LAWS OF THE UNITED STATES RELATING TO CURRENCY, FINANCE, AND BANKING From 1789 to 1896. COMPILED BY CHARLES F: DUNBAR, PEOFESSOK OF POLITICAL ECONOMY IN HAUVARD UNIVERSITY. IReviscJ) JEOition. B S T X : GINN AND COMPANY. 1807. i", :;' Copyright, 1891, By Charles F. Dunbar. • • • • • • • • *« « c C C c c • • • • • 4 .. . • S cO'o • • ••• • ,••••• • • • •«• • • .,• r»* • * • . • • ,• • • i ' * • ^ V; y^ O o ■z. ^ •» 481 PREFACE. In making this collection, my object has been to bring within the easy reach of students and teachers of Politi- cal Economy and History the important parts of our national legislation respecting Currency, Coinage, Loans, c5 and Banking. For this purpose the Acts of Congress o have been carefully examined, and the leading provisions S upon these subjects are now presented in their chrono- logical order, following with precision the text given in w the Statutes at Large. Acts and ]>rovisions of less consequence in financial history, but still likely to require occasional attention, liavc been al^ridged or described in their natural connection. Finally, acts and provisions seldom referred to in ordinary use, as, for CQ. example, those relating to small loans, to l)anks in the District of Columbia, and to minor coinage, together with most provisions which are strictly administrative or punitive, liave ])een omitted altogether, as lying out- side of the necessary limits of a Ijook intended for use as a manual. Little reference has been made to tlie Revised Stat- utes, the object of the compilation not being to present 41915.'^ iv PREFACE. a view of subsisting law at any one period, past or present ; but to give the course of legislation, accurately and with sufficient fulness to enable the student to make a thorough examination of it, without the necessity of constant reference to the formidable collection of Statutes at Large. Besides the acts and resolutions of Congress, treated as above stated, certain vetoed bills and a few other papers of historical importance have been added, in order to facilitate reference to a class of documents which the student of political and economic history often finds as valuable, for purposes of study, as the measures which actually secure a place on the pages of the statute book. CHARLES F. DUNBAR. Harvard University. C O X T E N T S. Part I. Page Currency, Finance, and Banking, 1789-1860 ... 7 Part II. Currency, Finance, and Banking, 1860-1896 . . . 155 Part III. Coins and Coinage, 1789-1896 227 Part IV. Vetoed Bills and Other Documents 253 Table of Acts, Resolutions, and Documents . . 301 PART I. CURRENCY, FINANCE, AND BANKING. 1789-1860. 1789, Chap. V. — An Act to regulate the Collection of the Duties imposed by km on the tonnage of ships or ves- sels, and 071 goods, wares, and merchandises imported into the United States. Sec. 30. And he it further enacted, Tliat the duties and fees to be collected by virtue of this act, shall be received in gold and silver coin only, at the following rates, that is to say, the gold coins of France, England, Spain and Portugal, and all other gold coin of equal fineness, at eiglity-nine cents for every pennyweight. The Mexican dollar at one hundred cents ; tlie crown of France at one dollar and eleven cents ; the crown of England at one dollar and eleven cents ; and all silver coins of equal fineness at one dollar and eleven cents per ounce. [Approved, July 31, 1789. 1 Statutes at Large, 45.] 1789, Chap. XII. — An Act to establish the Treasury Department. Section 1. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled. That there shall be a Department of Treasury, in which shall be the following officers, namely : a Secretary of the Treasury, to be deemed head of the department ; a Comp- troller, an Auditor, a Treasurer, a Register, and an Assi.stant to the Secretary of the Treasury, wliich assistant shall l>c appointed by the said Secretary. 8 THE TREASURY DEPARTMENT. [1789. Sec. 2. And be it further enacted, That it shall be the duty of the Secretary of the Treasury to digest and prepare plans for the improvement and management of the revenue, and for the support of public credit ; to prepare and report estimates of the public revenue, and the public expenditures ; to superintend the collection of the revenue ; to decide oil the forms of 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 of appropriations by law ; to exe- cute such services relative to the sale of the lands belonging to the United States, as may. be In- law required of him ; to make report, and give information to either branch of the legislature, in person or in writing (as he ma}- be required), respecting all matters referred to him b}' the Senate or House of Representatives, or v/hich shall appertain to his office ; and generally to perform all such services relative to the finances, as he shall be directed to perform. Sec. 3. And be it further enacted. That it shall be the dut}' of the Comptroller to superintend the adjustment and preservation of the public accounts ; to examine all accounts settled b}- the Auditor, and certify the balances arising thereon to the Register ; to countersign all warrants drawn by the Secretary of the Treasury, which shall be warranted b}- law ; to report to the Secretar}' the official forms of all papers to be issued in the different offices for collecting the public revenue, and the manner and form of keeping and stating the accounts of the several persons employed therein. He shall moreover provide for the regular and punctual payment of all monies which ma\' be collected, and sliall direct prosecutions for all delinquencies of officers of the revenue, and for debts that are, or shall be due to the United States. Sec. 4. A7id be it further enacted. That it shall be the duty of the Treasurer to receive and keep the monies of the United States, and to disburse the same upon warrants drawn by the Secretary of the Treasur}-, countersigned bv' the Comp- troller, recorded by the Register, and not otherwise ; he shall take receipts for all monies paid by him, and all receipts for 1789.] DUTIES OK TREASURY OFFICERS DEFINED. 9 monies received by him shall be endorsed upon warrants signed by the Secretary of tlie Treasury, without which warrant, so signed, no acknowledgment for money received into the public Treasury shall be valid. And the said Treasurer shall render his accounts to the Comptroller quarterly, (or oflener if re- quired,) and shall transmit a copy thereof, when settled, to the Secretary of the Treasury. . . . Sec. 5. And be it further enacted. That it shall be the dutv of the Auditor to receive all public accounts, and after examination to certify the balance, and transmit the accounts with the vouchers and certificate to the Comptroller for his decision thereon : Provided, That if any person whose ac- count shall be so audited, be dissatisfied therewith, he may within six months appeal to the Comptroller against such settlement. Sec. 6. And be it further enacted, Tliat it shall be the duty of the Register to keep all accounts of the receipts and expenditures of 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 pre- serve such accounts with their vouchers 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 of the certificates of balances of accounts adjusted as is herein directed. Sec. 7. And be it furtJter enacted. That whenever the Secretary shall l)e removed from office by the President of the United States, or in any other case of vacancy in the office of Secretary, the Assistant shall, during the vacancy, have the charge and custody of the records, books, and papers apper- taining to the said office. [Section 8 forbids any person appointed to any office instituted by tbis act to be concerned in trade, commerce, navigation, or tbe purcbase of pubHc property or public securities, or to talorate the subscrihers to the Bank of the United States." Section 1. Be it enacted, . . . That the subscriptions to the stock of the Bank of the United States, as provided by the act, intituled "An act to incorporate the subscrihers to the bank of the United States," shall not be opened until the first Monda}- in July next. Sec. 2. And he it further enacted. That so much of the first payment as by the said act is directed to be in the six per cent, certificates of the United States, may be deferred until the first Monday in January next. 30 EXCISE PLEDGED FOIl PAYMENT OF INTEREST, [1791. Sec. 3. And be it further efiacted, That no person, cor- poration, or body politic, except in belialt'of the United States, shall, for the space of three months after the said first Mon- da}' in July next, subscribe in any one day, for more than thirty shares. Sec. 4. And be it farther enacted^ That every subscriber shall, at the time of subscribing, pay into the hands of the persons who shall be appointed to receive the same, the specie proportion required by the said act to be then paid. And if anj- such subscriber shall fail to make an}- of the future pay- ments, he shall forfeit the sum so bj' him first paid, for the use of the corporation. Sec. 5. And be it further enacted^ That such part of the public debt, including the assumed debt, as is funded at an interest of three per cent, may be paid to the bank, in like manner with the debt funded at six per cent., computing the value of the former at one half the value of the latter, and re- serving to the subscribers who shall have paid three per cent, stock, the privilege of redeeming the same with six per cent, stock, at the above rate of computation, at an^^ time before the first day of January, one thousand seven hundred and ninetj'-three ; unless the three per cent, stock shall have been previousl}' disposed of b}- the directors. [Approved, March 2, 1791. 1 Statutes at Large, 196.] 1790-91, Chap. XV. — An Act repealing^ after the last day of June next^ the duties heretofore laid upon Distilled Spirits imported from abroad^ and laying others in their stead ; and also upon Spirits distilled within the United States, and for appropriating the same. Sec. 60. And be it further enacted. That the nett product of the duties herein before specified, which shall be raised, levied and collected by virtue of this act, or so much thereof as may be necessary, shall be, and is hereby pledged and ap- propriated for the payment of the interest of the several and respective loans which had been made in foreign countries, prior to the fourth day of August last ; and also upon all and 1791.] SURPLUS EXCISE PLEDGED TO REDUCE DEUT. 31 ever}' the loau and loans which have been and shall be made, and obtained pursuant to the act intituled "An act making provision for the debt of the Unitetl States ; " and according to the true intent and meaning of the said act, and of the sev- eral provisions and engagements therein contained and ex- pressed, and subject to the like priorities and reservations as are made and contained in and b}' the said act, in respect to the monies therein appropriated, and subject to this lartlu-r reservation, that is to say — [Of the nett amount or product dur- ing the present year, of 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 of the duties laid bv this act on spirits distilled within the United States, and on stills ; to be disposed of towards such purposes for which appropriations shall be made during the present sessioiiTi And to the end that the said monies may be inviolably applied in conformity to the appropriation hereby made, and may ne\ lt be diverted to any other purpose until the final redemption, or reimbursement of the loans or sums for the payment of the interest whereof they are appropriated, an account shall be kept of the receipts and disposition thereof, separate and dis- tinct from the product of any other duties, impost, excise, and taxes whatsoever, except those heretofore laid and appro[)ri- ated to the same purposes. Sec. 61. And be it further enacted, |TJiat the unappropri- ated surplus, if any there shall be,.of the revenue arising under this act, at the end^of this Jiiid_£ver}^-succeediug year, shall be applied tojhc imjuction otJi)£__pilljIic t^t-i^Jt, in like manner as is directed by the act, intituled "An act making provision for the reduction of the public debt," and provided by the act, intituled "An act making provision for the debt of the United States ; " unless the said suri)lus, or any part thereof, shall be required for the public exigencies of the United States, and shall, by special acts of Congress, be appropriated thereto^ Sec. 62. And be it further enacted, That the several du- ties imposed by this act, shall continue to be collected and paid, until the debts and purposes for which lliey are pledgi-d and appropriated shall be fully discharged and satisfied, and 32 SINKING FUND PURCHASES. [1792. no longer. Provided always, That nothing herein contained shall be construed to prevent the legislature of the United States from substituting other duties or taxes of equal value to all or any of the said duties and imposts. [Approved, March 3, 1701. 1 Statutes at Large, 213.] 1791-92, Chap. XXXVIII. — An Act supplementanj to the act making provision for the Debt of the United States. [Sections 1, 2, 3, and 4 provide for extending the time allowed for re- ceiving on loan the domestic debt of the United States, and the debt of the respective states, under the Act of August 4, 1790. See Note on p. 18. Section 5 autliorizes the President of the United States to discharge the principal and interest of the debt due to foreign officers, out of any monies borrowed under the aforesaid act and not needed to fulfil its purposes.] Sec. 6. And he it further enacted, That the President of the Senate, the Chief Justice, the Secretary of State, the Sec- retary of the Treasury, and the Attorney General, for the time being, shall be commissioners, who, or any three of whom, are hereb}' authorized, with the approbation of the President of the United States, to purchase the debt of the United States, at its market price, if not exceeding the par or true value thereof; for which purchase the interest on so much of the public debt, as has already been, or ma}' hereafter be purchased for the United States, or as shall be paid into the treasury, and so much of the monies appropriated for the payment of the interest on the foreign and domestic debt, as shall exceed what may be sufficient for the payment of such interest to the creditors of the United States, shall be and are hereby appropriated. And it shall be the duty of the said commissioners to render to the legislature, within two months after the commencement of the first session thereof in every year, a full and precise account of all such purchases made, and public debt redeemed, in pursuance of this act. Sec. 7. And whereas it is expedient to establish a fund for the gradual reduction of the public debt: Be it further en- acted, That the interest on so much of the debt of the United States, as has been or shall be purchased or redeemed for or 1792.] RESOURCES AND ArPLICATIOX OF THE iVSlK Oli by the United States, or as shall be paid into the- treasurv thereof in satisfaction of any debt or demand, and the sinplus of any sum or sums appropriated for the payment of tia- inter- est upon the said debt, which shall remain after paying such interest, shall be, and hereby are appropriated and pledged firmly and inviolably for and to the purchase and redemp- tion of the said debt, to be applied under the direction of the President of the Senate, the Chief Justice, the Secretary oJ State, the Secretary of the Treasury, and the Attorney-Gen- eral for the time being, or any three of them, with the ai)pro- bation of the President of the United States, for the time being, in manner following, that is to say : First, to the pur- chase of the several species of stock constituthig the debt of the United States, at their respective market prices, not exceed- ing the par or true value thereof, and as nearly as may be, in equal proportions, until the annual amount of the said funds, together with any other provisions which may be made bv law, shall be equal to two per centum of the whole amount of the outstanding funded stock bearing a present interest of six per centum. Thenceforth, secondly, to the redemption of the said last mentioned stock, according to the right for that i)ur- pose reserved to the United States, until the whole amount thereof shall have been redeemed. And lastly, after such redemption, to the purchase, at its market price, of any other stock consisting of the debt of 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 thirtv days next after each daj-, on which a quarterly payment of interest on the debt of the United States sliall l)ocouie due, and shall be made by a known agent, to be named by the said commissioners. Sec. 8. And be it further enactech That all future pur- chases of pul)lic debt on account of the United States, shall be made at the lowest price, at which the same can be obtained b^^ open purchase, or by receiving sealed jtroposals, to Ite opened in the presence of the commissioners, or persons au- thorized b}' them to make purchases, and the persons making such proposals. 34 BALANCES DUE TO STATES. [1794. Sec. 9. And be it Jtirther enacted, That quarter yearly accounts of the apphcatiou of the said fund shall be rendered for settlement, as other public accounts, accompanied with returns of the sums of the said debt, which shall have been from time to time purchased or redeemed ; and a full and exact report of the proceedings of the said commissioners, including a statement of the disbursements, which shall have been made, and of the sums which shall have been purchased or redeemed under their direction, and specify ing dates, prices, parties, and places, shall be laid before Congress, within the first fourteen days of each session Avhich may ensue the present, during the execution of the said trust, [Approved, May 8, 1792. 1 Statutes at Large, 281.] 1793-94, Chap. XXXVII. — An Act making ^yrovision for the jKiymetit of the interest on the hcdances due to cer- tain States, upon a final settlement of the accounts be- tween the United States and the individual States. Section 1. Be it enacted, . . . That interest upon the balances reported to be due to certain states, by the commis- sioners for settling accounts between the United States and individual states, be allowed, from the last day of December, one thousand seven hundred and eighty-nine, and to be computed to the last day of December, one thousand seven hundred and ninety-four, at the rate of four per centum per annum ; And that the amount of such interest be placed to the credit of the state, to which the same shall be found due, upon the books of the treasury of the United States, and shall bear an interest of three per centum per annum, from and after the said last daj' of December, one thousand seven hundred and ninety-four. [Section 2 provides for tlie quarterly payment of the interest due to any state, bej;inning on the Inst day of Marcli, 1795; and pledges for the payment of the interest so much of tiie duties arising from imports and tonnage, after December 31, 17-94, as may be necessary and not otherwise appropriated, also pledging the faith of the United States to provide for any deficiency.] [Approved, May 31, 1794. 1 Statutes at Large, 371.] 1795.] PLEDGE OF DUTIES FOR INTEREST OX DEBT. 35 Note. — By the act of January 2, 1795, 1 Statutes at Large, 409, any state is authorized, within two years, to transfer stock tlius createil to creditors of the state wlio were such prior to July 1, 1793. This author- ity was continued to Marcli i, 1799, by tlie act of July 6, 1797. See ibid. 533. 1794-95, Chap. XLV. — An Act making furtlier j)rovision for the support of Public Credit^ and for t/te redemp- tion of the Public Debt. C" [Section 1 authorizes the commissioners of the sinking fund to borrow not exceeding one million dollars in any one year, in anticipation of the revenue, for the payment of interest on the public debt, and appropriates |for the interest on such temporary loan the proceeds of duties on goods imported, on tonnage, and upon spirits distilled witiiin the United States, and stills. L—Sections 2-4 authorize a loan to be issued in exchange for equal amounts of the foreign debt, to bear an interest equal to the interest payable on the foreign debt exchanged, with an addition of one-lialf of one jier 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 tiie domestic funded debt, and to be transferable in like manner ; and the in- terest and principal of loans authorized by tliis act are to be payable at the treasury only, so far as relates to the principal and interest of the domestic debt. r Section 5 provides that so much of tlie duties on goods imported, on tonnage, and upon spirits distilled and stills as may be set free by sub- i scriptions 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 tliereof 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 tlie new loan! u Sec. 6. And be it further enacted. That the .several and respective duties laid and contained in and by the act, intitnli-d "An act laying additional duties on goods, wares, and mer- chandise imported into the United States," pas.sed the seventh day of June, one thousand seven hundred and ninety-four, shall, together with the other duties heretofore chargeil with the payment of interest on the public debt, continue to be levied, collected and paid, until the whole of the capital or principal of the present debt of the United States, and future loans which may be made, pursuant to law, for the exchange, 36 REIMBURSEMENT OF SIX PER CENT STOCK. [1795. reimbursement or redemption tliereof, or of any part thereof, shall be reimbursed 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 reim- bursed or redeemed. [Section 7 annuls the reservation made by § 4 of the act of August 12, 1790, and makes other provision lor tlie same purpose.] - Sec. 8. And be it further enacted, That the following ap- propriations, in addition to those heretofore made, be made to the fund constituted by the seventh section of the act, in- tituled " An act supplementary to the act making provision for the debt of the United States," passed the eighth day of May, one thousand seven hundred and ninety-two, to be hereafter denominated "The Sinking Fund," to wit : First, So much of the proceeds of the duties on goods, wares and merchandise imported ; on the tonnage of ships or vessels, and on spirits distilled within the United States and stills, as, together with the monies which now constitute the said fund, and shall accrue to it, by virtue of the provisions herein before made, and by the interest upon each instalment, or part of 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 re- imbursed and paid, of the principal of that part of the debt or stock which, on the said first day of January next, shall bear an interest of six per centum per annum, redeemable by payments on account both of principal and interest, not ex- ceeding, in one year, eight per centum, excluding that which shall stand to the credit of the commissioners of the sinking fund, and that which shall stand to the credit of certain states, in consequence of the balances reported in their favour, by the commissioners for settling accounts between the United States and individual states: Secondly, — The dividends, which shall be, from time to time, declared on so much of the stock of the Bank of the United States, as be- longs to the United States (deducting thereout such sums, as will be requisite to pa}- interest on an}- part remaining unpaid 1795.] FUUTHEU PKOVISIOX FOR SINKINC. KLNH. 37 of the loan of two millions of dollars, bad of the Bank of the United States, pnrsnant to the eleventh section of the act, by which the said bank is incorporated) : Tliirdly, — So uuich of the duties on goods, wares, and merchandise imported, on the tonnage of ships or vessels, and on spirits distilled within the United States and stills, as, with the said dividends, after such deduction, will be sufBcient, yearh* and every year, to pa}' the remaining instalments of the principal of the said loan, as they shall become due, and as, together with any monies, which, by virtue of provisions in former acts, and herein before made, shall, on the first da\' of 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 of principal, which shall, from time to time, be reimbursed, or paid, of that part of the debt or stock, which, on the first day of January, in the 3ear one thousand eight hundred and one, shall begin to bear an interest of six per centum per annum, will be sulli- cient, yearly and eveiy year, commencing on the first d:iy oi January, in the year one thousand eight hundred and two, to reimburse and paj- so much, as may rightfully be reim- bursed and paid, of the said principal of the said debt or stock, which shall so begin to bear an interest of six per cen- tum per annum, on the said first day of January, in the year one tliousand eight hundred and one, excluding that, which shall stand to the credit of the commissioners of the sinking fund, and that, which shall stand to the credit of certain states, as aforesaid: Fourthly, —The net proceeds of the sales of lands belonging, or which shall hereafter belong to the United States, in the western territory thereof: Fifthly. — All monies, which shall be received into the treasury. <>n account of debts due to the United States, by reason of :iny matter prior to their present constitution; And lastly, — all surpluses of the revenues of the United States, which shall remain, at the end of any calendar year, beyond the amount of the appropriations charged upon the said revenues, and which, during the session of Congress next thereafter, shall not be otherwise specially appropriated or reserved by law. 41*H5a 38 INVIOLABLE APPLICATION OF FUND PLEDGED. [1795. Sec. 9. Afid be it further enacted, That as well the monies which shall accrue to the said sinking fund, by virtue of the provisions of this act, as those which shall have accrued to the same, b}' virtue of the provisions of any former act or acts, shall be under the direction and management of the commissioners of the sinking fund, or the officers designated in and by the second section of the act, intituled -'An act making provision for the reduction of the public debt," passed the twelfth day of August, one thousand seven hun- dred and ninety, and their successors in office ; and shall be, and continue appropriated to the said fund, until the whole of the present debt of the United States, foreign and domes- tic, funded and unfunded, including future loans, which may be made for reinil)ursing or redeeming any instalments or parts of principal of the said debt, shall be reimbursed and redeemed ; and shall be, and are hereby declared to be vested in the said commissioners, in trust, to be applied, according to the provisions of the aforesaid act of the eighth da}- of May, in the year one thousand seven hundred and ninoty-two, and of this act, to the reimbursement and re- demption of the said debt, including the loans aforesaid, until the same shall be fully reimbursed and redeemed. And the faith of the United States is hereby pledged, that the monies or funds aforesaid, shall inviolably remain, and be appropriated and vested, as aforesaid, to be applied to the said reimbursement and redemption, in manner aforesaid, until the same shall be fully and completely effected. Sec. 10. And be it further enacted, That all reimburse- ments of the capital, or principal of the public debt, foreign and domestic, shall be made under the superintendence of the commissioners of the sinking fund, who are hereby empow- ered and required, if necessary, with the approbation of the President of the United States, as any instalments or parts of the said capital or princi[)al become due, to borrow, on the credit of the United States, the sums requisite for the payment of the said instalments, or parts of principal : Pro- vided, That any loan which may be made by the said com- missioners, shall be liable to reimbursement at the pleasure 1795.] iTaoKiriEs in payment established. 39 of the United States ; and that the rate of interest thereupon shall not exceed six per centum per annum ; and for greater caution, it is hereb}' declared tiiat it shall be deemed a good execution of the said power to boirow, for the said commis- sioners, with the approbation of the President, to cause to be constituted certificates of stock, signed b^- the Register of the Treasury- for the sums to be respectivelj' borrowed, bearing an interest of six per centum per annum, and redeemable at the pleasure of the United States ; and to cause the said certificates of stock to be sold in the market of the United States or elsewhere ; Provided, That no such stock be sold under par. And for the pa3-ment of interest on an}- sum or sums which may be so borrowed, either by direct loans, or hy the sale of certificates of stock, the interest on the sum or sums which shall be reimbursed by the proceeds thereof (ex- cept that upon the funded stock, bearing, and to bear an interest of six per centum, redeemable b}- pa^-ments, not exceeding in one ^'ear, eight per centum on account of both principal and interest), and so much of the duties on goods, wares and merchandise imported, on the tonnage of ships or vessels, and upon spirits distilled within the United States, and upon stills, as may be necessarj', shall be, and hereby* are pledged and appropriated. Sec. 11. And he it farther enacted. That it shall be the duty of the commissioners of the sinking fund, to cause to be applied and paid, out of the said fund, yearly and every 3'ear, at the treasury of the United States, the several and resi'cctive sums following, to wit : 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 of such debt or stock of the United States, as, on the first day of January next, shall bear an interest of six per centum per annum, redeemable by payments, not exceed- ing in one year, eight per centum, on account both of prin- cipal and interest, excluding that standing to the credit of the commissioners of the sinking fund, and that standing to the credit of certain states, as aforesaid, commencing the said reimbursement or redemption, on tlie said first day of 40 i-KioKiTiES IN payment: three per cents. [1795. .January next : Secondly, such sum and sums as, according to the conditions of the aforesaid loan, had of the Bank of the I'nited States, shall be henceforth payable towards the re- imbursement thereof, as the same shall respectively accrue : Thirdly, such sum and sums as, according to the right for that purpose reserved, may rightfully be paid for and towards the reimbursement or redemption of such debt or stock of the United States as, on the first day of January, in the year one thousand eight hundred and one, shall begin to bear an in- terest of six per centum per annum, redeemable by payments, not exceeding, in one year, eight per centum, on account both of principal and interest, excluding that standing to the credit of the commissioners of the sinking fund, and that standing to the credit of certain states, as aforesaid, com- mencing the said reimbursement or redemption, on the first day of January, in the year one thousand eight hundred and two : and, also to cause to be applied all such surplus of the said fund, as may at any time exist, after satisfying the purposes aforesaid, towards the further and final redemption of the present debt of the United States, foreign and domes- tic, funded and unfunded, including loans for the reimburse- ment thereof, by payment or purchase, until the said debt shall be completely reimbursed or redeemed. Sec. 12. Provided alwai/s, and be it farther enacted^ That nothing in this act shall be construed to vest in the commissioners of the sinking fund a right to pay, in the pur- chase or discharge of the unfunded domestic debt of the United States, a higher rate than the market price or value of the funded debt of the United States : A)id provided also. That if after all the debts and loans aforesaid, now due, and that shall arise under this act, excepting the said debt or stock bearing an interest of three per cent., shall be fully paid and discharged, any part of the principal of the said debt or stock bearing an interest of three per cent, as afore- said, shall be unredeemed, the government shall have libert}^, if they think proper, to make other and diflferent appropria- tions of the said funds. Sec. 13. And he it further enacted, That all priorities 1795.] DISSENTING CREDITOUS : "THE SURPLUS FUN1»." 41 heretofore established iu the appropriations l)y law, lor the interest on the debt of the United States, as between the different parts of the said debt, shall, after the year one thousand seven hundred and ninety-six, eease, with regard to all creditors of the United States, who do not, before tlu« expiration of the said period, signify, in writing, to thi- Comptroller of the Treasury, their dissent therefrom ; and that thenceforth, with the exception only of the debts of such creditors who shall so signify their dissent, the fumls or rev- enues charged with the said appropriations shall, together, constitute a common or consolidated fund, chargeable in- discriminately, 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 of the Treasury, to be exchanged for new cert.t^- cates, or registered and returned, at the option of 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 a state, made after December 31, 1795, shall be upon cond.t.on that .t shall be lawful to reimburse so much of the principal of the stock trans- ferred as will make its reimbursement equal to that of the same slock transferred previous to the said day.] Sec 16. And be it further enacted. That in regard to any sum which shall have remained unexpended upon any appropriation other than for the payment of interest on the funded debt; for the payment of interest upon, and renn- bursement, according to contract, of any loan or loans made on account of the United States; for the purposes of the sinking fund ; or for a purpose, in respect to winch, a K.n.MT duration is specially assigned by law, for nmre than two vears after the expiration of the calendar year m whu-h the ^ct of appropriation shall have been passed, sueh appropn .- tion shall be deemed to have ceased and been ^l^t.-rnuued and the sum so unexpended shall be earned to an -"- ^ " the books of the treasury, to be d,>nominaleu- sand seven hundred and ninety-five, m.less it shall apput. to 42 TIMES KOK KEIMBURSING SIX PER CENTS. [1796. the Secretary of the Treasury, that the object thereof hath been fully satisfied, iu which case, it shall be lawful for him to cause to be carried the unexpended residue thereof, to the said account of '^the surplus fund." [By sections 17, 18, and 19, the treasury is required to establish rules for the execution of tliis act ; all restrictions and regulations heretofore imposed by law upon the commissioners of tlie sinking fund are made applicable in analogous cases under tins act, and an account of all sales of stock or loans made is required to be laid before Congress within four- teen days after its next meeting; and in every case it is made lawful to borrow'from the Bank of the United States, whatever the amount of tlie loan.] ^ , „ , [Approved, March 3, 1795. 1 Statutes at Large, 433] 1795-96. Chap. XVI. — A?} Act 171 addition to an act intituled " An act making further i^rovision for the support of Fuhlic Credit^ and for the redemption of the Public Dehtr Section 1 . Be it enacted, . . . That it shall be lawful for the commissioners of the sinking fund, and they are hereby required, to cause the funded stock of the United States bear- ing a present interest of six per centum per annum, to be reimbursed and paid, in manner following, to wit : First, by dividends to be made on the last days of March, June, and September for the present year, and from the 3'ear one thousand seven hundred, and ninet\--seven, to the year one thousand eight hundred and eighteen inclusive, at the rate of one and one half per centum upon the original capital. Sec- ondl}', b}- dividends to be made on the last day of December for the present jear, and from the year one thousand seven hundred and ninety-seven, to the year one thousand eight hundred and seventeen inclusive, at the rate of three and one half per centum upon the original capital ; and by a dividend to be made on the last day of December, in the year one thousand eight hundred and eigliteen, of such a sum, as will then be adequate, according to the contract, for the final redemption of the said stock. [Section 2 makes similar provision for the reimbursement of the stock bearing six per cent after tlie year 1800, by a like series of divi- dends beginning March 31, 1801, and ending December 31, 1824. 1796.] LOAN FOR KEFUXDIXG CERTAIN DKHTS:. l.'l Section 3 extends these provisions to all balances of stock, bearing a present or deferred interest of six per cent, standing to tlie credit of the states, under the act of May 31, 1794 ; and Section 4 appropriates, in ad- dition to sums already appropriated, such a sum of tlie duties on goods imported, on tonnage, and on spirits distilled in the United States aud on stills, as shall be sufficient, with monies already applicable, to reim- burse the said balances, in the manner directed.] [Approved, April 'JS, 1700. 1 Statutes at Large, 458.] 1795-96, Chap. XLIV. — An Act tnahing j^rovisionfor the payment of certain Debts of the United States. [Sections 1 and 2 authorize the commissioners of the sinking fund to borrow a sum not exceeding five millions of dollars, to be used in pay- ing the capital of any debt due by the United States to the Bank of the United States, or to the Bank of New York, or any instalment of foreign debt, the loan to bear an interest of six per cent, jjayable quarter- yearly, and to be redeemable at the pleasure of the United States after the close of the year 1819. The Bank of the United States is author- ized 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 tlic in- terest thereon is to be payable, as provided in sections 7 and 8 of l\w act of August 4, 1790.] Sec. 3. And he it farther enacted, That it shall be deemed a good execution of the power to borrow, herein granted, lor the said commissioners of the sinking fund to cause to be constituted certificates of stocic, 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 of the said stock sliall be sold under par. And it shall be lawful for the commissioners of the sinking fund, if th< y shall find the same to be most advantageous, to sell such and so many of the shares of the stock of the Bank of the ruilcd States, belonging to the United States, as they may think proper ; and that they apply the proceeds thereof to the i)ay- ment of the said debts, instead of selling certificates of stock, in the manner prescril)ed in this act. And such (jf the reve- nues of the United States, heretofore api)ropriated for the payment of interest of debts, thus discharged, shall be, and the same are hereby pledged and appropriated, toward.s (he 44 FUNDING OF REVOLUTIONARY DEBT CLOSED. [1798. payment of the interest and instalments of the principal wliich shall hereafter become due on the loan obtained of the Bank of the United States, pursuant to the eleventh section of the act for incorporating the subscribers to the said bank. Sec. 4. And be it further enacted, That such of the reve- nues of the United States, heretofore appropriated for the payment of interest on such debts as may be liberated or set free, by payments from the proceeds of the loan herein pro- posed, together with such further sums of the proceeds of the duties on goods, wares, and merchandise imported ; on the tonnage of 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 of the interest, which shall be payable upon the sums subscribed to the said loan; and shall continue so pledged and appropriated, until the principal of the said loan shall be fully reimbursed and redeemed. [Approved May 31, 1796. 1 Statutes at Large, 488.] 1796-97, Chap. XIV, — Aji Act to authorize the receipt of evidences of the Public Debt, in payment for the Lands of the Jjnited States. Be it enacted, . . . That the evidences of the public debt of the United States shall be receivable in paAment for an}' of the lands which ma}' be hereafter sold in conformity' to the act intituled "An Act providing for the sale of the lands of the United States in the territor}' northwest of the river Ohio, and above the mouth of Kentuck}- River," at the following rates, viz. : the present foreign debt of the United States, and such debt, or stock, as, at the time of pa3"ment, shall bear an interest of six per centum per an- num, shall be received at their nominal value ; and the other species of debt, or stock, of the United States, shall be received at a rate bearing the same proportion to their re- spective market price, at the seat of government, at the time of paj-ment, as the nominal value of the above mentioned six per centum stock shall, at the same time, bear to its 1798.] FUNDING OF RKVOLL TIUNAUY DEBT CLOSED. 45 market price at the same place ; the Secretary of the Trea- sury, in all cases, determining what such market price is. [Approved, March 3, 1797. 1 Statutes at Large, 507.] Note. — Tliis provision is also made applicable under the act of May 10, 1800, amending the acts providing for the sale of public lands. 2 Statutes at Large, 74. 1797-98, Chap. LI. — ^m Act respecting loan office and final settlement certificates, indents of interest, and the un- funded or registered debt credited in the books of the Treasury. [By section 1 tlie time fi.xed by section 14 of the act of .Marcli ;], 17!»3, for the presentation of loan ofhce certificates, final settlements, and in- dents of interest, is extended for one year. Sections 2 and .3 provide that on the settlement of such certificates and indents of interest, the creditors may receive three per cent, stock of the United States, to the amount of the indents and of arrearages of interest on certificates accruing prior to January 1, 1701; and that the principal sums of tlie certificates, witli interest since January 1, 171»1, shall be discharged by reimbursement equal to the sum which would have been payable if the certificates had been subscribed, and by pay- ment of the market value of the remaining funded stock which would have been created by such subscription. The remaining sections forbid the officers of the treasury to issue any further certificates of registered or unfunded debt; require tiic commis- sioners of the sinking fund to reimburse the principal sums of the un- funded or registered debt; and authorize the creditors of the unfunded or registered debt to receive tiiree per cent, stock equal to the arrearages of interest due to them prior to January 1, 1791.] [Approved, June 12, 1798. 1 Statutes at Large, 5G2.] [For an act of June 30, 1798, see page 309.] 1797-98, Chap. LXXIX. — An Act to enable the President of the United States to borrov) mo7iey for the Public Service. [Section 1 authorizes the President to borrow from the Bank of the United States, or from any other body, or from any person, u[)()n .>;ucli terms as he shall think most advantageous, a sum not exceeding five millions of dollars, providcil that no contract sliall he made i)reciiiding tiie reimbursement of such loan at any time after fifteen ycar.s rnmi Km date.] Sec. 2. And be it further enacted, That so much a.s may be necessary of the surplus of the duties on imports uiul ton- 4G LOAN OF FIVE MILLIONS. [1798. nacre beyoiul the permanent appropriations heretofore charged upon tlieni by hiw, shall be and hereby is pledged and appro- priated ibr paying the interest of 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 paying and discharging the principal sum or sums of any such loan or loans, according to the terms and conditions to be fixed, as aforesaid. And the faith of the United States shall be and hereby is pledged, to establish sullicient permanent revenues for making up any deficiency that may hereafter appear in the provisions for paying the said interest and principal sums, or any of them, in manner aforesaid. Sec. 3. And be it further enacted, That the sums to be borrowed, pursuant to this act, shall be paid into the treasury of the United States, and there separately accounted for ; and that the same shall be, and hereby are appropriated in man- ner following : First, to make up any deficiency in any appro- priation heretofore made by law, or to be made, during the present session of Congress ; and, secondly, to defray the expenses which may be incurred before the end of the next session of Congress, by calling into actual service any part of the militia of 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 law. [Approved, July 16, 1798. 1 Statutes at Large, 607.] Note. — By an act with the same title, approved May 7, 1800, 2 Stat- utes at Large, GO, provision is made in identical terms for borrowing, for the same purposes, the further sum of three millions five hundred thou- sand dollars. 1797-98, Chap. LXXXIV. — A7i Act making certain appro- jn-iations ; and to authorize the President to obtain a Loan on the credit of the direct tax. Sec. 2, And be it further enacted. That the President of the United States shall be, and he is hereby authorized to 1799.] SETTLEMENT OF BALANCES DUE FUOM STATES. 47 borrow of the Bank of the United States, who are hereby enabled to lend the same, or of an}' other corporation, per- sons or person, the sum of two millions of dollars, upon the credit, and in anticipation of the direct tax, laid and to be collected within the United States ; which tax shall be, and is hereby pledged for the repa} inent of any loan which shall be obtained thereon, as aforesaid ; and the faith of the United States shall be, and is hereby pledged to make good any deficiency : Provided., that the interest to be allowed for such loan shall not exceed six per centum per annum, and that the principal shall be reimbursed at the pleasure of the United States. [Approved, July 16, 1798. 1 Statutes at Large, 609.] 1798-99, Chap. III. — An Act respecting Bcdances reported against certain States., hy the Commissioners appointed to settle tlie Accounts hetioeen the United States and the several States. Section 1. He it enacted, . . . That if any state, against which a balance was reported b}- the commissioners appointed to settle the accounts between the United States and the several states, shall, on or before the first day of April, one thousand eight hundred, by a legislative act, engage to pay into the treasury of the United States within five ^ears after passing such legislative act, or to expend, witliin the time last mentioned, in erecting, enlarging or completuig any for- tifications 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 crimiiud issuing luider authority of 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 of 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 of such state, such payment or expenditure, when so made, shall be accepted by the United 48 DUTY OF THE SKCKETARY OK THE TREASURY. [1800. States as a full discharge of all demands on account of said balance ; and the President of the United States shall be, and hereby is authorized to cause credit to be given to such state on the books of the treasury of the United States accordingly : Provided however, that no more than one third part of the whole payment or expenditure that may be made by any such state shall be made in three per cent, stock, nor more than one thn-d part of the remaining two thirds shall be made in deferred stock : And provided also, that any such state may obtain a full discharge, as aforesaid, by the payment or ex- penditure of a sum of money, sufficient in the opinion of the Secretary of the Treasury, to purchase, at market price, the different species of stock, the payment or expenditure of which would be accepted as a full discharge, as aforesaid. Sec. 2. Provided always, and be it further enacted. That if any such state as is aforesaid shall have expended, since the establishment of the present government of the United States, any sum of money in fortifying any place since ceded by such state to the United States, or which may be so ceded, within one year after the passage of this act, such expendi- ture having been ascertained and proved to the satisfaction of the Secretary of the Treasury, shall be taken and allowed as part of the expenditure intended by this act. [Approved, February 15, 1799. 1 Statutes at Large, 616.] 1799-1800, Chap. LVIII. — An Act supplementary to the act entitled '■'■an Act to establish the Treasury Department" Be it enacted . . . That it shall be the duty of the Secre- tary of the Treasury to digest, prepare and lay before Con- gress at the commencement of every session, a report on the subject of finance, containing estimates of the public revenue and public expenditures, and plans for improving or increas- ing the revenues, from time to time, for the purpose of giving information to Congress in adopting modes of raising the TQoney requisite to meet the public expenditures. [Approved, May 10, 1800. 2 Statutes at Large, 79.] 1802.] FUND FOR REDEEMING THE WHOLE DEBT. 49 1801-2, Chap. XXXII. — A)i Act making jirovision fur the rtdemption of the whole of the Public Debt of the United States. Be it enacted . . . That so much of the duties on mer- chaodise and tonnage as, together with the monies, other than surpluses of revenue, which now constitute the sinking fund, or shall accrue to it b}- virtue of any provisions heretofore made, and together with the sums annually required to dis- charge the annual interest and charges accruing on the present debt of the United States, including temporary loans hereto- fore obtained, and also future loans which may be made for reimbursing, or redeeming, any instalments, or parts of the principal of the said debt, will amount to an annual sum of seven millions three hundred tliousand dollars, be, and the same hereby is yearly appropriated to the said fund ; and the said sums are hereby declared to be vested in the com- missioners of the sinking fund, in the same manner as the monies heretofore appropriated to the said fund, to be ap- plied by the said commissioners to the payment of interest and charges, and to the reimbursement or redemption of the principal of the public debt, and shall be and continue ap- propriated 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 of the principal of the said debt shall be reimbursed and redeemed : Provided, that after the whole of the said debt, the old six 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 of the sums an- nually appropriated by this act, which may remain unex- pended at the end of six months next succeeding tlic end of the calendar year to which such annual approi)riation refers, shall be carried to the surplus fund, and cease to be vested by virtue of this act in the commissioners of the sinking fund, and the appropriation, so far as relates to such unexpendeil balance, shall cease and determine. Sec. 2. A^id be it further enacted, Tliat it shall be the duty of the Secretary of the Treasury annually, and in each 4 50 PAYMENTS TO BE MADE. [1802. year, to cause to be paid to the conimissiouers of the sinking fund the said sum of seven millions three hundred thousand dollars, in such payments, and at such times, in each year as the situation of the treasury will permit : Provided, that all such payments as may be necessary to enable the said commissioners to discharge, or reimburse, an}' demands against the United States, on account of the principal or interest of the debt, which shall be actually due, in con- formit}' to the engagements of the said states, shall be made at such time and times, in each 3-ear as will enable the said commissioners faithfully and punctually to comply with such engagement. Sec. 3. And be it further enacted, That all reimburse- ments of the capital, or principal of the present debt of the United States, including future loans which ma}' be made for reimbursing or redeeming any instalments, or parts of the same, and all payments on account of the interest and charges accruing upon the said debt shall be made under the superintendence of the commissioners of the sinking fund. And it shall be the duty of the said commissioners to cause to be applied and paid out of the said fund, yearly and every year, at the treasury of the United States, the several and respective sums following, to wit : first, such sum and sums as by virtue of any act or acts, they have heretofore been directed to apply and to pay : secondly, such sum and sums as may be annually wanted to discharge the annual interest and charges accruing on any other part of the present debt of the United States, including the interest and charges wliich may accrue on future loans which may be made for reimbursing or redeeming any instalments, or parts of the principal of the said debt : thirdly, such sum and sums as may annually be required to discharge any instalment or part of the principal of the present debt of the United States, and of any future loans which may be made for reimbursing, or discharging the same, which shall be actually due and demandable, and which shall not by virtue of this, or any other act, be renewed or prolonged, or reimbursed, out of the proceeds of a new loan : and also it shall be the duty 1802.] LOANS FOR THE DISCIIAKGE VV DEBT. 51 of the said commissioners to cause to be applied the siirphis of such fund as may at any time exist, after satisfying the purposes aforesaid, towards the furtlier and linal redemp- tion, b}' payment, or purchase, of the present debt of the United States, including loans for the reimbursement thereof, temporary loans heretofore obtained from the Bank of the United States, and those demands against the United States, Under an}' treat}', or convention, with a foreign power, for the payment of which the faith of the United States has been, or may hereafter be pledged by Congress : Pruvidtdy hoioever, that the whole, or any part, of such demands, aris- ing under a treat}-, or convention, with a foreign power, and of such temporary loans, may, at any time, be reim- bursed, either out of the sinking fund, or, if the situation of the treasury will permit, out of 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, tlie sums requisite for payment of the instahnents of 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 tlie present debt of the United States, so as to effect tlie annual payment of seven million three hundred thousand dollars agreeably to the provision made above ; but any loan thus made shall be reimbursable within six years from its date, and the rate of interest tliereon shall not exceed five per cent., nor shall the charges exceed five per cent of tlie capital bor- rowed. The power thus given is not to diminish or affect the power to borrow given to the commissioners by section 10 of the Act of March 3, 1795, on page 88, or the power to sell tiie shares of tlie Hank of the United States belonging to the government, given by section 3 of the Act of May 31, 1796, on page 43. Sections 5 and G authorize the commissioners, with the approbation of the President, to contract with any bank or individual for the pay- ment, in Holland, of any part of the Dutch debt and its interest, or to employ an agent for procuring remittances for the discharge of saiil debt or its interest, allowing therefor a compensation not exceeding one fourth of one per cent, on the remittances procured. And tlie com- missioners are empowered, in like manner, to employ an agent in Europe, for the transaction of any business relative to the dischnrgo of the Dutch debt, or of any loan authorized for the discharge thcrrdt.] Sec. 7. And be it further enacted. That nothing in this act contained shall be construed to repeal, alter. <.r .