
(Sections 1 to 8 provide for augmenting the military
force, including volunteers, etc.)
S ec . 9. And be it further enacted, That for the execu- Appropriarnn o t is act, i f it shall be found necessary to carry it,p uDr p o s e ? o f
01 any Pa if o f it into effect, there be appropriated the authority aito
sum o f two millions o f dollars, and that the President b e "0" ™ m° ney'
authorized to borrow, on behalf o f the United States, the
sai
sum, cu so much thereof as he shall deem necessary
(which the Bank o f the United States is hereby em
powered to lend) -and upon such terms and conditions as
he shall judge most advantageous to the United States.
rovided, That such terms and conditions shall not re
strain the United. States from paying off the sum which
may be borrowed, after the expiration o f fifteen years.
k.E(. 10. And be it further enacted, That so much as
certain du-
may be necessary o f the surplus o f the duties on imports
? S f f htoe
and tonnage, beyond the permanent appropriations here-Ioan'
tofore charged upon them by law, shall be, and hereby
is pledged and appropriated for paying the interest o f all
such monies as may be borrowed pursuant to this act, ac
cording to the terms and conditions on which the loan or
oans, respectively, may be effected; and also for paying,
\v
ischarging the principal sum or sums o f any such
oan or loans, according to the terms and conditions to be
fixed as aforesaid.
*
Approved, March 2, 1799.
A
56
N A T IO N A L
M ONETARY
ACT
C O M M IS S IO N .
OF M A Y
7, 1800.
2 stat. L., 60. C h a p . X L I I . — A n act to enable the President of the
United States to borrow money for the 'public service.
S e c t i o n 1 . Be it enacted by the Senate and House of
Representatives of the United States of America in Conau- qress assembled, That the President o f the United States
r r e s id e n t
th orlz ed t o b o r- *
ro w $ 3,5 00 ,0 0 0 . shall
V oi. i ,
194.
.,
’
,
,
.
_
,
.
,
, „
be, and hereby is authorized to borrow on behalf of
the United States, from the Bank o f the United States,
which is hereby authorized to lend the same, or from any
other body or bodies politic or corporate^ or from any per
son or persons, and upon such terms and conditions, as he
shall judge most advantageous for the United States, a
sum not exceeding three millions five hundred thousand
dollars, in addition to the monies to be received into the
Treasury o f the United States from taxes, for making up
any deficiency in any appropriation heretofore made by
law, or to be made during the present session o f Congress,
and defraying the expenses which may be incurred by
calling into actual service any part o f the militia o f the
United States, or by raising, equipping and calling into
actual service any regular troops or volunteers, pursuant
to authorities vested, or to be vested in the President of
the United States by la w : Provided, T hat no engagement
nor contract shall be entered into, which shall preclude
the United States from reimbursing any sum or sums
borrowed, at any time after the expiration o f fifteen years
from the date o f such loan.
A p p r o p r ia t i o n fo r th e
p a ym en t o f interest, and ex-
S ec . 2. And be it further enacted, T hat so much as may
, ,,
'
.
»
.
\
.
\
.
be necessary of the surplus o f the duties on imports and
*
. .
L
t\ n guishment tonnage, beyond the permanent appropriations heretofore
charged upon them by law, shall be and hereby is pledged
pai.
and appropriated for paying the interest of all such
monies as may be borrowed pursuant to this act, accord
ing to the terms and conditions on which the loan or loans
respectively may be effected; and also for paying and dis
charging the principal sum or sums o f any such loan or
loans, according to the terms and conditions to be fixed as
aforesaid.
A n d the faith o f the United States shall be,
and hereby is pledged to establish sufficient permanent
revenues for making up any deficiency, that may here
after appear in the provisions for paying the said interest
and principal sums, or any o f them, in manner aforesaid.
11 o n Pof°Pthe
p roceed s o f
S ec .
^ n d be it f urther enacted, That the sums, to be
the borrowed pursuant to this act, shall be paid into the Treas-
LAWS
C O N C E R N IN G
57
F IN A N C E .
ury o f the United States, and there separately accounted
fo r; and that the same shall be, and hereby are appro
priated in the manner follow ing:
First, to make up any deficiency in any appropriation
heretofore made by law, or to be made during the present
session o f Congress: and, secondly, to defray the expenses
which may be incurred before the end o f the next session
o f Congress, by calling into actual service any part o f the
militia o f the United States, or by raising, equipping and
calling into actual service any regular troops or volunteers,
pursuant to authorities vested or to be vested in the Presi
dent of the United States by law.
Approved, M ay 7, 1800.
A C T O F M A Y 10, 1800.
C h a p . L V I I I .— A n act supplementary to the act entitled
2stat. l ., 79.
‘'An act to establish the Treasury Department.” a
Be it enacted by the Senate and House of Representa
tives of the United States of America in Congress assem
bled, T hat it shall be the duty o f the Secretary o f the
Duty of the
Treasury to digest, prepare and lay before Congress atTre^suV^to
t ie commencement o f every session, a report on the sub- greslTestfmates
ject o f finance, containing estimates of the public revenue
thc revenue'
and public expenditures, and plans for improving or
increasing the revenues, from time to time, for the pur
pose o f giving information to Congress in
adopting
modes o f raising the money'requisite to meet the public
expenditures.
Approved, M ay 1 0 ,1 8 0 0 .
A C T O F A P R I L 29, 1802.
C h a p . X X X I I . — A n act making provision for the re-
demption of the whole of the public debt of the United
States.
Be it enacted by the Senate and House of Representa
tives of the United States of America in Congress assemi ed, T hat so much of the duties on merchandise and ton-
2 stat.
l .,
^Obsolete.]
Appropria
t e
as’ together with the monies, other than surplusesminguShmen!
o revenue, which now constitute the sinking fund, ordebt!he publlc
S ia accrue to it by virtue o f any provisions heretofore is!?e2i8!‘ 27$’,
mac e, and together with the sums annually required to 4111; 48s! 512!
c isc large the annual interest and charges accruing o n i vid*u a?
-------------- —
--— .— ___________ _______________________________________p
“Act o f September 2, 1789, chap. 12.
15712°— 10----- 6
S tates, vol. i, p.
41,1.8,616.
58
N A T IO N A L
M ONETARY
C O M M IS S IO N .
the present debt o f the United States, including tempo
rary loans heretofore obtained, and also future loans
which may be made for reimbursing, or redeeming, any
instalments, or parts o f the principal o f the said debt,
will amount to an annual sum o f seven millions three hun
dred thousand dollars, be, and the same hereby is yearly ap
propriated to the said fu n d ; and the said sums are hereby
declared to be vested in the commissioners o f the sinking
fund, in the same manner as the monies heretofore appro
priated to the said fund, to be applied by the said com
missioners to the payment of interest and charges, and
to the reimbursement or redemption o f the principal of
the public debt, and shall be and continue appropriated
until the whole of the present debt of the United States,
and the loans which may be made for reimbursing or
redeeming any parts or instalments o f the principal of
the said debt shall be reimbursed and redeemed: ProBaiances of vided. T hat after the whole o f the said debt, the old six
unexpended app ro p r ia tio n ,
of-
7
7
per cent. stock, the deferred stock, the seventeen hundred
and ninety-six six per cent, stock and three per cent, stock
excepted, shall have been reimbursed or redeemed, any
balance o f the sums annually appropriated by this act,
which may remain unexpended at the end o f six months
next succeeding the end o f the calendar year to which
such annual appropriation refers, shall be carried to the
surplus fund, and cease to be vested by virtue o f this act in
the commissioners o f the sinking fund, and the appropria
tion, so far as relates to such unexpended balance, shall
cease and determine.
tions,p amount
ea ch ande every
S ec.
And be it further enacted, That it shall be the
the Secretary of the Treasury annually, and in
s e c r e t Ly*of
each year, to cause to be paid to the commissioners o f the
theTceommis° sinking fund the said sum o f seven millions three hundred
sinking fund.he
thousand dollars, in such payments, and at such times,
in each year as the situation o f the Treasury will p erm it:
Provided , That all such payments as may be necessary to
enable the said commissioners to discharge, or reimburse,
any demands against the United States, on account o f
the principal or interest o f the debt, which shall be actu
ally due, in conformity to the engagements o f the said
States, shall be made at such time and times, in each year
as will enable the said commissioners faithfully
and
punctually to comply with such engagement.
S ec. 3. And be it f urther enacted, That all reimburse
ments o f the capital, or principal o f the present debt of
LAWS
C O N C E K N IN G
59
F IN A N C E .
the United States, including future loans which may b e m(J®im05urtshee
made for reimbursing or redeeming any instalments, or caPital °f
parts ox the same, and all payments on account of t l i e ^ e. United
mterest and charges accruing upon the said debt shall be i°s£utureloa?s
.
i
i
1
that may be
made under the superintendence o f the commissioners o f mad?- and Pa>,1
• i •
the sinking fund.
x ,
,
m ents
on
ac-
A n d it shall be the duty o f the s a id coant °f !nte1r-
commissioners to cause to be applied and paid out o f the
1 Jfe tdie
said fund, yearly and every year, at the Treasury o f the^p^ssjoners
United States, the several and respective sums follow ing,fu“d1
.
07
S pecific apro w it: nrst, such sum and sums as bv virtue of any a c t P r° P riatic,ns to
,
J
be ap p lied
un-
or acts, they have heretofore been directed to applv an d der the direcj
n
,
.
J
tionof thecomu> p a y : secondly, such sum and sums as may be annuallymlssionerswanted to discharge the annual interest and charges ac
cruing on any other part o f the present debt o f the United
States, including the interest and charges which may
accrue on future loans which may be made for reimburs
ing or redeeming any instalments, or parts of the prin
cipal of the said d ebt: thirdly, such sum and sums as may
annually be required to discharge any instalment or part
of the principal o f the present debt of the United States,
and o f any future loans which may be made for reim
bursing, or discharging the same, which shall be actually
< lie and demandable, and which shall not by virtue o f
this, or any other act, be renewed or prolonged, or reim
bursed. out of the proceeds o f a new lo a n : and also it shall
>e the duty o f the said commissioners to cause to be ap
plied the surplus o f such fund as may at any time exist,
after satisfying the purposes aforesaid, towards the fur
ther and final redemption, by payment, or purchase, o f
the present debt o f the United States, including loans for
the reimbursement thereof, temporary loans heretofore
obtained from the Bank o f the United States, and those
demands against the United States, under any treaty, or
convention, with a foreign power, for the payment o f
which the faith o f the United States has been, or may
hereafter be pledged by Congress: Provided , however.
Demands un-
That the whole, or any part, o f such demands, arising etc., m a ^lfe
under a treaty, or convention, with a foreign power, andotherfimoneys?f
of such temporary loans, may, at any time, be reimbursed,
either out o f the sinking fund, or, i f the situation o f the
reasury will permit, out o f any other monies which have
been, or may hereafter be, appropriated to that purpose.
(Section 4 empowers the commissioners to borrow, at
home or abroad, the sums requisite for payment o f the
60
N A T IO N A L
M ONETARY
C O M M IS S IO N .
instalments o f the Dutch debt, falling due in the years
from 1803 to 1806, and requires that a like sum shall be
laid out in the payment or redemption of the present debt
o f the United States, so as to effect the annual payment
of seven million three hundred thousand dollars, agree
ably to the provision made above; but any loan thus made
shall be reimbursable within six years from its date, and
the rate o f interest thereon shall not exceed five per cent,
nor shall the charges exceed five per cent o f the capital
borrowed.
The power thus given is not to diminish or
affect the power to borrow given to the commissioners bv
section 10 o f the act o f March 3, 1795, or the power to sell
the shares of the Bank o f the United States belonging to
the Government, given by section 3 o f the act of M ay
31, 1796.
(Sections 5 and 6 authorize the commissioners, with the
approbation o f the President, to contract with any bank
or individual for the payment, in Holland, o f any part
o f the Dutch debt and its interest, or to employ an agent
for procuring remittances for the discharge o f said debt
or its interest, allowing therefor a compensation not ex
ceeding one-fourth o f one per cent on the remittances pro
cured. A n d the commissioners are empowered, in like
manner, to employ an agent in Europe, for the trans
action o f any business relative to the discharge o f the
Dutch debt, or o f any loan authorized for the discharge
thereof.)
this°actnto at1
-
S ec. 7. And be it further enacted, That nothing in this
visionshof for-ac^ contained shall be construed to repeal, alter, or affect
i'nK tLe^fa/thof any
the provisions o f any former act pledging the faith
states Unlted o f the United States to the payment of the interest, or
principal, o f the public d ebt; and that all such payments
shall continue to be made at the time heretofore pre
scribed by la w ; and the surplus only o f the appropria
tions made by this act beyond the sums payable by virtue
o f the provisions o f any former act, shall be applicable to
the reimbursement, redemption, or purchase o f the pub
lic debt in the manner provided by this act.
andregulations
S ec . 8. And be it further enacted, That all the restricfo m 'e ^ c ts! tions and regulations heretofore established by law, for
thecommission0 regulating the execution o f the duties enjoined upon the
er\ccod:nrtthofCOmmissioners
*he s i t i n g Bind, shall apply to and be
the sales of in as full force for the execution o f the analogous duties
stock s
etc.
to
~
be laid before enjoined by this act, as if they were herein particularly
1795, ch. 45. repeated and reenacted. Provided , however, That the par-
LAWS
C O N C E R N IN G
61
F IN A N C E .
ticular annual account o f all sales o f stock, o f loans, and
o f payments, by them made, shall, hereafter, be laid be
fore Congress on the first week o f February, in each year;
and so much o f any former act as directed such account
to be laid before Congress within fourteen days after their
meeting, is hereby repealed.
Approved, A p ril 29, 1802.
A C T O F F E B R U A R Y 26, 1808.
C h a p . YITT.— A n act making further 'provision for the
expenses attending the intercourse between the United
States and foreign nations.
Be it enacted by the Senate and House of Representa
tives of the United States of America in Congress assem
bled, That a sum o f two millions of dollars, in addition
+
.i
. .
.
to tne provision heretofore made, be, and the same is
| stat. l .,
[Obsolete.]
F u rth er app ro p ria tio n fo r
fo re ig n
inter-
hereby appropriated for the purpose of defraying any
extraordinary expenses which may be incurred in the
intercourse between the United States and foreign na
tions, to be paid out of any money in the treasury, not
otherwise appropriated, and to be applied under the direc
tion of the President of the United States, who shall
cause an account o f the expenditure thereof to be laid
before Congress, as soon as may be.
S ec;. 2. And be it further enacted, That the President
of the United States may, if he shall deem it necessary,
row the m oney,
and he hereby is authorized to borrow the whole, or any
and tim e o f reS
bau‘
part o f the said gum, at an interest not exceeding six per mbU se
centum per annum, reimbursable before the year one
thousand eight hundred and eleven: and it shall be law
ful for the Bank o f the United States to lend the whole,
or any part o f the same.
S ec. 3. And be it f urther enacted, T hat so much as may dut^eS
rplon imf
be necessary of the surplus of the duties on imports and p°^es ap?edged"
tonnage, beyond the permanent appropriation heretofore ^£nt ^
jP®*;
charged upon them by law, shall be, and hereby is pledged ^.sement^o’f
and appropriated for the payment o f the interest, and re- principal,
nnbursement o f the principal o f all such monies as may
be borrowed in pursuance o f this act, according to the
terms and conditions on which the loan or loans may be
effected.
Approved, February 26, 1803.
62
N A T IO N A L
M ONETARY
C O M M IS S IO N .
A C T O F N O V E M B E R 10, 1803.
sta t-
L >C
[Obsolete.]
. I I . — A n act authorizing the creation of a stock, to
fjle amount of eleven millions two hundred and fifty
h a p
thousand dollars, for the purpose of carrying into effect
the convention of the thirtieth of April, one thousand
eight hundred and three, between the United States of
America and the French Republic/ and making pro
vision for the payment of the same.
Be it enacted by the Senate and House of Representa
tives of the United States of America in Congress assemofThtheeCT*rell- Ided, That for the purpose o f carrying into effect the contoycaausehToiZbe vention o f the thirtieth day o f A p ril, one thousand eight
stockfor eleven hundred and three, between the United States o f America
hundred and and the French Republic, the Secretary o f the Treasury
doifars.h°USand be, and he is hereby authorized, to cause to be constituted,
certificates o f stock, signed by the Register o f the Treas
ury, in favour o f the French Republic, or o f its assignees,
for the sum o f eleven millions two hundred and fifty
thousand dollars, bearing an interest o f six per centum
per annum, from the time when possession o f Louisiana
„
shall have been obtained, in conformity with the treaty
atkmmand Cdt ° f the thirtieth day o f A p ril, one thousand eight hundred
livery.
and three, between the United States of America and the
French Republic, and in other respects conformable with
the tenor o f the convention aforesaid; and the President
o f the United States is authorized to cause the said certifiGovernment of
The certifl- eates of stock to be delivered to the
cates of stock
to be delivered France, or to such person or persons as
to the Govern-.
7
x
c
shall be author-
mentofFrance, ized to receive them, in three months at most, after the
exchange o f the ratifications o f the treaty aforesaid, and
after Louisiana shall be taken possession o f in the name of
stock6dto8 bJthe Government o f the United States; and credit, or
thensftookse of
the Treasury.
credits, to the proprietors thereof, shall thereupon be
entered and given on the books o f the Treasury, in like
manner as for the present domestic funded debt, which
said credits or stock shall thereafter be transferable only
on the books o f the Treasury o f the United States, by the
proprietor or proprietors o f such stock, his, her or their
attorney; and the faith o f the United States is hereby
pledged for the payment o f the interest, and for the re
imbursement o f the principal o f the said stock, in condemptkm °may form ity with the provisions o f the said convention: Pro
be shortened.
v{^e^ however, That the Secretary of the Treasury may,
LAWS
C O N C E R N IN G
F IN A N C E .
03
with the approbation of the President o f the United
States, consent to discharge the said stock in four equal
annual instalments, and also shorten the periods fixed
by the convention for its reimbursement: And provided
also, That every proprietor o f the said stock may, until
otherwise directed by law, on surrendering his certifi
cate o f such stock, receive another to the same amount,
and bearing an interest o f six per centum per annum,
payable quarter-yearly at the Treasury o f the United
States.
S e c . 2. And be it further enacted, That the annual in- interest payterest accruing on the said stock, which may, in conform- ab'e in Europe’
lty with the convention aforesaid, be payable in Europe,
Rate of ex-
shall be paid at the rate o f four shillings and sixpence ata4s.e’od0lland
sterling for each dollar, if payable in London, and at the
gu,ldersrate o f two guilders and one h alf of a guilder, current
money o f H olland, for each dollar, i f payable in Am ster
dam.
S e c . 3. And be it further enacted, That a sum equal to .interest prowhat will be necessary to pay the interest which may of emoneys °in
accrue on the said stock to the end of the present year,
a n y.
be, and the same is hereby appropriated for that purpose,
to be paid out o f any monies in the Treasury not other
wise appropriated.
S e c . 4. And be it further enacted, That from and after •>9Act18o0f.,Apcr/11
the end o f the present year, (in addition to the a n n u a l s e v e n i W
sum o f seven millions three hundred thousand dollars
t0 be
yearly appropriated to the sinking fund, by virtue o f slnkins fund.he
the act, intituled “ A n act making provision for the re
demption o f the whole o f the public debt o f the United
States,” ) a further annual sum o f seven hundred thou
sand dollars, to be paid out o f the duties on merchandise
and tonnage, be, and the same hereby is, yearly appropri
ated to the said fund, making in the whole, an annual
sum o f eight millions o f dollars, which shall be vested in e r'commtoBionthe commissioners o f the sinking fund in the same man- t ? kIS&emIthe
uer, shall be applied by them for the same purposes, a n d stockshall be, and continue appropriated, until the whole o f
the present debt o f the United States, inclusively o f the
stock created by virtue o f this act, shall be reimbursed
■tud redeemed, under the same limitations as have been
piovided by the first section o f the above-mentioned act,
lespecting the annual appropriation o f seven millions
three hundred thousand dollars, made by the same
64
N A T IO N A L
theTrea^sury to
s f o n e r s 0mw h So
m on1
evapt o y d l1se
charge of
debt.
M ONETARY
C O M M IS S IO N .
S ec . *>• ^ n(l be it further enacted, That the Secret ait
the Treasury shall cause the said further sum of seven
hundred thousand dollars to be paid to the commissioners
0 f the sinking fund, in the same manner as was directed
by the above-mentioned act respecting tire annual appro
priation o f seven millions three hundred thousand dol
lars; and it shall be the duty o f the commissioners o f the
sinking fund to cause to be applied and paid out o f the
said fund, yearly, and every year, at the Treasury o f the
United States, such sum and sums as may be annually
wanted to discharge the annual interest and charges ac
cruing on the stock created by virtue o f this act, and the
several instalments, or parts o f principal of the said stock,
as the same shall become due and may be discharged, in
conformity to the terms o f the convention aforesaid, and
o f this act.
Approved, November 10, 1803.
A C T O F N O V E M B E R 10,1803.
947
stat' L-’ C hap . I I I . — A n act making provision for the payment of
claims of citizens of the United States on the Govern
ment of France, the payment of which has been as
sumed by the United States, by virtue of the convention
of the thirtieth of April , one thousand eight hundred
and three, between the United States and the French
Republic.
[Obsolete.]
*
President of
the
U nited
States to bor
row not exc e e d i ng $1,-
750,000.
*
*
*
*
S ec . 3. And be it further enacted, That the President
o f the United States be, and he hereby is authorized to
borrow, on the credit o f the United States, to be applied
to the purposes authorized by this act, a sum not exceed
ing one million seven hundred and fifty thousand dollars,
at a rate o f interest, not exceeding six per centum per
annum; reimbursable out o f the appropriation made by
virtue o f the first section o f this act, at the pleasure of
the United States, or at such period, not exceeding five
years from the time o f obtaining the loan, as may be
stipulated by contract; and it shall be lawful for the Bank
o f the United States to lend the same.
One million
seven hundred
S ec. 4. And be it further enacted, That so much o f the
sand dfofiars°at duties on merchandise and tonnage as may be necessary,
terest Charge- he, and the same hereby is appropriated for the purpose
tom s
011
cus
Payiug the interest which shall accrue on the said loan.
*
*
*
*
*
Approved, November 10, 1803.
LAWS
C O N C E R N IN G
F IN A N C E .
05
A C T O F F E B R U A R Y 24, 1804.
C
. X I I I .— A n act for laying and collecting duties on
2
imports and tonnage within the territories ceded to the '2'*1'
United States, by the treaty of the thirtieth of April,
one thousand eight hundred and three, between the
United States and the French Republic, and for other
purposes.
h a p
sta t.
l
„
►Se c . 1.
* * * and the following acts, that is to A c t o f se p t,
say, the act, intituled, “ A n act to establish the treasury2, 1<89, c]l- 1-department.”
*
*
*
*
*
‘‘A n act to establish a mint and to regulate the coins of Act of April
the United States.”
2, 1792, ch. ie.
“ A n act regulating foreign coins, and for other pur- Act of Fei>poses.”
ruary 9, 1793,
A n d the act supplementary to, and amendatory o f the
two last-mentioned acts, or so much o f the said acts as
is now in force, * * *, shall extend to, and have full
force and effect in the above-mentioned territories:
*
*
*
*
*
Approved, February 24, 1804.
A C T O F M A R C H 26, 1804.
C i i a p . X L V I .— A n act further to protect the commerce
2 stat. l .,
and seamen of the United States against the Barbary 29 [Expired ]
powers.
*
S
e c
.
4.
*
*
*
*
*
*
or i f necessary the President o f the
President au-
Unitecl States is hereby authorized to borrow the saidrow^tMs^um.1"
sum, or such part thereof as he may think proper, at a
rate o f interest not exceeding six per centum per annum,
from the Bank o f the United States, which is hereby
Bank of the
empowered to lend the same, or from any other b o d y S th o H ^ ^ to
°r bodies politic or corporate, or from any person o r lend'
persons; and so much o f the proceeds o f the duties laid
ry this act, as may be necessary, shall be and is hereby
P e ged for replacing in the treasury, the said sum o f 1 See acta
one million o f dollars, or so much thereof as shall have * \ 0 i ch.' l\
teen thus expended, and for paying the principal and
interest o f the said sum, or so much thereof as may be
oi rowed, pursuant to the authority given in this section;
66
N A T IO N A L
Accounts to
be laid before
Congress.
M ONETARY
C O M M IS S IO N .
and an account o f the several expenditures made under
this act, shall be laid before Congress during their next
session.
Approved, March 26, 1804.
A C T O F F E B R U A R Y 13, 1806.
2 Stat. L., C
349.
[Obsolete.]
h a p
Rates of in
terest.
Y . — A n act making 'provision for defraying any
extraordinary expenses attending the intercourse be
tween the United States and foreign nations.
*
President auth or ized
to
cause
the
money to be
borrowed.
.
*
*
*
*
S ec . 2. And be it further enacted, That the President
o f the United States be, and hereby is authorized, if
necessary, to borrow the said sum, or any part thereof,
in behalf of the United States, at a rate of interest not
exceeding six per centum, per annum, redeemable at the
will o f the Congress o f the United States. A n d it shall
be law ful for the Bank o f the United States to lend the
whole, or any part o f the same.
Fund ma de
subject to the
reimbursemen t
of p r i n c i p a l
and the paying
of the interest.
S ecI 3. And be it further enacted, That so much as
may be necessary o f the surplus o f the duties on imports
and tonnage, beyond the permanent appropriation here
tofore charged upon them, by law, shall be, and hereby
is pledged and appropriated for the payment o f the inter
est, and reimbursement of the principal, o f all such
monies as may be borrowed in pursuance o f this act,
according to the terms and conditions on which the loan
or loans may be effected.
Approved, February 13, 1806.
A C T O F A P R I L 18, 1806.
2
405.
Stat.
L., C
. L . — A n act to repeal so much of any act or acts as
authorize the receipt of evidences of the public debt. in
payment for lands of the United. States; and for other
purposes, relative to the public debt.
h a p
Be it enacted, by the Senate and House of Representa
tives of the United, States o f America in Congress assem
R e p e a l of
such acts as bled, That so much o f any act or acts as authorize the
authorize t h e
receipt of evi
dences of public
debt in pay
ment for land
after the 30th
of April, 1806.
Proviso.
receipt o f evidences o f the public debt, in payment for
the lands o f the United States, shall from and after
the thirtieth day o f A p ril, one thousand eight hundred
and six, be repealed: Provided , That the right o f all
LAWS
C O N C E R N IN G
07
F IN A N C E .
persons who may have purchased public lands previous
to the passage o f this act, to pay for the same in stock,
shall in no wise be affected or im paired: A nd provided
further, That there shall be allowed on every payment
made in money, at or before the same shall fall due, for
lands purchased before the thirtieth day of A p ril, one
thousand eight hundred and six, in addition to the dis
counts now allowed by law, a deduction equal to the
difference at the time o f such payment, between the mar
ket price of six per cent, stock and the nominal value of
its unredeemed amount, which market price shall, from
time to time, be stated by the Secretary o f the Treasury
to the officers o f the several land-offices.
S ec . 2. And he it further enacted, T hat the commis- w h ic h® p u r1
sioners o f the sinking fund shall not be authorized to ^ tf||s “ aytJ^
purchase any o f the several species o f the public debt, ^ 'V n T t e°d
at a higher price than at the rates following, that is to Statessa y; they shall not pay more for three per cent, stock
than sixty per cent, o f its nominal value; nor for any
other species of the public debt more than the nominal
value o f its unredeemed amount, the eight per cent,
stock o n ly excepted; for which they shall be authorized,
in addition thereto, to give at the rate of one half o f one
per cent, on the said nominal value, for each quarterly
dividend which may be payable on such purchased stock,
from the time of such purchase to the first day o f Janu
ary, one thousand eight hundred and nine.
S e c . 3.
Repeal
And he it f urther enacted, T hat so much of any part
of ( of
part of a for-
act as directs that (purchasers) purchases of the public“ ef J aw ,,reth e
ueoi, 03 tne commissioners o f the sinking fund, shall be as“ “ tShe°modS
made within the thirty days next ensuing after each day
°°*
on which a quarterly payment o f interest on the debt o f P
the United States shall become d u e; and also so much of
any act as directs that the said purchases shall be made by
open purchase or by sealed proposals, be, and the same
hereby is repealed.
And
the said commissioners are
hereby authorized to make such purchases, under the re
strictions laid by the preceding section, in such manner,
and at such times and places as they shall deem most 1792, ch. 38,
see. 7, 8.
e lgible; and for that purpose to appoint a known agent
or agents, to whom they may allow a commission, not ex
ceeding one-fourth o f one per cent, on the respective
purchases o f such agents.
Approved, April
1 8 , 1 8 06 .
68
N A T IO N A L
M ONETARY
C O M M IS S IO N .
A C T O F F E B R U A R Y 11, 1807.
2
sta t.
l
., C
tiouof the puE-
. X I I .— A n act supplementary to the act, intituled
“A n act making provision for the redemption of the
whole of the public debt of the United States
h a p
Whereas it is desirable to adapt the nature of the pro-
llni.v hedoneby visi ° n for the redemption o f the public debt to the present
scrlption. sub-circumstances of the United States,7 which can onlv
'■ be
done by a voluntary subscription on the part o f the cred
itors :
Be it enacted by the Senate and House of Representa
tives of the United States of America in Congress assem29Aci802 Apch bledi That a subscription to the full amount o f the old six
^Subscription Per cent- deferred and three per cent, stocks be, and the
fu^amount1ofsame 1S hereby proposed; for which purpose books shall
chento1 deterred
and 3 per cent,
°P ened at the Treasury of the United States, and by
the several commissioners o f loans, on the first dav of
opened at the J u l y
next, to continue open until the seventeenth day of
loan oS
fflecIseralM arch nex^ b lo w in g , inclusively, the fourteen last days
Mode of ef- 0 f each quarter excepted, for such parts o f the above mentioned descriptions o f stock, as shall, on the day o f subscription, stand on the books o f the Treasury, and of the
several commissioners o f loans, respectively; which sub
scription shall be effected by a transfer to the United
States, in the manner provided by law for such transfers,
o f the credit or credits standing on the said books, and by
credits to be
given for any
sum s sub scrib ed
a surrender o f the certificates of the stock subscribed.
S ec . 2. And be it further enacted, That for the whole or
'
.
7
any part o f any sum which shall thus be subscribed, in old
six per cent, or deferred stock, credits shall be entered to
nftwflftrt.incatfls
A
given in « per the respective subscribers, and the subscriber or sub«»nt. stork.
A
scribers shall be entitled to a certificate, or certificates,
cent, stock, and
purporting that the United States owe to the holder or
holders thereof, his, her, or their assigns, a sum to be
expressed therein, equal to the amount o f principal o f the
stock thus subscribed, which shall remain unredeemed on
the day o f such subscription, bearing an interest o f six
per centum per annum, payable quarter yearly, from the
first day o f the quarter, during which such subscription
shall have been made, transferable in the same manner
as is provided by law for the transfers of tfie stock subdem'ptfonat*the scribed, and subject to redemption at the pleasure o f the
unftedrestatese United States: Provided , That no single certificate shall
be issued for an amount greater than ten thousand dol-
LAWS
C O N C E R N IN G
69
F IN A N C E .
lars: And 'provided f urther, That no reimbursement shall
Proviso as to
be made except for the whole amount o f any such new
Notice to be
given previous
,-n
,
,
.
.
certificate, nor till after at least six months’ previous10 reimbursepublic notice o f such intended reimbursement.
_
S ec . 3. And be it further enacted, That for the whole
x
p
At what 1-ate
credits are to
or any part of any sum which shall thus be subscribed m b®r^ent s°r '5
three per cent, stock, credits shall likewise be entered to subscribed8 °c
the respective subscribers; and the subscriber, or sub
scribers, shall be entitled to a certificate, purporting that
the United States owe to the holder or holders thereof,
his, her, or their assigns, a sum to be expressed therein,
equal to sixty-five per centum o f the amount o f the prin
cipal o f the stock thus subscribed, bearing an interest o f
•
7
°
*ums sub-
scribed to beur
six per centum, per annum, payable quarter yearly, from anJnterest of
the first day o f the quarter, during which such subscrip
tion shall have been made, and transferable and subject to
redemption in the same manner, and under the same regu
lations and restrictions, as the stock created by the pre
ceding section o f this act: Provided , That no part o f thebu^ ^ie relm'
stock thus created, shall be reimbursable without the as
sent o f the holder, or holders o f such stock, until after
the whole o f the eight per cent, and four and a h alf per
cent, stocks, as well as all the six per cent, stock which
ma\ be created by virtue o f the preceding section, shall
have been redeemed.
(Section 4 authorizes the commissioners o f the sinking
fund to appoint an agent in London and another in
Amsterdam to receive subscriptions and transfers and to
issue new certificates in favor o f stockholders residing; in
Europe.
6
.
(Section 5 provides that stockholders subscribing either
m the United States or in Europe, but resident in Europe,
niav at their option receive the interest on the new stock
either in the United States or in London or A m sterdam ;
]f in London, at the rate o f four shillings and six pence
sterling for the dollar, and if in Amsterdam at the rate
o f two and a h alf guilders for the dollar, credits therefor
icing entered and transferable only on the books o f the
i easury; provided, that the interest thus payable abroad
a no^
payable until six months after the day for
payment in the United States, and shall be subject to a
((< net ion o f one-half o f 1 per cent on its amount for com
mission , and provided also, that the certificates o f stock
t iu s held may be exchanged for others bearing interest
payable in the United States.)
70
piedgedSfor
N A T IO N A L
the
M ONETARY
C O M M IS S IO N .
S e c . 6. And be it further enacted, That the same funds
terye“ tenandf the which heretofore have been, and now are, pledged, by law,
ofpH nclpa*of f ° r *he Pay ment o f the interest, and for the redemption
the public debt or reimbursement o f the stock which may be subscribed bv
to
remain
#
#
#
*
paC
ymentf of *1^ V^ ue
provisions o f this act, shall remain pledged
terest and re- f or the payment o f interest accruing on the stock created
pr i nc i pal o f^ y reason o f such subscription, and for the redemption or
s t o c k sub- ^
,
scribed.
reimbursement o f the principal of the same. It shall be
the duty o f the commissioners o f the sinking fund to
cause to be applied, and paid out o f the said fund, yearly,
and every year, such sum, and sums, as may be annually
wanted to discharge the annual interest and charges
accruing on the stock which may be created by virtue
ers* 'o f msinSk?n g
of this act.
The said commissioners are hereby autlior-
fo‘nbef appHed! ized to apply, from time to time, such sum and sums, out
sums'11Iks may o f the said fund, as they may think proper, towards re-
tLTnterestan’d deeming, by purchase, or by reimbursement, in conformsomuch as they ify with the provisions o f this act, the principal o f the
proper toward said stock. A nd the annual sum of eight millions o f
redeeming, etc. (j 0p arg^ ves^ed by law in the said commissioners, shall
be, and continue appropriated to the payment o f interest
and redemption o f the public debt, until the whole of
the stock which may be created by the preceding sections
o f this act, shall have been redeemed, or reimbursed.
(Section 7 provides compensation o f agents, clerk hire,
etc.)
intended0to be
S e c . 8. And be it further enacted, That whensoever
' ^ ’ designated.0 notice o f reimbursement shall be given, as prescribed by
imbursemJe n°t the second and third sections o f this act, the certificates
intended to be reimbursed, shall be designated therein,
certificates’^ as In every reimbursement the preference shall be given to
noticeHof their such holders o f certificates as, previous to the said notice,
imbursed.be re’ shall have notified in writing to the Treasury Department
the Treasury to their wish to be reimbursed.
I f there should not be ap-
iot,e’etc.ne by plications to the Treasury sufficient to require the pay
ment o f the whole sum to be applied to that purpose, the
Secretary o f the Treasury, after paying off all sums for
the payment o f which application shall have been made,
shall determine, by lot, what other certificates shall lx*
reimbursed so as to make up the whole amount to be dis
charged; and in case the applications shall exceed the
amount to be discharged, the Secretary o f the Treasury
shall proceed to determine, by lot, what applications
shall be entitled to priority o f payment.
—
LAWS
C O N C E R N IN G
F IN A N C E .
71
S ec . 9. And be it further enacted, That the agents ap-
Agents and
pointed by virtue o f this act, and the several cominis- of loans to persioners o f loans, shall observe and perform such directions u 1a t i o n s as
and regulations, as shall be prescribed to them by thescribed by Pthe
Secretary o f the Treasury, touching the execution o f this Treasury,
act.
S ec . 10. And be it further enacted, That nothing in
S a y i n g of
this act contained shall be construed, in any wise, t o nonsubscribers
alter, abridge, or impair the rights o f those creditors of created by this
the United States, who shall not subscribe to the lo a n d t
created by virtue o f this act.
Approved, February 11, 1807.
A C T O F M A R C H 3, 1809.
C h a p . X X V I I I . — A n act further to amend the several
2 stat.
l .(
acts for the establishment and regulation of the Treasl" d't b ar, and Navy Departments.
*
*
*
*
*
(Section 4 provides that disbursing agents for the
army and navy, * * * “ shall, whenever practicable,
keep
the public monies in their hands, in
some in
corporate bank, to be designated for the purpose b}f the
ltsit ent of the United States,” and shall make monthly
returns thereof.)
*
.*u
*
*
*
Approved, March 3, 1809.
A C T O F J U N E 28, 1809.
( h a p . X .— A n act supplementary to the act, entituled _
stat. l .,
A n act making further provision for the support o f ° ° l
public credit, and for the redemption of the public
debt.”
.
It enacted by the Senate and House of Representatii.es of the United States of America in Congress as
sembled, I hat the powers vested in the commissioners of
e sinking fund, by the tenth section o f the act to which
is act is a supplement, shall extend to all the cases of
ursement o f any instalments or parts o f the capital,
,01 PriIlclpal, of the public debt now existing, which may
ec.ome l)a-Vable according to law.
And in every case in
" UC 1 a loan niay be m ade accordingly, it shall be lawful
A c t o f M ar.
3, 1795. ch. 45.
P o w e rs
o f
th e
co m m is
sion ers o f the
sin k in g f u n d
extended.
72
N A T IO N A L
M ONETARY
C O M M IS S IO N .
for such loan to be made o f the Bank of the United
States, any thing in any act o f Congress to the contrary
notwithstanding.
Approved, June 28, 1809.
A C T O F M A Y 1, 1810.
2 stat.
l., C hap . X L V
[O b s o le te .]
.— A n act authorizing a loan of money , for a
sum not exceeding the amount of the principal of the
public debt, reimbursable during the year one thousand
eight hundred and ten.
Be it enacted by the Senate and House of Representa
tives of the United States of America in Congress asized°an author' sembled, That the President o f the United States be, and
he is hereby empowered to borrow, on the credit o f the
United States, a sum not exceeding the amount o f the
principal of the public debt, which will be reimbursed,
according to law, during the present year, by the com
missioners o f the sinking fund, at a rate o f interest, pay
able quarter yearly, not exceeding six per centum per
annum, and reimbursable at the pleasure of the United
States, or at such period as may be stipulated by contract,
not exceeding six years from the first day o f January
n ext; to be applied, in addition to the monies now in the
Treasury, or which may be received therein from other
sources during the present year, to defray any o f the
public expenses which are, or may be authorized by law.
tra n sfe ra b ™ adc
The stock thereby created, shall be transferable in the
same manner as is provided by law for the transfer o f the
understates funded debt. It shall be lawful for the Bank o f the
f e ^ d 12tV e U n ite d States to lend the said sum, or any part thereof;
m oney.
and it is farther hereby declared, that it shall be deemed
a good execution of the said power to borrow, for the
1790, ch. 34. Secretary o f the Treasury, with the approbation o f the
President o f the United States, to cause to be constituted
certificates o f stock, signed by the Register of the Treas
ury, or by a commissioner o f loans, for the sum to be
borrowed, or for any part thereof, bearing an interest of
six per cent, per annum, transferable and reimbursable as
aforesaid; and to cause the said certificates o f stock to be
so ld : Provided , That no such stock be sold under par.
(B y section 2 the Secretary o f the Treasury is author
ized, with the approbation o f the President, to give the
preference, among subscribers to the loan here provided
for, to the holders o f exchanged six per cent stock issued
LAWS
C O N C E R N IN G
73
F IN A N C E .
under the act o f February 11, 1807, to an amount not ex
ceeding for any stockholder the amount o f such exchanged
stock held by h im : provided, that the sum thus borrowed
from holders of the exchanged stock shall be reimbursable
at the pleasure o f the United States.)
S e c . 3 . And be it f urther enacted, T hat so much o f the
F u n d s
funds constituting the annual appropriation o f eight m il- payme nt of
lions o f dollars for the payment of the principal and in-Interest*11 and
terest o f the public debt o f the United States, as may be
wanted for that purpose, is hereby pledged and appro
priated for the payment o f the interest and for the reim
bursement o f the principal o f the stock, which may be
created by virtue o f this act.
I t shall accordingly be the
duty o f the commissioners o f the sinking fund, to cause to
be applied and paid out o f the said fund yearly, and every
year, such sum and sums as may be annually wanted to
discharge the interest accruing on the said stock, and to
reimburse the principal, as the same shall become due, and
may be discharged in conformity with the terms o f the
loan; and they are further authorized to apply, from
time to time, such sum or sums out o f the said fund as they
may think proper, towards redeeming by purchase, and at
a price not above par, the principal o f the said stock or
any part thereof.
A n d the faith o f the United States is
hereby pledged to establish sufficient revenues for making
up any deficiency that may hereafter take place in the
funds hereby appropriated for paying the said interest
and principal sums, or any o f them, in manner aforesaid.
Approved, M ay 1, 1810.
A C T O F M A R C H 2, 1811.
C hap . X X X I I .— A n act authorizing a loan of money, for 2 s ta t . l.,
a sum not exceeding five millions of dollars.
G,>[Obsolete.]
Be it enacted by the Senate and House of Representa
tives of the United States o f America in Congress assem
bled. T hat the President o f the United States be, and he
is hereby empowered to borrow, on the credit o f
United States, a sum not exceeding five millions o f dol
lars, at a rate o f interest, payable quarter yearly, not ex
ceeding six per centum per annum, and reimbursable at
the pleasure o f the United States, or at such periods as
may be stipulated by contract, not exceeding six years
15712°— 10------7
Presi dent
t h e ^ n - o w $5,000,-
74
N A T IO N A L
M ONETARY
C O M M IS S IO N .
from the first day o f January n ex t; to be applied in addi
tion to the monies now in the Treasury, or which may be
received therein from other sources during the present
year, to defray any o f the public expenses which are or
may be authorized by law. The stock thereby created
shall be transferable in the same manner as is provided by
P ro v iso .
law for the transfer o f the funded debt : And it is further
hereby declared, T hat it shall be deemed a good execution
o f the said power to borrow, for the Secretary o f the
Treasury, with the approbation o f the President o f the
United States, to cause to be constituted certificates of
stock, signed by the Register o f the Treasury, or by a com
missioner o f loans for the sum to be borrowed, or for any
part thereof, bearing an interest o f six per cent, per an
num, transferable and reimbursable as aforesaid; and to
cause the said certificates o f stock to be sold at auction,
after having given thirty days’ public notice of the time
and place o f such sale: Provided , That no such stock be
sold under par.
f u n a s
S ec . 2. And be it further enacted, That so much o f the
pl edged for
. . .
.
. .
.
paying interest, funds constituting the annual appropriation of eight m il
lions o f dollars, for the payment o f the principal and in
terest o f the public debt o f the United States, as may be
wanted for that purpose, is hereby pledged and appro
priated for the payment o f the interest, and for the reim
bursement o f the principal o f the stock, which may be
created by virtue o f this act.
It shall accordingly be the
duty o f the commissioners o f the sinking fund to cause to
be applied and paid out o f the said fund yearly, and every
year, such sum and sums as may be annually wanted to
discharge the interest accruing on the said stock, and to
reimburse the principal as the same shall become due, and
may be discharged in conformity with the terms o f the
lo a n ; and they are further authorized to apply, from time
to time, such sum or sums out o f the said fund, as they
may think proper, towards redeeming by purchase, and at
a price not above par, the principal o f the said stock or
any part thereof.
A n d the faith o f the United States is
hereby pledged to establish sufficient revenues for making
up any deficiency that may hereafter take place in the
funds hereby appropriated for paying the said interest
and principal sums, or any o f them in manner aforesaid.
Approved, March 2, 1811.
LAWS
C O N C E R N IN G
ACT OF M ARCH
75
F IN A N C E .
14, 1812.
C hap . X L I .— A n act authorizing a loan for a sum not 2 stat.
J
694.
exceeding eleven millions of dollars.
l.,
(B y sections 1 and 2 the President is authorized to bor
row on the credit o f the United States, in order to defray
expenses authorized by law during the present session of
Congress, a sum not exceeding eleven millions o f dollars,
at an interest not exceeding six per cent per annum, pay
able quarter yearly.
No contract is to be made preclud
ing reimbursement at any time after the expiration of
twelve years from January 1, 1813, and none o f the stock
is to be sold under par.)
S
ec
. 3.
And he it further enacted,. T hat so much o f the
^
u n
<j
s
funds constituting the annual appropriation o f eight ing pincftmi
millions o f dollars, for the payment o f the principal a n d and mteiest‘
interest o f the public debt o f the United States, as may be
wanted for that purpose, after satisfying the sums nec
essary for the payment o f the interest and such part of
the principal o f the said debt as the United States are
now pledged annually to pay or reimburse, is hereby
pledged and appropriated for the payment o f the inter
est, and for the reimbursement of the principal o f the
stock which may be created by virtue of this a c t; it shall
accordingly be the duty o f the commissioners o f the sink
ing fund, to cause to be applied and paid out of the said
fund yearly, such sum and sums as may be annually
wanted to discharge the interest accruing on the said
stock, and to reimburse the principal as the same shall
become due, and may be discharged in conformity with
the terms of the loan; and they are further authorized
to apply, from time to time, such sum or sums out o f the
said fund as they may think proper, towards redeeming
by purchase, and at a price not above par, the principal
o f the said stock, or any part thereof.
tt
-i.
1
J
•
1
,
1 1
A nd the faith o f ^ 8'111 of the
.
U nited S t a t e s
m e united states is hereby pledged to establish sufficient Pled«?.d for the
tetenues tor making up any deficiency that may here-jj* ^sufficient
after take place in the funds hereby appropriated for ™ ^ iesuP e<3efi°
paying the said interest and principal sums, or any of
them, in manner aforesaid.
S ec. 4. And he it further enacted. T hat it shall b e ^ La^ fu} *®.r
law rul tor any of the banks in the District o f Columbia *he, Dls£ lct
f
i
i
C o lu m b ia
to
to lenci any part o f the sum authorized to be bor- “ ak| ntbe loaa°
rowed by virtue of this act, any thing in any o f th eirtbereof > P&1
76
N A T IO N A L
M ONETARY
C O M M IS S IO N .
charters of incorporation to the contrary n o tw ith sta n d
ing.
Approved, March 14, 1812.
N o t e .— By tlie act o f July 6 , 1812, authority is given for the
employment o f agents fo r the purpose o f selling any part o f the
stock authorized above, and a commission not exceeding one-eighth
o f one per cent is allowed. (2 Stat. L., 7S4.)
A C T O F J U N E 30, 1812.
2
766.
stat. l ., C h a p . C X I .— A n act to authorize the issuing of Treas-
ury notes.
[O b s o le te .]
Be it enacted by the Senate and House of Representa
tives of the United States of America in Congress assem(■aus^Treasury bled, That the President o f the United States be, and
n otes to issue.
]ie
hereby authorized to cause Treasury notes for such
sum or sums as he may think expedient, but not ex
ceeding in the whole the sum of five millions of dollars, to
be prepared, signed and issued in the manner herein
after provided.
toSaiife n °reim^
bursed.
S ec . 2* And be it further enacted, That the said Treasury notes shall be reimbursed by the United States, at
such places, respectively, as may be expressed on the
face of the said notes, one year, respectively, after the
day on which the same shall have been issued: from which
day o f issue they shall bear interest, at the rate o f five
and two-fifths per centum a year, payable to the owner
and owners o f such notes, at the Treasury, or by the
proper commisisoner o f loans, at the places and times
respectively designated on the face o f said notes for the
payment o f principal.
(Section 3 provides for the signing and countersign
ing o f the notes, and for the compensation o f the persons
employed for this purpose.)
theSeTreeasuryf
re ctio n *0 ? the
S e c . 4.
And be it further enacted, T hat the Secretary
the Treasury be, and he is hereby authorized, with the
cause^a^ortion approbation o f the President o f the United States, to
be Lsued0<etct0 cause t ° be issued such portion o f the said Treasury notes
as the President may think expedient in payment o f sup
plies, or debts due by the United States, to such public
creditors, or other persons, as may choose to receive such
notes in payment, as aforesaid, at p a r : and the Secretary
o f the Treasury is further authorized, with the appro
bation o f the President o f the United States, to borrow,
LAW S
C O N C E R N IN G
77
F IN A N C E ,
from time to time, not under par, such sums as the Presi
dent may think expedient, on the credit o f such notes.
