TABLES ACCOMPANYING THE REPORT ON THE FINANCES.
TABLE A.-STATEMENT OF THE OUTSTANDING PRINCIPAL OF THE PUBLIC DEBT OF THE UNITED STATES JUNE 30, 1910.
60 days or 2 60 days or 2 6 per cent... Par to Indefinite.... 35, 364, 450.00 years. years after date. 20 years..... July 1, 1881.
Act of March 2, 1861 (12 Statutes, 198). a Included in old "debt."
cIncluding conversion of Treasury notes.
When redeem- Rate of inable. terest.
TABLE A.-STATEMENT OF THE OUTSTANDING PRINCIPAL OF THE PUBLIC DEBT, ETC.-Continued.
LOAN OF JULY AND AUGUST, 1861.
The act of July 17, 1861 (12 Statutes, 259), authorized the issue of 20 years. $250,000,000 bonds, with interest at not exceeding 7 per centum per annum, redeemable after twenty years. The act of August 5, 1861 (12 Statutes, 316), authorized the issue of bonds, with interest at 6 per centum per annum, payable after twenty years from date, in ex- change for 7-30 notes issued under the act of July 17, 1861.
LOAN OF JULY AND AUGUST, 1861.
Continued at 3 per cent interest, and redeemable at the pleasure of the Indefinite Government.
Acts of July 17, 1861 (12 Statutes, 259); August 5, 1861 (12 Statutes, 313); Indefinite February 12, 1862 (12 Statutes, 338).
Aug. 19 and 7 per cent. Av. pre. Indefinite Oct. 1, 1864. of 100%.
Acts of February 25, 1862 (12 Statutes, 345); March 3, 1864 (13 Statutes, 5 or 20 years. May 1, 1867 13), and January 28, 1865 (13 Statutes, 425).
Av. pre. 515, 000, 000. 00 514, 771,600.00 of Foo
The act of February 25, 1862 (12 Statutes, 345), authorized the issue of Indefinite $150,000,000 United States notes, not bearing interest, payable to bearer at the Treasury of the United States, and of such denomi- nations, not less than five dollars, as the Secretary of the Treasury might deem expedient, $50,000,000 to be applied to the redemption of demand notes authorized by the act of July 17, 1861; these notes to be a legal tender in payment of all debts, public and private, within the United States, except duties on imports and interest on the public debt, and to be exchangeable for 6 per cent United States bonds. The act of July 11, 1862 (12 Statutes, 532), authorized an additional issue of $150,000,000, of such denominations as the Sec- retary of the Treasury might deem expedient, but no such note should be for a fractional part of a dollar, and not more than $35,000,000 of a lower denomination than five dollars; these notes to be a legal tender as before authorized. The act of March 3, 1863 (12 Statutes, 710), authorized an additional issue of $150,000,000, of such denominations, not less than one dollar, as the Secretary of the Treasury might prescribe; which notes were made a legal tender as before authorized. The same act limited the time in which the
Treasury notes might be exchanged for United States bonds to July 1, 1863. The amount of notes authorized by this act were to be in lieu of $100,000,000 authorized by the resolution of January 17, 1863 (12 Statutes, 822). The act of May 31, 1878 (20 Statutes, 87), provides that no more of the United States legal-tender notes shall be can- celed or retired, and that when any of said notes are redeemed or received into the Treasury under any law, from any source what- ever, and shall belong to the United States, they shall not be retired, canceled, or destroyed, but shall be reissued and paid out again, and kept in circulation.
The act of March 14, 1900, provides that United States notes, when presented to the Treasury for redemption, shall be redeemed in gold coin of the standard fixed in said act, and that in order to secure the prompt and certain redemption of such notes it shall be the duty of the Secretary of the Treasury to set apart in the Treasury a reserve fund of one hundred and fifty million dollars in gold coin and bullion, to be used for such redemption purposes only, and that whenever and as often as any of said notes shall be redeemed from said fund it shall be the duty of the Secretary of the Treasury to use said notes so redeemed to restore and maintain the reserve fund so established-first, by exchanging the notes so redeemed for any gold coin in the general fund of the Treasury; second, by accepting deposits of gold coin at the Treasury or at any subtreasury in ex- change for such notes; third, by procuring gold coin by the use of said notes in accordance with the provisions of section 3700 of the Revised Statutes of the United States. The above-mentioned act also provides that if the Secretary of the Treasury is unable to restore and maintain the gold coin in the reserve fund by the fore- going methods, and the amount of such gold coin and bullion in said fund shall at any time fall below one hundred million dollars, it shall be his duty to restore the same to the maximum sum of one hundred and fifty million dollars by borrowing money on the credit of the United States, and for the debt so incurred to issue and sell coupon or registered bonds of the United States bearing interest at the rate of not exceeding three per centum per annum, payable quarterly, the bonds to be payable at the pleasure of the United States after one year from the date of their issue, and to be payable, principal and interest, in gold coin of the present standard value, the gold coin received from the sale of said bonds to be exchanged for an equal amount of the notes redeemed and held for exchange, and the Secretary of the Treasury may, in his discretion, use said notes in exchange for gold, or to purchase or redeem any bonds of the United States, or for any other lawful purpose the public inter- ests may require, except that they shall not be used to meet defi- ciencies in the current revenues.
The act of March 4, 1907, section 2, provides that whenever and so long as the outstanding silver certificates of the denominations of one dollar, two dollars, and five dollars, issued under the provisions of section seven of an act entitled "An act to define and fix the standard of value, to maintain the parity of all forms of mone y issued or coined by the United States, to refund the public debt, and for other purposes," approved March fourteenth, nineteen hundred,
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