254 



FINANCES OF THE UNITED STATES. 



Act Authorizing the 6's of 1881. 

 July 17, 1861 An act to authorize a national loan, 



and for other purposes. 



SEC. 1. Be it enacted, etc., That the Secretary of 

 the Treasury be, and he is hereby, authorized to bor- 

 row, on the credit of the United States, within twelve 

 months from the passage of this act, a sum not ex- 

 ceeding $250,000.000, 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 such proportions of each 

 as he may deem advisable ; the bonds to bear interest 

 not exceeding seven per cent, per annum, payable 

 semi-annually ; irredeemable for twenty years, and 

 after that period redeemable at the pleasure of the 

 United States ; and the Treasury notes to be of any 

 denomination fixed by the Secretary of the Treasury, 

 not less than $50, and to be payable three years after 

 date, with interest at the rate of seven and three- 

 tenths per cent, per annum, payable semi-annually. 



Act Authorizing the 5.20'. 

 February 25, 1862 An act to authorize the issue of 



United States notes, and for the 'redemption or 



funding thereof, and for funding the floating debt 



of the United States. 



****** 



SEC. 2. That to enable the Secretary of the Treas- 

 ury to fund the Treasury notes and floating debt of 

 the United States, he is hereby authorized to issue, 

 on the credit of the United States, coupon bonds, or 

 registered bonds, to an amount not exceeding $500,- 

 000,000, redeemable at the pleasure of the United 

 States after five years, and payable twenty years from 

 date, and bearing interest at the rate of six per cent, 

 per annum, payable semi-annually. And the bonds 

 herein authorized shall be of such denominations, 

 not less than $50, as may be determined upon by the 

 Secretary of the Treasury. And the Secretary of 

 the Treasury may dispose of -such bonds at any time, 

 at the market value thereof, for the coin of the United 

 States, or for any of the Treasury notes that have 

 been, or may hereafter be, issued under any former 

 act of Congress, or for United States notes that may- 

 be issued under the provisions of this act ; and all 

 stocks, bonds, and other securities of the United 

 States held by individuals, corporations, or associa- 

 tions, within the United States, shall be exempt 

 from taxation by or under State authority. 



Ad creating a Sinking-Fund, etc. 



SEC. 5. That all duties on imported goods shall be 

 paid in coin, or in notes payable on demand, hereto- 

 fore authorized to be issued, and by law receivable 

 in payment of public dues, and the coin so paid shall 

 be set apart as a special fund, and shall be applied 

 as follows : 



First. To the payment in coin of the interest on 

 the bonds and notes of the United States. 



Second. To the purchase or payment of one per 

 centum of the entire debt of the United States, to be 

 made within each fiscal year after the 1st day of July. 

 1862, which is to be set apart as a sinking fund, and 

 the interest of which shall in like manner be applied 

 to the purchase or payment of the public debt, as 

 the Secretary of the Treasury shall from time to time 

 direct. 



Third. The residue thereof to be paid into the 

 Treasury of the United States. 



Act Authorizing the 10.40's. 



March 3, 1864 An act supplementary to an act en- 

 titled " An act to provide ways and means for the 

 support of the Government," approved March 3, 

 1863. 



SEC. 1. Be it enacted, etc., That in lieu of so much 

 of the loan authorized by the act of March 3, 1863, to 

 which this is supplementary, the Secretary of the 

 Treasury is authorized to borrow, from time to time, 

 on the credit of the United States, not exceeding 



$200,000,000, during the current fiscal year, and to 

 prepare and issue therefor coupon or registered 

 bonds of the United States, bearing date March 1, 

 1864, or any subsequent period, redeemable at the 

 pleasure of the Government after any period not less 

 than five years, and payable at any period not more 

 than forty years from date, in coin, and of such de- 

 nominations as may be found expedient, not less 

 than $50, bearing interest not exceeding six per 

 centum a year, payable on bonds not over $100 an- 

 nually, and on all other bonds semi-annually in 

 coin; and he may dispose of such bonds at any 

 tune, on such terms as he may deem most advisable, 

 for lawful money of the United States, or, at his 

 discretion, for Treasury notes, certificates of indebt- 

 edness, or certificates of deposit, issued under any 

 act of Congress ; and all bonds issued under this act 

 shall be exempt from taxation by or under State or 

 municipal authority. And the Secretary of the 

 Treasury shall pay the necessary expenses of the 

 preparation, issue, and disposal of such bonds out 

 of any money in the Treasury not otherwise appro- 

 priated; but the amount so paid shall not exceed 

 one-half of one per centum of the amount of the 

 bonds so issued and disposed of. 



Act Authorizing the Consolidated Loan of 1865. 



March 3, 1865 An act to provide ways and means 



to support the Government. 



SEC. 1. Be it enacted, etc., That the Secretary of the 

 Treasury be, and he is hereby, authorized to borrow, 

 from time to time, on the credit of the United States, 

 in addition to the amounts heretofore authorized, 

 any sums not exceeding in the aggregate $600,000,- 

 000, and to issue therefor bonds or Treasury notes of 

 the United States, in such form as he may pre- 

 scribe ; and so much thereof as may be issued in 

 bonds shall be of denominations not less than $50, 

 and may be made payable at any period not more 

 than forty years from date of issue, or may be made 

 redeemable, at the pleasure of the Government, at 

 or after any period not less than five years nor more 

 than forty years from date, or may be made redeem- 

 able and payable as aforesaid, as may be expressed 

 upon their face ; 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 

 of such denominations not less than $50 and bear 

 such dates and be made redeemable or payable at 

 such periods as in the opinion of the Secretary of 

 the Treasury may be deemed expedient. And the 

 interest on such bonds shall be payable semi-annu- 

 ally ; and on Treasury notes authorized by this act 

 the interest may be made payable semi-annually, or 

 annually, or at maturity thereof; and the principal 

 or interest, or both, may be made payable in coin or 

 in other lawful money : Provided, Tnat the rate of 

 interest on any such bonds or Treasury notes, when 

 payable in com, shall not exceed six per cent, per 

 annum; and when not payable in coin shall not 

 exceed seven and three-tenths per cent, per annum ; 

 and the rate and character of interest shall be ex- 

 pressed on all such bonds or Treasury notes. 



Act creating Legal Tenders. 

 February 25, 1862 An act to authorize the issue of 



United States notes and for the redemption or 



funding thereof, and for funding the floating debt 



of the United States. 



SEC. 1. * * * And provided furtJier, That the 

 amount of the two kinds of notes together shall at 

 no time exceed the sum of $150,000,000, and such 

 notes herein authorized shall be receivable in pay- 

 ment of all taxes, internal duties, excises, debts, and 

 demands of every kind due to the United States, 

 except duties on imports, and of all claims and de- 

 mands against the United States of every kind what- 

 soever, except for interest upon bonds and notes, 

 which shall be paid in coin ; and shall also be lawful 

 money and a legal tender in payment of all debts, 