-iir.H-t 52 FAITU IIEKETOFORE PLEDGED TO BE KEPT. [1804, any of the provisions of any former act pledging the faith of the United States to the payment of the interest, or princi- pal, of the public debt; and that all such payments shall continue to be made at the time heretofore prescribed by law; and the surplus only of the appropriations made by this act beyond tlie sums payable by virtue of the provisions of any former act, shall be applicable to the reimbursement, redemption, or purchase of the public debt in the manner provided by this act. Sec. 8. And be it further enacted. That all the restric- tions and regulations heretofore established by law, for regulating the execution of the duties enjoined upon the commissioners of the sinking fund, shall apply to and be in as full force for the execution of the analogous duties en- joined by this act, as if they were herein particularly repeated and re-enacted. Provided, however, that the particular an- nual account of all sales of stock, of loans, and of payments, by them made, shall, hereafter, be laid before Congress on the first week of Februar}', in each year ; and so much of any former act as directed such account to be laid before Con- gress within fourteen days after their meeting, is hereby repealed. [Approved, April 29, 1802. 2 Statutes at Large, 167.] 1803-4, Chap. II. — An Act authorizing the creation of a stock, to tlie amount of eleven millions tioo hundred and fifty thousand dollars, for the jnirpose of carrying into effect the convention of the thirtieth of April, one thou- sand eight hundred and three, between the United States of America and the French MejnibUc; and making pro- vision for the payment of the satne. Be it enacted, . . . That for the purpose of carrying into eflfect the convention of the thirtieth day of April, one thou- sand eight hundred and three, between the United States of America and the French Republic, the Secretary of the Treasury be, and he is hereby authorized, to cause to be constituted, certificates of stock, signed by the register of the treasury, in favor of the French Republic, or of its as- 1804.] LOAN FOR THE PURCHASE OF LOLISIANA. o3 signees, for the sum of eleven millions two hiuulred and fifty thousand dollars, bearing an interest of six per centum per annum, from the time when possession of Louisiana shall have been obtained, in conformity with the treaty of the thirtieth day of April, one thousand eight hundred and three, between the United States of America and the French Re- public, and in other respects conformable with the tenor of the convention aforesaid ; and the President of the United States is authorized to cause the said certificates of stock to be delivered to the government of France, or to such per- son or persons as shall be authorized to receive them, in three months at most, after the exchange of the ratifications of the treaty aforesaid, and after Louisiana shall be taken possession of in the name of the government of the United States ; and credit, or credits, to the proprietors th'ereof, shall thereupon be entered and given on the books of the treasury-, in like manner as for the present domestic funded debt, which said credits or stock shall thereafter be trans- ferable only on the books of the treasury of the United States, by the proprietor or proprietors of such stock, his, her, or their attorney : and the faith of the United States is hereby pledged for the payment of the interest, and for the reimbursement of the principal of the said stock, in con- formity with the provisions of the said convention : Pro- vided, hoioever, that the Secretary of the Treasury may, with the approbation of the President of the United States, consent to discharge the said stock in four equal annual in- stalments, and also shorten the periods fixed by the conven- tion for its reimbursement : And 2yrovided also, that every proprietor of the said stock may, until otherwise directed by law, on surrendering his certificate of such stock, receive another to the same amount, and bearing an interest of six per centum per annum, payable quarter-yearly at the treasury of the United States- [By the Act of July 1, 1812, tlie stock created as above ia mii.lo trans- ferable like other stocks of the United States, from the books of the treasury to those of any commissioner, and from tiie books of one commissioner to those of another or to tliose of the treasury. 2 Stat- utes at Large, 771] 54 INCREASE OF THE SINKING FUND. [1804. Sec. 2. And be it further eyiacted, That the annual inter- est accruing on the said stock, which may, in conformity with the convention aforesaid, be payable in Europe, shall be paid at the rate of four shillings and sixpence sterling for each dollar, if payable in London, and at the rate of two guilders and one half of a guilder, current money of Holland, for each dollar, if payable in Amsterdam. Sec. 3. And be it further enacted, That a sum equal to what will be necessary to pay the interest which may accrue on the said stock to the end of the present year, be, and the same is hereby appropriated for that purpose, to be paid out of any monies in the treasury not otherwise appropriated. Sec. 4. And be it further enacted, That from and after the end of the present year (in addition to the annua) sum of seven millions three hundred thousand dollars yearly appropriated to the sinking fund, by virtue of the act inti- tuled " An act making provision for the redemption of the whole of the public debt of the United States"), a further annual sum of seven hundred thousand dollars, to be paid out of the duties on merchandise and tonnage, be, and the same hereby is, yearly appropriated to the said fund, making in the whole, an annual sum of eight millions of dollars, which shall be vested in the commissioners of the sinking fund in the same manner, shall be applied by them for the same purposes, and shall be, and continue appropriated, until the whole of the present debt of the United States, inclusively of the stock created by virtue of this act, shall be reimbursed and redeemed, under the same limitations as have been provided by the first section of the above-men- tioned act, respecting the annual appropriation of seven millions three hundred thousand dollars, made b}- the same. Sec 5. And be it further enacted, That the Secretary'' of the Treasury shall cause the said further sum of seven hundred thousand dollars to be paid to the commissioners of the sinking fund, in the same manner as was directed In* the above-mentioned act respecting the annual appropriation of seven millions three hundred thousand dollars ; and it shall be the dutv of the commissioners of the sinking fund to cause 1806.] PLKCHASES OF TUK PUBLIC DEBT. 55 to be applied and paid out of the said fund, yearly, ami every year, at the treasury of the United States, such sum and sums as may be annually wanted to discharge the annual interest and charges accruing on the stock created by virtue of this act, and the several instalments, or parts of princi- pal of the said stock, as tlie same shall become due ami uiav be discharged, in conformity to the terms of the convention aforesaid, and of this act. [Approved, November 10, 1803. 2 Statutes at Large, 245.] 1805-6, Chap. L. — An Act to repeal so much of am/ act or acts as authorize the receijjt of evidences of the 2>ubUc debt^ in payment for lands of the United States; and for other purposes, relative to the public debt. Me it enacted, . . . That so much of ain- act or acts as authorize the receipt of evidences of the public debt, in pay- ment for the lands of the United States, shall from and after the thirtieth day of April, one thousand eight hundred and six, be repealed : Provided, that the right of all persons who may have purchased public lands previous to the pas- sage of this act, to pa^' for the same in stock, shall in no wise be affected or impaired: And provided further, that there shall be allowed on ever}' payment made in money, at or before the same shall fall due, for lands purchased before the thirtieth day of April, one thousand eight hundred and six, in addition to the discounts now allowed by law, a de- duction equal to the difference at the time of such payment, between the market price of six per cent, stock and the nominal value of its unredeemed amount, which market price shall, from time to time, be stated b}' the Secretary of the Treasuiy to the officers of the several land-olfices. Si:c. 2. And be it further enacted. That the commission- ers of the sinking fund shall not be authorized to purchase anv of the several species of the pul)lic debt, at a higher price than at the rates following, that is to say ; they shall not pay more for three per cent, stock than sixty per cent, of its nominal value ; nor for any other species of the public debt more than the nominal value of its unredeemed amount. 56 PKOPOSED EXCHANGE OF STOCKS. [1807. the eight per cent, stock only excepted; for which they shall be authorized, in addition thereto, to give at the rate of one half of one per cent, on the said nominal value, for each quarterly dividend which may be payable on such pur- chased stock, from the time of such purchase to the first day of January, one thousand eight hundred and nine. Sec. 3. And be it further enacted, That so much of any act as directs that purchases of the public debt, by the com- missioners of the sinking fund, shall be made within the thirty days next ensuing after each day on which a quarterly payment of interest on the debt of the United States shall become due : 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 pur- chases, under the restrictions laid by the preceding section, in such manner, and at such times and places as they shall deem most eligible ; and for that purpose to appoint a known agent or agents, to whom they may allow a commission, not exceeding one fourth of one per cent, on the respective pur- chases of such agents. [Approved, April 18, 1806. 2 Statutes at Large, 405.] 1806-7, Chap. XII. — A7i Act supplementary to the act, m- titultd '■^ An act making provision for the r€demp)tion of the whole of the public debt Of the United /States." Whereas it is desirable to adapt the nature of the provision for the redemption of the public debt to the present circumstances of the United States, which can only be done by a voluntary subscription on the part of the creditors : Be it enacted, . . . That a subscription to the full amount of the old six per cent, deferred and three per cent, stocks be, and the same is hereby proposed ; for which purpose books shall be opened at the treasury of the United States, and by the several commissioners of loans, on the first day of July next, to continue open until the seventeenth da}' of March next following, inclusivel}', the fourteen last days of 1807.] TERMS UK EXCHANGE OFFERED. 57 each quarter excepted, for such parts of the above mentioned descriptions of stock, as shall, on the day of subscription, stand on the books of the treasury, and of the several com- missioners of loans, respectively ; which subscription shall be effected by a transfer to the United States, in the manner provided by law for such transfers, of the credit or credit^^ standing on the said books, and by a surrender of the certifi- cates of the stock subscribed. Sec. 2. And be it further enacted^ That for the whole or any part of any sum which shall thus be subscribed, in old six per cent, or deferred stock, credits shall be entered to the respective subscribers, and the subscriber or subscribers shall be entitled to 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 amount of principal of the stock thus subscribed, which shall remain unredeemed on the da\- of such subscription, bear- ing an interest of six per centum per annum, payable quarter 3'early, from the first dav 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 of the United States : Provided, that no single certificate shall be issued for an amount greater tlian ten thousand dollars : And provided further^ that no reimbursement sliall be made except for the whole amount of an\- such new certificate, nor till after at least six months' previous public notice of such intended reimbursement. Sec. 3. And he it further enacted^ That for the whole or an}' part of any sum which 'shall thus be subscribed in three per cent, stock, credits shall likewise be entered to the re- spective subscribers ; and the subscriber, or subscribers, shall be entitled to a certilicate, purporting that tiie United States owe to the holder or holders thereof, his, her, or tiieir assigns, a sum to be expressed therein, equal to sixty-live per centum of the amount of the principal of tlic stocli thus subscribed, bearing an interest of six per centum, i)er an- num, payable quarter 3-earh', from the first day of the (juar- oS FUNDS PLEDGED FOR THE NEW STOCK. [l^O^' ter, during ^-liicli such subscription sliall have been made, and traiistt'rable and subject to redemption in the same man- ner, and under the same reguLations and restrictions, as the stocli created by the preceding section of this act : Provided, that no part of the stock thus created, shall be reimbursable without the assent of the holder, or holders of such stock, until after the whole of the eight per cent, and four and a luilf per cent, stocks, as well as all the six per cent, stock which may be created by virtue of the preceding section, shall have been redeemed. [Section 4 authorizes the commissioners of tlie sinking fund to ap- point an agent in London and another in Amsterdam, to receive sub- scriptions and transfers and to issue new certificates in favor of stockholders residing in Europe. Section 5 provides that stockholders subscribing either in the Unhed States or in Europe, but resident in Europe, may at their option receive the interest on the new stock either in the United States or in London or Amsterdam ; if in London, at the rate of four shillings and sixpence sterling for tiie dollar, and if in Amsterdam at the rate of two and a half guilders for the doUar, credits therefor being entered and transferable only on tiie books of tiie trea.sury : prodded, that the interest thus paya- ble abroad shall not be payable until six months after the day for pay- ment in the United States, and shall be subject to a deduction of one half of one per cent, on its amount for commission ; and provided also, that the certificates of stock thus held may be exchanged for others bearing interest payable in the United States] Sec. 6. And he it further enacted, That the same funds which heretofore have been, and now are, pledged, by law, for the payment of the interest, and for the redemption or reimbursement of the stock which may be subscribed by vir- tue of the provisions of this act, shall remain pledged for the payment of interest accruing on the stock created by I'eason of such subscription, and for the redemption or reim- bursement of the principal of the same. It shall be the duty of the commissioners of the sinking fund to cause to be ap- plied, and paid out of the said fund, yearly, and every year, such sum, and sums, as may be annually wanted to discharge the annual interest and chanjes accruino; on the stock which may be created by virtue of this act. The said commission- ers are hereby authorized to apply, from time to time, such 1809.3 ilODE OF KEIMBUKSEMENT. 59 sum and sums, out of the said fuud, as thoy may think proper, towards redeeming, by purchase, or by ,reimburse- ment, in conformity with the provisions of this act, the principal of the said stoclc. And the annual sura of eight millions of dollars, vested by law in the said commissioners, shall be, and continue appropriated to the payment of inter- est and redemption of the public debt, until the whole of the stock which may be created by the preceding sections of this act, shall have been redeemed, or reimbursed. Sec. 8. And be it further enacted, That whensoever notice of reimbursement shall be given, as prescribed by the second and third sections of this act, the certificates intended to be reimbursed, shall be designated therein. In everj- reim- bursement the preference shall be given to such holders of certificates as, previous to the said notice, shall have notified in writing to the treasury department their wish to be reim- bursed. If there should not be applications to the treasury sufficient to require the payment of the whole sum to be applied to that purpose, the Secretary of the Treasury, after paying off all sums for the payment of which application shall have been made, shall determine, by lot, what other certificates shall be reimbursed so as to make up the whole amount to be discharged : and in case the applications shall exceed the amount to be discharged, the Secretarj- of the Treasury shall proceed to determine, by lot, what applica- tions shall be entitled to priority of i)ayment. Sec. 10. And he it further enacted, That nothing in this act contained shall be construed, in any wise, to alter, abridge, or impair the rights of those creditors of the United States, who shall not subscribe to the loan created by virtue of this act. [Approved, February 11, 1807. 2 Statutes at Large, 415.] 1808-9, Chap. XXVIII. — An Act further to amend the sereral acts for the establishment and regidation of the Treasury, War, and Navy departments. [Section 4 provides that disbursing agents for the army and navy "shall, wlienever practicable, keep the public monies in their hands, in GO LOAN FOR REIMBURSING DEBT. [1810. some incorporated bank, to be designated for the purpose by the Presi- dent of tlie United States," and shall make monthly returns thereof.] [Approved, March 3, 1809. 2 Statutes at Large, 535.] 1809, Chap. X. — A?i Act supplementary to the act^ intituled ^^ A)i Act making further 2)rov is ion for the siq)p)ort of public credit^ and for the redemption of the pid)lic debt:' Be it enacted, . . . That the powers vested in the com- missioners of the sinking fimd, by the tenth section of the act to which this act is a supplement, shall extend to all the cases of reimbursement of au}' instalments or parts of the capital, or principal, of the public debt now existing, which may become paj'able according to law. And in every case in which a loan ma^' be made accordingly, it shall be lawful for such loan to be made of the Bank of the United States, anything in an}' act of Congress to the contrary notwithstanding. [Approved, June 28, 1809. 2 Statutes at Large, 551.] 1809-10, Chap. XLV. — An Act authorizing a loan of money, for a sum not exceeding the amount of the principal of the p>id}lic debt, reimbursable during the year one thousand eight hundred and ten. Be it enacted, . . . That the President of the United States be, and he is hereby empowered to borrow, on the credit of the United States, a sum not exceeding the amount of the principal of the public debt, which will be reimbursed, according to law, during the present year, by the commis- sioners of the sinking fund, at a rate of interest, payable 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 b}- contract, not exceeding six years from the first day of January next ; 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 of the public expenses which are, or may be authorized by law. The stock thereby created, shall be 1810.] PLEDGE OF PUNDS. 61 transferable in the same manner as is provided by law for the transfer of the funded debt. It shall be lawful for the Bank of the United States to lend the said sum, or any part thereof; and it is further hereby declared, tiiat it shall be deemed a good execution of the said power to borrow, for the Secretary of tlie Treasury, with the approbation of the President of the United States, to cause to be constituted certificates of stock, signed by the register of the treasury, or by a commissioner of 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 of stock to be sold : Provided, that no such stock be sold under par. [By section 2 the Secretary of the Treasury is authorized, with the approbation of the President, to give the preference, among subscribers to the loan here provided for, to the liolders of exclianged six per cent stock issued under the act of February 11, 1807, to an amount not ex- ceeding for any stockliolder the amount of such exclianged stock lield by him : provided, that tlie sura thus borrowed from holders of the exchanged stock shall be reimbursable at the pleasure of the United States.] Sec. 3. And he it further enacted, That so much of the funds constituting the annual appropriation of eight millions of dollars for the payment of the principal and interest of the public debt of the United States, as may be wanted for that purpose, is hereby pledged and appropriated for the payment of the interest and for the reimbursement of the principal of the stock, which may be created by virtue of this act. It shall accordingly be the duty of the commis- sioners of the sinking fund, to cause to be applied and paid out of the said fund yearly, and every year, such sum and sums as may be annually wanted to discliarge the interest accruing on the said stock, and to reimburse the principal, as the same shall Ijecome 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 of the said fund as they may think proper, towards re- deeming by purchase, and at a price not above par, the prin- (;.2 LOAN OF ELEVEN MILLIONS. [1812. cipal Of iho said stock or any part thereof. And the faith of 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 of them, in manner aloresaid. ^Approved, May 1, 1810. 2 Statutes at Large, 610] 1810-11. Chap. XXXII. — ^H Act mithorizing a loan of money, for a sum not exceeding five millions of dollars. [Section 1 empowers the President to borrow on the credit of the United States a sum not exceeding five millions of dollars at a rate of Hiterest, payable quarter-yearly, not exceeding six per cent., and to be reimbursed'at pleasure or at periods not exceeding six years from Jan- uary 1, 1812. This loan is to be applied to defray any authorized pub- lic expense, the stock to be transferable like the funded debt, and not to be sold under par. Section 2 is identical with section 3 of the Act of May 1, 1810, ^ ^^ [Approved, March 2, 1811. 2 Statutes at Large, 656.] 1811-12, Chap. XLL — An Act authorizing a loan for a sum not exceeding eleven millions of dollars. [By sections 1 and 2 the President is authorized to borrow on the credit of the United States, in order to defray expenses authorized by law during the present session of Congress, a sum not exceeding eleven millions of dollars, at an interest not exceeding six per cent, per annum, payable quarter-yearly. No contract is to be made precluding reim- bursement at any time after the expiration of twelve years from Janu- ary 1, 1813, and none of the stock is to be sold under par.] Sec. 3. And he it further enacted. That so much of the funds constituting the annual appropriation of eight millions of dollars, for the payment of the principal and interest of the public debt of the United States, as may be wanted for that purpose, after satisfying the sums necessary for the payment of the interest and such part of the principal of the said debt as the United States are now pledged annually to pay or reimburse, is hereby pledged and appropriated for the payment of the interest, and for the reimbursement of 1812.] NOTES OF THE UNITED STATES BANK. 63 the principal of the stock which ma}- be created by virtue of this act ; it shall accordingly be the duty of the couiniis- sioners of 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 pi'incipal 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 of the said fund as they may think proper, towards redeeming by purchase, and at a price not above par, the principal of the said stock, or any part thereof. And the fiiith of 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 princi- pal sums, or any of them, in manner aforesaid. [Approved, March 14, 1812. 2 Statutes at Large, 694.] Note. — By the Act of July 6, 1812, autliority ia given for the em- ployment of agents for the purpose of selling any part of the stock authorized above, and a commission not exceeding one eighth of one per cent is allowed. 2 Statutes at Large, 784. 1811-12, Chap. XLIII. — A)i Act rejjealing the tenth section of the act to incorporate the subscribers to the Bank of the United States. Be it enacted, . . . That the tenth section of the act en- tituled "An act to incorporate the subscribers to the Bank of the United States," shall be, and the same is hereby repealed. [Approved, March 19, 1812. 2 Statutes at Large, 695.] 1811-12, Chap. CXI. — An Act to authorize the issuing of Treasury Notes. Be it enacted, . . . That the President of the Unifcl States be, and he is hereb}- authorized to cause treasury notes for such sum or sums as he may think expedient, but not exceeding in the wliole the sum of live millions of dol- 64 TREASURY NOTES ; [1812. lars, to be prepared, signed and issued in the manner herein after provided. Sec. 2. And be it further enacted, That the said treasury notes shall be reimbursed by the United States, at such places, respectively, as maj' be expressed on the face of the said notes, one 3'ear, respectivel}', after the day on which the same shall have been issued : ft-om which day of issue the}- shall bear interest, at the rate of five and two fifths per centum a year, payable to the owner and owners of such notes, at the treasury, or by the proper commissioner of loans, at the places and times respectively designated on the face of said notes for the payment of principal. [Section 3 provides for tlie signing and countersigning of the notes, and for the compensation of the persons employed for this purpose.] Sec. 4. Atid be it further enacted, That the Secretary' of the Treasury be, and he is hereb}' authorized, with the ap- probation of the President of the United States, to cause to be issued such portion of the said treasury notes as the Presi- dent ma}- think expedient in payment of supplies, or debts due b}' the United States, to such public creditors, or other persons, as may choose to receive such notes in payment, as aforesaid, at par : and the Secretary of the Treasury is further authorized, with the approbation of the President of the United States, to borrow, from time to time, not under par, such sums as the President may think expedient, on the credit of such notes. 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 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 respectivel}'. Sec. 5. And be it further enacted. That the said treasury notes shall be transferable by delivery and assignment en- dorsed thereon by the person to whose order the same shall, on the face thereof, have been made payable. Sec. 6. And be it further enacted. That the said treasury notes, wherever made payable, shall be everywhere received 1812.] TO BE PAID BY TUE SIXKINu FLN1>. fiw in payment of all duties and taxes laid bv tUe authority of the United States, and of 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 winch, on the day of such payment, may appear due on the note or notes thus given in payment. And the said interest shall, on such payments, be computed at the rate of one cent and one half of a cent per day on every hundred dollars of priiiej. pal, and each month shall be computed as containing thirtv da3s. [Section 7 provides that any public officer wlio may receive sucli treasury notes shall, on payment of tlie same into tlie treasury or into any bank where public monies are deposited, be credited witii the prin- cipal of 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. But no such charge for accruing interest sliail be made against any bank receiving payment for the United States from individuals or public officers, wliich shall receive such notes as si)ocie and shall credit the treasurer of the United States with the amount thereof, including the interest due on the day of receipt.] Sec. 8. And be it further enacted. That the commission- ers of the sinking fund be, and they are hereby authorized and directed to cause to be reimbursed and paid tlie princi- pal and interest of the treasury- notes which may be issued hy virtue of this act, at the several time and times when the same, according to the provisions of this act, should be thus reimbursed and paid. And the said commissioners are further authorized to make purchases of the said notes, in the same manner as of other evidences of the public debt, and at a price not exceeding par, for the amount of the principal and interest due at the time of purchase on such notes. So much of the funds constituting the annual appro- priation of eight millions of dollars, for the principal and interest of the public debt of the United States, as may be wanted for that purpose, after satisfying the sums necessary for the payment of the interest and sucli part of tiic princi- pal of the said debt as the United States are now pli-di^'cd annually to pay and reimburse, is Iierebj' pledged and ap- propriated for the payment of the interest, and for the reini- 5 QQ EXCHANGE OF SIX PER CENT. STOCKS. [1812. bursement or purchase of the principal of the said notes. And so much of any monies in the treasury not otherwise appropriated as may be necessary for that purpose, is herebj- appropriated for making up an}- deficiency in the funds thus pledged and appropriated for paying the principal and interest as aforesaid. [Sections 9 and 10 provide for the expense of preparing the notes for issue, and fix the penalties for counterfeiting and for uttering counter- feited notes.] [Approved, June 30, 1812. 2 Statutes at Large, 766.] 1811-12, Chap. CXXXV. — An Act authorizing a subscrip- tion for the old six per cent, and deferred stocks, and 2yroviding for an exchange of the same. [By section 1 a subscription to the full amount of 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 of each quarter excepted, in terms identical with those of section 1 of the Act of Febru- ary 11, 1807 on page 56.] Sec. 2. And be it further enacted, That for such part of the amount of old six per cent, or deferred stock, thus sub- scribed, as shall remain unredeemed on the day of such subscription, credits shall be entered to the respective sub- scribers, on the books of the treasurj' or of the commission- ers of loans where such subscription shall have been made, and the subscriber or subscribers shall be entitled to receive a certificate or certificates purporting that the United States owe to the holder or holders thereof, his, her, or their as- signs, a sum to be expressed therein, equal to the unre- deemed amount of the principal of the old six per cent, or deferred stocks, subscribed as aforesaid, bearing an interest of six per centum per annum, payable quarter 3'early, from the first day of the quarter during which such subscription shall have been made, transferable in the same manner as is provided b}- law for the transfers of the stock subscribed, and subject to redemption at the pleasure of the United States at any time after the thirtj'-first day of December, one thousand eight hundred and twent3--four : Provided, 1S13-] SIXTEEN MILLION LOAN. 67 That no reimbursement shall be made except for the whole amount of the stock standing at the time, to the civdit of any proprietor, on the books of the treasury or of the conuuis- sioners of loans respectively, nor till after at least six ninths' previous public notice of such intended reiml)ursemenl. [Section 3 is identical with section 6 of the Act of February 11, 1S07, except that, in the concluding sentence, only " sucli part of the annual sum of eight millions as may be necessary and wanting for the above purposes," to wit, the payment of interest and reimbursement of princi- pal of the stock now to be created, is to continue appropriated until the redemption of tlie stock.] Sec. 4. A)id be it further enacted. That nothing in this act contained shall be construed in anywise to alter, al)ridge or impair the rights of those creditors of the United States who shall not subscribe to the loan to be opened by virtue of this act. [Approved, July 6, 1812. 2 Statutes at Large, 783.] 1812-13, Chap. XXI. — A7i Act authorizing a Loan for a sum not exceeding sixteen millions of dollars. [Section 1 empowers the President to borrow, on tiie credit of the United States, a sum not exceeding sixteen millions of dolhir.s, to Im? applied to defray expenses autliorized during tiie present session of Congress; but no engagement is to be entered into which shall preclude the reimbursement of the loan at any time after twelve years from Jan- uary 1, 1814.] Sec. 2. And be it further enacted. That the President of the United States do cause to be laid before Congress, on the first Monda}^ in February, eighteen himdred and fom- teen, or as soon thereafter as Congress may be in session, an account of all the monies obtained by the sale of the certifi- cates of stock, by virtue of the power given him by the pre- ceding section, together with a statement of tlie rate at which the same tnay have been sold. [Section 3 autliorizes tlie employment of agents, to [)rocure duliKcriiv tions to the stock or to sell the same, and allows a ciimniix^ion ni>t i-x- ceeding one quarter of one per cent on the amount disposed of by them. Section 4, pledging for the support of thi.s loan the requisite iiinoiiiil of the sinking fund, and i)rescribing the duties of the cotnmisoionerii of the 68 TREASURY NOTE ACT. [1813. sinking fund, is identical with section 3 of the Act of March 14, 1812, on page G2.] [Approved, February 8, 1813. 2 Statutes at Large, 798.] 1812-13, Chap. XXVII. — An Act authorizing the issuing of Treasury notes for the service of the year one thou- sand eight hundred and thirteen. £e it enacted, . . . That the President of the United States be, and he is hereby authorized to cause treasur}- notes for such sum or sums as he may think expedient, but not exceeding in the whole the sum of five millions of dol- lars, to be prepared, signed, and issued, in the manner here- inafter provided. Sec. 2. And he it further enacted, That the President of the United States be, and he is hereby authorized, in addi- tion to the amount authorized by the next preceding section of this act, to cause treasury- notes, for such sum or sums as he may think expedient, but not exceeding in the whole the further sum of five millions of dollars, to be prepared, signed, and issued in the manner hereinafter provided : Provided, that the amount of money borrowed or obtained, hy virtue of the notes which ma}- be issued b}- virtue of this section, shall be deemed and held to be in part of the sum of six- teen millions of dollars, authorized to be borrowed b}- virtue of the act to that effect, passed during the present session of Congress. Sec. 3. And he 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 tlie day on which the same shall have been issued ; from which da}' of issue the}' shall bear interest, at the rate of five and two-fifths per centum a year, payable to the owner and owners of such notes, at the treasury, or by the proper commissioner of loans, or by the officer designated for that purpose, at the places and times respectively designated on the face of said notes, for the payment of principal. 1^5 13.] PLEDGE OF FUNDS. 69 [Sections 4 and 5, providing for the signing of the notes and author- izmg tlieir issue in any of several methods, are nearly identical with sections 3 and 4 of the Treasury Note Act of June 30, 1812. on page 64; but to section o of the present act is added a provision tliat tlie Secrctarv' may " sell, not under par, such portion of the said notes as the I'n-sident may think expedient." Section G authorizes tlie employment of agents for the purpose of selling any of the notes now to be issued, and allows a commi^slon not exceeding one quarter of one per cent, on the amount thus sold. Sections 7, 8, and 9, relating to the transfer of the notes, their receipt for public dues, and the manner of crediting public otiicers and banks with the interest accruing on them, are identical with the sections 6, and 7 of the Act of June 30, 1812.] Sec. 10. And be it further enacted. That the commission- ers of the sinking fund be, and they are hereby authorized and directed to cause to be reimbursed and paid the princi- pal and interest of the treasury notes which may be issued by virtue of this act, at the several time and times when the same, according to the provisions of this act, should be thus reimbursed and paid ; and the said commissioners are further authorized to make purchases of the said notes, in the same manner as of other evidences of the public debt, and at a price not exceeding par, for the amount of the principal and interest due at the time of purchase of such notes. So much of the funds constituting the annual appropriation of eight millions of dollars, for the payment of the principal :m a payment for the year one thousand eight htmdrcd and seventeen, on 98 FURTHER PAYMENTS TO THE SINKING FUND. [1817. account of the appropriatiou of ten millions hereinbefore directed. Sec. 3. A7id be it further enacted, That in addition to the sum of ten millions of dollars, hereinbefore annually appropriated to the sinking fund, there shall be appropri- ated for the year one thousand eight hundred and seventeen, to the sinking fund, the further sum of nine millions of dol- lars, to be paid out of any moneys in the treasury not other- wise appropriated, at such time within the year as the Secretary of the Treasury shall deem most conducive to the public interest, to be applied by the commissioners of the sinking fund to the purchase or redemption of the public debt : and it shall be lawful for the Secretary of the Treas- ury, 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 commissioners of the sinking fund a further sum, not exceeding four millions of dollars, which shall be considered as an advance to that amount, on the appropriation of ten millions, payable in the next year, and the said amount shall also be applied by the said commis- sioners to the purchase or redemption of the public debt, and the commissioners aforesaid are authorized and directed to apply the sums by this act appropriated to the purchase and redemption of the public debt, holden by the Bank of the United States, if not otherwise to be obtained on the terms stated in this act. Sec. 4. And be it further enacted, That after the year one thousand eight hundred and seventeen, whenever there shall be, at any time after an adjournment of Congress, in any year, a surplus of money in the treasury, above the sums appropriated for the service of such year, the payment of which to the commissioners of the sinking fund, will yet leave in the treasury, at the end of the year, a balance equal to two millions of dollars, then such surplus shall be, and the same is hereby, appropriated to the sinking fund, to be paid at such times as the situation of the treasury will best permit ; and shall be applied, by the commissioners thereof, to the purchase or redemption of the public debt. 1817.] PUUCHASES OF PCBLIC DEBT. 99 Sec. 5. And be it further enacted, That whenever, in an}- year, there shall be a surpkis in the sinkuig fund, beyond the amount of interest and principal, which may be actually due and payable to [by] the United States, in such year, in conformity with their engagements, the commissioners of the sinking fund shall be, and they are hereby, authorized, with the approbation of the President of the United States, to purchase the debt of the United States, at its market price, if such price shall not exceed the following rates, viz : for stock of the United States, bearing an interest of three per centum per annum, there shall not be paid more than sixty- five dollars for every hundred dollars of the principal thereof: for stock bearing 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 of seven per centum, there shall not be paid an advance al)ove the par value thereof, which shall exceed, for every hundred dollars of stock, the computed value of an annuity of one dollar for a number of years, equal to that during which the stock so purchased will not be reimbursable at the pleasure of government, estimating, in such computation, the interest of money at six per centum per annum. Sec. 6. And be it further enacted, That all certificates of public debt which, by payment or purchase, have become, or hereafter shall become, the property of tlie United States, shall be cancelled or destroyed, at such times, and under such regulations and securities, as the commissioners ol the sinking fund, with the approbation of the President, sha.l estal)lish and determine. And no interest shall be consid- ered as accruing, and no further payment shall be made, on account of such de))t, the certificates of which have been so cancelled and destroyed. _ . Sec. 7. And be it further enacted, That nothing m tins act contained shall be construed to prevent thr Congress of the United States, if war shall occ^n- with au> foreign power, from ai,plying, to any object of public service any surplus of the amount herein appropriated to the sinking lund. which may be left in any year after paying the interest an.l pnnci- 100 CERTIFICATES OF REVOLUTIONARY DEBT. [1820. pal which may be actuall}- due and payable by the United States, in conformity with their engagements. Nor shall anything in this act be construed to repeal, alter, or affect, any of the provisions of any former act, pledging the faith of the United States to the payment of the interest or princi- pal of the pubhc debt, but all such payments shall continue to be made at the time heretofore prescribed by law, except- ing only as before provided, that no payments shall be made on certificates which have become the property of the United States. [Approved, March 3, 1817. 3 Statutes at Large, 379.] 1817-18, Chap. LVI. — An Act to authorize the payment of certain certificates. [This act suspends for the term of two years from its passage, so much of the acts of March 3, 1795, and June 12, 1798, on page 44, as bar from settlement loan office and final settlement certificates and indents of inter- est ; and provides that, upon the presentation at the Treasury and adjust ment of such claims, they shall be paid, with interest at the rate of six per cent, from the date of the last payment of interest endorsed thereon.] [Approved, April 13, 1818. 3 Statutes at Large, 425.] Note. — By the Act of May 7, 1822, having the same title as the above' the provisions of the acts of 1795 and 1798 are further suspended for the the term of two years and from thence until the end of the next session of Congress. 3 ihid. 697. And by the Act of July 14, 1832, the act of 1822 is revived and continued in force for the term of four years and from thence until the end of the next session of Congress. 4 ihid. 602. 1819-20, Chap. cm. — An Act to authorize the President of the United States to borroio a sum not exceeding three m,illions of dollars. [Section 1 empowers the President to borrow, on the credit of the United States, a sum not exceeding three millions of dollars, at a rate not exceeding five per cent., and reimbursable at any time after Jan- uary 1, 18.32, 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 of the United States to lend the sum or any part thereof, and further authorizes the sale of certificates of the stock, "provided, that no stock shall be sold under par." 1822.] LOAN ACTS. 101 Section 3, authorizing the employment of agents in disposing of the stock, follows the terms of section 3 of tlie Act of February 8, 1813, on page 67. Section 4 makes the same sinking fun'] provisions as section 3 of the Act of March 14, 1812, on page 62, witli tlie substitution of "ten mil- lions of dollars " for eight millions, as the amount of the total annual appropriation for the public debt.]. [Approved, May 15, 1820. 3 Statutes at Large, 582.] 1820-21, Chap. XXXVIII. — A7i Act to authorize the Presi- dent of the United States to borrow a sum not exceeding Jive millions of dollars. [Section 1 empowers the President to borrow, on the credit of the United States, a sum not exceeding five millions of dollars, at a rate not exceeding five per cent., and reimbursable at any time after January 1, 1835, to be applied in defraying any public expenses authorized by law. Sections 2, 3, and 4 are identical with sections 2, 3, and 4 of the Act of May 15, 1820, above.] [Approved, March 3, 1821, 3 Statutes at Large, 635.] 1821-22, Chap. VIII. — An Act authorizing the transfer of certain certificates of the funded debt of the United States. Be it enacted., . . . That the certificates of the funded debt of the United States, which, upon the assumption of the debts of the several creditor states, were issued in their favor, respective!}', be, and hereby are, made transferable, accord- ing to the rules and forms instituted for the purpose of trans- fers of the public debt. [Approved, February 19, 1822. 3 Statutes at Large, 051.] 1821-22, Chap. XXVIIL — Aji Act to authtrize the Secre- tary of the Treasury to exchange a stock bearing an interest of fivie per cent, for certain stocks bearing an interest of six and seven per cent. Be it enacted . . . That a subscription, to the amount of twelve millions of dollars, of the seven per cent, sloi-k, and of the six per cent, stock of the; year eighteen huniired and twelve, and also for fourteen millions of the six per cent, stock of the years eighteen hundred anil thirteen, fourteen, 102 TERMS OF EXCHANGE. [1822. and fifteen, be, and the same is hereby, proposed : for which purpose books shall be opened at the Treasury of the United States, and at the several loan offices, on the first day of Mav, one thousand eight hundred and twenty-two, to con- tinue open until the first day of July next thereafter, for such parts of the above-mentioned description of stocks as shall, on the day of subscription, stand on the books of the treas- ury, and on those of the several loan offices, respectively ; which subscription shall be effected by a transfer to the United States, in the manner provided by law for such transfers, of the credit or credits standing on the said books, and by a surrender of the certificates of the stock so subscribed. [Section 2 provides that for any sum thus subscribed of the six per cent, stocks of 1812 and 1813, the subscribers shall be entitled to an equal amount of stock bearing interest at five per cent, and payable quarterly from June 30, 1822, and redeemable at the pleasure of 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 of 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 of any new certificate, except for its whole amount, nor until after six months' notice. Section 3 provides that if the subscription authorized by section 1 is not completed by July 1, 1822, the remainder of the amount may be sub- scribed at any time before October 1, 1822; and that for so much as may be subscribed of the six per cent, stocks of 1812, 1813, 1814, and 1815, the subscribers shall be entitled to an equal amount of stock, bearing inter- est 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 of the seven per cent, stock as may be subscribed, the subscribers shall be entitled to an equal amount of five per cent, stock, with interest payable as above, and redeemable in like manner after 1833, the same proviso being made as to the conditions of reimbursement.] Sec. 4. And he it further enacted, That the same funds which have heretofore been, and now are, pledged b}" law, for the payment of the interest, and for the redemption or reim- bursement of the stock which ma}' be subscribed by virtue of the provisions of this act, shall remain pledged for the pa}-- meut of the interest accruing on the stock created by reason of such subscription, and for the redemption or reimbursement 1822.] TREASURY NOTES GOOD ONLY AT TUK TUEASIKY io;i of the principal of the same. It shall be the duty of the cum- missionei-s of the sinking fund to cause to be applied and i)aid. out of the said fund, yearly and every year, such sum and sums as may be annually wanted to discharge the interest accruing on the stock which may be created by virtue of this act. The said commissioners are hereby authorized to apply, from time to time, such sum and sums, out of the said fund, as they may think proper, towards redeeming, by purchase or by reimbursement, in conformity with the provisions of this act, the principal of the said stock. And such part of the annual sum of ten millions of dollars, vested by law in the said commissioners, as may be necessary and wanting for the above purposes, shall be and continue appriated [ap- propriated] to the payment of interest and redemi)tiun ul' tlu- public debt, until the whole of the stock which may be created under the provisions of this act shall have been redeemed or reimbursed. Sec. 5. And he it further enacted, That nothing in this act contained shall be construed in any wise to alter, abriilge, or impair, the rights of those creditors of the United States who shall not subscribe to the loan to be opened by virtue of I'll is fiiOtj [Approved, April 20, 1822. 3 Statuses at Large, 6G3.] 1821-22, Chap. XLVII. —An Act relating to treasury notes. Be it enacted, . . . That, from and after the passage of this act, no treasury note shall be received in paymeiit t.n account of the United States, or paid, or funded, except at the treasury of the United States. [Approved, May 3. 1822. 3 Statutes at Large. G7iV] 1823-24, Chap. XVI. — An Act autJ>orizinr/ the comviis- sioners of the sinlcing fund to jmrchase the seven per cent, stock of the United States, in the year one thou- sand eight hundred and twenty four. Be it enacted. . . . Tiiut tlie commissioners of the sink- ing fund be, and tlu-v are hereby, authorized to purchase, 104 SEVEN PER CENT. STOCK TO BE PURCHASED. [1824. during the year one thousand eight hundred and twenty-four, any stock of the United .States, bearing an interest of seven per centum per annum, not exceeding the sum of eight mil- lions six hundred and ten thousand dollars, upon such terms as they may think proper, not exceeding the following rates above the principal sum purchased, that is to say : For all such stock as they may purchase before the first day of April next, at a rate not exceeding two dollars for ever}' sum of one hundred dollars, in addition to the interest which would have accrued on that day upon the said stock : For all such stock which they may purchase between the first day of April and the first day of July next, at a rate not exceeding seventy-five cents on every sum of one hundred dollars, in addition to the interest which would have accrued on the da}' last mentioned : For all such stock which they may purchase between the first day of July and the first day of October next, at a rate not exceeding, on every sum of one hundred dollars, the amount of interest which would have accrued on the day last mentioned : and For all such stock which they may purchase between the first day of October next, and the first day of January, one thousand eight hundred and twenty-five, at a rate not exceed- ing the principal and the interest which shall have accrued at the day of purchase. Sec. 2. A^id be it further enacted. That the said commis- sioners are hereby authorized to make such purchases, under the foregoing restrictions, at such times and places as they may deem most expedient, out of any moneys in the treas- ury, heretofore appropriated for the redemption of the pub- lic debt, or out of any money in the treasury not otherwise appropriated. [Approved, January 22, 1824. 4 Statutes at Large, 4.] 1824.] SPANISH CLAIMS STOCK. 105 1823-24, Chap. CXL. — An act to authorize the creation of a stock to an ainount not exceeding Jive inillious of dol- lars, to provide for the awards of the co7n?nissioncrs under the treaty xoith Spain, of the twenty-second of February, one thousand eight hundred atid nineteen. jBe it enacted, . . . That, for the purpose of providing funds to discharge the awards of the commissioners undei the treaty with Spain, of the twenty-second day of Febru- ar}-, in the year of our Lord one thousand eight hunthx'd and nineteen, the Secretary of the Treasurj' be, and he is hereby, authorized, with the approbation of the President of the United States, to cause to be issued and sold to the Bank of the United States, or others, at a sum not less than the par value thereof, certificates of stock of the United States, to an}' amount not exceeding the sum of five millions of dol- lars, and bearing an interest of not exceeding four and one half per centum per annum, from the period of the sale thereof; which stock, so created, shall be redeemable at the pleasure of the United States, at an}' time after the first day of Januar}', in the year one thousand eight hundred and thirt3'-two. And, upon the sale of such stock, in manner aforesaid, credit or credits to the proprietors thereof, siiall thereupon be entered and given on the books of the treasury, in like manner as for the present funded debt ; which said credits or stock shall thereafter be transferable as other pub- lic stock of the United States. [Section 2 provides for the award and application of the moneys thus borrowed.] [Approved, May 24, 1824. 4 Statutes at Large, .13.] 