FOUR-AND-ONE-HALF-PER-CENT. FUNDED LOAN OF 1891.

The act of July 14, 1870, (16 Statutes, 272,) authorizes the issue of
$300,000,000 at 43 per centum, payable in coin of the present stand-
ard value, at the pleasure of the United States Government, after
fifteen years; these bonds to be exempt from the payment of all
taxes or duties of the United States, as well as from taxation in any
form by or under State, municipal, or local authority. Bonds and
coupons payable at the Treasury of the United States. This act
not to authorize an increase of the bonded debt of the United States.
Bonds to be sold at not less than par in coin, and the proceeds to be
applied to the redemption of outstanding 5-20s, or to be exchanged
for said 5-20s, par for par. Payment of these bonds, when due, to
be made in order of dates and numbers, beginning with each class
last dated and numbered.. Interest to cease at the end of three
months from notice of intention to redeem. Under the act of June
20, 1871, (16 Statutes, 399,) which authorized the increase of 5 per
cent. bonds to $500,000,000, the amount of the 4 per cents were re-
duced to $200,000,000.

he act of January 14, 1875, (18 Statutes, 296,) authorizes the Secre-
tary of the Treasury to use any surplus revenues from time to time
in the Treasury not otherwise appropriated, and to issue, sell, dis-
pose of, at not less than par, in coin, bonds of this loan, for the pur-
pose of redeeming, on and after January 1, 1879, in coin, at the office.
of the assistant treasurer of the United States in New York, the
outstanding United States legal-tender notes when presented in
sums of not less than fifty dollars.

15 years..

The act of June 8, 1872, (17 Statutes, 336.) authorizes the deposit of Indefinite. United States notes without interest by banking associations in sums not less than $10,000, and the issue of certificates therefor in denominations of not less than $5,000; which certificates shall be payable on demand in United States notes at the place where the deposits were made. It provides that the notes so deposited in the Treasury shall not be counted as a part of the legal reserve, but that the certificates issued therefor may be held and counted by the national banks as part of their legal reserve, and may be accepted in the settlement of clearing-house balances at the places where the deposits therefor were made, and that the United States notes for which such certificates were issued, or other United States notes of like amount, shall be held as special deposits in the Treasury, and used only for the redemption of such certificates.

130, 000, 000 00

10, 000, 000 00

140, 000, 000 CO

TABLE L.-Statement of 30-year 6 per cent. bonds (interest payable January and July) issued to the several Pacific railway companies under the acts of July 1, 1862, (12 Statutes, 492,) and July 2, 1864, (13 Statutes, 359.)

TABLE L.-Statement of 30-year 6 per cent. bonds (interest payable January and July) issued to the several Pacific railway companies, &c.—Continued.

Amount of interest due, as per Register's schedule.