No. 3.-Statement of the indebtedness Acts authorizing loans, and synopsis of same. Acts of July 21, 1841, and April 15, 1842. Act of Jan. 28, 1847 ... Act of Sept. 9, 1850 Authorized a loan of $12,000,000, bearing interest at a rate not exceeding six per Authorized the issue of $23,000,000 in treasury notes, bearing interest at a rate not Act of March 31, 1848. Authorized a loan of $16,000,000, bearing interest at a rate not exceeding six per cent, per annum, and reimbursable at any time after twenty years from July 1, 1848. Authority was given to the Secretary to purchase the stock at any time. Authorized the issue of $10,000,000 in bonds, bearing five per cent. interest, and redeemable at the end of fourteen years, to indemnify the State of Texas for her relinquishment of all claims upon the United States for liability of the debts of Texas, and for compensation for the surrender to the United States of her ships, forts, arsenals, custom-houses, &c., which became the property of the United States at the time of annexation. Old funded and un- Acts prior to 1857... Consisting of unclaimed dividends upon stocks issued before the year 1800, and those issued during the war of 1812. Different issues of treasury notes.. Authorized an issue of $20,000,000 in treasury notes, bearing interest at a rate not exceeding six per cent. per annum, and receivable in payment of all public dues, and to be redeemed after the expiration of one year from date of said notes. Act of June 14, 1858... Authorized a loan of $20,000,000, bearing interest at a rate not exceeding five per cent. per annum, and reimbursable at the option of the government at any time after the expiration of fifteen years from January 1, 1859. Act of June 22, 1860... Authorized a loan of $21,000,000, bearing interest at a rate not exceeding six per cent. per annum, and reimbursable within a period not beyond twenty years, and not less than ten years, for the redemption of outstanding treasury notes, and for no other purpose. Act of Dec. 17, 1860... Authorized an issue of $10,000,000 in treasury notes, to be redeemed after the expi ration of one year from the date of issue, and bearing such a rate of interest as may be offered by the lowest bidders. Authority was given to issue these notes i in payment of warrants in favor of public creditors at their par value, bearing six per cent. interest per annum. Act of Feb. 8, 1861.... Authorized a loan of $25,000,000, bearing interest at a rate not exceeding six per cent. per annum, and reimbursable within a period not beyond twenty years, nor less than ten years. This loan was made for the payment of the current expenses, and was to be awarded to the most favorable bidders. Act of March 2, 1861 .. Authorized a loan of $10,000,000, bearing interest at a rate not exceeding six per cent. per annum, and reimbursable after the expiration of ten years from July 1, 1861. In case proposals for the loan were not acceptable, authority was given to issue the whole amount in treasury notes bearing interest at a rate not exceeding six per cent. per annum. Authority was also given to substitute treasury notes for the whole or any part of the loans for which the Secretary was by law authorized to contract and issue bonds at the time of the passage of this act, and such treasury notes were to be made receivable in payment of all public dues, and redeemable at any time within two years from March 2, 1861. Act of March 2, 1861.. Authorized an issue, should the Secretary of the Treasury deem it expedient, of Acts of July 17, 1861, and Aug. 5, 1861. $2,800,000, in coupon bonds, bearing interest at the rate of six per cent. per an num, and redeemable in twenty years, for the payment of expenses incurred by the Territories of Washington and Oregon in the suppression of Indian hostilities during the years 1855 and 1856. Authorized a loan of $250,000,000, for which could be issued bonds bearing interest at a rate nct exceeding seven per cent. per annum, irredeemable for twenty years, and after that redeemable at the pleasure of the United States; treasury notes bearing interest at the rate of 7.30 per cent. per annum, payable three years after date, and United States notes without interest, payable on demand, to the extent of $50,000,000, (increased by act of February 12, 1862. to $60,000,000;) the bonds and treasury notes to be issued in such proportions of each as the Secretary may deem advisable. The supplementary act of August 5, 1861, authorized an issue of bonds bearing six per cent. interest per annum, and payable at the pleasure of the United States after twenty years from date, which may be issued in exchange for 7.30 treasury notes; but no such bonds to be issued for a less sum than $500. and the whole amount of such bonds not to exceed the whole amount of 7.30 treasury notes issued. of the United States, June 30, 1867. Title. When redeem- Amount au- Amount is- Amount outstanding. Loan of 1842.... 20 years After Dec. 31, 18626 per cent... Par.. $17,000,000 $2,000,000 $64, 768 68 Treasury notes.. 1 year.. 1 year after date .. 6 and 12 per ..do.. 10,000,000 10,000,000 600 00 cent. Loan of Feb. 8, 20 years After June 1, 1881.6 per cent.....do.... 25, 000, 000 18, 415,000 1861. 18, 415, 000 No. 3.