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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.

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.

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6 per cent.

Par.....

50, 000, 000 00

49, 102, 660 27

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20, 403, 137 34

75, 000, 000 00

75, 000, 000 00

75, 000, 000 00

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

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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
$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.

3 years......

June 10, 1867, and May 15, 1868.

6 per cent. compound.

Par.

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

$296, 630 00

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FIVE-TWENTIES OF JUNE, 1864.

The act of June 30, 1864, (13 Statutes, 218,) authorized a loan of 5 or 20 years. Nov. 1, 1869 $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, payable semi-annually in coin.

6 per cent..

Par

400, 000, 000 00

125, 561, 300 00

209,950 00

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.

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3 per cent...

Par

Indefinite.

14, 000, 000 00

14, 000, 000 00

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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 not 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 exclusively.

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 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 less than five years; interest payable semi-anunally, at not exceeding 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 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.

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 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 less than five years, interest payable semi-annually, at not exceeding 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 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.

The act of March 3, 1865, (13 Statutes, 468,) authorized the issue of 5 or 20 years July 1, 1872.. 6 per cent. $600 000,000 of bonds or Treasury notes, in addition to amounts previously anthorized; 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

379, 602, 350 00 379, 617, 750 00

310, 621, 750 00

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

CONSOLS OF 1867-Continued.

less than five years; interest payable semi-annually, at not exceeding 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 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 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 previously 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 exceeding 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 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.

THREE-PER-CENT. CERTIFICATES.

The act of March 3, 1867, (14 Statutes, 558,) authorized the issue of Indefinite.. $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 CERTIFICATES OF INDEBTEDNESS OF 1870.

notes.

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

6 per cent.

Par

$42, 539, 350 00 $42, 539, 350 00

$37, 473, 800 00

On demand

3 per cent... Par.

75, 000, 000 00

85,150, 000 00

5,000 00

5 years.

Sept. 1, 1875..

4 per cent..

Par

678, 362 41

678,362 41

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5 per cent.

Par

3

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 Railway 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.

FIVE-PER-CENT FUNDED LOAN OF 1881.

The act of July 14, 1870, (16 Statutes, 272,) authorizes the issue of
$200,000,000 at 5 per centum, principal and interest payable in coin
of the present standard value, at the pleasure of the United States
Government, after ten 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 au-
thority. 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.
The act of January 20, 1871, (16 Statutes, 399,) increases the amount
of 5 per cents to $500,000,000, provided the total amount of bonds
issued shall not exceed the amount originally authorized, and au-
thorizes the interest on any of these bonds to be paid quarterly.
The act of December 17, 1873, (18 Statutes, 1,) authorized the issue of
an equal amount of bonds of the loan of 1858, which the holders
thereof may, on or before February 1, 1874, elect to exchange for the
bonds of this loan.

The 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, to the extent
necessary for the redemption of fractional currency in silver coins
of the denominations of ten, twenty-five, and fifty cents, of standard
value.
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.

10 years.... May 1, 1881

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