1823-24, Chap. CXCII. — Ail 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 bear- ing an interest of six per cent. Be it enacted, . . . Tliat the President of llic United States be, and he is hereby, empowered to liorrow. on or before the first day of April next, on the credit of tiie United 106 ISSUE OF FOUR AUD ONE-HALF PER CENTS. [1825. States, a sum not exceeding five millions of dollars, at a rate of interest, pa3'able quarter-yearh', not exceeding four and one-half per centum per annum, and reimbursable at the pleasure of the government, at any time after the thirtj'-first da}- of 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 of the United States, of the year one thousand eight hundred and twelve, as may be redeemable after the first day of January next". [Section 2 authorizes the Bank of the United States to lend the sum or any part thereof, and further authorizes the sale of certificates of the new stock : " provided, that no stock be sold under par." Sections 3 and 4 provide that a subscription, to the amount of fifteen million dollars of the six per cent, stock of 1813 shall be opened on July 1, 1824, to continue open until October 1 following ; and that for so much as shall be thus subscribed, the subscribers shall be entitled to an equal amount of stock, bearing interest at the rate of four and one-half per cent, and payable quarterly from September 30, 1824, and redeema- ble at the pleasure of the United States, one half after December 31, 1832, and one half after December 31, 1833 : provided that no reimburse- ment shall be made of 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 non-subscribing creditors as those contained in sections 4 and 5 of the Act of April 20, 1822, on page 102.] [Approved, May 26, 1824. 4 Statutes at Large, 73.] 1824-25, Chap. C. — An Act authorizing the Secretary of the Treasury to borrow a sum not exceeding twelve millions of dollars, or to exchange a stock of four and one-half 2-)er cent, for a certain stock bearing a7i interest of six per cent. Be it enacted, . . . That the President of the United States be, and he is hereby, authorized to borrow, on or before the first day of January next, on the credit of the United States, a sum not exceeding twelve millions of dol- lars, at a rate of interest payable quarterly, not exceeding four and one-half per centum per annum, six millions whereof 1830.] FLUTHEK PROVISION FOR THE PUBLIC DEBT. 107 • reimbursable at the pleasure of the government, at any time after the thirty-first day of December, in the year eighteen hundred and twenty-eight ; and six millions at any time after the thirtj-'first day of December, in the year eighteen hun- dred and twenty-nine, to be applied, in addition to the mone3-s which may be in the treasury at the time of bor- rowing the same, to pa}' off and discharge such part of the six per cent, stock of the United States, of the year one thousand eight hundred and thirteen, as ma}' be redeemable after the first day of January next. [Section 2 is identical with section 2 of the Act of May 26, 1824, above. Sections 3 and 4 provide that a subscription to the amount of twelve million dolhirs of tlie six per cent, stock of 1813 shall be opened on April 1, 1825, to continue open until October 1 following, all thus sub- scribed to be considered as part of the twelve millions authorized by section 1 ; and that tor so much as shall be thus subscribed, the subscrib- ers shall be entitled to an equal amount of stock bearing interest not exceeding four and one half per cent, and payable quarterly troni De- cember 31, 1825, and redeemable at the pleasure of the United States, one half after December 31, 1828, and one half after December 31, 182"J : provided, that no reimbursement shall be made of any new certificate ex- cept 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 non-subscribing creditors, as those contained in sections 4 and 5 of the Act of April 20, 1822, on page 102.] [Approved, March 3, 18-25. 4 Statutes at Large, 120] 1829-30, Chap. LXXVIII. — .4n Jet to authorize the com- missioners of the sinking fund to redeem the imUic debt of the United States. Be it enacted, . . . That whenever in the opinion of the Secretary of the Treasury, the state of the treasury nvIU admit of the application of a greater sum than ten millions of dollars in any one year, to the payment of interest and charges, and to the reimbursement or purchase of tlie princi- pal of the public debt, it .shall be lawful for him, with the approbation of the President of the Ignited States, to cause such surplus to be placed at the disposal of the commission- ers of the sinking funposite in the proportion aforesaid : A?id j^rovided furt/ier, That wlien said money, or any part thereof, shall be wanted by the said Secretary, to meet appropriations l)y law, the same shall be called for. in rateable proportions, within one year, as nearly as conveniently may be, from the different States, with which the same is deposited, and shall not be called for. in sums exceedino- ten thousand dollars, from any one State, in any one month, without previous notice of thirty days, for every additional sum of twenty thousand dollars, whi<-h in.iy at any time be required. Sec. 14. A»d be it further enacted. That tiie said dcpos- ites shall be made with the said States in the following pro- 116 GOVERNMENT STOCK IN THE UNITED STATES BANK. [1836. portions, and at the following times, to wit : one quarter part on the first da}' of January, eighteen hundred and thirt}-- seven, or as soon thereafter as ma}- be ; one quarter part on the first day of April, one quarter part on the first day of July, and one quarter part on the first day of October, all in the same year. [Approved, June 23, 1836. 5 Statutes at Large, 52.] Note. — By the Act of July 5, 1838, the operation of the last clause of section 5, prohibiting tlie receipt in payments to the United States of the notes of any bank which shall issue notes of less than five dollars after July 4, 18.36, is suspended until October 1, 1838; but from said last mentioned date the notes of no bank shall be so received, wliich shall after that date issue, reissue, or pay out any note of less than five dollars. 5 Statutes at Large, 255. 1835-36, Chap. CXVI. — An Act authorizmg the Secretary of the Treasury to act as the agent of the United States in all matters relating to their stock in the Bank of the United States. [Sections 1, 2, and 3 make it the duty of the Secretary of the Treas- ury to act as agent for the United States " over property in the Bank of the United States, whether the same be standing on the books of the bank in the name of the United States, or of the Treasurer of the United States, for the use of the Secretary of the Navy, for the payment of navy pensions ; " and gives the Secretary of the Treasury authority to vote at any meeting of stockholders, and to perform any other act as stockholder on behalf of the United States, and also to receive and deposit in the Treasury any dividends made of the capital or surplus profits of the bank. And the directors of the bank or any trustees thereof are required to furnish the Secretary of the Treasury, as often as he may require, with statements of the capital stock of the corpora- tion undivided, of its debts due beyond the same, of moneys on deposit, of notes outstanding, and of specie on hand ; and it is declared that the Secretary shall have the same right as any stockholder to examine all accounts of the bank relating to such statements.] Sec. 4. And he it further enacted^ That the Secretar}' of the Treasuiy shall be, and he hereby is, authorized and em- powered to receive the capital stock belonging to the United States, in the late Bank of the United States, in such instal- ments, and payable at such times, and with such rates of interest, as he shall see fit to agree to ; and also, to settle 1837.] SETTLEMENT WITH THE HANK. 117 and adjust the claim for surplus profits, accruing on «aid capital stocli, on such terms as he ma}' think proper, and in like manner to receive the amount thereof in such instal- ments, and payable at such times, and with such rates of interest, as he may agree to. [Approved, June 23, 1836. 5 Statutes at Large, 56.] 1835-36, Chap. CCCLIII. — An Act in addition to the act entitled '•'■An act making a2)2^ro2?7'iations, in part, for the support of Government, for the year eighteen hun- dred and thirty-six, and for other purposes" Sec. 10. And he it further enacted, . . . That the duties and powers of the commissioners of the sinking fund are hereby suspended until revived by law, and that the records of the commissioners be transferred to tlie custody of the Secretary of the Treasury, who is hereby authorized and di- rected to pay out of any money in the Treasury not otherwise appropriated any outstanding debts of the United States and the interest thereon. [Approved, July 4, 183(3. 5 Statutes at Large, 115.] 1836-37, Resolution No. 5. — A Resolutio7i aiithorizing the Secretary of the Treasury to receive from the Bank of the United States, under the PennJiylmnia charter, pay- ment for the stock of the United States, in the lute Bank of the United States. Resolved by the Senate and House of Representatives, . . . That the Secretary of the Treasury be directed to accept the terms of settlement proposed by the President and Directors of the Bank of the United States, under the Pennsylvania charter, in their memorial to Congress, presented at the present session, for the payment to the United States of the capital stock owned by them in the late Bank of the United States, and the final adjustment and settlement of the claims connected with, or arising out of the same ; and to take such obligation for the payment of Ww several instalments in said proposed terms of settlement mentioned, as he may think 118 DEPOSIT WITH STATES POSTPONED. [1837. proper : Provided, That nothing herein contained shall pre- judice or affect in any way the question, between the General Government of the United States, and the late Banlv of the United States, respecting the claim for damages on account of the protest of the bill of exchange, drawn on the French Government. ^ ^ o^« i [Approved, March 3, 1837. 5 Statutes at Large, 200.J 1837, Chap. I. — An Act to 2'>ostpone the fourth instalment of dejyosites icith the /State. Be it enacted, . . . That the transfer of the fourth instal- ment of deposites directed to be made with the States, under the thirteenth section of the act of June twenty- third, eighteen hundred and thirty-six, be and the same is hereby postponed till the first day of January, one thousand eight hundred and thirty-nine ; Provided, That the three first instalments under the said act shall remain on deposite with the States, until otherwise directed by Congress. [Approved, October 2, 1837. 5 Statutes at Large, 201.] 1837, Chap. II. — An Act to authorize the issuing of Treas- ury Notes. Be it enacted, . . . That the President of the United States is hereby authorized to cause Treasury notes for such sum or sums as the exigencies of the Government may require, but not exceeding, in the whole amount of notes issued, the sum of ton millions of dollars, and of denominations not less than fifty dfjUars for any one note, to be prepared, signed, and issued in the manner hereinafter provided. Sec. 2. And he it further enacted. That the said Treasury notes, authorized to be issued by the first section of this act, shall be reimbursed and redeemed by the United States, at the Treasury thereof, after the expiration of one year from the dates of the said notes respectively ; from which said dates, for the term of one year, and no longer, they shall bear such interest as shall be expressed upon the face of the said notes ; which rate of interest upon each several issue of the said notes shall be fixed by the Secretary of the Treasury, 1837.] TREASURY NOTE ACT. 119 bj- and with the advice and approbation of the President ; but shall in no ease exceed the rate of interest of six per centum per annum. The reimbursement herein provided for shall be made at the Treasur}- of the United States to the holders of the said notes respectively, upon presentment, and shall include the pruicipal of each note, and the interest which may be due thereon at the time of payment. For this reimburse- ment, at the time and times herein specified, the faith of the United States is hereby solemnl\' pledged. [Section 3 provides that the said Treasury notes shall be signed by the Treasurer and countersigned by the llegister of the Treasury, and that those officers shall keep separate accounts tiiereof, as checks upon eacli other.] Sec. 4. Aful be it further enacted, That the Secretary of the Treasury is hereby authorized, with the approbation of the President of 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 re- ceive such notes in payment, as aforesaid, at par. And the Secretary of the Treasury is further authorized, with the ap- probation of the President of the United States, to borrow, from time to time, not under par, such sums as the President may think expedient, on the credit of such notes. Sec. 5. And he it further enacted, That the said Treasury notes shall be transferable by delivery and assignment en- dorsed thereon, by the person to whose order the same shall, on the face thereof, have been made payable. Sec. 6. And he it further enacted, That the said Treasury notes shall be received in payment of all duties and tnxrs laid by the authority of the United States, of all public lands sold by the said authority, and of all debts to the Uniti-d States, of any character whatsoever, which may be due and payable at the time when said Treasury notes may be so oflcred in payment. And on every such payment, credit shall be given for the amount of the principal aud interest which, on the day of such payment, may be due on the note or notes thus given in payment. 120 REIMBURSEMENT OF NOTES. [1837. [Section 7 provides for the accounts to be kept by collectors and other receivers of the public moneys, of treasury notes received by them, and for the charging and crediting of accrued interest on such notes when paid out by them.] Sec. 8. And be it further enacted, That the Secretaiy of the Treasury be, and he is hereby, authorized and directed to cause to be reimbursed and paid the principal and interest of the Treasury notes which may be issued by virtue of this act, at the several time and times when the same, according to the provisions of this act, should be thus reimbursed and paid. And the said Secretary is further authorized to make purchases of the said notes, at par, for the amount of the principal and interest due at the time of purchase on such notes. And so much of any unappropriated money in the Treasury as may be necessary for that purpose, is hereby appropriated, for paying the principal and interest of said notes. [Sections 9-11 provide for the expenses of the issue and for the pun- ishment of counterfeiting and of the like offences. Section 12 authorizes the Secretary of the Treasury to make rules as to the safe-keeping, return and cancelling of notes received by any offi- cers for the United States,] — Provided, That nothing herein contained shall be so con- strued as to authorize the Secretary of the Treasury to reissue any of said notes, but upon the return of the said notes or an}' of them to the Treasury, the same shall be cancelled. Sec. 13. And be it further enacted, That it shall be, and hereb}- is, made the duty of the Secretary' of the Treasurj' to cause a statement to be published monthl}', of the amount of all Treasur}' notes issued or redeemed, in pursuance of the provisions of this act ; and that the power to issue Treasury notes conferred on the President of the United States hy this act, shall cease and determine on the thirtj'-first day of De- cember, eighteen hundred and thirtj'-eight. [Approved, October 12, 1837. 5 Statutes at Large, 201.] 1837, Chap. IX. — An Act for adjusting the remaining claims iqwn the late deposite banks. Be it enacted, . . . That the Secretary' of the Treasury be, and he is hereby, authorized to continue to withdraw the 1837.] ADJUSTMENT WITH DEPOSIT BANKS. 121 public mone3-s now remaining in an}- of the former doposite banks, in a manner as gradual and convenient to the institu- tions as shall be consistent with the pecuniar^' wants of the Government, and the safety of the funds thus to be drawn ; and that no further interest than that required by the depositc act of the twenty-third of June, one thousand eight hundred and thirt3'-six, under which those deposites were made, shall be demanded of any bank which has met, and shall hereafter meet the requisitions of the Department. This provision shall also extend to such public moneys as may remain in any of the said banks, whether standing to the credit of the Treas- urer of the United States, or of any disbursing or other public officer of the Government. Sec. 2. And be it further enacted^ That in case of neglect or refusal by any of the said banks to comply with the rctjui- sitions of the Secretary of the Treasury, as he shall make them, in conformity with the first section of this act, suits shall be instituted, where that has not already been done, to recover the amounts due to the United States, unless the de- faulting bank shall forthwith cause to be executed and deliv- ered to the Secretary of the Treasury a bond, with security to be approved by the Solicitor of the Treasury, to pay to the United States the whole moneys due from it, in three in- stalments : the first to be paid on the first day of July next, the second on the first day of January, eighteen hundred and thirty-nine, and the remaining instalment on the first day of July, eighteen hundred and thirty-nine ; and the default men- tioned in this act, on which interest is to commence at the rate of six per [centum per annum,] shall be understood to be tlie neglect or omission of said banks, or any of them, to answer the drafts or requisitions of the Secretary of the Treas- ury made on them according to the provisions of the fir.st sec- tion of this act ; and interest thereon at the rate of six i)er centum per annum, from the time of default, together witli any damages which may have accrued to the United States from pro- tests of drafts drawn upon it, or from any oilier consc(iuenco of its failure to fulfil its obligations to the i)ul)lic treasury. [Ai)provcd, October 10. IB.']?. G Stiitutos at Largo, 20G.] 122 TREASURY NOTE ACT. [1838. 1837, Chap. X. — ^w Act making further appropriations for the year eighteen hundred and thirty-seven. Sec. 3, And be it further enacted, That the Secretarj- of the Treasury be, and he is hereby authorized, to arrange and settle any of tlie outstanding transfer drafts given to transfer moneys to the States under the act of twenty-third of June, 183G, and which have not been paid by the depositories upon which they were drawn, or otlierwise arranged and settled by the United States, by receiving such drafts at par in payment of any debts due to the United States, without any allowance of interest for the time the drafts have been outstanding and unpaid, or any other allowance for interest or damages of any description. [Approved, October 16, 1837. 5 Statutes at Large, 207.] 1837-38, Chap. LXXXII. — An Act to authorize the issuing of Treasury notes to meet the current expenses of the Government. Be it enacted., . . . That the Secretary of the Treasury, with the approbation of the President of the United States, is hereby authorized to cause Treasury notes to be issued, ac- cording to the provisions of, and subject to, all the conditions, limitations, and restrictions contained in an act entitled "An act to authorize the issuing of Treasury notes," approved the Twelfth day of October last, in place of such notes as have been, or may be, issued under the authority of the act afore- said, and which have been, or may hereafter be, paid into the Treasur}^ and cancelled. [Approved, May 21, 1838. 5 Statutes at Large, 228.] 1837-8, Resolution No. 4. — A Resolution relating to the public revenue and dues to the Government. Resolved by the Senate and Souse of Representatives., . . . That it shall not be lawful for the Secretary of the Treasury to make or to continue in force, an}' general order, which shall create an}' difference between the different branches of revenue, as to the money or medium of paj'ment, in 1838.] BONDS OF UNITED STATES BANK TO BE SOLD. 123 which debts or dues, accruing to tlie United States, may be paid. [Approved, May 31, 1838. 5 Statutes at Large, 310.] 1837-38, Chap. CLXXXIV. — A?i Act to authorize the sale of certain bonds belonging to the United States. £e it enacted, . . . That the Secretary- of the Treasury bo, and he is hereby, authorized to sell upon the best terms he can command for monej' in hand in the markets of this or of an}' foreign countr}-, as upon inquiry- he shall find most for the interest of the United States, the two bonds held by the United States against " the president, directors, and company- of the Bank of the United States," chartered b}' the State of Pennsylvania, which will fall due in the month of September, in the 3'ear one thousand eight hundred and thirty-nine, and one thousand eight hundred and fort}-, being the two last of four several bonds, dated on the tenth da}' of Ma}-, one thou- sand eight hundred and thirty-seven, given to secure the pay- ment of the sum of one million nine hundred and eighty-six thousanfl, five hundred and eighty-nine dollars and four cents each, with interest upon each bond, at the rate of six i)er centum per annum, from the third day of March, one thou- sand eight hundred and thirty-six until paid, the said four bonds having been received by the United States as security for the final payment of the stock held by the United States, in the late Bank of the United States, chartered by Congress, and to execute under his hand and the seal of iiis ollico. to the purchaser or purchasers of the said bonds, suitable and proper assignments to transfer to the said [)urchaser or pur- chasers, his, her, or their representatives, or assigns, all tlie right, title and interest of the United States, ol". in, and to the money due and to become due upon the bonds soM and assigned in pursuance of this act : Provided, That no sale of either of the said bonds shall be made upon terms less fa- vorable to the United States than the i)ar value of the bund sold, at the time of sale, calculated according to the rules for estimating the par value of securities upon which interest 124 NOTES OF EXPIRED CORPORATIONS. [1839. has run for u time, but which securities have not reached maturity. Sec. 2. And be it further enacted, That all money received upon the sale of the said bonds, shall be immediately paid into the Treasury of the United States, or placed to the credit of the Treasurer thereof in some proper depository, in the same manner that other moneys, received for dues to the Gov- ernment, are by law directed to be paid into the Treasury. [Approved, July 7, 1838. 5 Statutes at Large, 296.] 1837-38, Chap. CLXXXV. — An Act to prevent the issuing and circidation of the bills, notes and other securities of corporatiotis created by acts of Congress which have expired. [Section 1 makes it a high misdemeanor for any director, agent, or trustee of any corporation created by act of Congress, the charter whereof has expired, to reissue or knowingly put in circulation any bill, note, check, draft, or other security of such expired corporation ; and section 2 gives to the circuit courts of the United States jurisdiction, on bill or petition, to restrain the issue or transfer of such bills, notes, and other securities when in the possession or control of any director, agent, or trustee of such expired corporation, and to cause such of said bills, notes, and securities as have been redeemed to be delivered up and cancelled.] [Approved, July 7, 1838. 5 Statutes at Large, 297.] 1838-39, Chap. XXXVII. — An Act to revise and extend '■'■ An act to authorize the issuing of Treasury notes to meet tJie current exjyenses of the Gover7inient," ap- proved the twenty-first of May^ eighteen hundred and thirty-eight. Be it enacted, . . . That the Secretaiy of the Treasur}-, with the approbation of the President of the United States, is hereby authorized to cause to be issued the remainder of the Treasury notes authorized to be issued by the "act to authorize the issuing of Treasury' notes to meet the cur- rent expenses of the Government," approved the twenty-first daj' of May, eighteen hundred and thirty-eight, according to the provisions of said act, at an}' time prior to the thirtieth ■ 18-iO.] TREASURY NOTE ACT. 125 day of June next, any limitation in the act aforesaid or in the act " to autliorize the issuing of Treasury notes," ap- proved the twelfth day of October, eighteen^ hundred and thu-ty-seven, to the contrary notwithstanding. [Approved, xAIarcli 2, 1839. 5 Statutes at Large, 323.] >/ 1839-40, Chap. V.—A?i Act additional to the act on the subject of Treasury Notes. Be it enacted, . . . That the regulations and provisions contained in the act passed the twelfth day of October, in the year one thousand eight hundred and thirtj^-seven, enti- tled "An act to authorize the issuing of Treasury Notes," and in the subsequent acts in addition thereto, be, and the same are hereby, renewed, and made in full force, excepting the limitations concerning the times within which such notes may be issued, and restricting the amount thereof as here- after provided. Sec. 2. And be it further enacted. That under the regu- lations and provisions contained in said act, Treasury Notes may be issued in lieu of others hereafter or heretofore re- deemed, but not to exceed in the amount of notes outstand- ing at any one time, the aggregate of five millions of dollars ; and to be redeemed sooner than one year, if the means of the Treasury will permit, by giving notice sixty days of those notes which the Department is ready to redeem ; no inter- est to be allowed thereon after the expiration of said sixty days. Sec. 3. And be it further enacted. That this act shall continue in force for one year and no longer. [Approved, March 31, 1840. 5 Statutes at Large, 370] 1839-40. Chap. XLL — An Act to provide for the collection, safe-keeinnrj , transfer, and disbursement of the public revenue. He it enacted, . . . That there shall be prepared and provided, within the new Treasuiy building now erecting at the seat of Government, suitable and convenient rooms for 126 INDEPENDENT TREASURY ACT. [1840. the use of the Treasurer of the United States, his assistants and clerks : and sufficient and secure fire-proof vaults and safes for the keeping of the public moneys in the possession and under the immediate control of the said Treasurer; which said rooms, vaults, and safes, are hereby constituted and declared to be, the Treasury of the United States. And the said Treasurer of the United States shall keep all the public moneys which shall come to his hands in the Treasury of the United States, as hereby constituted, until the same are drawn therefrom according 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 of de- posit, and that the Treasurers of the said Mint and Branch Mint, respec- tively, shall have custody of all public moneys deposited therein and perform all the duties prescribed by this act relating to sucii moneys. Sections 3 and 4 require that in the custom-houses of New York and Boston, and at the cities of Charleston and St. Louis, suitable rooms and sufficient and secure fire-proof vaults and safes shall be prepared, for tlie use of the Receivers General of public money, who shall have the custody of all public moneys deposited therein and shall perform all the duties prescribed by this act relating to such moneys.] Sec. 5. Aiid be it further enacted, That the President shall nomin.ate, and b}- and with the advice and consent of the Senate, appoint four officers, to be denominated "re- ceivers-general of public money," which said officers shall hold their respective offices for the term of four years, unless sooner removed therefrom ; one of which shall be. located at the cit}' of New York, in the State of New York ; one other of which shall be located at the city of Boston, in the State of Massachusetts ; one other of which shall be located at the city of Charleston, in the State of South Carolina ; and the remaining one of which shall be located at the city of St. Louis, in ,the State of Missouri ; and all of which said offi- cers shall give bonds to the United States, with sureties according to the provisions hereinafter contained, for the faithful discharge of the duties of their respective offices. Sec. 6. And be it further enacted. That the Treasurer of the United States, the treasurer of the Mint of the United States, the treasurers, and tliose acting as such, of the various 18-40.] DUTIES OF RECEIVERS OF PUBLIC MONEYS. 127 Branch Mints, all collectors of the customs, all surveyors of the customs acting also as collectors, all receivers-general of public moneys, all receivers of public moneys at the several land offices, and all post-masters, except as is here- inafter particularly provided, be, and they are hereby, re- quired to keep safely, witliout loaning or using, all the public monc}- collected bv them, or otherwise at any time placed in their possession and custod\-, till the same is ordered by the proper department or officer of the Government to be trans- ferred or paid out ; and when such orders for transfer or pa3'ment are received, faithfully and promptly to make the same as directed, and to do and perform all other duties as fiscal agents of the Government, which ma}' be imposed b}' this or any other acts of Congress, or by an}' regulation of the Treasury Department, made in conformity to law ; and also to do and perform all acts and duties required by law, or by direction of any of the Executive Departments of the Government, as agents for paying pensions, or for making any other disbursements which either of the heads of those departments may be required b}- law to make, and which are of a character to be made by the depositaries hereby consti- tuted, consistently with the other official duties imposed upon them. [Sections 7 and 8 provide for the ofBeial bonds to be given by the Treasurer of tlie United States, tlie Treasurer of the Mint, the Treas- urer of tiie Branch Mint at New Orleans, tiie Receivers General and other depositaries, and for the renewal and increase of their bonds as occasion may require. By sections 9, 10, and 11, it is required that all collectors and receiv- ers of public moneys shall, as often as may be ilirected, pay over the moneys collected by them, those in the District of Columbia to the Treasurer of the United States, those in I'liila debts, and sums of money, shall be so collected ; and that from and after the thirtieth day of June, M-hicli will be in tlie year one thousand eight hundred and forty-two, one other fourth part of all such duties, taxes, sales of public lands, debts and sums of money, shall be so collected ; and from and after the thirtieth day of June, which will be in the veai- one thousand eight hundred and forty-three, the remaining fourth part of the said duties, taxes, sales of public lanch. debts, and sums of money, shall be also collected in the legal currency of the United States ; and from and after the last mentioned day, all sums accruing, or becoming payable to the United States, for duties, taxes, sales of public lands, or other debts, and also all sums due for postages, or other- wise, to the General Post Office Department, shall be paid in gold and silver onl\-. Sec. 20. A?id be it further enacted, That from and after the thirtieth day of June, which will be in the year one thou- sand eight hundred and forty-three, every officer or agent engaged in making disbursements on account of the United States, or of the General Post Office, shall make all payments in gold and silver coin only ; and any receiving or disbursing officer, or agent, who shall neglect, evade, or violate, the pro- visions of this and the last preceding section of this act, shall, by the Secretary of the Treasurv, be immediatelv re- ported to the President of the United States, with the facts of such neglect, evasion, or violation, and also to Congress, if in session, and, if not in session, at the commencement of its session next after the violation takes place. [Section 21 forbids any disbursing oHicer to make any exchange of funds other tiian an exchange for gold and silver, and requires every sucli officer to niaiie liis payments in tiie currency furnished him when legally receivable under the provisions of this act, " unless . . . ho can exchange the means in his hands for gold and silver at par, and so as to facilitate his payments, or otherwise acconiniodate the [juIjIIc service and promote the circulation of a nietailic currency."] Sec. 22. And he it further enacted. That it shall not bo lawfid for the Secretary of the 'i'reasury to make or continue in ^orce, any general order, which shall create any dill'ert'nce 130 TREASURY NOTE ACT. [1841. between the different branches of 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 of the Secretary of the Treasury to make regulations prescribing tlie time within which drafts on the de- positaries sliall be presented for payment, but require him " to guard, as far as may be, against those drafts bemg used or thrown into circula- tion, as a paper currency, or medium of exchange." The Treasurer of the United States, however, is authorized to receive payments for public lands in advance, and to give therefor his receipts, which shall be receiv- able 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 payment by or for the person named therein.] [Approved, July 4, 1840. 5 Statutes at Large, 385.] 1840-41, Chap. V. — An Act to authorize the issuing of Treasury Notes. Be it enacted, . . . That the President of the United States is hereby authorized to cause Treasury notes to be issued for such sum or sums as the exigencies of the Gov- ernment may require ; but not exceeding the sum of five millions of dollars of this emission, outstanding at any one time, to be reimbursed in the last quarters of the year, if the condition of the Treasury will permit it, and to be issued under the limitations and other provisions, contained in the act, entitled "An act to authorize the issuing of Treasur}- notes," approved the twelfth day of October, one thousand eight hundred and thirty-seven, and as modified b}' an act, entitled " An act additional to the act on the subject of Treasury notes," approved the thirt3'-first day of March, one thousand eight hundred and forty, except that this law shall expire in one j'ear from and after its passage : Jr'ro- vided, That in case the Treasurv notes outstanding and un- redeemed, issued under former laws of Congress, added to the amount of such notes issued under this act, and actuall}' expended or issued to meet payments due and payable be- fore the fourth da}' of March next, shall, on the fourth day of March next, exceed the sum of five millions of dollars. l^^l'] TWELVE MILLION LOAN. 131 then the President of the United States shall be, and he is hereby, authorized to issue, by virtue of the provisions of this act, such further amount of the said notes as will make the whole amount issued under this act, and applicable to payments falling due after the third day of March next, the full sum of five millions of dollars. [Approved, February 15, 1841. 5 Statutes at Large, 411.J 1841, Chap. III. — An Act mithorizing a loan not exceeding the mm of tie eh e mi /I ions of dollars. Be it enacted, . . . That the President of the United States is hereby authorized, at any time within one year from the passage of this act, to borrow, on the credit of the United States, a sum not exceeding twelve millions of dollars, or so much thereof as in his oi)inion the exigencies of the Govern- ment may require, at a rate of interest, payable quarterly or semi-annually, not exceeding six per centum per annum, which loan shall be made reimbursable either at the will of the Sec- retary of the Treasury, after six months' notice, or at anv time after three years from the first day of January next ; and said money so borrowed shall be applied, in addition to the mone}' now in the Treasury, or which may be received therein from other sources, to the payment and redemption of the Treasury notes heretofore authorized, which are or may lie outstanding and unpaid, and to defray any of the pul)lic ex- penses which have been heretofore or which may be author- ized by law, which stock shall be transferable only on the books of the Treasury. [Sections 2 and .3 autliorize the preparation and sale of certificates of tlie stock, "prodded, That no stock lie sold beluw par," and tla- einplov- ment of agents for the negotiation of tlie same, with a commission not exceeding one-tenth of one per cent, on the amount so negotiated.] Sec. 4. A?id be it further enacted. That the Secretary of the Treasury- is hereb}- authorized to piu'cliasc, at any time before the period herein limited for tlie redcmplioii of stock hereb}- authorized, such portion thereof ns llie finids of the Government may admit of, after meeting all the demands on 132 REPEAL OF INDEPENDENT TREASURY ACT. [1842. the Treasury, and any surplus in the Treasury is hereby ap- propriated to that object. Sec. 5. And be it further enacted. That the faith of the United States be, and is hereby, pledged for the punctual payment of the interest and redemption of said stock. [Approved, July 21, 1841. 5 Statutes at Large, 438.] 1841 Chap. VII. — An Act to repecd the act entitled -'• An act to provide for the collection, safe-keeping, transfer and disbursement of the public revenue," and to provide for the punishment of embezzlers of public money, a?id for other purposes. Be it enacted, . . . That the act entitled "An act to pro- vide for the collection, safe-keeping, transfer and disburse- ment of the public revenue," approved on the fourth day of Jul}-, A. D., one thousand eight hundred and forty, be, and the same is hereby, repealed : Provided, always, [That offenders against section 17 of tlie repealed act may be prose- cuted, and that all liabilities arising upon bonds or otherwise under the said act shall remain unimpaired. Section 2 makes it felony for any officer entrusted with public moneys, or connected witii the Post Office Department, to convert to his own use, or to use by investment, or to loan any portion of the public moneys en- trusted to him, and the neglect to pay over or transfer such moneys on legal requirement is declared to be prima facie evidence of conversion.] Sec. 3. And be it further enacted, That the act entitled "An act to regulate the deposits of the public money," ap- proved on the twenty-third day of June, eighteen hundred and thirty-six, excepting the thirteenth and fourteenth sections thereof, be and the same hereby is repealed. [Section 4 repeals so much of the act of April 14, 1836, as forbids the offer of bank notes of less denomination than ten dollars, and after March 3, 1837, of less than twenty dollars, in payments by the United States or the Post Office Department. See page 110.] [Approved, August 13, 1841. 5 Statutes at Large, 439.] 1841-42, Chap. II. — An Act to authorize an issue of Treasury notes. Be it enacted, . . . That the President of the United States is hereby authorized to cause Treasury notes to be issued for 1842.] TREASURY NOTES ANl> LOAN. 133 such sum or sums as the exigencies of the Government may require, and in place of such of the same as may be redeemed to cause others to be issued, but not exceeding the sum of five millions of dollars of this emission outstanding at any one time, and to be issued under the limitations and other provi- sions contained in the act entitled "An act to authorize the issuing of Treasury notes," approved the twelfth of Octolier, 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 of this act. [Approved, January 31, 1842. 5 Statutes at Large, 409.] 1841-42, Chap. XXVI. — An Act for the extension of the loan of eighteen hundred and forty -one, and for an ad- dition of five millions of dollars thereto; and for allow- ing interest on Treasury notes due. Be it enacted, . . . That the time limited by the first sec- tion of the act of Congress, entitled "An act authorizing a loan not exceeding the sum of twelve millions of dollars," ap- proved July twenty-first, eighteen hundred and forty-one, for obtaining said loan, shall be, and the same is hereby, extended for one year from the passage of this act. Sec. 2. And be it further enacted, That so much of said loan as may be obtained after the passage of this act shall be made reimbursable, as shall be agreed upon and determineil at the time of issuing said stock, either at the will of the Sec- retary of the Treasury, after six months' notice, or at any time not exceeding twenty years from the fn-st day of January next. Sec. 3. And be it further enacted. That the certificates hereafter to be issued for said loan may, when rciiuirod. Ix- in sucn form as shall ])e prescribed by the Secretary of the Treasury, so that the stock may be transferable l)y delivery of the certificate, instead of being assignable on tlie bo.)ks of the Treasury. Sec. 4. And be it further enacted. That the Secretary of the Treasury be, and' he hereby is, authorized to disi).).se of 134 PLEDGE OF DUTIES. [1842. the stock hereafter to be issued, or any part thereof, at its par vahie, but no part thereof shall be disposed of under par until the same has been advertised a reasonable time, and proposals for subscription to said loan invited. And the said Secretary is hereby authorized to accept such proposals, if he deem it for the interest of 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 of the act, approved July twent^'-first, eighteen hundred and forty-one, before recited, to negotiate the same : Pro- vided^ That no stocks shall be disposed of at a lower rate than the highest price offered in said proposals. Sec. 5. And he it further enacted, That the moneys aris- ing from duties on goods, wai-es, and merchandise, which ma}' be imported into the United States, or so much thereof as shall be equal to the payment, from time to time, of the interest, and to the ultimate redemption of the principal of the said stock, be, and the same are hereby, pledged for the payment and redemption of the stock hereafter to be issued under and by virtue of this act and the said act of Jul}' twent3'-first, eighteen hundred and fortj'-one, hereb}' amended ; and so much thereof as may be necessar}' to pa}' the interest on said stock, and redeem the same when due, is hereby appropriated to that object, to be first applied by the Secretary of the Treasury to such payments and redemption. Sec. 6. And be it further enacted. That it shall be the duty of the Secretary of the Treasury to report to Congress, at the commencement of the next session, the amount of money bor- rowed 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 of all the proposals submitted for the same, distinguishing between those accepted and those rejected ; and a detailed statement of the expense of making such loans. Sec. 7. And be it further enacted, That all the provisions of the said act, not hereby modified or changed, shall be and remain in force, and apply to this act. Sec. 8. And be it further enacted, That the President, of 18^^-] IXTERKST OX TREASUUY NOTES. 13.'» the United States is hereby- authorized to borrow an adilitional sum, not exceeding the sum of five millions of dollars, if, iu his opinion, the exigencies of the (iovernment may require the same ; which additional loan shall be made within the time and according to the provisions of said act, as modified b}- this. Sec. 9. And be it further enacted^ That all Treasury notes heretofore issued under the act entitled "An act to authorize the issuing of Treasury notes," api)roved the twelfth day of October, eighteen hundred and thirty-seven, and the acts sub- sequent thereto, and now outstanding and unredeemed, or which ma3' hereafter be issued under and by virtue of the same, shall, if due and unpaid before the fifth day of March, eighteen hundred and fort} -two, bear interest at the rate of six per cent, per annum from that day ; and when they may become due hereafter, or may have become due since the said fifth da}' of March, eighteen hundred and forty-two, shall bear interest from the day of their so becoming due, at the rate of six per cent, per annum, until they shall be respectively re- deemed : Provided^ That such interest shall cease at the expiration of sixty da}s' notice, to be given at an}- time, b}' the Secretary of the Treasury in one or more of the i>rincipal papers published at the seat of Government, of a readiness to redeem the same. And the said interest shall be payable semi-annually at the Treasury of the United States, on the first days of January and July in every year. [Approved, April 15, 1842. 5 Statutes at Large, 473.] 1841-42, Chap. CCLXXXVII. — An Act to limit the sale of the public stock to 2yar, and to authorize the issue of Treasury notes, in lieu thereof to a certain amoimt. [Section 1 provides that no stock autliorized under tlie Act of July 21, 1841, and the amendatory Act of April 1">, 1842, shall hereafter he sold below par; and the Secretary of tlie Treasury is atuliorlzed to issue treasury notes in lieu of so much thereof as cannot he ne^'otiated at or above par, to an amount not exceeding six millions of dollars] Sec. 2. And be it further enacted. That the Trcasiny notes authorized to be issued by virtue of this ;ivi<7ed, That tlie Sre- retary of the Treasury shall publish, monthly, in two newspa- pers at tlie city of Washington, the anioiiiit of specie at the several places of deposit, the amount of treasury notes or 142 INDEPENDENT TREASURY ACT. [1847. drafts issued, and the amount outstanding on the last day of each month. Sec. 19. A7id be it further enacted, That on the first day of April, one thousand eight hundred and forty-seven, and thereafter, every officer or agent engaged in making disburse- ments on account of the United States, or of the general post- otfice, shall make all payments in gold and silver coin, or in treasury notes, if the creditor agree to receive said notes in payment ; and any receiving or disbursing officer or agent who sliall neglect, evade, or violate, the provisions of this and the last preceding section of this act, shall, by the Secretary of the Treasury, be immediately reported to the President of the United States, with the facts of such neglect, evasion, or violation ; and also to Congress, if in session ; and if not in session, at the commencement of its session next after the violation takes place. [Section 20 forbids any disbursing officer to make any exchange of funds other tlian an exchange for gold and silver, and requires every such officer, when the means of disbursement are furnished to liim in gold and silver, to make his payments in the same ; and when the means are fur- nished in drafts to make his 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 public creditors to receive their pay from the banks either in specie or in bank notes. Section 21 makes it the duty of the Secretary of the Treasufy 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 of exchange." And no officer shall sell, for a premium, any treasury note, draft, warrant, or other public secarity, not his private property, or sell the proceeds of any such note or security in his hands for disbursement, without charging such premium in his ac- counts to the credit of the United States, under penalty of dismissal] [Approved, August 6, 1846. 9 Statutes at Large, 59.] 1846-47, Chap. V. — A71 Act authorizing the Issue of Treasury Notes, a Loan, and for other purposes. Be it enacted, . . . That the President of the United States is hereby authorized to cause treasury notes, for such 1847.] TREASURY NOTE ACT. 143 sum or sums as the exigencies of the government may re- quire, but not exceeding, in the whole amount of notes issued, the sura of twenty-three milhous of dollars, and of denominations not less than fifty dollars for any one note, to be prepared, signed, and issued, in the manner hereinafter provided. Sec. 2. And be it further enacted^ That the said treasury notes authorized to be issued by the first section of this act, shall be reimbursed and redeemed by the United States, at the treasur}' thereof, after the expiration of one year or two 3-ears from the dates of the said notes respectively ; from which said dates the}' shall bear such interest, until they shall be respectively redeemed, as shall be expressed upoa the face of the said notes ; which rate of interest upon each several issue of the said notes shall be fixed by the Secre- tar}- of the Treasury, b}- and with the advice and approba- tion of the President ; but shall in no case exceed the rate of interest of six per centum per annum : Provided, That after the maturity of any of the said notes, such interest shall cease at the expiration of sixt}" days' notice, to be given at an}- time by the Secretary of the Treasury, in one or more of the principal papers published at the seat of government, of a readiness to redeem the same. The reimbursement herein provided for shall be made at the treasury of the United States to the holders of the said notes respectively, upon presentment, and shall include the principal of each note, and the interest which may be due thereon at the tin»e of payment. For this reimbursement, at the time and times herein specified, the faith of the United States is hereby solemnly pledged. [Section 3, providing for tlie signing of notes, follows closely tlie lan- guage of section 3, of the Act of October 12, 1837.] Sec. 4. And he it further enacted, That the Sec-retary of the Treasury is hereby authorized, witli the apijrobation of the President of the United States, to cause to be issued such portion of the said treasury notes as the rresident may tliink expedient in payment of isa; ' Section 11, authorizing tiie Secretary of the Treasury to make rules for the sate-Keeping, return, and cancelling of notes received bv any officers for the Lnited States, is nearly identical with section V2 of the same act, but omits the provision forbidding the reissue of notes.] Sec. 12. And be it further enacted, Tluit, in lieu of the notes authorized by this act which may be redeemed, other notes may be issued: Provided, hoicever, The amount of such notes outstanding, together witli the stock issued by vutue of the thirteenth and sixteenth sections of this act, shall not exceed the sum of twenty-three uiilhons of dollars. ' Sec. 13. And be it further enacted, That it shall be law- ful for the holders of the aforesaid treasury notes to present them, at any time, to the treasury of the United States, or to any assistant treasurer, or to such collectors of the cus- toms and receivers of public moneys as may be designated by the Secretary of the Treasury ; and the' holders °of the said treasury notes shall be entitled to receive therefor the amount of the principal of the said notes in a certificate or certificates of funded stock, bearing interest at six per centum per annum, from the date of such i)reseutment of said treas- ury notes, and for the interest, shall be paid in money ; and the stock thus to be issued shall be transferable on the books of the treasury : Provided, however, and be it further enacted. That it shall be lawful for the UniU>d States to reimburse the stock thus created, at any time after the last day of December, one thousand eight hundred and sixty-seven. Sec. 14. And he it further enacted, Tluxt it shall and may be lawful for the holder of any treasiny notes issued, or authorized to be issued, under this act or any laws liereto- fore passed, to convert the same into certificates of fiuided stock, upon the same terms and in the same manner herein- before provided in relation to the treasiuy notes authorized by tlie first section of this act. Sec. 15. And he it further enacted, Tliat the nuthority to issue treasury notes authorized by the " Act authorizing an 10 146 SALES OF PUBLIC LANDS PLEDGED. [1847. Issue of Treasury Notes and a Loan," approved July twenty- second, one thousand eight hundred and forty-six, be, and the same is hereby, extend&d to the same period fixed for the treasury notes authorized by this act, and upon the same terms and conditions herein specified : Provided, That the treasurj' notes authorized by this section shall not exceed five million of dollars. [Sections 16-18 authorize the President, in lieu of treasury notes, to issue stock of the United States, bearing interest at a rate not exceeding six per cent., and redeemable after December 81, 1867 : provided, that the wliole amount of treasury notes and of stock togetlier shall not exceed twenty -three millions of dollars, and " provided further, That no stock shall be issued at a less rate than par."] Sec. 19. And he it further enacted, That, for the pa3'ment of the stock which may be created under the provisions of this act the sales of the public lands are hereby pledged, and it is hereb}' made the duty of the Secretary of the Treasurj- to use and apply all moneys which may be received into the treasury- for the sales of the public lands after the first da}' of Januar}', eighteen hundred and forty-eight, first, to pay the interest on all stocks issued b}- vnlue of this act ; and, sec- ondh', to use the balance of said receipts, after paying the interest aforesaid, in the purchase of said stocks at their market value : Provided, No more than par shall be paid for said stocks. [The proviso to the above section was repealed by section 3 of the civil and diplomatic appropriation act of March 3, 1819. 9 Statutes at Large, 3G9.] Sec. 21. And he it further enacted. That it shall be, and hereb}- is, made the duty of the Secretary of the Treasur}- to cause a statement to be published monthl}' of the amount of all treasur}^ notes issued or redeemed in pursuance of the pro- visions of this act ; and that the power to issue treasury notes conferred on the President of the United States by this act shall cease and determine six months after the exchange and ratification of a treat}- of peace with the Republic of Mexico. [Section 22 makes it the duty of the Secretary of the Treasury to re- 1848.] SIXTEEN MILLION LOAN. 117 port to Congress at the beginning of every session tlie amount of treas- ury notes issued, redeemed, purcliased, or reissued, during the preceding year.] [Approved, January 28, 1847. 9 Statutes at Large, 118.] 