A n d it shall be a good execution of this provision to pay
such notes to such bank or banks as will receive the same
at par and give credit to the Treasurer of the United
States for the amount thereof, on the day on which the
said notes shall thus be issued and paid to such bank or
banks respectively.
S e c . 5. And be it further enacted, T hat the said Treas- transferable by
ury notes shall be transferable by delivery and assign- alsVgmnentaDd
ment endorsed thereon by the person to whose order the
same shall, on the face thereof, haVe been made payable.
S ec. 6. And be it further enacted, That the said Treas- jnT payment of
ury notes, wherever made payable, shall be every where faxes!es and
received in payment o f all duties and taxes laid by the
authority o f the United States, and o f all public lands
sold by the said authority. On every such payment,
credit shall be given for the amount of both the principal
and the interest which, on the day o f such payment, may
appear due on the note or notes thus given in payment.
And the said interest shall, on such payments, be com
puted at the rate o f one cent and one h alf of a cent per
day on every hundred dollars of principal, and each
month shall be computed as containing thirty days.
(Section 7 provides that any public officer who may
receive such Treasury notes shall, on payment of the same
into the Treasury or into any bank where public monies
are deposited, be credited with the principal o f the notes
so paid in, and the interest which may then have accrued,
and shall be charged with the interest accruing on the
notes while in his hands.
B u t no such charge for accru
ing interest shall be made against any bank receiving
payment for the United States from individuals or pub
lic officers, which shall receive such notes as specie and
shall credit the Treasurer of the United States with the
amount thereof, including the interest due on the day of
receipt.)
S e c . 8. And be it further enacted, That the commis- ers °o?™!nki°ng
sioners o f the sinking fund be, and they are hereby an- furseVoncIpai
thorized and directed to cause to be reimbursed and paid
°f
the principal and interest of the Treasury notes which
may be issued by virtue o f this act, at the several time
and times when the same, according to the provisions of
this act, should be thus reimbursed and paid.
said
commissioners
A n d the
are further authorized to make pur-
78
N A T IO N A L
M O N E T A E !7 C O M M IS S IO N .
chases o f the said notes, in the same manner as o f other
evidences o f the public debt, and at a price not exceeding
par, for the amount of the principal and interest due
tionK
d
r
e
imbursement.
- ^ ie time
purchase on such notes. So much o f the
funds constituting the annual appropriation o f eight m il
lions o f dollars, for the principal and interest of the pub
lic debt o f the United States, as may be wanted for that
purpose, after satisfying the sums necessary for the pay
ment o f the interest and such part o f the principal o f the
said debt as the United States are now pledged annually
to pay and reimburse, is hereby pledged and appropriated
for the payment of the interest, and for the reimburse
ment or purchase of the principal of the said notes. And
so much o f any monies in the Treasury not otherwise ap
propriated as may be necessary for that purpose is hereby
appropriated for making up any deficiency in the funds
thus pledged appropriated for paying the principal and
interest as aforesaid.
(Sections 9 and 10 provide for the expense o f prepar
ing the notes for issue, and fix the penalties for counter
feiting and for uttering counterfeited notes.)
Approved, June 30, 1812.
A C T O F J U L Y 1, 1812.
77i.
Stat' L” C h a p . C X V .— An act to facilitate the transfer of the
stock created under an act passed on the tenth of
November, one thousand eight hundred and three.
lomsoafc h ° 2 .
Be it enacted by the Senate and House of Representa
tives of the United States of America in Congress assembled, T hat the stock created under the act, entitled
feraWe Mother “ A n act authorizing the creation of a stock to the amount
the
o f eleven millions two hundred and fifty thousand dol-
thoseS ofy any lars, for the purpose o f carrying into effect the convention
and* 1from°rithe o f the thirtieth o f A p ril, one thousand eight hundred
commissioner and three, between the United States o f America and the
oth er, etc.
an~French Republic, and making provision for the payment
of the same,” from and after the passing o f this act shall
be transferable in the same manner as the other stocks of
the United States are or shall be transferable from the
books o f the treasury to the books o f any commissioner,
and from the books o f one commissioner to those o f
another commissioner or to those o f the treasury.
Approved, July 1, 1812.
LAWS
C O N C E R N IN G
70
F IN A N C E .
A C T O F J U L Y 6, 1812.
C h a p . C X X X V . — A n act authorizing a subscription for 7g| stat. l .,
the old six per cent, and deferred stocks, and providing
for an exchange of the same.
(B y section 1 a subscription to the full amount o f the
old six per cent and deferred stocks is proposed, to remain
open from October 1, 1812, to March 17,1813, inclusively,
the last fourteen days o f each quarter excepted, in terms
identical with those o f section 1 o f the act o f February
11, 1807.)
S
e c
. 2.
And be it further enacted, That for such part
T erm s
upon
o f the amount o f old six per cent, or deferred stock,’ thus m
tions
a(je may be
subscribed, as shall remain unredeemed on the day of
such subscription, credits shall be entered to the respective
subscribers, on the books o f the Treasury or o f the com
missioners o f loans where such subscription shall have
been made, and the subscriber or subscribers shall be enti
tled to receive a certificate or certificates purporting that
the United States owe to the holder or holders thereof,
his, her, or their assigns, a sum to be expressed therein,
equal to the unredeemed amount o f the principal o f the
old six per cent, or deferred stocks, subscribed as afore
said, bearing an interest o f six per centum per annum,
payable quarter yearly, from the first day of the quarter
during which such subscription shall have been made,
transferable in the same manner as is provided by law
for the transfers of the stock subscribed, and subject to
redemption at the pleasure o f the United States at any
time after the thirty-first day o f December, one thousand
eight hundred and tw en ty-fou r : Provided , T hat no reimbursement shall be made except for the whole amount
o f the stock standing at the time, to the credit o f any
proprietor, on the books o f the Treasury or o f the com
missioners o f loans respectively, nor till after at least
six months’ previous public notice o f such intended re
imbursement.
(Section 3 is identical with section 6 o f the act o f Feb
ruary 11, 1807, except that, in the concluding sentence,
only “ such part o f the annual sum o f eight millions af
may be necessary and wanting for the above purposes,”
to wit, the payment of interest and reimbursement of
principal o f the stock now to be created, is to continue
appropriated until the redemption o f the stock.)
Proviso,
80
N A T IO N A L
S
e c
.
M ONETARY
C O M M IS S IO N .
4. And be it f arther enacted, T hat nothing in this ■
act contained shall be construed in anywise to alter,
abridge or impair the rights of those creditors of the
United States who shall not subscribe to the loan to be
opened by virtue o f this act.
Approved, July 6, 1812.
A C T O F J U L Y 6, 1812.
^2 stat. l ., C h a p . C X X X V T .— A n act supplementary to the act en[O b so lete.]
titled “A n act authorizing a loan for a sum not exceed
ing eleven millions of dollars.'1'1
be appointed by
Be it enacted by the Senate and House of Representa
tives of the United States of America in Congress assembled, That the Secretary o f the Treasury be, and he is
o f ethe T reasu ry
hereby authorized to employ, with the approbation of
the President o f the United States, an agent or agents for
Act o f M a r c h the purpose o f selling, 111 conformity with the provisions
14, 1812, ch.
£pe ac^ entp ]e(] “ A n act authorizing a loan for a sum
s ° t o lc k
oflethe
not exceeding eleven millions o f dollars,” any part of the
stock created by virtue o f the said act.
A commission
not exceeding one-eighth o f one per cent, on the amount
thus sold, may by the Secretary o f the Treasury be al
lowed to such agent or agents; and a sum not exceeding
five thousand five hundred dollars, to be paid out o f any
monies in the Treasury not otherwise appropriated, is
hereby appropriated
for paying the amount of such
commission or commissions as may be thus allowed.
Approved, July 6, 1812.
A C T O F F E B R U A R Y 8, 1813.
79I Stat' L-’ ^ HAP- X X L — A n act authorizing a loan for a sum not
exceeding sixteen millions of dollars.
(Section 1 empowers the President to borrow, on the
credit o f the United States, a sum not exceeding sixteen
millions o f dollars, to be applied to defray expenses au
thorized during the present session o f Congress; but no
engagement is to be entered into which shall preclude the
reimbursement of the loan at any time after twelve years
from January 1, 1814.)
causeetodbe 4iaid
anf °a c a H u ftreo f
S
e c
. 2.
And be it f urther enacted, That the President of
^ ie United States do cause to be laid before Congress, on
obtahieried0neby ^ ie first M onday in February, eighteen hundred and fourcates,°etcertm' teen’ or as soon thereafter as Congress may be in session,
LAWS
C O N C E R N IN G
81
F IN A N C E .
an account o f all the monies obtained by the sale o f the
certificates o f stock, by virtue o f the power given him by
the preceding section, together wTith a statement of the
rate at which the same may have been sold.
(Section 3 authorizes the employment o f agents to pro
cure subscriptions to the stock or to sell the same and
allows a commission not exceeding one-quarter o f one per
cent on the amount disposed o f by them.
(Section 4 pledging for the support o f this loan the
requisite amount o f the sinking fund, and prescribing the
duties o f the commissioners o f the sinking fund, is iden
tical with section 3 o f the act o f March 14, 1812.)
S
e c
. 5.
And be it further enacted, That it shall be law-
B anks in the
fid for any o f the banks in the District o f Columbia, to Rmw^authorlend any part o f the sum authorized to be borrowed by m o n e y under
virtue of this act, any thing in any o f their charters 0f thIsacti
incorporation to the contrary notwithstanding.
Approved, February 8, 1813.
ACT
OF
FEBRUARY
25, 1813.
A n act authorizing the issuing of Treas- 2 stat. r,
ury notes for the service of the year one thousand eight ^obsolete 1 ’
hundred and thirteen.
C hap. X X V I I .
_
M enacted by the Senate and House of Representatices of the United States of America in Congress assem
bled, That the President o f the United States be, and he
Act of May
1S hereby authorized to cause Treasury notes for such 3’ i f e2’ cghuf y
sum or sums as he may think expedient, but not exceed-oooeooo° to?be
m g in the whole the sum of five millions of dollars, to fsl i ^ rea and
>e prepared, signed, and issued, in the manner herein
after provided.
S e c . 2 . And be it further enacted, T hat the President
A d d itio n a l
o f the United States be, and he is hereby authorized, in 000 & M ! f !
addition to the amount authorized by the next preceding t V ^
section o f this act, to cause Treasury notes, for such sum notes'
s
uTy
or sums as he may think expedient, but not exceeding in
t le whole the further sum o f five millions o f dollars, to
e PrePared, signed, and issued in the manner herein after
provided : Provided , that the amount o f money borrowed
or obtained, by virtue o f the notes which may be issued by
\iitue o f this section, shall be deemed and held to be in
part o f the sum o f
sixteen
millions o f dollars, authorized
rr o v is o .
isi3,
ch.
21.
82
N A T IO N A L
M ONETARY
C O M M IS S IO N .
to be borrowed by virtue o f the act to that effect, passed
during the present session o f Congress.
places1"of relnf
bm -sem ent.
S ec .
^e it f urther enacted, That the said Treasury notes shall be reimbursed by the United States, at
such places respectively as may be expressed on the face
o f the said notes, one year respectively after the day on
which the same shall have been issued; from which day
o f issue they shall bear interest, at the rate of five and
two-fifths per centum a year, payable to the owner and
owners o f such notes, at the Treasury, or by the proper
commissioner o f loans, or by the officer designated for that
purpose, at the places and times respectively designated
on the face o f said notes, for the payment o f principal.
(Sections 4 and 5, providing for the signing o f the
notes
and
authorizing their issue in any
of
several
methods, are nearly identical with sections 3 and 4 of
the Treasury note act o f June 30, 1812; but to section
5 o f the present act is added a provision that the Secre
tary may “ sell, not under par, such portion o f the said
notes as the President may think expedient.”
(Section 6 authorizes the employment of agents for
the purpose o f selling any o f the notes now to be issued,
and allows a commission not exceeding one-quarter of
one per cent on the amount thus sold.
(Sections 7, 8, and 9, relating to the transfer o f the
notes, their receipt for public dues, and the manner of
crediting public officers and banks with the interest ac
cruing on them, are identical with the sections 5, 6, and
commissi°ning
fu n d m a y
imbursement to
7 o f the act o f June 30, 1812.)
S e c . 10. And he it further enacted, That the com
missioners of the sinking fund be, and they are hereby
authorized and directed to cause to be reimbursed and
. . .
.
the principal and interest of the Treasurv notes
be m ade, and
p u r c h a s e s o f paid
t h e T rea su ry A
.
i
^
fectedt0 be ef' w“ lc^ may be issued by virtue o f this act, at the several
time and times when the same, according to the provi
sions o f this act, should be thus reimbursed and p aid; and
the said commissioners are further authorized to make
purchases o f the said notes, in the same manner as of
other evidences of the public debt, and at a price not ex
ceeding par, for the amount o f the principal and interest
due at the time o f purchase o f such notes.
So much of
the funds constituting the annual appropriation o f eight
millions o f dollars, for the payment of the principal and
interest o f the public debt o f the United States, as may
be wanted for that purpose, after satisfying the sums
LAWS
C O N C E R N IN G
F IN A N C E .
necessary for the payment o f the interest and such part
o f the principal o f the said debt, as the United States are
now pledged annually to pay and reimburse, including
therein the interest and principal which may become
payable upon any loan or loans which may be contracted
by virtue o f any law passed during the present session
o f Congress, is hereby pledged and appropriated for the
payment o f the interest, and for the reimbursement or
purchase o f the principal o f the said notes; and so much
of any monies in the Treasury not otherwise appropri
ated, as may be necessary for that purpose, is hereby ap
propriated for making up any deficiency in the funds
thus pledged and appropriated, for paying the principal
and interest as aforesaid; and the Secretary of the Treas-
•
ury is hereby authorized and directed for that purpose
to cause to be paid to the commissioners of the sinking
fund such sum or sums o f money, and at such time and
times as will enable the said commissioners faithfully
and punctually to pay the principal and interest o f the
said notes.
(Sections 11 and 12 providing for the expense of pre
paring the^ notes for issue, and fixing the penalties for
counterfeiting, and for uttering counterfeited notes, fol30W18 lT )ly the C° rreSpondin£ sections o f the act o f June
Approved, February 25, 1813.
A C T O F A U G U S T 2, 1813.
A n act authorizing a loan f o r a sum not e x
ceeding seven m illions five hundred thousand dollars.
C h a p . L I.
(Section 1 empowers the President to borrow on t h e ..3 stat.
credit o f the United States a sum not exceeding seven
million five hundred thousand dollars, to be applied to
defray expenses for the years 1813 and 1814, but provides
that no contract shall be entered into precluding the re
imbursement o f the sum thus borrowed, at any time after
twelve years from January 1, 1814.
(Section 2 authorizes the sale o f certificates o f the
stock thus to be created: “ P rovid ed , That no such certifi
cate shall be sold at a rate less than eighty-eight per cen
tum, or eighty-eight dollars in money for one hundred
dollars in stock;” and requires that an account o f moneys
obtained by such sales and a statement o f the rate ob
tained shall be laid before Congress on the first Monday
\
L-
84
N A T IO N A L
M ONETARY
C O M M IS S IO N .
in February, 1814, or as soon thereafter as Congress shall
be in session.
(Section 3, authorizing the employment o f agents in
disposing o f the stock, follows the terms o f section 3 of
the act o f February 8, 1813.
(Section 4, pledging for the support o f this loan the
requisite amount o f the sinking fund and prescribing the
duties o f the commissioners o f the sinking fund, is iden
tical with section 3 o f the act o f March 14, 1812.)
Banks
Pu8m
01°
in
S e c . 5.
A nd be it further enacted, T hat it shall be law-
bi a°f m ay ful for any o f the banks in the District o f Columbia to
a n y np °a rJt
•
lend any part o f the sum authorized to be borrowed by
virtue o f this act, any thing in any o f their charters of
incorporation to the contrary notwithstanding.
Approved, August 2, 1813.
A C T O F M A R C H 4, 1814.
3 stat.
l., CHap . X V I I I .— A n
t o b s o le t e .j
act to authorize the issuing of Treasury notes for the service of the year one thousand eight
hundred and fourteen.
Be it enacted by the Senate and Rcmse of Representa
tives of the United States of America in Congress asa
sum n ot sembled, T hat the President o f the United States be, and
e x c e e d i n g
,
7
$5,000,000 in he is hereby authorized to cause Treasury notes, for a
to be p rep a red ’,
sum not exceeding five millions o f dollars, to be pre
pared, signed, and issued, in the manner hereinafter pro
vided.
rAdditional
S ec. 2 . And be it further enacted, That the President
T re a s u ry n otes
o f the United States be, and he is hereby authorized to
b u Y to Gb e Sc o n - cause
Treasury notes for a further and additional sum
ofdthedsuinPau-not exceeding in the whole five millions o f dollars, or
borrow ed .
°
such part thereof as he shall deem expedient, to be pre
pared, signed, and issued, in the manner hereinafter pro
vided : but the amount o f money borrowed or obtained
for the notes which may be issued by virtue of this sec
tion, shall be deemed and held to be in part o f the sum
which may be authorized to be borrowed by virtue of an
act authorizing a loan which may be passed during the
present session o f Congress.
where, when.
S e c . 3.
And be it further enacted, T hat the said Treas-
whlchufbe re° ury notes shall be reimbursed by the United States at
such places respectively, as may be expressed on the face
o f such notes, one year respectively after the day on
which the same shall have been issued; from which day
LAWS
C O N C E R N IN G
85
F IN A N C E .
o f issue they shall bear interest at the rate o f five and
two-fifths per centum a year, payable to the owner or
owners o f such notes, at the Treasury, or by the proper
commissioner o f loans, or by the officer designated for
that purpose, at the places and times respectively desig
nated on the face of said notes for the payment o f prin
cipal.
(Sections 4, 5, and 6, providing for the signing o f the
notes and for their issue or sale, and for the employment
and compensation o f agents in their sale, follow the lan
guage o f the corresponding sections 4. 5, and 6 o f the act
o f February 25, 1813.
(Sections 7, 8, and 9, relating to the transfer of the
notes, their receipt for public dues, and the manner o f
crediting public officers and banks with interest accruing
on them, are identical with the sections 5, 6, and 7 of the
A c t o f June 30, 1812.
(Section 10, containing the sinking fund provisions, is
identical with section 10 o f the Treasury note act o f Feb
ruary 25, 1813.
(Sections 11 and 12, providing for the expense of pre
paring the notes for issue and fixing the penalties for
counterfeiting and for uttering counterfeited notes, fol
low the language o f the corresponding sections o f the act
o f June 30, 1812.)
Approved, March 4, 1814.
A C T O F M A R C H 24,1 8 1 4 .
C h a p . X X I X .— A n act to authorize a loan for a sum not
exceeding twenty-five millions of dollars.
(Section 1 empowers the President to borrow, on the
credit of the United States, a sum not exceeding twentyfive millions o f dollars, to be applied to defray any ex
penses authorized by law, during the present year: Pro
vided, that no contract shall be made to preclude the re
imbursement o f the sum thus borrowed, at any time after
twelve years from December 31, 1814.
(Section 2 authorizes the sale o f the stock thus to be
created, but fixes no lim it as to the rate, and requires the
Secretary o f the Treasury to lay before Congress during
the first week o f February, 1815, an account o f the moneys
procured by sale of the stock and a statement o f the rate
obtained.
i
3
S ta t.
L.,
86
N A T IO N A L
M ONETARY
C O M M IS S IO N .
(Section 3, authorizing the employment of agents in
disposing o f the stock, follows the terms o f section 3 of
the act o f February 8, 1813.
(Section 4, containing the sinking fund provisions, is
identical with section 3 o f the act o f March 14, 1812.)
Approved, March 24, 1814.
A C T O F N O V E M B E R 15, 1814.
3 siat.
l.,
C h a p . I V .— A n act to authorize a loan for a sum not ex-
ceeding three millions of dollars.
(Section 1 authorizes the President to borrow, on the
credit of the United States, a sum not exceeding three
millions o f dollars, to be applied to defray any expenses
authorized by law during the present y e a r: Provided , that
no contract shall be entered into precluding the reim
bursement o f the sum thus borrowed at any time after
twelve years from December 31, 1814.
(Section 2 authorizes the Secretary o f the Treasury to
sell the stock thus to be created, but fixes no limit as to the
rate o f sale, requiring him to lay before Congress an ac
count o f the moneys thus procured and the rate obtained.
(Section 3, authorizing the employment o f agents in
disposing o f the stock, follows the terms o f section 3 of
Treasury
the act o f February 8, 1813.)
S e c . 4. And he it further enacted, That it shall be law-
fo r e January f u l to receive in payment o f any loan obtained under
r e c e ivable in
r J
17
. .
paymentof this this act, or under any other act of Congress authorizing
or a n y other
7
•'
.
. 0
loan.
a loan, Treasury notes which have been issued according
to law, and which shall become due and payable on or
before the first day o f January next, at the par value of
such Treasury notes, together with the interest thereon
accrued, at the time o f the payment on account o f the
loan.
Fund approS Ec. 5. And he it further enacted, That so much of
priated for the
.
. '
’
. .
. . l
payment of in- the funds constituting the annual appropriation ot eight
terest and re&
\
.
.
0
p rYnSc ^ a i4 of m i ^lons ° * dollars, xor
payment o l the principal and
s t o c k created interest o f the public debt o f the United States as mav
by virtue of
r
. . .
•>
this act.
be wanted for that purpose, after satisfying the sums
necessary for the payment o f the interest and such part
o f the principal o f said debt, as the United States are
now pledged annually to pay or reimburse, is hereby
pledged and appropriated for the payment o f the inter
est, and for the reimbursement o f the principal o f the
LAW S
C O N C E R N IN G
F IN A N C E .
87
stock which may be created by virtue o f this act. It .Du,ty of com'
shall accordingly be the duty o f the commissioners o f sinkl°? fund
the sinking fund, to cause to be applied and paid out of
the said fund, yearly, such sum and sums as may be
annually wanted to discharge the interest accruing on
the said stock, and to reimburse the principal, as the
same shall become due, and may be discharged in con
formity with the terms o f the lo a n ; and they are further
authorized to apply, from time to time, such sum or
sums out o f the said fund, as they may think proper,
towards redeeming, by purchase, and at a price not above
par, the principal o f the said stock, or any part thereof.
S ec . 6. And be it further enacted, That in addition
Permanent
to the annual sum o f eight millions o f dollars, heretofore provided *a n l
appropriated to the sinking fund, adequate and perma- fnPadd°itfonteto
nent funds shall during the present session o f Congress, f JI dVJJpS
be provided and appropriated, for the payment of the f f in g tu Jhe
interest and reimbursement o f the principal of said
stock created by this act.
►
Sec. 7 . And be it further enacted, That an adequate
and permanent sinking fund, gradually to reduce and
eventually to extinguish the public debt, contracted and
An adequate
t0 be
to be contracted during the present war, shall also be
established during the present session o f Congress.
S ec. 8. And be it further enacted, That it shall be
.Ranks
in
lawful for any o f the banks in the District o f Columbia, lumbia1author-"
to lend any part o f the sum authorized to be borrowed by tribute *<*<> Ctke
virtue o f this act, any thing in any o f their charters t o l0an”
the contrary notwithstanding.
Approved, November 15, 1814.
A C T O F D E C E M B E R 15,1814.
C h a p . X I I . — A n A ct to -provide additional revenues for 14| stat- L"
defraying the expenses of government, and maintain
ing the public credit, by duties on carnages, and the
harness used therefor.
*
*
*
*
*
S ec. 10. And be it further enacted, That towards es- Revenues
tablishing an adequate revenue to provide for the p ay-12T sg act “ a?
ment o f the expenses o f government, for the punctual me'nf of exyi
payment of the public debt, principal and interest. C O n- curred during
tiacted and to be contracted, according to the terms 0 f present " ar<
88
N A T IO N A L
M ONETARY
C O M M IS S IO N .
the contracts respectively, and for creating an adequate
sinking fund, gradually to reduce and eventually to ex
tinguish the public debt, contracted and to be contracted,
the internal duties laid and imposed by this act, (and
A ct o f
24,
24.
1813,
J u ly
ch.
those laid and imposed by the “ A c t laying duties on
carriages for the conveyance o f persons,” passed twentyfourth July, one thousand eight hundred and thirteen,
so far as the same are not hereby abolished,) shall be
laid, levied, and collected, during the present war between
If
with-
the United States and Great Britain, and until the pur
poses aforesaid shall be completely accomplished, any
drawn, o t h e r
adequate reve- thing in any act of Congress to the contrary thereof in
n u e s substi
any wise notwithstanding. A n d for effectual applica
tuted.
tion o f the revenue to be raised by and from the said in
ternal duties to the purposes aforesaid, in due form of
law, the faith o f the United States is hereby pledged;
T r o v is o .
Provided olioays, T hat whenever Congress shall deem it
expedient to alter, reduce, or change the said internal
duties, or any or either o f them, it shall be law ful so to
do, upon providing and substituting by law, at the same
time, and for the same purposes, other duties which shall
be equally productive with the duties so altered, reduced,
or changed: A nd , Provided further, That nothing in
this act contained shall be deemed or construed in any
wise to rescind or impair any specific appropriation o f the
said duties, or any or either o f them, heretofore made by
law, but such appropriation shall remain and be carried
into effect according to the true intent and meaning of
the laws making the same, any thing in this act to the
contrary thereof in any wise notwithstanding.
*
sj«
*
*
*
Approved, December 15*1814.
This provision, without substantial change, is embodied
in section 23 o f the act o f December 21, 1814, chapter 15 (3 Stat.
L., 152) ; in section 3 o f the act o f December 23, 1814, chapter 16
(3 Stat. L „ 1 5 9 ); in section 41 o f the act o f January 9, 1815,
chapter 21 (3 Stat. L., 164) ; and in all these cases was made
applicable to previous acts on the same subject-matter. It is also
embodied in section 23 o f the act o f January 18, 1815, chapter 22
(3 Stat. L., 180) ; and in section 25 o f another act o f the same
day, chapter 23 (3 Stat, L., 186),
N o t e .—
LAW S
C O N C E R N IN G
F IN A N C E .
89
A C T O F D E C E M B E R 21, 1814.
C h a p . X V .— A n act to provide additional revenues for
3 stat. l .,
defraying the expenses of government and maintaining 158‘
the public credit, by laying duties on spirits distilled
within the United States, and Teridtories thereof, and
by amending the act laying duties on licenses to distil
lers o f spirituous liquors.
*
*
*
Sj-
Jjc
(Section 25 authorizes the anticipation o f the duties
laid by this act, by a loan upon the pledge of the said
duties for its reimbursement, for an amount not exceed
ing six millions o f dollars and at a rate not above six per
cent, the money so obtained to be applied only to the pur
poses to which the duties pledged are applicable by law.
The same provision is embodied in the act of January 9,
1815, laying a direct tax. See 3 St. L ., 179.)
Approved, December 21, 1814.
A C T O F D E C E M B E R 26, 1814.
Chap. X V I I .— A n
act supplementary to the acts author-
° an ^°r
severa^ 8Ums of twenty-five millions
of dollars and three millions o f dollars.
3
stat. l.,
[O b so le te .]
T r e to
a sbe
u r ls_
y
e it enacted by the Senate and House of Representa- notes
n otes to be Is
ices of the United States of America , in Congress as-^itd.- f°r. sum
sembled, I hat the Secretary o f the Treasury be and he is f
h o r °*ed
hereby authorized, with the approbation o f the President
o f the United States, to cause Treasury notes to be pre
pared, signed and issued, for and in lieu o f so much o f the
sum authorized to be borrowed on the credit o f the United
States, by the act o f Congress, entitled “ A n act to author- M£ c£ 244 18^
lze a loan for a sum not exceeding twenty-five millions o f ch- 29dollars,” passed on the twenty-fourth day o f March, in
th° year one thousand eight hundred and fourteen, and
aho for, and in lieu o f so much o f the sum authorized to
be borrowed on the credit o f the United States by the
act o f Congress, entitled “ A n act authorizing a loan for
A ct o f
N ov.
[a] sum of three millions o f dollars,” passed on th e lu’ 1814, ch' 4'
fifteenth day o f November, in the year one thousand eight
hundred and fourteen, as has not been borrowed or otherv lse employed in the issue o f Treasury notes according to
av . / rovided always, That the whoie amount o f Treas-
The
a m ou n t
ury notes issued by virtue o f this act, for and in lieu o f noteT^iuch
the residue o f the said two sums as aforesaid, shall not shall ^ o t ^ e x *
exceed the sum o f seven millions five hundred thousand do^ar!"'0),00°
15712°—io-----s
90
N A T IO N A L
M ONETARY
C O M M IS S IO N .
dollars: and further, that the Treasury notes so issued
shall be applied to the same uses to which the said two
loans authorized as aforesaid were respectively by law
made applicable.
s e c r e ta r y o f
to cause
Sec. 2.
And be it further enacted, That the Secretary
fu r- o f the Treasury be, and he is hereby authorized, with the
T rea su ry n otes
to be issued
approbation o f the President o f the United States to
AA
#
cause Treasury notes to be prepared, signed, and issued,
for a further sum o f three millions o f dollars, to defray
the expenses o f the W a r Department, for the year one
thousand eight hundred and fourteen, in addition to the
sums heretofore appropriated by law for those purposes
respectively.
(Section 3 provides that the Treasury notes issued under
this act shall be prepared and issued in the same form,
and reimbursable, transferable, and receivable in the same
manner as the notes issued under the act o f March 4,
1814; and that the Secretary o f the Treasury shall have
the same powers to sell or pay out the notes, or to borrow
money on the pledge thereof, and to employ agents for
the purpose o f making sales o f the same.)
sum
p ledged
T rea su ry notes*
S e c . 4. And be it further enacted, That a sum equal to
the whole amount of the Treasury notes issued by virtue
o f this act, to be paid out o f any money in the Treasury
not otherwise appropriated, shall be and the same is
hereby appropriated, for the payment and reimbursement
o f the principal and interest o f such Treasury notes, ac
cording to contract, and the faith o f the United States is
hereby pledged to provide adequate funds for any defi
ciency in the appropriation hereby made.
(Sections 5 and 6 provide, as in previous acts, for the
expense o f preparing the notes, and for the punishment
of counterfeiting or uttering counterfeited notes.)
Approved, December 26, 1814.
A C T O F J A N U A R Y 9, 1815.
17| stat- L >Chap. X X I . —A n act to provide additional revenues for
[R e p e a le d .]
defraying the expenses of Government, and maintain
ing the public credit, by laying a direct tax upon the
United States, and to provide for assessing and collet-t
ing the same.
*
*
*
*
*
i ^ e d nsi nllta nr
Sec. ^2. And be it f urther enacted, That it shall be
ticipation o f lawful for the President o f the United States to authorize
LAWS CONCERNING FINANCE.
91
the Secretary o f the Treasury to anticipate the collection
and receipt o f the direct tax laid and imposed by this
act, and by the said act of Congress, entitled “ A n act to i(
A ct o f A ur .
lay and collect a direct tax within the United States,” by 2’ 1813’ °h'
obtaining a loan upon the pledge o f the said direct taxes,
or either o f them, for the reimbursement thereof, to an
amount not exceeding six millions o f dollars; and at a
rate o f interest not exceeding six per centum per annum.
A nd any bank or banks now incorporated, or which may
hereafter be incorporated, under the authority o f the
United States, is, and are hereby authorized to make such
loan: Provided always, and it is expressly declared, That
I ’ ro v iso
the money so obtained upon loan, shall be applied to the acfXoec. 5
purpose aforesaid, to which the said direct taxes so to b e 1817’ ch 1
pledged are by this act applied and appropriated, and
to no other purposes whatsoever.
Approved, January 9, 1815.
A C T O F F E B R U A E Y 24, 1815.
A n act to authorize the issuing of Treasury 3 stat.
notes for the service of the year one thousand eigh t 213‘
hundred and fifteen.
C hap. L V I.
Be it enacted by the Senate and House of Representatatives of the United States of America , in Congress
assembled, T hat the Secretary o f the Treasury, with
An
l .,
issue o f
the approbation o f the President o f the United States, be, lu th E d 00*68
and he is hereby authorized to cause Treasury notes for a
sum not exceeding twenty-five millions o f dollars, to be
prepared, signed, and issued at the Treasury o f the United
States, in the manner hereinafter provided.
(Section 2 provides for the signing and countersign
ing o f the notes.)
S e c . 3.
And be it further enacted, T hat the said Treasury tjo^aen o m i n a tion s
notes shall be prepared o f such denominations as the S e c -notes
retary o f the Treasury, with the approbation o f the Presi
dent o f the United States, shall, from time to time, direct;
and such o f the said notes as shall be o f a denomination
less than one hundred dollars, shall be payable to bearer
and be transferable by delivery alone, and shall bear no
interest; and such o f the said notes as shall be o f the
denomination o f one hundred dollars, or upwards, may be
made payable to order, and transferable by delivery and
assignment, endorsed on the same, and bearing an interest
from the day on which they shall be issued, at the rate o f
of
th e
92
N A T IO N A L
M ONETARY
C O M M IS S IO N .
five and two-fifths per centum per annum; or they may
be made payable to bearer, and transferable by delivery
alone, and bearing no interest, as the Secretary o f the
Treasury, with the approbation o f the President o f the
United States, shall direct.
How holders
S ec . 4. And be it further enacted, T hat it shall be lawury notes1bear- ful for the holders o f the aforesaid Treasury notes, not
and not bear-bearing an interest, and o f the Treasury notes bearing an
mg an Jntejesc interest at the rate o f five and two-fifths per centum per
annum, to present them at any time, in sums not less than
one hundred dollars, to the Treasury o f the United States,
or to any commissioner o f loans; and the holders of the
said Treasury notes not bearing an interest, shall be en
titled to receive therefor, the amount of the said notes, in
a certificate or certificates o f funded stock, bearing inter
est at seven per centum per annum, and the holders o f the
aforesaid Treasury notes bearing an interest at the rate
o f five and two-fifths per centum, shall be entitled to
receive therefor the amount o f the said notes including
the interest due on the same, in a like certificate or certifi
cates o f funded stock, bearing an interest o f six per
centum per annum, from the- first day of the calendar
month next ensuing that in which the said notes shall thus
be respectively presented, and payable quarter-yearly, on
the same days whereon the interest o f the funded debt is
now payable. A n d the stock thus to be issued shall be
transferable in the same manner as the other funded stock
o f [the] United States; the interest on the same, and its
eventual reimbursement, shall be effected out o f such fund
as has been or shall be established by law for the payment
and reimbursement o f the funded public debt contracted
Faith of thes^nc€ ^ ie declaration o f war against Great Britain.
And
pledged fo^the
o f the United States is hereby pledged to estab^
f c? t« £ lis h sufficient revenues and to appropriate them as an
Interest1 a n ** addition to the said fund, if the same shall, at any time
hereafter, become inadequate for effecting the purpose
aforesaid: Provided however, and be it further enacted,
T hat it shall be law ful for the United States to reimburse
the stock thus created, at any time after the last day o f
Treasury
December, one thousand eight hundred and twenty-four.
g EC 5.
further enacted, That it shall be law-
ever redeemed f uf f or the Secretarv o f the Treasury to cause the Treas-
sued-
nry notes which, in pursuance o f the preceding section,
shall be delivered up and exchanged for funded stock,
and also the Treasury notes which shall have been paid to
LAWS
C O N C E R N IN G
F IN A N C E .
as
the United States for taxes, duties, or demands, in the
manner hereinafter provided, to be re-issued, and applied
anew, to the same purposes, and in the same manner, as
when originally issued.
S e c . 6. And be it further enacted, That the Treasury T r e a s u r y
notes authorized to be issued by this act, shall be every everywhere re-
where received in all payments to the United States. On public bduees.for
eyery such payment the note or notes shall be received for
the amount o f both the principal and the interest, which,
on the day o f such payment, may appear due on such of
the notes as shall bear interest, thus given in payment;
and the interest on the said notes bearing an interest,
shall, on such payments, be computed at the rate o f one
cent and one h alf o f a cent per day, on every hundred
dollars o f principal; and each month shall be computed
as containing thirty days.
(Section 7 provides for crediting collectors and other
receivers o f public moneys with the principal of the notes
received by them in payment, and makes the same pro^ 1®lons for crediting and charging interest, in case the
notes so recei ved bear interest, as are made in the Treasury
note act o f June 30, 1812, and in subsequent acts.)
S e c . 8. And be it further enacted, T hat the Secretary
Notes not to
of the Treasury be, and he is hereby authorized, with thefiMK? &a82
approbation o f the President o f the United States, to vahfj.the,r par
cause the said Treasury notes to be issued at the par value
thereof, in payment o f services, o f supplies, or o f debts,
for which the United States are or may be answerable by
aw, to such person and persons as shall be w illing to
accept
the same in paym ent; and to deposit portions o f
the said notes m the loan offices, or in State banks, for the
Money
may
purpose of paying the same to the public creditors
aforesaid; and to borrow money on the credit o f the said
notes; or to sell the same, at a rate not under p a r ; and it
shall be a good execution of this provision, to pay such
notes to such bank or banks as will receive the same at
par, and give credit to the Treasurer o f the United States
oi the amount thereof, on the day on which the said notes
s la 1
be issued and paid to such bank or banks
respectively.
S ec. 9. And be it further enacted, That it shall and may
be lawful for the holder o f any Treasury notes issued, o
<ui
Holders of
r S
ffJS
onzed to be issued, under any laws heretofore passed, mVv 1co n v e rt
to convert the same into certificates o f funded debt, upon 5de?t!K ?f,,nd'
t ie same terms, and in the same manner hereinbefore
94
N A T IO N A L
M ONETARY
C O M M IS S IO N .
provided, in relation to the Treasury notes authorized
by this act, bearing an interest o f five and two-fiftlis per
centum.
(Sections 10 and 11 provide, as in previous acts, for
the expense o f preparing the notes, and for the punish
ment of counterfeiting or uttering counterfeited notes.)
Approved, February 24, 1815.
A C T O F M A R C H 3, 1815.
3 stat. l ., C h a p . L X X X Y I I . — A n act to authorize a loan for a sum
227.
.
.
,
'
not exceeding eighteen millions four hundred and fiftytwo thousand eight hundred dollars.
(Section 1 authorizes the President to borrow, on the
credit o f the United States, a sum not exceeding eighteen
million four hundred and fifty-two thousand eight hun
dred dollars, to be applied to defray any expenses author
ized by law during the present year: P rovided, That no
contract shall be made precluding the United States from
reimbursing the sum thus borrowed at any time after
twelve years from December 31, 1815.
(Section 2 authorizes the Secretary o f the Treasury
to sell the stock thus to be created, but without fixing any
lim it o f rate, and requires an account of the moneys thus
procured and of the rate obtained for the stock, to be laid
before Congress during the first week of February, 1816.
(Section 3, authorizing the employment o f agents in
disposing o f the stock, follows the terms o f section 3 of
the act o f February 8, 1813.
(Section 4, containing the sinking fund provisions, is
identical with section 3 o f the act o f March 14, 1812.)
^ Banks ot the
S ec . 5. A n d he it further enacted’, That it shall be law-
lumbia author- ful for any o f the banks o f the District o f Columbia, to
lend any part o f the sum authorized to be borrowed by
virtue of this act, any thing in any of their charters to
the contrary notwithstanding.
T re a su ry
S ec . 6. A n d he it further enacted, That it shall be law-
notes Issued
'
p r e v i o u s to tul for the Secretary ot the treasury to accept in pa-vthis act m a y
,
be received.
ment ot any loan obtained in virtue ot this act, such
Treasury notes as have been actually issued, before the
passing o f this act, and which were made by law a charge
upon the sinking fund, such Treasury notes to be credited
for the principal thereof, and the amount of interest actu
ally accrued at the time o f the payment.
LAWS
C O N C E R N IN G
95
F IN A N C E .
S ec. 7. And be it f arther enacted, T hat it shall be law- TreasuryStnotes
ful for the Secretary o f the Treasury to cause to be paid, due, to be paid,
the interest upon Treasury notes which have become due,
and remain unpaid, as well with respect to the time
elapsed before they become due, as with respect to the
time that shall elapse after they become due, and until
funds shall be assigned for the payment o f the said
Treasury notes, and notice thereof shall be given by the
Secretary o f the Treasury.
Approved, March 3, 1815.
R E S O L U T I O N , A P R I L 3 0 ,1 8 1 6 .
V I I I .— A Resolution relative to the more effectual collec- 34| stat- L>
tion of the public revenue.
Resolved by the Senate and House of Representatives
of the United States of America, in Congress assembled,
That the Secretary o f the Treasury be, and he hereby is, the °revenu£ ° f
required and directed to adopt such measures as he may
deem necessary to cause, as soon as may be, all duties,
taxes, debts, or sums o f money, accruing or becoming pay
able to the United States, to be collected and paid in
the legal currency o f the United States, or treasury notes,
or notes o f the Bank o f the United States as by law pro
vided and declared, or in notes o f banks which are pay
able and paid on demand in the said legal currency o f the
United States, and that from and after the twentieth day
of I ebruary next, no such duties, taxes, debts, or sums of
money accruing or becoming payable to the United States
as aforesaid, ought to be collected or received otherwise
than in the legal currency o f the United States, or treas
ury notes, or notes of the bank o f the United States, or in
notes o f banks which are payable and paid on demand in
the said legal currency o f the United States.
Approved, A p ril 30, 1816.
A C T O F M A R C H 3, 1817.
C
. X X X V I I I . — A n act transferring the duties of 3 6 j*
commissioner of loans to the Bank of the United States,
and abolishing the office of commissioner of loans.
h a p
Be it enacted by the Senate and, House of Representa
tives of the United States of Am,erica, in Congress assem
bled, T hat the Bank o f the United States, and its several
sta t-
L >
96
T he B an k o f
th e U n i t e d
S ta tes, e tc., to
p e r f o r m the
d u ties o f co m
m ission ers o f
loans.
1836, ch. 50.
N A T IO N A L
M ONETARY
C O M M IS S IO N .
branches, shall be, and they are hereby, required to do and
perform the several duties o f commissioners of loans for
the several States; and the Bank of the United States
and its several branches, and such State banks as the Bank
o f the United States may employ in those States where
no branch bank shall be established, shall observe and con
form to the directions which have been or may hereafter
be prescribed by the Secretary o f the Treasury, wTith the
approbation o f the President o f the United States, touch
ing the execution o f the duties aforesaid.
S ec . 2. And be it further enacted, That all such duties
and acts as are now done and performed by the commis
sioners o f loans, in transferring stock from the books of
one loan office to another, or to the books o f the Treasury,
or from the books of the Treasury to the books o f the loan
offices, shall be done and performed by the president of
the Bank o f the United States, the president o f the sev
eral branches o f the said bank, and by the president of
such State banks as the Bank o f the United States may
employ, (in States where no branch o f the United States
Bank shall be established:) and the acts o f the presidents
aforesaid shall be countersigned by the cashiers of those
banks, respectively.
T h e S ecre
ta ry o f t h e
T re a s u ry
t o
n o t ify th e p res
id en t o f t h e
B an k
of
the
U n ited S ta tes,
etc.
S ec . 3. And be it further enacted, That it shall be the
duty o f the Secretary o f the Treasury to notify the presi
dent o f the Bank of the United States, that the duties
now performed by the commissioner o f loans will be
transferred to the Bank o f the United States, and he shall
direct the commissioners o f loans and the agents for
military pensions, where there is no commissioner, re
spectively, in the several States, to deliver to the presi
dent of the Bank o f the United States, or to the presi
dent of a branch thereof, or to the president o f such
State bank as the Bank o f the United States may employ,
on such day or days as he may designate, the register,
and all the records and papers of their respective offices;
and it shall be the duty o f the said commissioners of
loans and agents for pensioners to compty with the said
direction, and also to take duplicate receipts for the deliv
ery of the records and papers herein described, one of
which shall be transmitted, without delay, to the Sec
P r o v i s o ; as to
the tim e, etc.
retary o f the T reasu ry: Provided , however, That the
Secretary o f the Treasury may designate such time be
fore the first day o f January, one thousand eight hundred
LAW S
C O N C E R N IN G
F IN A N C E .
97
and eighteen, for the performance o f the duties afore
said, as the public convenience will p erm it: And v r o -„
P ro v is o ;
as
aided, also, 1 nat this act shall not be construed to ex- no banks are
j ,
i
.
„
esta b lish ed
tend to any agent for m ilitary pensions in any S ta te lawwhere there is no bank established by law.
S e c . 4. A nd be it further enacted, T hat the office of
by
,0ffi,ce of com-
commissioner of loans, upon the delivery o f the records jg° adn |tc abo1'
and papers, as herein required, to the Bank o f the United ^ 6 ’ ^
States, or its branches, or to the State banks employed by
the Bank o f the United States in those States where there
may be no branch, shall be, and hereby is, abolished; and
the pay and emoluments o f the said commissioners of
loans, and the clerks and persons employed by them,
after such delivery, shall respectively cease and determine.
S e c . 5. And be it further enacted, T hat the act, enti- ^ An act for
llo r l
« Ar ,
.
x
11
,
„
’
th e p ro m p t set-
u
act tor the prompt settlement o f public a c -blement of pu1>o L r .ll
, ,
1
He a cco u n ts in
unis, snail commence, and be m force, on and after force from tbe
the third day of this instant, March, any thing in t h e ^ 7 °
’
aforesaid act to the contrary notwithstanding.
3- I8i7,°ch. 45.
Approved, March 3, 1817.
p m in ta ”
A C T O F M A R C H 3, 1817.
a p . L X X X V .
A n act to repeal so much of any acts
non in fa c e as authorize a loan of money, or an issue
of treasury notes.
Ch
3 stat.
l .,
(Sections 1 and 2 repeal so much o f any acts o f Con
gress as authorizes the President to borrow money on
the credit o f the .United States, and to cause certificates
o f stock to be issued therefor, or to cause treasury notes
to be prepared and issued: Provided , T hat no securities
for money already borrowed shall thus be invalidated,
nor shall the right o f the holders o f treasury notes
already issued be affected.)
S e c . 3. And be it further enacted, That so much o f
t ie act, entitled “ A n
so much of
act to authorize the issuing o f tioned, as au-
reasury notes for the service o f the year one thousand *ssue o f t h e
eight hundred and fifteen,” as makes it lawful for th e l ™ S . notes’
> ecretary o f the Treasury to cause the Treasury notes, chte56.24’
I InJ cases therein mentioned, to be re-issued and applied
anew t ° the same purposes, and in the same manner,
<lS W len originally issued, be, and the same is hereby
repealed.
98
N A T IO N A L
T re a s u ry
w h ich m ay becom e, the p rop -
s EC. 4
M ONETARY
C O M M IS S IO N .
^ n d be it further enacted, That all Treasury
110tes which are now,' or shall hereafter# become,7 the xprop1
ifnued0 states6er^
the United States, (from reimbursement, purchase, exchange, or receipts, on account of taxes, duties,
to be ca n celed ,
and demands,) shall be cancelled or destroyed at such
times, and under such regulations and securities, as the
commissioners o f the sinking fund, with the approba
tion o f the President, shall establish and determine.
Approved, March 3, 1817.
A C T O F M A R C H 3, 1817.
a stat.
l.,
[Obsoiete.]
C hap . L X X X V I I . — A n act to provide for the redemption of the public debt.
Be it enacted by the Senate and House of Representa
tives of the United States of America , in Congress assem-
a pprop1nation
That so much of any act or acts o f Congress, as
SasethItc pUof ma^ es appropriations for the purchase or reimbursedebt fetc d red ment
the principal, or for the payment o f the interest,
pealed. ’
0 f the funded debt o f the United States be, and the same
is hereby repealed.
. u i V n? $ !
pHated
K
e
sinking fund,
S ec . 2. And be it further enacted, T hat from the proceeds o f the duties on merchandise imported, and on the
tonnage o f vessels, and from the proceeds o f the internal
duties, and of the sales o f western lands, now belonging,
or which may hereafter belong, to the United States, the
annual sum o f ten millions o f dollars be, and the same
ofAthe1money
y earty, appropriated to the sinking fu n d ; and the
said sum is hereby declared to be vested in the commis
sioners o f the sinking fund, in the same manner as the
moneys heretofore appropriated to the said fund, to be
applied by the said commissioners to the payment of
interest and charges, and to the reimbursement or pur-
ta iy h o f StChC
e c^ ase
payeather ?io°
Sob,ooo to
the
o f the sin k in g
the Principal
the public debt; and it shall
the duty
the Secretary of the Treasury annually
to cause to be paid to the commissioners of the sinking
fund, the said sum o f ten millions o f dollars, in such
payments, and at such times in each year, as the situat o S n r m:e a
o9
f tion o f the treasury will best adm it: Provided', That
payment.
ap
payments as may be necessary to enable the
said commissioners to discharge or reimburse any de
mands against the United
States, on account o f the
principal or interest o f the debt which shall be actually
due in conformity to the engagements of the said United
LAWS
C O N C E R N IN G
90
F IN A N C E .
