No. 34. JANUARY 17, 1863. [No. 9.] Joint Resolution to provide for the immediate Payment of the Army and Navy of the United States. Whereas it is deemed expedient to make immediate provision for the payment of the army and navy: therefore, Stat. at Large, Vol. XII. p. 822. Issue of United States interest. Be it resolved, &c. That the Secretary of the Treasury be, and he is hereby, authorized, if required by the exigencies of the public service, to $100,000,000 issue on the credit of the United States the sum of one hundred millions notes authorized. of dollars of United States notes, in such form as he may deem expedient, Not to bear not bearing interest, payable to bearer on demand, and of such denomina- Denominations, tions not less than one dollar, as he may prescribe, which notes sò issued and how payashall be lawful money and a legal tender, like the similar notes heretofore ble. authorized in payment of all debts, public and private, within the United States, except for duties on imports and interest on the public debt; and the notes so issued shall be part of the amount provided for in any bill now pending for the issue of treasury notes, or that may be passed hereafter by this Congress. Legal tender, except for, &c. Stat. at Large, Vol. XII. p. 709. The Secretary of Treasury may borrow not over Bonds. Interest on, Be it enacted, &c. That the Secretary of the Treasury be, and he is hereby, authorized to borrow, from time to time, on the credit of the United States, a sum not exceeding three hundred millions of dollars for the current fiscal year, and six hundred millions for the next fiscal year, and to issue therefor coupon or registered bonds, payable at the pleasure of the Government after such periods as may be fixed by the Secretary, not less than ten nor more than forty years from date, in coin, and of such denominations not less than fifty dollars as he may deem expedient, bear- Denominations. ing interest at a rate not exceeding six per centum per annum, payable rate of, and payon bonds not exceeding one hundred dollars, annually, and on all other able in coin. bonds semi-annually, in coin; and he may, in his discretion, dispose of Bonds may be such bonds at any time, upon such terms as he may deem most advisable, disposed of. for lawful money of the United States, or for any of the certificates of indebtedness or deposit that may at any time be unpaid, or for any of the treasury notes heretofore issued or which may be issued under the provisions of this act. And all the bonds and treasury notes or United States notes issued under the provisions of this act shall be exempt from taxation by or under state or municipal authority: Provided, That there shall be outstanding of bonds, treasury notes, and United States notes, at any time, issued under the provisions of this act, no greater amount altogether than the sum of nine hundred millions of dollars. To be exempt from taxation. Amount out standing not to exceed Secretary When paya interest. Interest pay SEC. 2. That the Secretary of the Treasury be, and he is hereby, authorized to issue, on the credit of the United States, four hundred millions may issue $400,000,000 in of dollars in treasury notes, payable at the pleasure of the United States, treasury notes. or at such time or times not exceeding three years from date as may be found most beneficial to the public interests, and bearing interest at a rate ble, and rate of not exceeding six per centum per annum, payable at periods expressed on the face of said treasury notes; and the interest on the said treasury notes and on certificates of indebtedness and deposit hereafter issued, shall able in lawful be paid in lawful money. The treasury notes thus issued shall be of such money. denomination as the Secretary may direct, not less than ten dollars, and and how disposed may be disposed of on the best terms that can be obtained, or may be of. paid to any creditor of the United States willing to receive the same at par. And said treasury notes may be made a legal tender to the same extent as United States notes, for their face value excluding interest; or they may be made exchangeable under regulations prescribed by the Sec- changeable. Denominations, How a legal tender, &c. For what ex Other notes may be issued for those exchanged. retary of the Treasury, by the holder thereof at the treasury in the city of Washington, or at the office of any assistant treasurer or depositary designated for that purpose, for United States notes equal in amount to the treasury notes offered for exchange, together with the interest accrued and due thereon at the date of interest payment next preceding such exchange. And in lieu of any amount of said treasury notes thus exchanged, or redeemed or paid at maturity, the Secretary may issue an equal amount of other treasury notes; and the treasury notes so exchanged, redeemed, or paid, shall be cancelled and destroyed as the Secretary may $150,000,000 direct. In order to secure certain and prompt exchanges of United of of notes may be States notes for treasury notes when required as above provided, the Secretary shall have power to issue United States notes to the amount of one hundred and fifty millions of dollars, which may be used if necessary for such exchanges; but no part of the United States notes authorized by this section shall be issued for or applied to any other purposes than said exchanges; and whenever any amount shall have been so issued and applied, the same shall be replaced as soon as practicable from the sales of treasury notes for United States notes. issued for exchanges. When issued, and applied, how replaced. The Secretary, if necessary to pay the army, &c. may issue $ 150,000,000 in notes without interest. and interest. Reissue. SEC. 3. That the Secretary of the Treasury be, and he is hereby, authorized, if required by the exigencies of the public service, for the payment of the army and navy, and other creditors of the government, to issue on the credit of the United States