1847-48. Chap. XXVI. — An Act to authorize a Loan not to exceed the /Sum of Sixteen Millions of Dollars. [Section 1 authorizes the President to borrow on the credit of tlie United States, witliin one year from tlie passage of tliis act, a sum not exceeding sixteen millions of dollars, at a rate of interest not exceeding six per cent., and reimbursable at any time after twenty years from July 1, 1848.] Sec. 2. And be it further enacted^ That the Secretary of the Treasiny be, and he is hereby authorized, with the con- sent of the President of the United States, to cause to be prepared certificates of stock, which shall be signed by the Register of the Treasury and sealed with the seal of the Treasury Department, for the sum to be borrowed as afore- said, or any part thereof, bearing an interest not to exceed six per centum per annum, and transferable and reimbursable as aforesaid, and to cause said certificates of stock to be sold : Provided, That no part of said stock be sold below par : And provided, also. That, whenever required .so to do, the Secre- tary of the Treasury shall cause to be attached to any ceitifi- cate or certificates to be issued under this act, coupons of interest ; and any certificate having such coupons of inter- est attached to it, may be transferable by delivery of the cer- tificate, instead of being assignable on the books of the treasury; but no certificate of stock shall be issued for a less amount than fift}' dollars. [By section 3 the Secretary of the Treasury is directed, before disjios- ing of this stock, to advertise for sealed proposals, to be handed in after not less than twenty nor more than sixty days, and in tiie ailvertisenu-nt to state the amount required and the conditions fixed for its payment into the Treasury. Section 4 pledges the faith of the United States for the provision of sufficient revenues to secure the payment of the interest and redemption of the principal.] Sec. 5. And be it further enacted, Th:\i the Sccrclary of the Treasury be, and he is licicby, authorized to pin-chiisc, at 148 TEXAS INDEMNITY STOCK. [1850. any time before the period herein limited for the redemption of the stock hereby created, such portion thereof at tlie mar- ket price, not below par, as the funds of the government may admit of, after meeting all the demands on the treasuiy ; and an}' surplus that hereafter ma^- be in the treasury is hereby appropriated to that object. [Section 6 provides for a report to be made to Congress of all transac- tions under this act, in language identical with that of section 6 of the Act of April 15, 1842, on page 134.] [Approved, Marcli 31, 1848. 9 Statutes at Large, 217.] 1849-50, Chap. XLIX. — A}i Act proposing to the State of Texas the Establishment of Iter Northern and Western Boundaries^ the llelinquishment 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. [Sec. 1.] Fourth. The United States, in consideration of said establishment of boundaries, cession of claim to ter- ritor}', and relinquishment of claims, will paj' to the State of Texas the sum of ten millions of dollars in a stock bearing five per cent, interest, and redeemable at the end of fourteen 3^ears, the interest pa}' able half-yearl}' at the treasuiy ot the United States. Fifth. Immediately after the President of the United States shall have been furnished with an authentic copy of the act of the general assemblj' of Texas accepting these propositions, he shall cause the stock to be issued in favor of the State of Texas, as provided for in the fourth article of this agreement : Provided, also. That no more than five millions of said stock shall be issued until the creditors of the State holding bonds and other certificates of stock of Texas for which duties on imports were specially pledged, shall first file at the treasury of the United States releases of all claim against the United States for or on account of said bonds or certificates in such form as shall be prescribed by the Secretary of the Treasury and approved by the President of the United States : . . . [Approved, September 9, 1850. 9 Statutes at Large, 446.] 1858.] TREASURY NOTK ACT. 119 1852-53, Chap. XCVII. — An Act makiufj appropriativns for the Civil and iJiplomatic lL.i'peiises of Government for the year ending the thirtieth of June, eighteen hun- dred andffty-four. Sec. 9. And be it further enacted, That the Secretary of the Treasurj' be aud he is hereby authorized to purchase at the current market price any of the outstanding stocks of the United States as he ma}' think most advisable, from any surplus funds in the Treasury- : Provided, That the balance in the Treasury shall not at any time be reduced below six millions of dollars. [Approved, March 3, 1853. 10 Statutes at Large, 212-] 1857-58, Chap. I. — An Act to authorize the Issue of Treasury Notes. Be it enacted, . . . That the President of the United States is hereby authorized to cause treasury notes for such sum or sums as the exigencies of the public service may require, but not to exceed, at any time, the amount of twenty millions of dollars, and of denominations not less than one hundred dollars for any such note, to be prepared, signed, and issued in the manner hereinafter provided. Sec. 2. And he it further enacted, That such treasury notes shall be paid and redeemed by the United States at the treasury thereof after the expiration of one year from the dates of said notes, from which dates, until they shall be respectively paid and redeemed, they shall bear such rate of interest as shall be expressed in said notes, which rate of interest upon the first issue, which shall not exceed six mil- lions of dollars of such notes shall be fixed by the Secretary of the Treasury, with the approbation of the President, but shall in no case exceed the rate of six per centum per anmun. The residue shall be issued in whole or in part, after ptil»lic advertisement of not less than thirty days, as the Secretary of the Treasury may direct, l)y exchanging them at their par value for specie to the bidder or bidders who shall agree to make such exchange at the lowest rate of interest, not 150 TREASURY NOTES TO BE REISSUED. [1858. exceeding six per centum, upon the said notes : Provided, That afte° the maturity of any of said notes, interest thereon shaU cease at the expiration of sixty days' notice of readi- ness to pay and redeem the same, which may at any time or times be given by the Secretary of the Treasury in one or more newspapers published at the seat of government. The payment or redemption of said notes herein provided shall be made to the lawful holders thereof, respectively, upon presentment at the treasury, and shall include the principal of each note and the interest which shall be due thereon. And for such payment and redemption, at the time or times herein specified, the faith of the United States is hereby sol- emnly pledged. [Section 3 provides for the signing of the notes, and the accounts to be kept of their preparation, redemption, and cancellation. Sections 4-7, providing for the issue, transfer, receipt, and payment of the notes, follow the language of sections 4-7 of the Act of January 28, 1847, on page 143. Section 8 authorizes the establishment of rules for the custody and disposal of notes received ; and section 9 makes the same provision for the redemption of the notes at maturity and their purchase at any time, as section 8 of the Act of October 12, 1837, on page 120.] Sec. 10. And he it further enacted, That, in place of such treasury notes as may have been paid and redeemed, other treasury notes to the same amount may be issued : Fro- vided, That the aggregate sum outstanding, under the au- thority of this act, shall at no time exceed twenty millions of dollars : And provided further, That the power to issue and reissue treasury notes, conferred on the President of the United States by this act, shall cease and determine on the first day of Januaiy, eighteen hundred and fifty-nine. [Sections 12 and 13 provide for the punishment of counterfeiting and of the like offences ; and section 14 requires the publication of a monthly statement of the amount of Treasury notes issued, paid, redeemed, and outstanding under this act.] [Approved, December 23, 1857. 11 Statutes at Large, 257.] 1859.] TWKNTT MILLION LOAN. 151 1857-58, Chap. CLXV. — An Act to authorize a Loan not exceeding the Sum of Ticenty Millions of Dollars. [Section 1 empowers the President to borrow on tlie credit of tlie United States, within one year from the passage of this act, a sum not exceeding twenty millions of dollars, providul, that tlie loan thus made shall be reimbursable at any time after fifteen years from January 1, 1859.] Sec. 2. And be it further enacted, That stock shall ho issued for the amount so borrowed, bearing interest not ex- ceeding five per centum per annum, payable semi-annually, with coupons for the semi-annual interest attached to the certificates of stock thus created, and the Secretary of tlie Treasury be, and hereb}' is, authorized, with the consent of the President, to cause certificates of stock to be prepared, which shall be signed by the Register, and sealed with the seal of the Treasury Department, for the amount so bor- rowed in favor of the parties lending the same, or their assigns ; Provided, That no certificate shall be issued for a less sum than one thousand dollars. [By section 3 the Secretary of the Treasury is required, before awarding the loan, to advertise that sealed proposals for the stock will be received until a date not less than thirty days distant, and to " atctpt the most favorable proposals offered by responsible bidders ; " and he is also required to report to Congress, at its next session, all transactions under this act, "provided, that no stock shall be disposed of at less tiian its par value."] Sec. 4. And he it further ejiacted. That the faith of the United States is hereby pledged for the duo payment of the interest and the redemption of the principal of said [Approved, June 14, 1858. 11 Statutes at Large, .'Uio ] 1858-59, Chap. LXXXII. — ^7i Act makinff Appmjn-iations for sundry Civil E^t'penses of the Governmad f«r thv Year ending the thirtieth of June, eighteen hundnd and sixty. Sec. 5. And be it further enacted. That the ix.wer to i.^sue and reissue treasury notes, conferred on the Trcsldent cf the 152 LOAN TO REDEEM TREASURY NOTES. [1860. United States, by the act entitled "An act to autliorize the issue of 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 of this act until the first day of July eighteen hundred and sixty ; and to defray the expenses thereof the sum of five thousand dollars is hereby appropriated : Provided, That the said notes may l)e issued bearing an interest not exceeding six per centum per annum ; 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 of interest upon said notes ; and that in all other respects the reissue of said treas- ury notes shall be subject to the terms and conditions of the act aforesaid. Sec. 6. And be it further enacted, That the Secretary of the Treasury is hereby authorized, under the act of June four- teenth, eighteen hundred and fifty-eight, to issue coupon or registered stock, as the purchaser may elect. [Approved, March 3, 1859. 11 Statutes at Large, 430.] 1859-60, Chap. CLXXX. — An Act authorizing a Loan and providing for the Redemption of Treasury Notes. Be it enacted, . . . That the President of the United States be, and hereby is, authorized, at any time within twelve months from the passage of this act, to borrow, on the credit of the United States, a sum not exceeding twenty-one mil- lions of dollars, or so much thereof as, in his opinion, the exi- gencies of the public service may require, to be used in the redemption of Treasury notes now outstanding and to replace in the Treasury any amount of said notes which shall have been paid and received for public dues, and for no other purposes. Sec. 2. And be it further enacted, That stock shall be issued for the amount so borrowed, bearing interest, not ex- ceeding six per centum per annum, and to be reimbursed within a period not beyond twenty years and not less than 1860. J PROVISIONS FOR ISSUING STOCK. loo ten years; and the Secretary of the Treasury be, and is hereby authorized, with the consent of the President, to cause certificates of stock to be prepared, which shall Ik- signed by the Register, and sealed with the seal of the Treas- ury Department, for the amount so borrowed, in favor of tlK' parties lending the same, or their assigns, which certilicates may be transferred on the books of the Treasury, under such regulations as may be established by the Secretary of the Treasury ; Frovided, That no certificate shall be issued for a less sura than one thousand dollars ; And j^rocidtd aL^o, That, whenever required, the Secretary of the Treasury may cause coupons of semi-annual interest payable thereon to be attached to cei-tificates issued under this act ; and any cer- tificate with such coupons of interest attached may be assigned and transferred by delivery of the same, instead of being transferred on the books of the Treasury. [Section 3 provides for sealed proposals, and tiie acceptance of the most favorable, and for a report of all transactions to Congress, as in section \\ of the Act of June 14, 1858, on page 151 ; " Provided, That no stock shall be disposed of at less than its par value."] Sec. 4. And be it farther eiiacted, That the faith of the United States is hereby pledged for the due payment of the interest and the redemption of the principal of said stock. [Approved, June 22, 1860. 12 Statutes at Large, Tl' ] PART 11. CURRENCY, FINANCE, AND BANKING. 1860-1896. 1860-61, Chap. I. — Ati Act to authorize the Issue of Treas- ury JVbtes, and for other Purjwses. Be it enacted, . . . That the President of [the] United [States] be hereb}' authorized to cause treasury' notes, for such sum or sums as the exigencies of the public service may require, but not to exceed at any time the amount of ten mil- lions of dollars, and of denominations not less than fifty dolhiis for any such note, to be prepared, signed, and issued in the manner hereinafter provided. Sec. 2. Aiidbe it further enacted. That such treasury notes shall be paid and i*edeemed bj- the United States at the Treas- ury thereof after the expiration of one year from the date of issue of such notes ; from which dates, until they shall be respectively paid and redeemed, they shall bear such rate of interest as shall be expressed in such notes, which rate of in- terest shall be six per centum per annum : Provided, That, after the maturity of an\' of said notes, interest thereon shall cease at the expiration of sixt}' days' notice of readiness to redeem and pay the same, which may at any time or times bi- given by the Secretary of the Treasuiy in one or more news- papers at the scat of government. The redemption and p.ny- ment of said notes, herein provided, shall be made to the lawful holders thereof respectively upon presentment nt the Treasury, and shall include the principal of each note and the interest which shall be due thereon. And for the puym.nt 156 TREASURY NOTE ACT. [1861. jind redemption of such notes at the time and times therein specified, the faith of the United States is hereby solemnly pledged. [Section 3 provides for the signing of the treasury notes and the ac- counts to be kept thereof.] Sec. 4. And be it further enacted, That the Secretary of the Treasury is hereby authorized, with the approbation of the President, to cause such portion of said treasury notes as may be deemed expedient, to be issued by the Treasurer in pay- ment of warrants in favor of public creditors, or other persons Lawfully entitled to payment, who may choose to receive such notes in payment at par ; and the Secretary of the Treasury is hereby authorized, with the approbation of the President, to issue the notes hereby authorized to be issued, at such rate of interest as may be offered by the lowest responsible bidder or bidders who may agree to take the said notes at par after public advertisement of 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 5-9, providing for the transfer, receipt, custody, redemption, and cancellation of the notes, are identical with sections 5-9 of the Act of December 23, 1857, on page 150.] Sec. 10. And be it further enacted. That, in place of such treasury notes as may have been paid and redeemed, other treasury notes to the same amount ma}' be issued : Provided, That the aggregate sum outstanding under the authority of this act shall at no time exceed the sum of ten millions of dollars : And provided further. That the power to issue and reissue treasury notes conferred by this act shall cease and determine on the first day of January, in the year eighteen hundred and sixty-three. [Section 14 requires the publication of a monthly statement of the amount of notes issued, paid, redeemed, and outstanding under this act, as in section 14 of the act last mentioned. 1861.] LOAN ACT. 16; Section 15 requires tiiat all money hereafter contratti,(s ui Stam2)s, and to prohibit Circulation of Notts (//t...s Denomination than One Dollar. Be a enacted, . . . That the Secretary of the Treasury be, and he is hereby directed to furnish to tl.e Assistant Ircas- orers, and such designated depositaries of the United State. M 170 LEGAL TENDER RESOLUTION. [1863. may be by him selected, in such sums as lie may deem expedient, the postage and other stamps of the United States, to be ex- changed by them, on application, for United States notes ; and from and after the first day of August next such stamps shall be receivable in payment of all dues to the United States less than five dollars, and shall be received in exchange for United States notes when presented to any Assistant Treasurer or any desig- nated dsix»sitary selected as aforesaid in sums not less than five dollars. Sec. 2. And be it further enacted, That from and after the first day of August, eighteen hundred and sixty-two, no private corporation, banking association, firm, or individual shall make, issue, circulate, or pay any note, check, memorandum, token, or other obligation, for a less sura than one dollar, intended to cir- culate as money or to be received or used in lieu of lawful money of the United States. . . . [Approved, July 17, 1862. 12 Statutes at Large, 592.] 1862-63, Resolution No. IIK.. — Joint Resolution to provide for the immediate Payinent of the Army and Navy oj the United States. Whereas it is deemed expedient to make immediate provision foi the payment of the army and navy : therefore, Be it resolved, . . . That the Secretary of the Treasury be, and he is hereby, authorized, if required by the exigencies of the public service, to issue on the credit of the United States the sum of one hundred millions of dollars of United States notes, in such form as he may deem expedient, not bearing in- terest, payable to bearer on demand, and of such denomina- tions not less than one dollar, as he may prescribe, which notes so issued shall be lawful money and a legal tender, like the similar notes heretofore authorized in payment of all debts, public and private, within the United States, except for duties on imports and interest on the public debt ; and the notes so issued shall be part of the amount provided for in any bill now pending for the issue of treasury notes, or that may be passed hereafter by this Congress. [Approved, January 17, 1863. 12 Statutes at Large, p. 822.] 1863.] NATIONAL BANK ACT. 171 1862-63, Chap. LVIII. — An Act to provide a XntioiaU Currency^ secured by a Pledge of United States Stocks, and to provide for the Circulation and Jiedttuption thereof. [This act was repealed and superseded by the act of similar title a|>- proved June 3, 1804, but with so little change in its leading features ns to make it sufficient in this place to refer to the note appended to the act of 18G4, where the principal points of difference are recited, and to ex- tract here only the sections providing for tiie apportionment of the bank circulation and for the issue of secured notes by State banks.] Sec. 1 7. And be it further enacted, That the entire amount of circulating notes to be issued under this act shall not ex- ceed three hundred millions of dollars. One hundred and fifty millions of which sum shall be apportioned to associa- tions in the States, in the District of Columbia, and in the Territories, according to representative population, ami the remainder shall be apportioned by the Secretary of the Tre:is- ury among associations formed in the several States, in the District of Columbia, and in the Territories, having due regard to the existing banking capital, resources, and business, of such States, District, and Territories. Sec. 61. And be it further enacted. That any banking as- sociation or corporation lawfully in existence as a bank of circulation on the first day of January, Anno Domini eight^xMi hundred and sixty-three, organized in any state, eitlu-r under a special act of incorporation or a general banking law, may, at any time within years after the passage of this act be- come an association under the provisions of this act; that m such case the certificate of association provided for by this act shall be signed by the directors of such banking association or corporation, and in addition to tlie specifications rc.|uirctl by this act, shall specify that such directors are authorized by the owners of two-thirds of the capital stock of such banking association or corporation, to make such certificate of a-ssoci- ation, and such certificate of association shall tiu'rcaaer iiavo the same effect, and the same proceedings shall be had th.nx.n, as is provided for as to other associations organize.! uimI.m- this act. And such association or corporation llicr.:.ftcr sliall 172 BANK act: secured issues by state banks. [1863. have the same powers and privileges, and shall be subject to the same duties, responsibilities, and rules, in all respects, as is [are] prescribed in this act for other associations organized under it, and shall be held and regarded as an association under this act. Sec. 62. And be it further enacted, That an}- bank or bank- ing association, authorized by any State law to engage in the business of banking, and duh' organized under such State law at the time of the passage of this act, and which shall be the holder and owner of United States bonds to the amount of fift}' per centum of its capital stock, may transfer and deliver to the treasurer of the United States such bonds, or any part thereof, in the manner provided b}- this act ; and upon making such transfer and delivery, such bank or banking association shall be entitled to receive from the comptroller of the cur- rency, circulating notes, as herein provided, equal in amount to eighty per centum of the amount of the bonds so transferred and delivered. Sec. 63. And be it further enacted, That upon the failure of any such State bank or banking association, to redeem any of its circulating notes issued under the provisions of the pre- ceding section, the comptroller of the currency shall, when satisfied that such default has been made, and within thirty da3-s after notice of such default, proceed to declare the bonds transferred and delivered to the treasurer, forfeited to the United States, and the same shall thereupon be forfeited ac- cordingl3^ And thereupon the circulating notes which have been issued by such bank or banking association shall be re- deemed and paid at the treasury of the United States, in the same manner as other circulating notes issued under the pro- visions of this act are redeemed and paid. Sec. 64. And be it further enacted, That the bonds for- feited, as provided in the last preceding section, ma}' be can- celled to an amount equal to the circulating notes redeemed and paid, or such bonds ma}' be sold, under the direction of the Secretary of the Treasury, and after retaining out of the proceeds a sum sufficient to pa}' the whole amount of circu- lating notes, for the redemption of v/hich such bonds are held, 1863.] NINE HUNDUEU MILLION Li^'AN. 1 7;> the surplus, if an}- remains, shall be paid txi the bank, or banking association from which such bonds were received. Sec. 65. A?id be it further enacted. That Congress re- serves the right, at any time, to amend, alter, or repeal this act. [Approved, February 25, 18G3. 12 Statutes at Large, GOJ. 1862-63, Chap. LXXIII. — An Act to provide Ways and Means for the Support of the Government. Be it enacted, . . . 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, a sum not exceeding three hundred millions of dollars for the current fiscal year, and six hundred millions for the next fiscal year, and to issue therefor coupon or registered bonds, payable at the pleasure of the gov- ernment after such periods as may be fixed by the Secretary, Qot less than ten nor more than forty years from date, in coin, and of such denominations not less than fifty dollars, as he may deem expedient, bearing interest at a rate not exceeding six per centum per annum, payable on bonds not exceeding one hundred dollars, annually, and on all other bonds semi-annually, in coin ; and he may in his discretion dispose of such bonds at any time, npon such terms as he may deem most advisable, for lawful money of the United States, or for any of the certificates of in- debtedness or deposit that may at any time be unpaid, or for any of the treasury notes heretofore issued or which may be issued under the provisions of this act. And all the bonds and treas- ury notes or United States notes issued under tlie provisions of this act shall be exempt from taxation by or under State or mu- nicipal authority: Provided, That there shall be outstanding of bonds, treasury notes, and United States notes, at any time, issued under the provisions of this act, no greater amount alto- gether than the sum of nine hundred millions of dollars. Sec. 2. And be it further enacted, That the Secretary of the Treasury be, and he is hereby, authorized to issue, on the crwlit of the United States, four hundred millions of dollars in tn-iis- ury notes, payable at the pleasure of the United States, or at 174 THIRD LEGAL TENDER ACT. [1863. such time or times not exceeding three years from date, as may be found most beneficial to the public interest, and bearing in- terest at a rate not exceeding six per centum per annum, payable at periods expressed on the face of said treasury notes ; and the interest on the said treasury notes and on certificates of indebt- edness and deposit hereafter issued, shall be paid in lawful money. The treasury notes thus issued shall be of such denomination as the Secretary may direct, not less than ten dollars, and may be disposed of on the best terms that can be obtained, or may be paid to any creditor of the United States willing to receive the same at par. And said treasury notes may be made a legal tender to the same extent as United States notes, for their face value excluding interest ; or they may be made exchangeable under regulations prescribed by the Secretary of the Treasury, by the holder thereof, at the Treasury in the city of 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 of interest payment next preceding such exchange. And in lieu of any amount of 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 exchanged, redeemed, or paid, shall be cancelled and destroyed as the Secretary may direct. In order to secure certain and prompt exchanges of United States notes for treasury notes, when required as above pro- vided, the Secretary shall have power to issue United States notes to the amount of one hundred and fifty millions of dollars, which may be used if necessary for such exchanges; but no part of the United States notes authorized by this section shall be issued for or applied to any other purposes than said ex- changes ; and whenever any amount shall have been so issued and applied, the same shall be replaced as soon as practicable from the sales of treasury notes for United States notes. Sec. 3. And be it further enacted, That the Secretary of the Treasury be, and he is hereby, authorized, if required by the ex- igencies of the public service, for the payment of the army and navy, and other creditors of the government, to issue on the ^^^^•^ FRACTIONAL CLltKENCT. 1 7;, credit Of the United States the sura of one hundred and lilty miEions of dollars of United States notes, including the amount of such notes heretofore authorized by the joint resolution approved January seventeen, eighteen hundred and sixty-three, in snob form as he may deem expedient, not bearing interest, payable to bearer, and of such denominations, not less than one dollar, as he may prescribe, which notes so issued shaU be lawful money and a legal tender in payment of aU debts, public and private withm the United States, except for duties on imports and iii. terest on the public debt; and any of the said notes, when re- turned to the Treasury, may be re-issued from time to time as the exigencies of the public service may require. And in lieu of any of said notes, or any other United States notes, returned to the Treasury, and cancelled or destroyed, there may be issued equal^ amounts of United States notes, such as are authorized by this act. And so much of the act to authorize the issue of United States notes, and for other purposes, approved Feb- ruary twenty-five, eighteen hundred and sixty-two, and of the act to authorize an additional issue of United *States notes, and for other purposes, approved July eleven, eighteen hundred and sixty-two, as restricts the negotiation of bonds to market value, is hereby repealed. And the holders of United States notes,' issued under and by virtue of said acts, shall present the same for the purpose of exchanging the same for bonds, as therein pro- vided, on or before the first day of July, eighteen hundred and sixty-three, and thereafter the right so to exchange the same shall cease and determine. Sec. 4. And be ii further enacted, That in lieu of postage and revenue stamps for fractional currency, and of fractional notes, commonly called postage currency, issued or to be issued, tho Secretary of the Treasury may issue fractional notes of like amounts in such form as he may deem expedient, and may pro- vide for the engraving, preparation and issue thereof, in the Treasury Department building. And all such notes issued kIuiH be exchangeable by the Assistant Treasurers and designated de- positaries for United States notes, in sums not less than three dollars, and shall be receivable for postage and revenue HtampB, and also in payment of any dues to the United States less than 176 TEMPORARY DEPOSITS OF GOLD. [1863. 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 Secretary of the Treasury shall prescribe : Provided, That the whole amount of fractional currency issued, including postage and revenue stamps issued aa currency, shall not exceed fifty millions of dollars. Sec. 5. And he it further enacted, That the Secretary of the Treasury is hereby authorized to receive deposits of gold coin and bullion with the Treasurer or any Assistant Treasurer of the United States, in sums not less than twenty dollars, and to issue certificates therefor, in denominations of not less than twenty dollars each, corresponding 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 for the payment of the same on demand. And certificates repre- senting coin in the Treasury may be issued in payment of in- terest on the public debt, which certificates, together with those issued for coin and bullion deposited, shall not at any time ex- ceed twenty per centum beyond the amount of coin and bullion in the Treasury ; and the certificates for coin or bullion in the Treasury shall be received at par in payment for duties on imports. [Section 7, after providing for taxes to be laid upon the circulation of all banks and corporations, whether established under state laws or under the act of February 25, 1863, directs that all banks, corporations, or in- dividuals issuing notes for any fractional part of a dollar after April 1, 1863, shall be taxed ten per cent, per annum upon the amount of such fractional notes.] [Approved, March 3, 1863. 12 Statutes at Large, 709.] 1862-63, Chap. LXXIV. — An Act to amend an Act enti- tled ^'- An Act to provide Internal Revenue to support the Government and p>(iy Interest on the Public Debt," approved 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 follows :] 1864.] SUPPLEMENTARY LOAN ACT. 177 And no loan of currency or nione}- on the security of gold or silver coin of the United States, as aforesaid, or of any certificate or other evidence of deposit payable in gold or silver coin, shall be made exceeding in amount the par value of the coin pledged or deposited as security ; anil any such loan so made, or attempted to be made, shall be utterly void : Promded^ 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, hoioever, That nothing herein contained shall appl}' to an}- transaction by or with the government of the United States. [Approved, March 3, 1863. 12 Statutes at Large, 719] 1863-64, Chap. XVII. — An Act sup2)lementary to an Act entitled " An Act to provide Wai/s and Means for the Support of the Government " approved March third, eighteen hundred and sixty-three. Be it enacted, . . . That, in lieu of so much of the loan authorized by the act of March third, eighteen hundred and sixt^'-three, 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 two hundred millions of dollars during tlic current fiscal year, and to pre- pare and issue therefor coupon or registered bonds of the United States, bearing date March first, eighteen hundred and sixty-four, 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 denominations as may be found expedient, not less than fifty dollars, bearing inter- est not exceeding six per centmn a year, payable on bonds not over one hundred dollars, annually, and on all other bonds semi-annually, in coin ; and he may dispose of such bonds at any time, 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 indebtedness, or certificates of depo.sit, issued under any act of Congress ; and all bonds is- sued under this act sliall be cxemi)t from taxation by or untlcr State or municipal authority. 178 BANK act: the comptroller. [1864. [Section 2 authorizes the Secretary of the Treasury to issue bonds under the Act of February 25, 1862, in excess of five liundred millions of dollars, to the amount of eleven millions, to such persons as subscribed for them on or before January 21, 1804, and have paid for them.] [Approved, March 3, 1864. 13 Statutes at Large, 13.] 1863-64, Resolution No. XX. — Joint Resolution to authorize the Secretary of the Treasury to anticipate the Payment of Interest on the Public Debt, and for other Purposes. Be it resolved, . . . That the Secretary of the Treasury be authorized to anticipate the payment of interest on the publi debt, by a period not exceeding one year, from time to time, either with or without a rebate of interest upon the coupons, as to him may seem expedient ; and he is hereby authorized to dis- pose of any gold in the Treasury of the United States not nec- essary for the payment of interest of the public debt : Provided, That the obligation to create the sinking fund according to the Act of February twenty-fifth, eighteen hundred and sixty-two, shall not be impaired thereby. [Approved, March 17, 1864. 13 Statutes at Large, 404.] 1863-64, Chap. C VI. — An Act to provide a National Cur- rency, secured by a Pledge of United States Bonds, and to provide for the Circulation and Redemption thereof. Be it enacted, . . , That there shall be established in the Treasury Department a separate bureau, which shall be charged with the execution of this and all other laws that may be passed by Congress respecting the issue and regulation of a national currency secured by United States bonds. The chief officer of the said bureau shall be denominated the Comptroller of the Currency, and shall be under the general direction of the Secre- tary of the Treasury. He shall be appointed by the President, on the recommendation of the Secretary of the Treasury, by and with the advice and consent of the Senate, and shall hold his office for the term of five years unless sooner removed by the President, upon reasons to be communicated by him to the Senate; he shall receive an annual salary of five thousand dollars. . . . [He shall give a bond in the penalty of $100,000 for the faithful dis- charge of his duties ; shall have a competent deputy, who shall give a 1864.] BANK act: capital. 179 like bond for $50,000; and neither the Comptroller nor the Deputy- Comptroller shall " be interested " in any association issuing currency under the provisions of this act. Section 5 provides that an association for carrying on the business of banking may be formed by any number of persons not less than five, who shall enter into articles stating the object of the association and containing provisions for regulating its business not inconsistent with this act. A copy of these articles must be forwarded to the Comptroller, together with a certificate of organization, specifying the name of the association, which shall be subject to the approval of the Comptroller, the place where it is located, the amount of its capital, and the names and residences of its stockholders. But the association shall not begin the business of banking until it is authorized by the Comptroller. It shall be a body-corporate from the date of its organization-certificate, and shall continue for twenty years unless sooner dissolved under the provisions of this act, and shall have all such incidental powers as are necessary to carry on the business of banking, by discounting, receiving deposits, lending money on personal security, buying and selling ex- change, coin and bullion, and issuing and ckculating notes under the provisions of this act.] Sec. 7. And be it further enacted, That no association shall be organized under this act, with a less capital than one hundred thousand dollars, nor in a city whose population exceeds fifty thousand persons, with a less capital than two hundred thousand dollars : Provided, That banks with a capital of not less than fifty thousand dollars may, with the approval of the Secretary of the Treasury, be organized in any place the population of which does not exceed six thousand inhabitants. [Every association is to be managed by not less than five directors, one of whom shall be its president; every director must own at least ten shares of the capital stock in his own right and in no way pledged for any debt ; all elections of directors, after the first, are to be held an- Dually in the month of January ; every shareholder is to have one vote for every share of the stock owned by him ; but no shareholder whose liability is past due and unpaid is to be allowed to vote.] Sec. 12. A7id be it further enacted, That the capital stock of any association formed under this act shall be divided into shares of one hundred dollars each, and be deemed personal property and transferable on the books of the association in such manner as may be prescribed in the by-laws or articles of association. . . . The shareholders of each association formed under the pro- visions of this act, and of each existing bank or banking asso- 180 BANK act: deposit of bonds. [1864. ciation tliat may accept the provisions of this act, shall be held individually responsible, equally and ratably, and not one for another, for all contracts, debts, and engagements of such asso- ciation to the extent of the amount of their stock therein at the par value thereof, in addition to the amount invested in such shares. ... [But Bhareholders of any banking association now existing under State laws, having not less than five millions of capital and a surplus oi twenty per cent, on hand, shall be liable only to the amount invested in their shares ; but said surplus shall be in addition to that elsewhere re- quired by this act, and shall be kept undiminished. Section 13 provides that any association may increase its capital or may diminish the same, subject to the approval of the Comptroller.] Sec. 14. And he it further enacted, That at least fifty per centum of the capital stock of every association shall be paid in before it shall be authorized to commence business ; and the re- mainder of the capital stock of such association shall be paid in instalments of at least ten per centum each on the whole amount of the capital as frequently as one instalment at the end of each succeedinor month from the time it shall be authorized bv the Comptroller to commence business ; and the payment of each instalment shall be certified to the Comptroller, under oath, by the president or cashier of the association. Sec. 16. And he it further enacted, That every association, after having complied with the provisions of this act, preliminaiy to the commencement of banking business under its provisions, and before it shall be authorized to commence business, shall trans- fer and deliver to the Treasurer of the United States any United States registered bonds bearing interest to an amount not less than thirty thousand dollars nor less than one third of the capital stock paid in, which bonds shall be deposited with the Treasurer of the United States and by him safely kept in his office until the same shall be otherwise disposed of, in pursuance of the provi- sions of this act. . . . And the deposit of bonds shall be, by every association, increased as its capital may be paid up or increased, so that every association shall at all times have on deposit with the Treasurer registered United States bonds to the amount of at least one third of its capital stock actually paid in : Provided, 1864. J BAXK act: circulating notes. 181 That nothing in this section shaU prevent an association that may desire to reduce its capital or to close up its business and dissolve ite organization from taking up its bonds upon returning to the Comptroller its circulatmg notes in the proportion here- mafter named in this act, nor from taking up any excess of bonds beyond one tliird of its capital stock and upon which no circulating notes have been delivered. Sec. 21. And be it further enacted. That upon the transfer and dehvery of bonds to the Treasurer, as provided in the fore- gomg section, the association making the same shall be entitled to receive from the Comptroller of the Currency circulating notes of different denominations, in blank, registered and count tersigned as hereinafter provided, equal in amount to ninety per centum of the current market value of the United States bonds so transferred and delivered, but not exceeding ninety per cen- turn of the amount of said bonds at the par value thereof, if bearing interest at a rate not less than five per centum per an- num ; and at no tune shall the total amount of such notes, issued to any such association, exceed the amount at such time actuaUy paid iu of its capital stock. Sec. 22. And he it further enacted, That the entire amount of notes for circulation to be issued under this act shall not ex- ceed three hundred millions of dollars. In order to furnish suitable notes for circulation, the Comptroller of the Currency 13 hereby authorized and required, under the direction of the Secretary of the Treasury, to cause plates and dies to be en- graved, m the best manner to guard against counterfeiting and fraudulent alterations, and to have [)riiited therefrom, and num- bered, such quantity of circulating notes, in blank, of the denom- inations of one dollar, two dollars, three dollars, five dollars, ten dollars, twenty dollars, fifty dollars, one hundred dollars, five hundred dollars, and one thousand dollars, as may be required to supply, under this act, the associations entitled to receive the same ; which notes shall express upon their face that they are secured by United States bonds, deposited with tlio Treasuror of the United States by the written or engraved signatures of the Treasurer and Register, and by the imprint of the seal of the Treasury ; and shall also express upon their face the prom- 182 BANK ACT : NOTES TO BE RECEIVABLE. [1864. ise of the association receiving tlie same to pay on demand, at- tested by tlie signatures of tlie president or vice-president and cashier. And the said notes shall bear such devices and such other statements, and shall be in such form, as the Secretary of the Treasury shall, by regulation, direct : Provided, That not more than one-sixth part of the notes furnished to an asso- ciation shall be of a less denomination than five dollars, and that after specie payments shall be resumed no association shall be furnished with notes of a less denomination than five dollars. Sec. 23. And be it further enacted, That after any such as- sociation shall have caused its promise to pay such notes on de- mand to be signed by the president or vice-president and cashier thereof, in such manner as to make them obligatory promissory notes, payable on demand, at its place of business, such associa- tion is hereby authorized to issue and circulate the same as money ; and the same shall be received at par in all parts of the United States in payment of taxes, excises, public lands, and all other dues to the United States, except for duties on imports ; and also for all salaries and other debts and demands owing by the United States to individuals, corporations, and associations within the United States, except interest on the public debt, and in redemption of the national currency. And no such associa- tion shall issue post notes or any other notes to circulate as money than such as are authorized by the foregoing provisions of this act. [Section 24 provides that the Comptroller shall receive the worn-out or mutilated notes of any association, and shall deliver to it fresh notes in place thereof, and that the worn-out or mutilated notes shall he burned in presence of four persons, appointed by the Secretary of the Treasury, tlie Comptroller, the Treasurer of the United States and the association, reapectively.] Sec. 26. ^wc?Je^Vy^<7•i^erenac^ec?, That the bonds transferred to and deposited with the Treasurer of the United States, as hereinbefore provided, by any banking association for the secu- rity of its circulating notes, shall be held exclusively for that purpose, until such notes shall be redeemed, except as provided m this act ; but the Comptroller of the Currency shall give to 1864.] BANK ACT : KATE OF INTEREST. 183 any such banking association powers of attorney to receive and appropriate to its own use the interest on the bonds which it shall have so transferred to the Treasurer ; but such powers shall become inoperative whenever such banking association shall fail to redeem its circulating notes as aforesaid. "Whenever the market or cash value of any bonds deposited with the Treas- urer of the United States, as aforesaid, shall bo reduced below the amount of the circulation issued for the same, the Comp- troller of the Currency is hereby authorized to demand and re- ceive the amount of such depreciation in other United States bonds at cash value, or in money, from the association receiving said bills, to be deposited with the Treasurer of the United States as long as such depreciation continues. [And the Comptroller may permit the exchange of any of the bonds 80 deposited for other bonds of the United States, or the return of any of them upon the surrender and cancellation of a proportionate amount of the circulating notes ; provided, the remaining bonds are sufficient tor the requirements of this act, and the association lias not failed to redeem its circulating notes. Section 28 forbids any association to hold real estate, except such as may be necessary for its accommodation in its business, or may be mort- gaged to it as security for debts previously contracted, or conveyed to it in satisfaction thereof, or may be purchased by it in order to secure debts due to it ; or to hold possession under a mortgage, or to retaiu real estate purchased to secure debts, for more tlian five years.] Sec. 29. And be it further enacted, That the total liabilities to any association, of any person, or of any company, corpora- tion, or firm for money borrowed, including in the liabilities of u company or firm the liabilities of the several members thereof, shall at no time exceed one tenth part of the amount of the capital stock of such association actually paid in : Provided, that the discount of bond fide bills of exchange drawn against actually existing values, and the discount of commercial or business paper actually owned by the person or persons, cor- poration, or firm negotiating the same shall not be considered us money borrowed. [Section 30 authorizes every association to charge upon loans or di»- «oimt8 made by it tlie rate of interest which the law of tlio State where it is established allows banks, organized under State iawH, to charge; and, where no rate is lixed bv the law of tiio State, to ciiarge a rate not ^ 184 BANK act: reserves. [1864. exceeding seyen per cent. But the purchase or sale of a bona fide bill of exchange, payable at another place, at not more than the current rate of exchange in addition to the interest, shall not be considered as taking a greater rate of interest.] Sec. 31. And be it further enacted, That every association in the cities hereinafter named shall, at all times, have on hand, in lawful money of the United States, an amount equal to at least twenty-five per centum of the aggregate amount of its notes in circulation and its deposits ; and every other association shall, at all times, have on hand, in lawful money of the United States, an amount equal to at least fifteen per centum of the aggregate amount of its notes in circulation, and of its deposits. And when- ever the lawful money of any association in any of the cities hereinafter named shall be below the amount of twenty-five per centum of its circulation and deposits, and whenever the lawful money of any other association shall be below fifteen per cen- tum of its circulation and deposits, such association shall not increase its liabilities by making any new loans or discounts otherwise than by discounting or purchasing bills of exchange payable at sight, nor make any dividend of its profits until the required proportion between the aggregate amount of its out- standing notes of circulation and deposits and its lawful money of the United States shall be restored: Provided, That three fifths of said fifteen per centum may consist of balances due to an association available for the redemption of its circulating notes from associations approved by the Comptroller of the Currency, organized under this act, in the cities of Saint Louis, LouisviUe, Chicago, Detroit, Milwaukie, New Orleans, Cincin- nati, Cleveland, Pittsburg, Baltimore, Philadelphia, Boston, New York, Albany, Leavenworth, San Francisco, and Washington City : Provided, also, That clearing-house certificates, represent- ing specie or lawful money specially deposited for the purpose of any clearing-house association, shall be deemed to be lawful money in the possession of any association belonging to such clearing-house holding and owning such certificate, and shall be considered to be a part of the lawful money which such associa- tion is required to have under the foregoing provisions of this section : Provided, That the cities of Charleston and Richmond / 1864.] BANK ACT : REDEMPTION OF NOTES. 185 may be added to the list of cities in the national associations ot which other associations may keep three fifths of their hiwful money, whenever, in the opinion of tlie Comptroller of the Currency, the condition of the Southern States will warrant it. And it shall be competent for the Comptroller of the Currency to notify any association, whose lawful money reserve as afore- said shall be below the amount to be kept on hand as aforesaid, to make good such reserve ; and if such association shall fail for thirty days thereafter so to make good its reserve of lawful money of the United States, the Comptroller may, with the con- currence of the Secretary of the Treasury, appoint a receiver to wind up the business of such association, as provided in tliis act. Sec. 32. And be it further enacted, That each association or- ganized in any of the cities named in the foregoing section shall select, subject to the approval of the Comptroller of the Cur- rency, an association in the city of New York, at which it will redeem its circulating notes at par. And each of such associa- tions may keep one half of its lawful money reserve in cash dej)0sits in the city of New York. And each association not organized within the cities named in the preceding section shall select, subject to the approval of the Comptroller of tlie Cur- rency, an association in either of the cities named in the preced- ing section at which it will redeem its circulating noti's at par, and the Comptroller shall give public notice of the names of tho associations so selected at which redemptions are to be made by the respective associations, and of any change that may be made of the association at which the notes of any association are re- deemed. If any association shall fail either to make tho selec- tion or to redeem its notes as aforesaid, the Comptroller of tho Currency may, upon receiving satisfactory evidence thereof, appoint a receiver, in the manner provided for in this act, to wind up its affairs: Provided, That nothing in this section shall relieve any association from its liability to redeem its circulating notes at its own counter, at par, in lawful money, on demand . And provided, further, That every association formed or exi.stiiig under the provisions of this act shall take and receive ut i)ttr, fur any debt or liability to said association, any and all notes or billi 186 BANK act: surplus: liabilities. [1864. issued by any association existing under and by virtue of this act. Sec. 33. And be itfwther enacted, That the directors of any association may, semi-annually, each year, declare a dividend of so much of the net profits of the association as they shall judge expedient ; but each association shall, before the declaration of a dividend, carry one tenth part of its net profits of the preced- ing half year to its surplus fund until the same shall amount to twenty per centum of its capital stock. [Section 34 provides for quarterly reports of the condition of every association, to be made by its officers to the Comptroller and published by him, and also for monthly reports to be made to him. This section was superseded by the Act of March 3, 1869, which directs that every association shall make at least five reports annually of its resources and liabilities on any past day specified by the Comptroller, and shall publish tlie same in a newspaper in the place where the association is estab- lished ; and that every association shall also report to the Comptroller the amount of its net earnings and dividends, and make such fiu-ther special reports as he may call for. 15 Statutes at Large, 326.] Sec. 35. And be it further enacted^ That no association shall make any loan or discount on the security of the shares of its ovrn capital stock, nor be the purchaser or holder of any such shares, unless such security or purchase shall be necessary to prevent loss upon a debt previously contracted in good faith ; and stock so purchased or acquired shall, within six months from the time of its purchase, be sold or disposed of at public or private sale, in default of which a receiver may be appointed to close up the business of the association, according to the pro- visions of this act. Sec. 36. And be it further enacted, That no association shall at any time be indebted, or in any way liable, to an amount ex- ceeding the amount of its capital stock at such time actually paid in and remaining undiminished by losses or otherwise, except on the following accounts, that is to say : — First. On account of its notes of circulation. Second. On account of moneys deposited with, or collected by, such association. Third. On account of bills of exchange or drafts drawn 1864.] BANK act: expenses of bukeau: taxes. 