States, shall [and] may be made at such times in each
year as will enable the said commissioners faithfully and
punctually to comply with such engagement: Provided t o^Jayments
also, That any money which may have been paid, b e - ^
fore the passage o f this act, to the commissioners of the heretofore,
sinking fund for the year one thousand eight hundred
and seventeen, as a part of the annual appropriation
heretofore made by law to that fund, shall be held to
be a payment for the.year one thousand eight hundred
and seventeen, on account o f the appropriation o f ten
millions hereinbefore directed.
S ec. 3. And be it further enacted, That in addition to
„
-i,.
7 .
tne sum ot ten millions o f dollars, hereinbefore annuallv
.
.
.
7
*
J
appropriated to the sinking fund, there shall be appro-
$2- 00?>000
additional appropriated t o
the s inking
f»nd tor^ the
priated for the year one thousand eight hundred and
seventeen, to the sinking fund, the further sum o f nine
millions of dollars, to be paid out o f any moneys in the
treasury not otherwise appropriated, at such time within
the year as the Secretary o f the Treasury shall deem most
conducive to the public interest, to be applied by the com
missioners o f the sinking fund to the purchase or redemp
tion o f the public debt: and it shall be lawful for the
Secretary o f the Treasury, at any time during the year
one thousand eight hundred and seventeen, if he shall
deem it expedient to do so, to cause to be paid to the com
missioners of the sinking fund a further sum, not exceed
ing four millions o f dollars, which shall be considered as
a
further
an advance to that amount, on the appropriation o f ten ooo d u n T g
millions, payable in the next year, and the said amount vanee, if, etc.
shall also be applied by the said commisisoners to the
purchase or redemption o f the public debt, and the com- T]jer nt1ntud
missioners aforesaid are authorized and directed to applv by the bank>
tne sums by this act appropriated to the purchase and
redemption o f the public debt, holden by the Bank o f the
United States, if not otherwise to be obtained on the terms
stated in this act.
S ec. 4. And be it further enacted, That after the year
Any surplus
one thousand eight hundred and seventeen, whenever ury, above eapthere shall be, at any time after an adjournment o f Con- aucmVa v [n g
gress, in any year, a surplus o f money in the treasury, the?e, “ appro5
abo\e the sums appropriated for the service o f such year, sinking fun<Jhe
the payment of which to the commissioners o f the sinking
fund, will yet leave in the treasury, at the end o f the
year, a balance equal to two millions o f dollars, then
100
N A T IO N A L
M ONETARY
C O M M IS S IO N .
such surplus shall be, and the same is hereby, appro
priated to the sinking fund, to be paid at such times as
the situation o f the treasury will best perm it; and shall be
applied, by the commissioners thereof, to the purchase or
redemption o f the public debt.
S ec. 5 . And be it further enacted, That whenever, in
is a surplus in
'
. . . . .
the s i n k i n g any year, there shall be a surplus in the sinking fund,
fund, the comJ J
r
°
’
missioners may beyond the amount of interest and principal, which may
purchase t h e * 7
r .
.
.
^
debt at thebe actually due and payable to the-United States, in such
market price.
.
year, in conformity tvith their engagements, the commis
when there
sioners o f the sinking fund shall be, and they are hereby,
authorized, with the approbation o f the President o f
the United States, to purchase the debt o f the United
The price not States, at its market price, if such price shall not exceed
rates specified, the follow ing rates, v i z : for stock of the United States,
bearing an interest o f three per centum per annum, there
shall not be paid more than sixty-five dollars for every
hundred dollars o f the principal thereof: for stock bear
ing an annual interest of six per centum per annum,
there shall not be paid more than the par or true value
thereof; and for stock bearing an annual interest o f seven
per centum, there shall not be paid an advance above the
par value thereof, which shall exceed, for every hun
dred dollars o f stock, the computed value o f an annuity o f
one dollar for a number o f years, equal to that during
which the stock so purchased will not be reimbursable
at the pleasure o f government, estimating, in such com
putation, the interest o f money at six per centum per
ofCertmcates
annum.
S ec. 6. And be it further enacted, That all certificates
debt which be- 0 f public debt which, by pavment or purchase, have be
e / t y ° f t h ecome, 0r hereafter shall become, the property o f the
to be cancelled. United States, shall be cancelled or destroyed, at such
times, and under such regulations and securities, as the
commissioners o f the sinking fund, with the approban
o interest tion o f the President, shall establish and determine.
And
certificates can-no interest shall be considered as accruing, and no fo r
ce e , etc.
pay ment shall be made, on account o f such debt,
the certificates o f which have been so cancelled and de
Nothing i n
stroyed.
S ec. 7. And be it further enacted, That nothing in this
prevent Con- act contained shall be construed to prevent the Congress
plying 'surptusof the United States, if war shall occur with any foreign
to other ob»
. .
, • ,
»
.
jects in case of power, from applying, to any object of public service,
war, etc.
LAW S
C O N C E R N IN G
101
F IN A N C E .
any surplus o f the amount herein appropriated to the
sinking fund, which may be left in any year after pay
ing the interest and principal which may be actually due
and payable by the United States, in conformity with
their engagements. Nor shall any thing in this act b e fectN^ edtg°esa0ff
construed to repeal, alter, or affect, any o f the provisions
acts>
of any former act, pledging the faith of the United States
to the payment o f the interest or principal of the public
debt, but all such payments shall continue to be made at
the time heretofore prescribed by law, excepting only as
E xcep tion ,
before provided, that no payments shall be made on cer
tificates which have become the property of the United
States.
Approved, March 3, 1817.
ACT
OF
MARCH
3, 1817.
C h a p . X C I I I . A n act to incorporate the subscribers to 38| stat- L-’
certain banks in the District of Columbia, and to pre
vent the circulation of the notes of unincorporated as
sociations within the said district.
*
*
*
*
*
S ec. 14. And be it further enacted, That the bank shall, on ?h\stbank°as
in no case, buy and sell the funded debt of the United ingU
,yitrading!
States, or o f any State, or be owners of any ships or v e s -etc<
sels, or directly or indirectly be concerned in trade, or the
importation, exportation, purchase or sale of any goods,
wares, or merchandise whatever, except bills of exchange,
or bullion, and such ships, vessels, goods, wares, or mer
chandise, as shall be truly pledged to them by way o f
security, for debts due, owing, or growing due to the said
bank, or purchased by it to secure such debts: Provided.
nevertheless, l h a t the said bank may sell and dispose
either the whole or any part of the funded debt o f the
United States, which it now holds.
*
*
*
*
*
(Sections 23, 24, 25, 26, 27 apply same provisions to
other banks in W ashington, Georgetown, and Alexan
dria.)
Approved, March 3, 1817.
P r o v is o ;
o f d eb t n ow
as
held
10 2
N A T IO N A L
M ONETARY
C O M M IS S IO N .
A C T O F A P R I L 13, 1818.
425 Stat' L" C hap . L V I . — An act to authorize the payment of certain
certificates.
(T his act suspends for the term o f two years from its
passage so much o f the acts o f March 3, 1795, and June
12, 1798, as bar from settlement loan office and final set
tlement certificates and indents o f interest; and provides
that, upon the presentation at the Treasury and adjust
ment o f such claims, they shall be paid, with interest at
the rate o f six per cent from the date of the last payment
o f interest indorsed thereon.)
Approved, A p ril 13, 1818.
N ote.— By the act o f May 7, 1822, having the same title as the
above the provisions o f the acts o f 1795 and 1798 are further
suspended for the term o f tw o years and from thence until the
end o f the next session o f Congress. (3 ibid., 697.) And by the
act o f July 14, 1832, the act o f 1822 is revived and continued in
force for the term o f fou r years and from thence until the end o f
the next session o f Congress. (4 ibid., 002.)
A C T O F F E B R U A R Y 4, 1819.
3 stat. l ., C hap . X I I I . — A n act to authorize the payment, in cer
tain cases, on account of Treasury notes which have
been lost or destroyed.
Be it enacted by the Senate and Rouse of Representa
tives of the United States of America , in Congress assemete °of the'Toss bled, T hat whenever proof shall be exhibited to the satisnote thees©cre *'ac‘^ on of the Secretary o f the Treasury, of the loss or
bondy ’etcUp°toc*estruct*on
any Treasury note, issued under the
gay the amount authority o f any act o f Congress, it shall be lawful for
the said Secretary, upon receiving bond, with sufficient
security to indemnify the United
States against any
other claim on account of the Treasury note alleged to be
so lost or destroyed, to pay the amount due on such note,
to the person who had lost it, or in whose possession it
has been destroyed.
on proof of
S ec. 2. And be it further enacted, That, whenever proof
struction of shall be exhibited, to the satisfaction o f the Secretary of
o 7 Mississippi the Treasury, o f the loss or destruction of any certificate
certificate may o f Mississippi stock, it shall be lawful to issue to the per-
son who had lost it, or in whose possession it was de
stroyed, a new certificate o f the same value with the one
LAWS
C O N C E R N IN G
F IN A N C E .
103
lost or destroyed; the person claiming such renewal com
plying with the rules and regulations at present estab
lished at the Treasury Department, for the renewal of
certificates o f stock lost or destroyed.
Approved, February 4, 1819.
ACT
OF
MAY
15, 1820.
C h a p . C I I I . — A n act to authorize the President of the r 3 Stat.
L.,
United States to borrow a sum not exceeding three
millions of dollars.
(Section 1 empowers the President to borrow, on the
credit o f the United States, a sum not exceeding three
millions o f dollars, at a rate not exceeding five per cent
and reimbursable at any time after January 1, 1832, or
at a rate not exceeding six per cent, and reimbursable at
pleasure, to be applied in defraying any public expenses
authorized by law.
( Section 2 authorizes the Bank o f the United States to
lend the sum, or any part thereof, and further authorizes
the sale o f certificates o f the stock, “ Provided , That no
stock shall be sold under par.”
(Section o, authorizing the employment o f agents in dis
posing o f the stock, follows the terms of section 3 of the
act o f February 8, 1813.
(Section 4 makes the same sinking-fund provisions as
section 3 o f the act o f March 14, 1812, with the substi
tution of
ten millions o f dollars ” for eight millions, as
t le amount o f the total annual appropriation for the
public debt.)
Approved, M ay 15, 1820.
A C T O F M A R C H 3, 1821.
C h a p . X X X V I I I . — A n act to authorize the President of
the Lnited States to borrow a sum not exceeding five
millions of dollars.
(Section 1 empowers the President to borrow, on the
crec it o f the United States, a sum not exceeding five
millions o f dollars, at a rate not exceeding five per cent,
and reimbursable at any time after January 1, 1835, to
>e applied in defraying any public expenses authorized
by law.
® Stat.
L.,
104
N A T IO N A L
M ONETARY
C O M M IS S IO N .
(Sections 2, 3, and 4 are identical with sections 2, 3,
and 4 o f the act of M ay 15, 1820, above.)
Approved, March 3, 1821.
A C T O F F E B R U A R Y 19, 1822.
stat. l., C h a p . V I I I .— A n act authorizing the transfer of certain
3
certificates of the funded debt of the United States.
’[O b s o le te .]
certificates
Be it enacted by the Senate and House of Representa
tives of the United States of America , in Congress asof sembled. T hat the certificates o f the funded debt of the
debt, issued
to United States, which, upon the assumption o f the debts
t he f u n d e d
,
*
c r e d ito r S tu tes
upon j h e
as- o f
* x.
the several creditor States, were issued in their favour,
thefr
debts,respectively,
iii<ide tra n sfer^
1
be,1 and hereby
are, made
transferable, ac•/
^
cording to the rules and forms instituted for the purpose
able.
o f tra n sfe r o f the public debt.
Approved, February 19, 1822.
A C T O F A P R I L 20, 1822.
stat.
6q3
X X V I I I . — A n act to authorize the Secretary of
the Treasury to exchange a stock bearing an interest of
five per cent, for certain stocks bearing an interest of
six and seven per cent.
l„ C h a p .
Be it enacted by the Senate and House of Representa
tives of the United States of America , in Congress as,° t o sembled, That a subscription, to the amount of twelve
P r o ^ o 's e d
a m
tw elve “minionmillions
d olla rs, etc
of dollars, o f the seven per cent, stock, and of
the six per cent, stock o f the year eighteen hundred and
twelve, and also for fourteen millions of the six per cent,
stock o f the years eighteen hundred and thirteen, four
teen, and fifteen, be, and the same is hereby, proposed:
openedkSat° the ^or which purpose books shall be opened at the Treasury
IT a T o V c e s 0^ the United States, and at the several loan offices, on
Mayisym.uiythe first day of M ay, one thousand eight hundred and
twenty-two, to continue open until the first day o f July
next thereafter, for such parts o f the above-mentioned
description o f stocks as shall, on the day o f subscription,
stand on the books o f the Treasury, and on those o f the
S u b s c r ip t i o nseveral
to> be effected,
by a tra n s fe r be
su
loan offices, respectively; which subscription shall
__
_ ,
,
«
.
TT •.
.
.
,,
effected by a transfer to the United States, in the
r r e n d e r a of manner provided by law for such transfers, o f the credit
^ cre(j-ts stail(linor 0n the said books, and by a surrender
certifica tes.
o f the certificates o f the stock so subscribed.
LAW S
C O N C E R N IN G
105
F IN A N C E .
(Section 2 provides that for any sum thus subscribed
of the six per cent stocks o f 1812 and 1813, the subscribers
shall be entitled to an equal amount o f stock, bearing in
terest at five per cent and payable quarterly from June 30,
1822, and redeemable at the pleasure o f the United
States, one-third after December 31, 1830, one-third after
December 31, 1831, and one-third after December 31,
1832; and that for any sum subscribed o f the seven per
cent stock, the subscribers shall be entitled to an equal
amount of five per cent stock, bearing interest and dated
as above, and redeemable in like manner after December
31, 1833: Provided , that no reimbursement shall be made
o f any certificate, except for its whole amount, nor until
after six months’ notice.
(Section 3 provides that i f the subscription authorized
by section 1 is not completed by July 1, 1822, the remain
der of the amount may be subscribed at any time before
October 1, 1822; and that for so much as may be sub
scribed o f the six per cent stocks o f 1812, 1813, 1814, and
1815, the subscribers shall be entitled to an equal amount
of stock, bearing interest at five per cent and payable
quarterly from September 30, 1822, and redeemable after
1830, 1831, and 1832 as above; and that for so much o f the
seven per cent stock as may be subscribed, the subscribers
shall be entitled to an equal amount of five per cent stock,
vitli interest payable as above, and redeemable in like
manner after 1833, the same proviso being made as to the
conditions of reimbursement.)
S ec . 4. And be it further enacted, That the same funds
Funds piedg-
which have heretofore been, and now are, pledged by law mentrofheiuPterfoi the payment o f the interest, and for the redemption ordempuon dofrthe
reimbursement o f the stock which may be subscribed by new' stock* the
\irtue o f the provisions o f this act, shall remain pledged
for the payment o f the interest accruing on the stock cre
ated by reason o f such subscription, and for the redemp
tion or reimbursement o f the principal o f the same.
It
commission-
shall be the duty o f the commissioners o f the sinking fund fnSg°f uhn d u i
to cause to be applied and paid, out o f the said fund, pned6 thebsums
yearly and every year, such sum and sums as may be pay^he interest
annually wanted to discharge the interest accruing on the princtpaie,Ietc.he
stock which may be created by virtue o f this act. The
said commissioners are hereby authorized to apply, from
time to time, such sum and sums, out o f the said fund, as
they may think proper, towards redeeming, by purchase
or by reimbursement, in conformity with the provisions
35712°—10------ o
106
N A T IO N A L
t h e $10 000*000
vested , e t c ., c o n - 0f
t h e !M e r e s t etc
M ONETARY
C O M M IS S IO N .
this act, the principal o f the said stock. A n d such part
the annual sum o f ten millions o f dollars, vested by law
m the said commissioners, as may be necessary and want
ing for the above purposes, shall be and continue appriated [appropriated] to the payment o f interest and
redemption o f the public debt, until the whole o f the
stock which may be created under the provisions of this
act shall have been redeemed or reimbursed,
subscribers
n eith er a ite re d
S ec. **• And be it further enacted', That nothing in this
act contained shall be construed in any wise to alter,
abridge, or impair, the rights o f those creditors of the
United States who shall not subscribe to the loan to be
opened by virtue o f this act.
Approved, A p ril 20, 1822.
A C T O F M A Y 3, 1822.
gt!
Stat‘ L”
C h a p . X L V I I .— A n act relating to Treasury notes.
B e it enacted by the Senate and House of Representa
tives of the United States of America , in Congress assemnotes tobe're- bled, That, from and after the passing o f this act, no
mentf or pP
a1di Treasury note shall be received in payment on account of
cepU
tndat’ the the United States, or paid, or funded, except at the TreasTreasury.
ury 0 f ^
fjm ted States.
Approved, M ay 3, 1822.
A C T O F M A Y 7, 1822.
696 Stat‘ L” C h a p . C X I I .— A n act authorizing the payment of certain
certificates.
Be it enacted by the Senate and House of Representa
tives of the United States of America , in Congress assemthSe°acbofhMa°rf bled, T hat so much o f an act, entitled “ A n act making
a n d 7 o f ’ act
4oi ^ur^ er provisions for the support o f public credit and
chin5i12as1bafs ^or the redemption o f the public debt,” passed the third
tinai
ment
ce r tifl-fiv e
ca tes, e tc., sus’
pended fo r t w o ] o a n
yea rs, e tc.
March, one thousand seven hundred and ninetyand so m uch o f the act, entitled “ A n act respecting
7
.
A
. &
office and final settlement certificates, indents o f in.
terest, and the unfunded and registered debt, credited on
the books o f the treasury,” passed the twelfth day o f
June, one thousand seven hundred and ninety-eight, as
bars from settlement or allowance certificates, commonly
called loan office and final settlement certificates, and
indents o f interest, be, and the same is hereby, suspended
for the term o f two years from and after the passing o f
this act, and from thence until the end o f the next session
LAWS
C O N C E R N IN G
107
F IN A N C E .
of Congress; a notification o f which temporary suspen-o ^ °t,u®caetnigj)o°
sion o f the act o f limitation shall be published by th e t0 be PublisbedSecretary o f the Treasury, for the information o f the
holders o f the said certificates, in one or more o f the
public papers in each of the United States.
S ec . 2. And be it further enacted, T hat all certificates,, 0utstaudi n g
commonly called loan office certificates, countersigned b y tificateg’ etc >
,i
.
7
®
J m ay
be
pre-
tne loan officers o f the states, respectively, final settle-®ented at tbe
,
.„
7
r
J1
T r e a s u r y ; and,
ment certificates, and indents o f interest, which, at th e5ed P g Iiqui"
ip
.
.
7
’
d ated , etc., to
time o l passing this act, shall be outstanding, may be pre- j e e r ’s towtitn
sentecl at the treasury; and, upon the same being liqui-interest, etc.
dated and adjusted, shall be paid to the respective holders
o f the same, with interest at six per cent, per annum,
from the date o f the last payment of interest, as endorsed
on said certificates.
S ec. 3. And be it further enacted, That, for carrying Appropriatliis act. into effect, the sum of fifteen thousand dollars be
appropriated out o f any moneys in the treasury o f the
United States not otherwise appropriated.
Approved, M ay 7, 1822.
A C T O F M A R C H 3, 1823.
A n act making the gold coins of Great„ 3 stat.
Britain, France, Portugal, and Spain receivable in paymeats on account of public lands.
C hap. L I I I .
l .,
^ (Section 1 makes the gold coins o f Great Britain,
France, Portugal, and Spain, o f their present standard,
receivable in all payments on account of public lands, at
rates identical with those specified in the act o f A p ril 29,
181(3; and section 2 makes it the duty o f the Secretary of
the Treasury to cause assays of the said coins to be made
at least once in every year, and to report the results to
Congress.)
Approved, March 3, 1823.
A C T O F J A N U A R Y 22, 1824.
C
. X V I . — A n act authorizing the commissioners o\
t e sinking fund to purchase the seven per cent, stock
of the United States, in the year one thousand eigh\
hundred and twenty-four.
h a p
,
^ enao\ted by the Senate and House of Representa
tiies of the United States of America, in Congress assem
bled, That the commissioners o f the sinking fund be, anc
4 S tat. L ., 4.
[O b so le te .]
108
N A T IO N A L .
M ONETARY
C O M M IS S IO N .
crs °o™™lnking ^ iey are hereby> authorized to purchase, during the year
funde ^°urP“rgOne thousand eight hundred and twenty-four, any stock
^ p e T / e f t 0^ the United States, bearing an interest of seven per
amount'not ex- centum per annum, not exceeding the sum of eight mil-
ooodins$8’61° ’ ^ ons s*x hundred and ten thousand dollars, upon such
terms as they may think proper, not exceeding the follow
ing rates above the principal sum purchased, that is to
sa y :
For all such stock as they may purchase before the first
day o f A p ril next, at a rate not exceeding two dollars for
every sum o f one hundred dollars, in addition to the inter
est which would have accrued on that day upon the said
stock:
For all such stock which they may purchase between
the first day o f A p ril and the first day of July next, at a
rate not exceeding seventy-five cents on every sum o f one
hundred dollars, in addition to the interest which would
have accrued on the day last mentioned:
F or all such stock wThich they may purchase between
the first day o f July and the first day o f October next, at
a rate not exceeding, on every sum o f one hundred dollars,
the amount o f interest which would have accrued on the
day last mentioned: and
For all such stock which they may purchase between
the first day o f October next, and the first day of January,
one thousand eight hundred and twenty-five, at a rate not
exceeding the principal and the interest which shall have
accrued at the day o f purchase.
sion ers A u t h o r such pu rch a ses
S
ec
. 2.
And be it further enacted, That the said com-
missioners are hereby authorized to make such purchases,
restrictions^81111under the foregoing restrictions, at such times and places
as they may deem most expedient, out o f any moneys in
the Treasury, heretofore appropriated for the redemption
o f the public debt, or out o f any money in the Treasury
not otherwise appropriated.
Approved, January 22, 1824.
LAWS
C O N C E R N IN G
109
F IN A N C E .
A C T O F M A Y 24, 1824.
C h a p . C X L .— A n act to authorize the creation of a stock {obsolete’]33'
to an amount not exceeding five millions of dollars, to
provide for the awards of the commissioners under the
treaty with Spain , of the twenty-second of February ,
one thousand eight hundred and nineteen.
Be it enacted by the Senate and House of Representa
tives of the United States of America , in Congress as
sembled, That, for the purpose o f providing; funds to
T h e s e cre ta ry
discharge the awards o f the commissioners under theory
a u th orized
treaty with Spain, o f the twenty-second day of February, s t o c k
• / l
p
T
-.
,
,
.
,
,
,
,
to an
*\7 a m ou n t n o t ex-
111 me year of our Lord one thousand eight hundred and feeding$5,000,nineteen, the Secretary o f the Treasury be, and he i s ° 00’ eUhereby, authorized, with the approbation o f the Presi
dent o f the United States, to cause to be issued and sold
to the Bank o f the United States, or others, at a sum not
less. than the par value thereof, certificates o f stock o f the
United States, to any amount not exceeding the sum o f
five millions o f dollars, and bearing an interest o f not
exceeding four and one h alf per centum per annum, from
tie period o f the sale thereof; which stock, so created,
shall be redeemable at the pleasure o f the United States,
at any time after the first day o f January, in the year
one thousand eight hundred and thirty-two. A n d , upon
the sale o f such stock, in manner aforesaid, credit or
credits to the proprietors thereof, shall thereupon be
entered and given on the books o f the Treasury, in like
manner as for the present funded debt; which said cred
its or stock shall thereafter be transferable as other pub
lic stock o f the United States.
(Section 2 provides for the award and application of
the moneys thus borrowed.)
S ec . 3. And be it further enacted, That a sum, equal to
in te re s t
ac-
^ hat will be necessary to pay the interest which may ac- srtUoD
cgk°ntoSJbe
cine on the said stock, to the end o f the present year, be,Treasury.°f the
and the same is hereby, appropriated for that purpose, to
36
0llt o f any moneys in the Treasury not otherwise
appropriated.
Approved, M ay
24, 1824.
110
N A T IO N A L
M ONETARY
C O M M IS S IO N .
A C T O F M A Y 26, 1821.
4 stat. l., 78. C h a p . C X C I I .— A n act to authorize the Secretary of the
Treasury to exchange a stock, bearing an interest of
four and one half per cent., for certain stocks bearing
an interest of six per cent.
The
Be it enacted by the Senate and House of Representa
tives of the United States of Am er ca, in Congress asP resid en t sembled, That the President o f the United States be, and
b o rro w
a
sum
he is hereby, empowered to borrow, on or before the first
exceeding ?5,- day c f A p ril next, on the credit o f the United States, a
ooo 000.
%/
x
7
sum not exceeding five millions o f dollars, at a rate o f
interest, payable quarter yearly, not exceeding four and
one h alf per centum per annum, and reimbursable at the
pleasure o f the Government, at any time after the thirtyfirst day o f December, one thousand eight hundred and
thirty-one, to be applied, in addition to the moneys which
may be in the Treasury at the time of borrowing the same,
to pay off and discharge such part of the six per cent,
stock o f the United States, of the year one thousand eight
hundred and twelve, as may be redeemable after the first
day o f January next.
(Section 2 authorizes the Bank o f the United States
to lend the sum or any part thereof, and further author
izes the sale o f certificates o f the new stock: “ provided,
that no stock be sold under par.”
(Sections 3 and 4 provide that a subscription, to the
amount o f fifteen million dollars o f the six per cent stock
o f 1813, shall be opened on July 1, 1824, to continue open
until October 1 follow ing; and that for so much as shall
be thus subscribed, the subscribers shall be entitled to an
equal amount o f stock, bearing interest at the rate of four
and one-half per cent and payable quarterly from Sep
tember 30, 1824, and redeemable at the pleasure of the
United States, one-half after December 31, 1832, and oneh alf after December 31, 1833, provided that no reimburse
ment shall be made o f any new certificate except for its
whole amount, nor until after six months’ notice.
(Sections 5 and G contain the same provisions for the
sinking fund and for saving the rights o f nonsubscribing
creditors as those contained in sections 4 and 5 of the act
o f A p ril 20, 1822.)
Approved, M ay 20, 1824.
LAW S
C O N C E R N IN G
Ill
F IN A N C E .
A C T O F M A R C H 3, 1825.
C h a p . L X V .— A n act more effectually to provide for the
4 stat.
l .,
punishment of certain crimes against the United States, llo‘
and for other purposes.
S e c . 17. And be it further enacted, That, if any person
F o r g e r y of
or persons shall falsely make, forge, or counterfeit, ororeothe7 pubffc
cause or procure to be falsely made, forged, or counter-united states6
feited, or w illingly aid or assist in falsely making, forg-3o‘Vi7ao, ch P9i
m g, or counterfeiting, any paper, writing, or instrument,Sec'
m imitation of, or purporting to be, an indent, certificate
o f the public stock, or debt, treasury note, or other public
security o f the United States, or any letters patent, issued
or granted by the President o f the United States, or any
bill, check, or draft for money drawn by, or on the treas
urer o f the United States, or by, or on, any other public
officer or agent o f the United States, duly authorized to
make, draw, accept, or pay the same, on behalf and for
account of the United States, (a) or if any person or per
sons shall pass, utter, or publish, or attempt to pass,
utter, or publish, as true, any such false, forged, or coun
terfeited paper, writing, or instrument, knowing the
same to be false, forged, or counterfeited, with intent to
defraud the United States, or any body politic or cor
porate, or any other person or persons whatsoever;
or if any person or persons shall falsely alter any indent,
certificate o f the public stock, or debt, treasury note, or
other public security o f the United States, or any letters
patent, issued or granted by the President of the United
States, oi any bill, check, or draft for money drawn by
or on the treasurer of
the
United States, or any other
public officer or agent o f the United States, duly author
ized to make, draw, accept, or pay such bill, check, or
draft, or if any person or persons shall pass, utter, or
publish, or attempt to pass, utter, or publish, as true and
unaltered, any such falsely
altered indent, certificate,
reasury note, or other public security, letters patent, or
1 ’ c^ eck, or draft, knowing the same to be falsely aleret, with intent to defraud the United States, or any
° ty
soever,
(b )
or corporate, or any person or persons what
every such person, so offending, shall be
( eemec guilty o f felony, and shall, on conviction thereof,
e punished by fine, not exceeding five thousand dollars,
112
N A T IO N A L
M ONETABY
C O M M IS S IO N .
and by imprisonment and confinement to hard labour,
not exceeding ten years, according to the aggravation of
the offence.
(Section 18 makes it an offense and punishable to forge
Treasury notes or other public securities o f the United
States, certificates o f stock of the United States or certifi
cates of stock o f the Bank o f the United States.)
sj:
H:
*
*
*
Approved, March 3, 1825.
ACT
4 S ta t.
L .,
129.
[O b solete.]
T h e P resid en t
a u t h o r i z e d to
b o rro w a sum
n ot e x c e e d in g
tw e lv e m illion s
o f d olla rs.
OF
M ARCH
3, 1825.
C h a p . C . — A n act authorizing the Secretary of the Treas
ury to borrow a sum not exceeding twelve millions of
dollars, or to exchange a stock of four and one-half
'per cent, for a certain stock bearing an interest of six
per cent.
Be it enacted by the Senate and House of Representa
tives of the United States of America, in Congress assem
bled, That the President of the United States be. and he
is hereby, authorized to borrow, on or before the first
day o f January next, on the credit of the United States,
a sum not exceeding twelve millions o f dollars, at a rate
o f interest payable quarterly, not exceeding four and oneh alf per centum per annum, six millions whereof reim
bursable at the pleasure of the Government, at any time
after the thirty-first day o f December, in the year eight
een hundred and twenty-eight; and six millions at any
time after the thirty-first day of December, in the year
eighteen hundred and twenty-nine, to be applied, in ad
dition to the moneys which may be in the Treasury at
the time o f borrowing the same, to pay off and discharge
such part o f the six per cent, stock o f the United States,
o f the year one thousand eight hundred and thirteen, as
may be redeemable after the first day o f January next.
(Section 2 is identical with section 2 of the act o f M ay
2G, 1824, above.
(Sections 3 and 4 provide that a subscription to the
amount o f twelve million dollars o f the six per cent stock
o f 1813 shall be opened on A p ril 1, 1825, to continue open
until October 1 following, all thus subscribed to be con
sidered as part o f the twelve million dollars authorized
by section 1 ; and that for so much as shall be thus sub
scribed, the subscribers shall be entitled to an equal
LAW S
C O N C E R N IN G
F IN A N C E .
113
amount o f stock bearing interest not exceeding four and
one-half per cent and payable quarterly from December
31, 1825, and redeemable at the pleasure o f the United
States, one-half after December 31, 1828, and one-half
after December 31, 1829: Provided , that no reimburse
ment shall be made o f any new certificate except for its
whole amount, nor until after six months’ notice.
(Sections 5 and 6 contain the same provisions for the
sinking fund, and for saving the rights of nonsubscribing
creditors, as those contained in sections 4 and 5 o f the act
o f A p ril 20, 1822.)
Approved, March 3 ,1 8 2 5 .
A C T O F A P R I L 24, 1830.
C h a p . L X X V I I I .— A n act to authorize the commissioners 39| stat. l .,
of the sinking fund to redeem the public debt of the
United /States.
<^ e ^ enacted by the Senate and House of Representa
tives of the United States of America , in Congress assem
bled, I hat whenever in the opinion o f the Secretary o f
s e c r e ta r y
of
the Treasury, the state o f the Treasury will admit o f theorized, under
application o f a greater sum than ten millions of dollars sta n ces, c toClapin any one year, to the payment o f interest and charges,tiiann $\eo,oo(),e
and to the reimbursement or purchase of the principal o f t o '° t h e i n k i n g
the public debt, it shall be law ful for him, with the ap-fund’
probation o f the President o f the United States, to cause
such surplus to be placed at the disposal of the commis
sioners o f the sinking fund, and the same shall be applied
by them to the reimbursement or purchase o f the princi
pal o f the public debt, at such times as the state o f the
Treasury will best admit.
S ec . 2. And be it further enacted, That, whenever, in
Commission-
any y ear> tilere shall be a surplus in the sinking f u n d ^ ^ ^ ^ 0
beyond the amount o f interest and principal of the debtPlus, o f th a t
i
.
_
r
A
fu n d to th e ex'\nicn may be actually due and payable by the United 11ngroJsnmentof
states m such year, in conformity with their engagements, it shall be law ful for the commissioners o f the
Sin ln£ ^U11d to apply such surplus to the purchase o f
any portion o f the public debt, at such rates as, in their
opinion, may be advantageous to the United States; any
ong in any act o f Congress to the contrary notwith
standing.
114
N A T IO N A L
M ONETARY
C O M M IS S IO N .
March 3, 181?,
S e c . 3 . And be it further enacted, That the fourth and
fifth sections o f the act, entitled “ A n act to provide for
pealed.
the redemption o f the public debt,” approved on the
nde5Cof°anct of
third o f March, one thousand eight hundred and seven
teen, are hereby repealed.
thousand n<dor
S ec . 4. And he it further enacted, T hat the sum of two
ifropHated8 for
hundred thousand dollars, being the balance o f the sums
to^be'passed^to heretofore appropriated for the expenses o f taking the
next census, and which will not be required for that pur
surplus fund.
pose, be, and the same is hereby, directed to be passed to
the surplus fund upon the last day of the year one thou
sand eight hundred and thirty, any law to the contrary
notwithstanding.
Approved, A p ril 24, 1830.
A C T O F J U L Y 14, 1832.
4
stat.
l .,
C h a p . C C X L V .— A n act to revive and continue in force
“ A n act authorizing the 'payment of certain certificates,” approved seventh M ay , one thousand eight hun
dred and twenty-two.
Act of Con
gress of May
1822, ch. 112,
revived and
cont i nued in
force for four
years.
7,
B e it enacted by the Senate and House of Representa
tives of the United States of America , in Congress assem
bled, That the “ A ct authorizing the payment o f certain
certificates,” approved on the seventh M ay, one thousand
eight hundred and twenty-two, be, and the same is hereby,
revived and continued in force for the term o f four
years from and after the passing o f this act, and from
thence to the end o f the next session o f Congress there
after, a notification o f which revival and continuance
shall be published by the Secretary o f the Treasury, for
the information o f the holders o f the certificates, the
payment o f which is authorized by said act, in one or more
o f the public papers printed in each o f the United States.
A p p r o p r ia
tion.
S e c . 2.
A nd be it further enacted, That, for carrying
this act into effect, the sum of forty thousand dollars be,
and hereby is, appropriated, out of any money in the
treasury o f the United States not otherwise appropriated.
Approved, July 14, 1832.
\
LAWS
C O N C E R N IN G
115
F IN A N C E .
A C T O F A P R I L 11, 1830.
C h a p . L . — A n act to repeal so much of the act entitled
5 Stat. L., 8.
“A n act transferring the duties of Commissioner of
Loans to the Bank of the United States, and abolish
ing the office of Commissioner of Loans” as requires
the Bank of the United States to perform the duties of
Commissioner of Loans for the several States.
(Section 1 repeals the provisions o f the act of March
3 ,1 8 1 7 , which transfer the duties o f commissioner o f loans
to the United States Bank, its branches, and state banks
employed by it, and requires the immediate transfer of
all papers and records relating to said duties to the Secre
tary of the Treasury.)
S e c . 2. And be it further enacted, T hat the Bank o f Banks to pay
all money into
the United States and its several branches, and the State the Treasury
within
Banks employed by the Bank o f the United States, per months.
forming the duties o f Commissioners o f Loans, shall be,
and they are hereby required to pay into the Treasury of
the United States, within three months after the passing
of this act, all the money in their possession for the re
demption o f the public debt o f the United States, and the
interest thereon remaining in their hands, which has not
been applied for by the person or persons entitled to re
ceive the same.
S e c . 3. And be it further enacted, T hat it shall be the
duty o f the Secretary o f the Treasury to pay over to the
person or persons entitled to receive the same, the amount
so received into the Treasury, by virtue of the second sec
tion o f this act, out o f any money in the Treasury iiot
otherwise appropriated.
S ec . 4. And be it further enacted, T hat nothing con
tained in this act shall be construed to authorize the ap
pointment o f a Commissioner or Commissioners o f Loans
in any State, District, or Territory o f the United States.
Approved, A p ril 11, 1836.
N ote.— By the act o f April 20, 183G (5 Stat. L., 16), it is also
provided that all acts and parts o f acts enabling the Bank o f the
Lnited States or its branches to pay pensions granted under the
authority o f the United States are repealed, and that payments
o f pensions shall be made by such persons and corporations as
the Secretary o f W ar may direct.
three
NATIONAL MONETARY COMMISSION.
116
»
A C T O F J U N E 7, 1836.
5
34.
Stat.
L., C h a p .
L X X X Y I I . — A n act to carry into effect a conven
tion between the United States and Spain.
(Section 1 authorizes the appointment o f a commis
sioner to receive and examine all claims growing out of
the convention between the United States o f America
and her Catholic M ajesty the Queen o f Spain, concluded
at M adrid on the 17th day o f February, 1834.
(Sections 2 to 6, inclusive, prescribe the duties o f the
commissioner and the compensation o f himself and his
secretary.
The duties o f the Secretary o f the Treasury
in the matter, who is required to receive and account for
at Paris any moneys paid in pursuance o f said conven
tion and to remit the same to the United States for de
posit in the Treasury o f the United States.
Said moneys
are appropriated to be distributed and paid to those
authorized to receive them.)
Commission
er to report.
S e c . 7.
And be it further enacted, That the commis
sioner aforesaid shall report to the Secretary o f State
a list o f all the several awards made by him, a certified
copy o f which shall be by the said Secretary o f State
transmitted to the Secretary o f the Treasury, who shall
thereupon distribute in ratable proportions, among the
persons in whose favor the award shall have been made,
such moneys as may have been received into the Treas
ury in virtue o f this act, according to the proportions
which their respective awards shall bear to the whole
amount then
received;
first deducting such sums of
money as may be due the United States from said persons
in whose favor said awards shall be m ade; and shall
cause certificates to be issued by the Secretary o f the
Treasury, in such form as he may prescribe, showing
the proportion to which each may be entitled of the
amount that may thereafter be received; and on the
presentation o f the said certificates at the Treasury, as
the nett proceeds of the general instalments, payable by
the Government of Spain, shall have been received, such
proportions thereof shall be paid to the legal holders o f
the said certificates.
*
*
Approved, June 7, 1836.
*
*
*
LAWS
C O N C E R N IN G
117
F IN A N C E .
A C T O F J U L Y 4, 1836.
C h a p . C C C L I I I .— A n act in addition to the act entitled H 25 stat. l .,
“ A n act making appropriations, in part, for the sup- [Obsolete.]
port of Government, for the year eighteen hundred
>c • •
and thirty-six, and for other purposes.
*
*
*
*
*
S ec. 10. And be it further enacted, That the duties and
Duties and
powers ot the commissioners o f the sinking fund arec° n?“ lss.i0,n.ers
hereby suspended until revived by law, and that th e£unJ? . traasrecords or the commissioners be transferred to the cus_ fheeCTreasury°f
tody o f the Secretary of the Treasury, who is hereby
authorized and directed to pay out o f any money in
the Treasury not otherwise appropriated any outstand
ing debts o f the United States and the interest thereon.
*
*
*
*
*
Approved, July 4, 1836.
AC T OF OCTOBER
C hap. I I .
12, 1837.
A n act to authorize the issuing of Treasury 20j> stat- L >
notes.
Be it enacted by the Senate and House of Representa
tives of the United States of America in Congress assem
bled, lh a t the President o f the United States is hereby de^th jr0 Dreslauthorized to cause Treasury notes for such sum or sum sTreasury notes
as the exigencies o f the Government may require, but n o tfor not excee(D
exceeding, in the whole amount o f notes issued, the s u m ^ 0' 3^ 10^
of ten millions o f dollars, and o f denominations not lessa2tion t h a n
than fifty dollars for any one note, to be prepared, signed,?
and issued in the manner hereinafter provided.
S ec, 2. And be it further enacted, That the said Treas-
Notes to be
m y notes, authorized to be issued by the first section of redeemed after
this act, shall be reimbursed and redeemed by the United of one year.
States, at the Treasury thereof, after the expiration o f
one year from the dates o f the said notes respectively;
rom which said dates, for the term o f one year, and no
onger, they shall bear such interest as shall be expressed
Notes to bear
UP°n *^e ^ace o f the said notes; which rate o f interest as1 iCshexpresseeSd
upon each several issue o f the said notes shall be fixed °n their face‘
y
e k ecretary o f the Treasury, by and with the advice
anc approbation o f the President; but shall in no case Interest In no
p-v-npprl tLr,
• ,
, „ .
7
ease to exceed
'
eu m e rate o f interest o f six per centum per annum .th® rate of 6
118
N A T IO N A L
M ONETARY
C O M M IS S IO N .
The reimbursement herein provided for shall be made
at the Treasury o f the United States to the holders of
the said notes respectively, upon presentment, and shall
include the principal o f each note, and the interest which
may be due thereon at the time o f payment. For this
reimbursement, at the time and times herein specified, the
faith o f the United States is hereby solemnly pledged.
(Section 3 provides that the said Treasury notes shall
be signed by the Treasurer and countersigned by the
Register o f the Treasury, and that those officers shall
keep separate accounts thereof, as checks upon each
other.)
ofThtheeCTreaars^
^ EC* T Ant? ^e it further enacted, That the Secretary
portionC
of*said
Treasury is hereby authorized, with the approba
t e s to be is- tion o f the President o f the United States, to cause to be
sued in payment of debts
.
issued such portion o f the said Treasury notes as the
choose to re- President may think expedient, m payment of debts due
by the United States to such public creditors or other
persons as may choose to receive such notes in payment,
o?htheeCTrea7 as a^oresa^ 5
Par- A n d the Secretary o f the Treasury
ury authorized, is further authorized, with the approbation of the Presietc., to borrow
,
7
i
°n the credit dent o f the United States, to borrow, from time to time,
of the
etc.
notes,
The n o t e s
transferable by
7
7
7
not under par, such sums as the President may think
expedient, on the credit o f such notes.
S e c . 5 . And be it further enacted, That the said Treas’
'
als'spjn meroP ury n° t es shall be transferable by delivery and assignment
etc.
’ endorsed thereon, by the person to whose order the same
shall, on the face thereof, have been made payable.
The Treasury
S e c . 6.
ceived in pay- ury notes
m e n t of duJ
tie s, t a x e s , taxes laid
etc.
And be it further enacted, That the said Treasshall be received m payment of all duties and
r
'
by the authority o f the United States, o f all
public lands sold by the said authority, and of all debts
to the United States, o f any character whatsoever, which
may be due and payable at the time when said Treasury
menteofrTreasi notes m ay be so offered in payment. A n d on every such
credit
eb e payment, credit shall be given for the amount of the
dpainand interest, etc.
principal and interest which, on the day o f such payment,
may pe
on £he note or notes thus given in payment.
(Section 7 provides for the accounts to be kept by col
lectors and other receivers o f the public moneys, of Treas
ury notes received by them, and for the charging and
crediting o f accrued interest on such notes when paid out
by them.)
LAWS
C O N C E R N IN G
F IN A N C E .
119
S ec . 8. And be it further enacted, That the Secretary o f t hseecr|treaJSUry
the Treasury be, and he is hereby, authorized and directed authorized to
lo cause to be reimbursed and paid the principal and in- ^bursed a n d
,
,
» .,
.
r-
r
p a l(j
^
p rm _
terest ot the 1 reasury notes which may be issued by virtue £‘P^t aad ^
o f this act, at the several time and times when the same,Treasury notesaccording to the provisions o f this act, should be thus re
imbursed and paid.
A n d the said Secretary is further
authorized to make purchases o f the said notes, at par,
for the amount o f the principal and interest due at the
time o f purchase on such notes,
xlnd so much o f any u n -t j onPt oPrLa"
appropriated money in the Treasury as may be necessaryTreasury Dotesfor that purpose, is hereby appropriated, for paying the
principal and interest o f said notes.
(Section 9 appropriates for expense o f preparing, etc.
(Section 10 prescribes punishment for forging notes.
(Section 11 prescribes punishment for engraving, etc.
(Section 12 authorizes Secretary to make and issue
rules and regulations: “ Provided , That nothing herein
contained shall be so construed as to authorize the Secretcuv of the Treasury to reissue any o f said notes, but upon
t le return o f the said notes or any o f them to the Treasury, the same shall be cancelled.” )
S e c . 13 .
And be it further enacted, That it shall be, and
Secretary of
hereby is, made the duty o f the Secretary of the Treasury t o *c JuCgeUra
to cause a statement to be published monthly, o f the Senttlfbep^bamount o f all Treasury notes issued or redeemed, in p u r -llbhed
suance o f the provisions o f this a c t; and that the power to
Power c o n -
issue Treasury notes conferred on the President o f th eac7edtobydeterS
United States by this act, shall cease and determine on Sist°December!
the thirty-first day of December, eighteen hundred a n d 1838
thirty-eight.
Approved, October 12, 1837.
A C T O F O C T O B E R 16, 1837.
C h a p . X . — A n act making further appropriations for the
year eighteen hundred and thirty-seven.
*
S e c . 3.
*
*
*
5 S t a t . L.,
207.
[Obsolete.]
*
And be it further enacted, That the Secretary
The Secretary
of the Treas
of the 1 reasury be, and he is hereby authorized, to ar- ury authorized
to arrange and
lange and settle any o f the outstanding transfer drafts settle outstand
in g
drafts
given to transfer moneys to the States under the act o f given to trans
twenty-third
paid by the
fer moneys to
o f June, 1836, and which have not been the States un
d e r a c t 23d
depositories upon which they were drawn, June, 1836, ch.
115, etc.
120
N A T IO N A L
M ONETARY
C O M M IS S IO N .
or otherwise arranged and settled by the United States,
by receiving such drafts at par in payment o f any debts
due to the United States, without any allowance of in
terest for the time the drafts have been outstanding and
unpaid, or any other allowance for interest or damages
o f any description.
Approved, October 16, 1837.
A C T O F M A Y 21, 1838.
22!. Stat' L" C h a p . L X X X I I . — A n act to authorize the issuing of
Treasury notes to meet the current expenses of the
Government.
Be it enacted by the Senate and House of Representa
tives of the United States of America in Congress as12^1837?^ch?C
2.' sembled, T hat the Secretary o f the Treasury, with the
approbation o f the President o f the United States, is
notes to be
hereby authorized to cause Treasury notes to be issued,
toe<\i^cc<pn)vr Recording to the provisions of, and subject to, all the conOctns 12, ai837! ditions, limitations and restrictions contained in an act
o!t,' etcIa rlace entitled “ A n act to authorize the issuing o f Treasury
notes,” approved the twelfth day o f October last, in place
o f such notes as have been, or may be, issued under the
authority o f the act aforesaid, and which have been, or
may hereafter be, paid into the Treasury and cancelled.
Approved, M ay 21, 1838.
A C T O F M A R C H 2, 1839.
323. stat' L" C h a p . X X X V I I . — A n act to revise and extend “ A n act
2iAci838, Mchy
82,
to authorize the issuing of Treasury notes to meet the
current expenses of the Government,” approved the
twenty-first of M ay , eighteen hundred and thirtyeight.
Be it enacted by the Senate and House of Representa
tives- of the United States of America in Congress as^ secret ary- sembled, That the Secretary o f the Treasury, with the
ca u se
to
be is-
approbation o f the President o f the United States, is
mainder of the hereby authorized to cause to be issued the remainder of
authorized110^ the Treasury notes authorized to be issued by the act “ to
1838°, ch.a82. ’ authorize the issuing o f Treasury notes to meet the cur
rent expenses o f the Government,” approved the twentyfirst day o f M ay, eighteen hundred and thirty-eight, ac
cording to the provisions o f said act, at any time prior to
the thirtieth day o f June nextj any limitation in the act
LAWS
C O N C E R N IN G
F IN A N C E .
121
aforesaid or in the act “ to authorize the issuing o f Treas
ury notes,” approved the twelfth day o f October, eight-
1837>ch- 2-
een hundred and thirty-seven, to the contrary notwith
standing.
Approved, March 2, 1839.
A C T O F M A R C H 31, 1840.
C h a p . V .— A n act additional to the act on the subject of
37
stat- L-’
Treasury notes.
