Full text of Legal Tender Act of 1863
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THIRTY-SEVENTH CONGRESS. S ess . III. C h . 71, 72, 73. sliall be considered as public documents, and entitled to be franked as such ; and except also seeds, cuttings, roots, and scions, the weight of the packages o f which may be fixed by regulation o f the Postmaster-Gen eral. S e c . 43. And be it fu rth er enacted, That all publishers o f periodicals, magazines, and newspapers which shall not exceed sixteen ounces in weight shall be allowed to interchange their publications reciprocally free o f postage: Provided, That such interchange shall be confined to a single copy of each publication. S e c . 44. And be it fu rth er enacted, That this act shall be in force and take effect from and after the thirtieth day of June, eighteen hundred and sixty-three. S e c . 45. And be it fu rth er enacted, That all acts and parts of acts inconsistent with the provisions o f this act are hereby repealed. A p p r o v e d , March 3, 1863. Chap. L X X I L — An A ct to disapprove o f the twenty-sixth Section o f the A ct o f the Leg islative Assembly o f the Territory o f Nevada, and fo r other Purposes. Be it enacted by the Senate and House o f Representatives o f the United States o f America in Congress assembled, That section twenty-six o f an act o f the Legislative Assembly o f the Territory o f Nevada entitled “ An act to provide for the formation o f corporations for certain purposes,” ap proved December twenty, eighteen hundred and sixty-two, said section being as follows: “ Section 26. All corporations heretofore formed under the provisions o f acts o f incorporation in other States or Territories, and holding or owning property within this Territory o f such character as specified in section first o f this act, and managed by a board or boards of trustees or directors, and having their principal place o f business outside the limits of this Territory, are hereby required to remove their places o f business, principal offices, books, and papers, heretofore kept, or neces sary for the transaction o f such business, to some point to be designated by said, corporation, within the limits o f this Territory, within six months after the passage o f this act, or otherwise such corporation or corporations shall be disregarded in law as a corporation, and the corporators or stock holders thereof be treated as tenants in common, or joint owners of such property so owned or held within this Territory. A ny corporation, by filing and recording its certificate o f incorporation, or a certified copy thereof, with the secretary o f the Territory, and with the clerk of the county in which such corporation may locate as the principal place o f business, and fully complying with all the provisions o f this act, shall be deemed sufficient to entitle such corporation to all the rights and privileges under the provisions o f this act,” be and the same is hereby disapproved, and the same is hereby annulled and made void. S e c . 2. And be it fu rther enacted, That all incorporated companies, duly organized within any state or territory of the United States, may sue and be sued, plead and be impleaded, in the several courts o f the'Territory of Nevada, anything in the laws o f said Territory to the contrary notwithstanding. A p p r o v e d , March 3, 1863. Ch a p . LXXIII . — An Act to provide Ways and Means for the Support of the Gov 1863. 709 W eight of pack ages o f seeds. Publishers may interchange free except, &c. W hen act to take effect. Repealing clause. March 3, 1863. Law o f Nevada Territory respect ing corporations disapproved. Corporations in Nevada may sue, &c. March 3,1863. ernment. Be it enacted by the Senate and House o f Representatives o f the United States o f America in Congress assembled, That the Secretary o f the Treas ury be, and he is hereby, authorized to borrow, from time to time, on the credit o f the United States, a sum not exceeding three hundred millions of dollars for the current fiscal year, and six hundred millions for the The Secretary of Treasury may borrow not ovei $300,000,000 for this year, and $600,000,000 for the next. 710 THIRTY-SEVENTH CONGRESS, S ess , IIJ. Ch. 73. 1663. next fiscal year, and to issue therefor coupon or registered bonds, paya ble 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, Denominations, in coin, and o f such denominations not less than fifty dollars as he may Interest on, rate deem expedient, bearing interest at a rate not exceeding six per centum of, and payable in per annum, payable on bonds not exceeding one hundred dollars, anco,n' nually, and on all other bonds semi-annually, in coin ; and lie may, in his Bonds may be discretion, dispose o f such bonds at any time, upon such terms as he may disposed of. deem most advisable, for lawful money o f the United States, or for any of the certificates of indebtedness or deposit that may at any time be un paid, or for any o f the treasury notes heretofore issued or which may be To be exempt issued under the provisions o f this act. And all the bonds and treasury from taxation. notes or United States notes issued under the provisions o f this act shall be exempt from taxation by or under state or municipal authority: Pro* Amount outvided, That there shall be outstanding o f bonds, treasury notes, and standing not United States notes, at any time, issued under the provisions o f this act, $900oooooo. n o g r e a te r amount altogether than the sum o f nine hundred millions of dollars. Secretary S e c . 