1:s7 against money actually on deposit to the credit of such associa- tion, or due thereto. Fourth. On account of liabilities to its stockholders for divi- dends and reserved profits. Sec. 37. And be it further enacted, That no association shall, either directly or indirectly, pledge or hypothecate any of its notes of circulation, for the purpose of procuring money to be paid in on its capital stock, or to be used in its banking opera- tions, or otherwise ; nor shall any association use its circulating notes, or any part thereof, in any manner or form, to create or increase its capital stock. [Section 38 forbids any association, while continuing its business, to withdraw or permit to be withdrawn any of its capital, except as pro- vided in section 13, or to make any dividend to an amoimt exceeding it« net profits tlien on hand, deducting therefrom its losses and bad debts ; and for this purpose all debts on which interest is past due and unpaid for six months, unless they are well secured and in process of collection, are to be held bad. Section 39 forbids any association to pay out or put in circulation the notes of any bank or association which are not at the time receivable at par by the association paying them out ; or to pay out or put in circula- tion the notes of any bank or association which is not redeeming iU» notes in lawful money.] Sec. 41. And be it further enacted, That the plates and spe- cial dies to be procured by the Comptroller of the Currency for the printing of such circulating notes shall remain under his control and direction, and the expenses necessarily incurred in executing the provisions of this act respecting the procuring of such notes, and all other expenses of the bureau, shall be paid out of the proceeds of the taxes or duties now or hereafter to be assessed on the circulation, and collected from associations organized under this act. [It is then provided that every association ahull pay to the Unitt-ii States a tax of one per cent, per annum on the iiveruKo Hmouiit of itM notes in circulation, one half of one per cent, on the averuKc amount of its deposits, and one half of one per cent, on its capital stock U^yond the amount invested in United States bonds. But the BliiircH of any u»iho- ciation may be taxed as personal property by the Statu in wliirli it \» located, and not elsewhere, at a rate not greater than is ini[>()Hcd uixtn other moneyed capital in the hands of the citizenw of the Slnlo. or upon 188 BANK ACT : DEPOSITS OF PUBLIC MONEY. [1864. the shares of banks organized under the authority of the State ; and the real estate of associations shall be subject to State, county, and munici- pal taxes to the same extent as other real estate. Section 42 provides for the closing of any association upon the vote of shareholders owning two thirds of its capital, and for calling in its notes. Under this section, as modified by the Act of July 14, 1870, any association thus voting to close its affairs must within six months pay to the Treasurer of the United States the amount of its outstanding notes in lawful money; whereupon the bonds pledged as security for its circu- lation shall be returned to it, and its notes shall from that time be re- deemed at the Treasury and destroyed, and the association discharged from all liability therefor. 16 Statutes at Large, 274. Section 44 provides that any bank established under the laws of any State may by vote of the owners of two thirds of its capital stock be reorganized as an association under this act, without change of stock- holders or directors or in the amount of its shares, provided that its capital shall not be less than is prescribed for associations under this act.] Sec. 45. And he it further enacted^ That all associations under this act, when designated for that purpose by the Secre- tary of the Treasury, shall be depositaries of public money, ex- cept receipts from customs, under such regulations as may be prescribed by the Secretary ; and they may also be employed aa financial agents of the government ; and they shall perform all such reasonable duties, as depositaries of public moneys and financial agents of the government, as may be required of them. And the Secretary of the Treasury shall require of the associa- tions thus designated satisfactory security, by the deposit of United States bonds and otherwise, for the safe-keeping and prompt payment of the public money deposited vdth them, and for the faithful performance of their duties as financial agents of the government: Provided, that every association which sbaU be selected and designated as receiver or depositary of the pub- lic money shall take and receive at par all of the national cur- rency bills, by whatever association issued, which have been paid in to the government for internal revenue, or for loans or stocks. [Section 46 et seq. provides that if any association shall fail to redeem in lawful money any of its circulating notes, when payment thereof is demanded at the proper place during the usual hours of business, the holder of such notes may cause them to be protested and notify the 1864.] BANK ACT : FAILURE TO REDEEM NOTES. 189 Comptroller of the failure. The Comptroller, if satisfied that the asso ciation lias refused to pay its notes and is in default, sliall declare the bonds pledged by the association to be forfeited to the United States and shall notify the holders of its notes to present them for payment at tlie Treasury. And for the notes thus paid at the Treasury, the Comptroller may either cancel an amount of the bonds equal at the market rate, not exceeding par, to the notes so paid, or may cause the necessary amount of the bonds to be sold by public auction in the city of New York, or may sell the necessary amount by private sale, provided that they sliall not be sold by private sale for less than the market rate nor less tlian par. And if the proceeds of the bonds pledged by the association are insufficient to reimburse the amount expended in payment of its notes, the United States shall have a first and paramount lien for the deficiency upon all the assets of the association, to be made good in preference to all other claims. Section 50 authorizes the Comptroller, when satisfied that any asso- ciation has refused to pay its circulating notes and is in default, to ap- point a receiver, who shall take charge of all tlie books and assets of the association and collect all debts and property belonging to it, and, if nec- essary, enforce the individual liability of the shareiiolders under section 12 of this act. And the Comptroller, after reimbursing to tiie United States, from the fund thus collected, any deficiency due from the asso- ciation for the redemption of its notes, shall make a ratable payment of the debts of the association, and the remainder of the fund, if any, after payment of these debts, he shall pay over to the siiareholders, in propor- tion to the stock held by each.] Sec. 54. And be it further enacted, That the Comptroller of the Currency, with the approbation of the Secretary of the Treasury, as often as shall be deemed necessary or proper, sliall appoint a suitable person or persons to make an examination of the afftiirs of every banking association, which person slmll not be a director or other officer in any association whoso atlairs ho shall be appointed to examine, and who shall have powi-r to make a thorough examination into all the affairs of the as.soi-iu- tion, and, in doing so, to examine any of the officers and agents thereof on oath ; and shall make a full and detailed report of the condition of the association to the Comptroller. [Succeeding sections provide penalties for embezzlement by tlie offlifrn of any association, for tlic mutilation or disfigurement of nnteH with tlio intent to make them unfit for reissue, and for counterfeitinu', piuiiinK counterfeit notes, or liaving in possession such notes or the einfr»Tcdy 202 FAITH OF THK UNITED STATES PLEDGED. [1869. of such notes as security, or as collateral security, or considera- tion for any loan of money. . . . [Approved, February 19, 1869. 15 Statutes at Large, 270.] 1869, Chap. I. — An Act to strengthen the Public Credit. Be it enacted, . . . That in order to remove any doubt as to the purpose of the government to discharge all just obligations to the public creditors, and to settle conflicting questions and in- terpretations of the laws by virtue of which such obligations have been contracted, it is hereby provided and declared that the faith of the United States is solemnly pledged to the pay- ment in coin or its equivalent of all the obligations of the United States not bearing interest, known as United States notes, and of all the interest-bearing obligations of the United States, ex- cept in cases where the law authorizing the issue of any such obligation has expressly provided that the same may be paid in lawful money or other currency than gold or silver. But none of said interest-bearing obligations not already due shall be re- deemed or paid before maturity unless at such time United States notes shall be convertible into coin at the option of the holder, or unless at such time bonds of the United States bear- insT a lower rate of interest than the bonds to be redeemed can be sold at par in coin. And the United States also solenmly pledges its faith to make provision at the earliest practicable period for the redemption of the United States notes in coin. [Approved, March 18, 1869. 16 Statutes at Large, 1.] 1869-70, Chap. CCLII. — An Act to provide for the Redemp- tion of the three per cent, temporary Loan Certificates, and for an Increase of National £ank Motes. Be it enacted, . . . That fifty-four millions of dollars in notes for circulation may be issued to national banking associations, in addition to the three hundred millions of dollars authorized by the twenty-second section of the " Act to provide a national currency, secured by a pledge of United States bonds, and to provide for the circulation and redemption thereof," approved 1870.] INCREASE OF BANK CIRCULATION. 203 Juue three, eighteen hundred and sixty-four ; and the amount of notes so provided shall be furnished to banking associations organized or to be organized in those States and Territories having less than their proportion under the apportionment con- templated by the provisions of the " Act to amend 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 March three, eighteen hundi-ed and sixty- five, and the bonds deposited with the Treasurer of the United States, to secure the additional circulating notes herein author- ized, shall be of any description of bonds of the United States bearing interest in coin, but a new apportionment of the in- creased circulation herein provided for shall be made as soon as practicable, based upon the census of eighteen hundred and sev- enty : Provided, That if applications for the circulation herein authorized shall not be made within one year after the passage of this act by banking associations organized or to be organized in States having less than their proportion, it shall be lawful for the Comptroller of the Currency to issue such circulation to banking associations applying for the same in other States or Territories having less than their proportion, giving the prefer- ence to such as have the greatest deficiency : And pruindea further, That no banking association hereafter organized shall have a circulation in excess of five hundred thousand dollars. [Section 2 provides that at the end of every month the Secretary of the Treasury shall call in and redeem an amount of tlie tliree pcr^cent. temporary loan certificates issued under tiie Acts of March 2, lbG7, and July 25, 18G8, not less than the amount of circulating notes issued to na- tional banking associations under the preceding section during the pre- vious month.] Sec. 3. And he it further enacted, That upon the deposit of any United States bonds, bearing interest payable in gold, with the Treasurer of the United States, in the manner prescribed iu the nineteenth and twentieth sections of the national currency act, it shall be lawful for the Comptroller of the Currency to issue to the association making the same, circulating notes of different denominations, not less than five dollars, not cxc^.'ding in amount eighty per centum of tlio par value of th<' howU do- 204 GOLD BANKS. [l870. posited, which notes shall bear upon their face the promise of the association to which they are issued to pay them, upon pres- entation at the office of the association, in gold coin of the United States, and shall be redeemable upon such presentation in such coin : Provided, That no banking association organized under this section shall have a circulation in excess of one mil- lion of dollars. Sec. 4. Aiid be it further enacted, That every national bank- ing association formed under the provisions of the preceding section of this act shall at all times keep on hand not less than twenty-five per centum of its outstanding circulation in gold or silver coin of the United States, and shall receive at par in the payment of debts the gold notes of every other such banking association which at the time of such payments shall be redeem- ing its circulating notes in gold coin of the United States. Sec. 5. And he it further enacted, That every association or- ganized for the purpose of issuing gold notes as provided in this act shall be subject to all the requirements and provisions of the national currency act, except the first clause of section twenty- two, which limits the circulation of national banking associations to three hundred millions of dollars ; the first clause of section thirty -two, which, taken in connection with the preceding section, would require national banking associations organized in the city of San Francisco to redeem their circulating notes at par in the city of New York ; and the last clause of section thirty- two, which requires every national banking association to re- ceive in payment of debts the notes of every other national banking association at par : Provided, That in applying the pro- visions and requirements of said act to the banking associations herein provided for, the terms " lawful money," and " lawful money of the United States," shall be held and construed to mean gold or silver coin of the United States. Sec. 6. And he it further enacted, That to secure a more equitable distribution of the national banking currency there may be issued circulating notes to banking associations organized in States and Territories having less than their proportion as herein set forth. And the amounts of circulation in this section authorized shall, under the direction of the Secretary of the 1870.] FUNDING LOAX. 205 Treasury, as it may be required for this purpose, be withdrawn, as herein provided, from banking associations organized in States having a circulation exceeding that provided for by the act en- titled " An act to amend an act entitled ' An act to provide for a national banking currency, secured by pledge of United States bonds, and to provide for the circulation and redemption thereof,' " approved March three, eighteen hundred and sixty- five, but the amount so withdrawn shall not exceed twenty-five million dollars. [It is then provided that the redistribution shall be made, when re- quired, by withdrawing from banks having a circulation exceeding one million dollars such excess, in States having more than their proportion ; and then from banks having a circulation exceeding three hundred thou- sand dollars their excess over that amount, beginning with States having the largest proportion in excess, and proceeding, if necessary, to those having a smaller proportion. Upon the failure of any association to re- tire the amount of its circulation required as above, the Comptroller of the Currency is authorized to sell the necessary amount of its bonds and to redeem its notes to the amount required But no circulation is to be withdrawn under this section until the fifty-four millions granted in sec- tion 1 shall have been taken up. Section 7 provides that after six months from the passage of this act any association may be removed from any State having more than it« proportion of circulation to any State having less than its proportion ; but the amount of the issue of said association shall not bo deducted from the new issue herein provided for.] [Approved, July 12, 1870. 16 Statutes at Large, 201.) 1869-70, Chap. CCLVI. — An Act to authorize the llefund- in(j of the National Debt. Be it enacted, . . . That the Secretary of the Treasury in hereby authorized to issue, in a sum or sums not exceeding in the aggregate two hundred million dollars, coupon or registered bonds of the United States, in such form a.s ho may pro.scribe, and of denominations of fifty dollars, or some multiple of Unit sum, redeemable in coin of the present staiuhiry miction 1 of llie Act of July lU, 1870.| (Approved, January 14, lb76. 18 StJitutci at Large, 2l»G | 216 NOTES OF GOLD BANKS. SINKING FUND. [1875. 1874-75, Chap. XIX. — An Act to remove the Limitation restricting the Circulation of Banking Associations issuing Notes payable in Gold, Be it enacted,, . . . That so much of section five thousand one hundred and eighty-five of the Revised Statutes of the United States as limits the circulation of banking associations, organized for the purpose of issuing notes payable in gold, sev- erally to one million dollars, be, and the same is hereby, re- pealed; and each of such existing banking associations may increase its circulating notes, and new banking associations may be organized, in accordance with existing law, without respect to such limitation. [Approved, January 19, 1875. 18 Statutes at Large, 302.] [The limit of circulation fixed by section 6185 of the Revised Statutes is that prescribed on page 204, by section 3 of the Act of July 12, 1870.1 1874-75, Chap. CXXX. — A?i Act 7nciJcing Appropriations for sundry Civil Expenses of the Government for the fiscal year ending June thirtieth, eighteen hundred and seventy-six, and for other p>urposes. Sec. 11. That the Secretary of the Treasury is hereby au- thorized, at such times as may be necessary, for the purpose of obtaining bonds for the sinking-fund, in compliance with sec- tions three thousand six hundred and ninety-four to three thou- sand six hundred and ninety-seven, inclusive, of the Revised Statutes of the United States, to give public notice that he will redeem, in coin, at par, any bonds of the United States, bearing interest at the rate of six per centum, of the kind known as five-twenties; and in three months after the date of such public notice, the interest on the bonds so selected and called for pay- ment shall cease. [Approved, March 3, 1875. 18 Statutes at Large, 401.J [The provisions of sections 3694-97 of the Revised Statutes are the same as those of section 5 of the Act of February 25, 1862, on page 165, and section 6 of the Act of July 14, 1870, on page 207.] 1879.] LEGAL TKNDEIl KOTES NOT TO BE RETIRED. 21' 1877-78, Chap. CXLVI. — A/t Act to forbid the furthtr i-etirttnent of United IStates legal-tender notes. Be it enacted, . . . That from and after the passage of this act it shall not be lawful for the Secretary of the Treasury or other officer under him to cancel or retire any more of the United States legal-tender notes. And when any of said notes may be redeemed or be received into the Treasury under any law from any source whatever and shall belong to the United Suites, they shall not be retired cancelled or destroyed but they shall be reissued and paid out again and kept in circulation : Provided, That nothing herein shall prohibit the cancellation and destruc- tion of mutilated notes and the issue of other notes of like denomination in their stead, as now provided by law. All acts and parts of acts in conflict herewith are hereby repealed. [Approved, May 31, 1878. 20 Statutes at Larpc, 87 j 1878-79, Chap. XXIV. — An Act to facilitate the refunding the national debt. Be it enacted, . . . That the Secretary of the Treasury is hereby authorized in the process of refunding tlie national a,.- proval of the Comptroller of the Currency, to b.. granted a., hereinafter provided, extend its period of HueceBniou l.y a.nend- in- its articles of association for a term of not n.ore than twenty ye°ars from the expiration of the period of st.cces.sio.. na.ned n. said articles of association, and shall have success.on for Hueh extended period, u.dess sooner dissolved by the act of ^harc- holders owning two thirds of its stock, or unleHs Us raneh ho becomes forfeited by some violatio.. of law, or u.dess Innultcr modified or repealed. 220 NEW ISSUE OF CIRCULATING NOTES. [1882. [The sections 5133-5136 and 5154 of the Revised Statutes contain in substance the provisions of sections 5, 6, 8, and 44 of the Act of June 3, 18(54 ; see pages 179 and 188.] [Sections 2, 3, and 4 provide that the amended articles of association must receive tlie written consent of sliareholders' owning not less than two thirds of tlie capital stock, and shall not be valid until the Comptroller shall have certified his approval, after making a special examination of the association to determine its condition ; and that any association so extending the period of its succession " sliall continue to be in all respects the identical association it was before the extension of its period of suc- cession. Section 5 provides that any shareholder not assenting to the amended articles shall be entitled to receive the appraised value of his shares, and that his shares shall then be sold at public sale.] Sec. 6. That the circulating notes of any association so ex- tending the period of its succession which shall have been issued to it prior to such extension shall be redeemed at the Treasury of the United States, as provided in section three of the act of June twentieth, eighteen hundred and seventy-four, entitled " An act fixing the amount of United States notes, providing for re- distribution of national-bank currency, and for other purposes," and such notes when redeemed shall be forwarded to the Comp- troller of the Currency, and destroyed as now provided by law ; and at the end of three year.s from the date of the extension of the corporate existence of each bank the association so extended shall deposit lawful money with the Treasurer of the United States sufficient to redeem the remainder of the circulation which was outstanding at the date of its extension, as provided in sections fifty-two hundred and twenty-two, fifty-two hundred and twenty-four, and fifty-two hundred and twenty-five of the Revised Statutes ; and any gain that may arise from the failure to present such circulating notes for redemption shall inure to the benefit of the United States ; and from time to time, as such notes are redeemed or lawful money deposited therefor as pro- vided herein, new circulating notes shall be is.sued as provided by this act, bearing such devices, to be approved by the Secretary of the Treasury, as shall make them readily distinguishable from . the circulating notes heretofore issued : Provided however. That each banking association which shall obtain the benefit of this 1882.] DEPOSIT AND "WITHDRAWAL OF BONDS. 221 act shall reimburse to the Treasury the cost of preparing the plate or plates for such new circulating notes as shall be issued to it. [Sections 5222, 5224, and 5225 of the Revised Statutes contain m sub- stance the provisions of sections 42 and 43 of the Act of June 3, 1864, on page 188.] [Section 7 provides that any bank which does not avail itself of the provisions of this act shall be wound up as if the shareholders iiad voted to go into liquidation, that it shall within six months deposit with the Treasurer of tiie United States lawful money sufficient to redeem all its outstanding circulating notes, and shall thereupon be discharged from all liability therefor, and that the bonds deposited to secure the same shall then be re-assigned to it.] Sec. 8. That national banks now organized or hereafter organized, having a capital of one hundred and fifty thousand dollars, or less, shall not be required to keep on deposit, or de- posit with the Treasurer of the United States, United States bonds in excess of one fourth of their capital stock as security for their circulating note§ ; but such banks shall keep on deposit, or deposit with the Treasurer of the United States, the amount of bonds as herein required. And such of those banks having on deijosit bonds in excess of that amount are authorized to reduce their circulation by the deposit of lawful money as pro- vided by law ; provided, That the amount of such circulating notes shall not in any case exceed ninety per centum of the par value of the bonds deposited as herein provided. . . . Sec. 9. That any national banking association now organ- ized, or hereafter organized, desiring to withdraw its circnlating notes, upon a deposit of lawful money with the Treasurer of the United States, as provided in section four of the act of June twentieth, eighteen hundred and seventy-four, entitled " An act fixing the amount of United States notes, providing for a re- distribution of national-bank currency, and for other purposes," or as provided in thi.s act, is authorized to deposit lawful money and withdraw a proportionate amount of the bonds held as se- curity for its circulating notes iu the order of such deposits ; and no national bank which makes any deposit of lawful money in order to withdraw its circulating notes shall be entitled to receive 222 LIMIT OF CIRCULATING NOTES. [1882. any increase of its circulation for the period of six months from the time it made such deposit of lawful money for the purpose aforesaid : Provided, That not more than three millions of dollars of lawful money shall be deposited during any calendar month for this purpose : And provided further^ That the provisions of this section shall not apply to bonds called for redemption by the Secretary of the Treasury, nor to the withdrawal of circulating notes in consequence thereof. Sec. 10. That upon a deposit of bonds as described by sec- tions fifty-one hundred and fifty-nine and fifty-one hundred and sixty, except as modified by section four of an act entitled " An act fixing the amount of United States notes, providing for a redistribution of the national-bank currency, and for other pur- poses," approved June twentieth, eighteen hundred and seventy- four, and as modified by section eight, of this act, the association making the same shall be entitled to receive from the Comp- troUer of the Currency circulating notes of different denomina- tions, in blank, registered and countersigned as provided by law, equal in amount to ninety per centum of the current market value, not exceeding par, of the United States bonds so trans- ferred and delivered, and at no time shall the total amount of such notes issued to any such association exceed ninety per cen- tum of the amount at such time actually paid in of its capital stock; and the provisions of sections fifty-one hundred and seventy-one and fifty-one hundred and seventy-six of the Re- vised Statutes are hereby repealed. [Sections 5159 and 5160 of the Revised Statutes correspond to section 16 of the Bank Act of 1864, on page 180 , and sections 5171 and 5176 state the limit of circulating notes to be allowed to each bank, as given on pages 199 and 203.] Sec. 11. That the Secretary of the Treasury is hereby authorized to receive at the Treasury any bonds of the United States bearing three and a half per centum interest, and to issue iu exchange therefor an equal amount of registered bonds of the United States of the denominations of fifty, one hundred, five hundred, one thousand, and ten thousand dollars, of sucli form as he may prescribe, bearing interest at the rate of three per 1882.] THREE PER CENT. BONDS. GOLD CERTIFICATES. 223 centum per annum, payable quarterly at the Treasury of the United States. Such bonds shall be exempt from all taxation by or under State authority, and be payable at the pleasure of the United States : Provided^ That the bonds herein authorized shall not be called in and paid so long as any bonds of the United States heretofore issueil bearing a higher rate of interest than three per centum, and which shall be redeemable at the pleasure of the United States, shall be outstanding and uncalled. The last of the said bonds originally issued under this act, and their substitutes, shall be first called in, and this order of payment shall be followed until all shall have been paid. Sec. 12. That the Secretary of the Treasury is authorized and directed to receive deposits of gold coin with the Treasurer or assistant treasurers of the United States, in sums not less than twenty dollars, and to issue certificates therefor in denom- inations of not less than twenty dollars each, corresponding with the denominations of United States notes. The coin deposited for or representing, the certificates of deposits shall be retained in the Treasury for the payment of the same on demand. Said certificates shall be receivable for customs, taxes, and all public dues, and when so received may be reissued ; and such certifi- cates, as also silver certificates, when held by any national banking association, shall be counted as part of its lawful reserve ; and no national banking association shall be a mem- ber of any clearing-house in which such certificates shall not be receivable in the settlement of clearing-house balances: Provided, That the Secretary of the Treasury shall suspend the issue of such gold certificates whenever the amount of gold coin and gold bullion in tlie Treasury, reserved for the redemjition of United States notes falls below one hundred millions of dollars ; and the provisions of section fifty-two hundred and seven of the Revised Statutes shall be applicable to the certificates herein authorized and directed to be issued. Sec. 14. That Congress may at any time amend, alter, or repeal this act and the acts of which this is amendatory. [Approved, July 12, 1882. 22 Statutes at Large, 102] [Section 5207 of the Revised Statutes ia the Act of February 19, 1869, on page 201.] 224 TAXES ON BANKS REDUCED. [1887. 1882-83, Chap. CXXI. — An act to reduce internal-rev e7iue taxation^ and for other purposes. Be it enacted, . . . That the taxes herein specified im- posed by the laws now in force be, and the same are hereby, repealed, as hereinafter provided, namely : On capital and deposits of banks, bankers, and national banking associations, except such taxes as are now due and payable ; and on and after the first day of July, eighteen hundred and eighty-three, the stamp tax on bank checks, drafts, orders, and vouchers, . . . [Approved, March 3, 1883. 22 Statutes at Large, 488.] 1885-86, Chap. LXXIII. — An Act to enable national bank- ing associations to increase their capital stock and to change their names or locations. [This act authorizes any national bank, with the approval of the Comp- troller of the Currency and by the vote of shareholders owning two thirds of its stock, to increase its capital to any sum approved by the Comptroller, to change its name, or to change its place of business to any other within the same State and not more than thirty miles distant. All liabilities, rights, and powers of the bank under its old name devolve upon and inure to it under the new name, and it is not released from any liability, nor shall any proceeding at law to which it is a party be affected, by change of location under this act.] [Approved, May 1, 1886. 24 Statutes at Large, 18.] 1885-86, Chap. DCCCXVIIL — An act to prohibit the pas- sage of local or special laws in the Territories of the United States, to limit Territorial indebtedness, and for other purposes. [Section 5 amends section 1889 of the Revised Statutes, so as to allow any Territory by general act to incorporate " banks of discount and de- posit (but not of issue)."] [Approved, July 30, 1886. 24 Statutes at Large, 170.] 1886-87, Chap. CCCLXXVIIL — An act to amend sections five thousand one hundred and ninety-one and five thousand one hundred and ninety-two of the Mevised Statutes of the United States, and for other purposes. Be it enacted . . . That whenever three-fourths in number of the national banks located in any city of the United States 1887.] RESERVE AND CENTRAL RESERVE CITIES. 225 having a population of fift}- thousand people shall make appli- cation to the Comptroller of the Currency, in writing, asking that the name of the city in which such banks are located shall be added to the cities named in sections, fifty-one hundred and niuet3--one and fifty-one hundred and ninety-two of the Revised Statutes, the Comptroller shall have authority to grant such request, and every bank located in such city shall at all times thereafter have on hand, in lawful money of the United States, an amount equal to at least twenty-five per centum of its de- posits, as provided in sections fifty-one hundred and ninety- one and fifty-one hundred and ninety-five of the Revised Statutes. Sec. 2. That whenever three-fourths in number of the national banks located in any city of the United States hav- ing a population of two hundred thousand people shall make application to the Comptroller of the Currency, in writing, asking that such city may be a central reserve city, like the city of New York, in which one-half of the lawful-money re- serve of the national banks located in other reserve cities may be deposited, as provided in section fifty-one hundred and ninety-five of the Revised Statutes, the Comptroller shall have authorit}-, with the approval of the Secretary of the Treasury, to grant such request, and every bank located in such city shall at all times thereafter have on hand, in lawful money of the United States, twenty-five per centum of its deposits, as provided in section fiftj'-one hundred and ninety-one of the Revised Statutes. Sec. 3. That section three of the act of January fourteenth, eighteen hundred and seventy-five, entitled "An act to pro- vide for the resumption of specie payments, be, and the same is, hereby amended by adding after the words " New York" the words " and the city of San Francisco, California." [Approved, March 3, 1887. 24 Statutes at Large, 559.] [Sections 5191 and 5192 of the Revised Statutes correspond to section 31 of the Bank Act of June 3, 1864, on page 184, and section 6195 corresponds to section 32 of the same Act.] 16 226 TREASURY NOTES FOR SILVER BULLION. [1890. 1889-90, Chap. DCCVIII. — An act directing the purchase of silver bullion and the issue of Treasury notes thereon, and for other purposes. [Sections 1 and 2 of this act authorize tlie issue of Treasury notes in payment for silver bullion, the notes to be redeemable in coin, to be a legal tender for all debts, receivable for customs and public dues, and to be counted by banks as a part of their lawful reserve ; and section 6 pro- vides for covering into the Treasury all moneys held for the redemption of bank notes, except the five per cent, redemption fund required by the act of June 20, 1874, on page 210. The act is given in full below, on page 250.1 [Approved, July 14, 1890. 26 Statutes at Large, 289.] Note. — A part of the above act was repealed by the act approved November 1, 1893, given in full on page 252* below. 1891-92, Chap. LXXI. — An act to authorize a national hank at Chicago, llli7iois, to establish a branch office upon the grounds of the World's Columbian Exposition. [This act provides that any national bank in the city of Chicago, if designated for the purpose by the World's Columbian Exposition and approved by the Comptroller of the Currency, may establish a bank- ing office upon the Exposition grounds as a branch of the bank and with the same restrictions and rights, the branch office not to be operated before July 1, 1892, nor after July 1, 1894.] [Approved, May 12, 1892. 27 Statutes at Large, 33.] 1891-92, Chap. CCCXVII. — An act to amend the national hank act in providing for the redemption of national bank notes stolen from or lost by banks of issue. [This act extends the provisions for the redemption of bank notes to all notes issued to or received by any national bank, although lost or stolen from the bank and put into circulation without tlie signatures or with forged signatures of the bank officers.] [Approved, July 28, 1892. 27 Statutes at Large, 322.] 1894.] TAXATION OF BAXK NOTES AND LEGAL TENDER. 226^ 1893-94, Chap. CCLXXXI. — ^n Act to subject to State taxa- tion national bank notes and United States Treasury notes. [This act provides that national bank notes, legal tender notes, and other notes or certificates of the United States payable on demand and "circulating or intended to circulate as currency and gold, silver or other com," shall be subject to taxation by any State or Territory, as money on hand or on deposit, in the same manner and at the same rate as money or currency circulating as money is thei-e taxed.] [Approved, August 13, 1894. 28 Statutes at Large, 278.] PART III. COINS AND COINAGE. 1789-1896. 1789, Chap. V. — Afi Act to regulate the Collection of the Duties imposed bxj law on the tonnage of ships or ves- sels, and on goods, wares, and merchandises imported into the United States. [Section 30 of this act, fixing the rates at which foreign coins shall be received in payment of duties and fees under this act, is printed above, on page 7. The same rates are repeated in section 56 of the revised collection act of August 4, 1790, 1 Statutes at Large, 173.] [Approved, July 31, 1789. 1 Statutes at Large, 45.] 1791-92, Chap. XVI. — An Act establishing a 3Iint, and regulating the Coins of the United States. Sec. 9. A7id be it further enacted, That there shall be from time to time struck and coined at the said mint, coins of gold, silver, and copper, of the following denominations, values and descriptions, viz. Eagles — each to be of the value of ten dollars or units, and to contain two hundred and forty-seven grains and four-eighths of a grain of pure, or two hundred and seventy grains of standard gold. [Half-eagles and quarter-eagles of corresponding weights and fineness.] Dollars or Units — Each to be of the value of a Spanish milled dollar as the same is now current, and to contain three hundred and seventy-one grains and four-sixteenth parts of a grain of pure, or four hundred and sixteen grains of standard silver. 228 VALUATION OF GOLD AND SILVER- ALLOYu [1792. [Half-dollars, quarter-dollars, dimes, and half-dimes of corresponding weights and fineness, and cents and half-cents of copper.] Sec. 11. And be it further enacted, That the propor- tional value of gold to silver in all coins which shall by law be current as money within the United States, shall be as fifteen to one, according to quantity in weight, of pure gold or pure silver ; that is to say, every fifteen pounds weight of pure silver shall be of equal value in all payments, with one pound weight of pure gold, and so in proportion as to any greater or less quantities of the respective metals. Sec. 12. And be it further enacted, . . . That the stand- ard for all 2fold coins of the United States shall be eleven parts fine to one part alloy ; and accordingly that eleven parts in twelve of the entire weight of each of the said coins shall consist of pure gold, and the remaining one twelfth part of alloy ; and the said alloy shall be composed of silver and copper, in such proportions not exceeding one half silver as shall be found convenient ; to be regulated by the director of the mint, for the time being, with the approbation of the President of the United States, until further provision shall be made b}' law. ... Sec. 13. And be it further enacted. That the standard for all silver coins of the United States, shall be one thousand four hundred and eighty-five parts fine to one hundred and seventy-nine parts alloy ; and accordingly that one thousand four hundred and eighty-five parts in one thousand six hun- dred and sixty-four parts of the entire weight of each of the said coins shall consist of pure silver, and the remaining one hundred and seventy-nine parts of alloy ; which alloy shall be wholly of copper. Sec. 14. And be it further enacted, That it shall be lawful for any person or persons to bring to the said mint gold and silver bullion, in order to their being coined ; and that the bullion so brought shall be there assayed and coined as speedily as may be after the receipt thereof, and that free of expense to the person or persons by whom the same shall have been brought. And as soon as the said bullion shall have been coined, the person or persons by whom the same 1793.] FREE coinage: lawful tendeu. 229 shall have been delivered, shall upon demand receive in lieu thereof coins of the same species of bullion which shall have been so delivered, weight for weight, of the pure gold or pure silver therein contained : Provided nevertheless^ That it shall be at the mutual option of the party or parties bringing such bullion, and of the director of the said mint, to make an im- mediate exchange of coins for standard bullion, with a deduc- tion of one-half per cent, from the weight of the pure gold^ or pure silver contained in the said bullion, as an indemnifica- tion to the mint for the time which will necessarih- be required for coining the said bullion, and for the advance which shall have been so made in coins. . . . Sec. 16. And be it further enacted, That all the gold and silver coins which shall have been struck at, and issued from the said mint, shall be a lawful tender in all payments whatsoever, those of full weight according to the respective values herein before declared, and those of less than full weight at values proportional to their respective weights. Sec. 20. Ajid be it further enacted. That the money of account of the United States shall be expressed in dollars or units, dismes or tenths, cents or hundredths, and milles or thousandths, a disme being the tenth part of a dollar, a cent the hundredth part of a dollar, a mille the thousandth part a dollar, and that all accounts in the public offices and all proceedings in the courts of the United States shall be kept and had in conformity to this regulation. [Approved, April 2, 1792. 1 Statutes at Large, 24G.] 1792-93, Chap. V. — An Act regulating foreign Coins, and for other purposes. Section 1. Be it enacted, . . . That from and after the first day of July next, foreign gold and silver coins shall pass current as money within the United States, and be a legal tender for the payment of all dcl)ts and demands, at the sev- eral and respective rates following, and not otherwise, viz : [The gold coins of Great Britain and Portugal at 100 cents for every 27 grains of weiglit ; gold coins of France, Spain, and the dominions of Spain 230 CURRENCY OF FOREIGN GOLD AND SILVER. [1798. at 100 cents for every 27| grains ; Spanish milled dollars at 100 cents each, the weight being not less than 17 pennyweights and 7 grains, and so for the parts of a dollar ; crowns of France at 110 cents each, the weight being not less than 18 pennyweights and 17 grains, and so for the parts of a crown. But no foreign coin issued after January 1, 1792, shall be a tender until proclamation by the President that it has been found by assay at the Mint to be of the required standard.] Sec. 2. Provided always, and be it further enacted, That at the expiration of three years next ensuing the time when the coinage of gold and silver, agreeably to the act, entitled "An act establishing a mint, and regulating the coins of the United States," shall commence at the mint of the United States, (which time shall be announced by the proclamation of the President of the United States,) all foreign gold coins, and all foreign silver coins, except Spanish milled dollars and parts of such dollars, shall cease to be a legal tender, as aforesaid. [Section 3 provides that, from the time when coining shall begin at the Mint, all foreign gold and silver coins, except Spanish milled dollars and parts thereof, received by the United States, shall be recoined at the Mint. Section 4 repeals from July 1, 1793, section 56 of the collection act of 1790, fixing the rates at which foreign coins shall be received for duties. See above, page 227.] [Approved, February 9, 1793. 1 Statutes at Large, 300.] Note. — The proclamation required by section 2 of the above act was issued July 22, 1797. See 11 Statutes at Large, 755. The collection act of March 2, 1799, provides for the collection of all du- ties and fees in money of the United States or in foreign coins at the rates prescribed by section 1 above ; and also provides that no foreign coins which are not by law a tender for debts sliall be received, except under a proclamation of the President authorizing the same. 1 Statutes at Large, 680. 1797-98, Chap. XI. — An Act supplementary to the act inti- tuled '■'■An Act regxdating Foreign Coins, and for other purposes." Be it enacted, . . . That the second section of an act, inti- tuled " An act regulating foreign coins, and for other purposes," be, and the same is hereby suspended, for and during the space of three years from and after the first da}' of January, 181 C] CUKRKNCY OF FOREIGN GOLD AND SILVEK. 231 cue thousand seven hundred and ninety-eight, and until the end of the next session of Congress thereafter, during which time the said gold and silver coins shall be and continue a legal tender, as is provided in and by the first section of the act aforesaid ; and that the same coins shall thereafter cease to be such tender. [Approved, February 1, 1798. 1 Statutes at Large, 539. ] Note. — By the Act of April 30, 1802, this suspension is continued for three years from tlie end of the present session of Congress. 2 Statutes at Large, 173. 1805-06, Chap. XXII. — A}i Act regulating the currency of foreign coins in the United States. [Section 1 provides that foreign gold and silver coin shall pass current as money and be a legal tender for debt, specifying the same coins as are named in section 1 of the Act of February 9, 1793, and fi.xing the same rates. It is also required that assays shall be made, at least annually, of the coins thus made current and of similar coins subsequently issued, in order that Congress may determine the real value at which such coins should be current. Section 2 repeals section 1 of the act of February 9, 1793, and suspends the operation of section 2 of the same act for three years.] [Approved, April 10, 1806. 2 Statutes at Large, 374.] 1815-16, Chap. CXXXIX. — An Act regulating the currency within the United States^ of the gold coins of Great Britain, France, Portugal and Spain, and the crowns of France, and fii^e- franc pieces. Be it enacted, . . . That from the passage of this act and for three years thereafter, and no longer, the following gold and silver coins shall pass current as money within the United States, and be a legal tender for the payment of all debts and demands, at the several and respective rates following, and not otherwi.se, videlicet: the gold coins of Great Britain and Por- tugal, of their present standard, at the rate of one hundred cents for every seventy [twenty j-seven grains, or eighty-eight cents and eight-ninths per pennyweight ; the gold coins of France, of their present standard, at the rate of one hundred 232 CURRENCY OF FOREIGN GOLD AND SILVER, [1828. cents for every twenty-seven and a half grains, or eighty-seven and a quarter cents per pennyweight ; the gold coins of Spain, at the rate of one hundred cents for every twenty-eight and a half grains, or eighty-four cents per pennyweight ; the crowns of France, at the rate of one hundred and seventeen cents and six-tenths per ounce, or one hundred and ten cents for each crown weighing eighteen pennyweights and seventeen grains ; the five-franc pieces at the rate of one hundred and sixteen cents per ounce, or ninety-three cents and three mills for each five-franc piece, weighing sixteen pennyweights and two grains. Sec. 2. And be it further enacted, That it shall be the duty of the Secretary of the Treasur}- to cause assays of the foregoing gold and silver coins, made current by this act, to be had at the mint of the United States, at least once in every year: and to make report of the result thereof to Congress. [Approved, April 29, 1816. 3 Statutes at Large, 322.J Note. — By the Act approved March 3, 1819, so much of the above Act as relates to foreign gold coins was continued in force until November J, 1819, and so much as relates to foreign silver coins until April 29, 1821. See 3 Statutes at Large, 525. And by acts approved March 3, 1821, and March 3, 1823, the provisions relating to foreign silver coins were further continued in force until March 4, 1827. See ibid., 645, 777. 1822-23, Chap LIIL — An Act moTcing the gold coins of Great Britain, France, Portugal and Spain, receivable in payments on account of public lands. [Section 1 makes the gold coins of Great Britain, France, Portugal and Spain, of tlieir present standard, receivable in all payments on account of public lands, at rates identical with those specified in the Act of April 29, 1816 ; and section 2 makes it the duty of 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. 3 Statutes at Large, 779.] 1827-28, Chap. LXVIL — An Act to continue the mint at the city of Philadelphia, and for other jyurposes. Sec. 2. And be it further enacted. That, for the purpose of securing a due conformity in weight of the coins of the 1834.] STANDARD POUND : FOREIGN SILVER COIN. 233 United States, to the provisions of the ninth section of the act, passed the second of April, one thousand seven hun- dred and ninetv-two, entitled ''An act establishing a mint, and regulating the coins of the United States," the brass troy pound weight procured b}' the minister of the United States at London, in the year one thousand eight hundred and twenty-seven, for the use of the. mint, and now in the custod}' of the director thereof, shall be the standard troy pound of the mint of the United States, conformably to which the coinage thereof shall be regulated. [Approved, May 19, 1828. 4 Statutes at Large, 277.] 1833-34. Chap. LXXI. — A7i Act regulating the value of cer- tain foreign silver coins icit/tin the United States. JBe it enacted., . . . That from and after the passage of this act, the following silver coins shall be of the legal value, and shall pass current as mone}' within the United States, by tale, for the payment of all debts and demands, at the rate of one hundred cents the dollar, that is to sa}-, the dol- lars of Mexico, Peru, Chili, and Central America, of not less weight than four hundred and fifteen grains each, and those re-stamped in Brazil of the like weight, of not less fineness than ten ounces fifteen pennyweights of pure silver, in the troy pound of twelve ounces of standard silver : and the five franc pieces of France, when of not less fineness than ten ounces and sixteen pennyweights in twelve ounces troy weight of standard silver, and weighing not less than three hundred and eighty-four grains each at the rate of ninety- three cents each. Sec. 2. And be it further enacted. That it shall be [the] duty of the Secretary of the Treasury to cause assays of the aforesaid silver coins, made current by this act, to be had at the mint of the United States at least once in every year, and to make report of the result thereof to Congress. [Approved, June 25, 1834. 4 Statutes at Large, 681.] 234 WEIGHT OF GOLD COIN REDUCED. [1834. 1833-34, Chap. XCV. — An Act concerning the gold coins of the United States, and for other purposes. Be it enacted, . . . That the gold coins of the United States shall contain the following quantities of metal, that is to saj' : each eagle shall contain two hundred and thirty-two grains of pure gold, and two hundred and fift3'-eight grains of standard gold ; each half eagle one hundred and sixteen grains of pure gold, and one hundred and twenty-nine grains of standard gold ; each quarter eagle shall contain fiftj'-eight grains of pure gold, and sixt^'-four and a half grains of stand- ard gold ; every such eagle shall be of the value of ten dol- lars ; every such half eagle shall be of the value of five dollars ; and every such quarter eagle shall be of the value of two dol- lars and fifty cents ; and the said gold coins shall be receivable in all pa^^ments, when of full weight, according to their respec- tive values ; and when of less than full weight, at less values, proportioned to their respecti^'e actual weights. Sec. 2. And be it further enacted, That all standard gold or silver deposited for coinage after the thirt3--first of July next, shall be paid for in coin under the direction of the Secretary of the Treasury, within five da3-s from the making of such deposit, deducting from the amount of said deposit of gold and silver one-half of one per centum : Provided, That no deduction shall be made unless said advance be required b}' such depositor within fort}' da3's. Sec. 3. And he it farther enacted, That all gold coins of the United States, minted anterior to the thirty-first day of Jul}' next, shall be receivable in all payments at the rate of ninety-four and eight-tenths of a cent per pennyweight. [Approved, June 28, 1834. 4 Statutes at Large, 699] 1833-34, Chap. XCVI. — An Act regulating the value of cer- tain foreign gold coins within the United States. Be it enacted, . . . That, from and after the thirty-first day of July next, the following gold coins shall pass as cur- rent as money within the United States, and be receivable in all payments, by weight, for the payment of all debts 1837.] ALLOY : STANDARD WKIGIIT OF COINS. 235 and demands, at the rates following, that is to say ; the gold coins of Great Britain, Portugal, and Brazil, of not less than twent3--two carats fine, at the rate of ninety-four cents and eight-tenths of a cent per pennyweight ; the gold coins of France nine-tenths fine, at the rate of ninety-three cents and one-tenth of a cent per pennyweight ; and the gold coins of Spain, Mexico, and Colombia, of the fineness of twenty carats three grains and seven-sixteenths of a grain, at the rate of eighty-nine cents and nine-tenths of a cent per pennyweight. Sec. 2. And be it further eyiacted, That it shall be the duty of the Secretary of the Treasurj* to cause assays of the aforesaid gold coins, made current by this act, to be had at the mint of the United States, at least once in ever}' year, and to make a report of the result thereof to Congress. [Approved, June 28, 1834. 