the sum of one hundred and fifty millions of dollars of United States notes, including the amount of such notes heretofore authorized by the joint resolution approved January seventeen, eighteen hundred and sixty-three, in such form as he may deem expedient, not bearing interest, payable to bearer, and of such Denominations. denominations, not less than one dollar, as he may prescribe, which notes Legal tender, so issued shall be lawful money and a legal tender in payment of all debts, except for duties public and private, within the United States, except for duties on imports and interest on the public debt; and any of the said notes, when returned to the treasury, may be reissued from time to time as the exigencies of Issues in lieu of the public service may require. And in lieu of any of said notes, or any notes cancelled. other United States notes, returned to the treasury, and cancelled or destroyed, there may be issued equal amounts of United States notes, such as are authorized by this act. And so much of the act to authorize the issue of United States notes, and for other purposes, approved February twenty-five, eighteen hundred and sixty-two, and of the act to authorize an additional issue of United States notes, and for other purposes, approved July eleven, eighteen hundred and sixty-two, as restricts the negotiation of bonds to market value, is hereby repealed. And the holders of United States notes, issued under and by virtue of said acts, shall present the same for the purpose of exchanging the same for bonds, as therein provided, on or before the first day of July, eighteen hundred and sixty-three, and thereafter the right so to exchange the same shall cease and determine. Repeal of part of 1862, ch. 38, 1862, ch. 142 (Ante, pp. 785, 789), restricting negotiation to market value. When former notes must be presented for exchange. In lieu of postage currency fractional notes may be issued. For what exchangeable and payable. SEC. 4. That in lieu of postage and revenue stamps for fractional currency, and of fractional notes, commonly called postage currency, issued or to be issued, the Secretary of the Treasury may issue fractional notes of like amounts in such form as he may deem expedient, and may provide for the engraving, preparation, and issue thereof in the Treasury Department building. And all such notes issued shall be exchangeable by the assistant treasurers and designated depositaries for United States notes, in sums not less than three dollars, and shall be receivable for postage and revenue stamps, and also in payment of any dues to the United States less than five dollars, except duties on imports, and shall be redeemed on presentation at the treasury of the United States in such sums and under such regulations as the Secretary of the Treasury shall prescribe: ProIssue not to ex- vided, That the whole amount of fractional currency issued, including ceed $50,000,000. postage and revenue stamps issued as currency, shall not exceed fifty millions of dollars. Secretary may deposit and issue therefor. SEC. 5. That the Secretary of the Treasury is hereby authorized to receive deposits of gold coin and bullion with the treasurer or any assist- receive gold on ant-treasurer of the United States, in sums not less than twenty dollars, certificates and to issue certificates therefor, in denominations of not less than twenty dollars each, corresponding with the denominations of the United States notes. The coin and bullion deposited for or representing the certificates of deposit shall be retained in the treasury for the payment of the same on demand. And certificates representing coin in the treasury may be Such certifiissued in payment of interest on the public debt, which certificates, to- cates may be issued to pay ingether with those issued for coin and bullion deposited, shall not at any terest on the time exceed twenty per centum beyond the amount of coin and bullion public debt and in the treasury; and the certificates for coin or bullion in the treasury shall be received at par in payment for duties on imports. duties. Limit of amount. of bonds and notes. What to be How signed. SEC. 6. That the coupon or registered bonds, treasury notes, and Secretary to United States notes authorized by this act shall be in such form as the determine form Secretary of the Treasury may direct, and shall have printed upon them such statements, showing the amount of accrued or accruing interest, the character of the notes, and the penalties or punishment for altering or printed thereon. counterfeiting them, as the Secretary of the Treasury may prescribe, and shall bear the written or engraved signatures of the treasurer of the United States and the register of the treasury, and also, as evidence of lawful issue, the imprint of a copy of the seal of the Treasury Depart- To have imment, which imprint shall be made, under the direction of the Secretary, print of seal. after the said, notes or bonds shall be received from the engravers and before they are issued, or the said notes and bonds shall be signed by Signature. the treasurer of the United States, or for the treasurer by such persons as may be specially appointed by the Secretary of the Treasury for that purpose, and shall be countersigned by the register of the treasury, or for the register by such persons as the Secretary of the Treasury may specially appoint for that purpose. And all the provisions of the act entitled "An act to authorize the issue of treasury notes," approved the twentythird day of December, eighteen hundred and fifty-seven, so far as they can be applied to this act, and not inconsistent therewith, are hereby revived and re-enacted. Provisions of act 1857, ch. 1, revived. Ante, p. 771. Duty on bank circulation after. SEC. 7. That all banks, associations, corporations, or individuals, issuing notes or bills for circulation as currency, shall be subject to and pay April 1, 1863. a duty of one per centum each half year from and after April first, eighteen hundred