_
it enacted by the Senate and House o f Representatives of the United States of America in Congress as
sembled, T hat the regulations and provisions contained 12Aci 837 0cCh
in the act passed the twelfth day of October, in the y ear2’
re‘
one thousand eight hundred and thirty-seven, entitled
A n act to authorize the issuing o f Treasury notes,” and
in the subsequent acts in addition thereto, be, and the
same aie hereby, renewed, and made in full force, except
ing the limitations concerning the times within wThich
such notes may be issued, and restricting the amount
thereof as hereafter provided.
S ec. 2. And be it further enacted, That under the regu-
T rea su ry
lations and provisions contained in said act, Treasury fssued Tny lieu
notes may be issued in lieu o f others hereafter or hereto- deem ed.ers re
fore redeemed, but not to exceed in the amount of notes
outstanding at any one time, the aggregate of five millions
o f dollars; and to be redeemed sooner than one year, i f
the means of the Treasury will permit, by giving notice
sixty days o f those notes which the Department is ready
to redeem; no interest to be allowed thereon after the
expiration o f said sixty days.
S e c . 3. And be it further enacted, T hat this act shall
continue in force one year and no longer.
Approved, March 31, 1840.
A C T O F J U L Y 4, 1840.
C h a p . X L I .— A n act to provide for the collection, safe 5 stat.
keeping, transfer, and disbursement of public revenue. 38°'
l .,
Be it enacted by the Senate and House of Representawes of the United States of America in Congress assem./ ( ’
J
th e
npw
lat tllere shall be prepared and provided, within R<*>mi to be
’
p rov id ed
fo r
Treasury building now erecting at the seat o f the T rea su rer
(r n v p r m n fln l
„
•,
, ,
,
.
®
and v a u lts and
ment, suitable and convenient rooms for the usesafes £or the
15712°__io____i o
pubHc moneys-
122
N A T IO N A L
M ONETARY
C O M M IS S IO N .
o f the Treasurer o f the United States, his assistants and
clerks: and sufficient and secure fire-proof vaults and
safes for the keeping o f the public moneys in the posses
sion and under the immediate control o f the said Treas
urer; which said rooms, vaults, and safes, are hereby
constituted and declared to be, the Treasury of the United
States.
A n d the said Treasurer o f the United States
shall keep all the public moneys which shall come to his
hands in the Treasury o f the United States, as hereby
constituted, until the same are drawn therefrom accord
ing to law.
(Section 2 provides that the mint at Philadelphia and
the branch mint at New Orleans, and the vaults and safes
thereof, shall be places o f deposit, and that the treasurers
o f the said mint and branch mint, respectively, shall have
custody o f all public moneys deposited therein and per
form all the duties prescribed by this act relating to such
moneys.
(Sections 3 and 4 require that in the custom-houses of
New Y ork and Boston and at the cities o f Charleston
and St. Louis, suitable rooms and sufficient and secure
fireproof vaults and safes shall be prepared for the use
o f the receivers-general of public money, who shall have
the custody o f all public moneys deposited therein and
shall perform all the duties prescribed by this act relating
to such moneys.)
ers-genera1ceitV
o
S ec.
^ n d be it further enacted, That the President
oneP atlnNlw s^all nominate, and by and with the advice and consent
Boston °one at
Senate, appoint four officers, to be denominated
aridaoneeattost’ U receivers-general o f public money,” which said officers
Louis
shall hold their respective offices for the term o f four
years, unless sooner removed therefrom ; one o f which
shall be located at the city o f New Y ork , in the State of
New Y o r k ; one other o f which shall be located at the city
o f Boston, in the State of Massachusetts; one other o f
which shall be located at the city of Charleston, in the
State o f South Carolina; and the remaining one o f which
shall be located at the city of St. Louis, in the State of
tot41
verb S edMissouri; and
o f which said officers shall give bonds
to the United States, with sureties according to the provsions hereinafter contained, for the faithful discharge
o f the duties o f their respective offices,
charged* Cwith
t h e ^ u b 7! i°c°f
S ec. 6. And be it further enacted, T hat the Treasurer
United States, the treasurer o f the M int o f the
r t i e T ~ theirUnited Suites, the treasurers, and those acting as such,
LAWS
C O N C E R N IN G
123
F IN A N C E .
of the various Branch Mints, all collectors o f the customs,
all surveyors of the customs acting also as collectors, all
receivers-general o f public moneys, all receivers of public
moneys at the several land offices, and all postmasters,
except as hereinafter particularly provided, be, and they
are hereby, required to keep safely, without loaning or
using, all the public money collected by them, or other
wise at any time placed in their possession and custody,
till the same is ordered by the proper department or
officer o f the Government to be transferred or paid out;
and when such orders for transfer or payment are re
ceived, faithfully and promptly to make the same as
directed, and to do and perform all other duties as fiscal
agents o f the Government, which may be imposed by this
or any other acts o f Congress, or by any regulation of the
Treasury Department, made in conformity to la w ; and
also to do and perform all acts and duties required by
law, or by direction of any of the Executive Departments
o f the Government, as agents for paying pensions, or for
making any other disbursements which either of the
heads o f those departments may be required by law to
make, and which are o f a character to be made by the
depositaries hereby constituted, consistently with the other
official duties imposed upon them.
( Section < requires bonds to be given by the treasurers
and receivers-general, etc.
(Section 8 requires bonds to be given and renewed by
the other depositaries constituted by this act.
(B y sections 9, 10, and 11 it is required that all col
lectors arid receivers o f public money shall, as often as
may be directed, pay over the moneys collected by them,
those in the District of Columbia to the Treasurer of the
United States, those in Philadelphia and New Orleans to
the treasurers o f the mints, respectively, and those in New
T ork, Boston, Charleston, and St. Louis to the receiversgeneral in their respective cities, and it is made the duty
of the Secretary of the Treasury and Postmaster-General
to direct such payments to be made as often as once in
e v e i y week.
Provision is made for the transfer of money
rom one depositary to any other, at the direction of the
Secretary o f the Treasury, and for the like transfer o f
moneys belonging to the Post-Office Department by the
ostmaster-General; and every depositary is required to
veep his account o f money belonging to that department
separate from his account o f other public moneys.
And
124
N A T IO N A L
M ONETARY
C O M M IS S IO N .
all moneys in the hands o f any depositary are to be con
sidered as deposited to the credit of the Treasurer of the
United States and to be, at all times, subject to his draft.
(B y sections 12 and 13, provision is made for the ex
amination o f the accounts and money on hand o f the
several depositaries by special agents appointed for that
purpose, and further for a like examination, at least once
in every quarter, by public officers who are required to
act as a check upon all receivers, collectors, treasurers,
and persons acting as such.
(Section 14 authorizes necessary expenses for clerks,
fire-proof chests, etc.)
The balances
rem a in in g w ith
the p resen t d e - o f
p osita ries to be
withdrawn.
S e c . 15. And be it further enacted, That the Secretarv
'
,
.
^
the Treasury shall, with as much promptitude as the
**
1
.
A
A
convenience o f the public business, and the safety o f the
public funds will permit, withdraw the balances remain
ing with the present depositaries o f the public moneys,
and confine the safekeeping, transfer, and disbursement
of those moneys to the depositaries established by this
act.
P a ym en ts o f
t f f u 'n T t V d
m ents fo r p a tto be m ade,
S e c . 16. And be it f urther enacted, T hat all marshalls,
district attorneys, and others, having public money to
pay to the United States, and all patentees, wishing to
make payment for patents to be issued, may pay all such
moneys to the Treasurer o f the United States, at the
Treasury, to the Treasurer o f either o f the Mints, in
Philadelphia or New Orleans, to either o f the receiversgeneral of public money, or to such other depositary con
stituted by this act as shall be designated by the Secre
tary o f the Treasury, in other parts o f the United States,
to receive such payments, and give receipts or certificates
o f deposite therefor.
(B y section 17 all officers entrusted with public moneys,
except those connected with the Post-Office Department,
are required to keep an accurate account o f all receipts
and payments, showing the kind o f currency received or
p aid; and it is declared to be embezzlement and felony
for any such officer or for any officer of the Post-Office
Department to convert to his own use, or to use by in
vestment, or to loan any portion o f the public moneys en
trusted to him.)
other rooms
to be p rocu red .
S e c . 18. And be it further enacted. That until the
'
„
rooms, offices, vaults, and sates, directed by the first four
sections o f this act to be constructed and prepared for
the use of the Treasurer o f the United States, the treas-
LAWS
C O N C E R N IN G
F IN A N C E .
125
urers o f the mints at Philadelphia and New Orleans, and
the receivers-genera 1 o f public money at New Y ork, Bos
ton, Charleston, and St. Louis, can be constructed and
prepared for use, it shall be the duty o f the Secretary o f
the Treasury to procure suitable rooms for offices for
those officers at their respective locations, and to contract
for such use o f vaults and safes as may be required for
the safekeeping o f the public moneys in the charge and
custody o f those officers respectively, the expense to be
paid by the United States.
S ec . 19. And be it further enacted, That from and
Duties, how
after the thirtieth day o f June, which will be in the year t0 be paid?e*c'
one thousand eight hundred and forty, the resolution o f
Congress o f the thirtieth day o f A p ril, in the year one
thousand eight hundred and sixteen, so far as it author
izes the receipt in payment of duties, taxes, sales of public
lands, debts, and sums of money, accruing or becoming
payable to the United States, to be collected and paid
in the notes o f specie-paying banks, shall be so modified
as that one fourth part o f all such duties, taxes, sales o f
public lands, debts, and sums o f money accruing or be
coming due to the United States, shall be collected in
the legal currency o f the United States; and from and
after the thirtieth day o f June, which will be in the year
one thousand eight hundred and forty-one, one other
fourth part o f all such duties, taxes, sales of public lands,
debts, and sums of money, shall be so collected; and that
from and after the thirtieth day o f June, which will be
in the year one thousand eight hundred and forty-tw o,
one other fourth part o f all such duties, taxes, sales o f
public lands, debts and sums o f money, shall be so col
lected ; and that from and after the thirtieth day o f
June, which will be in the year one thousand eight hun
dred and forty-three, the remaining fourth part o f the
said duties, taxes, sales o f public lands, debts, and sums
o f money, shall be also collected in the legal currency o f
the United States; and from and after the last-men
tioned day, all sums accruing, or becoming payable to the
United States, for duties, taxes, sales o f public lands, or
other debts, and also all sums due for postages, or other
wise, to the General Post Office Department, shall be paid
m gold and silver only.
S ec. 20.
And be it further enacted, T hat from and after
ah
payments
the thirtieth day o f June, which will be in the year one un s.cctollbe in
thousand eight hundred and forty-three, every officer or oniy.and sllver
126
N A T IO N A L
M ONETARY
C O M M IS S IO N .
agent engaged in making disbursements on account of
the United States, or o f the General Post Office, shall
V iolations of
this and the
preceding sec
tion.
make all payments in gold and silver coin on ly; and any
receiving or disbursing officer, or agent, who shall neglect,
evade, or violate, the provisions o f this and the last pre
ceding section o f this act, shall, by the Secretary o f the
Treasury, be immediately reported to the President of
the United States, with the facts o f such neglect, evasion,
or violation, and also to Congress, if in session, and, if
not in session, at the commencement o f its session next
after the violation takes place.
(Section 21 forbids any disbursing officer to make any
exchange of funds other than an exchange for gold and
silver, and requires every such officer to make his pay
ments in the currency furnished him when legally re
ceivable under the provisions o f this act, “ unless
*
*
*
he can exchange the means in his hands for gold and
silver at par, and so as to facilitate his payments, or
otherwise accommodate the public service and promote
the circulation of a metallic currency.” )
To be no diff e r e n c e between
the
funds
receiv
able.
S e c . 22. And be it further enacted, That it shall not
be lawful for the Secretary o f the Treasury to make
or continue in force, any general order, which shall create
any difference between the different branches o f revenue,
as to the funds or medium of payment, in which debts
or dues accruing to the United States may be paid.
(Sections 23 and 25 make it the duty o f the Secretary
o f the Treasury to make regulations prescribing the
time within which drafts on the depositaries shall be
presented for payment, but require him “ to guard, as
far as may be, against those drafts being used or thrown
into circulation, as a paper currency, or medium o f
exchange.”
The Treasurer o f the United States, how
ever, is authorized to receive payments for public lands
in advance, and to give therefor his receipts, which shall
be receivable for public lands in the same manner as the
currency authorized by law, provided, that such receipts
shall not be negotiable or transferable by delivery or
assignment, but shall be in all cases presented in pay
ment by or for the person named therein.
(Section 26 makes appropriation for purchase o f sites
and construction o f offices, etc.
(Section 27 makes appropriation for other expenses
authorized by this act.)
La
w s
c o n c e r n in g
f in a n c e
127
.
S ec . 28. And be it further enacted, That all acts or
7.
'
. .
Acts, etc.,
conflicting with
parts o f acts which come m conflict with the provisions this, repealed.
o f this act be, and the same are hereby, repealed.
Approved, July 4, 1840.
A C T O F F E B R U A R Y 15, 1841.
C h a p . Y . — A n act to authorize the issuing of treasury
notes.
5 stat.
l
.,
[Obsolete.]
Be it enacted by the Senate and House of Representa
tives of the United States of America in Congress assem
bled, That the President o f the United States is hereby
An emission
authorized to cause Treasury notes to be issued for such ing $5,000,000
.
.
_
a t a n y o n e
sum or sums as the exigencies ot the Government may time outstand•
,
.
.
„ _
.....
. in g , a u t h o r require; but not exceeding the sum o f five millions ofized.
dollars of this emission, outstanding at any one time, to
be reimbursed in the last quarters o f the year, if the
condition o f the Treasury will permit it, and to be issued
under the limitations and other provisions, contained
in the act, entitled “ A n act to authorize the issuing o f To be Issued
rpi_____
,
,,
.
_
under the act
.treasury n otes,’ approved the twelfth day o f
o f 12th Oct.,
one thousand eight hundred and thirty-seven, and as as modified by
October,
modified by an act, entitled “ A n act additional to the act M a r c h , 1840,
on the subject of Treasury notes,” approved the th ir ty -Ch’
first day o f March, one thousand eight hundred and
forty, except that this law shall expire in one year from
This law to
and after its passage: Provided, That in case the Treas- year™ m °ne
ury notes outstanding and unredeemed, issued under
former laws o f Cbngress, added to the amount o f such
notes issued under this act, and actually expended or
issued to meet payments due and payable before the
fourth day o f March next, shall, on the fourth day of
March next, exceed the sum of five millions of dollars,
then the President of United States shall be, and he is
hereby, authorized to issue, by virtue o f the provisions of
this act, such further amount o f the said notes as will
make the whole amount issued under this act, and appli
cable to payments falling due after the third day of
March next, the full sum o f five millions of dollars.
Approved, February 15, 1841.
1 rovlso'
128
N A T IO N A L
M ONETARY
C O M M IS S IO N .
A C T O F J U L Y 21, 1841.
5
stat.
l .,
C h a p . I I I .— A n act authorizing a loan not exceeding the
sum of twelve millions of dollars.
438‘
Be it enacted by the Senate and House of Representa
tives of the United States o f America in Congress asau - sembled. T hat the President o f the United States is
President
thorized to bor7
.
r o w $12,000,- hereby authorized,
000 at 6 per
J
cent.
passage o f this act,
.
.
„
at any time within one year trom the
J
„
.
to borrow, on the credit ot the United
States, a sum not exceeding twelve millions o f dollars,
or so much thereof as in his opinion the exigencies o f the
Government may require, at a rate o f interest, payable
quarterly or semi-annually, not exceeding six per centum
bJVhen reim-per annum, which loan shall be made reimbursable either
at the will o f the Secretary o f the Treasury, after six
months’ notice, or at any time after three years from the
The moneyfirst day o f January next; and said money so borrowed
borrowed, how
to be applied,
. . . .
. . . .
-i t ,*
shall be applied, m addition to the money now in the
Treasury, or which may be received therein from other
sources, to the payment and redemption o f the Treasury
notes heretofore authorized, which are or may be out
standing and unpaid, and to- defray any o f the public
expenses which have been heretofore or which may be
stock, h ow authorized by law, which stock shall be transferable only
transferable.
,
J
7
J
on the books o f the Treasury.
(Sections 2 and 3 authorize the preparation and sale
o f certificates o f the stock, “ provided, that no stock be
sold below par,” and the employment o f agents for the
negotiation o f the same, with a commission not exceeding
one-tenth of one per cent on the amount so negotiated.)
secretary o f
S ec . 4. And be it further enacted. That the Secretary
to
of the Treasury is hereby authorized to purchase, at any
prior1'to t im e o f
time before the period herein limited for the redemption
g^ocjJ. j ^ g ^ y authorized, such portion thereof as the
authorized
redemption.
funds o f the Government may admit of, after meeting
tionPthereforra’
F aith
p
of
the demands on the Treasury, and any surplus in the
Treasury is hereby appropriated to that object.
S ec . 5. And be it further enacted, That the faith o f the
°e d g e d afor United States be, and is hereby, pledged for the punctual
menttUof in te r- payment o f the interest and redemption of said stock.
est’ etc'
Approved, July 21, 1841.
LAW S
C O N C E R N IN G
129
F IN A N C E .
A C T O F A U G U S T 13, 1841.
C
. V I I .— A n act to repeal the act entitled “ A n act to 435
g stat- Lprovide fen' the collection, safe-keeping, transfer, and
disbursement of the public revenue,” and to provide for
the punishment of embezzlers of public money, and for
other purposes.
h a p
Be it enacted,
*
*
*
That the act entitled “ A tl act
to provide for the collection, safe-keeping, transfer and
disbursement o f the public revenue,” approved on the
fourth day o f July, A . I)., one thousand eight hundred
and forty, be, and the same is hereby, repealed: Provided,
always, That offenders against section 17 o f the repealed
act may be prosecuted, and that all liabilities arising upon
bonds or otherwise under the said act shall remain un
impaired.
(Section 2 makes it felony for any officer entrusted with
public moneys, or connected with the Post-Office Depart
ment, to convert to his own use, or to use by investment,
or to loan any portion o f the public moneys entrusted
to him, and the neglect to pay over or transfer such
moneys on legal requirement is declared to be prima facie
evidence of conversion.)
S ec . 3. And be it further enacted, T hat the act entitled o^Act of June
“ A n act to regulate the deposites of the public money,” n s , excepting
approved on the twenty-third day o f June, eighteen hun- fourteenth se<>
dred and thirty-six, excepting the thirteenth and fo u r -tonb’ rei)edledteentli sections thereof, be and the same hereby is re
pealed.
(Section 4 repeals so much o f the act o f A p ril 14, 1836,
as forbids the offer o f bank notes o f less denomination
than ten dollars, and after March 3, 1837, o f less than
twenty dollars, in payments by the United States or the
Post-Office Department.)
Approved, August 13, 1841.
A C T O F J A N U A R Y 31, 1842.
C
h a p
.
I I .— A n act to authorize an issue of Treasury
,
notes.
'
_
it enacted by the Senate and House of Representa
tives of the United States of America in Congress assem
bled, llia t the President o f the United States is hereby
5
* 469.
sta t.
[Obsolete.]
n .,
130
N A T IO N A L
M ONETARY
C O M M IS S IO N .
An emission authorized to cause Treasury notes to be issued for such
o f not exceed
ing $5,000,000 sum or sums as the exigencies of the Government may re
at any one
time outstand quire, and in place o f such o f the same as may be re
ing authorized.
deemed to cause others to be issued, but not exceeding the
sum o f five millions o f dollars o f this emission outstand
T o be issued
under the pro
visions o f the
act o f 12th Oc
tober,1837,ch.2.
ing at any one time, and to be issued under the limitations
and other provisions contained in the act entitled “ A n act
to authorize the issuing o f Treasury notes,” approved the
twelfth o f October, one thousand eight hundred and
thirty-seven, except that the authority hereby given to
issue Treasury notes shall expire at the end of one year
from the passage o f this act.
Approved, January 31, 1842.
A C T O F A P R I L 15, 1842.
5 sta t.
473.
l
., C
Time for obt a l n l n g the
loan extended.
A ct o f July
21, 1841, ch. 3.
. X X V I . — A n act for the extension of the loan of
eighteen hundred and forty-one, and for an addition of
five millions of dollars thereto; and for allowing inter
est on Treasury notes due.
h a p
Be it enacted by the Senate and House of Representa
tives of the United States of Amenca in Congress assem
bled, T hat the time limited by the first section o f the act
of Congress, entitled “ A n act authorizing a loan not ex
ceeding the sum o f twelve millions o f dollars,” approved
July twenty-first, eighteen hundred and forty-one, for
obtaining said loan, shall be, and the same is hereby, ex
tended for one year from the passage o f this act.
Loan r e i m
bursable, when.
S ec . 2. And be it further enacted, That so much o f said
loan as may be obtained after the passage o f this act shall
be made reimbursable, as shall be agreed upon and de
termined at the time o f issuing said stock, either at the
will o f the Secretary o f the Treasury, after six months’
notice, or at any time not exceeding twenty years from
the first day o f January next.
Form o f cer
tificates.
S ec . 3. And be it further enacted, That the certificates
hereafter to be issued for said loan may, when required,
be in such form as shall be prescribed by the Secretary
S t o c k , how
transferable.
o f the Treasury, so that the stock may be transferable by
delivery o f the certificate, instead o f being assignable on
the books o f the Treasury.
Stock to be
S ec . 4. And be it further enacted, That the Secretary
d i s p o sed of,
how.
o f the Treasury be, and he hereby is, authorized to dis-
LAWS
C O N C E R N IN G
131
F IN A N C E .
pose o f the stock hereafter to be issued, or any part
thereof, at its par value, but no part thereof shall be dis
posed o f under par until the same has been advertised a
reasonable time, and proposals for subscription to said
loan invited. A n d the said Secretary is hereby author
ized to accept such proposals, if he deem it for the in
terest o f the United States so to do, as shall offer the
highest price for said stock or any part thereof; or to
appoint an agent or agents as provided in the third sec
tion o f the act, approved July twenty-first, eighteen hun
dred and forty-one, before recited, to negotiate the same:
Provided , T hat no stock shall be disposed of at a lower
rate than the highest price offered in said proposals.
S ec. 5. And be it further enacted, That the moneys lniIonf%m
arising from duties on goods, wares, and merchandise, j £ay^ en tf o f
which may be imported into the United States, or s o ^ e interest>
much thereof as shall be equal to the payment, from time
to time, o f the interest, and to the ultimate redemption o f
the principal o f the said stock, be, and the same are here
by, pledged for the payment and redemption o f the stock
hereafter to be issued under and by virtue o f this act and
the said act of July twenty-first, eighteen hundred and
forty-one, hereby amended; and so much thereof as may
be necessary to pay the interest on said stock, and redeem
the same when due, is hereby appropriated to that object,
to be first applied by the Secretary o f the Treasury to
such payments and redemption.
S ec. 6. And be it further en a cted That it shall be the ^dJ^to
duty of the Secretary of the Treasury to report to Con- gress o f
, ,i
,
P
.
1
the
a m o u n t o f
gress, at the commencement of next session, the am ountmoney b o r o f money borrowed under this act and the act hereby
amended, and of whom and upon what terms it shall
have been obtained, with an abstract or brief statement
o f all the proposals submitted for the same, distinguish
ing between those accepted and those rejected; and a de
tailed statement o f the expense o f making such loans.
S ec. 7. And be it further enacted, That all the pro- sio^ofSheforvisions o f the said act, not hereby modified or changed,“ ^ a in u ifo r c e !
shall be and remain in force, and apply to this act.
S ec . 8. And be it further enacted, That the President j 0Aadnd author?
o f the United States is hereby authorized to borrow a n izedadditional sum, not exceeding the sum o f five millions o f
dollars, if, in his opinion, the exigencies o f the Govern
ment may require the same; which additional loan shall
132
N A T IO N A L
M ONETARY
C O M M IS S IO N .
be made within the time and according to the provisions
o f said act, as modified by this.
notes edue V n d
S ec.
9. And be it further enacted, That all Treasury
bearal6 p e rc e n t
interest.
notes heretofore issued under the act entitled “ A n act to
authorize the issuing o f Treasury notes,” approved the
37°fcb)C2
1 2^ 1 8 37
twelfth day o f October, eighteen hundred and thirtyseven, and the acts subsequent thereto, and now outstand
ing and unredeemed, or which may hereafter be issued
under and by virtue o f the same, shall, if due and unpaid
before the fifth day o f March, eighteen hundred and
forty-tw o, bear interest at the rate o f six per cent, per
annum from that d a y ; and when they may become due
hereafter, or may have become due since the said fifth
day o f March, eighteen hundred and forty-two, shall bear
interest from the day o f their so becoming due, at the
rate o f six per cent, per annum, until they shall be re
Proviso.
spectively redeemed: Provided , That such interest shall
cease at the expiration o f sixty days’ notice, to be given
at any time, by the Secretary o f the Treasury in one or
more o f the principal papers published at the seat of
Government, o f a readiness to redeem the same. A nd
a b ^ e ^ s e n u a n - sa^ interest shall be payable semi-annually at the
nuaiiy.
Treasury o f the United States, on the first days o f Janu
ary and July in every year.
Approved, A p ril 15, 1842.
A C T O F A U G U S T 31, 1842.
Stat.
5
581.
n-’ CiiAP. C C L X X X V I I .— A n act to limit the sale of the
'public stock to par, and to authorize the issue of Treas
ury notes, in lieu thereof, to a certain amount.
(Section 1 provides that no stock authorized under the
act o f July 21, 1841, and the amendatory act of A p ril 15,
1842, shall hereafter be sold below p ar; and the Secretary
o f the Treasury is authorized to issue Treasury notes in
lieu o f so much thereof as can not be negotiated at or
above par, to an amount not exceeding six millions o f
dollars.)
isauing of the S e c .
^ further enacted, T hat the Treasury
umftedry notes 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 A p ril, eighteen hundred
and forty-three, for making said loan, and they shall be
LAWS
C O N C E R N IN G
133
F IN A N C E .
issued under the provisions and limitations contained in unaer^heSSpro^
the act entitled “ A n act to authorize the issuing of Treas-Notations a° f
ury notes,” approved the twelfth day of October, eighteen ocJtsobe°f
hundred and thirty-seven, and as modified by the act en- M a r c h ^ illo *
titled “ A n act additional to the act on the subject o f ch- 5Treasury notes,” approved March thirty-first, eighteen
hundred and fo r ty : Provided , That the notes authorized
P ro v iso ,
to be issued by virtue o f this act may, when redeemed, be
reissued, or new notes issued in lieu o f such as may be re
deemed within the time above prescribed for issuing the
same, provided that not more than six millions in amount s t^ ° n g ^ 0T t o
shall be outstanding at any one time under the authority ^ }eed ^6>000>of this act.
S ec . 3. A n d be it further enacted, T hat nothing in the th» e,
act contained, entitled an act authorizing the loan, above ^rtificates
$
of
referred to, and an act amendatory o f the same, shall
be so construed as to authorize the issue o f 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 o f that
law, and that no certificate for anydoan shall be issued
for a less sum than one hundred dollars.
Approved, August 31, 1842.
A C T O F M A R C H 3, 1843.
C h a p . L X X X I .— A n act authorizing the reissue of Treas-
ury notes and for other purposes.
r
*
5 stat.
statute
l .,
h i.
[Obsolete.]
Be it enacted by the Senate and House of Representa
tives of the United States of America in Congress assem
bled, That when any outstanding Treasury notes, issued
in pursuance o f the act o f thirty-first August, one thou
sand eight hundred and forty-tw o, entitled “ A n act to
A ct o f^ A u g .
limit the sale of public stock to par, and to authorize the 287.
issue of Treasury notes, in lieu thereof, to a certain
amount,” or any previous act of Congress, shall, after the
passage o f this act, be redeemed at any time before the
first day o f July, one thousand eight hundred and fortyfour, the Secretary o f the Treasury, should the wants of
the public service require, may cause other notes, to the
same amount, to be issued in place o f such as mav be _ Re 1s s u ept
redeemed, under the limitations and other provisions o f au th orized ,
the respective acts by which said notes were originally
authorized and issued.
134
N A T IO N A L ,
Sec.
i n t e 'r e 's t on
T rea su ry notes.
M ONETARY
0f
C O M M IS S IO N .
^ further enacted, That, after maturity
the Treasury
notes
issued
under
the
said
act
of
thirty-first August, or of this act, interest may be paid
thereon, in the same manner as on Treasury notes author
1842, ch. 26 .
ized previous to the fifteenth A p ril last, under the ninth
section o f the act approved on that day, entitled “ A n act
for the extension o f the loan of one thousand eight hun
dred and forty-one, and for an addition o f five millions
of dollars thereto, and for allowing interest on Treasury
iss u e o f s tock
T rea su ry n otes
a u th orized .
notes due.”
Sec. g . And be it further enacted, That,
in lieu of issu-
ino- the Treasury notes in the manner authorized by the
0
.
„ ~.
.
J
first section of this act, the President, if in his opinion it
shall be for the interest o f the United States so to do, may
cause any o f said notes now outstanding, to be redeemed
and cancelled as they become due, if the Secretary o f the
Treasury cannot redeem them out o f the funds in the
Treasury, by an issue o f stock o f the United States, for
the amount thus redeemed, in the same form , for the same
time, and under the same restrictions, limitations, and
i5Ai8i°f ch^e Provisi ° ns) as are contained in an act approved A p ril
fifteen, eighteen hundred and forty-tw o, entitled “ A n act
for the extension o f the loan of eighteen hundred and
forty-one, and for an addition o f five million o f dollars
thereto, and for allowing interest on Treasury notes
due,” except that no commissions shall be allowed or paid
for the negotiation o f such business; and except also that
said stock so to be issued, shall be redeemable at a period
not longer than ten years from the issue thereof.
Approved, March 3, 1843.
A C T O F J U L Y 22, 1846.
9 stat. l ., 39 . C h a p . L X I Y . — A n
act to authorize an issue of Treasury
notes and a loan.
Be it enacted by the Senate and House of Representa
tives of the United States of America in Congress assembled. That the President o f the United States is hereby
is s u e o fT r e a s u ry n otes au.
,
.
,
,
th orized , n o t authorized to cause 1 reasurv notes to tie issued tor such
ex ceed in g .$10,.
.
£ ,
„
000,000 to be sum or sums as the exigencies ot tne (jrovernment may
o u ts ta n d in g a t
.
P
.
/.
,
a n y one tim e, require; and, m place ot such ot the same as may be re
deemed, to cause others to be issued; but not exceeding
^ ie Sllm
*en millions o f dollars of this emission outItntfons^of 'tne stsnding at any one time, and to be issued under the lima c t o f 1837, ch. itations and other provisions contained in the act entitled
T o be issued
LAWS
C O N C E R N IN G
135
F IN A N C E .
“ A n act to authorize the issue o f Treasury notes,” ap
proved the twelfth o f October, one thousand eight hun
dred and thirty-seven, except that the authority hereby
given to issue Treasury notes shall expire at the end of one
year from the passage o f this act.
(Section 2 provides that the President, instead of
issuing the whole amount o f Treasury notes thus author
ized, may borrow by the issue o f stock of the United
States, in the form and under the provisions prescribed b\7
the act o f A p ril 15, 1842: “ Provided , That the sum thus
borrowed, together with the Treasury notes issued, shall
not exceed ten millions of dollars, that the stock created
shall be redeemable at a period not longer than ten years
from its issue, and that no commission shall be paid for
the negotiation o f this loan.” )
S e c . 3. And be it further enacted, That the Treasury Not to bear
notes and the stock issued under the provisions o f this act terest than 6
shall not bear a higher rate of interest than six per centum P°r LCU '
per annum, and no part thereof shall be disposed of at
less than par.
S e c . 4 . And be it further enacted, That 110 COmpensa- No compensa
tion shall be made to any officer, whose salary is fixed bv to any salaried
1
,./!
•
• •
7
"
*" officer for pre-
law, tor preparing, signing, or issuing Treasury n o te s; paring,signing,
nor shall any clerks be employed beyond the number au- said 'notes,' &<?
thorized by the act herein referred to.
S e c . 5.
And be it further enacted, That the sum o f fifty F i f t y thou-
thousand dollars be, and the same is hereby, appropriated, appropriated
out o f any money in the Treasury not otherwise appropri- Amount'of Srated, for the purpose o f paying the amount o f certain T r e a sS r y n S
Treasury notes (which, having been received or.redeemed
by any authorized officer o f the Government, were subse
quently purloined or stolen, and put into circulation with
out evidence on their face o f their having been cancelled)
to the respective holders, who may have received the same,
or any o f them, for a full consideration, in the usual
course o f business, without notice or knowledge o f the
same having been stolen, or cancelled, or altered, and
without any circumstances to cast suspicion on the good
faith or due caution with which they may have received
the same.
Approved, July 22,1840.
136
N A T IO N A L
M ONETARY
C O M M IS S IO N .
A C T O F A U G U S T 6 ,1 8 4 6 .
o stat. l ., so. C h a p . X C .— A n act to provide for the better organiza
tion o f the Treasury, and for the collection, safe-keep
ing, transfer, and disbursement of the public revenue.
P ream ble.
Whereas, by the fourth section of the act entitled “ An
act to establish the Treasury Department,” approved
September two, seventeen hundred and eighty-nine, it
was provided that it should be the duty of the treasurer
to receive and keep the moneys o f the United States, and
to disburse the same upon warrants drawn by the Secre
tary o f the Treasury, countersigned by the comptroller,
and recorded by the register, and not otherwise: and
whereas it is found necessary to make further provisions
to enable the treasurer the better to carry into effect the
intent o f the said section in relation to the receiving and
disbursing the moneys o f the United States: Therefore,
T h e trea su ry
Be it enacted by the Senate and House of Representa
tives of the United States of America in Congress assembled, That the rooms prepared and provided in the new
states desig-treasury building at the seat o f government for the use
o f the treasurer o f the United States, his assistants, and
clerks, and occupied by them, and also the fire-proof
vaults and safes erected in said rooms for the keeping
o f the public moneys in the possession and under the im
mediate control o f said treasurer, and such other apart
ments as are provided for in this act as places o f deposit
M on eys p a id
in to sam e, sub-
o f the public money, are hereby constituted and declared
to be the treasury o f the United States. A n d all monevs
J
J
j e c t to the paid into the same shall be subiect to the draft of the
d r a ft o f th e 1
J
trea su rer.
treasurer, drawn agreeably to appropriations made by
law.
(Sections 2, 3, and 4 establish as “ places o f deposit”
the mint at Philadelphia and the branch mint at New
Orleans, and the vaults and safes thereof; and the treas
urers o f said mint and branch mint, respectively, are
made assistant treasurers under the provisions of this act,
and are to have custody of all public moneys deposited
therein, and to perform all the duties required as to the
receipt, safe-keeping, transfer, and disbursement o f the
same.
The rooms, safes, and vaults, prepared in the
custom-houses of New Y ork and Boston and in the cities
o f Charleston and St. Louis, for the use o f receiversgeneral under the act o f July 4, 1840, are declared to be
LAWS
C O N C E R N IN G
137
F IN A N C E .
for the use o f the assistant treasurers now to be appointed
at those places, respecively; and the said assistant treas
urers are to have custody o f said rooms, vaults, and safes,
and o f public moneys therein deposited, and to perform
all duties required in relation to such moneys.
B y sub
sequent acts the mints at San Francisco, Carson City,
and Denver, and the assay office at Boise City are declared
to be places o f deposit, and the superintendents thereof
are made assistant treasurers.
sections 3592, 3594.)
See Revised
Statutes,
S e c . 5. And be it further enacted, That the President anF°ur^assist-
shall nominate, and bv and with the advice and consent t° be appointot the Senate appoint, four officers to be denominated £oid their of* assistant treasurers o f the United States,” which said yearsofficers shall hold their respective offices for the term
o f four years, unless sooner removed therefrom; one
Location of
of which shall be located at the city o f New Y ork, in urerstant treaS
the State o f New Y o r k ; one other of which shall be
located at the city o f Boston, in the State o f Massachu
setts; one other o f which shall be located at the city of
Charleston, in the State o f South Carolina; and one
other at St. Louis, in the State o f Missouri. And ab b0nd^a11 give
of which said officers shall give bonds to the United
States, with sureties, according to the provisions here
inafter contained, for the faithful
duties o f their respective offices.
discharge o f
the
N ote.— The assistant treasurers mentioned in sections 3 and 5
o f this act were, w ith others, provided for by section 3595 o f
the Revised Statutes. The act o f August 15, 1ST6 (19 Stat. L.,
155), abolished the position at Charleston, S. C.
Additional assistant treasurers o f the United States were pro
vided for by the follow ing a c t s :
A t Denver, April 21, 1862 (12 Stat. L., 382), the duties to be
performed by the superintendent o f the mint, but the act o f
July 12, 1870 (16 Stat. L., 241), abolished the office o f such
superintendent.
A t Baltimore, June 15, 1870 (16 Stat. L., 151), section 3595,
Revised Statutes.
At Cincinnati, March 3, 1873 (17 Stat. L., 543), section 3595,
Revised Statutes.
At San Francisco, February 12, 1873 (17 Stat. L., 435), section
3595, Revised Statutes.
A t Chicago, March 3, 1873 (17 Stat. L., 543), section 3595,
Revised Statutes.
At Carson City, March 3, 1863 (12 Stat. L., 770). The duties
to be perform ed by the superintendent o f the mint.
A t Boise City, February 19, 1869 (15 Stat. L., 270).
The
duties to be perform ed by the superintendent o f the mint.
15712°— To------ 11
138
N A T IO N A L
M ONETARY
C O M M IS S IO N .
The act o f June 8, 1878 (20 Stat. L., 102), empowered the Sec
retary o f the Treasury to constitute any superintendent o f a mint
or assayer o f an assay office an assistant treasurer o f the United
States to receive gold coin and bullion fo r the purposes provided
for in section 254, Revised Statutes.
The T reas
urer, a ssista n t
trea su rers, and
oth er o f f i c e r s
h a v in g th e cu s
to d y o f p u b lic
m o n e y s , re
q u ired to keep
th e sam e s a fe
ly , e t c ., a n d
fa it h fu lly and
p r o m p tly to
m ake su ch p ayments
and
tra n s fe rs as are
req u ired to be
m ade, etc.
S e c . 6. And be it further enacted, T hat the treasurer
o f the United States, the treasurer o f the mint o f the
United States, the treasurers, and those acting as such, o f
the various branch mints, all collectors o f the customs, all
surveyors o f the customs acting also as collectors, all
assistant treasurers, all receivers o f public moneys at the
several land offices, all postmasters, and all public officers
o f whatsoever character, be, and they are hereby, required
to keep safely, without loaning, using, depositing in
banks, or exchanging for other funds than as allowed by
this act, all the public money collected by them, or other
wise at any time placed in their possession and custody,
till the same is ordered, by the proper department or
officer, o f the government, to be transferred or paid out;
and when such orders for transfer or payment are re
ceived, faith fu lly and promptly to make the same as
directed, and to do and perform all other duties as fiscal
agents o f the government which may be imposed by this
or any other acts o f Congress, or by any regulation o f the
T o a ct as p en
sio n agents.
treasury department made in conformity to la w ; and
also to do and perform all acts and duties required by
law, or by direction o f any o f the Executive departments
o f the government, as agents for paying pensions, or for
making any other disbursements which either o f the heads
o f those departments may be required by law to make,
and which are o f a character to be made by the deposi
taries hereby constituted, consistently with the other offi
cial duties imposed upon them.
(Sections 7 and 8 provide for the official bonds to be
given by the Treasurer o f the United States, the treasurer
o f the mint, the treasurer o f the branch mint at New
Orleans, the assistant treasurers and other depositaries,
and for the renewal and increase o f their bonds as occa
sion may require.
(Sections 9 to 12 repeat without material change the
provisions o f sections 9 to 13 o f the act o f July 4, 1840,
substituting, however, the assistant treasurers for the
receivers-general provided for by that act.
(Section 13 authorizes the necessary expenses for clerks,
vaults, etc.
LAW S
C O N C E R N IN G
139
F IN A N C E .
(B y section 14 the Secretary o f the Treasury is author
ized to transfer, at his discretion, balances remaining with
any o f the present depositaries to any other o f them, and
also to draw upon such balances in making payments as
he may find advisable, but is not to transfer such balances
to the depositaries constituted by this act before January
1, 1847.)
S ec. 15. And be it further enacted, T hat all marshals, t ^raymenis^o
district attorneys, and others having public money t o s ta t e s ^and fo r
pay to the United States, and all patentees wishing to
whom
to’ be
make payment for patents to be issued, may pay all such
moneys to the treasurer of the United States, to the
treasurer o f either of the mints in Philadelphia or New
Orleans, to either of the other assistant treasurers, or to
such other depositary constituted by this act as shall be
designated by the Secretary o f the Treasury in other
parts o f the United States to receive such payments, and
give receipts or certificates o f deposit therefor.
(Section 16 requires all officers intrusted with public
moneys, except those connected with the Post-Office D e
partment, to keep an accurate account o f all receipts and
payments; and if any such officer or any officer o f the
Post-Office Department shall convert to his own use, or
use by investment, or loan, or deposit in any bank, or ex
change, except as herein allowed, any portion o f the public
moneys intrusted to him, the act is to be deemed an em
bezzlement, and is declared to be felo n y ; and any failure
to pay over or produce such moneys is to be taken as
prima facie evidence o f such embezzlement.)
S
e c
.
17. And be it further enacted, That, until the
until
the
rooms, offices, vaults, and safes, directed by the first four
rected
sections o f this act to be constructed and prepared for the
first
use o f the treasurer o f the United States, the treasurers
act can be con-
of the mints at Philadelphia and New Orleans, and
th e e rs
to
four
he
sec-
to be pro
assistant treasurers at New Y ork , Boston, Charleston, and
St. Louis, can be constructed and prepared for use, it
shall be the duty o f the Secretary o f the Treasury to
procure suitable rooms for offices for those officers at
their respective locations, and to contract for such use o f
vauhs and safes as may be required for the safe-keeping
o f the public moneys in the charge and custody o f those
officers respectively, the expense to be paid by the United
States.
A nd whereas, by the thirtieth section o f the act entitled “ A n act to regulate the collection o f duties imposed
1789, ch . 5.
140
N A T IO N A L
M ONETAKY
C O M M IS S IO N .
by law on the tonnage o f ships or vessels, and on goods,
wares, and merchandises, imported into the United
States,” approved July thirty-one, seventeen hundred
and eighty-nine, it was provided that all fees and dues col
lected by virtue of that act should be received in gold and
1800, ch. 55.
silver coin on ly; and whereas, also, by the fifth section
o f the act approved M ay ten, eighteen hundred, entitled
“ A n act to amend the act entitled ‘ A n act providing
for the sale o f the lands o f the United States in the
Territory North-west of the Ohio, and above the mouth
o f Kentucky River,’ ” it was provided that payment for
the said lands shall be made by all purchasers in specie,
or in evidences o f the public d ebt; and whereas, experi
ence has proved that said provisions ought to be revived
and enforced, according to the true and wise intent o f
the constitution of the United States.
On an d a fte r
Jan. 1, 1847,
th e d u ties, ta x
es, etc., a c c r u
in g to th e U. S.
sh a ll be paid
i n g o 1d a n d
s ilv e r coin , or
in
trea su ry
notes.
S e c . 18.
Be it further enacted, That on the first day
o f January, in the year one thousand eight hundred and
forty-seven, and thereafter, all duties, taxes, sales of pub
lic lands, debts, and sums o f money accruing or becom
ing due to the United States, and also all sums due for
postages or otherwise, to the general post-office depart
ment, shall be paid in gold and silver coin only, or in
M on th ly pu b
lica tion .
treasury notes issued under the authority o f the United
States: Provided , T hat the Secretary o f the Treasury
shall publish, monthly, in two newspapers at the city o f
W ashington, the amount o f specie at the several places
o f deposit, the amount o f treasury notes or drafts issued,
and the amount outstanding on the last day o f each
month.
On and a fte r
A p ril 1, 1847,
all p a y m e n t s
to he m ade in
gold and silv er
coin,
or in
S e c . 19.
And he it further enacted, That on the first
day o f A p ril, one thousand eight hundred and fortyseven, and thereafter, every officer or agent engaged in
T rea su ry notes,
i f the cred itor
agrees to re
ceiv e them .
making disbursements on account o f the United States,
V io la tio n s o f
th is and the
p reced in g s e c
tio n to be re
p orted to the
P resid en t and
to C ongress.
agree to receive said notes in paym ent; and any receiving
or disbursing officer or agent who shall neglect, evade,
or o f the general post-office, shall make all payments in
gold and silver coin, or in treasury notes, i f the creditor
or violate, the provisions o f this and the last preceding
section o f this act, shall, by the Secretary o f the Treas
ury, be immediately reported to the President o f the
United States, with the facts o f such neglect, evasion, or
violation; and also to Congress, if in session; and if not
in session, at the commencement o f its session next after
the violation takes place.
LAWS
C O N C E R N IN G
F IN A N C E .
141
(Section 20 forbids any disbursing officer to make any
exchange o f funds other than an exchange for gold and
silver, and requires every such officer, when the means of
disbursement are furnished to him in gold and silver, to
make his payments in the sam e; and when the means are
furnished in drafts to make liis payments in the money
received therefor, unless he can exchange the means in
his hands for gold and silver at par. But disbursing
officers having credits in the banks may be allowed until
January 1, 1847, to check on the same, allowing the pub
lic creditors to receive their pay from the banks either in
specie or in bank notes.
(Section 21 makes it the duty o f the Secretary o f the
Treasury to make regulations prescribing the time within
which drafts on the depositaries shall be presented for
payment, but requires him “ to guard, as far as may be,
against those drafts being used or thrown into circulation
as a paper currency or medium o f exchange.” A n d no
officer shall sell, for a premium, any Treasury note, draft,
warrant, or other public security, not his private property,
or sell the proceeds o f any such note or security in his
hands for disbursement, without charging such premium
in his accounts to the credit o f the United States, under
penalty o f dismissal.
(Section 22 provides for salaries o f assistant treasurers;
additional compensation for treasurers o f the mint and
branch mints, and that no officer shall charge or receive
any commission, etc., for official services under pain of
fine or imprisonment.
(Section 23 makes an appropriation to carry this act
into effect.)
S e c . 24.
And be it further enacted, T hat all acts, Or
Conflicting
parts of acts, which come in conflict with the provisionsacts repealed'
of this act be, and the same are hereby, repealed.
Approved, August 6, 1846.
A C T O F A U G U S T 10, 1846.
C h a p . C L X X X . — An act to provide for the Payment of 1Q| stat. l .,
the Evidences of public Debt in certain Cases.
Pc it enacted by the Senate and House of Representa
tives of the United States of America in Congress as
sembled, That whenever it shall appear, to the satisfac
tion o f the Secretary o f the Treasury, upon due proof
I
N A T IO N A L
142
M ONETAEY
C O M M IS S IO N .
of taken in the manner hereinafter directed, that anv treas7
.
note, which has been, before the passage o f this act,
secretary
T rea su ry to redeem T rea su ry u r y
notes w h i c h * 7 ,
7
hare
b e e n received or
sto le n and p u t
7
.
x
®
7
redeemed by any authorized officer o f the gov,
J
J
_
tion °andiriiUoat ernmen^
*ias keen subsequently purloined or stolen, and
put into circulation, without having upon it any evidence
cancelled.
or marks o f having been cancelled, and has been received
by any person or institution, for a full consideration, in
the usual course of business, without notice or knowledge
o f the same having been redeemed or received as afore
said, or having been cancelled, or having been purloined
or stolen as aforesaid, and without any circumstances
existing to create suspicion o f the good faith or due cau
tion with which the same may have been received by
such person or institution, he shall be, and hereby is,
authorized to cause the amount o f such note to be paid
to the innocent holder thereof, out o f any money in the
to treasury not otherwise appropriated: Provided. That the
o f evlJ
7
required facts upon which any such payment shall be made
Proviso as
n a tu re
d en ce
shall be proved by the oath or affirmation o f a credible
fa cts.
witness or witnesses, taken before any judge of the United
States, or o f the highest court o f record, or o f the pre
siding judge of any court, exercising unlimited jurisdic
tion in amount, o f any State, Territory, or district, and
o f the taking o f which testimony due notice shall pre
viously be given to the district attorney o f the United
States for the .district in which such testimony is taken,
who shall be at liberty to appear and propound questions
to such witnesses; all which evidence shall be transmitted
to the Secretary of the Treasury, and preserved in his
inJatoebeWper'department; and all w ilful false swearing upon such
examination shall be and hereby is declared to be perjury,
Jury.
and liable to the punishment for that offence prescribed
by the laws o f the United States: And provided further ,
be su b m itted to
con gress.
That a statement o f all treasury notes paid under the provisions o f this act, within the preceding year, shall be
submitted to Congress with the annual report o f the Sec
retary o f the Treasury in relation to the finances,
gS *0 f
S ec .
