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per annum, redeemable after five and payable not more than forty years from date, in coin.

Five-twenties of June, The act of June 30, 1864, (13 Statutes, 218,) authorized a 1864. loan of $400,000,000, and the issue therefor of bonds redeemable at 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.

Seven-thirties of 1864 & The act of June 30, 1861, (13 Statutes, 218), authorized the 1865. issue of $200,000,000 Treasury notes, of not less than ten dollars each, payable at not more than three years from date, or redeemable at any time after three years, with interest at not exceeding 7 3-10 per centum per annum. The act of March 3, 1865, (13 Statutes, 40s,) 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 fifty dollars, with interest in lawful money at not more than 7 3-10 per centum per annum.

Navy pension fund....... The act of July 1, 1864, (13 Statutes, 414,) authorized the Secretary of 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.

Five-twenties of 1865.... The act of March 3, Î×67, (13 Statutes, 468,) authorized the issue of $600,000,000 of bonds or Treasury notes in addition to amounts previously anthorized; the bonds to be for not less than fifty dollars, 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 3-10 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, (11 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 1865............... The act of March 3, 1865, (13 Statutes, 468,) authorized the issue of $500,000,000 of bonds or Treasury notes in addition to amounts previously authorized; the bonds to be for not less than fifty dollars, 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 73-10 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 $600,000,000 of bonds or Treasury notes in addition to amounts previously authorized; the bonds to be for not less than fifty dollars, payable not more than

Consols of 1867....

Price

Length of When re- Rates of at Amount au- Amount is- Amount loan. deemable. interest. which sned. outstanding.

thorized.

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5 or 20 prs. July 1, 1872.6 per cent. Par. 379,602,350 06| 370,616,050 310,624,400 00

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 coiù, or 7 3-10 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 $600,000,000 of bonds or Treasury notes in addition to amounts previously authorized: the bonds to be for not less than fifty dollars, payable not more than forty years from the date of issue, or after any period not lees than five dollars; interest payable semi-annually, at not exceeding 6 per centum per annum when in coin, or 73-10 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. certifi- The act of March 3, 1867, (14 Statutes, 558,) authorized the issue of $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.

cates.

Certificates of indebt-The act of July 8, 1870, (16 Statutes, 197,) authorized the edness of 1870.

issue of certificates of indebtedness, payable five years after date, with interest at 4 per centum per annum, payable semi-annually, principal and interest, in lawful money, to be hereafter appropriated and provided for by Congress. These certificates were issued, onethird 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.

Funded loan of 1881...... The act of July 14, 1870, (16 Statutes, 272,) authorizes the

issue of $200,000,000 at 5 per centum, $300,000,000 at 4% per centum, and $1,000,000,000 at 4 per centum, principal and interest payable in coin of the present standard value, at the pleasure of the United States Government, after ten years for the 5 per cents, after fifteen years for the 41⁄2 per cents, and after thirty years for the 4 per cents; 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

Price

Length of When
loan. deemable. interest. which

re-Rates of at Amount au-Amount is- Amount

thorized.

sued. outstanding.

sold.

5 or 20 yrs. July 1, 1873.6 per cent. Par.

$42,539,350 00 $42,539,350 00 $37,474,000 00

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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 authorizes the interest on any of these bonds to be paid quarterly.

Certificates of deposit... The act of June 8, 1872, (17 Statutes, 336,) authorizes the deposit of 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,

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