2. A nd be it fu rther enacted, That the Secretary o f the Treasury 3 000 ooo in ke, and he is hereby, authorized to issue, on the credit o f the United treasury notes. States, four hundred millions o f dollars in treasury notes, payable at the When payable, pleasure o f the United States, or at such time or times not exceeding and rate of inter- three years from date as may be found most beneficial to the public in terests, and bearing interest at a rate not exceeding six per centum per annum, payable at periods expressed on the face o f said treasury notes; interest payand the interest on the said treasury notes and on certificates o f indebted^ money IawfuI ness and deposit hereafter issued, shall be paid in lawful money. The Denominations treasury notes thus issued shall be o f such denomination as the Secretary and how disposed may direct, not less than ten dollars, and may be disposed o f on the best ofterms that can be obtained, or may be paid to any creditor o f the United How a legal States willing to receive the same at par. A nd said treasury notes may tender, &c. be made a legal tender to the same extent as United States notes, For what e x for their face value excluding interest; or they may be made exchangec angea e. a ij]e under regulations prescribed by the Secretary o f the Treasury, by the holder thereof at the treasury in the city o f Washington, or at the office of any assistant treasurer or depositary designated for that purpose, for United States notes equal in amount to the treasury notes offered for exchange, together with the interest accrued and due thereon at the date Other notes interest payment next preceding such exchange. And in lieu o f any may be issued for amount o f said treasury notes thus exchanged, or redeemed or paid at those exchanged, maturity, the Secretary may issue an equal amount o f other treasury notes ; and the treasury notes so exchanged, redeemed, or paid, shall be cancelled and destroyed as the Secretary may direct. In order to secure certain and prompt exchanges o f United o f States notes for treasury $150,000,000 o f notes when required as above provided, the Secretary shall have power issued'for'exio > ssue United States notes to the amount o f one hundred and fifty milciianges. lions of dollars, 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 purposes than said exchanges; and When issued whenever any amount shall have been so issued and applied, the same repiaced.ied’ h°W slla11 d replaced as soon as practicable from the sales o f treasury notes for United States notes. if necess^r^to17’ ®EC‘ -And be it further enacted, That the Secretary o f the Treasury payThTarmy,° ^e’ and he is hereby, authorized, if required by the exigencies o f the &c., may issue public service, for the payment o f the army and navy, and other crednofe°5° w itw n itorA t!ie government, to issue on the credit o f the United States the interest. *um one hundred and fifty millions o f dollars o f United States notes, including the amount o f such notes heretofore authorized by the joint resolution approved January seventeen, eighteen hundred and sixtyBonds. THIRTY-SEVENTH CONGRESS. S ess . III. Ch. 73. 1863. 711 three, in such form as he may deem expedient, not bearing interest, pay able to bearer, and of such denominations, not less than one dollar, as he Denominations, may prescribe, which notes so issued shall be lawful money and a legal Legal tender, tender in payment o f all debts, public and private, within the United ande mterestU tieS States, except for duties on imports and interest on the public debt; and an ln e any o f the said notes, when returned to the treasury, may be reissued Reissue, from time to time as the exigencies o f the public service may require. And in lieu o f any o f said notes, or any other United States notes, re- Issues in lieu of turned to the treasury, and cancelled or destroyed, there may be issued equal notes cancelled, amounts of United States notes, such as are authorized by this act. And Repeal of part so much of the act to authorise the issue o f United States notes, and cj 4 2 33’ for other purposes, approved February twenty-five, eighteen hundred and (Ante, pp. 345, sixty-two, and o f the act to authorize an additional issue o f United States 532) restricting notes, and for other purposes, approved July eleven, eighteen hundred mwketvahie? and sixty-two, as restricts the negotiation o f bonds to market value, is hereby repealed. And the holders o f United States notes, issued under "When former and by virtue of said acts, shall present the same for the purpose o f ex- n°*^n ™d9fo ° changing the same for bonds, as therein provided, on or before the first exchange. ° T day of July, eighteen hundred and sixty-three, and thereafter the right so to exchange the same shall cease and determine. S e c . 4 . And be it fu rth er enacted, That in lieu o f postage and revenue In lieu of poststamps for fractional currency, and o f fractional notes, commonly called frfctionafnYtes postage currency, issued or to be issued, the Secretary of the Treasury may be issued, may issue fractional notes o f like amounts in such form as he may deem expedient, and may provide for the engraving, preparation, and issue thereof in the treasury department building. And all such notes issued I'®1 ' exshall be exchangeable by the assistant-treasurers and designated de- payabfe. 