And he it further enacted, T hat when any officer
^ te^sta tes, or agent o f the United States, duly authorized to receive,
a
n otes
ivtl redeem> or cancel, any treasury notes issued by authority
wicthe thei r ° f *aw’ has received5 or shall receive, or has paid, or shall
a m ou n t.
pay, any treasury note which had been previously re
ceived or redeemed by any officer or agent having author
ity to receive or redeem such note, and which had subse
quently thereto been purloined and put into circulation,
LAWS
C O N C E R N IN G
143
F IN A N C E .
the Secretary o f the Treasury, upon full and satisfactory
proof that the same had been received or paid in good
faith, and in the exercise o f ordinary prudence, may allow
a credit for the amount of such note to the officer or agent
so receiving or paying the same; and all credits which t0c^|digSaI1J1a^®
have, before the passage of this act, been allowed in such tlonedcases, and under such circumstances, are hereby sanc
tioned.
S e c . 3. And be it further enacted, That all acts and R e p e a l of
;
a c t s sup p lied
parts o f acts heretofore enacted, which are supplied by by this act if
A
this act, so far as the same may not have been acted on
7
A
n o t a cted o n ;
i f a cted o n
are hereby repealed, and so far as they may have been
conflrm ed.
acted on, they are ratified and confirmed.
Approved, August 10, 1846.
A C T O F J A N U A R Y 28, 1847.
C h a p . V .— A n act authorizing the issue of Treasury notes, 11| stat. l .,
a loan, and for other purposes.
Be it enacted by the Senate and House of Representa
tives of the United States of America in Congress assem
bled, That the President o-f the United States is hereby
Twenty-three
autnonzed to cause 1 reasury notes, for such sum or sums 0 f
,i
7
.
n o te s
as the exigencies of the Government may require, but not ized.
exceeding, in the whole amount o f notes issued, the sum
T rea su ry
a u th o r-
o f twenty-three millions o f dollars, and o f denominations
not less than fifty dollars for any one note, to be prepared,
signed, and issued, in the manner hereinafter provided.
S ec. 2. A n d be it fu rth er enacted , That the said Treas-
when t0 be
ury notes authorized to be issued by the first section of P
this act, shall be reimbursed and redeemed by the United
States, at the Treasury thereof, after the expiration of
one year or two years from the dates o f the said notes
respectively; from which said dates they shall bear such tergsate of In'
interest, until they shall be respectively redeemed, as
shall be expressed upon the face o f the said notes; which
rate o f interest upon each several issue of the said notes
shall be fixed by the Secretary of the Treasury, by and
with the advice and approbation o f the President; but
shall in no case exceed the rate of interest o f six per
centum per annum : Provided , That after the maturitv
interest
to
o i any o f the said notes, such interest shall cease at the days af t er
•
.
7
.
.
expiration of sixty days notice, to be given at any time
notice.
144
N A T IO N A L
M ONETARY
C O M M IS S IO N .
by the Secretary o f the Treasury, in one or more o f the
principal papers published at the seat o f Government,
o f a readiness to redeem the same.
The reimbursement
herein provided for shall be made at the Treasury of the
United States to the holders o f the said notes respectively,
upon presentment, and shall include the principal o f each
note, and the interest which may be due thereon at the
time o f payment.
For this reimbursement, at the time
and times herein specified, the faith o f the United States
is hereby solemnly pledged.
(Section 3, providing for the signing o f notes, follows
closely the language o f section 3 o f the act of October
12, 1837.)
M ay be is
sued to cr e d it
ors.
S e c . 4. And be it further enacted, That the Secretary
o f the Treasury is hereby authorized, with the approba
tion o f the President o f the United States, to cause to be
issued such portion of the said Treasury notes as the
President may think expedient in payment of debts due
by the United States, to such public creditors, or other
persons, as may choose to receive such notes in payment,
Ma y
t> e as aforesaid, at par. A n d the Secretary of the Treasury
is further authorized, with the approbation of the Presi
pledged.
dent o f the United States, to borrow from time to time
B ut n ot fo r
less than par.
such sums as the President may think expedient on the
credit o f such notes: Provided , however, That no Treas7
’
ury notes shall be pledged, hypothecated, sold, or dis
posed o f in any wise for any purpose whatever, directly
or indirectly, for any sum less than the amount o f such
notes, including the principal and interest thereon when
disposed of.
H ow
fera b le.
trans-
S e c . 5. And be it further enacted, That the said Treas
ury notes shall be transferable, by delivery and assign
ment endorsed thereon, by the person to whose order the
same shall on the face thereof have been made payable.
ceivabiebforraiI
pu biic
dues.
S ec .
^ n^ ^e ^ further enacted, T hat the said Treasnotes shall be received in payment o f all duties and
u ry
taxes laid by the authority o f the United States, o f all
public lands sold by the said authority, and o f all debts
to the United States o f any character whatsoever, which
may be due and payable at the time when said Treasury
notes may be so offered in paym ent; and on every such
payment credit shall be given for the amount o f the prin
cipal and interest which, on the day o f such payment,
may be due on the note or notes thus given in payment.
LAWS
C O N C E R N IN G
145
F IN A N C E .
S e c . 7. And be it further enacted, That every collector, a r^ceiptytTbe
receiver o f public moneys, or other officer or agent of the taken*
United States, shall, on the receipt o f any Treasury notes
in payment for the Government, take from the holder
thereof a receipt on the back o f each o f said notes, stating
distinctly the date, and the amount received; and shall
keep, according to such forms as shall be prescribed by
the Secretary o f the Treasury, entries o f whom received,
entry
the number, date, and respective amounts o f principal and
interest o f each and every Treasury note thus received;
and on delivering the same to the Treasury shall receive
credit for the amount paid as prescribed by the last sec
tion: Provided , No error shall appear.
(Sections 8 to 10, providing for the reimbursement or
purchase o f the notes, and for the punishment o f counter
feiting and the like offenses, follow the language o f sec
tions 9 to 11 of the act o f October 12, 1837.
(Section 11, authorizing the Secretary o f the Treasury
to make rules for the safe-keeping, return, and canceling
o f notes received by any officers for the United States, is
nearly identical with section 12 o f the same act, but
omits the provision forbidding the reissue o f notes.)
S e c . 12. And be it further enacted, That, in lieu o f the
notes authorized by this act which may be redeemed, other
notes may be issued: Provided , however. The amount o f
Reissue,
Amount not
such notes Qutstandmg, together with the stock issued by 000,000.
virtue o f the thirteenth and sixteenth sections of this act,
shall not exceed the sum o f twenty-three millions of
dollars.
S
e c
.
13. And be it further enacted*, That it shall be law-
M ay be con-
ful for the holders of the aforesaid Treasury notes to stockpresent them, at any time, to the Treasury o f the United
States, or to any assistant treasurer, or to such collectors
o f the customs and receivers of public moneys as may be
designated by the Secretary o f the Treasury; and the
holders o f the said Treasury note's shall be entitled to
receive therefor the amount of the principal o f the said
notes in a certificate or certificates o f funded stock, bear
ing interest at six per centum per annum, from the date
o f such presentment o f said Treasury notes, and for the
interest, shall be paid in m oney; and the stock thus to be
issued shall be transferable on the books o f the Treasury:
Provided , however, and be it further enacted, T hat it reimbursableen
shall be lawful for the United States to reimburse the
146
N A T IO N A L
M ONETARY
C O M M IS S IO N .
stock thus created, at any time after the last day o f D e
cember, one thousand eight hundred and sixty-seven,
same subject.
S e c . 1 4 . And be it further enacted, T hat it shall and
may be lawful for the holder o f any Treasury notes issued,
or authorized to be issued, under this act or any laws
heretofore passed, to convert the same into certificates of
funded stock, upon the same terms and in the same man
ner hereinbefore provided in relation to the Treasury
notes authorized by the first section o f this act.
c hAct6°4 1e x6^ EC* 15* And be it further enacted, T hat the authority
tended.
to issue Treasury notes authorized by the “ A c t author
izing an issue o f Treasury notes and a loan,” approved
July twenty-second, one thousand eight hundred and
forty-six, be and the same is hereby, extended to the same
period fixed for the Treasury notes authorized by this act,
and upon the same terms and conditions herein specified:
Provided, T hat the Treasury notes authorized by this
section shall not exceed five million o f dollars.
(Sections 16 to 18 authorize the President, in lieu of
Treasury notes, to issue stock o f the United States, bear
ing interest at a rate not exceeding six per cent, and re
deemable after December 31, 1867, provided, that the
whole amount o f Treasury notes and o f stock together
shall not exceed twenty-three millions o f dollars, and
“ Provided further, T hat no stock shall be issued at a less
rate than par.” )
Proceeds o f
S e c . 19. And be it further enacted, T hat for the pay-
pledged for ment o f the stock which may be created under the proviredemDtion
**
^
sions o f this act the sales o f the public lands are hereby
pledged, and it is hereby made the duty o f the Secretary
o f the Treasury to use and apply all moneys which may
be received into the Treasury for the sales o f the public
lands after the first day o f Januarj^, eighteen hundred and
forty-eight, first, to pay the interest on all stocks issued
by virtue o f this act; and, secondly, to use the balance of
said receipts, after paying the interest aforesaid, in the
purchase o f said stocks at their market value: Provided,
No more than par shall be paid for said stocks.
(The proviso to section 19 was repealed by section 3 of
the act o f March 3, 1849 (9 Stat. L ., 369).
(Section 20 makes an appropriation for preparing and
issuing said notes and stock.)
LAWS
C O N C E R N IN G
147
F IN A N C E .
S ec. 21. And be it further enacted, That it shall be, and s uAe“ OUo* !rse;
hereby is, made the duty o f the Secretary o f the Treasury
stoheb|
to cause a statement to be published monthly o f th emonthlyamount o f all Treasury notes issued or redeemed in pur
suance o f the provisions o f this act; and that the power
to issue Treasury notes conferred on the President o f the
United States by this act shall cease and determine six
months after the exchange and ratification o f a treaty of
peace with the Republic o f Mexico.
S ec . 22. And be it further enacted, T hat it shall be the c ^negpr0erss at
duty o f the Secretary o f the Treasury to report to C o n -each sesslongress at the commencement o f each session the amount of
Treasury notes which have been issued under the provi
sions o f this act, the amount redeemed, and the manner
in which redeemed, the amount purchased and o f whom,
and at what time purchased, and the amount reissued,
stating in lieu o f which redemption they are reissued,
with the date o f such reissue, during the preceding year.
Approved, January 28, 1847.
A C T O F F E B R U A R Y 9, 1847.
C h a p . V I I .— A n
act to provide for the payment of any 12| stat- L->
interest, falling due, on the public debt.
Be it enacted by the Senate and House of Representa- .payment o^f
lives of the United States of America in Congress assem- Public debt.
bled, T hat the Secretary o f the Treasury be, and he is
hereby, authorized and directed to cause to be paid, out
o f any money in the Treasury not otherwise appropriated,
any interest falling due, or accruing on, any portion o f
the public debt authorized by law.
Approved, February 9, 1847.
A C T O F M A R C H 31, 1848.
A n act to authorize a loan not to exceed 21| stat- L->
the sum of sixteen millions of dollars.
C h a p . X X V I .—
(Section 1 authorizes the President to borrow on the
credit o f the United States, within one year from the
passage o f this act, a sum not exceeding sixteen millions
of dollars, at a rate o f interest not exceeding six per cent,
and reimbursable at any time after twenty years from
July 1 ,1 8 4 8 .)
N A T IO N A L
148
ofCstockiflcates
M ONETARY
C O M M IS S IO N .
S ec .
^e ^ f ur^ ier enacted, T hat the Secretary
o f the Treasury be, and he is hereby authorized, with the
consent o f the President o f the United States, to cause to
be prepared certificates o f stock, which shall be signed by
the Register o f the Treasury, and sealed with the seal of
the Treasury Department, for the sum to be borrowed as
aforesaid, or any part thereof, bearing an interest not to
exceed six per centum per annum, and transferable and
How sold,
reimbursable as aforesaid, and to cause said certificates of
stock to be so ld : Provided , That no part o f said stock be
interest°ns forsold below p ar: And provided , also, That, whenever re
quired so to do, the Secretary o f the Treasury shall cause
to be attached to any certificate or certificates to be issued
under this act, coupons o f interest; and any certificate
having such coupons o f interest attached to it, may be
Certificates transferable by delivery o f the certificate, instead o f bedelivery.
m g assignable on the books o f the 1 reasury; but no cer
tificate o f stock shall be issued for a less amount than
fifty dollars.
(B y section 3 the Secretary o f the Treasury is directed,
before disposing o f this stock, to advertise for sealed pro
posals, to be handed in after not less than twenty nor
more than sixty days, and in the advertisement to state
the amount required and the conditions fixed for its pay
ment into the Treasury.
(Section 4 pledges the faith o f the United States for
the provision of sufficient revenues to secure the payment
o f the interest and redemption of the principal.)
S e c . 5. And be it further enacted, That the Secretary
P u rch a se o f
there
are s u r - of
the Treasury be, and he is hereby, authorized to pur-
the^reasury.111chase, at any time before the period herein limited for
the redemption o f the stock hereby created, such portion
thereof at the market price, not below par, as the funds
o f the Government may admit of, after meeting all the
demands on the Treasury; and any surplus that hereafter
may be in the Treasury is hereby appropriated to that
object.
(Section 6 provides for a report to be made to Con
gress o f all transactions under this act, in language iden
tical writh that of section 6 o f the act o f A p ril 15, 1842.)
Approved, March 31, 1848.
LAWS
C O N C E R N IN G
149
F IN A N C E .
A C T O F S E P T E M B E R 9, 1850.
A n act proposing to the State of Texas the 44» stat- L-.
establishment of her northern and western boundaries,
the relinquishment by the said State of all territory
claimed by her exterior to said boundaries, and of all
her claims upon the United States, and to establish a
territorial government for New Mexico.
C h a p . X L I X .—
S ection 1. Clause fourth. The United States, in c o n -. Ten million
.
.
iT T
pt
.
.
dollars in stock
sideration o f said establishment of boundaries, cession o f bearing 5 per
cent interest to
7
claim to territory, and relinquishment of claims, Avill
p
a
y
t
o
T exa s
to the State of Texas the sum o f ten millions of dollars
in a stock bearing five per cent, interest, and redeemable
at the end o f fourteen years, the interest payable halfyearly at the Treasury o f the United States.
F ifth . Immediately after the President o f the U nited, stock to be
c , ,
1
n
1
.
„
.
issued
whe n
Mates snail have been furnished with an authentic copyTexas shalJ
or m e act or the general assembly of Texas acceptingthese^ ^proposr
these propositions, he shall cause the stock to be isued in unftedd^ states
favor o f the State o f Texas, as provided for in the
notmed^thereof.
fourth
article of this agreement: Provided , also, That no more
than five millions o f said stock shall be issued until the
creditors of the State holding bonds and other certificates
of stock o f Texas for which duties on imports were spe
cially pledged, shall first file at the Treasury of the United
States releases of all claim against the United States
for or on account o f said bonds or certificates in such
form as shall b,e prescribed by the Secretary o f the Treas
ury and approved by the President o f the United States:
* * *
*
*
*
*
*
Approved, September 9, 1850.
A C T O F A U G U S T 31, 1852.
A n act making appropriations for the^^Q stat.
civil and diplomatic expenses of the Government for
the year ending the thirtieth of June, eighteen hun
dred and fifty-three, and for other purposes.
C h a p . C V T II. —
*
*
*
*
l .,
*
S ec. 10. And be it further enacted. T hat where any Unexpended
.
appropriations,
moneys snail have remained unexpended upon any appro-when to becar• ,.
.
,
,
.
.
,
1
/.
7 1
ried to “ sur-
priations by law, other than for the payment o f in te r e s t plus fund.”
on the funded debt, or the payment of interest and reim-
150
N A T IO N A L
M ONETARY
C O M M IS S IO N .
bursement according to contract o f any loan or loans
made on account o f the United States, as likewise moneys
appropriated for a purpose in respect to which a larger
duration is specially assigned by law, for more than two
years, after the expiration o f the fiscal year in which the
act shall have been passed, all and any such appropria
tions shall be deemed to have ceased and been determined,
and the moneys so unexpended shall be immediately there
after carried, under the direction o f the Secretary of the
Treasury, to the account on the books o f the Treasury
denomianted the “ surplus fund,” to remain like other unnotu^to1UbefUaDd aPProPriated moneys in the Treasury, and it shall not
plied to other be law ful, for any cause or pretence whatsoever, to trans
fer, withdraw, apply, or use for any purpose whatever*
any moneys carried as aforesaid to the surplus fund with
out further and specific appropriations by law.
*
*
*
*
*
Approved, A ugust 31, 1852.
A C T O F M A R C H 2, 1853.
17,io stat. l ., C h a p . L X X X I X .— A n act to provide compensation to
such persons as m ay be designated by the Secretary o f
the Treasury to receive and keep the public m oney,
under the fifteenth section o f the act o f sixth A u gu st,
1846, ch. 90.
eighteen hundred and fo r ty -six , fo r the additional
services reguired under that act.
(Provides compensation for designated depositaries
for payments received by them from miscellaneous
sources other than the transaction o f the respective offices
for which they were commissioned.)
Approved, March 2, 1853.
A C T O F M A R C H 3, 1853.
igio stat. l ., C h a p . X C V T I .— A n act making appropriations fo r the
civil and diplomatic expenses o f Government fo r the
year ending the thirtieth o f June, eighteen hundred
and fifty-fou r.
*
P u rch a se
stock.
of
*
* •
*
*
S e c . 9. A n d be it further enacted. That the Secretarv
of the treasury be and he is hereby authorized to pur
chase at the current market price any o f the outstanding
stocks o f the United States as he may think most advis-
LAWS
C O N C E R N IN G
151
F IN A N C E .
able, from any surplus funds in the Treasury: Pro- Provlsovided, That the balance in the Treasury shall not at
any time be reduced below six millions o f dollars.
*
*
*
*
*
Approved, March 3, 1853.
A C T O F M A R C H 3, 1857.
An-act to amend an act entitled “ A n act n stat. l „
249
to provide for the better organization of the Treasury, " i 846 , ch. 90.
and for the collection, safe-keeping , transfer, and dis- 59W ' IX’ P’
bursement of the public revenue.”
C h a p . C X I V .—
(Section 1 requires disbursing officers or agents to
deposit moneys intrusted to them with the Treasurer,
or one o f the assistant treasurers, or public depositaries,
etc.)
S e c . 2 . And be it further enacted, That the Treasurer Custody o f
o f the United States, assistant treasurers, and publicsuch depositsdepositaries, shall safely keep all moneys deposited by
any disbursing officer or disbursing agent o f the United
States, as well as any moneys deposited by any receiver,
collector, or other person which shall be the moneys o f
or due or owing to the United States, and for a failure
so to do shall be held guilty o f the crime of embezzle
ment o f said moneys, and subject to the punishment
provided for embezzlement in the act to which this is
an amendment.
Penalty,
(Section 3 requires all persons having moneys o f the
United States to deposit the sum with the Treasurer, an
assistant treasurer, or a public depository, etc., and pro
vides a penalty for failure to comply with the law.)
Approved, March 3 , 1857 .
A C T O F D E C E M B E R 23, 1857.
C h a p . I .— A n
act to authorize the issue of Treasury notes. 25*i stat. L-»
Be it enacted by the Senate and House of Representa
tives of the United States of America in Congress as
sembled, T hat the President o f the United States is hereby 0Vp®su|9^000 *
authorized to cause Treasury notes for such sum or sums 000 authorized
as the exigencies o f the public service may require, but not tions^of ^not
to exceed, at any time, the amount o f twenty millions o f each,
dollars, and o f denominations not less than one hundred
152
N A T IO N A L
M ONETARY
C O M M IS S IO N .
dollars for any such note, to be prepared, signed, and
issued in the manner hereinafter provided.
h o w
,
S e c . 2. And be it further enacted, That such Treasury
notes shall be paid and redeemed by the United States at
re the Treasury thereof after the expiration o f one year
when,
who m aissued°
deemed.
from the dates o f said notes, from which dates, until they
shall be respectively paid and redeemed, they shall bear
such rate o f interest as shall be expressed in said notes,
F ir s t issue which rate o f interest upon the first issue, which shall not
16,000,000.
exceed six millions o f dollars o f such notes shall be fixed
by the Secretary o f the Treasury, with the approbation
the President, but shall in no case exceed the rate of
Rate of in - o f
terest not over ,
7
6 Ser,Sentv
six per centum per annum. The residue shall be issued
Residue, how .
f"
r
issued.
m whole or m part, after public advertisement o f not less
than thirty days, as the Secretary of the Treasury may
direct, by exchanging them at their par value for specie
to the bidder or bidders who shall agree to make such ex
change at the lowest rate o f interest, not exceeding six
Proviso.
when W c ^ L e !
per centum, upon the said notes: Provided , That after
the maturity o f any o f said notes, interest thereon shall
cease at the expiration o f sixty days’ notice of readiness
to pay and redeem the same, which may at any time or
times be given by the Secretary o f the Treasury in one or
more newspapers published at the seat o f Government.
The payment or redemption o f said notes herein provided
shall be made to the lawful holders thereof, respectively,
upon presentment at the Treasury, and shall include the
principal o f each note and the interest which shall be due
Unifedh s ta t e s
thereon. A n d f ° r suc^ payment and redemption, at the
or times herein specified, the faith o f the United
p l e d g e d for time
their redemption .
,
\
,
,
,
States is hereby solemnly pledged.
(Section 3 provided for the signing o f the notes, and
the accounts to be kept o f their preparation, redemption,
and cancellation.
(Sections 4 to 7, providing for the issue, transfer, re
ceipt, and payment o f the notes, follow the language of
sections 4 to 7 o f the act o f January 28, 1847.
(Section 8 authorizes the establishment o f rules for the
custody and disposal o f notes received; and section 9
makes the same provision for the redemption o f the notes
at maturity and their purchase at any time as section 8
o f the act o f October 12, 1837.)
sf:
sfc
^
♦
♦
suedayin ^lace
S EC- 10- ^ n d be it further enacted, That, in place of
deemed°se re' suc^ Treasury notes as may have been paid and redeemed,
LAWS
C O N C E R N IN G
153
F IN A N C E .
other Treasury notes to the same amount may be issued:
P rovid ed , That the aggregate sum outstanding, under the s
t
at*
authority o f this act, shall at no time exceed twenty mil- |l“ e0QQ0eooeed
lions o f dollars: A n d provid ed fu rth er , T hat the power to su^°af\erbJan
issue and reissue Treasury notes, conferred on the P r e s i - i n
dent o f the United States by this act, shall cease and de
termine on the first day of January, eighteen hundred
and fifty-nine.
$
sj:
*
*
(Sections 12 and 13 provide for the punishment of
counterfeiting and o f the like offenses; and section 14
requires the publication o f a monthly statement o f the
amount o f Treasury notes issued, paid, redeemed, and
outstanding under this act.)
Approved, December 23, 1857.
A C T O F J U N E 14, 1858.
C h a p . C L X V .— A n act to authorize a loan n ot exceed in g 36P stat- L”
the sum o f tw en ty millions o f dollars.
(Section 1 empowers the President to borrow on the
credit of the United States, within one year from the
passage o f this act, a sum not exceeding twenty millions
of dollars, provided that the loan thus made shall be
reimbursable at any time after fifteen years from January
1, 1859.)
S
e c
. 2.
A n d he it fu rth er enacted , That stock shall be
/
stock
th erefor
issued
shft.ll
issued for the amount so borrowed, bearing interest n otbear not over
..
°
exceedmg five her centum per annum, payable
..
..
„
,
.
■, .
.5
p er cen t ins e m i - t e r e s t , pa ya b le
s e m ia n n u a lly ,
annually, with coupons lor the semi-annual interest
a t-w it h
coupons,
tached to the certificates o f stock thus created, and the
Secretary o f the Treasury be, and hereby is, authorized,
with the consent o f the President, to cause certificates of
7
.
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 o f the parties lend
ing the same, or their assigns, P rov id ed , That no certifi
cate shall be issued for a less sum than one thousand
dollars.
(B y section 3 the Secretary of the Treasury is required
before awarding the loan to advertise that sealed pro
posals for the stock will be received until a date not less
than thirty days distant, and to “ accept the most favor
able proposals offered by responsible bidders; ’* and he is
also required to report to Congress, at its next session, all
15712°— 10------ 12
c e r tific a te s ,
how
prepared
a s s i g n e d , and
154
N A T IO N A L
M ONETARY
C O M M IS S IO N .
transactions under this act, “ Provided , That no stock shall
be disposed o f at less than its par value.” )
Faith of the
S ec . 4. And be it further enacted, That the faith of the
paydmentf°r Its United States is hereby pledged tor the due payment of
the interest and the redemption o f the principal of said
stock.
(Section 5 appropriates for the expenses of preparing
said certificates o f stock, etc.)
Approved; June 14, 1858.
A C T O F M A R C H 3, 1859.
L X X X I I . — A n act making appropriations for
sundry civil expenses of the Government for the year
ending the thirtieth of June, eighteen hundred and
sixty.
4251 Stat L-’ C h a p .
Authority to
issue and reiss u e Treasury
notes under act
o f D e c . 23.
1857, extended
to July 1, 1860.
1858, ch. 1.
S ec. 5. And be it further enacted, That the power to
issue and reissue Treasury notes, conferred on the Presi
dent o f the United States, by the act entitled “ A n act to
authorize the issue o f 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 o f this act until the first day o f July
Expenses
thereof.
Proviso.
eighteen hundred and six ty ; and to defray the expenses
thereof the sum o f five thousand dollars is hereby appro
priated: Provided , That the said notes may be issued
bearing an interest not exceeding six per centum per an
num ; 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 o f 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.
C o u p o n or
registered
stock may be
issued.
1858, ch. 165.
S ec. 6. And be it further enacted, That the Secretary of
the Treasury is hereby authorized, under the act o f June
fourteenth, eighteen hundred and fifty-eight, to issue
coupon or registered stock, as the purchaser may elect.
Approved, March 3, 1859.
LAWS
C O N C E R N IN G
155
F IN A N C E .
A C T O F J U N E 22, 1860.
C hap.
C L X X X . — A n act authorizing a loan providing 7Q12 stat- L-»
for the redemption of Treasury notes.
Be it enacted by the Senate and House of Representa
tives of the United States of America in Congress assem
bled, That the President o f the United States be, and
hereby is, authorized, at any time within twelve months
from the passage o f this act, to borrow, on the credit of
the United States, a sum not exceeding twenty-one mil- minion “dollars
lions o f dollars, or so much thereof as, in his opinion, ™^ed bet0 b°£
the exigencies o f the public service may require, to be
Treasury
used in the redemption o f Treasury notes now outstand
ing and to replace in the Treasury any amount o f said
notes which shall have been paid and received for public
dues, and for no other purposes.
S ec. 2. And be it further enacted, T hat stock shall be stock to be
•
j
<?
iv
.
, 7
issued at interlssuecl tor the amount so borrowed, bearing; interest, not est of not over
exceeding six per centum per annum, and to be renn- Certificates,
bursed within a period not beyond twenty years and not
less than ten years; and the Secretary o f the Treasury
be, and is hereby authorized, with the consent o f the
President, to cause certificates o f stock to be prepared,
which shall be signed by the Register, and sealed with
the seal o f the Treasury Department, for the amount so
borrowed, in favor o f the parties lending the same, or
their assigns, which certificates may be transferred on
the books o f the Treasury, under such regulations as may
be established by the Secretary o f the Treasury; Pro
vided, That no certificate shall be issued for a less sum
than one thousand dollars; And vrovided also, That,
whenever required, the Secretary o f the Treasury may
7
J
j
j
to
be in sums
With coupons
cause coupons o f semiannual interest payable thereon to vheii re(iuired;
be attached to certificates issued under this a ct; and any thereof,
certificate with such coupons o f interest attached may be
assigned and transferred by delivery o f the same, instead
of being transferred on the books of the Treasury.
(Section 3 provides for sealed proposals, and the ac
ceptance of the most favorable, and for a report o f all
transactions to Congress, as in section 3 o f the act of
June 14, 1858: “ Provided, T hat no stock shall be dis
posed of at less than its par value.” )
156
N A T IO N A L
M ONETARY
C O M M IS S IO N .
United1 states S ec . 4. And be it further enacted, That the faith o f the
pledged.
United States is hereby pledged for the due payment o f
the interest and the redemption o f the principal o f said
stock.
Approved, June 22, 1860.
A C T O F D E C E M B E K 17,1860.
12 stat.
l .,
notes.e hoSw rto
amount,s u&
C h a p . I .—
A n act to authorize the issue of Treasury
notes, and for other purposes.
Be it enacted by the Senate and House of Representa
tives of the United States of America in Congress assembled, That the President o f [the] United [States] be
hereby authorized to cause Treasury notes, for such sum
or gumg ag the exigencies o f the public service may re
nd
denomination.
quire, but not to exceed at any time the amount o f ten
millions o f dollars, and o f denominations not less than
fifty dollars for any such note, to be prepared, signed, and
issued in the manner hereinafter provided.
To be r e year from their
S ec. 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 o f one year
from the date o f issue o f such notes; from which dates?
until they shall be respectively paid and redeemed, they
shall bear such rate o f interest as shall be expressed in
such notes, which rate o f interest shall be six per centum
Rate of inwhe n interest
per annum : Provided , That, after the maturity o f any of
said notes, interest thereon shall cease at the expiration
of sixty days’ notice o f readiness to redeem and pay the
same, which may at any time or times be given by the
Secretary o f the Treasury in one or more newspapers at
who to re- the seat o f government. The redemption and pavment
ceive payment.
0
u
' of said notes, herein provided, shall be made to the law
ful holders thereof respectively upon presentment at the
Treasury, and shall include the principal o f each note and
Faith of the
United States
pledged.
the interest which shall be due thereon. A nd for the payment and redemption o f such notes at the time and times
.
x
„
TT .,
, 0
.
therein specified, the faith o f the United States is hereby
solemnly pledged.
(Section 3 provides for the signing o f the Treasury
notes and the accounts to be kept thereof.)
issuedeSataypar S ec . 4. And be it further enacted, That the Secretary
creditorspul)lic of the Treasury is hereby authorized, with the appro
bation o f the President, to cause such portion of said
LAWS
C O N C E R N IN G
157
F IN A N C E .
Treasury notes as may be deemed expedient, to be issued
by the Treasurer in payment o f warrants in favor o f
public creditors, or other persons law fully entitled to
payment, who may choose to receive such notes in pay
ment at p a r ; and the Secretary o f the Treasury is hereby
authorized, with the approbation of the President, to
issue the notes hereby authorized to be issued, at such rate
Rate of in„ .
,
- i t terest on such
ot interest as may be offered by the lowest responsible notes, how to
#
^
**
1
|jg determined.
bidder or bidders who may agree to take the said notes
at par after public advertisement o f 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 to 9, providing for the transfer, receipt,
custody, redemption, and cancellation o f the notes, are
identical with sections 5 to 9 o f the act o f December 23,
1857.)
S e c . 10. And be it further enacted, That in place o f
N e w notes
such 4 reasury notes as may have been paid and redeemed.i n yp i a c e o f
other Treasury notes to the same amount may be issued: ed.
Provided , rJ hat the aggregate sum outstanding under the
But n o t a t
authority of this act shall at no time exceed the sum o f eeed^io^ootv
ten millions of dollars: And provided further, T hat th e 00<NOr a f t e r
power to issue and reissue Treasury notes conferred by'i863.uary 1 ’
this act shall cease and determine on the first day of
January, in the jtear eighteen hundred and sixty-three.
(Sections 11, 12, and 13 make an appropriation for the
expenses o f preparing and issuing said notes, provides
against forging, counterfeiting, engraving plates to print
forged notes, etc., and having in possession blank notes,
etc.
(Section 14 requires the publication o f a monthly state
ment of the amount o f notes issued, paid, redeemed, and
outstanding under this act, as in section 14 o f the act
last mentioned.
(Section 15 requires that all money hereafter con
tracted for under the act o f June 22, 1860, shall be used
for the redemption o f treasury notes now outstanding or
to be issued.)
Approved, December 17, 1860.
158
N A T IO N A L
M ONETARY
C O M M IS S IO N .
A C T O F F E B R U A R Y 8, 1861.
12 Stat. L.,
129.
C h a p . X X I X . — A n act authorizing a loan.
Be it enacted by the Senate and House of Representa
tives of the United States of America in Congress asmnuontydo\\&rsembled, That the President o f the United States be, and
Led nbeftorrehereby is, authorized, at any time before the first day of
July l, i86i. j ujy nextj to borrow, on the credit o f the United States,
a sum not exceeding twenty-five millions o f dollars, or
so much thereof as, in his opinion, the exigencies of the
public service may require, to be used in the payment of
Purpose o f
loan‘
the current demands upon the Treasury and for the redemption o f Treasury notes now outstanding, and to re
place in the Treasury any amount o f said notes which
shall have been paid and received for public dues.
(Section 2 provides that stock shall be issued, bearing
interest not exceeding six per cent, and “ to be reimbursed
within a period not beyond twenty years and not less than
ten years,” the stock being transferable on the books of
the Treasury, and no certificate being issued for less than
one thousand dollars.
(Section 3 provides for sealed proposals, to be received
for a period o f not less than ten daj's, for the acceptance
o f the most favorable offers made by responsible bidders,
and for a report o f all transactions to Congress.)
UnTtedh states
pledged.
S ec.
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 o f said
stock.
(B y section 5 the residue o f the loan authorized by the
act o f June 22, 1860, is to be applied to the redemption of
Treasury notes issued under the act o f December 17,
1860; and bonds authorized by said first-mentioned act
may be exchanged at par for said Treasury notes and
their accrued interest.
(Section 6 makes appropriation for expense o f prepar
ing said stock, etc.)
S ec. 7. And be it further enacted, That the Secretarv
seereury of
t h e Treasury
need not accept o f
bids unless, etc.
'
'
J
the Treasury shall not be obliged to accept the most
.
J
r
favorable bids as hereinbefore provided, unless he shall
consider it advantageous to the United States to do so,
but for any portion o f such loan, not taken under the
first advertisement, he may advertise again at his dis
cretion.
Approved, February 8, 1861.
>
LAWS
C O N C E R N IN G
159
F IN A N C E .
A C T O F M A R C H 2, 1861.
C h a p . L X V I I L — A n act to provide for the payment of 17|2 stat. l „
outstanding Treasury notes, to authorize a loan to regu
late and fix the duties on imports, and for other
purposes.
Be it enacted by the Senate and House of Representafives of the United States of America in Congress as- ^ i^ nt h gWen o t
sembled, That the President of the United States be, and over $10,000,liereby is, authorized, at any time within twelve months
from the passage o f this act, to borrow, on the credit of
the United States, a sum not exceeding ten millions o f
dollars, or so much thereof as, in his opinion, the ex
igencies of the public service may require, to be applied
appH o w
to the payment o f appropriations made by law, and the
balance of Treasury notes now outstanding, and no other
purposes, in addition to the money received, or which
may be received, into the Treasury from other sources:
Provided, That no stipulation or contract shall be made
to prevent the United States from reimbursing any sum
borrowed under the authority o f this act at any time after
w h en
to
be
to be
the expiration o f ten years from the first day o f July
next, by the United States giving three months’ notice,
to be published in some newspaper published at the seat
o f Government, o f their readiness to do so; and no con
tract shall be made to prevent the redemption o f the same
at any time after the expiration of twenty years from
the said first day of July next, without notice.
(Section 2 provides for the issue o f either registered
or coupon certificates as may be required, bearing interest
not exceeding six per cent, in language identical with that
of section 2 o f the act o f February 8, 1861, omitting,
however, any provision as to the time o f reimbursement.
(Section 3 provides for sealed proposals, to be received
within a period of not less than thirty days, for the ac
ceptance of the most favorable offers made by responsible
bidders, and for a report of all transactions to Congress:
“ Provided , That no stock shall be disposed of at less than
its par value: And provided further, That no part o f the
loan hereby authorized shall be applied to the service o f
the present fiscal year.” )
S ec . 4. And be it further enacted, That in case the p r o -forIf j^T^are
posals made for said loan, or for so much thereof as the®®^, saTreasexigencies o f the public service shall require, shall not be j^yiSsuedS may
160
N A T IO N A L
M ONETARY
C O M M IS S IO N .
satisfactory, the President o f the United States shall be,
and hereby is, authorized to decline to accept such offer
if for less than the par value o f the bonds constituting
the said stock, and in lieu thereof, and to the extent and
amount o f the loan authorized to be made by this act, to
issue Treasury notes for sums not less than fifty dollars,
bearing interest at the rate o f six per centum per annum
payable semi-annually on the first days of January and
July in each year, at proper places of payment to be pre
scribed by the Secretary, with the approval o f the Presi
dent; and under the like circumstances and conditions,
the President o f the United States is hereby authorized to
substitute Treasury notes o f equal amount for the whole
or any part o f any o f the loans for which he is now by
Amount , law authorized to contract and issue bonds.
w hen
etc.
p ayable,
.
_
.
.
A n d the
Treasury notes so issued under the authority herein given
shall be received in payment for all debts due to the
United States when offered, and in like manner shall be
given in payment for any sum due from the United
States, when payment in that mode is requested by the
person to whom payment is to be made, or for their par
F a ith o f the
pledged.
"
value in coin.
A n d the faith o f the United States is
hereby pledged for the due payment o f the interest and
the redemption o f the principal o f the stock or Treasury
notes which may be issued under the authority o f this a ct;
ti
a
pp r o p r i a - and the sum o f twenty thousand dollars is hereby appro-
penses.
priated, out of any money in the Treasury not otherwise
appropriated, to pay the expenses o f preparing the certifi
cates of stock or Treasury notes herein authorized, to be
done in the usual mode and under the restrictions as to
employment and payment o f officers contained in the laws
M ay be exc h a n g e d fo r
b on d s, etc.
authorizing former loans and issues of Treasury notes; and
ft shall be at the option o f holders o f the Treasury notes
x
^
hereby authorized by this act, to exchange the same for
the stock herein authorized at par, or for bonds, in lieu
P ro v iso .
N otes n o t to
Kg issued &xter
June, 1862.
o f which said Treasury notes wrere issued: Provided , That
no certificate shall be exchanged for Treasury notes, or
bonds, in sums less than five hundred dollars: And vro7
*
vided further, That the authority to issue the said Treas
ury notes, or give the same in payment for debts due from
the United States, shall be limited to the thirtieth day of
R ed em p tion .
June, eighteen hundred and sixty-tw o; and that the
same may be redeemable at the pleasure o f the United
States at any time within two years after the passage of
LAWS
C O N C E R N IN G
161
F IN A N C E .
this act; and that said notes shall cease to bear interest
interest-
after they shall have been called in by the Secretary of
the Treasury under the provisions o f this act.
*
*
*
*
*
S ec . 31. And be it further enacted, That all acts a n d cl^|Pea 11 n 8
parts o f acts repugnant to the provisions o f this act, be,
and the §ame are hereby, repealed.
*
*
*
*
*
Approved, March 2, 18G1.
A C T O F M A R C H 2, 1861.
C h a p . L X X . — A n act to 'provide for the payment of ex
penses incurred by the Territories of Washington and
Oregon, in the suppression of Indian hostilities therein, i 98.
in the years eighteen hundred and fifty-five and eight
een hundred and fifty-six.
S ec . 4. And be it further enacted, T hat for the payment
o f claims provided for in this act, the Secretary o f the
Treasury may, i f he deem it expedient, issue to the claim- 1>eB°ssuedm for
ants, or their legal representatives, bonds o f the
^ p a y m e n t of
United
States o f a denomination not less than fifty dollars, re
deemable in twenty years, and bearing interest at the rate
of six per cent, per annum, with coupons attached, and
payable annually or semi-annually at the discretion o f the
Secretary o f the Treasury.
Approved, March 2, 1861.
A C T O F J U L Y 17, 1861.
C hap. V .
A n act to authorize a national loan, and for 12 stat.
7
J 259
other purposes.
Be it enacted by the Senate and House of Representa
tives of the United States of America in Congress assem
bled, That the Secretary o f the Treasury be, and he i s . Jse cre ta ry
l .,
of
Hereby, authorized to borrow on the credit o f the Un i t e d ™? ! 0 0 ! r ° w
n,
.
w ith in tw e lve
otates, within twelve months from the passage of this™ 0 nA b 8 n o t
act, a sum not exceeding two hundred and fifty m illions000o f dollars, or so much thereof as he may deem necessary
for the public service, for which he is authorized to issue
coupon bonds, or registered bonds, or Treasury notes, in
1
.
°
'
• ' .
Couponor
registered
sucn proportions o f each as he may deem advisable; b on d s o r T reasthe bonds to bear interest not exceeding seven per centum h e is s u e d 'sthere^
per
annum,
payable
semi-annually,
irredeemable
for
162
N A T IO N A L
M ONETARY
C O M M IS S IO N .
redeemable 11611tweilty years, and after that period redeemable at the
T r e a s u r y pleasure o f the United States; and the Treasury notes to
notes, denomi- r
„
J
„
nation, i n t e r - be or any denomination fixed by the Secretary o f the
Treasury, not less than fifty dollars, and to be payable
a ble.
three years after date, with interest at the rate of seven
and three-tenths per centum per annum, payable semiA n d the Secretary of the Treasury may also
ury notes m ay.
.
„
.
,
,
„ ,,
,
^.
b e issued i n issue m exchange for com, and as part of the above loan,
c e r t a i n T r e a s - annually.
exchange f o r
.
.
coin, etc.
or may pay for salaries or other dues from the United
utes, 3589.
States, Treasury notes o f a less denomination than fifty
dollars, not bearing interest, but payable on demand by
the assistant treasurers o f the United States at Philadel
phia, New Y ork , or Boston, or Treasury notes bearing
interest at the rate o f three and sixty-five hundredths per
centum, payable in one year from date, and exchangeable
at any time for Treasury notes for fifty dollars, and up
Proviso.
wards, issuable under the authority o f this act, and bearing interest as specified above: Provided , T hat no ex
change o f such notes in any less amount than one hundred
Proviso.
dollars shall be made at any one tim e: And 'provided fur
ther, That no Treasury notes shall be issued o f a less
denomination than ten dollars, and that the whole amount
o f Treasury notes, not bearing interest, issued under the
authority o f this act, shall not exceed fifty millions of
dollars.
bonds’ ahow
signed, etc.
S ec. 2. And be it further enacted, T hat the Treasury
notes and bonds issued under the provisions o f this act
shall be signed by the First or Second Comptroller, or
the Register o f the Treasury, and countersigned by such
other officer or officers of the Treasury as the Secretary of
the Treasury may designate; and all such obligations, of
the denomination of fifty dollars and upwards, shall be
ferabi<T trans' issued under the seal of the Treasury Department. The
registered bonds shall be transferable on the books of the
Treasury on the delivery o f the certificate, and the coupon
bonds and Treasury notes shall be transferable by deliv
ery.
The interest coupons may be signed by such person
or persons, or executed in such manner as may be desig
nated by the Secretary o f the Treasury, who shall fix the
compensation for the same.
(Section 3 authorizes the Secretary o f the Treasury to
open books for subscriptions for the Treasury notes at
such places as he may select; and, if he thinks expedient,
before opening such books, to pay out for public dues, or
for coin or for the public debt, any amount o f said Treas
ury notes not exceeding one hundred millions o f dollars.
LAWS
C O N C E R N IN G
163
F IN A N C E .
(Section 4 provides for the issue o f proposals in the
United States for such portion o f the loan in bonds as
the Secretary may determine: “ Provided , T hat no offer
shall be accepted at less than par.”
(Section 5 authorizes the Secretary o f the Treasury to
negotiate any part o f the loan, not exceeding one hun
dred millions o f dollars, in any foreign country; to make
the principal and interest payable either in the United
States or in Europe; and to fix the rate o f exchange at
which the principal shall be received, which rate shall
also be the rate o f exchange for the payment o f the princi
pal and interest in Europe.)
S e c . 6.
And be it further enacted, That whenever any T r e a s u r y
I
*
notes under
Treasury notes o f a denomination less than fifty
,
. ‘
^
,
d o lla r s ,
$so m ay be reissued p r io r to
31,
authorized to be issued by this act, shall have been r e - D e c e m b e r
deemed, the Secretary o f the Treasury may reissue the
same or may cancel them and issue new notes to an equal
amount: Provided , T hat the aggregate amount o f bonds
P ro v iso ,
and Treasury notes issued under the foregoing provisions
o f this act shall never exceed the full amount authorized
by the first section o f this act; and the power to issue or
reissue such notes shall cease and determine after the
thirty-first o f December, eighteen hundred and sixty-two.
S e c . 7. And be it further enacted. T hat the Secretary
Trea sury
j.
rr<
.
'
. \
J notes may be
or the i reasury is hereby authorized, whenever he shall issued in exA
*j.
,.
.
.
7
.
. change for
deem it expedient, to issue in exchange for com, or in co in , etc.
payment for public dues, Treasury notes o f any o f the
denominations hereinbefore specified, bearing interest not
exceeding six per centum per annum, and payable at any
time not exceeding twelve months from date, provided
that the amount o f notes so issued, or paid, shall at no
time exceed twenty millions of dollars.
S e c . 8 . And be it further enacted, That the Secretary o f t j f ^ T ^ e Y s u r y
the Treasury shall report to Congress, immediately after*?o
to
the commencement o f the next session, the amount he has
borrowed under the provisions o f this act, o f whom, and
on what terms, with an abstract o f all the proposals, des
ignating those that have been accepted and those that
have been rejected, and the amount o f bonds or Treasury
notes that have been issued for the same.
S ec. 9. And be it further enacted, T hat the faith o f the Un^fe^h stages
United States is hereby solemnly pledged for the pay- pledged,
ment of the interest and redemption o f the principal of
the loan authorized by this act.
164
N A T IO N A L ,
M ONETARY
C O M M IS S IO N .
visfonsaiof Pact
o f 1857, ch.
revived.
Sec. 10. And be it further enacted, That all the pro
i, visions o f the act entitled “ A n act to authorize the issue
o f Treasury notes, approved the twenty-third day of
December, eighteen hundred and fifty-seven, so far as the
same can or may be applied to the provisions o f this act,
and not inconsistent therewith, are hereby revived or re
enacted.
(Section 11 makes an appropriation to defray the ex
penses attending this act.)
Approved, July 17, 1861.
A C T O F A U G U S T 5, 1861.
3i|2 stat.
l., Chap. X L V I .— A n act supplementary to an act entitled
“A n act to authorize a national loan, and for other
purposes.”
(Section 1 authorizes the Secretary o f the Treasury to
issue bonds bearing interest at six per cent per annum, and
payable at the pleasure o f the United States after twenty
years from date, to be given in exchange for such treas
ury notes, bearing interest at seven and three-tenths per
cent, issued under the act o f July 17, 1861, as the holders
may present for exchange before or at the maturity
thereof. A n y part o f the treasury notes payable on de
mand, authorized by said act, may be made payable by
the assistant treasurer at St. Louis, or the depositary at
Treasury
cu ted .
Cincinnati.)
Sec. 2. And be it further enacted, That the Treasury
notes issued under the provisions o f the said act to author
ize a national loan, and for other purposes, or o f any
other act now in force authorizing the issue o f such notes,
shall be signed by the Treasurer o f the United States,
or by some officer o f the Treasury Department, designated
by the Secretary o f the Treasury, for said Treasurer, and
countersigned by the Register o f the Treasury, or by some
se^ied not have °fficer
Treasury Department, designated by the
Secretary o f the Treasury, for said Register, and no
Treasury notes, issued under any act, shall require the
seal of the Treasury Department.
(Section 3 provides that the demand notes issued under
the previous act may be of denominations not less than
five dollars.
(Section 4 makes an appropriation for the expenses
authorized by this act.)
LAW S
S
ec
.
CO N C L E W IN G
165
F IN A N C E .
5. And be it further enacted, That the Treasury ma^ °tes £a cde^
notes authorized by the act to which this is supple-
“ e f v a b f e ° fo r
mentary, o f a less denomination than fifty dollars, pay- pURevisedstatable on demand without interest, and not exceeding in utes> 3473amount the sum of fifty millions o f dollars, shall be re
ceivable in payment o f public dues.
S e c . 6. And be it f urther enacted, That the provisions sub^
la°“ ° y
of the act entitled “ A n act to provide for the better act suspended,
organization of the Treasury, and for the collection, safe
keeping, transfer, and disbursements o f the public reve
nue,” passed August six, eighteen hundred and forty-six,
is46- <*. oo.
be and the same are hereby suspended, so far as to allow
the Secretary of the Treasury to deposit any o f the soi?lPt Sspectemoneys obtained on any o f the loans now authorized by payins bankslaw, to the credit o f the Treasurer o f the United States,
in such solvent specie-paying banks as he may select;
and the said moneys, so deposited, may be withdrawn
from such deposit for deposit with the regular authorized
depositaries, or for the payment o f public dues, or paid in
redemption of the notes authorized to be issued under
this act or the act to which this is supplementary, pay
able on demand, as may seem expedient to, or be directed
by, the Secretary o f the Treasury.
j,S e c .