4 Statutes at Large, 700.] "o* 1836-37, Chap. III. — Ail Act supplemmtary to the act en- titled "Ati act establishing a tnint, a7id regulating the coins of the United States." Sec. 8. And be it further enacted., That the standard for both gold and silver coins of the United States shall hereafter be such, that of one thousand parts bj' weight, nine hundred shall be of pure metal, and one hundred of alloy ; and the alio}' of the silver coins shall be of copper ; and the alloy of the gold corns shall be of copper and silver, provided that the silver do not exceed one-half of the whole alloy. Sec. 9. And be it further enacted., That of the silver coins, the dollar shall be of the weight of four hundred and twelve and one-half grains ; the half dollar of the weight of two hun- dred and six and one-fourth grains ; the quarter dollar of the weight of one hundred and three and one-eighth grains ; the dime, or tenth part of a dollar, of the weight of forty -one and a quarter grains ; and the half dime, or twentieth part of a dollar, of the weight of twenty grains, and five-eighths of a grain. And that dollars, half dollars, and quarter dollars. 236 GOLD COINS AND LEGAL TENDER. [1843. dimes, and half dimes, sliall be legal tenders of payment, according to their nominal value, for any sums whatever. Sec. 10. A7id be it further enacted, That of the gold coins, the weight of the eagle shall be two hundred and fifty -eight grains ; that of the half eagle one hundred and twenty-nine grains ; and that of the quarter eagle sixty-four and one- half grains. And that for all sums whatever, the eagle shall be a legal tender of payment for ten dollars ; the half eagle for five dollars ; and the quarter eagle for two and a half dollars. Sec. 11. And be it further enacted. That the silver coins heretofore issued at the mint of the United States, and the gold coins issued since the thirty-first day of July, one thou- sand eight hundred and thirty-four, shall continue to be legal tenders of payment for their nominal values, on the same terms as if they were of the coinage provided for by this act. [Sections 14-19 provide that gold and silver bullion brought to tiie Mint shall be received and coined for the benefit of the depositor, and that the only subjects of charge to him shall be for refining, toughening, and separating, and for metal used for alloy, the rate of charge being fixed from time to time so as not to exceed the actual expense incurred. For the net amount of the deposit a certificate shall be given, payable in coins of the same metal as the deposit. Sections 30 and 31 require that when the coins which are the equivalent to any deposit of bullion are ready for dehvery they shall be paid over, payment being made to de- positors in the order of priority of deposit. And to enable the Mint to make returns to depositors with as little delay as possible, it is made the duty of the Secretary of the Treasury to keep in the Mint, when practi- cable, a deposit not exceeding one million dollars, out of which the value of bullion brought to the Mint may be paid as soon as ascertained; but no discount or mterest is to be charged on mone3'9 so advanced.] [Approved, January 18, 1837. 5 Statutes at Large, 136.] 1842-43, Chap. LXIX. — An Act regidating the currency of foreign gold and silver coins in the United States. Be it enacted, . . . That from and after the passage of this act, the following foreign gold coins shall pass current as money within the United States, and be receivable, by weight, for the payment of all debts and demands, at the rates fol- lowing, that is to say : the gold coins of Great Britain, of not 1850.] FOREIGN GOLD AND SILVER COINS. 237 less than nine hundred and fifteen and a half thousandths in fineness, at ninety-four cents and six-tenths of a cent per pennyweight ; and the gold coins of France, of not less than eight hundred and ninetv-nine thousandths in fineness, at ninety-two cents and nine-tenths of a cent per pennyweight. Sec. 2. And be it further enacted, That from and after the passage of this act, the following foreign silver coins shall pass current as mone}' within the United States, and be re- ceivable by tale, for the payment of all debts and demands, at the rates following, that is to say : the Spanish pillar dol- lars, and the dollars of Mexico, Peru, and BoUvia, of not less than eight hundred and ninety-sev^en thousandths in fineness, and four hundred and fifteen grains in weight, at one hundred cents each ; and the five franc pieces of France, of not less than nine hundred thousandths in fineness, and three hundred and eighty-four grains in weight, at ninety-three cents each. Sec. 3. And be it further enacted. That it shall be the duty of the Secretary of the Treasury to cause assays of the coins made current b}' this act to be had at the mint of the United States, at least once in every year, and to make report of the result thereof to Congress. [Approved, March 3, 1843. 5 Statutes at Large, 607.] 1848-49, Chap. CIX. — An Act to authorize the Coinage of Gold Dollars and Double Eagles. [This act autliorizes the coinage of gold dollars and double eagles " conformably in all respects to the standard for gold coins now estab- lished by law," and to be a legal tender in payment for all sums.] [Approved, March 3, 1849. 9 Statutes at Large, 397.] 1849-50, Chap. XII. — An Act supplementary to the Act entitled '■'An Act supplementary to the Act entitled ' Ati Act establishing a 3Iint, and regulating the Coins of the United States.'" Be it enacted, . . . That, for the purpose of enabling the mint and branch mints of the United States to make returns to depositors with as little delay as possible, it shall be lawful 238 WEIGHT OF SUBSIDIARY COINS. [1853. for the President of the United States, when the state of the treasury shall admit thereof, to direct transfers to be made from time to time to the mint and branch mints for such sums of public money as he shall judge convenient and necessary, out of which those who bring bullion to the mint may be paid the value thereof, as soon as practicable after this value has been ascertained ; that the bullion so deposited shall become the property of the United States ; that no discount or inter- est shall be charged on money so advanced ; and that the Secretary of the Treasury may at any time withdraw the said deposite, or any part thereof, or ma}', at his discretion, allow the coins formed at the mint to be given for their equivalent in other mone}'. ... [Approved, May 23, 1850. 9 Statutes at Large, 436.] 1852-3, Chap. LXXIX. — Aji Act amendatory of Existing Laws relative to the Half Dollar, Quarter Dollar, Dime, and Half Dime. Be it enacted, . . . That from and after the first day of June, eighteen hundred and fifty-two [three] , the weight of the half dollar or piece of fifty cents shall be one hundred and ninety-two grains, and the quarter dollar, dime, and half dime, shall be, respectively, one half, one fifth, and one tenth of the weight of said half dollar. Sec. 2. And he it further enacted. That the silver coins issued in conformity with the above section, shall be legal tenders in payment of debts for all sums not exceeding five dollars. Sec. 3. And he it further enacted. That in order to pro- cure bullion for the requisite coinage of the subdivisions of the dollar authorized by this act, the Treasurer of the Mint shall, with the approval of the Director, purchase such bullion with the bullion fund of the mint. He shall charge himself with the gain arising from the coinage of such bullion into coins of a nominal value exceeding the intrinsic value thereof, and shall be credited with the difference between such in- trinsic value and the price paid for said bullion, and with the 1853.] PROFIT THEREOF AND MODE OF ISSUE. 239 expense of distributing said coins as hereinafter provided. The baUinces to his credit, or the profit of said coinage, shall be, from time to time, on a warrant of the Director of the mint, transferred to the account of the Treasury of the United States. Sec. 4. And be it further enacted. That such coins shall be paid out at the mint, in exchange for gold coins at par, in sums not less than one hundred dollars ; and it shall be law- ful, also, to transmit parcels of the same from time to time to the assistant treasurers, depositaries, and other officers of the United States, under general regulations, proposed by the Director of the Mint, and approved by the Secretary of the Treasury : Provided, hoivever. That the amount coined into quarter dollars, dimes, and half dimes, shall be regulated by the Secretary of the Treasury. " Sec. 5. And be it further enacted, That no deposits for coinage into the half dollar, quarter dollar, dime, and half dime, shall hereafter be received, other than those made by the Treasurer of the Mint, as herein authorized, and upon account of the United States. [Section 6 provides that when gold or silver is deposited for coinage, there shall be a charge to tlie depositor, in addition to the charge for refining or parting the metals, of one half of one per centum, this provi- sion not applying to silver coined into the subdivisions of the dollar.] Sec. 7. And be it further enacted. That from time to time there shall be struck and coined at the Mint of the United States, and the branches thereof, conformably in all respects to law, and conformably in all respects to the standard of gold coins now established by law, a coin of gold of the value of three dollars, or units. . . . [Approved, February 21, 1853. 10 Statutes at Large, 160 1852-53, Chap. XCVII. — An Act making Appropriations for the Civil and diplomatic Expeiises of Gooernmcnt for the year ending the thirtieth of June, eighteen hun- dred and fifty four. [Section 10 provides lor the establishment of an Assay Office in the city of New York.] 240 SPANISH AND MEXICAN SILVER COINS. [1857. Sec. 11. Afid be it further enacted, That the owner or owners of any gold or silver bullion, in dust or otherwise, or of any foreign coin, shall be entitled to deposite the same in the said office, and the Treasurer thereof sliall give a receipt, stating the weight and description thereof, in the manner and under the regulations that are or may be pro- vided in like cases or deposits at the Mint of the United States with the Treasurer thereof. And such bullion shall, without delay, be melted, parted, refined, and assayed, and the net value thereof, and of all foreign coins deposited in said office, shall be ascertained; and the Treasurer shall thereupon forthwith issue his certificate of the net value thereof, payable in coins of the same metal as that deposited, either at the office of the Assistant Treasurer of the United States, in New York, or at the Mint of the United States, at the option of the depositor, to be expressed in the certificate, which certificates shall be receivable at any time within sixty days from the date thereof in payment of all debts due to the United States at the port of New York for the full sum therein certified. ... [Approved, March 3, 1853. 10 Statutes at Large, 212.] 1856-57, Chap. LVI. — An Act relathiff to Foreign Coins and to the Coinage of Cents at the Mint of the United States. Be it enacted, . . . That the pieces commonly known as the quarter, eighth, and sixteenth of the Spanish pillar dollar, and of the Mexican dollar, shall be receivable at the treasury of the United States, and its several offices, and at the sev- eral post-offices and land -offices, at the rates of valuation fol- lowing, — that is to say, the fourth of a dollar, or piece of two reals, at twenty cents ; the eighth of a dollar, or piece of one real, at ten cents ; and the sixteenth of a dollar, or half real, at five cents. [Section 2 provides that the said coins, when so received, shall not be paid out again, but shall be recoined at the Mint, and that the expenses of transmission and recoinage " shall be charged against the account of silver profit and loss."] 1873,] COINAGE ACTS REVISED. 241 Sec. 3. And be it further enacted. That all former acts authorizing the currency of foreign gold or silver coins, and declaring the same a legal tender in payment for debts, are hereby repealed ; but it shall be the duty of the director of the mint to cause assays to be made, from time to time, of such foreign coins as may be known to our commerce, to determine their average weight, fineness, and value, and to embrace in his annual report a statement of the results thereof [Approved, February 21, 1857. 11 Statutes at Large, 163.] Note. — Section 3566 of the Revised Statutes of 1874 provides that " all foreign gold and silver coins received in payment for moneys due to the United States shall, before being issued in circulation, be coined anew. 1872-73, Chap. CXXXI. — An Act revising and amending the Laics relative to the Hints, Assay-offices, a?id Coin- age of the United States. Sec. 13. That the standard for both gold and silver coins of the United States shall be such that of one thousand parts by weight nine hundred shall be of pure metal and one hun- dred of alloy ; and the alloy of the silver coins shall be of copper, and the alloy of the gold coins shall be of copper, or of copper and silver ; but the silver shall in no case exceed one tenth of the whole alloy. Sec. 14. That the gold coins of the United States shall be a one-dollar piece, which, at the standard weight of twenty- five and eight-tenths grains, shall be the unit of value; a quarter-eagle, or two-and-a-half dollar piece ; a three-dollar piece ; a half-eagle, or five-dollar piece ; an eagle or ten-dollar piece ; and a double eagle, or twenty-dollar piece. And the standard weight of the gold dollar shall be twenty-five and eiglit-tenths grains ; of the quarter-eagle, or two-and-a-half dollar piece, sixty-four and a half grains ; of the tlHve-dollar piece, seventy-seven and four-tenths grains ; of the hall-eagle, or five-dollar piece, one hundred and twenty-nine grains ; of the eagle, or ten dollar piece, two hundred and fifty-eight grains; of the double-eagle, or twenty-dollar piece, five hun- 10 242 SILVER COINS ENUMERATED. [1873. dred and sixteen grains ; which coins shall be a legal tender in all payments at their nominal value when not below the standard weight and limit of tolerance provided in this act for the single piece, and, when reduced in weight, below said standard and tolerance, shall be a legal tender at valuation in proportion to their actual weight ; and any gold coin of the United States, if reduced ni weight by natural abrasion not more than one-half of one per centum below the standard weight prescribed by law, after a circulation of twenty ^^ears, as shown by its date of coinage, and at a ratable proportion for any period less than twent}' years, shall be received at their nominal value by the United States treasur}^ and its offices, under such regulations as the Secretary- of the Treas- ury may prescribe for the protection of the government against fraudulent abrasion or other practices ; and an}' gold coins in the treasury of the United States reduced in weight below this limit of abrasion shall be recoined. Sec. 15. That the silver coins of the United States shall be a trade-dollar, a half-dollar, or fifty cent piece, a quarter- dollar, or twenty-five cent piece, a dime, or ten-cent piece ; and the weight of the trade-dollar shall be four hundred and twenty grains troy ; the weight of the half-dollar shall be twelve grams (grammes) and one-half of a gram, (gramme) ; the quarter-dollar and the dime shall be respectivel}*, one-half and one-fifth of the weight of said half-dollar ; and said coins shall be a legal tender at their nominal value for any amount not exceeding five dollars in any one pa3'ment. Sec, 16. That the minor coins of the United States shall be a five-cent piece, a three-cent piece, and a one-cent piece, and the alloy for the five and three-cent pieces shall be of copper and nickel, to be composed of three-fourths copper and one-fourth nickel, and the alio}' of the one-cent piece shall be ninety-five per centum of copper and five per centum of tin and zinc, in such proportions as shall be determined by the director of the mint. The weight of the piece of five cents shall be sevent3'-seven and sixteen hundredths grams, troy ; of the three-cent piece, thirty grains ; and of the one- cent piece, forty-eight grains; which coins shall be a legal 1873.] COINAGE OF TRADE-DOLLARS. 243 tender, at their nomiual value, for any amount not exceedino- tweut3'-five cents in any one payment. Sec. 17. Tliat no coins, eitlier of gold, silver, or minor coinage, shall hereafter be issued from the mint other than tiiose of the denominations, standards, and weights herein set forth. Sec. 21. That any owner of silver bullion may deposit the same at any mint, to be formed into bars, or into dollars of the weight of four hundred and twenty grains, troy, designated in this act as trade-dollars, and no deposit of silver for other coinage shall be received ; but silver bullion contained in gold deposits, and separated therefrom, may be paid for in silver coin, at such valuation as may be, from time to time, estab- lished by the director of the mint. Sec. 25. That the charge for converting standard gold bul- lion into coin shall be one-fifth of one per centum ; and the charges for converting standard silver into trade-dollars, for melting and refining when bullion is below standard, for tough- ening when metals are contained in it which render it unfit for coinage, for copper used for alloy when the bullion is above standard, for separating the gold and silver when these metals exist together in the bullion, and for the preparation of bars, shall be fixed, from time to time, by the director, with the concurrence of the Secretary of the Treasury, so as to equal but not exceed, in their judgment, the actual average cost to each mint and assay-office of the material, labor, wastage, and use of raachinerv cmplo3-ed in each of the cases aforementioned. [Approved, February 12, 1873. 17 Statutes at Large, 424.] Note. — By an Act approved Marcli 3, 1875, the coinage of a twenty- cent piece, in conformity with the provisions made as to other subsidiary silver coins, was authorized. See 18 Statutes at Large, part 3, 478. This act was repealed May 2, 1878. 20 ibid., 47 1872-73, Chap CCLXVIIL — An Act to establish the CHStom- house Value of the Sovereign or Potuid sterling of Great Britain^ and to fix the Par of Exchange. Be it enacted, . . . Tiiat the value of foreign coin as ex- pressed in the money of account of the United States shall be 244 PAR OF STERLING EXCHANGE. [1874. that of the pui'e metal of such coin of standard value ; and the values of the standard coins in circulation of the various nations of the world shall be estimated annuall}' by the di- rector of the mint, and be proclaimed on the first da}- of Jan- uary by the Secretary of the Treasur}'. Sec. 2. That in all payments b^' or to the treasury, whether made here or in foreign countries, where it becomes necessary to compute the value of the sovereign or pound sterling, it shall be deemed equal to four dollars eightj'-six cents and six and one-half mills, and the same rule shall be applied in ap- praising merchandise imported where the value is, by the in- voice, in sovereigns or pounds sterling, and in the construction of contracts payable in sovereigns or pounds sterling ; and this valuation shall be the par of exchange between Great Britain and the United States ; and all contracts made after the first day of January, eighteen hundred and seventy-four, based on an assumed par of exchange with Great Britain of fifty-four pence to the dollar, or four dollars forty-four and four-ninth cents to the sovereign or pound sterling, shall be null and void. Sec. 3. That all acts and parts of acts inconsistent with these provisions be, and the same are hereb}-, repealed. [Approved, March 3, 1873. 17 Statutes at Large, 602.] Note. — For previous determinations of tlie value of the pound sterling see the acts of July 14, 1832, 4 Statutes at Large, 593, and July 27, 1842, 5 ibid., 496. 1873-74. — Revised Statutes of the United States : Title XXXIX., Legal Tender. Sec. 3584. No foreign gold or silver coins shall be a legal tender in pa^'ment of debts. Sec. 3585. The gold coins of the United States shall be a legal tender in all payments at their nominal value when not below the standard weight and limit of tolerance provided by law for the single piece, and, when reduced in weight below such standard and tolerance, shall be a legal tender at valua- tion in proportion to their actual weight. Sec. 3586. The silver coins of the United States shall be a 1876.] SPECIE UESL'MPTION : ISSUE OF SILVER COIN. 245 legal tender at their nominal value for an}- amount not exceed- ing five dollars in any one payment. [By section 2 of the joint resolution of July 22, 187G, the trade dollar ceased to be a legal tender, and by section 1 of the Act of February 28, 1878, the standard silver dollar became a legal tender without limit of amount. See below, page 246.] Sec. 3587. The minor coins of the United States shall be a leo-al tender, at their nominal value for any amount not exceed- ing twenty-five cents in any one payment. [Approved, June 22, 1874. Revised Statutes, 712.] Note. — An Act of June 22, 1874, authorizes the Secretary of the Treasury to exchange gold mint bars for coin certificates or gold coins, at not less than par nor less than market value. 18 Statutes at Large, part 3, 202. 1874-75, Chap. KV. — A?i Act to provide for the resumption of specie p>ayments. [For sections 1 and 2 of this act, providing for the coinage of small silver coins and their issue in redemption of fractional currency, and for the discontinuance of the charge made for coining gold bullion, see ante, page 214.] [Approved, January 14, 1875. 18 Statutes at Large, part 3, 290.] 1875-76, Resolution No. XVII. — Joint Eesolution for the Issue of silver coin. Resolved, . . . That the Secretary of the Treasury, under such limits and regulations as will best secure a just and fair distribution of the same through the country, may issue the silver coin at any time in the Treasury to an amount not ex- ceeding ten million dollars, in exchange for an equal amount of legal-tender notes ; and the notes so received in exchange shall be kept as a special fund separate and apart from all other money in the Treasury, and be reissued only upon the retirement and destruction of a like sum of fractional currency received at the Treasury in payment of dues to the United States; and said fractional currency, when so sul)stituti-d, shall be destroyed and held as part of the sinking fund, as provided in the act approved April seventeen, eighteen hiui- dred and seventy-six. 246 COINAGE OF THE STANDARD SILVER DOLLAR. [1878. [Under section 3 of the Act of June 21, 1879, making appropriations for legislative, executive, and judicial expenses, in order to provide for the speedy payment of arrearages of pensions, the Secretary of the Treas- ury is directed to issue immediately in payment thereof, the legal-tender notes held as a special fund under the authority given above, and it is further provided that " fractional currency presented for redemption shall be redeemed in any moneys in the Treasury not otherwise appropriated." See 21 Statutes at Large, 30.] Sec. 2. That the trade dollar shall not hereafter be a legal tender, and the Secretary of the Treasury is hereby authorized to limit from time to time, the coinage thereof to such an amount as he may deem sufficient to meet the export demand for the same. Sec. 3. That in addition to the amount of subsidiary silver coin authorized by law to be issued in redemption of the frac- tional currency it shall be lawful to manufacture at the several mints, and issue through the Treasury and its several offices, such coin, to an amount, that, including the amount of sub- sidiary silver coin and of fractional currency outstanding, sliall, in the aggregate, not exceed, at any time, fifty million dollars. [Section 4 authorizes the Secretary of the Treasury to purchase bullion for the purposes of this resolution, and requires any gain arising from the coinage thereof to be paid into the Treasury.] [Approved, July 22, 1876. 19 Statutes at Large, 215.] 1877-78, Chap. XX. — An Act to autJwrize the coinage of the standard silver dollar, and to restore its legal- tender character. Be it enacted, . . . That there shall be coined, at the sev- eral mints of the United States, silver dollars of the weight of four hundred and twelve and a half grains Troy of standard silver, as provided in the act of January eighteenth, eighteen hundred thirty-seven, on which shall be the devices and super- scriptions provided by said act ; which coins together with all silver dollars heretofore coined by the United States, of like weight and fineness, shall be a legal tender, at their nominal value, for all debts and dues public and private, except where otherwise expressly stipulated in the contract. And the Sec- 1878.] INTERNATIONAL MONETARY CONFERENCE.' 247 retar}' of the Treasury is authorized and directed to purchase, from time to time, silver bullion, at the market price thereof, not less than two million dollars worth per month, nor more than four million dollars worth per month, and cause the same to be coined monthly, as fast as so purchased, into such dol- lars ; and a sum sufficient to cany out the foregoing provision of this act is hereby appropriated out of any money in the Treasur}' not otherwise appropriated. And an^- gain or seign- iorage arising from this coinage shall be accounted for and paid into the Treasury, as provided under existing laws rela- tive to the subsidiary coinage : Provided, That the amount of mone}' at any one time invested in such silver bullion, ex- clusive of such resulting coin, shall not exceed five million dollars : And provided further, That nothing in this act shall be construed to authorize the payment in silver of certificates of deposit issued under the provisions of section two hundred and fift^'-four of the Revised Statutes. [The provisions of section 254 of the Revised Statutes are contained in section 5 of the act of March 3, 1863, on page 17(3.] < Sec. 2. That immediately after the passage of this act, the President shall invite the governments of the countries com- posing the Latin Union, so called, and of such other European nations as he ma}- deem advisable, to join the United States in a conference to adopt a common ratio between gold and silver, for tlie purpose of establishing, international!}', Ihe use of bi-metallic money, and securing fixity of relative value be- tween those metals ; such conference to be held at such place, in Europe or in the United States, at such time within six months, as may be mutually agreed upon by the executives of the governments joining in the same, whenever the govern- ments so invited, or any three of them, shall have signified their willingness to unite in the same. The President shall, by and with the advice and consent of the Senate, appoint three commissioners, who shall attend such conference on behalf of the United States, and shall report the doings thereof to the President, who shall trans- mit the same to Congress. 248 SILVER CERTIFICATES. [1879. Said commissioners shall each receive the sum of twenty- five hundred dollars and their reasonable expenses, to be approved by the Secretary of State ; and the amount neces- sary to pay such compensation and expenses is hereby ap- propriated out of any money in the Treasury not otherwise appropriated. Sec. 3. That any holder of the coin authorized by this act may deposit the same with the Treasurer or any assistant treasurer of the United States, in sums not less than ten dol- lars, and receive therefor certificates of not less than ten dollars each, corresponding with the denominations of the United States notes. The coin deposited for or representing the certificates shall be retained in the Treasury for the payment of the same on demand. Such certificates shall be receivable for customs, taxes, and all public dues, and, when so received, ma}- be reissued. [By tlie Act of August 4, 1886, making appropriations for sundry civil expenses for tlie fiscal year 1887, the issue of silver certificates in de- nominations of one, two, and five dollars is required, the certificates to be receivable, Redeemable, and payable as is provided in the above section, and, upon the presentation of those of larger .denominations, to be issued in lieu thereof. 24 Statutes at Large, 227] Sec. 4. All acts and parts of acts inconsistent with the provisions of this act are hereby repealed. Note. — The above act having been returned by the President of the Unitfed States, with his objections, to the House of Representatives, February 28, 1878, was passed by both Houses, and became a law on the same day. [20 Statutes at Large, 25.] 1879, Chap. XII. — An Act to j^rovide for the exchange of suhsidiary coins for laioful money of the United States under certain circumstances^ and to make such coins a legal tender in all sums not exceeding ten dollars, and for other purposes. Be it enacted, . . . That the holder of any of the silver coins of the United States of smaller denominations than one dollar, may, on presentation of the same in sums of twenty 1887.] TKAUE-DOLLARS RETIRED. 249 dollars, or am^ multiple thereof, at the office of the Treasurer or any assistant treasurer of the United States, receive therefor lawful money of the United States. Sec. 2. The Treasurer or any assistant treasurer of the United States who may receive any coins under the provision of this act shall exchange the same in sums of twenty dol- lars, or any multiple thereof, for lawful money of the United States, on demand of any holder thereof Sec. 3. That the present silver coins of the United States of smaller denominations than one dollar shall hereafter be a legal tender in all sums not exceeding ten dollars m full pay- ment of all dues public and private. Sec. 4. That all laws or parts of laws in conflict with this act be, and the same are hereby, repealed. [Approved, June 9, 1879. 21 Statutes at Large, 7.] 1881-82, Chap. CXC. — An Act to authorize the receipt of ignited /States gold coin in exchange for gold bars. Be it enacted^ . . . That the superintendents of the coin- age mints, and of the United States assay-office at New York, are hereby authorized to receive United States gold coin from any holder thereof in sums not less than five thousand dol- lars, and to pay and deliver in exchange therefor gold bars in value equalling such coin so received. [Approved, May 26, 1882. 22 Statutes at Large, 07] 1886-87, Chap. CCCXCVI. — An Act for the retirement and recoitiage of the trade-dollar. Be it enacted, . . . That for a period of six months after the passage of this act, United States trade-dollars, if not defaced, mutilated, or stami^ed, shall be received at tlio office of the Treasurer, or any assistant-treasurer of the United States in exchange for a like amount, dollar for dollar, of standard silver dollars, or of subsidiary coins of the United States. Sec. 2. That the trade-dollars received by, paid to, or deposited with the Treasurer or any assistant treasurer or 250 PURCHASES OF SILVER BULLION. [1890. national depositary of the United States shall not be paid out or in any other manner issued, but, at the expense of the United States, shall be transmitted to the coinage mints and reeoined into standard silver dollars or subsidiary' coin, at the discretion of the Secretarj* of the Treasury : Provided ; That the trade-dollars reeoined under this act shall not be counted as part of the silver bullion required to be purchased and corned into standard dollars as required b}' the act of February twenty-eighth, eighteen hundred and seventy-eight. Sec. 3. That all laws and parts of laws authorizing the coinage and issuance of United States trade-dollars are hereby repealed. Received by the President, February 19, 1887. [Note by the Department of State. — The foregoing act having been presented to the President of the United States for his approval, and not having been returned by him to the house of Congress in which it originated within the time prescribed by the Constitution of tlie United States, has become a law without his approval.] [24 Statutes at Large, 634.] 1889-90, Chap. DCCVIII. — An Act directing the purchase of silver btdlion and the issue of Treasury notes thereon, and for other purj^oses. Be it enacted, . . . Tliat the Secretary of the Treasury is hereb}- directed to purcliase, from time lo time, silver bullion to the aggregate amount of four million five hundred thousand ounces, or so much thereof as may be offered in each month, at the market price thereof, not exceeding one dollar for three hundred and sevent3'-one and twenty-five hundredths grains of pure silver, and to issue in payment for such purchases of silver bullion Treasury notes of the United States to be pre- pared by the Secretar}- of the Treasury, in such form and of such denominations, not less than one dollar nor more than one thousand dollars, as he may prescribe, and a sura sufficient to carry into effect the provisions of this act is hereby appro- priated out of any money in the Treasuiy not otherwise appropriated. Sec. 2. That the Treasury notes issued in accordance with 1890.] TllEASURY KOTES TO BE ISSUED THEKEKOR. 251 the provisions of this act shall be redeemable on demand, in coin, at the Treasury of the United States, or at the otllce of any assistant treasurer of the United States, and wlien so re- deemed may be reissued ; but no greater or less amount of such notes shall be outstanding at any time than tlie cost of the silver bullion and the standard silver dollars coined there- from, then held in the Treasury purchased by such notes ; and such Treasury notes shall be a legal tender in payment of all debts, public and private, except where otherwise expressly stipulated in the contract, and shall be receivable for customs, taxes, and all public dues, and when so received may be re- issued ; and such notes, when held by any national banking association, may be counted as a part of its lawful reserve. That upon demand of the holder of any of the Treasury notes herein provided for the Secretary of the Treasury shall, under such regulations as he may prescribe, redeem such notes in gold or silver coin, at his discretion, it being the established policy of the United States to maintain the two metals on a parity with each other upon the present legal ratio, or such ratio as may be provided by law. Sec. 3. That the Secretary of the Treasury shall each month coin two million ounces of the silver bullion purchased under the provisions of this act into standard silver dollars until the first day of July eighteen hundred and ninety-one, and after that time he shall coin of the silver bullion purchased under the provisions of this act as much as may be necessary to provide for the redemption of the Treasury notes herein pro- vided for, and any gain or seigniorage arising from such coin- age shall be accounted for and paid into the Treasury. Sec. 4. That the silver bullion purchased under the provis- ions of this act shall be subject to the requirements of existing law and the regulations of the mint service governing the methods of determining the amount of pure silver contained, and the amount of charges or deductions, if any, to be made. Sec. 5. That so much of the act of February twenty-eighth, eighteen hundred and seventy-eiglit, entitled "An act to au- thorize the coinage of the standard silver dollar and to restore its legal-tender character," as requires the monthly purchase 252 REDEMPTION OF NATIONAL BANK NOTES. [1890. and coinage of the same into silver dollars of not less than two million dollars, nor more than four million dollars worth of silver bullion, is hereb}' repealed. Sec. 6. That upon the passage of this act the balances standing with the Treasurer of the United States to the re- spective credits of national banks for deposits made to redeem the circulating notes of such banks, and all deposits thereafter received for like purpose, shall be covered into the Treasury as a miscellaneous receipt, and the Treasury of the United States shall redeem from the general cash in the Treasury the circulating notes of said banks which ma}' come into his pos- session subject to redemption ; and upon the certificate of the Comptroller of the Currenc}' that such notes have been re- ceived by him and that they have been destroyed and that no new notes will be issued in their place, reimbursement of their amount shall be made to the Treasurer, under such regulations as the Secretarj' of the Treasuiy ma}- prescribe, from an ap- propriation hereb}' created, to be known as National bank notes : Eedemption account, but the provisions of this act shall not apply to the deposits received under section three of the act of June twentieth, eighteen hundred and seventj-four, requiring eveiy National bank to keep in lawful money with the Treasurer of the United States a sum equal to five per centum of its circulation, to be held and used for the redemp- tion of its circulating notes ; and the balance remaining of the deposits so covered shall, at the close of each month, be re- ported on the monthly pubUc debt statement as debt of the United States bearing no interest. Sec. 7. That this act shall take effect thirty days from and after its passage. [Approved, July 14, 1890. 26 Statutes at Large, 289.] 1889-90, Chap. DCCCCXLV. — An Act to discontinue the coinage of the three-dollar and one-dollar gold pieces and three-cent nickel piece. [Approved, September 26, 1890. 26 Statutes at Large, 485.] 1891.] EXCHANGE OF GOLD BARS FOR COIN. 252' 1890-91, Chap. DLXI. — -4?i Act making approj^riations for (he legislative, executive^ and judicial expenses of the Government for the fiscal year ending June thirtieth, eighteen hundred and ninety-tico, and for other purjyoses. Sec. 3. That an act to authorize the receipt of United States gold coin in exchange for gold bars, approved May twenty-sixth, eighteen hundred and eighty-two, be amended to read as follows : "That the superintendents of the coinage mints and of the United States assay office at New York may, with the ap- proval of the Secretary of the Treasury, but not otherwise, receive United States gold coin from any holder thereof in sums of not less than five thousand dollars, and pay and deliver in exchange therefor gold bars in value equaling such coin so received : Provided, That the Secretary of the Treasury may impose for such exchange a charge which in his judgment shall equal the cost of manufacturing the bars." [Approved, March 3, 1891. 26 Statutes at Large, 948.] 1893, Chap. VIII. — An Act to repeal a part of an act ap- proved Jidy fourteenth, eighteen hundred and ninety, entitled ^'An Act directing the purchase of silver bullion and the issue of Treasury notes thereon, and for other purposes.^^ Be it enacted . . . That so much of the act approved July fourteenth, eighteen hundred and ninety, entitled " An act directing the purchase of silver bullion and issue of Treasury notes thereon, and for other purposes," as directs the Secretary of the Treasury to purchase from time to time silver bullion to the aggregate amount of four million five hundred thousand ounces, or so much thereof as may be offered in each month at the market price thereof, not exceeding one dollar for three hundred and seventy-one and twenty-five one-hundredths grains of pure silver, and to issue in payment for such purchases 252^* SILVER PURCHASES REPEAL ACT. 1893.] Treasury notes of the United States, be, and the same is hereby, repealed. And it is hereby declared to be the policy of the United States to continue the use of both gold and silver as standard money, and to coin both gold and silver into money of equal intrinsic and exchangeable value, such equality to be secured through international agree- ment, or by such safeguards of legislation as will insure the maintenance of the parity in value of the coins of the two metals, and the equal power of every dollar at all times in the markets and in the payment of debts. And it is hereby further declared that the efforts of the Government should be steadily directed to the establishment of such a safe system of bimetallism as will maintain at all times the equal power of every dollar coined or issued by the United States, in the markets and in the payment of debts. [Approved, November 1, 1893. 28 Statutes at Large, 4.] PART IV. VETOED BILLS AND OTHER DOCUMENTS. Resolves of the Confederation respecting Coinage. July 6, 1785. Hesolved, That the money unit of the United States of America be one dollar. Resolved., That the smallest coin be of copper, of which 200 shall pass for one dollar. Resolved, That the several pieces shall increase in a deci- mal ratio. [Journal of Congress, 1785, p. 225.] August 8, 1786. Resolved, That the standard of the United States of America, for gold and silver, shall be eleven parts fine and one part alloy. That the money unit of the United States, being by the resolve of Congress of the Gth July, 1785, a dollar, shall con- tain of fine silver, three hundred and seventy-five grains, and sixty-four hundredths of a grain. That the mone}- of account, to correspond with the division of coins, agreeably- to the above resolve, proceed in a decimal ratio, agreeabl}' to the forms and manner following, viz. Mills, — The lowest money of accompt, of which one thousand shall be equal to the federal dollar, or money unit, 0.001 Cents, — The highest copper piece, of which one hun- dred shall be equal to the dollar, 0.010 Dimes, — The lowest silver coin, ten of which shall be equal to the dollar, 0.100 Dollar, — The highest silver coin, 1. {)(»() 254 VETOED BILLS AND OTHER DOCUMENTS. [1786. That betwixt the dollar and the lowest copper coin, as fixed by the resolve of Congress of the 6th Jul}", 1785, there shall be three silver coins, and one copper coin. That the silver coins shall be as follows : One coin con- taining one hundred and eight^'-seven grains, and eighty-two hundredths of a grain of fine silver, to be called A Half Dollar : One coin containing seventy-five grains, and one hundred and twenty-eight thousandths of a grain of fine silver, to be called A Double Dime : And one coin contain- ing thirtA'-seven grains and five hundred and sixty-four thou- sandths of a grain of fine silver, to be called A Dime. That the two copper coins shall be as follows ; one equal to the one hundredth part of the federal doUaj', to be called A Cent: And one equal to the two hundredth part of the federal dollar, to be called A Half Ceyit. That two pounds and a quarter avoirdupois weight of cop- per, shall constitute one hundred cents. That there shall be two gold coins : One containing two hundred and forty-six grains, and two hundred and sixty- eight thousandths of a grain of fine gold, equal to ten dol- lars, to be stamped with the impression of the American eagle, and to be called An Eagle : One containing one hun- dred and twenty-three grains, and one hundred and thirty- four thousandths of a grain of fine gold, equal to five dollars, to be stamped in like manner, and to be called A Half-Eagle. That the mint price of a pound troy weight of uncoined silver, eleven parts fine and one part allo}^ shall be nine dol- lars, nine dimes and two cents. That the mint price of a pound troy weight of uncoined gold, eleven parts fine and one part alloy, shall be two hun- dred and nine dollars, seven dimes and seven cents. Ordered., That the board of treasury report the draft of an ordinance for the establishment of a mint. [Journal of Congress, 1786, p. 179.] 1787.] ACCOUNTS WITU THE STATES. 255 Ordinance for Settling Accounts with the States. May 7, 1787. An ordinance for settling the accounts betioeen the United States and individual States. Be it ordained bv the United States in Congiress assem- bled, that five commissioners be appointed b}- the board of treasury, whose duty it shall be to go to the several states in the districts hereinafter mentioned, for which they ma}- be respective!}' appointed, for the purpose of stating the ac- counts of the states within those districts, against the United States. . . . That it shall be the dut}- of the said commissioners re- spectivel}' to receive of the states for which they are ap- pointed, all their accounts and vouchers for pa3-ments made on account of bounties, pay and depreciation of pay, to the late army of the United States : and for advances to the mili- tia, called out under the authority of the United States, and actually in their service, and to give descriptive acknowledg- ments thereof to the states from which they may be received, which accounts and vouchers shall be immediately forwarded to the commissioner of armv accounts, whose duty it shall be to examine and pass such as are authorized b}' the resolves of Congress, and supported by proper vouchers ; and to state such as may not fall under the above description, together with such remarks as ma}' tend to elucidate the nature of these claims. That it shall further be the duty of the said commission- ers, to receive in like manner, the accounts and vouchers for monies paid, and supplies furnished on the requisitions of Congress, made previously to Oct. 1781, and to forward the same to the office of the comptroller of the treasury. Tliat it shall also be the duty of the said commissioners to receive and examine all the claims of the states to which they are appointed, against the United States for advances or disbursements by them made for the use of tlie late com- missary, quarter master, cloatliing, marine and hospital depart- 256 VETOED BILLS AND OTHER DOCUMENTS. [1787. ments, or under any other description whatsoever, to pass upon all such as are authorized by the resolves of Congress, and supported by proper vouchers, so far as it respects the evidence offered in support of the said claims, and to state such as are not thus warranted or supported, together with such remarks as maj' explain the nature of these accounts, and the reasons offered for the deficiency of vouchers. And be it further ordained b}' the authority aforesaid, that on all the accounts aforesaid interest shall be allowed at the rate of six per cent, per annum, agreeably to the resolves of Congress. [The space of six months is allowed to the several States for exhibit- ing their claims against the United States, and within twelve months the commissioners are to deliver all accounts and vouchers to the comptroller of the Treasury. A board of three commissioners is to be appointed by Congress, to receive all the accounts and claims of the several States, and to examine such accounts as have been passed by the district com- missioners, in order that the same may be finally adjusted on uniform and equitable principles, but such revision is not to affect the validity of vouchers admitted by the district commissioners.] And be it further ordained, That wherever it shall appear to the said board of commissioners, that advances or dis- bursements, payments or supplies, of the description afore- said, have been made by au}' of the states, subsequent to the 18th of April, 1775, for articles or services for the use of the United States, That the said commissioners be, and they are hei-eby vested with full power and authority to make such allowance for the same as they shall think consistent with the principles of general equit}', although such advances or disbursements may not be sanctioned by the resolves of Congress, or supported by regular vouchers, so as to enable the said commissioners to make a final adjustment of all the accounts subsisting between the United States and the several members thereof, agreeabl}' to such quota as Congress shall hereafter determine. [The decision of a majority of the commissioners on the claims sub- mitted is to be final, and the commission is to continue in force for one year and a half from the time of entering upon their office, unless sooner revoked by Congress. 1815.] BILL FOR A HANK Ot TllK LXITED STATES. 257 The ordinance of October 13, 1786, establishing a board to settle all accounts with the individual States, is then repealed.] [Journal of Congress, 1787, p. Go.] The United States Bank bill of 1815. [Printed in the Journal of the Senate, January 31, 1815, p. 315.] An Act to inco7'porate the subscribers to the Bank of the United States of America. Be it enacted^ . . . That a bank of. the United States of America shall be established, the capital stock of which shall be thirt}' millions of dollars, divided into three hundred thou- sand shares, of one hundred dollars each share ; and that subscriptions for thirt}- millions of dollars, towards consti- tuting the said capital stock, shall be opened on the last Monda}' of February next, . . . [The places for receiving subscriptions and the commissioners who are to receive the same are then named, and provision is made for the allotment of shares if the subscriptions exceed the proposed capital, and for an extension of time for receiving subscriptions if they fall short.] Sec. 2. And be it further enacted, That it shall be lawful for any person, copartnership, or body politic, to subscribe for so many shares of the said capital stock of the said bank, as he, she, or they, shall think fit, not exceeding three thou- sand shares, except as is hereinafter provided for the sub- scription on behalf of the United States, and the sums respectively subscribed, except on behalf of the United States, as is hereinafter provided, shall be payable in the manner following, that is to say : five millions of dollars thereof in gold or silver coin of the United States, or of for- eign coin at the value heretofore established by the act of congress, entitled "An act regulating the currency of for- eign coins," passed the tenth of April, one thousand eight hundred and six ; ten millions of dollars thereof in gold or silver coin as aforesaid, or in the public debt of the United States, contracted by virtue of the act of congress, entitled 17 258 VETOED BILLS AND OTHER DOCUMENTS. [1815. "An act authorizing a loan for a sum not exceeding eleven millions of dollars," passed the fourteenth day of March, one thousand eight hundred and twelve, or contracted, or to be contracted by virtue of an}' subsequent act and acts of con- gress heretofore passed, authorizing a loan or loans ; and fifteen millions of dollars thereof in gold or silver coin, or in treasur}' notes issued under the act of congress, entitled "An act to authorize the issuing of treasmy notes," passed the thirtieth day of June, one thousand eight hundred and twelve, or issued or to be issued under the authority of any subsequent act or acts of congress, authorizing or which shall authorize treasury notes to be issued, previously to the final closing of the subscriptions to the said bank. . . . Sec. 3. And be it further enacted, That the United States may, at any time before the expiration of this act, in pursu- ance of au}^ law which ma}- be passed b}- congress for that purpose, cause to be subscribed, for the use of the United States, to said bank, fift}^ thousand additional shares, to be paid in public stock, bearing an interest of four per cent, per annum, redeemable in any sums, and at any periods, which the government ma}' deem fit. Sec. 4. And be it further enacted, That whenever and as often as any of the treasury notes, subscribed as aforesaid, to the said capital stock of the said bank, shall be due and pa}able, it shall be lawful for the secretary of the treasury (and he is hereby authorized and required) to pay and redeem the same, principal and interest, by causing certificates of public stock for an equal amount, bearing an interest of six per cent, per annum, and redeemable in any sums, and at any periods, which the government may deem fit, to be pre- pared and made in the usual form, and the same to be de- livered to the president and directors of the said bank, in satisfaction and discharge of such treasurv notes. '&^ [Section 5, making the subscribers a corporation under the name of " The President, Directors, and Company, of the Bank of the United States," to continue until March .3, 1835, follows the phraseology of the act of February 25, 1791, establishing the first Bank of the United States, on page 23, but limits the property to be held to not exceed- 1815.] BILL FOR A BANK OF THE UNITED STATES. 259 ing thirty-five millions of dollars, including the amount of the capital stock.] Sec. G. And be it further enacted, That, for the man- agement of the aft airs of the said corporation, there shall be twenty-five directors, who shall be elected at the banking house in Philadelphia, on the first Monday of January, in each year, by the stockholders or proprietors of the capital stock of the"^ said corporation, and by a plurality of votes then and there actually given, according to the scale of voting hereinafter prescribed. And the directors, so duly chosen, shall be capable of serving by virtue of such choice, until the end or expiration of the first Monday in January next ensuing the time of such election, and no longer : Pro- vided always. That the first election and appointment of directors shall be at the time, and for the period, hereinafter declared. [Section 7 requires that, as soon as twelve millions of dollars, in gold and silver coin and in public debt and treasury notes, shall have been received on account of the subscription to stock, exclusive of the sub- scription by the United States, a time shall be fixed for the election of directors, the directors then elected to elect one of their number as president, and the operations of the bank then to begin at the city of Philadelphia. Section 8 empowers the directors to appoint and pay the neces- sary ofiicers, clerks, and servants, and to govern the affairs of the corporation.] Sec. 9. And be it further enacted, That the following rules, restrictions, limitations, and provisions, shall form and be fun- damental articles of the constitution of the said corporation, to wit : [Article 1, prescribing the method of voting by stockholders and for- bidding any but stockholders actually resident in the United States to vote by proxy, is identical with article I. of section 7 of the act of Febru- ary 25, 1791, on page 24.] 2. Not more than three fourths of the directors in oflice, at the time of an annual election, shall be elected for the next succeeding year, and no person shall be a director more than three out of four years ; but the director who shall be the president at the time of an election, may always be re-elected. 260 VETOED BILLS AND OTHER DOCUMENTS. [1815. 3. None but a resident citizen of the United States, and holding at tlie time of his election not less than ten shares, bona fide in his own right, shall be a director ; and if any di- rector shall cease to be a stockholder to that amount, he shall cease to be a director. 