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FRACTIONAL CURRENCY.

The act of July 17, 1862, (12 Statutes, 592,) authorized the use of postal
and other stamps as currency, and made them receivable in payment
of all dues to the United States less than five dollars. The fourth
section of the act of March 3, 1863, (12 Statutes, 711.) authorized the
issue of fractional notes in lieu of postal and other stamps and postal
currency; made them exchangeable in sums not less than three dol-
lars for United States notes, and receivable for postage and revenue
stamps, and in payment of dues to the United States, except duties
on imports, less than five dollars; and limited the amount to
$50,000,000. The fifth section of the act of June 30, 1864, (13 Statutes,
220,) authorized an issue of $50,000,000 in fractional currency, and
provided that the whole amount of these notes outstanding at any
one time should not exceed this sum.

LOAN OF 1863.

The act of March 3, 1863, (12 Statutes, 709,) authorized a loan of 17 years..... July 1, 1881
$900,000,000, and the issue of bonds, with interest at not exceeding 6
per centum per annum, and redeemable in not less than ten nor more
than forty years, principal and interest payable in coin. The act of
June 30, 1864, (13 Statutes, 219.) repeals so much of the preceding act
as limits the authority thereunder to the current fiscal year, and
also repeals the authority altogether except as relates to $75,000,000
of bonds already advertised for.

ONE-YEAR NOTES OF 1863.1

The act of March 3, 1863, (12 Statutes, 710,) authorized the issue of 1 year..
$400,000,000 Treasury notes, with interest at not exceeding 6 per
centum per annum, redeemable in not more than three years, princi-
pal and interest payable in lawful money, to be a legal tender for
their face value.

TWO-YEAR NOTES OF 1863.

The act of March 3, 1863, (12 Statutes, 710,) authorized the issue of 2 years.
$400,000,000 Treasury notes, with interest at not exceeding 6 per
centum per annum, redeemable in not more than three years, princi-
pal and interest payable in lawful money, to be a legal tender for
their face value.

COIN-CERTIFICATES.

The fifth section of the act of March 3, 1863, (12 Statutes, 711,) authorized the deposit of gold coin and bullion with the Treasurer or any assistant treasurer, in sums not less than $20, and the issue of certificates therefor in denominations the same as United States notes; also authorized the issue of these certificates in payment of interest on the public debt. It limits the amount of them to not more than 20 per centum of the amount of coin and bullion in the Treasury, and directs their receipt in payment for duties on imports.

On presenta None tion.

.....

6 per cent..

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TABLE K.-Statement of loans made by the United States, &c.-Continued.

Price
at which
sold.

Length of When redeemloan. able.

COMPOUND-INTEREST NOTES.

The act of March 3, 1863, (12 Statutes, 709,) authorized the issue of 3 years..
$100,000,000 Treasury notes, with interest at not exceeding 6 per
centum per annum, in lawful money, payable not more than three
years from date, and to be a legal tender for their face value. The
act of June 30, 1864, (13 Statutes, 218,) authorized the issue of
$200,000,000 Treasury notes, of any denomination not less than $10,
payable not more than three years from date, or redeemable at any
time after three years, with interest at not exceeding 7% per centum,
payable in lawful money at maturity, and made them a legal tender
for their face value to the same extent as United States notes;
$177,045,770 of the amount issued was in redemption of 5 per cent.

notes.

TEN-FORTIES OF 1864.

The act of March 3, 1864, (13 Statutes, 13,) authorized the issue of
$200,000,000 bonds, at not exceeding 6 per centum per annum, re-
deemable after five and payable not more than forty years from date,
in coin.

FIVE-TWENTIES OF MARCH, 1864.

The act of March 3, 1864, (13 Statutes, 13,) authorized the issue of 5 or 20 years
$200,000,000 bonds, at not exceeding 6 per centum per annum, re-
deemable after five and payable not more than forty years from date,
in coin.

June 10, 1867, and May 15, 1868.

FIVE-TWENTIES OF JUNE, 1864.

The act of June 30, 1864, (13 Statutes, 218,) authorized a loan of
$400,000,000, and the issue therefor of bonds redeemable not less than
five nor more than thirty (or forty, if deemed expedient) years from
date, with interest at not exceeding 6 per centum per annum, pay-
able semi-annually in coin.

SEVEN-THIRTIES OF 1864 AND 1865.

The act of June 30, 1864, (13 Statutes, 218,) authorized the issue of 3 years....
$200,000,000 Treasury notes, of not less than $10 each, payable at not
more than three years from date, or redeemable at any time after
three years, with interest at not exceeding 7 per centum per
annum. The act of March 3, 1865, (13 Statutes, 408,) authorized a
loan of $600,000,000, and the issue therefor of bonds or Treasury
notes; the notes to be of denominations of not less than $50, with
interest in lawful money at not more than 7% per centum per annum.

10 or 40 years March 1, 1874.. 5 per cent..

Nov. 1, 1869

5 or 20 years. Nov. 1, 1869

Rates of interest.

Aug. 15, 1867 June 15, 1868 July 15, 1868

6 per cent. compound.

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Par.....

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Par to 7 200, 000, 000 00 196, 117, 300 00 per c't. prem.

Par

Amount authorized.

.....

Amount issued.

$400, 000, 000 00 $266, 595, 440 00

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NAVY PENSION-FUND.

The act of July 1, 1864, (13 Statutes, 414,) authorized the Secretary of Indefinite..
the Navy to invest in registered securities of the United States so
much of the Navy pension-fund in the Treasury January 1 and July
1 in each year as would Lot be required for the payment of naval
pensions. Section 2 of the act of July 23, 1868, (15 Statutes, 170,)
makes the interest on this fund 3 per centum per annum in lawful
money, and confines its use to the payment of naval pensions exclu-
sively.