-Statement of the indebtedness of the Acts authorizing loans, and synopsis of same. Act of Feb. 25, 1862... Authorized the issue of $500,000,000 in six per cent, bonds, redeemable after five March 3, 1864....... June 30, 1864.. January 28, 1865. Act of Feb. 25, 1862... Act of July 11, 1862... Resolution of Congress, years, and payable twenty years from date, which may be exchanged for United States notes. Also, on Authorized the issue of not over $11,000,000 additional of similar bonds, to meet subscriptions already made and paid for. On hand unsold in the United States or Europe...... Authorized the issue of $150,000,000 in legal-tender United States notes, $50,000,000 of which to be in lieu of demand notes issued under act of July 17, 1861. Authorized an additional issue of $150,000,000 legal-tender notes, $35,000,000 of which might be in denominations less than five dollars; $50,000,000 of this issue to be reserved to pay temporary loans promptly in case of emergency. Authorized the issue of $100,000,000 in United States notes, for the immediate payment of the army and navy, such notes to be a part of the amount provided for in any bill that may hereafter be passed by this Congress. (The amount in this resolution is included in act of March 3, 1863.) Act of March 3, 1863... A further issue of $150,000,000 in United States notes, for the purpose of converting the treasury notes which may be isued under this act, and for no other purpose. And a further issue, if necessary, for the payment of the army and navy, and other creditors of the government, of $150,000,000 in United States notes, which amount includes the $100,000,000 authorized by the joint resolution of Congress, January 17, 1863. Act of April 12, 1866... Provided, That of United States notes, not more than ten millions of dollars may be retired and cancelled within six months from the passage of this act, and thereafter not more than four millions of dollars in any one month: And provided fur ther, That the act to which this is an amendment shall continue in full force in all its provisions, except as modified by this act. Act of Feb. 25, 1862... Authorized a temporary loan of $25,000,000 in United States notes, for not less than thirty days, payable after ten days' notice, at five per cent. interest per annum. (This was increased to $100,000,000 by the following acts.) March 17, 1862.. July 11, 1862 Act of June 30, 1864... Act of March 3, 1863... Act of June 30, 1864... Authorized an increase of temporary loans of $25,000,000, bearing interest at a rate not exceeding five per cent. per annum. Authorized a further increase of temporary loans of $50,000,000, making the whole amount authorized $100,000,000. Authorized the increase of temporary loans to not exceeding $150,000,000, at a rate not exceeding six per cent. Authorized a loan of $300,000,000 for this, and $600,000,000 for the next fiscal year, for which could be issued bonds running not less than ten, nor more than forty years, principal and interest payable in coin, bearing interest at a rate not exceeding six per cent. per annum, payable in bonds not exceeding $100 annually, and on all others semi-annually, the whole amount of bonds, treasury notes, and United States notes issued under this act not to exceed the sum of $900,000,000, And so much of this act as limits the loan to the current fiscal year is repealed by act of June 30, 1864, which also repeals the authority to borrow money conferred by section 1, except so far as it may affect $75,000,000 of bouds already advertised. Act of March 3, 1863.. And treasury notes to the amount of $400,000,000, not exceeding three years to run, with interest at not over six per cent. per annum, principal and interest payable in lawful money, which may be made a legal tender for their face value, excluding interest, or convertible into United States notes. Secretary may receive gold on deposit and issue certificates therefor, in sums not less than twenty dollars. Act of March 3, 1864.. Authorizes the issue of bonds not exceeding $200,000,000, 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, bearing interest not exceeding six per cent. yearly, payable on bonds not over $100 annually, and on all other bonds semi-annually, in coin. Act of March 1, 1862.. Authorized an issue of certificates of indebtedness, payable one year from date, in settlement of audited claims against the government. Interest six per cent. per annum, payable in gold; and by Act of March 3, 1863... Act of July 17, 1862... Payable in lawful currency on those issued after that date. Amount of issue not specified. Authorized an issue of notes of the fractional parts of one dollar, receivable in payment of all dues, except customs, less than five dollars, and exchangeable for United States notes in suis not less than five dollars. Amount of issue not specified. Act of March 3, 1863.. Authorized an issue not exceeding $50,000,000 in fractional currency, (in lieu of postage or other stamps,) exchangeable for United States notes in sums not less than three dollars, and receivable for any dues to the United States less than five dol lars, except duties on imports. The whole amount issued, including postage and other stamps issued as currency, not to exceed $50,000,000. Authority was given to prepare it in the Treasury Department, under the supervision of the Secretary. Authorized issue in lieu of the issue under acts of July 17, 1862, and March 3, 1863, the whole amount outstanding under all these acts not to exceed $50,000,000. Authorized the issue of $400,000,000 of bonds redeemable at the pleasure of the government after any period not less than five nor more than thirty years, or, if deemed expedient, made payable at any period not more than forty years from Act of June 30, 1864... Act of June 30, 1864.. Temp'ry loan.. Not less After 10 days' no- 4, 5, and 6 Par.. 150, 000, 000 than 30 tice. per cent. 20, 225, 070 00 Certificates of 1 year. 1 year after date. 6 per cent.. Par.. Not specifi'd indebtedness. Postal currency. 