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 4 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 Secretary of the Treasury to use any surplus revenues from time to time in the Treasury not otherwise appropriated, and to issue, sell, dispose of, at not less than par, in coin, bonds of this loan, for the purpose 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... Sept. 1, 1891... 4 per cent..

CERTIFICATES OF DEPOSIT.

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.

On demand

None

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.)

$14, 133, 912 07
3,860, 253 09
15, 152, 706 09
973, 808 26
958.847 34
878, 102 29

$2,065, 324 01
1,531, 680 06
4,787, 041 67
58,498 35
9,367 00
62,578 80

11111111

35, 957, 629 14

27,443, 139 25 8,514, 489 89

$25,885, 120 00 $13, 357, 358 47
6, 303, 000 00
27, 236, 512 00
1, 600, 000 00
1,970, 560 00
1,628, 320 00

3, 671, 163 09
14, 335, 610 73
925, 808 26
899, 730 54
829, 252 69

64, 623, 512 00

34, 018, 923 78

$776,553 60 189, 090 00 817, 035 36

59, 116 80 48,849 60

1,938, 705 36

ted States from Pacific railway companies.

$12,068, 588 06 2,328, 573 03 10, 365, 664 42 915, 309 91 949, 480 34 815, 523 49

$4, 004, 003 32 683, 507 94 3,237, 456 77 329, 369 47 255, 161 91 259, 414 61

$16, 072, 591 38 3,012,080 97 13, 603, 121 19 1,244, 679 38 1,204, 642 25 1,074, 938 10

8,768, 914 02 36, 212, 053 27