7.
And be it further enacted, T hat the Secretarv.
’
S k per cen t
bon d s due in
tw e n ty
years
,
m ay be issued
su p p le -for ce rta in 7
4 i
per cen t bonds
.
or the I reasury may sell or negotiate, for anv portion o f
,1
\
1
the loan provided for
in
the act to which this is
mentary, bonds payable not more than twenty years from
date, and bearing interest not exceeding six per centum
per annum, payable semi-annually, at any rate not less
than the equivalent o f par, for the bonds bearing seven
per centum interest, authorized by said act.
Approved, August 5, 1861.
A C T O F F E B R U A R Y 25, 1862.
C
. X X X I I I . — A n act to authorize the issue of United 3442 stat- L->
States notes, and for the redemption or funding thereof,
and for funding the floating debt of the United States.
h a p
Be it enacted by the Senate and House of Representa
tives of the United States o f America in Congress assem
bled, That the Secretary of the Treasury is hereby
authorized to issue, on the credit o f the United States, T°eaifu0ryanotes
one hundred and fifty millions o f dollars o f United States a uthorized ,
notes, not bearing interest, payable to bearer, at the Treas
ury o f the United States, and o f such denominations as
166
N A T IO N A L M O N E T A R Y C O M M IS S IO N .
Not less than he may deem expedient, not less than five dollars each:
$5 each.
Revised Stat Provided , however , That fifty millions o f said notes shall
utes. 3571.
Fifty million be in lieu o f the demand Treasury notes authorized to be
dollars to he
in lieu of de issued by the act o f July seventeen, eighteen hundred and
mand n o te s,
which are to sixty-one; which said demand notes shall be taken up as
be redeemed.
Revised Stat rapidly as practicable, and the notes herein provided for
utes, 3473.
Receivable in substituted for them : A nd provided further , T hat the
payment of all
dues to United amount o f the two kinds o f notes together shall at no time
States except
duties on im exceed the sum o f one hundred and fifty millions o f dol
ports, and o f
claims against lars, and such notes herein authorized shall be receivable
the U n i t e d
States e xce p t in payment o f all taxes, internal duties, excises, debts, and
interest, and a
legal tender In demands o f every kind due to the United States, except
a ll c a s e s o f
debt.
duties on imports, and o f all claims and demands against
Revised Stat
utes, 3588.
the United States o f every kind whatsoever, except for
Holders
thereof may de-
posit
any
a m o u n t not
less than $50
with the Treas
urer or assist
ant treasurer,
and receive certificates co n
ve r t i bl e into
United States
bonds.
interest upon bonds and notes, wrhich shall be paid in coin,
and shall also be law ful money and a legal tender in pay
ment o f all debts public and private, within the United
States, except duties on imports and interest as aforesaid.
A n d any holders o f said United States notes depositing
any sum not less than fifty dollars, or some multiple of
fifty dollars, with the Treasurer o f the United States, or
either o f the assistant treasurers, shall receive in exchange
therefor duplicate certificates o f deposit, one o f which
may be transmitted to the Secretary o f the Treasury, who
shall thereupon issue to the holder an equal amount of
bonds of the United States, coupon or registered, as may
by said holder be desired, bearing interest at the rate of
six per centum per annum, payable semi-annually, and
redeemable at the pleasure o f the United States after five
years, and payable twenty years from the date thereof,
Said not es
recei vabl e in
p a y me nt
of
loans to the
United States.
Revised Stat
utes, 3579.
j^nd such United States notes shall be received the same
as coin, at their par value, in payment for any loans that
may be hereafter sold or negotiated by the Secretary of
the Treasury, and may be reissued from time to time as
the exigencies o f the public interest shall require.
Five hundred
million dollars
of 6 per cent
bonds author
ized to fund
floating debt.
S ec . 2. And be it further enacted, That, to enable the
Secretary o f the Treasury to fund the Treasury notes and
floating debt o f the United States, he is hereby authorized
to issue, on the credit o f the United States, coupon bonds,
or registered bonds, to an amount not exceeding five hun
Whe n p a y
able.
dred millions o f dollars, redeemable at the pleasure o f the
United States after five years, and payable twenty years
from date, and bearing interest at the rate o f six per
centum per annum, payable semi-annually. A n d the
LAWS
C O N C E R N IN G
167
F IN A N C E .
bonds herein authorized shall be of such denominations, Do® n ° ^ g D®^ a n
not less than fifty dollars, as may be determined upon by $50the Secretary o f the Treasury.
A n d the Secretary o f the
Treasury
may
dispose
o f such bonds at any time,t at the p o M
ay be d isv
v
l
sed o f fo r
market value thereof, for the coin o f the United States, c o i n o r at
•
' rna fk p t
value.
or for any o f the Treasury notes that have been or may
hereafter be issued under any former act o f Congress, or
for United States notes that may be issued under the pro
visions o f this act: and all stocks, bonds, and other securi- x Exempt from
.
.
1
;
. . 1
.
ta x a tio n .
ties o f the United States held by individuals, corporations, ^Rev^dstator associations within the United States, shall be exempt
from taxation by or under State authority.
S ec. 3. And be it further enacted, T hat the United ^ormof notes
States notes and the coupon or registered bonds author
ized by this act shall be in such form as the Secretary
o f the Treasury may direct, and shall bear the written
or engraved signatures o f the Treasurer o f the United How signed,
States and the Register of. the Treasury, and also, a s e C
evidence o f lawful issue, the imprint o f a copy of the
seal o f the Treasury Department, which imprint shall
be made under the direction of the Secretary after the
said notes or bonds shall be received from the engravers
and before they are issued; or the said notes and bonds
shall be signed by the Treasurer of the United States,
or for the Treasurer by such persons as may be specially
appointed by the Secretary of the Treasury for that
purpose, and shall be countersigned by the Register of
the Treasury, or for the Register by such persons as the
Secretary o f thp Treasury may specially appoint for
that purpose; and all the provisions o f the act entitled
?f
•An act to authorize the issue of Treasury notes,” ap-
n > re-
proved the twenty-third day of December, eighteen hun
dred and fifty-seven, so far as they can be applied to
this act, and not inconsistent therewith, are hereby
revived and re-enacted; and the sum o f three hundred
thousand dollars is hereby appropriated, out o f any tio^of^oo*money in the Treasury not otherwise appropriated, to p e nsesf0 o f enenable the Secretary o f the Treasury to carry this a c tgraving> etcinto effect.
S ec. 4. And be it further enacted, That the Secretary posted13with
o f the Treasury may receive from any person or persons, state? Treasd
or any corporation, United States notes on deposit for
1fesSsUIthan
not less than thirty days, in sums o f not less than one tifl0catesnbeaerhundred dollars, with any o f the assistant treasurers or jnteresteLsCued
designated depositaries o f the United States authorizedtherefor-
168
N A T IO N A L
M ONETARY
C O M M IS S IO N .
by the Secretary o f the Treasury to receive them, who
See a ct o f
M ar. 2, 1867.
shall issue therefor certificates o f deposit made in such
form as the Secretary of the Treasury shall prescribe,
and said certificates o f deposit shall bear interest at the
rate o f five per centum per annum; and any amount of
D ep osits m ay
be w ith d ra w n .
United States notes so deposited may be withdrawn from
deposit at any time after ten days’ notice on the return
o f said certificates: Provided , That the interest on all
such deposits shall cease and determine at the pleasure
A gg rega te o f
d ep osits n ot to
e x c e e d $25,000 , 000 .
o f the Secretary o f the Treasury: And provided further,
That the aggregate o f such deposit shall at no time
exceed the amount o f twenty-five millions o f dollars.
D u ties to be
receiv ed in coin
and d e m a n d
notes.
R evised S ta t
utes, 3473.
Sec. 5. A nd he it further enacted, That all duties on
imported goods shall be paid in coin, or in notes payable
on demand heretofore authorized to be issued and by
law receivable in payment o f public dues, and the coin
so paid shall be set apart as a special fund, and shall be
applied as follow s:
C o in , h o w
used to p a y in
terest.
R evised S ta t
utes, 3694.
T o create a
sin k in g fu n d .
R evised S ta t
utes, 3689.
First. T o the payment in coin o f the interest on the
bonds and notes o f the United States.
Second. To the purchase or payment o f one per centum
o f the entire debt o f the United States, to be made
within each fiscal year after the first day o f July, eight
een hundred and sixty-two, which is to be set apart as a
sinking fund, and the interest o f which shall in like
manner be applied to the purchase or payment o f the
public debt as the Secretary o f the Treasury shall from
time to time direct.
Third. The residue thereof to be paid into the Treas
ury o f the United States.
(Sections 6 and 7 prescribe penalties for forging, etc.,
Treasury notes or bonds, and for using, engraving, etc.,
plates in sim ilitude; or for selling or bringing into the
United States, or having plates or blank notes in pos
session, etc.)
Approved, February 25, 1862.
ACT
12 stat.
l .,
OF
M ARCH
1, 1862.
A n act to authorize the Secretary of
the Treasury to issue certificates of indebtedness to
public creditors.
C h a p . X X X V .—
Be it enacted by the Senate and House of Representa
tives of the United States of America in Congress assem
bled, That the Secretary o f the Treasury be, and he is
LAWS
C O N C E R N IN G
169
F IN A N C E .
hereby authorized to cause to be issued to any public tlfiTcSatee of cincreditor who may be desirous to receive the same, upon fbodzedess au
requisition o f the head o f the proper department, in satis
faction o f audited and settled demands against the United
States, certificates for the whole amount due or parts
thereof not less than one thousand dollars, signed by the ?1Noo0less than
Treasurer o f the United States, and countersigned as may *l0W slgnedbe directed by the Secretary o f the Treasury; which cer
tificates shall be payable in one year from date or earlier, ab^ hen pay‘
at the option o f the Government, and shall bear interest glx per cent
at the rate o f six per centum per annum.
.
interest.
Approved, March 1, 1862.
ACT
OF
M ARCH
IT, 1862.
C h a p . X L V . — A n act to authorize the 'purchase of coin
^ 12
stat.
l„
and for other purposes.
Be it enacted by the Senate and House of Representa
tives of the United States of America in Congress assem
bled, That the Secretary o f the Treasury may purchase co^^h^any
coin with any o f the bonds or notes o f the United States, unitedorstates
authorized by law, at such rates and upon such terms as aURe?iSdStathe may deem most advantageous to the public
; "g ^ o o -
interest
and may issue, under such rules and regulations as he indebtedness
..
0
may be issued
may prescribe, certificates of indebtedness, such as a re 1** holders of
authorized by an act entitled “ A n act to authorize the
Secretary o f the Treasury to issue certificates o f indebted
ness to public creditors,” approved March first, eighteen
hundred and sixty-two, to such creditors as may desire
to receive the same, in discharge o f checks drawn by
disbursing-officers upon sums placed to their credit on
the books o f the Treasurer, upon requisitions o f the
proper Departments, as well as in discharge o f audited
and settled accounts, as provided by said act.
S ec . 2. And be it further enacted, That the demand Demand notes
*
*
msdp recelvnotes authorized by the act o f July seventeen, eightee n able and a lei j .
. .
1 1 * 1
_ ' .
gal tender as
hundred and sixty-one, and by the act or February notes issued
’
»
* under &ct of
twelfth, eighteen hundred and sixty-two, shall, in ad- February 25,
dition to being receivable in payment o f duties on imports, Revised statbe receivable, and shall be lawful money and a legal ten
der, in like manner, and for the same purposes, and to
the same extent, as the notes authorized by an act entitled
L A n act to authorize the issue of United States notes,
and for the redemption or funding thereof, and for fund-
157120—10------ 13
N A T IO N A L
170
M ONETARY
C O M M IS S IO N .
ing the floating debt o f the United States,” approved
February twenty-fifth, eighteen hundred and* sixty-two.
secretary of
S ec. 3. And be it f urther enacted. That the limitation
deceive*Zdepos0 uPon
temporary deposits of United States notes with
lts °noteseato any assistant treasurers or designated depositaries,
am ou^n tQof authorized by the Secretary o f the Treasury to receive
such deposits, at five per cent, interest, to twenty-five
millions of dollars, shall be so far modified as to authorize
the Secretary o f the Treasury to receive such deposits to
an amount not exceeding fifty millions o f dollars, and
that the rates o f interest shall be prescribed by the Secre-'
tary o f the Treasury not exceeding the annual rate of
five per centum.
ManotesSUin ^ ec .
^ f ur^ er enacted, That, in all cases
place of those where the Secretary of the Treasury is authorized by law
worn out.
.
, J
, ,
uevised^stat- to reissue notes, he may replace such as are so mutilated
or otherwise injured as to be unfit for u§e with others o f
the same character and am ount; and such mutilated
notes, and all others which by law are required to be taken
up and not reissued, shall, when so replaced, or taken up,
be destroyed in such manner and under such regulations
as the Secretary o f the Treasury may prescribe.
Approved, March 17, 1862.
A C T O F A P R I L 21, 1862.
12
382
stat.
l .,
C h a p . L I X . — A n act to establish a branch mint of the
United States at Denver , in the Territory of Colo
rado.
*
to W e S X S
*
*
*
*
S ec. 5. And be it further enacted, That said branch
moneys.0 b 11 c mint shall be a place o f deposit for such public moneys
as the Secretary o f the Treasury may direct. A n d the
superintendent o f the said branch mint, who shall per
form the duties o f treasurer thereof, shall have the cus
tody o f the same, and also perform the duties o f assistant
treasurer; and for that purpose shall be subject to all the
voY^ix °p' 59’ Provisi ° ns contained in an act entitled “ A n act to pro
vide for the better organization o f the treasury, and for
the collection, safe-keeping, transfer, and disbursement o f
the public revenue,” approved August six, eighteen hun
dred and forty-six, which relates to the treasury o f the
branch mint at New Orleans.
*
*
*
Approved, A p ril 21, 1862.
*
*
LAWS
C O N C E R N IN G
171
F IN A N C E .
A C T O F J U L Y 1, 1862.
C h a p . C X X . — A n act to aid in the construction of a rail- 4gi2 stat. l .,
road and telegraph line from the Missouri River to the
Pacific Ocean, and to secure to the Government the use
of the same for postal, military, and other purposes.
(Section 1 creates the corporation o f the “ Union P a
cific Railroad Company ” and prescribes details o f man
agement, etc.
(Section 2 grants right o f way.
(Section 3 grants alternate sections of land on each
side o f railroad except mineral lands, etc.
(Section 4 prescribes conditions upon which patents
shall issue.)
S . 5.
ec
And he it further enacted, That for the purposes herein mentioned, the Secretary o f the Treasury
snail, upon the certificate in writing of said commis„•
p
. -i
,.
_
.
b
„
„
bon^gVernment
See se ctio n 8,
s e ctio n 10.
N ow 20 m iles.
s e c t i o n . 10,
sioners o± the completion and equipment o f forty consecutive miles o f said railroad and telegraph, in accord- R evised
ance with the provisions o f this act, issue to said company Ut S’
Stat-
bonds of the United States o f one thousand dollars each, ofSetehfsec^°tnf“
payable in thirty years after date, bearing six per centum H f ’ ooo p e r
per annum interest (said interest payable sem i-annually),milewhich interest may be paid in United States Treasury
notes or any other money or currency which the United
States have or shall declare lawful money and a legaltender, to the amount o f sixteen o f said bonds per mile
for such section o f forty m iles; and to secure the repay
ment to the United States, as hereinafter provided, o f
the amount of said bonds so issued and delivered to said
company, together with all interest thereon which shall
have been paid by the United States, the issue o f said
bonds and delivery to the company shall ipso facto con
stitute a first mortgage on the whole line o f the railroad T, Lien
.o f
and telegraph, together with the rolling-stock, fixtures, ^ bnodsjn™eade
and property o f every kind and description, and in c o n _ 1 0 s | ctSo£Ci 864n
sideration o f which said bonds may be issued; and on re
fusal or failure o f said company to redeem said bonds or
any part o f them, when required to do so by the Secretary
o f the Treasury, in accordance with the provisions o f this
act, the said road, with all the rights, functions, immuni
ties, and appurtenances thereunto belonging, and also all
lands granted to the said company by the United States,
which, at the time of said default, shall remain in the
172
N A T IO N A L
M ONETARY
C O M M IS S IO N .
ownership o f the said company, may be taken possession
o f by the Secretary o f the Treasury for the use and beneSee s S t f o n
a ct o f 1864.
5, fi* o f the United States: Provided , This section shall not
apply to that part o f any road now constructed.
a S ODhoSw !> a iedn
S .
ec 6- And be it further enacted, That the grants
aforesaid are made upon condition that said company
shall pay said bonds at maturity, and shall keep said rail
road and telegraph line in repair and use, and shall at
all times transmit dispatches over said telegraph line,
and transport mails, troops, and munitions of war, sup
plies, and public stores upon said railroad for the G ov
ernment whenever required to do so by any Department
thereof, and that the Government shall at all times have
the preference in the use o f the same for all the purposes
aforesaid, (at fair and reasonable rates of compensation,
not to exceed the amounts paid by private parties for the
same kind o f service); and all compensation for services
rendered for the Government shall be applied to the pay
ment o f said bonds and interest until the whole amount
transport^Tion*
Pa^ Said company may also pay the United
inalcashbe pald States, wholly or in part, in the same or other bonds,
Treasury notes, or other evidences o f debt against the
United States, to be allowed at p a r; and after said road
is completed, until said bonds and interest are paid, at
least five per centum o f the net earnings o f said road
shall also be annually applied to the payment thereof.
*
*
*
*
*
tfebbe1ovebr°the
s ie r r a N e v a d a
M ou n tain s.
S ec.
11. And be it further enacted,
That for three
hundred miles o f said road, most mountainous and difficuit o f construction, to wit, one hundred and fifty miles
westwardly from the eastern base o f the Rocky M oun
tains, and one hundred and fifty miles eastwardly from
the western base o f the Sierra Nevada Mountains, said
points to be fixed by the President of the United States,
the bonds to be issued to aid in the construction thereof
shall be treble the number per mile hereinbefore pro
vided, and the same shall be issued, and the lands herein
granted be set apart, upon the construction o f every twenty
miles thereof, upon the certificate o f the commissioners
S u b sid y bonds
dou b le betw een
th e m ou n ta in s,
as aforesaid that twenty consecutive miles o f the same
are completed; and between the sections last named of
,
7
.
.
.
.
one hundred and fifty miles each, the bonds to be issued
to aid in the construction thereof shall be double the
number per mile first mentioned, and the same shall be
LAWS
C O N C E R N IN G
173
F IN A N C E .
issued, and the lands herein granted be set apart, upon
the construction o f every twenty miles thereof, upon the
certificate o f the commissioners as aforesaid that twenty
consecutive miles of the same are completed: Provided ,
That no more than fifty thousand o f said bonds shall be
issued under this act to aid in constructing the main line
o f said railroad and telegraph.
*
*
*
*
*
S ec.
17. And be it further eno,cted, T hat in case said
company or companies shall fail to comply with the terms ™“dpletlon of
and conditions of this act, by not completing said road
and telegraph and branches within a reasonable time, or
by not keeping the same in repair and use, but shall per
mit the same for an unreasonable time to remain unfin
ished or out o f repair and unfit for use, Congress may
pass any act to insure the speedy completion o f said road
and branches, or to put the same in repair and use, and
may direct the income o f said railroad and telegraph line
to be thereafter devoted to the use o f the United States
to repay all such expenditures caused by the default or
neglect of such company or companies: Provided , That
if said roads are not completed, so as to form a continuous v Main line
to
line ot railroad, ready for use, from the Missouri River 1876.
to the navigable waters of the Sacramento River in Cali- anf ey
fornia, by the first day o f July, eighteen hundred and 1864seventy-six, the whole of all o f said railroads before
mentioned, and to be constructed under the provisions of
this act, together with all their furniture, fixtures, rollingstock, machine "shops, lands, tenements, hereditaments,
and property of every kind and character, shall be for
feited to and taken possession of by the United States:
Provided , T hat o f the bonds o f the United States in this
act provided to be delivered for any and all parts of the
roads to be constructed east o f the one-hundredth merid
ian o f west longitude from Greenwich, and for any part
of the road west o f the west foot o f the Sierra Nevada
Mountains, there shall be reserved o f each part and in
stallment twenty-five per centum, to be and remain in
R epealed,
tne United States Treasury, undelivered, until said road a ct
and all parts thereof provided for in this act are entirely
completed; and o f all the bonds provided to be delivered
for the said road, between the two points aforesaid, there
shall be reserved out o f each installment fifteen per
centum, to be and remain in the Treasury until the whole
o f the road provided for in this act is fully completed;
o f 1864.
j>
174
National
m onetary com m ission .
and if the said road or any part thereof shall fail o f
completion at the time limited therefor in this act, then
and in that case the said part o f said bonds so reserved
shall be forfeited to the United States.
*
*
*
*
*
Approved, July 1, 1862.
N ote .— By joint resolution, No. 19, o f April 10, 1869, an amount
of the subsidy bonds provided for are to be withheld sufficient to
secure the full completion, as a first-class road, o f all sections of
such road, etc.
ACT OF JU LY
12
11, 1862.
stat. l ., C h a p . C X L I I . — A n act to authorize an additional issue
of United States notes, and for other pur-poses.
L im it to d e
p osits o f n otes
exten d ed from
$ 50 ,0 0 0 ,0 0 0 to
$
100, 000, 000.
S ec. 3.
And he it further enacted, T hat the limitation
upon temporary deposits o f United States notes with any
assistant treasurer, or designated 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 re
ceive such deposits, under such regulations as he may
prescribe, to such amount as he may deem expedient, not
exceeding one hundred millions o f dollars, for not less
than thirty days, in sums not less than one hundred dol
lars, at a rate o f interest not exceeding five per centum
per annum; and any amount so deposited may be withdrawm from deposit, at any time after ten days’ notice on
F ift y m illion
d o lla rs o f n otes
reserved to pay
d ep osits.
the return of the certificate o f deposit.
A n d 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 deposits
wThen demanded, and shall be issued and used only when,
in the judgment o f the Secretary o f the Treasury, the
same or any part thereof may be needed for that purpose.
A 11 ce rtifi
ca tes
of
d e
p o sit and o f in
d ebted n ess c o n
v e r tib le i n t o
bonds.
Time of ob
taining l o a n
authorized b y
act of July 17,
1861, extended.
A nd certificates o f deposit and o f indebtedness issued
under this or former acts may be received on the same
terms as United States notes in payment for bonds re
deemable after five and payable in twenty years.
S ec. 4. And
he it further enacted, That the Secretary
of the Treasury may, at any time until otherwise ordered
by Congress, and under the restrictions imposed by the
“ act to authorize a national loan, and for other purposes,”
borrow, on the credit o f the United States, guch part of
LAWS
C O N C E R N IN G
175
F IN A N C E .
the sum of two hundred and fifty millions mentioned in
said act as may not have been borrowed, under the pro
visions o f the same, within twelve months from the pas
sage thereof.
*
*
*
*
*
Approved, July 11, 1862.
A C T O F M A K C H 3, 1863.
C h a p . L X X I I I .— A n act to provide ways and means for _ 12 stat. l .,
the support of the Government.
Be it enacted by the Senate and Rouse of Representa
tives of the United States of America in Congress as
sembled, That the Secretary o f the Treasury be, and t hs®cr£ * "s U?y
he is hereby, authorized to borrow, from time to time, on may borrow
tne credit o f the United States, a sum not exceeding three 000,000 for
°
, th is ye a r and
hundred millions o f dollars for the current fiscal year, and $600,000,000
six hundred millions for the next fiscal year, and to issue
therefor coupon or registered bonds, payable at the pleasure o f the Government after such periods as may be fixed
by the Secretary, not less than ten nor more than forty
years from date, in coin, and o f such denominations not
Bonds.
D e n o m in a -
less than fifty dollars as he may deem expedient, bearing
interest at a rate not exceeding six per centum per annum,
11
i
t
® _.
r
in te r e s t on,
’ ra te o f, p a ya b le
payable on bonds not exceeding one hundred dollars,111 coin ,
annualty, and on all other bonds semi-annually, in coin;
and he may, in his discretion, dispose o f such bonds at^ B on d s m a ^
any time, upon such terms as he may deem most advisable, ^ dlsposed 0 •
for law ful money o f the United States, or for any o f the
certificates of indebtedness or deposit that may at any
time be unpaid, or for any o f the Treasury notes hereto-*
fore issued or which may be issued under the provisions
of this act. xlnd all the bonds and Treasury notes o r .
T o be exem p t
United States notes issued under the provisions o f this
R e v *scd s ta t -
act shall be exempt from taxation by or under State or
municipal authority: Provided , That there shall be out- ^
“ {ng'1 n^t
standing o f bonds, Treasury notes, and United States $900,(K)0,oooe d
notes, at any time, issued under the provisions o f this act,
no greater amount altogether than the sum o f nine hun
dred millions o f dollars.
ec 2. And be it further enacted, T hat the
S .
Secretary
secretary
of the Treasury be, and he is hereby, authorized to issue, -^oo^o 00^000
on the credit o f the United States, four hundred millions notes,
o f dollars in Treasury notes, payable at the pleasure o f w h e n Paj tne u nited States, or at such time or times not exceeding o f interest.
176
N A T IO N A L
M ONETARY
C O M M IS S IO N .
three years from date as may be found most beneficial to
the public interests, and bearing interest at a rate not
exceeding six per centum per annum, payable at periods
abientiene!awfuiexPressed on the face of said Treasury notes; and the
money.
interest on the said Treasury notes and on certificates of
indebtedness and deposit hereafter issued, shall be paid
tions6 and how in law ful money.
disposed of.
The Treasury notes thus issued shall
0 f such denomination as the Secretary may direct, not
utesivi;:476Stat less than ten dollars, and may be disposed o f on the best
terms that can be obtained, or may be paid to any creditor
o f the United States willing to receive the same at par.
tended etc.esal
said Treasury notes may be made a legal tender to
utfs®v359o.stat‘ the same extent as United States notes, for their face
changeable*ex va^ue> excluding interest; or they may be made exchange
able under regulations prescribed by the Secretary of the
Treasury, by the holder thereof, at the Treasury in the
city o f W ashington, or at the office o f any assistant treas
urer or depositary designated for that purpose, for United
States notes equal in amount to the Treasury notes o f
fered for. exchange, together with the interest accrued
and due thereon at the date o f interest payment next premaythbe issued ceding such exchange.
A nd in lieu o f any amount of
changed86 61 said Treasury notes thus exchanged, or redeemed or paid
at maturity, the Secretary may issue an equal amount of
other Treasury notes; and the Treasury notes so ex
changed, redeemed, or paid, shall be cancelled and deandnflftyD<mi?- s ta y e d as the Secretary may direct.
In order to secure
notesd°mayS be cer^ain and prompt exchanges o f United States notes for
chSangesf°r ex Treasury notes, when required as above provided, the
Secretary shall have power to issue United States notes
to the amount o f one hundred and fifty millions o f dol
lars, which may be used if necessary for such exchanges;
but no part o f the United States notes authorized by this
section shall be issued for or applied to any other pur^When issued poses than said exchanges; and whenever any amount
how replaced, shall have been so issued and applied, the same shall be
replaced as soon as practicable from the sales o f Treasury
The secretary
notes for United States notes.
g EC> 3 And he it further enacted, T hat the Secretary
etc y mayaissue
^he Treasury be, and he is hereby, authorized, if re-
notes0°without fibred by the exigencies o f the public service, for the payinterest
ment o f the A rm y and N avy, and other creditors o f the
utes, 3571 .
Government, to issue on the credit of the United States
the sum of one hundred and fifty millions of dollars o f
United States notes, including the amount o f such notes
LAW S
C 02\ O E E N I N G
177
FTSTAXCE.
heretofore authorized by the joint resolution approved
January seventeen, eighteen hundred and sixty-three, in
such form as he may deem expedient, not bearing interest,
payable to bearer, and o f such denominations, not less than tio^senomlna'
. one dollar, as he may prescribe, which notes so issued shall
be lawful money and a legal tender in payment o f all debts, e x ^ ^ alf0T ddupublic or private, within the United States, except f o r ^ and inter_
duties on imports and interest on the public debt; and a n y uteS% !§88Stat>
o f the said notes, when returned to the Treasury, may be
reissued from time to time as the exigencies of the public
Raised stat-
service may require. A n d in lieu of any of said notes, or utissues in lieu
any other United States notes, returned to the T rea su ry ,^ leaotes canand cancelled or destroyed, there may be issued equal
amounts o f United States notes, such as are authorized by
this act.
A n d so much o f the act to authorize the issue
Repeal
of
o f United States notes, and for other purposes, approved ?h.rt 3§f llel;
February twenty-five, eighteen hundred and sixty-two, strictinlf’ negoand o f the act to authorize an additional issue o f UnitedkeVvaiue.mar’
States notes, and for other purposes, approved July
eleven, eighteen hundred and sixty-two, as restricts the
negotiation o f bonds to market value, is hereby repealed.
A n d the holders o f United States notes, issued under and
when former
by virtue of said acts, shall present the same for the p u r- presented
for
pose o f exchanging the same for bonds, as therein pro
vided, on or before the first day o f July, eighteen hundred
and sixty-three, and thereafter the right so to exchange
the same shall cease and determine.
S ec. 4. And be it further enacted, T hat in lieu o f post'
.7
r
In lieu of
postage
enr
age and revenue, stamps for fractional currency, and o f r e n c y - frac«
.
.
.
x
tion al
notes
fractional notes, commonly called postage currency, issued “ ay^e^ssued.
or to be issued, the Secretary of the Treasury may i s s u e 3374>
fractional notes of like amounts in such form as he may
deem expedient, and may provide for the engraving,
preparation, and issue thereof in the Treasury Depart
ment building. A n d all such notes issued shall be ex- e^ngeabiVaud
changeable by the assistant treasurers and designated de- payable,
positaries for United States notes, in sums not less than
three dollars, and shall be receivable for postage and reve
nue stamps, and also in payment o f any dues to the
Tnited States less than five dollars, except duties on im
ports, and shall be redeemed on presentation at the Treas
ury o f the United States in such sums and under such
regulations as the Secretary o f the Treasury shall pre
scribe: Provided , T hat the whole amount o f fractionale xIaseu| dnat5(j°
currency issued, including postage and revenue stam ps000'000-
178
N A T IO N A L
M ONETARY
C O M M IS S IO N .
issued as currency, shall not exceed fifty millions of
dollars.
S e e r e ta ry
S e c . 5. And be it further enacted, That the Secretary
m ay
receive
g o l d on de o f the Treasury is hereby authorized to receive deposits
posit and issue
c e r t i fica te s o f gold coin and bullion with the Treasurer or any assist
therefor.'
Revised Stat ant treasurer o f the United States, in sums not less* than
utes, 254.
twenty dollars, and to issue certificates therefor, in denom
inations o f not less than twenty dollars each, correspond
ing with the denominations of the United States notes.
The coin and bullion deposited for or representing the
certificates of deposit shall be retained in the Treasury
Such certifi
cates may be for the payment o f the same on demand. A n d certifi
issued to pay cates representing coin in the Treasury may be issued in
interest on the
p u b l i c debt payment o f interest on the public debt, which certificates,
and duties.
together with those issued for coin and bullion deposited,
L i m i t o f shall not at any time exceed twenty per centum beyond
amount.
Revised Stat the amount o f coin and bullion in the Treasury; and the
utes, 3478.
certificates for coin or bullion in the Treasury shall be
received at par in payment for duties on imports.
Secretary to
S e c . 6. And be it further enacted, That the coupon or
determine
form of bonds registered bonds, Treasury notes, and United States notes
and notes.
authorized by this act shall be in such form as the Secre
What to be tary o f the Treasury may direct, and shall have printed
printed there
on.
upon them such statements, showing the amount o f ac
crued or accruing interest, the character of the notes, and
the penalties or punishment for altering or counterfeiting
them, as the Secretary o f the Treasury may prescribe, and
How signed. shall bear the
written or engraved signatures o f the
Treasurer o f the United States and the Register o f the
Treasury, and also as evidence o f lawful issue, the im
To have im print o f a copy o f the seal o f the Treasury Department,
print of seal.
which imprint shall be made, under the direction of the
Secretary, after the said notes or bonds shall be received
from the engravers and before they are issued; or the
Signature.
said notes and bonds shall be signed by the Treasurer of
the United States, or for the Treasurer by such persons
as may be specially appointed by the Secretary of the
Treasury for that purpose, and shall be countersigned by
the Register o f the Treasury, or for the Register by such
persons as the Secretary o f the Treasury may specially
Provisions of appoint for that purpose.
A n d all the provisions o f the
act 1857, ch. 1,
revived.
act entitled “ A n act to authorize the issue o f Treasury
notes,”
approved
the twenty-third
day o f
December,
eighteen hundred and fifty-seven, so far as they can be
I
LAWS CONCERNING FINANCE.
179
applied to this act, and not inconsistent therewith, are
hereby revived and re-enacted.
*
*
*
*
*
(Section 7, after providing for taxes to be laid upon
the circulation o f all banks and corporations, whether
established under state laws or under the act o f February 70^2 Stat. L.,
25, 1863, directs that all banks, corporations, or indivi
duals issuing notes for any fractional part o f a dollar
after A p ril 1, 1863, shall be taxed ten per cent per annum
upon the amount of such fractional notes.
(Section 8 makes penalties of former act against coun
terfeiting, etc., applicable, and provides an appropriation
to carry this act into effect.)
Approved, March 3, 1863.
A C T O F M A R C H 3, 1863.
C h a p . L X X I V . — A n act to amend an act entitled
act to provide internal revenue to support the Govern
ment and pay interest on the public d eb t” appi'oved
July -first, eighteen hundred and sixty-two , and for
other purposes.
*
*
*
*
*
(Section 4, after prescribing that all contracts for the
purchase or sale of coin or bullion, and all contracts for
loans upon the pledge thereof, if to be performed after
a period exceeding three days, shall be in writing and
shall be taxed, provides as follow s:
“ A nd no loan o f currency or money on the security of
gold or silver coin o f the United States, as aforesaid, or
o f any certificate or other evidence of deposit payable in
gold or silver coin, shall be made exceeding in amount the
par value o f the coin pledged or deposited as security;
and any such loan so made, or attempted to be made,
shall be utterly void: Provided , That if gold or silver
coin be loaned at its par value it shall be subject only to
the duty imposed on other loans: Provided', however,
That nothing herein contained shall apply to any trans
action by or with the government o f the United States.”
(Section 5 declares that all transactions not in accord
ance with the preceding section shall be void, and provides
for suits by any party to such contracts.)
*
*
*
Approved, March 3, 1863.
*
*
12 Stat. L.,
18 0
N A T IO N A L
M ONETARY
C O M M IS S IO N .
A C T O F M A R C H 3, 1864.
13 stat.L.,13. C h a p . X V I I .— A n act supplementary to an act entitled
“A n act to provide ways and means for the support of
the Government,” approved March third, eighteen hun
dred and sixty-three.
s e c r e ta r y
of
B e it enacted by the Senate and House of Representa
tives of the United States of America in Congress assembled. That in lieu of so much o f the loam authorized bv
the Treasury _ 7
i
.-i i
.
mayborrownotthe act of March third, eighteen hundred and sixty-three,
ooo and issue to which this is supplementary, the secretary ot the
therefor f i v e fo r t y bonds.
%
**
Treasury is authorized to borrow, from time to time, on
the credit o f the United States, not exceeding two hun
dred millions of dollars during the current fiscal year, and
See se ctio n 3.
to prepare and issue therefor coupon or registered bonds
of the United States, bearing date March first, eighteen
hundred and sixty-four, or any subsequent period, re
deemable at the pleasure of the Government after any
period not less than five years, and payable at any period
more than fortv years from date, in coin, and o f such
Denomina-not
n ot
denominations as may be found expedient, not less than
fifty dollars, bearing interest not exceeding six per centum
p a ya b le in coin .
a year, payable on bonds not over one hundred dollars,
H o w d isp osed
annually, and on all other bonds semi-annually, in coin ;
and he may dispose o f such bonds at any time, on such
terms as he may deem most advisable, for lawful money
in te re s t
o f the United States, or, at his discretion, for Treasury
notes, certificates o f indebtedness, or certificates o f detaxation* from Posit, issued under any act o f Congress; and all bonds
Revised stat- issued under this act shall be exempt from taxation bv or
utcs 3701.
^
*
under State or municipal authority. A nd the Secretary
t it nPforriex-0 ^ the Treasury shall pay the necessary expenses of the
exceed o n e b a t f
o f l per cen t.
PreParation, issue, and disposal o f such bonds out o f any
m0ney in the Treasury not otherwise appropriated, but the
amount so paid shall not exceed one-half of one per centum
o f the amount o f the bonds so issued and disposed of.
(Section 2 authorizes the Secretary o f the Treasury to
issue bonds under the act o f February 25, 1862, in excess
o f five hundred millions o f dollars, to the amount o f
eleven millions, to such persons as subscribed for them on
or before January 21, 1864, and have paid for them.)
Approved, March 3, 1864.
LAWS
C O N C E B N IN G
181
F IN A N C E .
J O I N T R E S O L U T I O N O F M A R C H 17, 1864.
[N o. 20.] Joint resolution to authorize the Secretary of
stat- L>
the Treasury to anticipate the payment of the interest
on the public debt, and for other purposes.
Be it resolved by the Senate and House of Representa
tives of the United States of America in Congress assem
bled^ That the Secretary o f the Treasury be authorized t secretary^of
to anticipate the payment o f interest on the public debt, “ ay anticipate
by a period not exceeding one year, from time to time, t^puw c debt,
either with or without a rebate o f interest upon the cou-
utes, 3699.
pons, as to him may seem expedient ; and he is hereby
authorized to dispose o f any gold in the Treasury o f the
United States not necessary for the payment o f interest
of the public d ebt: Provided , T hat the obligation to ere-
P ro v iso ,
ate the sinking fund according to the act o f February
twenty-fifth, eighteen hundred and sixty-two, shall not
be impaired thereby.
1862> ch- 33-
Approved, March 17, 1864.
A C T O F J U N E 3, 1864.
C h a p . C V I .— A n act to provide a national currency, se- 9Q13 stat- L-*
cured by a pledge of United States bonds, and to pro
vide for the circulation and redemption thereof.
*
*
*
*
*
S ec . 45. And be it further enacted, T hat all associa- WhenSOsC
oade°s°gtions under this act, when designated for that purpose by d^ositaries of
the Secretary o f the Treasury, shall be depositaries of P ^ ‘cptmo° ^ s:
public money, except receipts from customs, under su ch j^f aJ£ninan:
regulations as may be prescribed by the Secretary; a n d ut^ vi| g ^ tat
they may also be employed as financial agents o f the
Government; and they shall perform all such reasonable
duties, as depositaries o f public moneys and financial
agents o f the Government, as may be required o f them.
A n d the Secretary o f the Treasury shall require o f the
associations thus designated satisfactory security, by the
deposit o f United States bonds and otherwise, for the Designateddesale-keeping and prompt payment o f the public money >
t’ayr^g°“eptnya:
deposited with them, and for the faithful performance[i.?.nal currency
* ,i .
1
7
r
5ins at par.
or tneir duties as financial agents o f the Government:
Provided , That every association which shall be selected
and designated as receiver or depositary o f the public
money shall take and receive at par all o f the national
182
N A T IO N A L
M ONETARY
C O M M IS S IO N .
currency bills, by whatever association issued, which have
been paid in to the Government for internal revenue, or
for loans or stocks.
*
*
*
* *
*
Approved, June 3, 1864.
A C T O F J U N E 17, 1864.
13
132.
stat. l., c HAP_ C X X V I I . — A n act to prohibit certain sales of gold
and foreign exchange.
Be it enacted,
*
*
*
T hat it shall be unlawful to
make any contract for the purchase or sale and delivery of
any gold coin or bullion to be delivered on any day sub
sequent to the day o f making such contract, or for the
payment o f any sum, either fixed or contingent, in de
fault o f the delivery o f any gold coin or bullion, or to
make such contract upon any other terms than the actual
delivery of such gold coin or bullion, and the payment in
full o f the agreed price thereof, on the day on which such
contract is made, in United States notes or national cur
rency, and not otherwise; or to make any contract for the
purchase or sale and delivery o f any foreign exchange to
be delivered at any time beyond ten days subsequent to
the making o f such contract; or for the payment o f any
sum, either fixed or contingent, in default of the delivery
o f any foreign exchange, or upon any other terms than
the actual delivery o f such foreign exchange within ten
days from the making o f such contract, and the immedi
ate payment in full o f the agreed price thereof on the day
o f delivery in United States notes or national currency;
or to make any contract whatever for the sale and de
livery o f any gold coin or bullion o f which the person
making such contract shall not, at the time o f making the
same, be in actual possession.
A nd it shall be unlawful
to make any loan o f money or currency not being in coin
to be repaid in coin or bullion, or to make any loan of
coin or bullion to be repaid in money or currency other
than coin.
S ec . 2 . And be it further enacted, That it shall be fu r
ther unlawful for any banker, broker, or other person, to
make any purchase or sale o f a n y g o ld coin or bullion, or
o f any foreign exchange, any contract for any such pur
chase or sale, at any other place than the ordinary place
o f business o f either the seller or purchaser, owned or
LAWS
C O N C E R N IN G
183
F IN A N C E .
hired, and occupied by him individually, or by a partner
ship o f which he is a member.
Sec.
3. And be it further enacted, That all contracts
made in violation oi this act shall be absolutely void.
Sec.
4. And be it further enacted, T hat any person
who shall violate any provisions o f this act shall be held
guilty o f a misdemeanor, and, on conviction thereof, be
fined in any sum not less than one thousand dollars, nor
more than ten thousand dollars, or be imprisoned for a
period not less than three months, nor longer than one
year, or both, at the discretion of the court, and shall
likewise be subject to a penalty of one thousand dollars
for each offence.
Sec. 5 . And be it further enacted,
T hat the penalties
imposed by the fourth section o f this act may be recov
ered in an action at law in any court o f record o f the
United States, or any court o f competent jurisdiction,
which action may be brought in the name o f the United
States by any person who will sue for said penalty, one
half for the use o f the United States, and the other h alf
for the use o f the person bringing such action. A n d the
recovery and satisfaction o f a judgment in any such action
shall be a bar to the imposition o f any fine for the same
offence in any prosecution instituted subsequent to the
recovery o f such judgment, but shall not be a bar to the
infliction o f punishment by imprisonment, as provided
by said fourth section.
Sec.
6. And be it further enacted, That all acts and
parts o f acts inconsistent with the provisions o f this act
are hereby repealed.
Approved, June 17, 1864.
N ote.— T he above act was repealed by the act approved July 2 ,
1864.
(See 13 Stat. L., 344.)
.
A C T O F J U N E 30, 1864.
C h a p . C L X X I I . — A n act to provide ways and means for
13 stat. l .,
the support of the Government, and for other pur
poses.
Be it enacted by the Senate and House of Representa
tives of the United States of America in Congress as
sembled, T hat the Secretary o f the Treasurv be, and h e
• i
V
,
J
s e c r e ta r y o f
t h e T re a su ry
is nereby, authorized to borrow, from time to time, on themay
credit o f the United States, four hundred millions o f dol - and
lars, and to issue therefor coupon or registered bonds o f
the United States, redeemable at the pleasure of the Gov-
Issue bon d s
184
N A T IO N A L
M ONETARY
C O M M IS S IO N .
abiehen redeem‘ ernment, after any period not less than five, nor more than
thirty years, or, i f deemed expedient, made payable at any
tionen0m1na’ period not more than forty years from date. A nd said
bonds shall be o f such denominations ^ s the Secretary o f
anI1neueatifyninthe Treasury shall direct, not less than fifty dollars, and
bear an annual interest not exceeding six per centum,
m ^TbVd^s-payable semi-annually in coin. A n d the Secretary o f the
posed of.
Treasury may dispose of such bonds, or any part thereof,
and o f any bonds commonly known as five-twenties re
maining unsold, in the United States, or if he shall find
it expedient, in Europe, at any time, on such terms as he
may deem most advisable, for law ful money o f the United
States, or, at his discretion for Treasury notes, certificates
o f indebtedness, or certificates o f deposit issued under
of^1thelisunitedany act o f Congress.
A n d all bonds, Treasury notes, and
exempt fro mother obligations o f the United States shall be exempt
taRellsed stat- from taxation by or under State or municipal authority,
utes, 3701.
g ECi 2. And be it further enacted, That the Secretary
issuer1nariieu of of the Treasury may issue on the credit o f the United
$2roo,ooo!ooo States, and in lieu o f an equal amount of bonds authorTRevisedns tat- ized by the preceding section, and as a part o f said loan,
utDeno7mina-n° t exceeding two hundred millions of dollars, in Treaspayabfend when ury notes o f any denomination not less than ten dollars,
payable at any time not exceeding three years from date,
or, if thought more expedient, redeemable at any time
after three years from date, and bearing interest not exinterest pay- ceedinn the rate o f seven and three-tenths per centum
able in lawful
° .
„
.
money.
payable m law ful money at maturity, or, at the discre
tion o f the Secretary, semi-annually.
And
the -said
Treasury notes may be disposed of by the Secretary of
How maj be the Treasury, on the best terms that can be obtained, for
law ful m oney; and such o f them as shall be made payiio w
far to be able, principal and interest, at maturity, shall be a legal
leRaeVileedd stat-tender to the same extent as United States notes for
u Revised17stat- their face value, excluding interest, and may be paid to
utes, 34,0.
any creditor of the United States at their face value,
excluding interest, or to any creditor willing to receive
T r e a s ur y them at par, including interest; and any Treasurv notes
yertibie into issued under the authority of this act may be made
bonds.
,
.
\
0
convertible, at the discretion of the Secretary o f the
Treasury, into any bonds, issued under the authority of
sututedbfor8thbe this act,
And the
Secretary o f the Treasury may redeem
viouseiS
ssuespre’ 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,
LAWS
C O N C E R N IN G
F IN A N C E .
185
in lieu thereof, an equal amount o f Treasury notes such
as are authorized by this act, or o f other United States
notes: Provided , That the total amount of bonds and a mo u n t of
m
/
T a l
l
i
n
i
i
bonds and notes
Ireasury notes authorized by the first and second sec- not to exceed
tions o f this act shall not exceed four hundred millions
o f dollars, in addition to the amounts heretofore issued;
nor shall the total amount of United States notes, issued Notes not to
i
•
.
exceed, etc.
or to be issued, ever exceed four hundred millions o f
dollars, and such additional sum, not exceeding fifty
millions o f dollars, as may be temporarily required for
the redemption o f temporary loan ; nor shall any T r e a s -, interest-bearury note bearing interest, issued under this act, be a legal legal tender for
tender m payment or redemption of any notes issued by t|on of ckeuiaany bank, banking association, or banker, calculated or
intended to circulate as money.
(Section 3 authorizes the Secretary o f the Treasury
to exchange bonds heretofore issued on which the inter
est is payable annually, for others bearing interest pay
able semiannually.
The treasury notes heretofore issued,
bearing seven and three-tenths per cent interest, may be
exchanged for the six per cent bonds heretofore author
ized, at any time within three months after notice o f re
demption given by the Secretary, after which interest on
such notes shall cease; and the interest on such notes after
maturity shall be paid in law ful money.
So much o f the
act o f March 3, 1864, as limits the loan therein authorized
to the current fiscal year, is repealed.
The authority to
issue bonds or notes, conferred by section 1 o f the act
o f March 3, 1863, is to cease on the passage o f this act,
except so far as it may affect seventy-five millions of
bonds already advertised.)
S ec. 4. And be it further enacted, That the Secretary
Secretary of
o f the 1 reasury may authorize the receipt, as a temporary may rec'efve
loan, o f United States notes or the notes o f nationaltemporar> loan'
banking associations on deposit for not less than thirty
days, in sums of not less than fifty dollars, by any o f the
assistant treasurers o f the United States, or depositories
designated for that purpose other than national banking
associations, who shall issue certificates o f deposit in such certmeatesof
form as the Secretary o f the Treasury shall prescribe, issued therefor6
bearing interest not exceeding six per centum annually,
and payable at any time after the term of deposit, and
when paya-
after ten days’ subsequent notice, unless time and notice est! and lnter
be waived by the Secretary o f the Treasury; and the Sec
retary of the Treasury may increase the interest on de15712°— i o ----- 14
186
N A T IO N A L
M ONETARY
C O M M IS S IO N .
posits at less than six per centum to that rate, or, on ten
days’ notice to depositors, may diminish the rate o f in
terest as the public interest may require; but the agto^elcefd^so *
o f such deposits shall not exceed one hundred and
ooo.ooo.
fifty millions of dollars; and the Secretary of the Treas
ury may issue, and shall hold in reserve for payment of
such deposits, United States notes not exceeding fifty
millions o f dollars, including the amount already'applied
R eserv e
in such paym ent; and the United States notes, so held in
shall be used only when needed, in his judgment,
f o r reserv e
for the prompt payment o f such deposits on demand, and
shall be withdrawn and placed again in reserve as the
amount o f deposits shall again increase.