4. No director shall be entitled to any emolument. The stockholders may make such compensation to the president, for his extraordinary' attendance at the bank, as shall appear to them reasonable. 5. Not less than seven directors shall constitute a board for the transaction of business, of whom the president shall always be one, except in case of sickness or necessary ab- sence, in which case his place may be supplied by any other director whom he, by writing under his hand, shall depute for the purpose. And the director so deputed, may do and transact all the necessary business belonging to the office of the president of the said corporation, during the continuance of the sickness or necessary absence of the president. 6. A number of stockholders, not less than sixty, who, together, shall be proprietors of one thousand shares or up- wards, shall have power at any time to call a general meeting of the stockholders, for purposes relative to the institution, giving at least ten weeks' notice in two public newspapers of the place where the bank is seated, and specifying in such notice the object or objects of such meeting. [Articles 7, 8, and 9, requiring bonds from every cashier, limiting the lands to be held by the corporation, prescribing a limit for the total amount of its debts, and fixing the liability of the directors in case of ex- cess beyond that limit, are the same as articles VII., VIII., and IX. of section 7 of the act of 1791, on page 25, except that the limit of debts is fixed at thirty millions of dollars.] 10. The said corporation shall not directly or indirectly deal or trade in anything except bills of excliange, gold or silver bullion, or in the sale of goods really and truly pledged for money lent, and not redeemed in due time, or goods which shall be the proceeds of its lands. It shall not be at liberty to purchase any public debt whatsoever ; nor shall it take more than at the rate of six per cent, per annum, for or upon its loans or discounts. 1815.] BILL FOR A BANK OF THE UNITED STATES. 261 11. The said corporation shall not, in any one year, sell any portion of the public debt constituting a part of its capi- tal stock aforesaid, to an amount exceeding live millions of dollars, wiliiout the consent of Congress. 12. >^o loan shall be made by the said corporation, for the use, or on account, of the government of the United States, to an amount exceeding five hundred thousand dollars ; or of any particular state, to an amount exceeding fifty thousand dol- lars ; or to any foreign prince or state, unless previously authorized by a law of the United States. [Articles 13 and 14, providing for tlie transfer of shares in tlie corpora- tion and for the assignment and negotiation of its bills and notes, follow closely the phraseology of articles XII. and XIII. of section 7 of the act of 1791, on page 2G.J 15. Half 3'early dividends shall be made of so much of the profits of the bank as shall appear to the directors advisable ; and once in every three years, the directors shall lay l^efore the stockholders, at a general meeting, for their information, an exact and particular statement of the debts which shall have remained unpaid after the expiration of the original credit, for a period of treble the term of that credit, and of the surplus of profits, if any, after deducting losses and divi- dends. If there shall be a failure in the payment of any part of any sum subscribed by any person, copartnership, or boily politic, the party failing sliall lose the benefit of any dividend which may have accrued prior to the time for making such payment, and during the delay of the same. 16. The directors of said corporation shall be bound to establish a competent oflHce of discount iun\ deposite in the District of Columbia, whenever any law of the United States sluill require such establishment ; and it shall be lawful for th(! said directors to establisli odlces wheresoever they shall think fit, within the United States, or the territories tliereof, for the purposes of discount, deposite, and distribution, or for the purposes of deposite and distribution only ; and upon the same terms, and in the same manner, as shall be practised at the bank ; and to commit the management of the said ollices, and the business thereof respectively, to sucii persons, and 262 VETOED BILLS AND OTHER DOCUMENTS. [1815. under such regulations, as the}' shall deem proper, not being contrary to law or to the constitution of the bank. Or, in- stead of establishing such offices, it shall be lawful for the di- rectors of the said corporation, from time to time, to employ any other bank or banks, at any place or places, that they may deem safe and proper, to manage and transact the business proposed as aforesaid, to be managed and transacted by such offices, under such agreements, and subject to such regula- tions, as they shall deem just and proper. But the managers or directors of every office of discount, deposite, and distribu- tion, established as aforesaid, shall be annually appointed by the directors of the bank, to serve one year ; each of them shall be a citizen of the United States ; and shall hold, at the time of his appointment, not less than five shares in the said bank, bona fide in his own right ; and, if he shall cease to be a stockholder to that amount, he shall cease to be a manager or director of such office of discount, deposite, and distribu- tion ; and not more than three-fourths of the said managers or directors in office at the time of an annual appointment, shall be reappointed for the next succeeding year ; nor shall any person be a manager or director for more than three out of four years ; but the president may be always reappointed. 17. The said corporation, all offices of discount, deposite, and distribution, and of deposite and distribution only, which shall be established by the said directors as aforesaid, and all banks by the said directors employed in lieu of such offices as aforesaid, shall be bound to receive upon deposite, the trea- sury notes of the United States which have been, or may be hereafter issued by virtue of any law or laws of the United States ; but it shall be optional with the said corporation to pay and discharge the checks or drafts of the persons making such deposite, in treasury notes, for the amount thereof, either in gold or silver coin, or in the notes of the bank, or in treasury notes. And all banks by the said directors em- ployed as aforesaid, in lieu of the offices aforesaid, shall be further bound to receive on deposite, and to circulate the notes of the said corporation, on the same terms, and in the same manner, as the notes of the said banks respectively 1815.] KILL FOR A BANK OF THE UNITED STATES. 263 are received and circulated, and from time to time issue and exchange for the said notes of the said corporation, other notes of the said corporation, or the notes of the said banks respectively, or treasury notes, at the option of the persons applying for such issue or exchange. The said corporation shall, at all times, distribute among the offices of discount, deposite, and distribution, and of depositc and distribution only, and at all the banks employed in lieu of such offices as aforesaid, a sufficient sum, in the various denominations of the notes of the said corporation, and in the treasury notes -which it may receive upon deposite from the government, to answer the demand therefor, and to establish a sufficient cir- culating medium throughout the United States and the terri- tories thereof. [Article 18, providing for statements of the condition of the bank to be made to the Treasury Department, is identical with article XVI. of section 7 of the act of 1791, on page 27. Sections 10 and 11, providing for the punishment of unlawful dealings in merchandise and unlawful loans, contrary to articles 10 and 12 of sec- tion 9, follow the language of sections 8 and 9 of the act of 1791, on page 28.] Sec. 12. A^id be it further enacted. That the bills or notes of the said corporation, originally made payable, or which shall have become payable, on demand, shall be receivable in all payments to the United States, until otherwise directed by act of congress. Sec. 13. A7id be it further enacted. That, if the subscrip- tions and payments to the said bank shall not be made and completed, so as to enable the same to connnence its opei-a- tions, or if the said bank shall not commence its operations on or before the first day of March, one thousand eight hun- dred and sixteen, then, and in that case, this act shall be null and void. [Section 14 providing for the examination of the proceedings of the corporation at any time by a committee of eitlier House of Congri'ss, and for a scire facias and forfeiture of the cliarter in case of any violation of the same, is identical with section 2.3 of the act of April 10, 1810, estab- lishing the second Bank of the United States, on page 93.] Sec. 15. And be it farther enacted. That, during the con- 264 VETOED BILLS AND OTHER DOCUMENTS. [1817. tinuance of this act, and whenever required by the secretary of the treasiuy, the said corporation shall do and perform the several and respective duties of the commissioners of loans for the several states, or of an}' one or more of them, at the times, in the manner, and upon the terms, to be pre- scribed b}' the secretary of the treasuiy. Sec. 16. And be it further enacted, That no other bank shall be established b}' an}" future law of the United States, during the continuance of the corporation hereby created ; for which the faith of the United States is hereby pledged : Provided, Congress ma}- renew existing charters for banks in the District of Columbia, not increasing the capital thereof; and may grant charters, if they deem it expedient, to any banking associations now in operation, in the said dis- trict, and renew the same, not increasing the capital thereof. And notwithstanding the expiration of the term for which the said corporation is created, it shall be lawful to use the corporate name, st^'le, and capacity, for the purposes of suits, for the final settlement and liquidation of the affairs and ac- counts of the corporation, and for the sale and disposition of their estate, real, personal, and mixed, but not for an}- other purpose, or in any other manner whatsoever ; nor for a period exceeding two years, after the expiration of the said term of incorporation. Note. — Tlie above bill was returned to the Senate, where it origi- nated, by the President of the United States witli his objections, Janu- ary 30, 1815, and then failing to receive tiie votes of two thirds of that house, did not become a law. The Agreement for Resumption of Specie Payments, 1817. [Printed in State Papers on Finance, iv. 769.] Propositions respectfully submitted to the convention of State banks by the committee on the part of the Bank of the United States : 1. That the incorporated banks of New York, Philadel- phia, Baltimore, and Richmond, engage, on the 20th instant, 1817.] AGKEEMENT FOR SPECIE RESUMPTION. 265 to commence, and thenceforth to continue, specie payments for all demands upon them. 2. That in the liquidation of the balances wliich may be due by the receiving banks, the Bank of the United States will credit those banks, respectively, with the amount of their checks upon banks which may be parties to this agreement. 3. That the whole of the public balances in the receivino- banks in New York, Philadelphia, Baltimore, and Virginia, be transferred to the Bank of the United States on the 20th of this month, and retained by the said bank until the 1st of July next, when the same shall be paid oil", together with the interest thereon. 4. The payment of the balances which may accumulate against the aforesaid banks subsequently to the transfer of the balances first mentioned shall not be demanded by the Bank of the United States until the said bank and its branches shall have discounted for individuals (other than those having duties to pay) subsequently to the 19th instant the following sums, to wit: For those in New York, two millions ; for those in Philadelphia, two millions ; for those in Baltimore, one and a half million ; for tliose in Virginia, five hundred tliousand dollars ; provided, that if the said bank shall be willing to discount, and shall not have the re- quired amount of good paper offered within the term of sixty days from the 20th instant at New York, Philadelphia, and Baltimore, and within the same term after the operation of the offices of the said bank in Virginia shall have com- menced, the aforesaid banks shall, at the expiration of that time, at the aforesaid places, respectively, pay to the Bank of the United States the balance due by them respectively. 5. That the Bank of the United States will en^ajre to discount the required amount at the respective places, and within the time mentioned ni the preceding articles, provided good paper to that amount shall be offered. G. That in the event of the Bank of the United States and its branches not having a sufficient amount of good paper offered at the respective places mentioned in tlic fourtli ailii-Ic within the period therein stii)ulated, then the Bank uf the 266 VETOED BILLS AND OTHER DOCUMENTS. [1832. United States will engage to discount for the said banks the amount of the deficiency at the respective places, according to the amount of the capitals of the said banks respectively. 7. That the aforesaid banks shall exchange with the Bank of the United States and its branches, from day to da}', all such notes of either as the said banks may receive ; and an interest account from the 20th instant to the 1st of July shall be liquidated and settled in the usual manner. 8. That the Bank of the United States, and the incorporated banks of New York, Philadelphia, Baltimore, and Virginia, will interchange pledges of good faith and friendly offices, and upon any emergency which may menace the credit of any of the aforesaid banks or the branches of the United States Bank, will cheerfully contribute their resources to an}- reasonable extent in support thereof — the Bank of the United States confiding in the justice and discretion of the State banks, re- spectivel}', to circumscribe their affairs within the just limits indicated b}' their respective capitals as soon as the interest and convenience of the communit}' will admit. 9. That upon the mutual agreement of the parties to these stipulations, tlie same shall be submitted to the Secretar}' of the Treasury for his decision upon those points which involve the public balances, and when approved b}^ him shall be obli- gator}' upon all the contracting parties. Bank of the United States, February 1, 1817. The United States Bank Bill of 1832. [Printed in the Journal of the Senate, July 11, 1832, page 451.] A71 act to modify and continue the act entitled '■'•An act to incorporate the subscribers to the Bank of the United States." Be it enacted., . . . That the act entitled "An act to in- corporate the subscribers to the Bank of the United States," approved on the tenth day of April, in the year one thousand eisht hundred and sixteen, shall continue in full force and eflfect for the term of fifteen years from and after the period 1832. J BILL TO RENEW THE BANK CHARTER. 267 therein limited for its expiration, to wit, tlie tliird day of Marcli, in tlie year one thousand eight hundred and thirty- six ; and that all the rights, interests, properties, powers and privileges, secured by the said act, with all the rules, condi- tions, restrictions, and duties, therein prescribed and imposed, be and remain after the said third day of March, in the year one thousand eight hundred and thirty-six, during the said fifteen years, as if the said limitation in the said act had not been made ; subject, nevertheless, to the modifications and changes hereinafter expressed. Sec. 2. And be it further enacted, That the directors of the said corporation shall have power to appoint two or more officers, with authority to sign and countersign any or all the notes thereof, the denomination of each of which shall be less than one hundred dollars; which notes, when signed and countersigned by the said officers, respectively, shall, to all intents and purposes, be binding and obligatory upon the said corporation as if the same had been signed by the President, and countersigned by the principal Cashier or Treasurer thereof ; and it shall be the duty of the directors of the said corporation to make known, in writing, and as soon as may be, to the Secretary of the Treasury, the names of the officers who shall be appointed by virtue of this provision : Provided, That from and after the third day of March, one thousand eight hundred and thirty-six, no branch bank draft, or other bank paper not payable at the place where issued, shall be put in circulation, as currency, by the bank, or any of its offices, except notes of the denomination of fifty dollars, or of some greater sum. Sec. 3. Afid be it further enacted. That it shall not be law- ful for the said corporation to issue, pay out, or put in circu- lation, any note or notes of a denomination less than fifty dollars, which shall not, upon the fiices thereof, respectively, be payable at the bank or office of discount and depositc, whence they shall be issued, paid out, or put in circulation. Sec. 4. And be it further enacted. That the notes or I)ills of the said corporation, although the same be, upon the faces thereof, respectively, made payable at one place onh-, shall, 268 VETOED BILLS AND OTHER DOCUMENTS. [1832 nevertheless, be received by the said coi'poration at the bank, or at any of the offices of discount and deposite thereof, if tendered in liquidation or payment of any balance or balances due to said corporation, or to such office of discount and de- posite, from any other incorporated bank. Sec. 5. And be it further enacted, That it shall not be lawful, after the said third day of March, in the year one thousand eight hundred and thirty-six, for the said corpora- tion to hold, keep, and retain, for a period exceeding five years after the date of acquiring the same, any right, title, or interest, except by way of mortgage or judgment lien in se- curity of debts, to any lands, tenements, and hereditaments, other than those requisite for its accommodation in relation to the convenient transacting of its business ; and it shall be the duty of said corporation, within the aforesaid period of five years, to sell, dispose of, or otherwise bona fide divest itself of all right, title, and interest to any lands, tenements, and hereditaments, conveyed to it in satisfaction of debts previously contracted in the course of its dealings, or pur- chased at sales upon judgments which shall have been ob- tained for such debts ; and for any and every violation of this provision, the said corporation shall be subject to a penalt}^ of ten thousand dollars, to be recovered in the name of the United States of America by a qui-tam action of debt insti- tuted in any court of the United States having jurisdiction of the same ; one half of which shall enure to the benefit of the informer, and the other half to the use of the United States. Sec. 6. And be it further enacted, That from and after the said tenth day of April, in the year one thousand eight hun- dred and thirty-six, it shall not be lawful for the directors of the said corporation to have, establish, or retain, more than two offices of discount and deposite in any State. Provided^ That nothing herein contained shall prevent the said corpo- ration from retaining an}- of the branches which are now established. Sec. 7. And be it further enacted. That, in consideration of the exclusive benefits and privileges continued by this act to the said corporation for fifteen years as aforesaid, the said 1832.] BILL TO RENEW THE BANK CHARTER. 269 corporation shall pay to the United States the annuity, or yearly sum of two hundred thousand dollars ; which said sum shall be paid on the fourth day of March in each and every year during the said tej-m of fifteen years. Sec. 8. A?id be it further enacted, That it shall be lawful for Congress to provide, b}- law, that the said bank shall be restrained, at any time after the third day of March, in the year one thousand eight hundred and thirty-six, from making, issuing, or keeping in circulation, any notes or bills of saUi bank, or any of its offices, of a less sum or denomination than twenty dollars. Sec. 9. And be it further enacted, That the Cashier of the bank shall, annually, report to the Secretary of the Treasury the names of all stockholders who are not resident citizens of the United States ; and, on application of the Treasurer of any State, shall make out and transmit to such Treasurer a list of stockholders residing in, or citizens of, such State, with the amount of stock owned by each. Sec. 10. And be it further enacted, That so much of any act or acts of Congress heretofore passed, and now in force, supplementary to, or in any wise connected with, the said original act of incorporation, approved on the tenth day of April, in the year one thousand eight hundred and sixteen, as is not inconsistent with this act, shall be continued in full force and effect during the said fifteen years after the said third day of March, in the year one thousand eiglit hundred and thirty-six. Sec. 11. And be it further enacted. That it shall be the duty of the President and directors of the said Bank, on or before the first day of tlie next session of Congress, to signify to the President of the United States their acceptance, on be- half of the Bank of the United States, of the terms and con- ditions in this act contained ; and if they shall lail to do so on or before the day above mentioned, that then this ad shall cease to be in force. Note. — Senate bill No. 147 of 1831-32 was returned to the Senate by the President of the United States with his objections, July 10, 1832, and failing to obtain the votes of two thirds of tiiat house, did not become a law. 270 VETOED BILLS AND OTHER DOCUMENTS. [1836. The Specie Circular of 1836. [Printed in Senate Documents, 1836-37, No. 2, p. 96.] Circular to Meceivers of Public Money, and to the Deposite Hanks. Treasury Department, July 11, 1836. In consequence of complaints which have been made of frauds, speculations, and monopolies, in the purchase of the public lands, and the aid which is said to be given to effect these objects by excessive bank credits, and dangerous if not partial facilities through bank drafts and bank deposites, and the general evil influence likely to result to the public interests, and especially the safety of the great amount of money in the Treasury, and the sound condition of the currency of the country, from the further exchange of the national domain in this manner, and chiefly for bank credits and paper money, the President of the United States has given directions, and you are hereby instructed, after the 15th daj* of August next, to receive in payment of the public lands nothing except what is directed by the existing laws, viz : gold and silver, and in the proper cases, Virginia land scrip ; provided that till the 15th of December next, the same indulgences here- tofore extended as to the kind of money received, may be continued for an}- quantit}' of land not exceeding 320 acres to each purchaser who is an actual settler or bona fide resi- dent in the State where the sales are made. In order to ensure the faithful execution of these instruc- tions, all receivers are strictly prohibited from accepting for land sold, any draft, certificate, or other evidence of money, or deposite, though for specie, unless signed b}^ the Treasurer of the United States, in conformity to the act of April 24, 1820. And each of those officers is required to annex to his monthly returns to this Department, the amount of gold, and of silver, respectively^ as well as the bills received under the foregoing exception ; and each deposite bank is required to annex to everj' certificate given upon a deposite of monej', the proportions of it actually paid in gold, in silver, and in 1837.] BILL TO RESCIND THE SPECIE CIRCULAR. 271 bank notes. All former instructions on these subjects, except as now modified, will be considered as remaining in full force. The principal objects of the President in adopting this measure being to repress alleged frauds, and to withhold any countenance or facilities in the power of the Government from the monopoly of the public lands in the hands of specu- lators and capitalists, to the injury of the actual settlers in the new States, and of emigrants in search of new homes, as well as to discourage the ruinous extension of bank issues, and bank credits, b}' which those results are generalh- sup- posed to be promoted, your utmost vigilance is required, and relied on, to carry this order into complete execution. Levi Woodburt, Secretary of the Treasury. The bill to rescind the Specie Circular. [Printed in Senate Miscellaneous Documents, 1886-87, No. 53, page 157.] An act designatiiig and limiting the funds receivable for the revenues of the United States. Be it enacted, . . . That the Secretary of the Treasury be, and hereb}' is, required to adopt such measures as he may deem necessary to effect a collection of the public revenue of the United States, whether arising from duties, taxes, debts, or sales of lands, in the manner and on the principles herein provided ; that is, that no such duties, taxes, debts, or sums of mone}', payable for lands, shall be collected or received otherwise than in the legal currency of the United States, or in notes of banks which are pa)'able and paid on demand in the said legal currency of the United States, under the follow- ing restrictions and conditions in regard to such notes, to wit : from and after the passage of this act, the notes of no bank which shall issue or circulate bills or notes of a less de- nomination than five dollars shall be received on account of the public dues ; and, from and after the thirtietii da}' of Deeem- ber, eighteen hundred and thirty-nine, the notes of no bank which shall issue or circulate bills or notes of a less denomi- 272 VETOED BILLS AND OTHER DOCUMENTS. [1837. nation than ten dollars shall be so receivable ; and, from and after the thirtieth day of December, one thousand eight hun- dred and forty-one, the like prohibition shall be extended to the notes of all banks issuing bills or notes of a less denomi- nation than twenty dollars. Sec. 2. And be it further enacted, That no notes shall be received by the collectors or receivers of the public money which the banks in which they are to be deposited, shall not, under the supervision and control of the Secretary of the Treasury, agree to pass to the credit of the United States as cash : Provided, That, if any deposite bank shall refuse to receive and pass to the credit of the United States, as cash, any notes receivable under the provisions of this act, which said bank, in the ordinary course of business, receives on gen- eral deposite, the Secretary of the Treasury is hereby author- ized to withdraw the public deposites from said bank. Sec. 3. A7id be it further enacted, That this act shall not be so construed as to prohibit receivers or collectors of the dues of the Government from receiving for the public lands any kind of land scrip or Treasury certificates now authorized by law, but the same shall hereafter be received for the public lands, in the same way and manner as has heretofore been practised ; and it shall not be lawful for the Secretary of the Treasury to make any discrimination in the funds receivable between the different branches of the public revenue, except as is provided in this section. Note. — Senate bill No. 144 of 1836-37, having been passed by both houses of Congress, was presented to the President of the United States for liis approval, March 2, 1837, but, not having been acted upon by him when the session ended, March 3, did not become a law. The Fiscal Bank bill of August, 1841. [Printed in the Journal of the Senate, August 19, 1841, page 178.] An Act to incorporate the sicbscribers to the Fiscal Bank of the United States. Be it enacted, . . . That a Fiscal Bank of the United States shall be established in the District of Columbia, with I'^'il-] FISCAL BANK HII.U OF 1841. 273 a capital of thirty millions of dollars, divided into three hun- dred thousand shares, of one hundred dollars each share. One hundred thousand shares shall be subscribed for by the United States, and the residue of the said capital may be' sub- scribed and paid for by individuals, companies, corporations, or States, the said individuals being citizens of the United States, and the said companies and corporations being of the several States, or of these United States, or Territories thereof, in the manner hereinafter specified. But Congress reserves to itself the power of augmenting the capital of the said bank, at any time after the 1st of January, 1851, by authorizing the addition thereto of a sum not exceeding twenty millions of dollars, divided into shares as aforesaid, which may be sub- scribed for, at not less than their par value, by the United States, or by any State, corporation, company, or individuals, in the manner directed by law : Provided, That the United States shall not subscribe for more than one third of the said additional capital. [Section 2 provides for the appointment of commissioners to receive subscriptions, and for the time, place, and manner of receiving, and gives directions as to tiie course of proceeding in case the amount subscribed exceeds or falls short of the twenty millions to be raised.] Sec. 3. And be it further enacted. That it shall be lawful for any individual, company, corporation, or JState, when the subscriptions shall be opened as heretofore directed, to sub- scribe for any number of shares of the capital of the said bank, not exceeding two thousand five hundred shares; and that the sums so subscribed shall be payable and paid in bullion, in gold or silver coin of the United States, or in foreign coins, made and declared current in the United States by the act of Congress of the 25th of June, 1834, entitled, "An act regu- lating the value of certain foreign silver coins in the United States," and by the act of the 28th of June, 1834, entitled, "An act regulating the value of certain gold coins within the United States," at the following rates, to wit: [The section then prescribes the rates for a large number of foreign coins respectively, and continues] . . . and in foreign silver coins at the value fixed upon thorn 18 274 VETOED BILLS AND OTHER DOCUMENTS. [1841. severally in the act first above naraed, or in Treasury notes of the United States, or in certificates of stock issued under the act entitled, "An act authorizing a loan not exceeding the sum of twelve milhons of dollars," approved July 21st, 1841. And the payments made in Treasury notes or in the said certificates of stock shall be paid and received at the par value thereof, including all interest which shall have accrued thereon on the day of such payment. And the pa^'ments of the said subscriptions shall be made and completed b}- the subscribers, respectively, at the time and in the manner fol- lowing, that is to say : at the time of subscribing there shall be paid ten dollars on each share in bullion, in gold or silver coin, in the Treasury notes of the United States, or in the said certificates of stock, and twenty-five dollars more in bullion, in coin. Treasury notes, or certificates of stock, as aforesaid^ at the expiration of three calendar months from the first Monday in September, 1841 ; and there shall be paid the further sum of twenty-five dollars on each share in bullion, in gold or silver coin, Treasury notes, or certificates of stock, as aforesaid, in eight calendar months from the first Monday in September, 1841 ; and forty dollars more in bullion, in coin. Treasury notes, or certificates of stock, as aforesaid, at the expiration of twelve calendar montlis from the said first Monday. [Section 4 provides tliat if, in consequence of an excess of subscriptions and the allotment of shares among the subscribers, any subscriber shall have made a larger payment than was necessarj' at the time of subscrib- ing, the surplus shall be returned to him ; and provision is made for the delivery to the Fiscal Bank of money and certificates of stock, received from the subscribers by the commissioners, as soon as shall be required after the organization of the Bank.] Sec. 5. AtuI be it further enacted, That no certificate of stock, or any subscription, or an}' right thereto, shall be trans- ferred except by operation of law, until after the whole amount of the second instalment shall have been fully paid, and every contract or agreement made or entered into for the transfer of such stock, or for the holding of the same in trust for the use of any other person, except the person in 1841.] FISCAL BANK BILL OF 1841. 275 whose name it is subscribed in the books, or for whose use it is therein expressed, shall be wholly and absolutely null and void in law. That it shall be lawful for the president, direct- ors, and company of the said bank, to sell and transfer for gold and silver coin, or [the] bullion, Treasur}' notes and cer- tificates of stock subscribed to the capital of the said bank, as aforesaid. Sec. 6. A7id be it further enacted, That at the opening of the subscription to the capital stock of the said bank, the Secretary of the Treasury' shall subscribe, or cause to be sub- scribed, on behalf of the United States, the said number of one hundred thousand shares, amounting to ten millions of dollars, as aforesaid ; which said subscriptions, so made b\' the Secretar}' of the Treasury'', as aforesaid, shall be paid in bullion, in gold or silver coin, or in stock of the United States, bearing interest at the rate of five per centum per annum ; and if payment thereof, or of an}' part thereof, be made in public stock, bearing interest as aforesaid, the said interest shall be payable half yearl}", to commence from the time of making such pa3'ments on account of the said subscription ; and the principal of the said stock shall be redeemable in any sums, and at an}' periods, which the Government shall deem fit, after the expiration of fifteen years. And the Secretary of the Treasury shall cause certificates of public stock, to the amount of ten millions of dollars, to be prepared and made in the usual form, and shall, at his discretion, and whensoever he shall think fit, sell the same for gold or silver coin, or bullion, at not less than the par value thereof, or he shall pay over and deliver three millions five hundred thousand dollars of the same to the said bank, on the first day of January, eighteen hundred and forty-two, and two millions five hundred thoiisaiul dollars on the first day of iMay, and four millions of dollars of the same on the first day of September, in the same year ; which said stock it shall be lawful for the said bank to sell and transfer for gold and silver coin, or bullion, at their dis- cretion. And if the Secretary of the Treasury shall sell the whole, or any part of the said stock, he shall pay to the said bank gold and silver coin, or bullion, to llie nominal uinonnt 276 VETOED BILLS AND OTHER DOCUMENTS. [1841. of Stock SO sold in like instalments : Provided, nevertheless, That if the amount of stock which may be offered for the sub- scription of individuals, States, or corporations, shall not be full}' taken prior to the twentieth of December next, and the deficienc}' do not exceed one third, the residue shall be sub- scribed for by the Secretary of the Treasur}-, on behalf of the United States, and shall be sold by him as soon thereafter as he can obtain its par value ; and for which the Secretary of the Treasury is hereby' authorized to issue stocks of the United States, in manner as before provided. [Section 7 incorporates the subscribers by the name of " The Fiscal Bank of the United States," until the first day of June, 1862 ; and author- izes them to hold property without specified limit, and to dispose of the same, to have a common seal, to establish necessary regulations, and generally to do all needful acts, subject to the restrictions otherwise pre- scribed in this law.] Sec. 8. And be it further enacted, That, for the manage- ment of the affairs of the said corporation, there shall be nine directors, three of whom shall be annually appointed b}' the President of the United States, b}' and with the advice and consent of the Senate, and six of whom shall be annually elected at the banking-house in the city of Washington, on the first Monday of January in each year, by the qualified stockholders of the capital of said bank, other than the United States, and b}' a pluralit}' of votes then and there actually given, according to the scale of voting hereinafter prescribed. [The section then makes certain public offices incompatible with the position of director, forbids any director to act as a director of any other bank, and provides that the board shall annually elect one of their num- ber to be president of the corporation, and that in case of his death, resig- nation, or removal, they shall elect another. Any vacancy occurring among the directors is to be supplied by the President of the United States, or by the remaining directors, as the case may be ; " but the President of the United States alone shall have power to remove either of the directors appointed by him as aforesaid."] Sec. 9. A7id be it further enacted, That as soon as the sum of ten dollars on each share, in bullion, gold or silver coin, Treasury- notes, or certificates of stock, shall have been actu- allj' received on account of the subscriptions to the capital of 18il.] FISCAL BANK BILL OP 1841. 277 the said bank, (exclusively of the subscription aforesaid on the part of the United States.) notice thereof shall be given, [And the subscribers shall then proceed to elect six directors, and the President of the United States to appoint three on behalf of the govern- ment "whether they be stockholders or not," and the directors tlius elected and appointed shall elect one of their number president of the bank and shall serve until the first Monday of January next ensuing • and,] ... as soon as the sum of six millions five hundred thousand dollars, in bullion, gold or silver coin, or in Treasury notes, or certificates of stock, shall have been actually received on account of the subscriptions to the capital of the said bank, (exclusively of the subscription of ten millions aforesaid on the part of the United States,) the operations of the same shall thenceforth commence and continue at the city of Washington. [Section 10 authorizes the directors to employ such officers, clerks, and servants as may be necessary, and to exercise such other powers for or- dering their affairs as shall be prescribed by their by-laws.] Sec. 11. And be it further enacted, That the following rules, restrictions, limitations, and provisions, shall form and be fundamental articles of the constitution of said corporation, to wit : [Article 1 provides for the number of votes to which any stockholder may be entitled in voting for directors, in the same manner as article 1 of section 11 of the act of 1816 establishing the second United States Bank on page 85.] . . . but no person, copartnership, or body politic, shall be en- titled to a greater number than sixty votes ; and, after the first election, no share or shares shall confer a risfht of voting, which shall not have been holden three calendar months pre- vious to the day of election ; no proxy to any olllcer of the bank, or of more than ninety days standing, shall be valid ; no proxy shall have a right to give more than three hundred votes ; and stockholders actually resident citizens of the United States, and none others, may vote in elections, by proxy or otherwise ; and any person holding a proxy may be required by any stockholder, at the time of voting, to make 278 VETOED BILLS AND OTHER DOCUMENTS. [1841, oath that he believes his principal, in whose behalf he votes, to be the bona fide holder of the share or shares, and that no sale or transfer has been made for the purpose of evading the scale of voting established by this act. 2d. Not more than five-sixths of the directors elected by the stockholders, who shall be in office at the time of an annual election, shall be elected for the succeeding year; and no director shall hold his office for more than five years out of six in succession ; but the director who shall be presi- dent at the time of an election, may always be reappointed, or [s]elected, as the case may be. 3d. None but a stockholder, resident citizen, shall be a director. Not more than two directors shall be elected, and not more than one appointed, out of an}- one State ; and they shall be paid by said bank such reasonable compensa- tion for their services as the stockholders, at their annual meeting, shall direct ; but the salary of the president shall be fixed by the directors. 4th. Not less than five directors shall constitute a board for the transaction of business, of whom the President shall always be one ; and at least three of the five shall be of the directors elected by the stockholders ; and in case of sick- ness or necessary absence of the president, his place shall be supphed by any other director whom he, by writing, under his hand, shall depute for that purpose ; and the director so deputed may do and transact all the necessary business be- longing to the office of the president of the said corporation, during the continuance of the sickness or necessary absence of the president. [Articles 5 and 6, providing for the calling of a general meeting of stockholders and for the bonds to be given by any cashier or treas- urer, follow the corresponding articles of the act of 1816 on page 86, except that only four weeks' notice is required for the general meeting.] 7th. The lands, tenements, and hereditaments, which it shall be lawful for the said corporation to hold, shall be only such as shall be requisite for its immediate accommodation, in relation to the convenient transaction of its business, and such as shall have been purchased at sales upon judgments 1841.] FISCAL BANK BILL OF 1841. 279 or decrees, or shall have been assigned or set off to said bank in satisfaction of said judgment or decrees, which shall have been obtained for debts dne, or as have been bona fide mortgaged to it by way of secnrity ; Provided^ That no loan shall be made on the security of real estate ; nor shall the said corporation hold anj' one parcel of such lands or tene- ments, not necessary for the convenient transaction of its business, for a longer period than five years. [Article 8, limiting the total amount of debts which the corporation shall at any time owe, is identical with article 8 in the act of 181G, on page 87, except that the limit of debts is now fixed at twenty-five millions of dollars.] 9th. The said corporation shall not directly or indirectly deal or trade in anything except bills of exchange, gold or silver coin, or bullion, or goods, or lands purchased on exe- cution, sued out on judgments, or decrees obtained for tlie benefit of said bank, or taken bona fide in the payment of debts due to it, or goods which shall be the proceeds of its lands. It shall not be at liberty to purchase any public debt whatever, nor make any loan upon the pledge thereof, nor shall it take more than at the rate of six per centum per annum, for or upon its loans or discounts ; nor shall the board of directors of the said corporation make donations or presents of its funds to any officer or director for any purpose whatever. 10th. No loan shall be made by the said corporation, for the use or on account of the Government of the United States, to an amount exceeding one million of dollars, nor for any period exceeding one hundred and eighty days, or on account of any particular State, to an amount exceeding one hundred thousand dollars, or for any period exceeding one hundred and eighty days, unless previously authorized by a law of the United States. nth. The stock of the said corporation shall be assign- able and transferrable, according to such rules as shall be instituted in that behalf, by the by-laws and ordinances of the same. Provided, No assignment or transfer of stock shall at any time be made to others than citizens of the 280 VETOED BILLS AND OTHER DOCCMENTS. [1841. United States, or corporations and companies of the several States, or of the United States, or Territories thereof; and if otherwise made, the same shall be void, and the stock so unlawfully transferred shall be forfeited and accrue to the surplus fund of the bank. [Articles 12 and 13, providing for bills obligatory under seal and for bills and notes payable on demand, follow closely the language of article 12 in the act of 1816, on page 88, except that no bill under seal shall be made for a longer period tlian one year, and that all bills and notes are to be made payable on demand.] 14th. Half-3'earl3^ dividends may be made of so much of the protits of the bank as shall appear to the directors advis- able, not exceeding three and a half per cent, for any one half year. When a surplus beyond that limit shall have accumu- lated in the said bank to an amount exceeding two millions of dollars, the excess beyond that sum and beyond the annual dividends, as such excess accrues, shall be annually trans- ferred and paid over to the Treasurer of the United States ; and, upon the expiration of this charter, any surplus which may be in the said bank, after the payment of dividends as aforesaid, and after reimbursing the capital of the stockhold- ers, shall in like manner be paid into the Treasury of the United States. If the dividends shall in any half year fall below the above limitation of three and a half per cent., the Secretary of the Treasury shall, out of the surpluses Avhich shall have been previously paid over to the Treasurer, but out of no other funds or money in the Treasury of the United States, pay a sum sufficient to make up the deficiency. The directors shall make no dividends except from the nett profits arising from the business of the corporation, and shall not at any time, or in any manner, pay to the stockholders, or any of them, any part of the capital stock of the said corporation ; nor shall they at any time, or in any way or manner, reduce the capital stock of the said corporation without the consent of Congress ; nor shall the said directors, either of the said principal bank or of any branch or office of discount and de- posit, or any agency, discount or suffer to be discounted, or received in payment, or suffer to be received in payment, 18-il.] FISCAL BANK BILL OF 1841. 281 any note or other evidence of debt as a payment of or upon an}' instalment of the said capital stock actually called for and required to be paid, or with the intent of providing the means of making such payment ; nor shall any of the said di- rectors receive or discount, or suffer to be received or dis- counted, any note or other evidence of debt, with intent of enabling an}- stockholder to withdraw any part of the money paid in b}' him on his stock ; nor shall the said directors ap- ply, or suffer to be applied, any portion of the funds of the said corporation, directly or indirectl}', to the purchase of shares of its own stock ; nor shall the said directors, or an}' of them, receive as a security for any loan or discount, or in payment or satisfaction of any debt due to the said corpora- tion, except in the necessary course of collection of debts pre- viously contracted in a bona fide manner in the ordinary course of its banking operations, and actually due and un- paid, any shares of the capital stock of the said corporation ; and any shares of the said capital stock so received in pay- ment of any such debts shall be, in good faith, sold and trans- ferred from the hands and ownership of the said corporation within ten months from the time of its transfer to and recep- tion by the same, in the manner and for the purposes afore- said; nor shall the said directors, or any of them, receive from any other banking or other stock corporation shares of the stock of any such banking or other stock corporation, or any notes, bonds, or other evidences of debt issued by or upon the credit of such corporation, in exchange for the shares of stock, notes, bonds, or other evidences of debt of the corpora- tion created by this act. And the said directors, in determining what are " nett profits" of the said corporation, from which the dividends allowed l)y this article may be made, shall first deduct from the profits of the business of the said corporation all expenses paid or incurred, both ordinary and extraordinary, attending the management of the affairs, and the transaction of the busi- ness of the said corporation ; all interest paid, or then accrued, due and unpaid, on debts owed by the said corporation ; and all losses sustained by the said corporation ; and in the com- 282 VETOED BILLS AND OTHER DOCUMENTS. [1841. putation of such losses, all debts owing to the corporation shall be included which shall have remained due, without prosecution, and no interest shall have been paid thereon for more than one 3'ear, or on which judgments sliall have been recovered that shall have remained for more than two _years unsatisfied, and on which no interest shall have been paid dur- ing that period. If there shall be a failure in the payment of anj' part of any sum subscribed to the capital of the said bank, the stockholder so deUnquent shall lose the benefit of any divi- dend which ma}' have accrued prior to the time for making such payment, and during the delay of the same. 15th. Once in every year the directors shall la}' before the stockholders, at a general meeting, or publish for their infor- mation, an exact and particular statement of the debts which shall remain unpaid after the expiration of the original credit, and of the surplus of the profits, if any, after deducting losses and dividends. 16th. The directors of the said corporation shall establish one competent office of discount and deposit in any State in which two thousand shares shall have been subscribed, or may be held, whenever, upon application of the Legislature of such State, Congress may by law require the same. And the said directors may also establish one or more competent offices of discount and deposit in any Territory or District of the United States, and in any State, with the assent of such State ; and when established, the said office or offices shall be only with- drawn or removed by the said directors prior to the expiration of this charter, with the previous assent of Congress : Pro- vided, in respect to any State that shall not, at the first ses- sion of the Legislature thereof held after the passage of this act, by resolution or other usual legislative proceeding, uncon- ditionally assent or dissent to the establishment of such office or offices within it, such assent of the said State shall be thereafter presumed : And provided^ nevertheless^ That when- ever it shall become necessaiy and proper for carrying into execution any of the powers granted by the Constitution, to estabhsh an office or offices in any of the States whatever, and the establishment thereof shall be directed by law, it shall be 1841.] FISCAL BANK BILL OF 1841. 283 the dut}' of the said directors to establish such office or offices according!}'. And the said directors shall have power to com- mit the mauagcmont of the said offices, and the business thereof, respectively, to such persons, and under such regulations as they may deem proper, not being contrar}- to law or to this charter. Or, instead of establishing such offices, it shall be lawful for the du'ectors of the said corporation, from time to time, to emplo}' any agent or agents, or any other bank or banks, to be approved by the Secretary of the Treasury, at any place or places that the said di)"ectors ma}' deem safe and proper, to manage and transact the business proposed as afore- said, other than for the purposes of discount, and to perform the duties hereinafter required of the said corporation, to be managed and transacted by such officers, under such agree- ments, and subject to such regulations as they shall deem just and proper. Not more than nine, nor less than five managers or directors of every office, established as aforesaid, shall be annually appointed by the directors of the said corporation, to serve one year. The said managers or directors shall choose a president from their own number; they shall be citizens of the United States, and residents of the State, Territory, or District wherein such office is established ; and at least one of the said managers or directors shall be ineligible to reappoint- ment at the end of every first and each succeeding year ; but the president may be always reappointed. 17th. The officer at the head of the Treasury Department of the United States shall be furnished, from time to tune, as often as he may require, not exceeding once a week, with such statements of the condition and business of said cor- poration as he may specially direct ; and he shall also have a right to inspect, or cause to be inspected by some one by him duly authorized, all the books, papers, and accounts of the said corporation, of every kind, including the accounts of individuals, and to make, or cause to be made, an examina- tion into the affairs, transactions, and condition of the cor- poration ; and the condition of the bank shall be published monthly, in such manner, and with such particularity as the Secretary of the Treasury shall direct. And the said bank. 284 VETOED BILLS AND OTHER DOCUMENTS. [1841. and its offices of discount and deposit, sliall be open at all times to tiie full and unrestricted inspection and examination of a committee of either House of Congress, a committee of the stockholders, and to each and all of the directors of the bank. And, for the purpose of securing a full and unre- stricted inspection and examination as aforesaid, the Secre- tary of the Treasury, or any one by him duly authorized, or a committee of either House of Congress, may respectively summon and examine, under oath, all the directors, officers, or agents of the said corporation, and of any branch or agency thereof, and such other witnesses as they may think proper, in relation to the affairs, transactions, and condition of the corporation ; and any such director, officer, agent, or other person, who shall refuse, without justifiable cause, to appear and testify when thereto required, as aforesaid, shall, on conviction, be subject to a fine not exceeding one thou- sand dollars, and imprisonment for a term not exceeding one year. And upon the question of any loan or discount ex- ceeding one thousand dollars, where the same is granted, if any member shall dissent, the vote shall be taken by ayes and noes, and shall be entered on the books of the bank, and be subject to the same inspection as the other proceedings of said bank ; and no part of the proceedings of the bank, nor any loans, discounts, or payments made by it, nor any order given by it, shall be concealed or kept secret from the Government directors, nor shall said directors be excluded from the free and full participation in all the transactions and business of the institution, 18th. No note shall be issued of a less denomination than five dollars ; but Congress may hereafter, if it shall think fit, restrain the lowest denomination of notes to ten dollars ; nor shall the said bank knowingly increase the amount of the debts due to it, when the notes in circulation exceed three times the amount of specie in its vaults ; and whenever such excess takes place, it shall be the duty of the said corpora- tion to return to such proportion as soon as shall be safe and practicable. 