6 positaries for United States notes, in sums not less than three dollars, and shall be receivable for postage and revenue stamps, and also in pay ment of any dues to the United States less than five dollars, except duties on imports, and shall be redeemed on presentation at the treasury of the United States in such sums and under such regulations as the Sec retary of the Treasury shall prescribe : Provided, That the whole amount Issue not to cxof fractional currency issued, including postage and revenue stamps issued ceed $50,000,000. as currency, shall not exceed fifty millions o f dollars. S e c . 5. And be it fu rth er enacted, That the Secretary o f the Treasury Secretary may is hereby authorized to receive deposits o f gold coin and bullion with the deposit and issue treasurer or any assistant-treasurer o f the United States, in sums not certificates thereless than twenty dollars, and to issue certificates therefor, in denomina- fortions o f not less than twenty dollars each, corresponding with the denom inations o f the United States notes. The coin and bullion deposited for or representing the certificates o f deposit shall be retained in the treas ury for the payment o f the same on demand. And certificates represent- Such certificates ing coin in the treasury may be issued in payment o f interest on the j^a-a^^'ter gj v ss“ public debt, which certificates, together with those issued for coin and 0ruhe public bullion deposited, shall not at any time exceed twenty per centum be- debt and duties, yond the amount o f coin and bullion in the treasury; and the certificates Limit of for coin or bullion in the treasury shall be received at par in payment amountfor duties on imports. Sec. 6. And be it fu rth er enacted, That the coupon or registered bonds, Secretary to treasury notes, and United States notes authorized by this act shall be of bonds and™ in such form as the Secretary of the Treasury may direct, and shall have notes, printed upon them such statements, showing the amount o f accrued or What to be accruing interest, the character of the notes, and the penalties or punish- Prmted thereon, ment for altering or counterfeiting them, as the Secretary o f the Treas ury may prescribe, and shall bear the written or engraved signatures o f How signed, the treasurer of the United States and the register o f the treasury, and also, as evidence o f lawful issue, the imprint of a copy o f the seal o f Jo have^im the Treasury Department, which imprint shall be made, under the direc 712 Signature. Provisions o f act 1857, ch. 1, revived, Vol. x i. p. 257. Duty on bank circulation after April 1,1863. Banks with branches. Additional tax on banks. 1863, ch. 58. Ante, p. 665. Circulation of fractional notes. Duty on de posits. Returns by banks. THIRTY-SEVENTH CONGRESS. S ess . III. Ch. 73. 1863. tion o f 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 treas urer by such persons as may be specially appointed by the Secretary o f the Treasury for that purpose, and shall be countersigned by the reg ister o f the treasury, or for the register by such persons as the Secre tary o f the Treasury may specially appoint for that purpose. And all the provisions o f the act entitled “ An act to authorize the issue o f treas ury notes,” approved the twenty-third day o f December, eighteen hundred and fifty-seven, so far as they can be applied to this act, and not incon sistent therewith, are hereby revived and reenacted. S e c. 7. And be it further enacted, That all banks, associations, corpo rations, or individuals, issuing notes or bills for circulation as currency, shall be subject to and pay a duty o f one per centum each half year from and after April first, eighteen hundred and sixty-three, upon the average amount o f circulation o f notes or bills as currency issued beyond the amount hereinafter named, that is to say : banks, associations, corpora tions, or individuals, having a capital o f not over one hundred thousand dollars, ninety per centum thereof; over one hundred thousand and not over two hundred thousand dollars, eighty per centum thereof; over two hundred thousand and not over three hundred thousand dollars, seventy per centum thereof; over three hundred thousand and not over five hun dred thousand dollars, sixty per centum thereof; over five hundred thousand and not over one million o f dollars, fifty per centum thereof; over one million and not over one million and a half o f dollars, forty per centum thereof; over one million and a half, and not over two millions o f dollars, thirty per centum thereof; over two millions o f dollars, twentyfive per centum thereof. In the case o f banks with branches, the duty herein provided for shall be imposed upon the circulation o f the notes or bills o f such branches severally, and not upon the aggregate circulation o f a ll; and the amount o f capital o f each branch shall be considered to be the amount allotted to or used by such branch; and all such banks, asso ciations, corporations, and individuals shall also be subject to and pay a duty o f one half o f one per centum each half year from-and after April first, eighteen hundred and sixty-three, upon the average amount of notes or bills not otherwise herein taxed and outstanding as currency during the six months next preceding the return hereinafter provided for ; and the rates o f tax or duty imposed on the circulation o f associations which may be organized under the act “ to provide a national currency, secured by a pledge o f United States stocks, and to provide for the circulation and redemption thereof,” approved February twenty-fifth, eighteen hundred and sixty-three, shall be the same as that hereby imposed on the circula tion and deposits o f all banks, associations, corporations, or