(Section 5 authorizes the Secretary o f the Treasury to
issue “ notes o f the fractions o f a dollar as now used for
currency,” and to provide for their redemption when
mutilated or defaced, and for their receipt in payment o f
debts to the United States, except for customs, in sums
not over five dollars; but the whole amount o f all notes
or stamps less than one dollar issued as currency shall not
exceed fifty millions o f dollars.)
b on d s, to be o f
S ec .
And ^e ^ f urther enacted, That the coupon and
registered bonds shall be in such form and bear such in-
h o w sign ed .
scriptions as the Secretary o f the Treasury may direct,
registered
and shall be signed by the Register o f the Treasury, or
for the Register, by such person or persons as may be
specially designated for that purpose by the Secretary of
sea!.
the Treasury, and shall bear as evidence o f lawful issue,
the imprint o f the seal o f the Treasury Department, to
m£uieere t0 be be made under the direction o f the Secretary o f the Treas
C oupons.
ury, in a room set apart especially and exclusively for
that purpose, under the care o f some person appointed
directly by him. A nd the coupons attached to such bonds
shall bear the engraved signature o f the Register o f the
Treasury, and such other device or safeguard against
counterfeiting as the Secretary may approve; and it is
m Ed e T a riid°nds
hereby declared that all bonds hereto[fo]re issued, bear
ing the signature o f the Register, shall have the same
force, effect, and validity ag if signed also by the Treas
urer, and all bonds bearing the signature o f the Register,
erroneously described as Treasurer o f the United States,
shall have the same force, effect, and validity, as if his
official designation had been correctly stated; and all
coupons bearing the engraved signature o f the Register
o f the Treasury in office at the time when such signatures
LAW S
C O N C E R N IN G
187
F IN A N C E .
were authorized and engraved, shall have full force,
validity, and effect, notwithstanding such Register may
have subsequently ceased to hold office as such, when
issued in connection with bonds duly authorized and
signed by or for the successor or successors o f said Regis
ter. A n d the Treasury notes and United States notes
J
.
i n
authorized by this act shall be in such form as the Secre
tary o f the Treasury shall direct and shall bear the writ
F o r m o fT r e a s -
ury notes-
ten or engraved signatures o f the Treasurer o f the United
States and the Register o f the Treasury, and shall have
printed upon them such statements, showing the amount
o f accrued or accruing interest and the character o f the
notes, as the Secretary o f the Treasury may prescribe;
and shall bear, as a further evidence o f lawful issue, the
imprint o f the seal of the Treasury Department, to be
made under the direction o f the Secretary o f the Treas
ury, as before directed.
(Section 7 authorizes the issue o f registered bonds in o 13 stat.
lieu o f coupon bonds, already or hereafter to be issued.)
S ec. 8.
And be it further enacted, That the Secretary
l .,
instructions,
pfficers
receiv-
o f the Treasury is hereby authorized and required toingg u n i t e d
make and issue, from time to time, such instructions, rules, etc.
^
and regulations, to the several collectors, receivers, de- utes, 251.
positaries, officers, and others, who may receive Treasury
notes, United States notes, or other securities in behalf
of the United States, or who may be in any way engaged
or employed in the preparation and issue o f the same, as
he shall deem best calculated to promote the public con
venience and security, and to protect the United States,
as well as individuals, from fraud and loss.
(Sections 9, 10, 11, and 12 provide for the expenses
o f preparing and issuing bonds, notes, etc., and pre
scribe penalties
for
counterfeiting,
altering,
uttering,
using plates, for engraving, printing, bringing into the
United States, etc., and retaining and using plates, etc.)
S e c . 13 .
And be it further enacted, That the words
Words “ obll-
u obligation or other security o f the United States,” used security^ etc.,
in this act, shall be held to include and mean all bonds, what.^
coupons, national currency, United States notes, Treas- utes!V54i3.
ury notes, fractional notes, checks for money o f author
ized officers o f the United States, certificates o f indebted
ness, certificates o f deposit, stamps, and other represen
tatives o f value o f whatever denomination, which have
been or may be issued under any act o f Congress.
Approved, June 30, 1864.
1
188
N A T IO N A L
M ONETARY
C O M M IS S IO N .
A C T O F J U N E 30, 1864.
ooi3 stat.
l .,
C h a p . C L X X I I I . — A n act to 'provide internal revenue
to support the Government, to pay interest on the pub
lic debt, and for other purposes.
*
Act of
,
S
voi. ix,
p. 63. vide
*
*
*
*
.
provisions
r
1846
ec 51. And be it further enacted. That the
ch . 90, sec. 16,
. '
7
to a p p ly to per- o f the sixteenth section o f the act approved August sixth,
sons h a v i n g .
.
.
°
p u b lic moneys eighteen hundred and forty-six, entitled “ A n act to pro-
for the better organization ot the treasury, and for
the collection, safe-keeping, transfer, and disbursement
o f the public revenue,” are hereby applied to, and shall
be construed to include, all officers of the internal revenue,
charged with the safe-keeping, transfer, or disbursement
o f the public moneys arising therefrom, and to all other
persons having actual charge, custody, or control of
moneys or accounts arising from the administration of
the internal revenue.
*
*
*
*
*
(Section 99 imposes a duty on brokers and bankers o f
one-twentieth o f one per centum upon sales o f gold and
silver bullion and coin, etc.
March 3, 1865.
*
Section 99 was amended
(13 Stat. L ., 478.)
*
**
*
*
(Section 116 levies a duty on incomes, including in
terest on notes, bonds, and other securities of the United
States, and allows deductions up to six hundred dollars
o f moneys from dividends, etc., o f banks, etc., provided
for in section 120.)
*
*
*
*
*
Approved, June 30, 1864.
(T his act o f June 30, 1864 (13 Stat. L ., 2 8 1 ), was
amended July 4, 1864, by Joint Resolution No. 77 (13
Stat. L ., 417) ; act o f March 3, 1865 (13 Stat. L ., 479,
486) ; March 10, 1866 (14 Stat. L ., 4) ; July 13, 1866 (14
Stat. L ., 136, 1 3 8 ) ; March 2, 1867 (14 Stat. L ., 4 7 7 ).)
* A C T O F J A N U A R Y 28, 1865.
4oi3 stat. l ., C h a p . X X I I . — A n act to amend an act entitled “ An act
to provide ways and means for the support of the Gov
ernment, and for other purposes,” approved June thir
tieth , eighteen hundred and sixty-four.
Be it enacted by the Senate and House of Representa
tives of the United States of America in Congress as-
LAWS
C O N C E R N IN G
189
F IN A N C E .
sembled, That in lieu of any bonds authorized to be issued tr^ s„ yy ^ ’1
by the first section o f the act entitled “ A n act to provide °ptesra“ j ££asre
ways and means for the support of the Government,” ^ o n ^ s ^ t i o n
approved June thirtieth, eighteen hundred and sixty-four, j^rieh|0ac1t864f
that may remain unsold at the date o f this act, the Secre-
1e u 0 f
tary o f the Treasury may issue, under the authority of
said act, Treasury notes o f the description and character
authorized by the second section of said act: Provided, n ^ h f 0e a ^ c e e d
That the whole amount o f bonds authorized as aforesaid,$400’000’000and Treasury notes issued and to be issued in lieu thereof,
shall not exceed the sum o f four hundred millions o f
dollars; and such Treasury notes may be disposed of 1orceiamcates^of
law ful money, or for any other Treasury notes or certifi- certificates88 of
cates o f indebtedness or certificates o f deposit issued ^epn°tsit in pay'
under any previous act of Congress; and such notes sh a llst|tee™ndf m!fbe exempt from taxation by or under State or municipal j^ p * 1 t a x a *
a u th o r ity .
R e vised Statutes, 3701.
J
S e c . 2. And be it further enacted, That any bonds any
5-20
bonds
known as five-twenties, issued under the act o f twenty- $4%oo,:000^rej
fifth February, eighteen hundred and sixty-two, remain- of^ theg act8°of
m g unsold to an amount not exceeding four millions o f
1862!1
dollars, may be disposed o f by the Secretary of the Treas
ury in the United States, or, if he shall find it expedient,
m Europe, at any time, on such terms as he may deem
most advisable: Provided , That this act shall not be so. M a£ setn
construed as to give any authority for the issue o f a n y UniT
ted states
1
i
i
i
®
J
^
n
i
l
J or Europe.
legal-tender notes, in any form , beyond the balance un- .ggN o
issued o f the amount authorized by the second section authorized0*®8
o f the act to which this is an amendment.
Approved, January 28, 1865.
A C T O F F E B R U A R Y 18, 1865.
C h a p . X X X I I .— A n act to provide for acting assistant
13
stat. l .,
treasurers or depositaries of the United States in cer
tain cases.
Be it enacted by the Senate and House of Representa
tives of the United States of America in Congress as
sembled, That in case o f the sickness or unavoidable . A c tin g
„
l
»
.
.
s is ta n t
a s trea s-
ausence or any assistant treasurer or depositary o f th e urers und dett „ •f _ j n ,
.
,1
J
positarles
of
united states from Ins ofhce, he m ay, with the
n 11ed
approval
o f the Secretary o f the Treasury, authorise the chief
clerk, or some other clerk employed therein, to act in his
place, and to discharge all the duties required by law o f
190
N A T IO N A L
M ONETARY
C O M M IS S IO N .
such assistant treasurer or depositary: Provided, That the
official bond given by the principal o f the office shall be
B on d .
held to cover and apply to the acts of the person ap
pointed to act in his place in such cases: And provided
ce rs c suLject° to
fur^ er5 T hat such acting officer shall, for the time being,
p en a lties.
be subject to all the liabilities and penalties prescribed
by law for the official misconduct in like cases, o f the
assistant treasurer or depositary respectively for whom
he shall act.
Approved, February 13, 1865.
A C T O F M A R C H 3, 1865.
4683 Stat’ L’’ C h a p . L X X V I I . — A n act to provide ways and means for
the support of the Government.
s e c r e ta r y o f
a u th orized
t o
Be it enacted by the Senate and House of Representa
tives of the United States of America in Congress assembled, T hat the Secretary o f the Treasury be, and he is
hereby, authorized to borrow, from time to time, on the
exceedingcredit o f the United States, in addition to the amounts
heretofore authorized, any sums not exceeding in the
aggregate six hundred millions o f dollars, and to issue
therefor bonds or Treasury notes o f the United States, in
Bonds or such form as he may prescribe; and so much thereof as
may be issued in bonds shall be o f denominations not less
T rea su ry n otes
m ay be Issued
th erefor.
than fifty dollars, and may be made payable at any period
not more than forty years from date o f issue, or may be
made redeemable, at the pleasure o f the Government, at
or after any period not less than five years nor more than
forty years from date, or may be made redeemable and
payable as aforesaid, as may be expressed upon their fa ce ;
and so much thereof as may be issued in Treasury notes
may be made convertible into any bonds authorized by
this act, and may be o f such denominations— not less than
fifty dollars— and bear such dates and be made redeem
able or payable at such periods as in the opinion o f the
Secretary o f the Treasury may be deemed expedient.
A n d the interest on such bonds shall be payable semi
In terest
on
b on d s p a ya b le
sem i-a n n u ally.
annually; and on Treasury notes authorized by this act
the interest may be made payable semi-annually, or an
nually, or at maturity thereof; and the principal, or in
terest, or both, may be made payable in coin or in other
law ful m oney: Provided, T hat the rate o f interest on any
such bonds or Treasury notes, when payable in coin shall
not exceed six per centum per annum ; and when not pay
able in coin shall not exceed seven and three-tenths per
LAWS
C O N C E R N IN G
191
F IN A N C E .
centum per annum ; and the rate and character o f interest
shall be expressed on all such bonds or Treasury notes:
And provided further, That the act entitled “ A n act to
provide ways and means for the support o f the Govern
ment, and for other purposes,” approved June thirtieth,
eighteen hundred and sixty-four, shall be so construed
as to authorize the issue o f bonds o f any description au
thorized by this act. A n d any Treasury notes or other
t
reasury
obligations bearing interest, issued under any act o f Con-interest-beargress, may, at the discretion o f the Secretary o f the Treas-m a y bbIatconury, and with the consent o f the holder, be converted into bondse authorany description o f bonds authorized by this act; and no act?d by thls
bonds so authorized shall be considered a part o f the
amount o f six hundred millions hereinbefore authorized.
(Section 2 authorizes the Secretary of the Treasury to
dispose of any o f the obligations issued under this act,
where and under such condition, and at such rates as he
thinks best, for coin or other law ful money, Treasury
notes, or certificates o f indebtedness or o f deposit, and the
like; and to issue bonds or Treasury notes authorized by
this act in payment of requisitions for materials or sup
plies, on receiving notice that the owner o f the claim
for which any requisition is made desires to subscribe for
a portion o f the loan ; “ and all bonds or other obligations
issued under this act shall be exempt from taxation by or
under state or municipal authority.” )
(Section 3 contains a proviso, “ That nothing herein
contained shall be construed as authorizing the issue of
legal-tender notes in any form .” )
Approved, March 3, 1865.
A C T O F A P R I L 7, 1866.
C h a p . X X V I I I . — A n act making additional appropria- os14 stat- L-»
Hons, and to supply the deficiencies in the appropria
tions for sundry civil expenses of the Government for
the fiscal year ending the thirtieth of June, eighteen
hundred and sixty-six , and for other purposes.
*
S ec. 12.
*
*
*
*
*
*
*
: Provided , That no portrait o r ofNoinportrait
likeness o f any living person hereafter engraved, shall be ^ ereonDsraved
placed upon any of the bonds, securities, notes, fractional
or postal currency of the United States.
*
*
Approved, A p ril 7, 1866.
*
*
*
*
*
*
192
N A T IO N A L
M ONETARY
C O M M IS S IO N .
A C T O F A P R I L 12, 18G6.
A n act to amend an act entitled “ A n
act to 'provide ways and means to support the Govern
ment,” approved March third, eighteen hundred and
sixty-five.
3114 stat- L >C h a p . X X X I X . —
B e it enacted by the Senate and House of Representa
tives of the United States of America in Congress assemSecretary ot])lecl T hat the act entitled “ A n act to provide ways and
t h e T re a s u ry
7
em p ow ered to means to support the Government,
receiv e T rea s.
.
u ry notes, etc., third, eighteen hundred and sixty-five,
in exch a n g e f o r
7 0
_
7
*
r
j
approved March
1
shall be extended
b0?.ds-, ,, c. . and construed to authorize the Secretary o f the Treasury,
utes, 3582.
at his discretion, to receive any Treasury notes or other
obligations issued under any act o f Congress, whether
bearing interest or not, in exchange for any description
o f bonds, authorized by the act to which this is an amendBonds mayment : and also to dispose o f any description of bonds
b e s o l d and
’ .
the
proceeds authorized by said
used o n ly fo r
r e t ir in g ^ T r e a s - where, to such an
other
un d er
obiiga^
act
of
/
U
act, either in the United States or else.
amount, in such manner, and at such
rates as lie may think advisable, for lawful money of the
United States or for any Treasury notes, certificates of
indebtedness, or certificates o f deposit, or other repre
sentatives o f value, which have been or which may be
issued under any act o f Congress, the proceeds thereof to
be used only for retiring Treasury notes or other obliga-
P u b iic
creased .
P ro v iso .
debt tions issued under any act o f Congress; but nothing herein
contained shall be construed to authorize any increase of
the public debt: Provided , That o f United States notes
not more than ten millions o f dollars may be retired and
cancelled within six months from the passage o f this act,
and thereafter not more than four millions o f dollars in
any one m onth: And provided further , T hat the act to
which this is an amendment shall continue in full force in
all its provisions, except as modified by this act.
(Section 2 requires the Secretary o f the Treasury to
report to Congress at its next session all transactions
under this act and the act to which this is an amendment.)
Approved, A p ril 12, 1866.
LAWS
ACT
C O N C E R N IN G
OF JUNE
193
F IN A N C E .
14, 18G6.
C h a p . C X X I I . — A n act to regulate and secure the safe-
stat. l .,
keeping of public money intrusted to disbursing officers
of the United States.
Be it enacted by the Senate and House of Representa
tives of the United States of America in Congress assem
bled, That from and after the passage o f this act it shalloffl®eIrssbut^si°*
be the duty o f every disbursing officer o f the United M oneys w U h
States having any public money intrusted to him for d is-trh|o^reasurer
bursement, to deposit the same with the treasurer or some®“t d^ s“r®]r^
one o f the assistant treasurers of the United States, andas required,
to draw for the same only as it may be required for pay
ments to be made by him in pursuance of la w ; and all
transfers from the treasury o f the United States to a d r a f t ! t0
disbursing officer shall be by draft or warrant on the
treasury or an assistant treasurer o f the United States:
Provided , T hat in places where there is no treasurer nor
• .
.
.
A
assistant treasurer o f the United States, the Secretary o f
the Treasury m ay, when he deems it essential to the p u b l i c
De pos i t s
w h e r e to be
m ade, t if a.ttaere
or assista n t,
interest, specially authorize in writing the deposit o f
such public money in any other public depository, or, in
writing, authorize the same to be kept in any other man
ner, and under such rules and regulations as he may deem
most safe and effectual to facilitate the payments of
public creditors.
S ec . 2. And be it further enacted, That if any disburs-
Depositing
ing officer o f the United States shall deposit any public or blconv™r°ung,
money intrusted to him in any place or in any manner,d
r a w i n g , or
except as authorized by law, or shall convert to his OWn the
sam e exc(?Dt as a u th o rto be em-
use an any way whatever, or shall loan, with or without ized,
interest, or shall for any purpose not prescribed by law Jezz emen
withdraw from the treasurer or any assistant treasurer,
or any authorized depository, or shall for any purpose
not prescribed by law, transfer or apply any portion o f
the public money intrusted to him, every such act shall
be deemed and adjudged an embezzlement o f the money
so deposited, converted, used, loaned, withdrawn, trans
ferred, or applied, and every such act is hereby declared
a felony, and upon conviction thereof shall be punished
by imprisonment for a term not less than one year nor
more than ten years, or by fine not more than the amount
embezzled nor less than one thousand dollars, or by both
such fine and imprisonment, at the discretion o f the court.
penalty,
194
N A T IO N A L
reefivim?'from
S ec. 3-
M ONETARY
C O M M IS S IO N .
^ further enacted, That if any banker,
officer iSorrScor broker, or any person, not an authorized depositary of
public0 rmoney P11^ 0 moneys, shall knowingly receive from any disburson &eiioan’ or
moneySforUany
°fficer5 or collector o f internal revenue, or other agent
the United States any public money on deposit or by
pu'r’p o s e f w W ° f l ° an or accommodation, with or without interest,
d'o^n g1nto Sbe or otherwise than in payment o f a debt against the United
bezliement.em‘ States; or shall use, transfer, convert, appropriate or
apply any portion o f the public money for any purpose
not prescribed by la w ; or shall counsel, aid, or abet any
disbursing officer or collector of
internal
revenue or
other agent of the United States in so doing, every such
act shall be deemed and adjudged an embezzlement of
the money so deposited, loaned, transferred, used, cono f P o f f i c e r ™ eo f
verted, appropriated, or applied;
and any president,
Fating this act cashier, teller, director, or other officer o f any bank or
banking association w7ho shall violate any o f the provi
sions o f this act shall be deemed and adjudged guilty of
embezzlement o f public money, and punished as provided
in section two o f this act.
Approved, June 14, 1866.
A C T O F J U L Y 3, 1866.
7Q14 stat- L- C h a p . C L I X .— A n act to amend an act entitled11A n act to
amend an act entitled ‘A n act to aid in the construction
of a railroad and telegraph line from the Missouri
River to the Pacific Ocean, and to secure to the Govern
ment the use of the same for postal, military, and other
p u rp osesa p p roved -July 1, 1862,” approved July 2,
1864.
U n ion P a cific
R a ilw a y C om pa n y to design a t e gen era l
rou te o f road,
cem ber i , 1866.
Be it enacted by the Senate and House of Representa
tives of the United States of America in Congress assembled. T hat the Union Pacific Railway Companv, Eastern
7
.
Division, is hereby
1
J
'J ,
,
authorized to designate the
i
p
general
route o f their said road, and to file a map thereof, as now
required by law, at any time before the first day o f D e
cember, eighteen hundred and six ty -six ; and upon the
o f L roa d
°toUbe filing o f the said map, showing tlffi general route of said
saie.rved
flomroad, the lands along the entire line thereof, so far as the
same may be designated, shall be reserved from sale by or-
b o t d0sUDto
the sam e as
bJder o f the Secretary o f the Interior: Provided , That said
if, c o m p a n y gp a p p e entitled to only the same amount o f
the bonds o f the United States to aid in the construction of
195
LAW S OO'N'CER'NTN'O TTNWN’CE.
their line o f railroad and telegraph as they would have
been entitled to if they had connected their said line with
the Union Pacific Railroad on the one-hundredth degree
o f longitude as now required by la w :
*
*
*
*
*
*
*
*
Approved, July 3, 1866.
A C T O F J U L Y 26, 1866.
C h a p . C C L X V . — A n act to authorize the issue of certain 25|4 stat L-
bonds in denominations greater than one thousand dol
lars.
Be it enacted' by the Senate and House of Representa
tives of the United States o f America in Congress assem
bled, That hereafter the bonds o f the United States au in Bfaonv odrs
thorized by the act of July first, eighteen hundred and
sixty-two, “ T o aid in the construction o f a railroad and
telegraph line from the Missouri River to the Pacific
Ocean,” and by all acts amendatory thereof, may be issued
issued
o f cert a i n ra ilro a d
com p a n ies m ay
1) e o f larger
d e n o m in a tio n s
than $1,000.
in denominations greater than one thousand dollars, at
P ro v iso .
the discretion of the Secretary o f the T reasu ry: Provided, 1862, ch. 120,
V ol.
however, That it shall at all times be optional with any 489. X I I , p.
1864, ch, 216,
XI I I , p.
356.
1865, ch. 88,
V o l. X I I I , p.
504.
railroad company whether they will receive bonds of a V ol.
larger denomination than one thousand dollars.
Approved, July 26, 1866.
A C T O F F E B R U A R Y 5, 1867.
C h a p . X X V I . — A n act to punish certain crimes in rela.i
_
^
*4 stat- L >
Oou*
tion to the public securities and currency, and for
other purposes.
Be it enacted by the Senate and House of Representa
tives of the United States of America in Congress assem
bled, That if any person or persons shall buy, sell, e x -bny^«°algtj 111£or
change, transfer, receive or deliver, any false, forged,
counterfeited or altered bond, bill, certificate of indebt-?tcv
0
,.ln‘
edness, certificate o f deposit, coupon, d raft, check, bill of f,hra11 ^sed^as
exchange, money order, indorsement, United States note, gen uine.
Treasury note, circulating note, postage stamp, revenue
stamp, postage-stamp note, fractional note, or other obli
gation or security of the United States, or circulating note
o f any banking association organized or acting under the
laws of the United States, which has been issued or may
hereafter be issued under any act o f Congress heretofore
passed, or which may
hereafter be passed, with the intent,
196
N A T IO N A L
M ONETARY
C O M M IS S IO N .
expectation, or belief, that the same shall or will be
passed, altered, published or used as true and genuine,
such person or persons so offending shall be deemed
guilty o f felony, and on conviction thereof shall be im
prisoned not more than ten years, or fined not exceeding
five thousand dollars, or both, at the discretion of the
court.
T h e m ak in g
S ec. 2. And be it further enacted, That it shall not be
o r u sin g ca rd s,
circ u la r s, etc., law ful to design, engrave, print, or in any manner make
in the s im ili
tud e o f a n y or execute, or to utter, issue, distribute, circulate or use,
U n ited
S tates
s e cu rity
d e any business or professional card, notice, placard, cir
cla red
u n la w
fu l.
cular, handbill, or advertisement, in the likeness or simili
tude o f any bond, certificate o f indebtedness, certificate
o f deposit, coupon, United States note, Treasury note, cir
culating note, fractional note, postage-stamp note, or
other obligation or security o f the United States, or of
any banking association organized or acting under the
laws thereof, which has been or may be issued under or
authorized by any act of Congress heretofore passed or
P en a lty , h ow
recovered and
to w h ose use.
which may hereafter be passed.
A n d any person or per
sons offending against the provisions of this section shall
be subject to a penalty o f one hundred dollars, to be re
covered by an action o f debt, one half to the use o f the
informer.
T h e p rin tin g ,
S ec. 3. And be it further enacted, T hat it shall not be
e tc., o f a n y
b u sin ess
ca rd law ful to write, print, or otherwise impress upon any
o r n otice, etc.,
on any U nited bond, certificate o f indebtedness, or other instrument
S ta tes secu rity
m a d e u n la w specified in the last preceding section, any business or
fu l.
professional card, notice or advertisement, or any notice
or advertisement o f any goods, wares, or merchandise, or
o f any drug or medicine, or o f any invention or patent,
P en a lty , how
recovered , and
to w h ose use.
or o f any other matter or thing whatsoever; and any per
son or persons offending against the provisions o f this
section, shall be subject to a penalty of one hundred dol
lars, to be recovered by an action o f debt, one h alf to the
use o f the informer.
P e n a lty fo r
S ec. 4. And be it further enacted, That if any person
m ak in g, e t c . ,
im p ression s up shall, without authority from the United States, take,
on any m a teri
al by any tool, procure, make, or cause to be taken, procured or made,
e tc., used, etc.,
in
p r i n t i n g , upon lead, foil, wax, plaster, paper, or any other sub
e tc., o r in m ak
in g oth er tools, stance or material, an impression, stamp, or imprint of,
e tc., to be used
in
p r i n t i n g , from, or by the use of, any bed-plate, bed-piece, die, roll,
e tc.,
any
se
cu rity , e tc., to plate, seal, type, or other tool, implement, instrument or
be issued by or
fo r the U nited thing, used, or fitted or intended to be used, in printing,
S tates.
stamping or impressing, or in making other tools, imple-
LAW S
C O N C E R N IN G
197
F IN A N C E .
ments, instruments or things to be used, or fitted or in
tended to be used, in printing, stamping or impressing
any kind or description o f bond, bill, note, certificate,
coupon, or other paper, obligation, security or instrument
now authorized, or hereafter to be authorized, by law, to
be executed, altered, delivered, given, issued or put in cir
culation by, for, or in behalf o f the United States, such
person shall be deemed guilty o f felony, and, on convic
tion, be punished by imprisonment not more ten years,
or by fine not exceeding five thousand dollars, or both,
at the discretion of the court.
S e c . 5. And be it further enacted, T hat if any person
Penalty for
shall, with intent to defraud, have in his possession, keep- session, lnwUhing, custody, or control, without authority
from
the and wfth^ntent
United States, any imprint, stamp or impression, taken or impression',
made upon any substance or material whatsoever, o f any etc., a used °or
tool, implement, instrument, or thing used or fitted, or in- pHntfng,
et°c.r,
tended to be used, for any or either o f the purposes men- be^ssueYby or
tioned in the last foregoing section; or if any person shall, states* Umted
with intent to defraud, sell, give, or deliver any such im
print, stamp or impression to any other person; such per
son, so offending, shall be deemed guilty o f felony, and
on conviction be punished by imprisonment not more than
ten years, or by fine not exceeding five thousand dollars.
S ec. 6. And be it f urther enacted, That if any person, for
secreting,
whether employed under the United States or not, shall, e Y ? ” without
without authority from the United States, secrete within, anY°pVacefr°of
embezzle, or take and carry away from any building, toffiSetc., used
room, office, apartment, vault, safe, or other place whereprintingdedetY
the same is kept, used, employed, placed, lodged, or d e -to o fr eY^Yo
posited by authority o f the United States, any bed-piece, printing!
etc.^
bed-plate, roll, plate, die, seal, type, or other tool, imple- cur/encyYetc’,
ment, or thing used, or fitted to be used, in stamping oroV^f orU*t he
printing, or in making some other tool or implement used ^Ytakingfetc.!
or fitted to be used in stamping or printing, any kind orthor!ty,ut any
description o f bond, bill, note, certificate, coupon, postage paYeT^nd Lnstamp, revenue stamp, fractional currency note, or otherused^in*°mak*
paper, instrument, obligation, device, or document, now Lamps orYurauthorized or hereafter to be authorized by law to beYdY’ etc.Y'Yn
printed, stamped, sealed, prepared, issued, uttered, or put part? 'andr !nn
in circulation by or on behalf o f the United States; orLrcufationind
shall, without such authority, so secrete, embezzle, or take
and carry away any paper, parchment, or other material
prepared and intended to be used in the making o f any
or either o f such papers, instruments, obligations, devices,
cu rre n cy ,
etc.1;
198
N A T IO N A L
M ONETARY
C O M M IS S IO N .
or documents; or shall, without such authority, so secrete,
embezzle, or take and carry away any paper, parchment,
or other material printed or stamped, in whole or in part,
and intended to be prepared, issued, or put in circulation,
by or on behalf o f the United States, as one of the papers,
instruments, or obligations hereinbefore named, or printed
or stamped, in whole or in part, in the similitude o f any
such paper, instrument, or obligation, whether it be in
tended to issue or put the same in circulation or n o t ; such
person or persons so offending shall, on conviction, be
punished by imprisonment not exceeding ten years, or by
fine not exceeding five thousand dollars, or both, at the
discretion o f the court.
w°ithouVau®
S e c . 7. And be it further enacted', That if any person
anyplace old™ shall take and carry away, without authority from the
pefpiepare/or United States, from the place where it has been filed,
use6fod procure lodged, or deposited, or where it may for the time being
moneyynom, of actually be kept by authority o f the United States, any
ciaimsaagalnsL certificate,
affidavit,
deposition,
written
statement
of
states11 *wheth- facts, power o f attorney, receipt, voucher, assignment,
hasSorhhasanot or other document, record, file, or paper, prepared, fitted,
such c6alimdhasor intended to be used or presented in order to procure
so allowedbeen the payment o f money from or by the United States,
or any officer or agent thereof, or the allowance or pay
ment of the whole or any part o f any claim, account, or
demand against the United States, whether the same
has or has not already been so used or presented, and
whether such claim, account, or demand, or any part
thereof, has or has not already been allowed or paid;
P en a lty f o r or, if any person shall present or use or attempt to
u s i n g o r a t,
7
r
tem p tin g to use any such document, record, hie, or paper, so taken
a n y su ch paper.
.
.
, 1
7
in,
use
and
carried away m order to procure the payment of any
money from or by the United States, or any officer or
agent thereof, or the allowance or payment o f the whole
or any part o f any claim, account, or demand against
the United States; such person, so offending, shall be
deemed guilty o f felony, and on conviction be impris
oned not more than ten years, or fined not exceeding
five thousand, dollars, at the discretion of the court.
Approved, February 5, 1807.
LAWS
C O N C E R N IN G
199
F IN A N C E .
A C T O F M A R C H 2, 1867.
C h a p . C L X I I I .— A n act supplemental to “A n act to es- 43|4 stat- L”
iablish the Treasury D e p a r t m e n t approved the second of September, seventeen hundred and eighty-nine.
vof.9i,Cp* It',
Be it enacted by the Senate and House of Representa
tives of the United States of America in Congress assem
bled, That the Secretary o f the Treasury shall have ofTt^ e t r e a s u r y
power, by an appointment under his hand and official “naey 0f ut h e raZse
seal, to delegate to one o f the assistant secretaries o f the t ir i e s 11 t0 s^ ig n
treasury, authority to sign in his stead all warrants t or " aa i r et*?
the payment o f money into the public treasury, and all
warrants for the disbursement from the public treasury
o f money certified by the proper accounting officers o f
the treasury to be due upon accounts duly audited and
settled by them ; and such warrants so signed shall be
in all cases of the same validity as if they had been
signed by the Secretary o f the Treasury himself.
Approved, March 2, 1867.
ACT
OF
M ARCH
2, 1867.
C h a p . C X C I V . — A n act to provide ways and means for 55^4 stat- L »
the payment of compound-interest notes.
Be it enacted by the Senate and House of Representa
tives of the United States of America in Congress assem
bled, That for the purpose o f redeeming and retiring any
Temporary
compound interest notes outstanding, the Secretary o f cate" may be isthe Treasury is hereby authorized and directed to issue compound-intemporary loan certificates in the manner prescribed by tereSt D°tes'
section four o f the act entitled “ A n act to authorize the
issue o f United States notes and for the redemption or
funding thereof, and for funding the floating debt o f
the
United
States,”
approved
February
twenty-fifth,
eighteen hundred and sixty-two, bearing interest at a es[late of interrnte not exceeding three per centum per annum, principal
and interest payable in lawful money on demand; and, Principal and
said certificates o f temporary loan may constitute and be able in lawful
1 111
•
a
*/
money.
neia b y any national bank holding or owning the same, c e r t i f i c a t e s
fle ft narl
a
.
°
°
.
may be held by
‘
1 or tne reserve provided for in sections thirty-one banks as reand thirty-two o f the act entitled “ A n act to provide a
national currency secured by a pledge o f United States
bonds, and to provide for the circulation and redemption
thereof,
approved June three, eighteen hundred and
200
N A T IO N A L
sixty-fou r:
P ro v iso .
M ONETARY
C O M M IS S IO N .
Provided , That not less than two-fifths o f
the entire reserve o f such bank shall consist o f lawful
money o f the United States: A nd provided further , That
the amount o f such temporary certificates at any time
outstanding shall not exceed fifty millions o f dollars.
Approved, March 2, 1867.
A C T O F F E B R U A R Y 4 ,1 8 6 8 .
15 stat.
l„ c
HAP> y i . — A n act to suspend further reduction of the
currency.
Be it enacted by the Senate and House of Representa
tives of the United States of America in Congress assembled. That, from and after the passage o f this act, the
P ow er o f Secr e t a r y o f
T re a s u ry to r e - authority
7 .
by, etc.,
L
°
o f the Secretary o f the Treasury to make any
s u s - reduction or the
currency,
by retiring or cancelling
United States notes, shall be, and is hereby, suspended;
iviutnatedbut nothing herein contained shall prevent the cancellan otes
m ay
be
tion and destruction o f mutilated United States notes,
Revised stat- and the replacing o f the same with notes o f the same
utes, 3582.
.
,
character and amount.
S chuyler Colfax ,
Speaker of the House of Representatives.
B. F. W
ade,
President of the Senate pro tempore.
Indorsed by the President: “ Received, January 2 3 ,1 8 6 8 .”
N o t e b y t h e D e p a r t m e n t o f S t a t e .— The foregoing act having
been presented to the President o f the United States for his ap
proval, and not having been returned by him to the house o f
Congress in which it originated within the time prescribed by the
Constitution o f the United States, has become a law without his
approval.
A C T O F J U L Y 25, 1868.
is stat.
loo*
l ., C hap . C C X X X V I I .— A n
act to provide for a further
(
issue of temporary loan certificates, for the purpose of
redeeming and retiring the remainder of the outstand
ing compound-interest notes.
Be it enacted by the Senate and House of Representa
tives of the United States o f America in Congress assemloan6™ertf/v bled, That for the sole purpose o f redeeming and retiring
toa t a u th oriz ed
^ ie remainder o f the compound-interest notes outstandthe Secretary o f the Treasury is hereby authorized
to redeem ou t- j n rr
s ta n d in g com n o te s 1
J
J
interest an{J directed to issue an additional amount o f temporary
LAW S
C O N C E R N IN G
201
F IN A N C E .
loan certificates, not exceeding twenty-five millions of
dollars; said certificates to bear interest at the rate o f esf ateofinter'
three per centum per annum, principal and interest pay
able in law ful money on demand, and to be similar in
all respects to the certificates authorized by the act en
titled “ A n act to provide ways and means for the pay
ment o f compound-interest notes,” approved March sec
ond, eighteen hundred and sixty-seven; and the said cerj - n
,
•
A
'
*
i
i
i
May form
Part
tlle re"
tmcates may constitute and be held by any national bank serve of nai it^
j
• tional banks.
noiciing or owning the same as a part o i the reserve, in
accordance with the provisions o f the above-mentioned
act o f March second, eighteen hundred and sixty-seven.
Approved, July 25, 1868.
A C T O F M A R C H 3, 1869.
C h a p . C X X I I I . — A n act making appropriations to sup-
i| stat. l .,
ply deficiencies in the appropriations for the service
of the Government for the fiscal year ending June
thirtieth, eighteen hundred and sixty-nine , and for
other purposes.
*
*
*
*
*
For necessary expenses in carrying into effect the sev- loaas?|^etsreagf
eral acts o f Congress, authorizing loans and the issue o f ury notes,
treasury notes, four hundred thousand dollars: Provided ,
That no work shall be done in the engraving and print- , No
ing bureau tor private parties.
va te
*
*
*
*
w ork to be
p arties.
*
Approved, March 3, 1869.
ACT OF M ARCH
C h a p . I.
18, 1869.
A n act to strengthen the public credit.
Be it enacted by the Senate and House of Representa
tives of the United States of America in Congress as
sembled, T hat in order to remove any doubt as to the
is stat. l„ i .
The faith of
purpose o f the Government to discharge all just obliga-states1 pledged
tions to the public creditors, and to settle conflicting in tcoina‘olreits
questions and interpretations of the laws by virtue o f a?”1obligations
vhich such obligations have been contracted, it is hereby states! etc^ex^
provided and declared that the faith o f the United States
Revised Stat-
is solemnly pledged to the payment in coin or its equiva-utes’ 3693‘
ent o f all the obligations o f the United States not bear
ing interest, known as United States notes, and of all the
15712°— i o ----- 15
202
N A T IO N A L
M ONETARY
C O M M IS S IO N .
interest-bearing obligations o f the United States, except
in cases where the law authorizing the issue o f any such
obligation has expressly provided that the same may be
paid in law ful money or other currency than gold and
ingntoebMgatieoans s^ ver-
But none o f said interest-bearing obligations not
not atoebeypaua a^rea^y due shall be redeemed or paid before maturity
rft^uniess.etc! un^ess a^ such time United States notes shall be convert
ible into coin at the option o f the holder, or unless at
such time bonds o f the United States bearing a lower rate
o f interest than the bonds to be redeemed can be sold at
ofRthe6'united P ar in coin.
A n d the United States also solemnly pledges
f<Jfntes notes m its faith to make provision at the earliest practicable
period for the redemption o f the United States notes in
coin.
Approved, March 18, 1869.
A C T O F M A R C H 25, 1870.
X X X . — A n act 'prescribing the duty of the Secre
tary of the Treasury in certain cases therein named.
16 stat l ., 77. C h a p .
Be it enacted by the Senate and House of Representa
tives of the United States of America in Congress asfromThe united sembled, T hat whenever any State shall have been, or
|taaete totoabemay he, in default in the payment of interest or principal
E state’ isetinon investments in stocks or bonds issued or guaranteed
ment'of^nter-by such State and held by the United States in trust, it
8tocks?C
eta! shall be the duty o f the Secretary o f the Treasury to
itfand held to retain the whole, or so much thereof as may be necessary,
United ^states!
any moneys due on any account from the United States
to such State, and to apply the same to the payment of
such principal and interest, or either, or to the reimburse
ment, with interest thereon, o f moneys advanced by the
United States on account o f interest due on such stocks or
bonds.
Approved, March 25, 1870.
A C T O F J U L Y 8, 1870.
igi6
stat
l.,C h a p .
C C X X I X . — A n act providing for refunding the
interest paid by the State of Massachusetts on money
expended by her on account of the war of eighteen
hundred and twelve to eighteen hundred and fifteen.
(T h is act provides for the payment to Massachusetts
o f an allowance for interest on money expended by said
LAWS CONCEENING FINANCE.
203
State on account of the war o f 1812-1815 with Great
Britain by an issue o f United States certificates o f indebt
edness, o f the denomination o f one thousand dollars each,
to run for five years, with interest at four per cent per
annum, payable semiannually.)
A C T O F J U L Y 14, 1870.
C h a p . C C L V I. —
A n act to authorize the refunding of the ()_ U stat* L national debt.
Be it enacted by the Senate and House of Representa
tives of the United States of America in Congress as
sembled, T hat the Secretary of the Treasury is hereby Secretary
,i
•
,
.
J
.
J
/
autnorizecl to issue, in a sum or sums not exceeding m the
x
j
.
’
_
n „
te
of
th e
T re a su ry
m ay issue n o t
over $ 2 0 0 ,0 0 0 ,-
dg g regate two hundred million dollars, coupon or regis-ooo coupon or
tered bonds o f the United States, in such form as he may pe^cent^bonds,
prescribe, and o f denominations o f fifty dollars, or some ter ten years;
multiple o f that sum, redeemable in coin of the present p r in c ip a l01'and
standard value, at the pleasure o f the United States, after b?e1ne coinP;aya
ten years from the date o f their issue, and bearing in ter-c embe*
est, payable semi-annually in such coin, at the rate o f five Also, not over
per cent, per annum ; also a sum or sums not exceeding 4j per cent
in the aggregate three hundred million dollars o f like ab°ed&a f t e r eefifbonds, the same in all respects, but payable at the pleasure teen yeai's<
o f the United States, after fifteen years from the date of
their issue, and bearing interest at the rate of four and a
half per cent, per annum ; also a sum or sums not exceed- $foobooo°ooo
ing in the aggregate one thousand million dollars of lik e 4 per cent
,
,
,,
.
.
boncis, the same m all respects, but payable at the pleasure
b on d s, redeem able a fte r th ir-
o f the United States, after thirty years from the date o f ^ J6arS’
their issue, and bearing interest at the rate o f four per
cent, per annum ; all o f which said several classes o f bonds
and the interest thereon shall be exempt from the pay,
j.
,
. A _ _
A
ment ot all taxes or duties o f the United States, as well
ah
to be^ex-
“U nited s ta te s
o r s ta te taxes.
R e vised stat-
as trom taxation in any form by or under State, munici
pal, or local authority; and the said bonds shall have s e t.
iorth and expressed upon their face the above specified
conditions, and shall, with their coupons, be made pay
able at the Treasury o f the United States. But nothing
in m is act, or in any other law now in force, shall be construed to authorize any increase whatever o f the bonded
debt o f the United States.
S e c . 2.
And be it further enacted, That the Secretary of
the Treasury is hereby authorized to sell and dispose o f
B on d s to set
w hen p ayable,
B on d ed
creased,
d eb t
204
N A T IO N A L
M ONETARY
C O M M IS S IO N .
seif rboandsmlt any
bonds issued under this act, at not less than
coln W a n d their par value for coin, and to apply the proceeds thereof
apply proceeds, £0 the redemption o f any o f the bonds o f the United
fo r
jim ee ° o a i 874° f States outstanding, and known as five-twenty bonds at
chanRe'forflvei^beir par value, or he may exchange the same for such
twentiesatpar.five-twenty bonds, par for p a r; but the bonds hereby
authorized shall be used for no other purpose whatsoever.
t i o n P f o r rie x - A n d
a sum not exceeding one-half o f one per cent, o f the
P<Rev?sed stat- bonds herein authorized is hereby appropriated to pay the
utes, 3689.
expense o f preparing, issuing, advertising, and disposing
o f the same.
(Section
3
provides that, after the maturity o f any o f
the bonds herein authorized, payment thereof shall be
made at the discretion of the Secretary o f the Treasury,
the bonds to be called for by public notice specifying
their dates and numbers, beginning wTith the bonds last
dated and numbered, and the interest on bonds thus se
lected ceasing three months after the date of such notice.
(Section
4
authorizes the Secretary, with any coin that
is law fully applicable, to pay at par and cancel any o f the
five-twenty bonds that may become redeemable by the
terms o f their issue; the bonds to be called for by public
notice as above, interest ceasing in like manner, and the
bonds to be called in numerical order, beginning with the
secretary
m ay, w i t h i n
tw o years, receiv e gold coin
on d ep osit and
i s s u e eertifi-
bonds first numbered and issued.)
g ECi 5. And be it further enacted, That the Secretarv
'
.
.
.
.
0f the Treasury is hereby authorized, at any time within
J
^
.
7
J
two vears from the passage o f this act, to receive gold
J
.
1
bearingInterest co’ n ° f the United States on deposit for not less than
at not oyer 2i thirtv days, in sums o f not less than one hundred dollars,
annum .
with the Treasurer or any
assistant treasurer o f the
United States, authorized by the Secretary of the Treas
ury to receive the same, who shall issue therefor certifi
cates o f deposit, made in such form as the Secretary of
the Treasury shall prescribe, and said certificates o f de
posit shall bear interest at a rate not exceeding two and
whenPa°ndSlowa h a lf per cent, per annum ; and any amount o f gold coin
drawn1*5 with‘ 30 deposited may be withdrawn from deposit at any time
after thirty days from the date o f deposit, and after ten
cea see Svhen0 ^ ays’ n°tice, and on the return o f said certificates: Proetcvided , That the interest on all such deposits shall cease
ceJveddon°
os it, h ow
applied.
Ee
and determine at the pleasure o f the Secretary o f the
to treasu ry. A n d not less than twenty-five per cent, o f
the coin deposited for or represented by said certificates
o f deposits shall be retained in the Treasury for the pay-
LAWS
C O N C E R N IN G
205
F IN A N C E .
ment o f said certificates; and the excess beyond twentyfive per cent, may be applied, at the discretion of the
Secretary o f the Treasury, to the payment or redemption
o f such outstanding bonds o f the United States, hereto
fore issued and known as the five-twenty bonds, as he
may designate under the provisions o f the fourth section
o f this act; and any certificates of deposit issued as afore- Certificates o f
.
:
.
.
, deposit, etc., re-
said, may be received at par with the interest a c c r u e d ceived in pay^
.
ment of bonds
thereon, in payment for any bonds authorized to be is su e d hereby author7
Jr
.
by this act.
S ec . G. And be it further enacted, That the United united states
.
,
bonds
pur-
States bonds purchased and now held in the Treasury in chased and now
.. .
. .
.
.
/
hel d m the
accordance with the provisions relating to a sinking
Treasury to be
fund,
o f section five o f the act entitled
A n act to authorize the Kevi„s<rd sta t
utes, 3695.
issue o f United States notes, and for the redemption or
funding thereof, and for funding the floating debt o f the
United States,” approved February twenty-fifth, eighteen
hundred and sixty-two, and all other United States bonds
which have been purchased by the Secretary o f the Treas
ury, with surplus funds in the Treasury, and now held in
the Treasury o f the United States shall be cancel[l]ed
and destroyed, a detailed record o f such bonds so cancelled ofRto°rbethfirst
and destroyed, to be first made in the books o f the T rea s-madeury
Any
to said hG
such
bonds
v Department.
jl
•/ bonds hereafter applied
a x
r6uftG
r p u so
p.
sinking fund, and all other United States bonds r e d e e m e d chased and held
®
likewise
or paid hereafter by the United States, shall also in like recorded a n d
A
**
manner be recorded, cancel[l]ed, and destroyed, and the
destroyed
amount o f the bonds o f each class that have been can
cel [l]ed
and destroyed shall be deducted respectively
from the amount o f each class o f the outstanding debt of
the United States.
In addition to other amounts that
a
n
amount
may be applied to the redemption or payment of thees1*1 o n naen
public debt, an amount equal to the interest on all bonds ing to sinking
belonging to the aforesaid sinking fund shall be applied, pued
to epay-
as the Secretary o f the Treasury shall from time to time debt,
direct, to the payment o f the public debt as provided f o r u t e s , 3696.
in section five of the act aforesaid.
And the amount so Amount to he
to be applied is hereby appropriated annually for thatpriated.
purpose, out o f the receipts for duties on imported goods.
Approved, July II, 1870.
206
N A T IO N A L
M ONETARY
C O M M IS S IO N .
A C T O F J A N U A R Y 20, 1871.
A n act to amend an act entitled “ A n act
to authorize the refunding of the national debtP
39916 Stat L" C h a p . X X I I I .
Be it enacted by the Semite and House o f Representa
tives of the United States of America in Congress assem
Amount of 5
per cent bonds bled, That the amount o f bonds authorized by the act
m ay be i n
c r e a s e d t o approved July fourteen, eighteen hundred and seventy,
$ 5 0 0 ,0 0 0 ,0 0 0
and
interest entitled “ A n act to authorize the refunding o f the national
m a d e payable
debt,” to be issued bearing five per centum interest per
quarterly.
Revised Stat
annum, be, and the same is, increased to five hundred
utes, 3689.
millions o f dollars, and the interest o f any portion o f the
bonds issued under said act, or this act, may, at the dis
cretion o f the Secretary of the Treasury, be made payable
Proviso.