19th. The debts due and becoming due to said bank shall 18-ii.j FISCAL BANK BILL OF 1841. •285 never, at any one time, exceed the amount of the capital stock actually paid in, and seveuty-five per cent, advance thereon. 20th. No paper shall be discounted, or any loan made bv said bank for a longer period than one hundred and eisjhtv days : uor shall any note, or bill, or other debt, or evidence of debt, be renewed or extended by any engagement or con- tract of said bank, after the time for which it was negotiated shall have expired. 21st. The said bank shall not hold any public debt or stocks, or the stocks of any incorporated institution, unless taken for the security, or in satisfaction of debts prcviouslv contracted. 22d. The said bank shall not pay out the notes of any other bank, or anything except legal coin, or its own notes. 23d. The directors of the said bank shall not, within the District of Columbia, discount any promissory note or bill of exchange, nor make any loan whatever, except it be a loan to the Government of the United States, according to the provisions of law. 24th. All notes or bills, adapted and intended to circulate as money, shall be prepared under the direction of the parent institution at Washington, shall be signed as hereinbefore provided for, and shall be made payable at the banking-house in Washington, or at some one of the offices of discount and deposit, to be specified on the face of the note oi- bill, except notes of a denomination not exceeding twenty dollars, which may be signed by the president and cashier of any office of discount and deposit at which they ma}- be issued and made payable, but shall, nevertheless, be prepared at and author- ized by the parent institution at Washington. And no notes or bills but such as are prepared and signed, as aforesaid, shall be issued by any of the said offices of discount and deposit : Provided, That nothing herein contained shall be so construed as to prohibit the said offices from selling drafts for fift}' dollars and upwards, each, drawn and intended for the purpose of remittance. The notes or bills of the said corporation, although the 286 VETOED BILLS AND OTHER DOCUMENTS. [1841. same be upon their face, respective]}', made pa3'able at a particular place only, shall, nevertheless, be received by the said corporation, or at any of its offices of discount and deposit, when tendered in liquidation or payment of any debt or balance due to said corporation. 25th. The officers of the corporation shall not be permitted to borrow money from the feaid corporation, or contract any debt therewith in any manner whatever ; and no note or bill, of which such officer is maker, drawer, endorser, acceptor, or otherwise a party, shall be discounted : Provided, That the entire liability of any one director of any of said offices to said corporation may exist to an amount not exceeding ten thousand dollars : And provided, also, That no note or bill shall be discounted for any member of either House of Con- gress of the United States. [Sections 12 and 13 prescribe the penalties to be imposed in case the corporation, or any person to its use, sliall deal in goods, wares, or mer- cliandise, contrary to the provisions of this act, or shall lend any sum of money for the use of the Government of the United States, to an amount exceeding one million of dollars, or of any particular State, to an amount exceeding one hundred thousand dollars, unless specially authorized by law.] Sec. 14. And he it further enacted, That the bills or notes of the said corporation originally made payable, or which shall have become payable on demand, shall be re- ceivable in all payments to tlie United States, unless other- wise directed by act of Congress : Provided, hoxoever, That if the said bank, or any of its branches, shall at any time suspend specie payments, or shall neglect or refuse to dis- charge, on demand, any and all of its liabilities in specie, then its bills or notes shall not, during such suspension, be received in payment of any debt or demand of the United States ; and such suspension of specie payments shall be held and adjudged a cause of forfeiture of the charter hereby granted. Sec. 15. And be it further enacted, That during the con- tinuance of this act, and whenever required by the Secretary of the Treasury, the said corporation shall give the necessary 1841.] FISCAL BANK BILL OF 1841, 287 facilities for transferring the public funds from place to place within the United States, or the Territories thereof, and for distributing the same in payment of the public creditors, and shall also do and perform the several respective duties for- merly required of the pension agents and connnissioners of loans for the several States, or of any one or more of them, without charging commissions, or claiming allowances on account of difference of exchange. Sec. 16. And be it further e7iacted, That the deposits of the money of the United States in places in which tlie said bank and branches thereof may be established, shall be made in said bank or branches thereof, unless Congress shall other- wise direct by law ; and that all public moneys in deposit in said bank, or standing on its books to the credit of the Treas- urer, shall be taken and deemed to be in the Treasury of the United States, and all payments made by the Treasurer shall be in checks drawn on said bank :' Provided, That if the said bank shall suspend specie payments during the recess of Con- gress, it shall be the duty of the Secretary of the Treasury to provide for the safe keeping of the public moneys until the action of Congress can be had thereon, and he shall report the same to Congress on the first day of the session next after such suspension. [Section 17, forbidding the suspension of specie payment upon any of the obligations of the bank, and providing the remedy therefor, follows the language of section 17 of the act of 181G, on page 92, except that under the final clause no jurisdiction in the courts of the several States is provided for. Sections 18 and 10 prescribe the penalties for forging, counterfeiting, or altering bills or notes of the bank or checks drawn upon it, and for the like offences. Section 20 provides for punisliing embezzlement, or false entries upon the books of the bank, by any of its officers. Section 21 engages that no other bank shall be cstabli.slied by Congress during tlie continuance of this corporation, except that in the District of Columbia banks may be established until there is an aggregate capital not exceeding five millions of dollars, and follows closely the language of section 21 of the act of 1816, on page 93.] Sec. 22. And he it further enacted, That if the subscrip- tions and payments to said bank shall not be made and com- 288 VETOED BILLS AND OTHER DOCUMENTS. [1841. pleted, so as to enable the same to commence its operations ; or, if tlie said bank shall not commence its operations on or before the first Monday in April next, then, and in that case, Congress may, at any time within twelve months thereafter, declare, b3' law, this act null and void. [Section 23 provides for summoning the corporation by scire facias to answer cliarges of violating its charter and for tlie forfeiture of tlie charter upon proof of the alleged violation. Section 24 provides for restraining the bank by injunction from exercising any franchise or carrying on any business not allowed by this act. Both sections provide that every issue of fact joined between the United States and the corporation shall be tried by a jury, and that any final judgment or decree under these sec- tions shall be examinable in the Supreme Court of the United States.] Note. — Senate bill No. 5 of 1841 was returned to the Senate by tbe President of the United States with his objections, August 16, 1841, and then failing to receive the vote of two thirds of that house, did not become a law. The Fiscal Corporation bill of September, 1841. [Printed in the Journal of the House of Representatives, September 10, 1841, page 497.] An Act to provide for the better collection^ safekeeping^ and dishursement of the p)ublic revenue, by means of a cor- poration to be styled the Fiscal Corporation of the United States. Be it enacted, . . . That a Fiscal Corporation of the United States shall be established in the District of Columbia, with a capital of twenty-one millions of dollars, divided into two hun- dred and ten thousand shares, of one hundred dollars each share. Seventy thousand shares shall be subscribed for by the United States, and the residue of the said capital may be subscribed and paid for by individuals, companies, corpora- tions, or States, the said individuals being citizens of the United States, and the said companies and corporations being of the several States, or of these United States, or Territories, thereof, in the manner hereinafter specified. But Congress reserves to itself the power of augmenting the capital of the said corporation, at any time after the 1st of January, 1851, 1841.] FISCAL CORPORATION BILL OF 1841. 289 by authorizing the addition thereto of a sum not exceeding fourteen millions of dollars, divided into shares as aforesaid, which may be subscribed for, at not less than their par value, by the United States, or by any State, coriwration, company, or individuals, in the manner directed by law : Provided^ That the United States shall not subscribe for more than one- third of the said additional capital. [Section 2 provides for tlie appointment of commissioners to receive subscriptions, and for the time, place, and manner of receiving them, and gives directions as to tiie course of proceeding in case the amount sub- scribed exceeds or falls short of the fourteen millions thus to be raised. Section 3 provides that it shall be lawful for any individual, company, corporation, or State to subscribe for not exceeding two thousand shares of the capital ; and then makes the same provisions as those in the Fiscal Bank bill for the medium of payment and for the rates at wliich foreign coins shall be received; and also the same provisions as to the time and manner of payment, except however that the time is in all cases to be calculated from the first Monday in October, 1811. Sections 4 and 5 are identical with sections 4 and 5 of the Fiscal Bank bill, with the exception of the change of name. Section 6 provides for the subscription of seven millions of dollars on behalf of the United States, to be made in the same manner as in section 6 of the Fiscal Bank bill, and the instalments to be payable, $2,450,000 on the first day of January, 1842, $1,750,000 on the first day of May, and $2,800,000 on the first day of September. Stock not subscribed for by individual States or corporations before the first day of January, and not exceeding one third of the amount offered, may be subscribed for on be- half of the United States, to be sold as soon as its par value can be obtained. Section 7 incorporates the subscribers by the name of " The Fiscal Corporation of the United States," until the first day of June, 1862; and authorizes them to hold property without specified limit, and to dispose of the same, to have a common seal, to establish all necessary regula- tions, and generally to do all needful acts, subject to the restrictions otherwise prescribed in this law. Section 8 makes the same provisions as to the number and clioice or appointment of directors and president as arc made in section 8 of the Fiscal Bank bill. Sections and 10 are also identical with the corresponding sections of the Fiscal Bank bill, except that it is provided tliat the corporation may begin its operations at the city of Washington, as soon as four millions of dollars shall have been received on account of the subscriptions to capital, exclusive of the subscription made on behalf of the United States.] 19 290 VETOED BILLS AND OTHER DOCUMENTS. [1841. Sec. 11. A)id be it further enacted, That the following rules, restrictions, limitations, and provisions shall form and be fundamental articles of the constitution of said corporation, to wit : [Articles 1, 2, 3, 4, 5, and G are identical with the corresponding articles of section 11 of the Fiscal Bank bill. Article 7 is identical with the corresponding article of the Fiscal Bank bill, omitting the provision " that no loan shall be made on the security of real estate." Article 8 provides that the total amount of debts owed by the corpora- tion, over and above its deposits, shall not exceed seventeen miUion five hundred thousand dollars, unless previousl}- authorized by law; and is otherwise identical with the corresponding article of section 11 of the Fiscal Bank bill.] 9th. The said corporation shall not, directly or indirectly, deal or trade in anything except foreign bills of exchange, including bills or drafts drawn in one State or Territorj', the Disti'ict of Columbia included, and payable in another, or gold or silver coin, or bullion, or goods, or lands purchased on ex- ecution, sued out on judgments, or decrees obtained for the benefit of said corj)oration, or taken bona fide in the pa3'ment of debts due to it, or goods which shall be the proceeds of its lands. It shall not be at liberty to purchase any public debt whatever ; nor shall the board of directors of the said corpo- ration make donations or presents of its funds to any officer or director for any purpose whatever. 10th. It shall be lawful for the said corporation to loan to the Government of the United States to an amount not ex- ceeding one million of dollars, and for a period not exceeding one hundred and eighty days, or to an}' particular State to an amount not exceeding one hundred thousand dollars, or for any period not exceeding one hundred and eight}' days ; but such loans ma}' be for a larger amount and for a longer period if previously authorized by a law of the United States. 11th. The stock of the said corporation shall be assignable and transferable, according to such rules as shall be instituted in that behalf, by the by-laws and ordinances of the same. [Articles 12, 13, 14, and 15, are nearly the same as the corresponding articles of section 11 of the Fiscal Bank bill, except that in article 14 the 1841.] FISCAL CORPORATION BILL OF 1841. 291 clauses forbidding the directors to discount or receive any note as a pay- ment upon the capital stock, beginning " nor shall the said directors," and ending "on his stock" are omitted.] 16th. That, for the purpose of carrying on and transacting the business of the said corporation herein and hereb}- author- ized, and fulfilling the duties herein and hereby required, it shall be lawful for the directors of the said corporation, from time to time, to establish agencies in any IState or Terrilor}' of the United States, at any place or places they may deem safe and proper, and to employ any agent or agents, or, Avith the approbation of the Secretary of the Treasury, any bank or banks, under such agreements, and subject to such regulations, as they may deem just and proper, not being contrary to law or to this charter ; and the same agencies, at their pleasure, to relinquish or discontinue, and the same agent or agents to remove, and to commit to such agents, agencies, or banks, such portions of the business and concerns of the said corpo- ration as they may think fit : Provided, ahcaijs, That neither the said corporation, nor any agent or agents thereof, nor any bank or banks employed by the same, shall be authorized to discount promissory notes with the moneys or means of the said corporation, but shall employ the same in the business and dealing in foreign bills of exchange, including bills and drafts drawn in one State or Territory and payable in another. [Article 17 is the same as the corresponding article of section 11 of the Fiscal Bank bill, except that the clause to enable any director to call for the ayes and noes upon any loan exceeding one thousand dollars is omitted. Articles 18 and 10 are identical with the corresponding articles of sec- tion 11 of the Fiscal Bank bill ; articles 20 and 21 with articles 21 and 22 of the Fiscal Bank bill; and article 20 of that bill is omitted.] '22d. Tlie directors of the said corporation shall not, within the District of Columbia, buy or discount any bill of exchange, nor make any loan whatever, except it be a loan to the Gov- ernment of the United States, according to the provisions of law. 23d. All notes or bills, adapted and intended to circulate as money, shall be prepared under the direction of the parent 292 VETOED BILLS AND OTHER DOCUMENTS. [1841. institution at Washington, shall be signed as hereinbefore provided for, and shall be made payable at the house of said corporation in Washington, or at some one of its agencies, to be specified on the face of the note or bill, except notes of a denomination not exceeding ten dollars, which may be signed b\' an authorized person at the agency at which they may be issued and made payable, but shall, nevertheless, be prepared at, and authorized by, the parent institution at Washington. And no notes or bills but such as are prepared and signed, as aforesaid, shall be issued by any of the said agencies : Provided, That nothing herein contained shall be so construed as to prohibit the said agencies from selling drafts for fifty dollars and upwards, each, drawn and intended for the pur- pose of remittance. 24th. The notes of bills of the said corporation, although the same be upon their face, respectively, made payable at a particular place onlj', shall, nevertheless, be received by the said corporation, or at an}' of its agencies, when tendered iu liquidation or payment of an}' debt or balance due to said corporation. 25th. Tlie officers of the corporation, and the agents thereof, shall not be permitted to borrow money from the said corpo- ration, or contract any debt therewith, in any manner what- ever ; and no bill or other evidence of debt, of which such officer or agent is maker, drawer, endorser, accepter, or oth- erwise a part}-, shall be discounted. [Sections 12 and 13 prescribe the penalties to be imposed if tbe corpo- ration, or any person to its use, shall deal in goods, wares, or merchan- dise, contrary to the provisions of this act, or if it shall lend any sum of money for the use of the Government of the United States to an amount exceeding one million of dollars, or of any particular State to an amount exceeding one hundred thousand dollars, unless specially authorized by law.] Sec. 14. And be it further enacted, That the bills or notes of the said corporation originall}' made payable, or which shall have become payable on demand, shall be receivable in all payments to the United States, unless otherwise directed by act of Congress : Provided, Jioioever, That if the said corpo- 18-il.] FISCAL COUruKATlON HILL UF 16-11. 2ll3 ration, or auy of its agencies, shall at any time suspend specie payments, or shall neglect or refuse to discharge, on demand, any and all of its liabilities in specie, then its bills or notes shall not, during such suspension, be received in payment of any debt or demand of tiie United States ; and such suspen- sion of specie payments for thirty days in any one year siiall be held and adjudged a cause of forfeiture of the charter hereby granted. [Sections 15, IG, 17, 18, 19, and 20 provide for the facilities to be givea by the corporation to the Treasury of tl.e United States, and for the de- posit of the money of tlie United States in tlie corporation or its agencies ; forbid the suspension of specie payment by the corporation ; prescribe the penalties for forging, counterfeiting, or ahering notes of tlie corporation or checks drawn upon it, and for embezzlement of its funds, or false en- tries upon its books ; and are substantially identical with sections 15-20 of the Fiscal Bank bill. Section 21 provides " that no bank or otlier corporation, with powers similar to those herein and hereby conferred," sliall be establislied by Congress during the continuance of this corporation, except tliat in tlie District of Columbia banks may be established until there is an aggregate capital not exceeding five millions of dollars, and follows closely tlie lan- guage of the corresponding section of the act of 1810, on page 93, and of the Fiscal Bank bill.] Sec. 22. And be it further enacted^ That if the subscrip- tions and payments to said corporation shall not be made and completed, so as to enable the same to commence its opera- tions, or if the said corporation shall not commence its opera- tions on or before the first Monday in JNIay next, then, and in that case, Conoress may, at any time within twelve months thereafter, declare, by law, this act null and void. [Section 23 provides for summoning the corporation by scire facias to answer charges of viohiting its charter and for the forfeiture of tlic ciiartor upon proof of the alleged violation. Section 24 provides for restraining the corporation by injunction from exercising any franchise or carrying on any business not allowed by tliis act. Both sections provide tliat every issue of fact joined between the United States and tlie corporation sliall be tried by a jury, and that any final judgment or decree under tliese sec- tions shall be examinable in the Supreme Court of tiie United States.] Note. — House bill No. 14 of 1841 was returned to the Iloiise of T?(>p- resentatives by the President of the United States witli liis objections, September 0, 1841, and, tlien failing to receive the votes of two tliirds of the House, did not become a l.iw. 294 VETOED BILLS AND OTHER DOCUMENTS. [18G8. The Refunding Bill of 1868. [Printed in the Congressional Globe, 1867-68, p. 4466, and now corrected by reference to the original in the department of State.] A71 Act providing for the 2:>ay7nent of the national debt, and for the reduction of the rate of interest thereon. Be it enacted, . . . That the Secretaiy of the Treasury is hereby authorized to issue coupon or registered bonds of the United States in such form as he may prescribe, and of de- nominations of one hundred dollars, or any multiple of that sum, redeemable in coin at the pleasure of the United States after thirty, and fortj' years, respectively-, and bearing the following rates of j'earlj' interest, payable semi-annuall3' in coin, that is to sa}' : The issue of bonds falling due in thirty years shall bear interest at four and a half per centum ; and bonds falling due in forty years shall bear interest at four per centum, which said bonds and the interest thereon shall be exempt from the payment of all taxes or duties to the United States other than such income tax as maj' be assessed upon other incomes, as well as from taxation in any form by or under State, municipal, or local authority, and the said bonds shall be exclusivel}' used, par for par for the redemption of or in exchange for an equal amount of an}' of the present out- standing bonds of the United States, known as the five twent}^ bonds, and may be issued to an amount, in the aggregate, sufficient to cover the principal of all such five twenty bonds and no more. Sec. 2. And he it further enacted, That there is hereby appropriated out of the duties derived from imported goods the sum of one hundred and thirty-five millions of dollars an- nually, which sum, during each fiscal year, shall be applied to the payment of the interest and to the reduction of the princi- pal of the public debt in such a manner as may be determined by the Secretary of the Treasury, or as Congress may here- after direct ; and such reduction shall be in lieu of the sink- ing fund contemplated b}' the fifth section of the act entitled "An act to authorize the issue of United States notes, and 1874.3 CURKENCT BILL OF 187-4. 295 for the redemption or funding thereof, and for funding the float- ing debt of the United States," approved Februar\- twent}-- fifth, eighteen hundred and sixt^'-two. Sec. 3. And be it further enacted, That from and after the passage of this act no percentage, deduction, connnis- sion or compensation of any amount or kind sliall be allowed to anj' person for the sale, negotiation, redemption or ex- change of any bonds or securities of the United States, or of any coin or bullion disposed of at the Treasur3' Depart- ment or elsewhere on account of the United States ; and ail acts and parts of acts authorizing or permitting, by construc- tion or otherwise, the Secretar}- of the Treasur}" to appoint an}- agent, other than some proper officer of his department, to make such sale, negotiation, redemption or exchange of bonds and securities, are hereby repealed. Note. — Senate bill No. 207 of 1807-68, having passed the Senate and the House of Representatives, was sent to the President of the United States, July 27, 1868, and was deposited by him in the State Department endorsed as follows : — Received 115^ A. M. July 27th, 1868, on which day, at 12 o'clock M., the two Houses of Congress adjourned until the third Mon- day in September, 1808. Andrew Johnson. The Currency Bill of 1874. [Printed in Senate Executive Documents of 1873-74, No. 44.] An act to fix the amount of United States notes and the cir- culation of national banks, and for other purposes, £e it enacted, . . . That the maximum amount of United States notes is hereby fixed at four hundred million dollars. Sec. 2. That fort^'-six millions in notes for circulation, in addition to such circulation now allowed by law, shall be issued to national banking associations now organized and which may be organized hereafter ; and such increased cu'cu- lation shall be distributed among the several States as pro- vided in section one of the act entitled "An act to provide for the redemption of the three-per-centum temporary-loan 296 VETOED BILLS AND OTHER DOCUMENTS. [1881. certificates, and for an increase of national bank notes," ap- proved July twelfth, eighteen hundred and seventy ; and each national banking association, now organized or hereafter to be organized, shall keep and maintain, as a part of its reserve required by law, one-fourth part of the coin received by it as interest on bonds of the United States deposited as security for circulating notes or Government deposits ; and that here- after only one-fourth of the reserve now prescribed by law for national banking associations shall consist of balances due to an association available for the redemption of its circulating notes from associations in cities of redemption, and upon which balances no interest shall be paid. Note. — Senate bill No. 617 of 1873-74 was returned to the Senate by the President of the United States with his objections, April 22, 1874, and then failing to receive the votes of two-thirds of that house, did not become a law. The Funding Bill of March, 1881. [Printed in the Congressional Record, 1880-81, p. 2433, and now corrected by reference to the bill as ordered to be printed for the Senate, Feb- ruary 17, 1881.] An act to facilitate the refunding of the national debt. Be it enacted, . . . That all existing provisions of law authorizing the refunding of the national debt shall appl}^ to any bonds of the United States bearing a higher rate of in- terest than four and one-half per centum per annum which ma}' hereafter become redeemable : Promded, That in lien of the ■ bonds authorized to be issued b}- the act of July fourteenth, eighteen hundred and sevent}', entitled "An act to authorize the refunding of the national debt," and the acts amendatory thereto, and the certificates authorized b}' the act of Februar}'' twenty-sixth, eighteen hundred and seventy-nine, entitled "An act to authorize the issue of certificates of deposit in aid of the refunding of the public debt," the Secretar}- of the Trea- sury is hereby authorized to issue bonds to an amount not exceeding four hundred million dollars, of denominations of 1881.] FrNT)IKG BILL OF 1881. 297 fift}- dollars, or some multiple of that sum, which shall bear interest at the rate of tliree per centum per annum, jjaya- ble semi-annually, redeemable, at the pleasure of the United States, after five years, and payable twenty years from the date of issue ; and also Treasury notes to an amount not exceeding three hundred million dollars, in denominations of ten dollars, or some multiple of that sum not excecdinty one thousand dollars, either registered or coupon, bearino- Interest at a rate not exceeding three per centum per annum, payable semi-annually, redeemable at the pleasure of the United States, after one j'ear, and payable in ten years from the date of issue ; and no Treasury note of a less denomina- tion than one hundred dollars shall be registered. The bonds and Treasury notes shall be, in all other respects, of like character and subject to the same provisions as the bonds authorized to be issued by the act of July fourteenth, eighteen hundred and seventy, entitled "An act to author- ize the refunding of the national debt," and acts amendatory thereto : Provided, That nothing in this act shall be so con- strued as to authorize an increase of the public debt : Pro- vided further, That interest upon the six per cent, bonds hereby authorized to be refunded shall cease at the expiration of thirt}' daj's after publication of notice that the same have been designated by the Secretary of the Treasury for redemp- tion. It shall be the duty of the Secretary of the Treasury', under such rules and regulations as he may prescribe, to authorize public subscriptions, at not less than par, to be received at all depositories of the United States, and at all national banks, and such other banks as he may designate, for the bonds and for the Treasury notes herein provided for, for thirt}' daj's before he shall contract for or award any portion of said bonds or Treasur}' notes to anj- syndicate of individuals or bankers, or otherwise than under such public subscriptions ; and if it shall happen that more than the en- tire amount of said bonds and Treasury notes, or of citlier of them, has been subscribed witiiin said thirty days, he shall award the full amount subscribed to all persons who shall have made bona-fide subscriptions for the sum of two thou- 298 VETOED BILLS AND OTHER DOCUMENTS. [1881. sand dollars or less, at rates most advantageous to the United States, and the residue ratably among the subscribers in proportion to the amount by them respectively subscribed, at rates most advantageous to the United States. Sec. 2. The Secretary of the Treasury- is hereby author- ized, in the process of refunding the national debt, to ex- change, at not less than par, any of the bonds or Treasury notes herein authorized for any of the bonds of the United States outstanding and uncalled bearing a higher rate of interest than four and one-half per centum per annum ; and on the bonds so redeemed the Secretarj' of the Treasury may allow to the holders the difference between the interest on such bonds from the date of exchange to the time of their maturity, and the interest for a like period on the bonds or Treasur}' notes issued ; and the bonds so received and ex- changed in pursuance of the provisions of this act shall be cancelled and destroj-ed ; but none of the provisions of this act shall apply to the redemption or exchange of anj' of the bonds issued to the Pacific Railway Companies. Sec. 3. The Secretary of the Treasury is hereby author- ized and directed to make suitable rules and regulations to carry this act into effect ; and the expense of preparing, issuing, advertising, and disposing of the bonds and Trea- sur3' notes authorized to be issued shall not exceed one half of one per centum. Sec. 4. That the Secretary of the Treasury is hereby authorized, if in his opinion it shall become necessary, to use temporarily not exceeding fift}^ million dollars of the standard gold and silver coin in the Treasury in the redemp- tion of the five and six per cent, bonds of the United States authorized to be refunded by the provisions of this act, which shall from time to time be repaid and replaced out of the proceeds of the sale of the bonds or Treasury notes author- ized b^' this act ; and he may at any time apply the surplus money in the Treasury* not otherwise appropriated, or so much thereof as he ma}- consider proper, to the purchase or redemption of United States bonds or Treasury notes authorized by this act : Provided, That the bonds and Trea- 1881. J FUNDING BILL OF 1881. 299 sur}' notes so purchased or redeemed shall constitute no part of the sinking fund, but shall be cancelled. Sec. 5. From and after the first day of July, eighteen hun- dred and eighty-one, the three per centum bonds authorizeil by the first section of this act shall be the only bonds receivable as securit}' for national-bank circulation, or as security for the safe-keeping and prompt payment of the public money depos- ited with such banks ; but when anj- such bonds deposited for the purposes aforesaid shall be designated for purchase or redemption b}' the Secretar}- of the Treasury, the banking association depositing the same shall have the right to sub- stitute other issues of the bonds of the United States in lieu thereof: Provided, That no bond upon which interest has ceased shall be accepted or shall be continued on deposit as securit}' for circulation or for the safe-keeping of the public money ; and in case bonds so deposited shall not be with- drawn, as provided b}' law, within thirty days after interest has ceased thereon, the banking association depositing the same shall be subject to the liabilities and proceedings on the part of the Comptroller provided for in section fifty-two hun- dred and thirty-four of the Revised Statutes of the United States : And provided further , That section four of the act of June twentieth, eighteen hundred and seventy-four, entitled " An act fixing the amount of the United States notes, provid- ing for a redistribution of the national-bank currencv, and for other purposes," be, and the same is hereby, repealed ; and sections fift^'-one hundred and fiftj'-nine and fifty -one hundred and sixt}' of the Revised Statutes of the United States be, and the same are herebj', re-enacted. Sec. 6. That the payment of any of the bonds hereby au- thorized, after the expiration of five years, shall be made in amounts to be determined from time to time b^- the Secretary of the Treasur}', at his discretion, the l)onds so to be paid to be distinguished and described by the dates and numbers, be- ginning for each successive payment with the bonds of each class last dated and numbered ; of the time of which intended payment or redemption the Secretary of the Treasury shall give public notice, and the interest on the particular bonds so 300 VETOED BILLS AND OTHER DOCUMENTS. [1881. selected at any time to be. paid shall cease at the expiration of thirty da^'s from the publication of such notice. Sec. 7. That this act shall be known as " The funding act of eighteen hundred and eightj-one ; " and all acts and parts of acts inconsistent with this act are hereby repealed. Note. — House bill No. 4592 of 1880-81, having been presented to the President of the United States, was returned by him, with his objections, to the House of Representatives, March 3, 1881, and did not become a law. TABLE OF ACTS, RESOLUTIONS, AND DOCUMENTS, PRINTED, ABRIDGED, OR DESCRIBED, IN THIS VOLUME. For convenience, most of the following titles are much abridged, and in case of complete variance from the original they are bracketed. PART I. PACE 1789, July 31, Act regulating collection of duties in specie . 7 Sept'r 2, Act establishing the Treasury Department . 7 1790, Aug't 4, Act providing for the public debt .... 10 Aug't 5, Act for settling accounts with States ... 18 Aug't 12, Act providing for reduction of debt ... 20 1791, Feb'y 25, Act incorporating the Bank of the United States 22 March 2, Act supplementary to the Bank act . . . . 29 March 3, Act [pledging certain revenues for interest and reduction of debt] 30 1792, Jan'y 23, Act extending time for settlement with States 20 May 8, Act supplementary to act providing for the debt 18,32 1794, May 31, Act providing for interest on balances due to States 34 1795, Jan'y 2, Act for transfer of stock by States .... 35 March 3, Act making further provision for credit and redemption of debt 35 1796, April 28, Act in addition to preceding 42 May 31, Act providing for payment of certain debts . 43 1797, March 3, Act for receiving stock in payment for lands . 45 March 3, Act extending time for subscriptions by iiublic creditors 18 1798, June 12, Act extending time for loan office and final settlement certificates 45 1798, June 30, Act authorizing a loan for naval pur{)oses 310 302 TABLE OF ACTS, UESOLUTIONS, AND DOCUMENTS. PAGE 1798, July 16, Act to enable the President to borrow $5,000,000 45 July 16, Act authorizing loan, to anticipate direct tax 46 1799, Feb'y 15, Act respecting balances due by States ... 47 1800, May 7, Act to enable the President to borrow $3,500,000 46 May 10, Act providing for use of stock in payment for lands 45 May 10, Act [declaring duties of Secretary of the Treasury] 48 1802, April 29, Act providing for redemption of whole of public debt 49 1803, Nov'r 10, Act creating stock for Louisiana purchase . . 52 1806, April 18, Act discontinuing receipt of public debt for land 55 1807, Feb'y 11, Act [providing for exchange of stock] ... 56 1809, March 3, Act [requiring disbursing agents to keep public moneys in bank] 59 June 28, Act [extending powers of sinking fund to all cases of reimbursement] 60 1810, May 1, Act authorizing a loan for sinking fund . . 60 1811, March 2, Act authorizing a loan of $5,000,000 ... 62 1812, March 14, Act authorizing a loan of $11,000,000 ... 62 March 19, Act repealing tenth section of United States Bank act . . 63 June 30, Act authorizing treasury notes . . ' . . . 63 July 1, Act making Louisiana stock transferable . . 53 July 6, Act [providing for exchange of stocks] . . 66 July 6, Act authorizing agents for $11,000,000 loan . 63 1813, Feb'y 8, Act authorizing a loan of $16,000,000 ... 67 Feb'y 25, Act authorizing treasury notes 68 Aug't 2, Act authorizing a loan of $7,500,000 ... 70 1814, Mai'ch 4, Act authorizing treasury notes 70 March 24, Act authorizing a loan of $25,000,000 ... 72 Nov'r 15, Act authorizing a loan of $3,000,000 ... 72 Dec'r 15, Act [pledging revenues for sinking fund] . . 74 Dec'r 21, Act [pledging revenues for sinking fund] . . 75 Dec'r 21, Act [authorizing loan in anticipation of duties] 75 TABLE OF ACTS, RESOLUTION;;, AND DOCUMENTS. 303 1814, Dec'r 23, Act [pledging revenues for sinking fund] . . 75 Dec'r 26, Act [authorizing treasury notes] .... 75 1815, Jau'y 9, Act [pledging revenues for sinking fund] . 75 Jau'y 9, Act [authorizing loan to anticipate 'direct tax] 75 Jan'y 18, Act [pledging revenues for sinking fund] . 75 Jau'y 18, Act [pledging revenues for sinking fund] . 75 Feb'y 24, Act authorizing treasury notes 76 March 3, Act authorizing a loan of §18,452,800 . . , 79 1816, April 10, Act incorporating the Bank of the United States 80 April 30, Resolution relative to [use of legal currency] 95 1817, March 3, Act transferring duties of commissioners of loans to the Bank 95 March 3, Act termiiiating autliority for loans and treasury notes 96 March 3, Act providing for redemption of debt . . . 97 1818, April 13, Act extending time for loan office and final settlement certificates 100 1819, March 3, Act [relating to Bank of tlie United States] 94 1820, May 15, Act authorizing a loan of 83,000,000 . . . 100 1821, March 3, Act authorizing a loan of 85,000,000 . . . 101 1822, Feb'y 19, Act enabling States to transfer stock . . . 101 April 20, Act authorizing exchange of stocks . . . 101 May 3, Act limiting receipt of treasury notes . . . 103 May 7, Act extending time for loan office and final settlement certificates 100 1824, Jan'y 22, Act authorizing purchase of seven per cent. May 24, stock 10:; Act authorizing stock for settlement of Span- May 26, ish claims 105 Act authorizing exchange of stocks . . . 105 1825, March 3, Act authorizing a loan, or exchange of stock of 1813 lOti 1830, April 24, Act authorizing redemption or purcliase of debt 1(»7 1832 July 14, Act extending time for loan office and final settlement certificates 1(1(1 1834 June 27, Act [as to payments in bank notes] . . . 1(»S 804 TABLE OF ACTS, RESOLUTIONS, AND DOCUMENTS. PAGE 1835, March 3, Act [as to payments in bank notes] . . . 108 1836, April' 11, Act repealing transfer of duties of commis- sioners of loans 109 April* 14, Act [as to payment in bank notes] ... 110 April 20, Act prescribing mode of paying pensions . 109 June 15, Act repealing fourteenth section of United States Bank act 110 June 23, Act regulating deposits of public money . . 110 June 23, Act respecting government stock in the United States Bank 116 July 4, Act [suspending the sinking fund] . . . 117 July 4, Act [respecting transfers of public money] . 114 1837, March 3, Resolution for settlement with the United States Bank 117 Oct'r 2, Act postponing further deposits with the States 118 Oct'r 12, Act authorizing treasury notes 118 Oct'r 16, Act for adjusting claims upon deposit banks 120 Oct'r 16, Act for settling drafts transferring deposits to States 122 1838, May 21, Act authorizing treasury notes 122 May 31, Resolution relating to money used in pay- ment of revenue. 122 July 5, Act [as to receipt of bank notes] .... 116 July 7, Act authorizing sale of bonds of the Bank of the United States 123 July 7, Act forbidding issue of notes of expired cor- porations 124 1839, March 2, Act authorizing treasury notes 124 1840, March 31, Act authorizing treasury notes 125 July 4, Act [establishing the Independent Treasury] 125 1841, Feb'y 15, Act authorizing treasury notes 130 July 21, Act authorizing a loan of $12,000,000 ... 131 Aug't 13, Act repealing [the Independent Treasury act] 132 1842, Jan'y 31, Act authorizing treasury notes 132 April 15, Act extending the loan act of 1841 . . . . 133 Aug't 31, Act concerning sale of stock and authorizing treasury notes 135 1843, March 3, Act for reissue and funding of treasury notes 136 TABLE OF ACTS, KESOLUTIONS, AND UOCUMENTS. 305 TAGE 1846, July 22, Act authorizing treasury notes and a loan, iu all §10,000,000 137 Aug't 6, Act for the Organization of the Treasury . 138 1847, Jan'y 28, Act authorizing treasury notes and a loan, in all S23,000,000 112 1848, March 31, Act authorizing a loan of §16,000,000 ... 147 1849, March 3, Act [repealing limit to be paid for stock] . 146 1S50, Sep't 9, Act [for payment of S10,000,000 to Texas in stock] 145 1853, March 3, Act [authorizing payment of market price for stock] 119 1857, Dec'r 23, Act authorizing treasury uotes 149 1858, June 14, Act authorizing a loan of $20,000,000 ... 151 1859, March 3, Act continuing issue of treasury notes . . 151 1860, June 22, Act authorizing a loan of S21,000,000 to fund treasury notes 152 PAET II. 1860, Dec'r 17, Act authorizing treasury notes 155 1861, Feb'y 8, Act authorizing a loan of S25.000,000. . . 157 March 2, Act authorizing a loan of $10,000,000 or issue of treasury notes 158 July 17, Act authorizing a national loan 160 Aug't 5, Act supplementary to act of July 17 . . . 162 1862, Feb'y 12, Act authorizing further issue of notes . . . 163 Feb'y 25, Act [for issue of legal tender notes and $.500,000,000 of bonds] 163 March 1, Act authorizing certificates of indebtedness . 166 March 17, Act [as to purchase of coin, use of demand notes, and temporary deposits] .... 166 July 11, Act [for second issue of legal tender notes] . 167 July 17, Act authorizing payments in stamps . . . 169 1863, Jan'y 17, Resolution [for issue of legal tender notes] . 170 Feb'y 25, Act to provide a national bank currency . . 171 March 3, Act [for loan of $900,000,000 and third issue of legal tender notes] 173 20 306 TABLE OF ACTS, RESOLUTIONS, AND DOCUMENTS. PAGE 1863, March 3, Act [prohibiting loans upon coin for more than its par value] 176 1864, March 3, Act authorizing loan of $200,000,000 ... 177 March 17, Resolution for prepayment of interest and sale of gold 178 June 3, Act to provide a national bank currency . . 178 June 17, Act prohibiting certain sales of gold . . . 191 July 2, Act repealing act of June 17 193 June 30, Act providing ways and means [and loan of 1400,000,000] 193 1865, Jan'y 28, Act [authorizing treasury notes instead of bonds] 196 March 3, Act providing ways and means [and loan of $600,000,000] 196 March 3, Act [relating to bank notes and State banks] 108 March 3, Act amending national bank currency act . 199 1866, Api'il 12, Act [limiting the reduction of currency] . . 199 1867, March 2, Act for payment of compound interest notes 200 1868, Feb'y 4, Act suspending reduction of currency . . . 201 July 25, Act for payment of compound interest notes 201 1869, Feb'y 19, Act forbidding banks to lend upon United States notes 201 March 3, Act providing for reports by banks . . . 186 March 18, Act to strengthen public credit 202 1870, July 12, Act for increase of bank notes [and gold banks] 202 July 14, Act for refunding national debt .... 205 July 14, Act for retirement of notes by banks in liquidation 208 1871, Jan'y 20, Act [increasing amount of five per cent. funding bonds] 206 1872, June 8, Act [for certificates of deposit] 209 1873, March 3, Act [restricting use of word "national" by banks] 190 Dec'r 17, Act for payment of loan of 1858 .... 206 1874, June 20, Act [for redemption and redistribution of bank currency and other purposes] . . 210 1875, Jan'y 14, Act for resumption of specie payments . . 214 Jan'y 19, Act concerning notes of gold banks . . . 216 TABLE OF ACTS, RESOLUTIONS, AND DOCLMENT6. 307 PACK 1875, March 3, Act authorizing calling of bonds for sinking fund 216 1878, May 31, Act forbidding retirement of legal tender notes 217 1879, Jan'y 25, Act to facilitate refunding 217 Feb'y 26, Act authorizing certificates for refunding . 218 1880, Feb'y 14, Act authorizing conversion of gold banks . 218 1881, March 3, Act [authorizing purchase of bonds] . . . 219 1882, July 12, Act to extend existence of national banks . 219 1883, March 3, Act [reducing taxes on banks] 224 1886, May 1, Act [concerning capital, name, and location of banks] 224 July 30, Act [allowing Territories to establish banks] 224 1887, March 3, Act concerning reserve cities and central reserve cities 224 1890, July 14, Act for purchase of silver bullion and issue of notes thereon 226 1892, May 12, Act for establishing a branch bank at the Chicago Exposition 226 1892, July 28, Act for the redemption of lost or stolen bank notes 226 1892, Aug't 13, Act permitting State taxation of bank notes and Treasury notes 226 PAET III. 1789, July 31, Act for collection of duties 227 1790, Aug't 4, Act for collection of duties 227, 230 1792, April 2, Act establishing a Mint and regulating the coinage 227 1793, Feb'y 9, Act regulating foreign coins 229 1797, July 22, Proclamation that the :\Iint is open . . • 230 1798, Feb'y 1, Act regulating foreign coins 230 1799, March 2, Act for collection of duties 230 1802, April 30, Act regulating foreign coins 231 1806, April 10, Act regulating foreign coins 231 308 TABLE OF ACTS, RESOLUTIONS, AND DOCUMENTS. PAGB 1816, April 29, Act regulating certain foreign gold and silver coins 231 1819, March 3, Act [continuing the same in force] . . . 232 1821, March 3, Act regulating certain foreign silver coins . 232 1823, March 3, Act [continuing the same in force] . . . 232 March 3, Act making certain foreign gold coins receiv- able for public lands 232 1828, May 19, Act [providing for standard troy pound] . . 232 1832, July 14, Act [fixing the value of the pound sterling] 244 1834, June 25, Act regulating certain foreign silver coins . 233 1834, June 28, Act concerning the gold coins of the United States 234 June 28, Act regulating certain foreign gold coins . 234 1837, Jan'y 18, Act [regulating the standard and weight of coins] 235 1842, July 27, Act fixing the value of the pound sterling . 244 1843, March 3, Act regulating foreign gold and silver coins . 236 1849, March 3, Act for coining gold dollars and double eagles 237 1850, May 23, Act [providing for advances of coin for bullion] 237 1853, Feb'y 21, Act [providing for the subsidiary silver coins] 238 March 3, Act [providing for an Assay office]. . • . 239 1857, Feb'y 21, Act relating to foreign coins 240 1873, Feb'y 12, Act revising laws relating to mints and coinage 241 March 3, Act fixing value of the pound sterling and par of exchange 243 1874, June 22, Revised Statutes concerning legal tender . . 244 June 22, Act authorizing exchange of gold bars for coin 245 1875, Jan'y 14, Act for resumption of specie payments . . 245 March 3, Actprovidingforcoinageof atwenty-centpiece 243 1876, July 22, Resolution for the issue of silver coin . . 245 bis 1878, Feb'y 28, Act for coining the standard silver dollar 245,246 May 2, Act discontinuing coinage of the twenty-cent piece 243 1879, June 9, Act concerning subsidiary coins 248 June 21, Act [concerning redemption of fractional currency] 246 1882, May 26, Act for issue of gold bars in exchange for coin 249 TABLE OF ACTS, RESOLUTIONS, AND DOCUMENTS. 309 1886, Aug't 4, Act [providing for silver certificates in small denominations] 248 1887, Feb'y 29, Act for retiring the trade-dollar .... 219 1890, July 14, Act for purchase of silver bullion .... 250 Sep'r 26, Act to discontinue coinage of three-dollar, one-dollar, and three-cent pieces . . . 252 1891, March 3, Act [as to gold bars exchanged for coin] . 25'2a 1893, Xov'r 1, Act repealing part of Act of July 14, 1890 25'2» PART IV. PAGE 1785, July 6, Resolves respecting coinage 253 1786, Aug't 8, Resolves respecting coinage 253 1787, May 7, Ordinance for accounting with the States . 255 1815, Jan'y 30, Vetoed bill for a United States Bank . . . 257 1817, Feb'y 1, Agreement for Specie Resumption . . . 264 1832, July 10, Vetoed bill for the United States Bank . . 266 1836, July 11, Specie Circular 270 1837, March 3, Bill to rescind the Specie Circular .... 271 1841, Aug't 16, Vetoed bill for a Fiscal Bank 272 Sept'r 9, Vetoed bill for a Fiscal Corporation . . . 288 1868, July 27, Bill for refunding the national debt . . . 294 1874, April 22, Vetoed currency bill 295 1881, March 3, Vetoed bill for refunding the national debt . 296 310 NOTE. The omission of the following acts was not observed until it was too late for their insertion in the proper order. 1797-98, Chap. LXIV. — An Act supplementary to the act intituled ''An act to provide an additional Armament for the further protection of the trade of the United States, and for other purposes." [This act provides that, for the purchase of vessels for the naval service, the President may authorize the issue of registered certificates of debt, bearing interest at a rate not over six per cent. , and redeem- able at the will of Congress.] [Approved, June 30, 1798. 1 Statutes at Large, 575.] 1803-4, Chap. XXXII. — An Act supplementary to the act intituled ''An act to incorporate the subscribers to the Bank of the United States." Be it enacted . . . That the president and directors of the Bank of the United States shall be, and they are here- by authorized to establish offices of discount and deposit in any part of the territories or dependencies of the United States, in the manner, and on the terms prescribed by the act to which this is a supplement. [Approved, March 23, 1804. 2 Statutes at Large, 274.] ADVERTISEMENTS 146 PHILOSOPHY. ETHICAL SERIES. under the editorial supervision of • Professor E. Hershey Sneath of Yale University. T^HE primary object of the Series is to facilitate the study of the History of Ethics in colleges. This History will be in the form of a series of small volumes, each devoted to the presentation of a representative system of Modern Ethics in selections from the original works. The selections will be accompanied by Notes, and prefaced by a brief biographical sketch of the author, a statement of the relation of his system to preceding and subsequent ethical thought, a brief exposition of the system, and a bibliography. All teachers will doubtless concede the advisability of placing original works in the hands of students instead of mere expo- sitions, such as are contained in the various Histories of Ethics. In a number of instances, however, the original editions are exhausted, and only a few copies are available ; and, in other instances, the books are too elaborate and expensive, if a number of systems are to be studied. The Series will make provision for these difficulties by presenting each system in carefully edited extracts, and in a form which will entail comparatively little expense upon the student. See also the Announcements. The Ethics of Hume. By Dk. J. H. Hyslop, of Columbia University. 12mo. Cloth. 275 pages. Mailing price, ^1.10; for introduction, $1.00. T^HE present volume contains the whole of the third book of the Treatise of Human Nature, and such portions of the second book as throw light upon or are connected with Hume's moral theory. The analysis and criticism of his system follows lines somewhat different from that of Green, and are designed to present Hume in another light. In all respects it is hoped that the volume may prove helpful to those who wish to study the ethical system of Kant's predecessor. PHILOSOPHY. 147 The Ethics of Hegel. Translated Selections fro«i his "Rechtsphilosophie." With an Intro- duction by J. Macbride Sterrett, Professor of Philosophy in the Columbian University, Washington, D.C. 12mo. Cloth, xii + 216 pages. Mailing price, -SI. 10; for introduction, Sl.OO. f\F the idealistic philosophy of Germany, Hegel was the culmina- tion and crown. Apart from the empirical evolutionary school, nearly all the prominent \\Titers on ethics in England have been following quite the spirit and substance of Hegel. E. H. Capen, President of Tufts College : I feel certain it is a contri- bution to the department of ethical studies. I expect to find it useful in my own classes. The Psychic Factors of Ciuilization. Department of Special Publication. — By Lester F. Ward. 8vo. Cloth. XX + 3