3 per cent..

Par

FIVE-TWENTIES OF 1865.

The act of March 3, 1865, (13 Statutes, 468,) authorized the issue of 5 or 20 years. Nov. 1, 1870... 6 per cert
$600,000,000 of bonds or Treasury notes, in addition to amounts pre-
viously authorized; the bonds to be for not less than $50, payable
not more than forty years from date of issue, or after any period not
less than five years; interest payable semi-anunally, at not exceed-
ing 6 per centum per annum when in coin, or 7% per centum per
annum when in currency. In addition to the amount of bonds au-
thorized by this act authority was also given to convert Treasury
notes or other interest-bearing obligations into bonds authorized by
it. The act of April 12, 1866, (14 Statutes, 31,) construed the above
act to authorize the Secretary of the Treasury to receive any obliga
tions of the United States, whether bearing interest or not, in ex-
change for any bonds authorized by it, or to sell any of such bonds,
provided the public debt is not increased thereby.

CONSOLS OF 1865.

The act of March 3, 1865, (13 Statutes, 468,) authorized the issue of 5 or 20 years. July 1, 1870... 6 per cent...

$600,000,000 of bonds or Treasury notes, in addition to amounts pre-
viously authorized; the bonds to be for not less than $50, payable
not more than forty years from date of issue or after any period not
less than five years, interest payable semi-annually, at not exceeding
6 per centum per annum when in coin, or 7 per centum per an-
num when in currency. In addition to the amount of bonds author-
ized by this act, authority was also given to convert Treasury notes
or other interest-bearing obligations into bonds authorized by it.
The act of April 12, 1866, (14 Statutes, 31,) construed the above act to
authorize the Secretary of the Treasury to receive any obligations
of the United States, whether bearing interest or not, in exchange
for any bonds authorized by it, or to sell any of such bonds, provided
the public debt is not increased thereby.

CONSOLS OF 1867.

The act of March 3, 1865, (13 Statutes, 468,) authorized the issue of 5 or 20 years July 1, 1872... 6 per cent. Par

$600 000,000 of bonds or Treasury notes, in addition to amounts previously authorized; the bonds to be for not less than $50, payable not more than forty years from date of issue or after any period not

Par

Par

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TABLE K.-Statement of loans made by the United States, &c.-Continued.

Price
at which
sold.

CONSOLS OF 1867-Continued.

less than five years; interest payable semi-annually, at not exceed-
ing 6 per centum per annum when in coin, or 7 per centum per
annum when in currency. In addition to the amount of bonds au-
thorized by this act, authority was also given to convert Treasury
notes or other interest-bearing obligations into bonds authorized by
it. The act of April 12, 1866, (14 Statutes, 31,) construed the above
act to authorize the Secretary of the Treasury to receive any obliga-
tions of the United States, whether bearing interest or not, in ex-
change for any bonds authorized by it, or to sell any of such bonds,
provided the public debt is not increased thereby.

CONSOLS OF 1868.

The act of March 3, 1865, (13 Statutes, 468,) authorized the issue of 5 or 20 years. July 1, 1873.
$600,000,000 of bonds or Treasury notes, in addition to amounts pre-
viously authorized; the bonds to be for not less than $50, payable
not more than forty years from the date of issue or after any period
not less than five years; interest payable semi-annually, at not ex-
ceeding 6 per centum per annum when in coin, or 7 per centum
per annum when in currency. In addition to the amount of bonds
authorized by this act, authority was also given to convert Treasury
notes or other interest-bearing obligations into bonds authorized by
it. The act of April 12, 1866, (14 Statutes, 31,) construed the above
act to authorize the Secretary of the Treasury to receive any obliga-
tions of the United States, whether bearing interest or not, in ex-
change for any bonds authorized by it, or to sell any of such bonds,
provided the public debt is not increased thereby.

Length of When redeem- Rate of inloan. able. terest.

THREE-PER-CENT. CERTIFICATES.

The act of March 3, 1867, (14 Statutes, 558,) authorized the issue of Indefinite.. On demand $50,000,000 in temporary-loan certificates of deposit, with interest at

3 per centum per annum, payable in lawful money, on demand, to
be used in redemption of compound-interest notes. The act of July
25, 1868, (15 Statutes, 183,) authorized $25,000,000 additional of these
certificates, for the sole purpose of redeeming compound-interest

notes.

CERTIFICATES OF INDEBTEDNESS OF 1870.

The act of July 8, 1870, (16 Statutes, 197,) authorized the issue of cer-
tificates of indebtedness, payable five years after date, with interest
at 4 per centum per annum, payable semi-annually, principal and
nterest, in lawful money, to be hereafter appropriated and provided

5 years..

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Sept. 1, 1875.. 4 per cent..

Par

Par

Amount authorized.

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Amount issued.

678, 362 41

85, 150, 000 00

678, 362 41

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for by Congress. The certificates were issued, one-third to the
State of Maine and two-thirds to the State of Massachusetts, both
for the use and benefit of the European and North American Rail-
way Company, and were in full adjustment and payment of any and
all claims of said States or railway company for moneys expended
(or interest thereon) by the State of Massachusetts on account of
the war of 1812-'15,

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The act of March 3, 1875, (18 Statutes, 466,) directs the Secretary of
the Treasury to issue bonds of this loan to James B. Eads or his
legal representatives in payment at par of the warrants of the Sec-
retary of War for the construction of jetties and auxiliary works to
maintain a wide and deep channel between the South Pass of the
Mississippi River and the Gulf of Mexico, unless Congress shall
have previously provided for the payment of the same by the neces-
sary appropriation of money.

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