Total amount quarter-yearly: Provided, however, That this act shall
not to exceed, not be construed to authorize any increase o f the total
etc.
See act Dec.
17, 1873, sec. 2. amount o f bonds provided for by the act to which this act
is an amendment.
Approved, January 20, 1871.
A C T O F M A Y 23, 1872.
i 17 stat.
C X C V I I .— A n act defining and limiting the appro
priation of certain moneys for the preparation, issue,
and reissue of the securities of the United States, and
for other purposes.
l ., C h a p .
B e it enacted by the Senate and House of Representa
tives of the United States of America in Congress assem
Expenses of
the issue, etc., bled, T hat the expenses of the issue, reissue, transfer,
of public secu
rities, etc., to be delivery, redemption, and destruction o f securities, legalpaid from what
appropriation, tender notes, fractional currency, checks, certificates,
and not to ex commissions, and for any plate and seal engraving and
ceed, etc.
Revised Stat printing required by the Treasury Department, shall be
utes, 3689.
Repealed by paid from and shall not exceed the appropriation of one
sec. 4, act June
20,1874.
per centum o f the amount o f legal-tender notes, frac
tional currency and securities issued during each fiscal
year: Provided , That nothing herein contained shall be
L l m i tation,
construed to increase or enlarge the appropriation con
etc.
See sec. 4.
tained in the second section o f the act entitled “ A n act
to authorize the refunding o f the national debt,” approved
July fourteenth, eighteen hundred and seventy.
Approved, M ay 23, 1872.
LAWS
C O N C E R N IN G
207
F IN A N C E .
A C T O F J U N E 1, 1872.
C h a p . C C L I V .— A n act to provide for the issue of bonds
17 Stat. L.,
196.
in lieu of destroyed or defaced bonds of the United
States.
Be it enacted by the Senate and House of Representa
tives o f the United States of America in Congress assem
bled, T hat whenever it shall appear to the Secretary of
Bonds of the
United States
the Treasury, by clear and unequivocal proof, that any may be issued
in lieu of those
interest-bearing bond o f the United States has, without d e s t r o y e d or
bad faith upon the part of the owner, been destroyed,
wholly or in part, or so defaced as to impair its value
defaced.
Revised Stat
utes, 3702.
to the holder, and which bond shall be identified by
number and description, the Secretary o f the Treasury
shall, under such regulations and with such restrictions
as to time and retention for security or otherwise as he
may prescribe, issue a duplicate o f such bond, having
the same time to run, bearing like interest as the bond
so proved to have been destroyed or defaced, and so
marked as to show the original number o f the bond
bonds
destroyed and the date thereof: Provided’, That where to Called
be paid.
such destroyed or defaced bonds shall appear to have
been o f such a class or series as has been or may, before
such application, be called in for redemption, instead
o f issuing duplicates thereof they shall be paid, with
such interest only as would have been paid if presented
in accordance with such call.
S ec. 2. T hat the owner o f such destroyed or defaced Owners of des t r o y e d , etc.,
bond shall surrender the same, or so much thereof as may bonds to give
bond of indem
remain, and shall file in the Treasury a bond in a penal nity with sure
ties.
sum double the amount o f said destroyed or defaced
bond, and the interest which would accrue thereon until
the principal thereof is due and payable, with two good
and sufficient sureties, residents o f the United States,
to be approved by the Secretary o f the Treasury, with
condition to indemnify and save harmless the United
States from any claim upon the said destroyed or defaced
bond.
Approved, June 1, 1872.
N ote.— A more restricted provision for the issuance of lost or
destroyed bonds was contained in Joint Resolution No. 49, of
March 3, 1871 (16 Stat. L., 600).
208
N A T IO N A L
M ONETARY
C O M M IS S IO N .
A C T O F M A R C H 3, 1873.
17
508.
Stat. L-> C h a p . C C X X Y I . —
A n act making appropriations for the
legislative, executive, and judicial expenses of the Gov
ernment for the year ending June thirtieth, eighteen
hundred and seventy-four, and for other purposes.
Secretary of
S ec. 2. That the Secretary of the Treasury is directed
theTreasu'-y to
wi t hhol d pay
to
withhold all payments to any railroad company and
me n t s to cer
t a i n railroad
its
assigns, on account o f freights or transportation, over
companies f o r
freight, etc.
their respective roads, o f any kind, to the amount of
payments made by the United States for interest upon
bonds o f the United States issued to any such company,
and which shall not have been reimbursed together with
the five per cent, o f net earnings due and unapplied as
Co mp a ni e s provided by la w ; and such company may bring suit in
may bring suit
in Co u r t of the court o f claims to recover the price of such freight
Claims.
and transportation; and in such suit the right o f such
company to recover the same upon the law and the facts
o f the case shall be determined and also the rights o f the
United States upon the merits o f all the points presented
by it in answer thereto by them and either party to such
Ap p e a l to
Supreme Court. suit may appeal to the Supreme Court; and both said
C a u s e s to courts shall give such cause or causes precedence o f all
have p r e c e
dence.
other business.
Approved, March 3, 1873.
A C T O F MxVRCH 3, 1873.
60} 7 stat- L * C h a p . C C L X I .
A n act for the creation of a court for
the adjudication and disposition of certain moneys
received into the Treasury under an award made by the
tribunal of arbitration constituted by virtue of the first
article of the treaty concluded at Washington the eighth
of May, anno Domini eighteen hundred and seventyone, between the United States of America and the
Queen of Great Britain.
Be it enacted by the Senate and House of Representa
tives of the United States of America in Congress assem
bled, T hat immediately upon the payment o f the sum o f
money awarded to the United Staves by the tribunal o f
LAW S
C O N C E R N IN G
209
F IN A N C E .
arbitration at Geneva to be paid by the Government o f
ar,h| t “ °nhey
Great Britain, the same shall be paid into the Treasury,
lGreatSBrit?
and used to redeem, so far as it may, the public debt o f the^ribifnai at
the United States, and the amount equal to the debt so
hetc t0
redeemed shall be invested in the five per cent, registered TUQee93ait874°t
bonds o f the United States to be held subject to the future
°f APril n *
disposition o f Congress.
Approved, March 3, 1873.
A C T O F M A R C H 3, 1873.
C h a p . C C L X V I I I .— A n act to establish the custom-house
value of the sovereign or found sterling of Great Brit
ain, and to fix the Par of Exchange.
17 stat. l .,
602.
Be it enacted by the Senate and H ouse,of Representa
tives of the United States of America in Congress assem
bled, That the value o f foreign coin as expressed in the , Value of forA
0
eig n c o i n in
money o f account o f the United States shall be that o f united states
*
.
money of acthe pure metal o f such coin o f standard value: and the count, to be, etc.
.
.
.
.
7
.
V a l u e s of
values o f the standard coins in circulation o f the various standard coins
in circulation
nations o f the world shall be estimated annually by the to be estimated
.
^
^
annually
and
director of the mint, and be proclaimed on the first day proclaimed,
of January by the Secretary o f the Treasury.
S ec . 2. That in all payments* by or to the treasury, , The
sover-
eign, or pound
whether made here or in foreign countries, where it be- sterling to be
°
7
.
equal to what.
.
comes necessary to compute the value of the sovereign or
pound sterling, it shall be deemed equal to four dollars
eighty-six cents and six and one-half mills, and the same
rule shall be applied in appraising merchandise imported
where the value is,'by the invoice, in sovereigns or pounds
sterling, and in the construction of contracts payable in
sovereigns or pounds sterling; and this valuation s h a ll* , ™ 8 J a,ua,
«
,
07
be the par of exchange between Great Britain and the
United States; and all contracts made after the first dav
7
J
o f January, eighteen hundred and seventy-four, b a s e d
tlon to be par
ofCQntjhraa:^et s
after j an. 1,
18(4, upon any
other par to be
on an assumed par o f exchange with Great Britain of
fifty-fou r pence to the dollar, or four dollars forty-four
and four ninths cents to the sovereign or pound sterling,
shall be null and void.
S ec . 3. That all acts and parts o f acts inconsistent
with these provisions be, and the same are hereby, re
pealed.
Approved, March 3, 1873.
Note.—For
previous determinations of the value of the pound
sterling see the acts of July 14, 1832 (4 Stat. L., 593), and July
27, 1842 ( 5 ib id ,, 49G).
Re p e a l i ng
210
N A T IO N A L
M ONETARY
C O M M IS S IO N .
REVISED STATUTES APPLICABLE TO THE SUBJECT OF
FINANCE.
t ie ? T f ethe s e creta ry.
S ec . ^48. The Secretary o f the Treasury shall, from
time to time, digest and prepare plans for the improve
ment and management o f the revenue, and for the sup
port o f the public credit; shall superintend the collection
o f the revenue; shall, from time to time, prescribe the
forms o f keeping and rendering all public accounts and
making returns; shall grant, under the limitations herein
established, or to be hereafter provided, all warrants for
moneys to be issued from the Treasury in pursuance of
appropriations by la w ; shall make report, and give in
formation to either branch o f the legislature in person or
in writing, as may be required, respecting all matters re
ferred to him by the Senate or House o f Representatives,
or which shall appertain to his office; and generally shall
perform all such services relative to the finances as he
shall be directed to perform.
Sec. 257.
The Secretary of the Treasury shall make the
follow ing annual reports to Congress:
First. A report on the subject o f finance, containing
estimates o f the public revenue and public expenditures
for the fiscal year then current, and plans for improving
and increasing the revenues from time to time, for the
purpose o f giving information to Congress in adopting
modes o f raising the money requisite to meet the public
expenditures.
sf:
ot£rt debtsato
Sec.
3473. A ll duties on imports shall be paid in gold
s t a t e ? i n w h a t anc^
cu rren ey to be
s^ ver coin 011ly> [ or coin certificates], or in demand
Treasury notes, issued under the authority o f the acts of
bracketsdSinn
seventeen, eighteen hundred and sixty-one, chapter
Febed7yi877°f fiye ’ an(t February twelve, eighteen hundred and sixtych69oUsec8i8’ t-wo, chapter tw enty; and all taxes and all other debts and
v°ku'ec 1857* demands than duties on imports, accruing or becoming
voi ii sec‘ 6’ due
the United States, shall be paid in gold and silver
18^7 chUlyo’ c0^n’ Treasury notes, United States notes, or notes o f
peC259 vo1' 12,national banks; and upon every such payment credit shall
ch5 46Ugsec865 he g iyen f ° r the amount o f principal and interest due on
v°2‘ Febrile! any Treasury note [or notes] not received in payment on
ch‘ 2a38V-01'
the day when the same are received.
^ e b ., 1862, ch. 33, secs. 1, 5, vol. 12, pp. 345, 3 4 6 ; 11 J u ly, 1862, ch .
142, sec. 1, vol. 12, p. 5 3 2 ; 1 M arch, 1863, ch. 73, secs. 3, 5, vol. 12,
pp. 710, 711, 147, 1 4 9 ; 3 June, 1864, ch. 306, sec. 23, vol. 13, p. 1 0 6 ;
30 Ju n e, 1864, ch. 172, sec. 2, vol. 13, p. 218. A m en ded and p a rt repealed
by a ct, Feb. 27, 1877.
T h e words in ordinary roman type in brackets were
added, and
those in italics, were struck out by act o f February 27, 1877.
LAW S
Sec.
C O N C E R N IN G
211
F IN A N C E .
3476. Treasury notes bearing interest
may
be
paid notese payable
to any creditor o f the United States at their face value, Unitedebstate°f
excluding interest, or to any creditor willing to .receive ch3 ^ arg>e1c86|'
them at par, including interest.
3o'juneP'i864’
ch. 172, sec. 2, vo l. 13, p. 218!
Sec.
3481. Whenever any State is in default in the m^®t|D
yti0“ u°|
payment o f interest or principal on investments in stocks
in de‘
or bonds issued or guaranteed by such State and held by 18^05 c“ 0avruy
the United States in trust, the Secretary o f the Treasury 1(!- p- 77shall retain the whole, or so much thereof as may be neces
sary, o f any moneys due on any account from the United
States to such State, and apply the same to the payment
o f such principal and interest, or either, or to the re
imbursement, with interest thereon, of moneys advanced
by the United States on account o f interest due on such
stocks or bonds.
S ec . 3576. N o portrait shall be placed upon any o f the
bonds, securities, notes, fractional or postal currency of
P o rtra its o f
liv in g p erson s
n o t t o be
p laced on bonds
the United States, while the original o f such portrait is o r 7notes.
A pr., 1866,
ch. 28, sec. 12,
living.
Sec.
3591. The rooms provided in the Treasury B u ild
ing at the seat of Government for the use of the Treasurer
o f the United States, his assistants, and clerks, and occu
pied by them, and the fire-proof vaults and safes erected
therein for the keeping of the public moneys in the pos
session and under the immediate controll o f the Treasurer,
vo i. 14.
T h e T re a su ry
o f th e U nited
S tates.
6 A ug., 1846,
c. 90, s. 1, v.
9, p. 59.
C ooke et al.
v. U. S., 91 U.
S., 389.
and such other apartments as are provided as places of
deposit o f the public money, shall be the Treasury o f the
United States.
S ec. 3592. The mints at Carson City, and at Denver,
C ertain m in ts
and the assay-ofhce at Boise City, shall be places o f d e - J ^ ^ J e de
posit for such public moneys as the Secretary o f the c21. Apr.,''is62,
Treasury m ay direct.
12> p- 383.’ 3
J
„
M ar., 1863, c.
96, s. 5, v. 12, p. 770. 19 Feb., 1869, c. 33, s. 4, v. 15, p. 271 .
12
Feb., 1873, c. 131, ss. 65, 66, v. 17, p. 435.
S ec. 3593. A ll public moneys paid into any depository evsPs„"jec“ °?0
shall be subject to the draft o f the Treasurer of th edraft
J
#
of
Irea su rer.
the
United States, drawn agreeably to appropriations madec 9oAljJfi 184g
by law.
p- 59S ec . 3594. The superintendent o f the mint at Carson enf “of^inTat
City, and the superintendent o f the assay-office at Boise£ar|on0^“d
City, shall be assistant treasurers o f the United States, and,B°ise
shall respectively have the custody and care o f all publictr|^s^®rsj 8GO
moneys deposited therein, and shall perform all the duties5-., 5£- |-g5, v.
required o f them in reference to the receipt, safe-keeping,
58^ ’ r7
p. 770.
19 F eb., 1869, c. 33, s. 4, v. 15, p. 271. 3 M ar., iS 7 1 , ’ c. 113|
s. 1, v. 16, p. 485 . 12 F eb., 1873, c. 131, ss. 65, 66, v. 17, p. 435.
212
N A T IO N A L
M ONETARY
C O M M IS S IO N .
transfer, and disbursement o f all such moneys, as pro
vided by law.
S ec: 3595. There shall be assistant treasurers of the
e t c PPo f Da?s1 st-
ani Aifas i8e46 United States, appointed from time to time by the Presi9
°p’
g o 5,
V7 dent, by and with the advice and consent of the Senate,
*>8Prs i486v ’ i4'
serve for the term o f four years, as follow s:
One at Boston.
р. 26. 15 June,
1870, c. 129, s.
1, v. 16, p. 152.
12 Feb., 1873,
с. 131, s. 65,
v. 17, p. 435.
3 M ar., 1873,
c. 228, s. 5, v.
17, p. 543.
R ep ealed in
part
by
15
A u g., 1876, c.
287 , v. 19, p.
155.
One at New York.
One at Philadelphia.
One at Baltimore.
( One at Charleston.)
One at New Orleans.
One at Saint Louis.
One at San Francisco.
One at Cincinnati.
One at Chicago.
(B y statute o f August 15, 1876, c. 287, v. 19, p. 155, so
much o f this section as authorizes the appointment of an
assistant treasurer at Charleston was repealed.)
N o t e .— For list o f acts providing for assistant treasurers o f
the United States, see note to section 5, act o f August G, 1846
(9 Stat. L., 59).
(Sec. 3596 prescribes the salaries o f assistant treas
urers.)
Receipt of
c o m m is s io n s
gEC> 3597,
The salaries named
in the rpreceding
section
,
_
r?
fori»idcienllisite3 s^all be in full for the services of the respective officers,
c o o ^ ’^ v
9, p. 65.
an<^ none
them shall charge or receive any commission,
pay , or perquisite, for any official service o f any character
or description whatsoever.
Every such officer who makes
any such charge, or receives any such compensation, shall
be deemed guilty of a misdemeanor, and shall be fined or
imprisoned, or both.
Roomsforuse
treasurers.
G A u g ., 1846 ,
gEC> 3598. The rooms assigned by law to be occupied by
the
assistant
treasurers,
7
together
°
with
the
• 1 1 1 1 1
fire-proof
1
v 9°’ SS593’ 15 vaults therein, or connected therewith, shall be appropri
a te . i,870- c-ated to the use o f the assistant treasurers, and for the
p. 152.
safe-keeping o f the public moneys deposited with them,
respectively.
T h eir c a r e
and the use o f
S
e c
.
3599,
The
assistant treasurers
shall
have
the
th6 Au” si846 charge and care o f the rooms, vaults, and safes assigned
v 9°pS593’ 15
respectively, and shall there perform the duties
129% 287v ’i6 required o f them relating to the receipt, safe-keeping,
p. 152.
transfer, and disbursement o f the public moneys.
LAWS
C O N C E R N IN G
213
F IN A N C E .
(Sections 3600 and 3G01 require the assistant treasurers
to give bonds, and provide for subordinate officers, etc.)
S ec. 3602. The assistant treasurer at New Y ork may,
with the approval o f the Secretary o f the Treasury,
D e p u t y as-
at
New
6 M ar.,
1862,
a p -u r e r
point from among his clerks a competent person to be
called the deputy assistant treasurer o f the United States. 12,
p / 353 . ’
Such deputy assistant treasurer, in addition to other
duties performed by him, and the duties which he may be
required to perform by the assistant treasurer, is author
ized to witness the execution o f all transfers of Govern
ment stock and powers o f attorney, and to sign all bullionreceipts, with like effect as if the same were witnessed or
signed by the assistant treasurer in person.
(Sections 3603 to 3612, inclusive, authorize the employ
ment o f subordinate officers, etc., at various subtreas
uries.)
S e c . 3 6 1 3 . In case of the sickness or unavoidable ab- Deputies 1 n
»
.
. . .
.
case of sicksence 01 any assistant treasurer or depositarv from his ness or absence,
omce, he may, with the approval o f the Secretary o f thee. 32 ,
v. 13 , p.
Treasury, authorize the chief clerk, or some other clerk
employed therein, to act in his place, and to discharge all
the duties required by law o f such assistant treasurer or
depositary. The official bond given by the principal o f
the office shall be held to cover and apply to the acts o f
the person appointed to act in his place in such cases.
Such acting officer shall moreover, for the time being, be
subject to all the liabilities and penalties prescribed by
law for the official misconduct, in like cases, o f the as
sistant treasurer dr depositary, respectively, for whom
he acts.
S ec . 3615. A ll collectors and receivers o f public money
collectors of
o f every description, within the District o f Columbia,to pay overneys
shall, as often as they may be directed by the Secretaryc. 90,usi’ 9?4v.’
o f the Treasury or the Postmaster-General so to do, p a y 9’ iP
2 £.,1873,
over to the Treasurer o f the United States, at the Treas-1'-,1 p1’^ 00’ v'
ury, all public moneys collected by them or in their
hands.
A ll such collectors and receivers o f public moneys
within the cities o f New Y ork , Boston, Philadelphia, New
Orleans, San Francisco, Baltimore, Charleston, and Saint
Louis shall, upon the same direction, pay over to the
assistant treasurers in their respective cities, at their
offices, respectively, all the public moneys collected by
them, or in their hands; to be safely kept by the respective
depositaries, until otherwise disposed o f according to law.
214
N A T IO N A L
M ONETARY
C O M M IS S IO N .
I t shall be the duty of the Secretary and PostmasterGeneral, respectively, to direct such payments by the col
lectors and receivers at all the said places, at least as often
as once in each week, and as much oftener as they may
think proper.
(See section 5490.)
shaSWan“ dfsm ay
S ec. 3616. A ll marshals, district attorneys, and other
p a y ^ n t o persons
than those mentioned in the preceding section,
Tr|aIu&,' 1846, having public money to pay to the United States, may
9 p0,g2 lu’ v- pay the same to any depositary constituted by or in purm V m ; suance o f law, which may be designated by the Secretary
v. 16, p. 216. o;f thg Treasury.
C.
(See sections 5504, 5505.)
deposited8witho u t d ed u ction
3 M ar., 1849,
S ec . 3617- The gross amount o f all moneys received from
whatever source for the use o f the United States, except
.
.
.
.
'
.
9 1139I' x’ y' as otherwise provided in the next section, shall be paid
28 sept., 18so, bv the officer or agent receiving the same into the Treas-
p. 507.
ury, at as early a day as practicable, without any abate
ment or deduction
on account o f salary,
fees, costs,
charges, expenses, or claim o f any description whatever.
But nothing herein shall affect any provision relating to
the revenues o f the Post-Office Department.
burs?ng officers! S ec. 3620.
It shall be the duty o f every disbursing
c 1i22Uns’1i86v’ officer having any public money intrusted to him for dis-
1427PFeb' 1877
bursement, to deposit the same with the Treasurer or
249°’ v' 19, p' some one o f the assistant treasurers of the United States,
and to draw for the same only as it may be required for
payments to be made by him in pursuance o f law [and
draw for the same only in favor o f the persons to whom
payment is m ade;] and all transfers from the Treasurer
o f the United States to a disbursing officer shall be by
draft or warrant on the Treasury or an assistant treas
urer o f the United States.
In places, however, where
there is no treasurer or assistant treasurer, the Secretary
o f the Treasury m ay, when he deems it essential to the
public interest, specially authorize in writing the de• posit o f such public money in any other public depository,
or, in writing, authorize the same to be kept in any other
manner, and under such rules and regulations as he may
deem most safe and effectual to facilitate the payments to
public creditors.
(See section 5488.)
(The words in brackets were added in accordance with
the act o f February 2 7 ,1 8 7 7 .)
LAW S
C O N C E R N IN G
215
F IN A N C E .
S ec. 3621. Every person who shall have moneys o f the m^
United States in his hands or possession shall pay the qul3rjiar 1857j
same to the Treasurer, an assistant treasurer, or some i 11p4’249 3’ v'
public depositary o f the United States, and take his re
ceipt for the same, in duplicate, and forward one o f them
forthwith to the Secretary o f the Treasury.
(See section 5492.)
S ec . 3639. The Treasurer o f the United
States, all offl1j}e’Jgt
scu°f
assistant treasurers, and those performing the duties of i°cdmoneyspub'
assistant treasurer, all collectors of the customs, all sur- c f 0Agg£ 1f 49’
veyors o f the customs, acting also as collectors, all re- p- |°fuly 1850
ceivers o f public moneys at the several land-offices, all £0 5*> s.f 7, v.
postmasters, and all public officers o f whatsoever char-
3 Mar, 1857,
acter, are required to keep safely, without loaning, using, 12,1PApr*)i862
depositing in banks, or exchanging for other funds than £-0 so, s/^5, v!
as specially allowed by law, all the public money collected c 3 >iar., 1863,
by them, or otherwise at any time placed in their p o s -12^
session and custody, till the same is ordered, by the proper c- 242 ,^ 5 , vDepartment or officer of the Government, to be trans-
i|Feb., isea,
ferred or paid o u t; and when such orders for transfer is, 271.
or payment are received, faithfully and promptly to make
the same as directed, and to do and perform all other
duties as fiscal agents o f the Government which may be
imposed by any law, or by any regulation o f the Treas
ury Department made in conformity to law. The Presi
dent is authorized, if in his opinion the interest of the
United States requires the same, to regulate and increase
the sums for which bonds are, or may be, required by
law, o f all district attorneys, collectors o f customs, naval
-
officers, and surveyors o f customs, navy agents, receivers
and registers o f public lands, paymasters in the army,
commissary-general, and by all other officers employed in
the disbursement o f the public moneys, under the di
rection o f the W a r or N avy Departments.
(See sections 5489-5497.)
S ec . 3640. The Secretary o f the Treasury may, except mfT™ ^ r
as provided in the next section, transfer the moneys in treasuryle8au°
the hands o f any depositary o f public moneys to the th0Ar^gedg 1S40
Treasury o f the United States to the credit o f the Treas-£- 90, s.’10, v!
11
n
•
urer; and he may transfer moneys in the hands of one
P» vl«
depositary to any other depositary, as the safety o f the
public moneys and the convenience o f the public service
shall seem to him to require.
S ec . 3641. The Postmaster-General may transfer monev Transfer of
.
.
^
J postal deposits.
belonging to the postal service between the treasurer, .i u n e 8 ,i 8 7 2 ,
assistant treasurers, and designated depositaries, at his it , p. ’292.
216
N 1 T I0 N A L
M ONETARY
C O M M IS S IO N .
discretion, and as the safety o f the public money and the
convenience o f the service may require.
eyfuinlc Treas-
S ec . 3614. A ll moneys paid into the Treasury o f the
itoriesndsubject United States shall be subject to the draft o f the TreasTreasurer*
of urer*
A n d for the purpose o f payments on the public
c 90S's6’i084v acc0lin^ the Treasurer is authorized to draw upon any of
9, p. 6i.
the depositaries, as he may think most conducive to the
public interest and to the convenience o f the public credit
ors.
Each depositary so drawn upon shall make returns
to the Treasury
and
Post-Office
Departments
of
all
moneys received and paid by him, at such times and in
such forms as shall be directed by the Secretary of the
Treasury or the Postmaster-General.
fo^e8 present3 S ec . 3645. I t shall be the duty o f the Secretary o f the
mentor drafts.Treasury to issue and publish regulations to enforce the
speedy presentation o f all Government drafts, for pay
ment, at the place where payable, and to prescribe the
time, according to the different distances of the deposi
taries from the seat o f Government, within which all
drafts upon them, respectively, shall be presented for
paym ent; and, in default o f such presentation, to direct
any other mode and place o f payment which he may
deem proper; but, in all these regulations and directions,
it shall be his duty to guard, as far as may be, against
those drafts being used or thrown into circulation as a
paper currency or a medium o f exchange.
(See sections 5495, 5496.)
Examination
S ec . 3649. The Secretary o f the Treasury is authorized
Aug. 6,1846,
c. 90 s. 11 v.
to cause examinations to be made ot the books, accounts,
o’ p. 62.'
c.
.
.
7
’ ’ and money on hand, o f the several depositaries; and for
129, v. 18, p. that purpose to appoint special agents, as occasion may
require, with such compensation, not exceeding six dollars
per day and traveling expenses, as he may think reason
able, to be fixed and declared at the time o f each appoint
ment.
The agent selected to make these examinations
shall be instructed to examine as well the books, accounts,
and returns o f the officer, as the money on hand, and the
manner o f its being kept, to the end that uniformity and
accuracy in the accounts, as well as safety to the public
moneys, may be secured thereby.
Exam ination
S ec . 3650. In addition to the examinations provided
o f accounts o f
.
.
.
n ,
.
A
custodians o f for in the preceding section, it shall be the duty o f each
public moneys.
^
■>
j
Aug. 6 , 1 846 , naval officer and surveyor, as a check upon the assistant
c. 90, s. 12, v.
J
7
r
9
, p. 6 2 .
treasurers, or the collector of the customs, of their respec
tive districts; of each register of a land-office, as a check
LAWS
C O N C E R N IN G
217
F IN A N C E .
upon the receiver o f his land-office; and of the director
and superintendent o f each mint and branch-mint, when
separate officers, as a check upon the treasurers, respec
tively, o f the mints, or the persons acting as such, at the
close o f each quarter o f the year, and as much oftener as
they are directed by the Secretary o f the Treasury to do
so, to examine the books, accounts, returns, and money
on hand, o f the assistant treasurers, collectors, receivers
o f land-offices, treasurers of the M int and each branchmint, and persons acting as such, and to make a full, ac
curate, and faithful return o f their condition to the Sec
retary o f the Treasury.
S e c . 3 6 5 1 . No exchange o f funds shall be made by any
Exchange of
disbursing officer or agent o f the Government, o f any stricted.
grade or denomination whatsoever, or connected with any c. oof s. ’ 20, v!
branch o f the public service, other than an exchange for ’ F eb .22,1862,
gold, silver, United States notes, and national-bank notes; 12, p.’ 345. ’
and every such disbursing officer, when the means for his c J i42,1 s’.
v!
disbursements are furnished to him in gold, silver, United “ 'Mar. 3, i863,
°
7
.
c
73
s. 3
States notes, or national-bank notes, shall make his p a y - 12, p.’ 710. ’
v.
ments in the moneys so furnished; or when thev are fur- c. ioe, s /2 3 , v.’
nished to him in drafts, shall cause those drafts to be
uP's. v'.
city
presented at their place of payment, and properly paid Lean, 130.
according to law, and shall make his payments in the
money so received for the drafts furnished, unless, in
either case, he can exchange the means in his hands for
gold and silver at par.
A nd it shall be the duty o f the
head of the proper Department immediately to suspend
from duty any disbursing officer or agent ivho violates
the provisions of this section, and forthwith to report the
name of the officer or agent to the President, with the fact
o f the violation, and all the circumstances accompanying
the same, and within the knowledge of the Secretary, to
the end that such officer or agent may be promptly re
moved from office, or restored to his trust and the per
formance of his duties, as the President may deem just
and proper.
S e c . 3652. No officer o f the United States shall, either
rrem ium
on
directly or indirectly, sell or dispose o f to any person,moneys1 tob'be
for a premium, any Treasury note, draft, warrant, o r ae<Augt6?i846,'
other public security, not his private property, or sell or 9, p°65.' J1, v'
dispose o f the avails or proceeds o f such note, draft, war
rant, or security, in his hands for disbursement, without
making return of such premium, and accounting therefor
by charging the same in his accounts to the credit o f the
15712°—10------if.
218
N A T IO N A L
M ONETARY
C O M M IS S IO N .
United States; and any officer violating this section shall
in v e stm e n t
tru s t fu n d s.
be forthwith dismissed from office,
of
S ec. 3659. A ll funds held in trust by the United States,
#
J
#
I84ie Pct 251 s’ and the annual interest accruing thereon, when not other2, v. 5, p. 465. wise required by treaty, shall be invested in stocks o f the
United States, bearing a rate o f interest not less than five
P erm a n en t
a n n u al a p p rop ria tion s.
per centum per annum.
S ec. 3689. There are appropriated, out o f any moneys
rr, r
^
^
m the Treasury not otherwise appropriated, for the pur
poses hereinafter specified, such sums as may be nec
essary for the same respectively; and such appropriations
shall be deemed permanent annual appropriations.
UNDER
*
ch9 ^ V H :
123-
THE
*
TREASURY
*
DEPARTM ENT.
*
*
Interest on the public debt:
For payment of interest on the public debt, under the
several acts authorizing the same.
Bonds issued to Pacific R a ilw a y :
l July 1862
For payment o f interest on bonds issued by authority
voi V\2' se492’ ° f law to Pacific Railway.
2 J u ly ,’ l8 6 4 , ch. 216, secs. 7, 8, vol. 13, p. 359.
Expenses of national loan:
2 3 M ay, 1872,
p. 1 5 6 .’
’
T o pay the expenses o f the issue, re-issue, transfer, de
livery, redemption, and destruction of securities, legaltender notes, fractional currency, checks, certificates, com
missions, and for any plate and seal engraving and print
ing required by the Treasury Department, one per centum
of the amount of legal-tender notes, fractional currency,
and securities issued during each fiscal year.
ch14256ysec72
J a n P 1871
Refunding the national debt:
O f one-half o f one per centum o f the amount of bonds
ph 399, vol‘ 16, authorized under the act o f July fourteen, eighteen hun
dred and seventy, to pay the expenses o f preparing, issu
ing, and disposing o f the same,
c if s K V ® e§:
voi. 12, p. 346.
o f
Sinking fu n d :
o n e p e r centum o f the entire debt of the United
States, to be set apart as a sinking fund for the purchase
or payment o f the public debt, in such manner as the Sec
retary o f the Treasury shall from time to time direct.
coinayment in
S ec . 3693. The faith o f the United States is solemnly
ch8iMvof i6.69’
to the payment in coin or its equivalent o f all the
obligations o f the United States not bearing interest,
LAWS
C O N C E R N IN G
219
F IN A N C E .
known as United States notes, and of all the interestbearing obligations of the United States, except in cases
where the law authorizing the issue o f any such obligation
has expressly provided that the same may be paid in law
ful money or other currency than gold and silver.
But
none o f the interest-bearing obligations not already due
shall be redeemed or paid before maturity, unless at such
time United States notes are convertible into coin at the
option of the holder, or unless at such time bonds of the
United States bearing a lower rate of interest than the
bonds to be redeemed can be sold at par in coin.
The
faith o f the United States is also solemnly pledged to
make provisions at the earliest practicable period for the
redemption o f the United States notes in coin.
S ec . 3694. The coin paid for duties on imported goodsof coiEpaWfor
shall be set apart as a special fund, aud shall be applied dutlesas follow s:
First. T o the payment in coin of the interest on the interesteonpubbonds and notes o f the United States.
lic debt25 F eb., 1862, ch. 33, sec. 5, vol. 12, p. .346.
Second. T o the purchase or payment of- one per centum
£undj
of the entire debt of the United States, to be made within Mar- 3- 1875each fiscal year, which is to be set apart as a sinkingfund, and the interest of which shall in like manner be
applied to the purchase or payment of the public debt,
as the Secretary o f the Treasury shall from time to time
direct.
Third. The residue to be paid into the Treasury.
S ec. 3695. A ll bonds applied to the sinking-fund, and
Cancellation
all other United 'States bonds redeemed or paid by the deemed or paid"
United States, shall be canceled and destroyed.
A de-
tailed record o f the bonds so canceled and destroyed shall ToL 16, P‘ “ <3‘
be first made in the books of the Treasury Department.
The amount o f the bonds o f each class that have been
canceled and destroyed shall be deducted respectively
from the amount of each class o f the outstanding debt
o f the United States.
S ec. 3696. In addition to other amounts that may be A d d itio n t o
applied to the redemption or payment o f the public d e b t,slDklDg fundan amount equal to the interest on all bonds belonging
to the sinking-fund shall be applied, as the Secretary of
the Treasury shall from time to time direct, to the pay
ment of the public debt.
S ec . 3697. The Secretary o f the Treasury is authorized, ofR6 dp“ Pcent
with any coin in the Treasury which he may lawfully
220
N A T IO N A L
M ONETARY
C O M M IS S IO N .
apply to such purpose, or which may be derived from the
sale o f any of the bonds which he may be authorized to
dispose o f for that purpose, to pay at par and cancel any
six per centum bonds of the United States of the kind
known as five-twenty bonds, which have become or shall
hereafter become redeemable by the terms of their issue.
But the particular bonds so to be paid and canceled shall
in all cases be indicated arid specified by class, date, and
number, in the order of their numbers and issue, begin
ning with the first numbered and issued, in a public notice
to be given by the Secretary o f the Treasury, and, in
three months after the date o f such public notice, the
interest on the bonds so selected and advertised to be paid
shall cease.
interestent ° f
S ec . 3698. The Secretary of the Treasury shall cause
ch9 7Feyoi 1i 47,
be paid, out o f any money in the Treasury not other
wise appropriated, any interest falling due, or accruing,
on any portion o f the public debt authorized by law.
fnnteresPtation S e c . 3699. The Secretary o f the Treasury may antici17 Mar„ 1864, pate the payment o f interest on the public debt, bv a
res. 20, vol. 13. ^
t
»
.
.
7
p. 404.
period not exceeding one year, from time to time, either
of
with or without a rebate o f interest upon the coupons,
as to him may seem expedient; and he is authorized to
dispose o f any gold in the Treasury o f the United States,
not necessary for the payment of interest o f the public
debt. The obligation to create the sinking-fund shall
not, however, be impaired thereby.
P u rch a se
of
S ec . 3700. The Secretary o f the Treasury may pur-
i7 M ar., 1862, chase coin with any o f the bonds or notes of the United
voi. 12, p. 37o’. States, authorized by law, at such rates and upon such
terms as he may deem most advantageous to the public
interest.
fromXteaxaPtiin.n
S EC- 3701. A ll stocks, bonds, Treasury notes, and other
obligations of the United States, shall be exempt from
1864 chU “ 72 ’ taxation by or under State or municipal or local
sec. i , vol. 13, p. 2 1 8 ; 28 Jan ., 1865, ch. 22, sec. 1, vol. 13, p. 4 2 5 ; 3
ch . 73, sec. 1, vol. 12, p. 7 1 0 ; 25 Feb., 1862, ch. 33, sec. 2, vol. 12, p. 3 4 6 ;
vol. 16, p. 2 7 2 ; 3 M ar., 1864, ch. 17, sec. 1, vol. 13, p. 1 3 ; 3 M a r., 1863,
M ar., 1865, ch. 77, sec. 2, vol. 13, p. 4 6 !); 14 J u ly, 1870, ch. 256. sec. 1,
B an k
S u p erv isors, 7 W all., 26
authority.
v.
forDllbondsadee
S EC- 3702. Whenever it appears to the Secretary o f the
StTjune 187° T reasuiy> by
clear and
unequivocal
proof, that
any
voi.*i7*’pSei9^' interest-bearing bond o f the United States has, without
bad faith upon the part o f the owner, been destroyed,
wholly or in part, or so defaced as to impair its value to
the owner, and such bond is identified by number and
description, the Secretary o f the Treasury shall, under
LAW S
C O N C E R N IN G
221
F IN A N C E .
such regulations and with such restrictions as to time and
retention for security or otherwise as he may prescribe,
issue a duplicate thereof, having the same time to run,
bearing like interest as the bond so proved to have been
destroyed or defaced, and so marked as to show the orig
inal number o f the bond destroyed and the date thereof.
But when such destroyed or defaced bonds appear to have
been of such a class or series as has been or may, before
such application, be called in for redemption, instead of
issuing duplicates thereof, they shall be paid, with such
interest only as would have been paid if they had been
presented in accordance with such call.
S e c . 3703. The owner o f such destroyed or defacedd
8e“rnoyed
bond shall surrender the same, or so much thereof as m a y bonds-
remain, and shall file in the Treasury a bond in a penal
sum o f double the amount o f the destroyed or defaced
bond, and the interest which would accrue thereon until
the principal becomes due and payable, with two good and
sufficient sureties, residents o f the United States, to be
approved by the Secretary of the Treasury, with condi
tion to indemnify and save harmless the United States
from any claim upon such destroyed or defaced bond.
S e c . 3704.Whenever it is proved to the Secretary o f the, Duplicate of
y
\
lost registered
-treasury, by clear and satisfactory evidence, that a n y bond ^ may be
duly registered bond o f the United States, bearing inter- 3 Mar., 1871,
.
&
°
1
res. 49, vol. 16,
est, issued for valuable consideration in pursuance o f law,p. goo.’
has been lost or destroyed, so that the same is not held by
any person as his own property, the Secretary shall issue
a duplicate of such registered bond, of like amount, and
bearing like interest and marked in the like manner as
the bond so proved to be lost or destroyed.
S e c . 3705. The owner o f such missing bond shall first
file in the Treasury a bond in a penal sum equal to the
amount o f such missing bond, and the interest which
would accrue thereon, until the principal thereof becomes
due and payable, with two good and sufficient sureties,
residents o f the United States, to be approved by the Sec
retary o f the Treasury, with condition to indemnify and
save harmless the United States from any claim because
o f the lost or destroyed bond.
ii
S e c . 370G.
•
.
t
The Secretary o f the Treasury is hereby all-
Exchange of
registered for
regula- coupon bonds,
%/
*
*
morized to issue, upon such terms and under such
uons as he may from time to time prescribe, registered ch. 172, sec. 7,
l
i
•
J
1
7 0
bonds in exchange for and in lieu o f any coupon-bonds
which have been or may be law fully issued; such regis-
voj# 23^ p. 220.
222
N A T IO N A L
M ONETARY
C O M M IS S IO N .
tered bonds to be similar in all respects to the registered
bonds issued under the acts authorizing the issue o f the
coupon-bonds offered for exchange,
3707. W hen any officer or agent duly authorized
of f i cers f o r
S ec.
st 1*0 A u g ° *1846
receive, redeem, or cancel any Treasury notes issued by
voi 9®fp sio7.2’ authority o f law, shall receive, or pay, any Treasury note
which has been previously received or redeemed by any
officer or agent having authority to receive or redeem such
note, and which has subsequently thereto been purloined
and put into circulation, the Secretary o f the Treasury,
upon fu ll and satisfactory proof that the same has been
received or paid in good faith, and in the exercise of
ordinary prudence, may allow a credit for the amount of
such note, to the officer or agent so receiving or paying the
same.
Section 3708, as codified in section 177 o f the Penal
Code o f the United States, March 4, 1909 (35 Stat. L .,
1122)
imitating se-
curities
or
:
It shall not be law ful to design, engrave, print, or in
f
'
te
.
j.
,
printing adver-any manner make or execute, or to utter, issue, distribute,
t i s 6 m gn t s
*■
thereon.
circulate,
or use, any business or professional card, notice,
placard, circular, handbill, or advertisement, in the like
ness or similitude o f any bond, certificate o f indebtedness,
certificate o f deposit, coupon, United States note, Treas
ury note, gold certificate, silver certificate, fractional note,
or other obligation or security o f the United States which
has been or may be issued under or authorized by any
A ct o f Congress heretofore passed or which may here
after be passed; or to write, print, or otherwise impress
upon any such instrument, obligation, or security, any
business or professional card, notice, or advertisement,
or any notice or advertisement o f any matter or thing
forPunlshmentwhatever. W hoever shall violate any provision o f this
section shall be fined not more than five hundred dollars.
Duties and
S Ec. 5153. A ll national banking associations, desig:associationsnated for that purpose by the Secretary or the Treasury,
?tarjesao^pubi
depositaries o f public money, except receipts from
11C3Djuneyi864 cus^omsi under such regulations as may be prescribed by
ch'i3°8’ sec 45’, the Secretary; and they may also be employed as financial
agents o f the Government; and they shall perform all
such reasonable duties, as depositaries o f public moneys
and financial agents o f the Government, as may be re
quired o f them. The Secretary o f the Treasury shall re
quire the associations thus designated to give satisfactory
security, by the deposit o f United States bonds and other-
LAW S
C O N C E R N IN G
223
F IN A N C E .
wise, for the safe-keeping and prompt payment o f the
public money deposited with them, and for the faithful
performance o f their duties as financial agents of the
Government.
A n d every association so designated as re
ceiver or depositary o f the public money shall take and
receive at par all o f the national currency bills, by what
ever association issued, which have been paid into the
Government for internal revenue, or for loans or stocks.
(See secs. 3639-3649, 5489.)
S e c . 5158. The term “ United States bonds,” as u se d united states
7
bonds defined.
throughout this chapter, shall be construed to mean ^ June 3,1864,
registered bonds o f the United States.
S e c . 5 2 6 0 . T he Secretarv o f the Treasury is directed
13> p- ho’o. ’
Secretary of
to withhold all payments to anv railroad company a n d withhold
pay-
lts assigns, on account of freights or transportation overtam^ranroa^
their respective roads o f any kind, to the amount o f i -7 226,5<£82, v!
payments made by the United States for interest upon ^ Jun'e22d874,
bonds o f the United States issued to any such company, p '. 200 . ’
and which shall not have been re-imbursed, together with
the five per centum o f net earnings due and unapplied,
as provided by law.
S ec. 5413, as codified in section 147 o f the Penal Code
o f the United States, March 4, 1909 (35 Stat. L ., 1115) :
The words “ obligation or other security o f the United
States ” shall be held to mean all bonds, certificates o f
“ Obligation
c u r n y ho V the
indebtedness, national-bank currency, coupons, United defined.8tates
States notes, Treasury notes, gold certificates, silver cer
tificates, fractional notes, certificates o f deposit, bills,
checks, or drafts for money, drawn by or upon authorized
officers of the United States, stamps and other repre
sentatives o f value, o f whatever denomination, which
have been or may be issued under any act o f Congress.
Section 5414, as codified in section 148 o f the Penal
Code o f the United States, March 4, 1909 (35 Stat. L .,
1 1 1 5 ):
Whoever, with intent to defraud, shall falsely make, c0„ ntf/feuing
forge, counterfeit, or alter any obligation or other security securities,
o f the United States shall be fined not more than five
thousand dollars and imprisoned not more than fifteen
years.
Section 5415, as codified in section 149 o f the Penal
Code o f the United States, March 4, 1909 (35 Stat. L .,
1115) :
Whosoever shall falsely make, forge, or counterfeit, °r i ncg°uDaUonab
or procure to be made, forged, or counterfeited, orbanknotes-
cause
224
NATIONAL MONETARY COMMISSION.
shall willingly aid or assist in falsely making, forging,
or counterfeiting, any note in imitation of, or purporting
to be in imitation of, the circulating notes issued by any
banking association now or hereafter authorized and act
ing under the laws o f the United States; or whoever shall
pass, utter, or publish, or attempt to pass, utter, or pub
lish, any false, forged, or counterfeited note, purporting
to be issued by any such association doing a banking busi
ness, knowing the same to be falsely made, forged, or
counterfeited; or whoever shall falsely alter, or cause or
procure to be falsely altered, or shall willingly aid or
assist in falsely altering, any such circulating notes, or
shall pass, utter, or publish, or attempt to pass, utter, or
publish as true, any falsely altered or spurious circulating
note issued, or purporting to have been issued, by any
such banking association, knowing the same to be falsely
altered or spurious, shall be fined not more than one
thousand dollars and imprisoned not more than fifteen
years.
Section 5430, as codified in section 150 o f the Penal
Code o f the United States, March 4, 1909 (35 Stat. L .,
u s in g p lates
1116) :
Whoever, having control, custody, or possession of any
w ith o u t a u t h o r - plate,
stone, or other thing, or any part thereof, from
which has been printed, or which may be prepared by
direction o f the Secretary of the Treasury for the purpose
of printing, any obligation or other security o f the United
States, shall use such plate, stone, or other thing, or any
part thereof, or knowingly suffer the same to be used for
the purpose of printing any such or similar obligation
or other security, or any part thereof, except as may be
printed for the use o f the United States by order o f the
proper officer thereof; or whoever by any way, art, or
means shall make or execute, or cause or procure to be
made or executed, or shall assist in making or executing
any plate, stone, or other thing in the likeness of any
plate designated for the printing o f such obligation or
other security; or whoever shall sell any such plate, stone,
or other thing, or bring into the United States or any
place subject to the jurisdiction thereof, from any for
eign place, any such plate, stone, or other thing, except
under the direction o f the Secretary o f the Treasury or
other proper officer, or with any other intent, in either
case, than that such plate, stone, or other thing be used
for the printing o f the obligations or other securities o f
the United States; or whoever shall have in his control,
custody, or possession any plate, stone, or other thing in
any manner made after or in the similitude o f any plate,
stone, or other thing, from which any such obligation or
other security has been printed, with intent to use such
plate, stone, or other thing, or to suffer the same to be
used in forging or counterfeiting any such obligation or
other security, or any part th ereof; or whoever shall have
in his possession or custody, except under authority from
the Secretary o f the Treasury or other proper officer,
any obligation or other security made or executed, in
whole or in part, after the similitude o f any obliga
tion or other security issued under the authority of
the
United
States, with
intent
to
sell
or
otherwise
use the sam e; or whoever shall print, photograph, or
in any other manner make or execute, or cause to be
printed, photographed, made, or executed, or shall aid in
printing, photographing, making, or executing any en
graving, photograph, print, or impression in the likeness
o f any such obligation or other other security, or any
part thereof, or shall sell any such engraving, photograph,
print, or impression, except to the United States, or shall
bring into the United States or any place subject to the
jurisdiction thereof, from any foreign place any such
engraving, photograph, print, or impression, except by
direction o f some proper officer of the United States;
or whoever shall have or retain in his control or pos-
D is tin c tiv e
session, after a distinctive paper has been adopted by the
a u th o r ity .th ou t
Secretary o f the Treasury for the obligations and other
securities o f the United States, any similar paper adapted
to the making o f any such obligation or other security,
except under the authority o f the Secretary o f the Treas
ury or some other proper officer o f the United States,
shall be fined not more than five thousand dollars, or im- ^Punishment
prisoned not more than fifteen years, or both.
Section 5431, as codified in section 151 o f the Penal
Code o f the United States, March 4, 1909 (35 Stat. L .,
1116) :
Whoever,7 with intent to defraud,7 shall rpass, utter, rpub-,f outtering,
etc.,
r g e d o b lig a -
1* i
usn, or sell, or attempt to pass, utter, publish, or sell, or tionsshall bring into the United States or any place subject
to the jurisdiction thereof, with intent to pass, publish,
utter, or sell, or shall keep in possession or conceal with
like intent, any falsely made, forged, counterfeited, or
@FedFRASER