individuals, but shall be assessed and collected as required by said a c t ; all banks, associations, or corporations, and individuals issuing or reissuing notes or bills for circulation as currency after April first, eighteen hundred and sixty-three, in sums representing any fractional part o f a dollar, shall be subject to and pay a duty o f five per centum each half year thereafter upon the amount o f such fractional notes or bills so issued. And all banks, associations, corporations, and individuals receiving deposits o f money subject to payment on check or draft, except savings institutions, shall be subject to a duty o f one eighth o f one per centum each half year from and after April first, eighteen hundred and sixty-three, upon the average amount of such deposits beyond the average amount o f their circulating notes or bills lawfully issued and outstanding as currency. And a list or return shall be made and rendered within thirty days after the first day of October, eighteen hundred and sixty-three, and each six months thereafter, to the commissioner o f internal revenue, which shall coatain a true and faithful account o f the amount o f duties accrued, or THIRTY-SEVENTH CONGRESS. S es S. HI. Ch. 73, 74. 1$63. 713 which should accrue, on the full amount o f the fractional note circulation and on the average amount o f all other circulation and o f all such depos its, for the six months next preceding. And there shall be annexed to To be under every such list or return a declaration, under oath or affirmation, to be oathmade in form and manner as shall be prescribed by the commissioner of internal revenue, o f the president, or some other proper officer of said bank, association, corporation, or individual, respectively, that the same contains a true and faithful account o f the duties which have accrued, or which should accrue, and not accounted for ; and for any default in the delivery o f such list or return, with such declaration annexed, the bank, association, corporation, or individual making such default, shall forfeit, as a penalty, the sum o f five hundred dollars. And such bank, association, Duties to be corporation, or individual shall, upon rendering the list or return as afore- thgd r£"u]jn nder'ng said, pay to the commissioner of internal revenue the amount o f the duties due on such list or return, and in default thereof shall forfeit, as a penalty, the sum of five hundred dollars ; and in case o f neglect or refusal Penalty for to make such list or return as aforesaid, or to pay the duties as aforesaid, neg 60 ' for the space o f thirty days after the time when said list should have been made or rendered, or -ftrhen said duties shall have become due and paya ble, the assessment and collection shall be made according to the general provisions prescribed in an act entitled “ An act to provide internal rev- 1862, ch. 119. enue to support the Government and to pay interest on the public debt/* Ante<P- 432> approved July one, eighteen hundred and sixty-two. Sj EC. 8 . And be it fu rther enacted., That, in order to prevent and punPenalties of ish counterfeiting and fraudulent alterations o f the bonds, notes, and frac- former act against tional currency authorized to be issued by this act, all the provisions o f appii_ the sixth and seventh sections o f the act entitled “ An act to authorize cable, the issue o f United States notes, and for the redemption or funding 1862, ch. 33, thereof, and for funding the floating debt o f the United States,” approved 347 February twenty-fifth, eighteen hundred and sixty-two, shall, so far as ’ p' applicable, apply to the bonds, notes, and fractional currency hereby authorized to be issued, in like manner as if the said sixth and seventh sections were hereby adopted as additional sections o f this act. And the provisions and penalties o f said sixth and seventh sections shall ex tend and apply to all persons who shall imitate, counterfeit, make, or sell any paper such as that used, or provided to be used, for the fractional notes prepared, or to be prepared, in the treasury department building, and to all officials o f the treasury department engaged in engraving and preparing the bonds, notes, and fractional currency hereby authorized to be issued, and to all official and unofficial persons in any manner em ployed under the provisions of this act. And the sum o f six hundred Appropriation thousand dollars is hereby appropriated, out o f any money in the treasury for expenses of not otherwise appropriated, to enable the Secretary of the Treasury to 1 1 act 8 cprry this act into effect. A p p r o v e d , March 3, 1863. C h a p . L X X I V . — A n A ct to amend an A ct entitled “ An A ct to provide Internal Rev- enue to support the Government and pay Interest on the Public Debt,” approved July first, eighteen hundred and sixty-two, and fo r other Purposes. March 3, 1863. 1] f) Ante, p. 432. Be it enacted by the Senate and House o f Representatives o f the United States o f America in Congress assembled, That “ An act to provide in- Amendments, ternal revenue to support the Government and pay interest on the public debt,” approved July first, eighteen hundred and sixty-two, be, and the same hereby is, ainend[ed] as hereinafter set forth, namely : — That wherever any written notice, or other instrument in writing, is Written notice required, the same shall be lawful if written or partly written and m» y partly in • . j printed. print, Section 11. That section eleven be, and hereby is, amended so as to authorize v o l. x ii. P u b . — 90 Ante, p. 435.