3,882,500 00 36, 000 00 No. 3.---Statement of the indebtedness of the Acts authorizing loans, and synopsis of same. Act of June 30, 1864- Act of June 30, 1864. date. And said bonds shall bear an annual interest not exceeding 6 per centum, payable semi-annually in coin. And the Secretary of the Treasury may dispose of such bonds, or any part thereof, and of any bonds commonly known as fivetwenties, remaining unsold, on such terms as he may deem most advisable, for lawful money of the United States, or, at his discretion, for treasury notes, certifi cates of indebtedness, or certificates of deposit, issued under any act of Congress. Act of March 3, 1863.. Authorizes an issue of treasury notes, not exceeding three years to run, interest at not over 6 per cent, per annum, principal and interest payable in lawful money. Also, authorizes the issue of and in lieu of an equal amount of bonds authorized by the first section, and as a part of said loan, not exceeding $200,000,000 in treasury notes of any denomination not less than $10, 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 exceeding the rate of 73-10 per centum, payable in lawful money at maturity, or, at the discretion of the Secretary, semi-annually; and such of them as shall be made payable, principal and interest, at maturity, shall be a legal tender to the same extent as United States notes, for their face value, excluding interest, and may be paid to any creditor of the United States, at their face value, excluding interest, or to any creditor willing to receive them at par, including interest; and any treasury notes issued under the authority of this act may be made convertible, at the discretion of the Secretary of the Treasury, into any bonds issued under the authority of this act, and the Secretary may redeem 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 in lieu thereof an equal amount of treasury notes, such as are authorized by this act, or of other United States notes; nor shall any treasury note bearing interest issued under this act be a legal tender in payment or redemption of any notes issued by any bank, banking association, or banker, calculated or intended to circulate as money, Whole amount may be issued in bonds or treasury notes, at the discretion of the Secretary. Authorized an issue of $600,000,000 in bonds or treasury notes; bonds may be made payable at any period not more than forty years from the 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 redeemable 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 be of such denominations, not less than fifty dollars, and bear such dates, and be made redeemable or payable at such periods as the Secretary of the Treasury may deem expedient. The interest on the bonds payable semi-annually; on treasury notes semi-annually, or annually, or at maturity thereof; and the principal or interest, or both, be made payable in coin or other lawful money; if in coin, not to exceed 6 per cent. per annum; when not payable in coin, not to exceed 7 3-10 per cent. per annum. Rate and character to be expressed on bonds or treasury notes. Act of Jan. 28, 1865... Act of April 12, 1866, amendment to act of March 3, 1865. Acts of July 1, 1862, Authorizes the Secretary of the Treasury, at his discretion, to receive any treasury notes or other obligations issued under any act of Congress, whether bearing interest or not, in exchange for any description of bonds authorized by the act to which this is an amendment; and also to dispose of any description of bonds authorized by said act, either in the United States or elsewhere, to such an amount, in such manner and at such rates as he may think advisable, for lawful money of the United States, or for any treasury notes, certificates of indebtedness, or certificates of deposit, or other representatives of value, which have been or which may be issued under any act of Congress, the proceeds thereof to be used only for retiring treasury notes or other obligations issued under any act of Congress; but nothing herein contained shall be construed to authorize any increase of the public debt. Bonds issued to the Union Pacific Railroad Company in accordance with these acts. For the purpose of redeeming and retiring any compound interest notes outstanding, the Secretary of the Treasury is authorized and directed to issue temporary loan certificates in the manner prescribed by section four of the act entitled "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," approved Feb. ruary twenty-fifth, eighteen hundred and sixty-two, bearing interest at a rate not exceeding three per centum per annum, principal and interest payable in lawful money on demand; and said certificates of temporary loan may constitute and be held by any national bank holding or owning the same, as a part of the reserve provided for in sections thirty-one and thirty-two of the act entitled "An act to provide a national currency secured by a pledge of United States bonds, and to provide for the circulation and redemption thereof," approved June three, eighteen hundred and sixty-four: Provided, That not less than two-fifths of the entire reserve of such bank shall consist of lawful money of the United States: And provided further, That the amount of such temporary certificates at any time outstanding shall not exceed fifty millions of dollars. |