and sixty-three, upon the average amount of circulation of notes or bills as currency issued beyond the amount hereinafter named, that is to say banks, associations, corporations, or individuals, having a capital of not over one hundred thousand dollars, ninety per centum thereof; over one hundred thousand and not over two hundred thousand dollars, eighty per centum thereof; over two hundred thousand and not over three hundred thousand dollars, seventy per centum thereof; over three hundred thousand and not over five hundred thousand dollars, sixty per centum thereof; over five hundred thousand and not over one million of dollars, fifty per centum thereof; over one million and not over one million and a half of dollars, forty per centum thereof; over one million and a half, and not over two millions of dollars, thirty per centum thereof; over two millions of dollars, twenty-five per centum thereof. In the case of banks with branches, the duty herein provided for shall be imposed upon the circulation of the notes or bills of such branches severally, and not upon the aggregate circulation of all; and the amount of capital of each branch shall be considered to be the amount allotted to or used by such branch; and all such banks, associations, corporations, and individuals shall also be subject to and pay a duty of one half of one per centum each half year from and after April first, eighteen hundred and sixtythree, upon the average amount of notes or bills not otherwise herein taxed and outstanding as currency during the six months next preceding Banks with branches. Additional tax on banks. 1863, ch. 58. 12 Stat. p. 665. fractional notes. Duty on de posits. Returns by banks. the return hereinafter provided for; and the rates of tax or duty imposed on the circulation of associations which may be organized under the act "to provide a national currency, secured by a pledge of United States stocks, and to provide for the circulation and redemption thereof," approved February twenty-fifth, eighteen hundred and sixty-three, shall be the same as that hereby imposed on the circulation and deposits of all banks, associations, corporations, or individuals, but shall be assessed and Circulation of collected as required by said act; all banks, associations, or corporations, and individuals issuing or reissuing notes or bills for circulation as currency after April first, eighteen hundred and sixty-three, in sums representing any fractional part of a dollar, shall be subject to and pay a duty of five per centum each half year thereafter upon the amount of such fractional notes or bills so issued. And all banks, associations, corporations, and individuals receiving deposits of money subject to payment on check or draft, except savings institutions, shall be subject to a duty of one eighth of one per centum each half year from and after April first, eighteen hundred and sixty-three, upon the average amount of such deposits beyond the average amount of their circulating notes or bills lawfully issued and outstanding as currency. And a list or return shall be made and rendered within thirty days after the first day of October, eighteen hundred and sixty-three, and each six months thereafter, to the commissioner of internal revenue, which shall contain a true and faithful account of the amount of duties accrued, or which should accrue, on the full amount of the fractional note circulation and on the average amount of all other circulation and of all such deposits, for the six months next To be under preceding. And there shall be annexed to every such list or return a declaration, under oath or affirmation, to be made in form and manner as shall be prescribed by the commissioner of internal revenue, of the president, or some other proper officer of said bank, association, corporation, or individual, respectively, that the same contains a true and faithful account of the duties which have accrued, or which should accrue, and not accounted for; and for any default in the delivery of such list or return, with such declaration annexed, the bank, association, corporation, or individual making such default, shall forfeit, as a penalty, the sum of five hundred dollars. And such bank, association, corporation, or individual shall, upon rendering the list or return as aforesaid, pay to the commissioner of internal revenue the amount of the duties due on such list or return, and in default thereof shall forfeit, as a penalty, the sum of five hundred dollars; and in case of neglect or refusal to make such list or return as aforesaid, or to pay the duties as aforesaid, for the space of thirty days after the time when said list should have been made or rendered, or when said duties shall have become due and payable, the assessment and collection shall be made according to the general provisions prescribed in an act entitled "An act to provide internal revenue to support the Government and to pay interest on the public debt," approved July one, eighteen hundred and sixty-two. oath. Duties to be paid on render ing the return. Penalty for neglect. 1862, ch. 119. 12 Stat. p. 432. Penalties of former act 6, 7. SEC. 8. That, in order to prevent and punish counterfeiting and fraudulent alterations of the bonds, notes, and fractional currency authorized to against counterfeiting, &c. made be issued by this act, all the provisions of the sixth and seventh sections applicable. of the act entitled "An act to authorize the issue of United States notes, 1862, ch. 33, §§ and for the redemption or funding thereof, and for funding the floating debt of the United States," approved February twenty-fifth, eighteen hundred and sixty-two, shall, so far as applicable, apply to the bonds, notes, and fractional currency hereby authorized to be issued, in like manner as if the said sixth and seventh sections were hereby adopted as additional sections of this act. And the provisions and penalties of said sixth and seventh sections shall extend and apply to all persons who shall imitate, counterfeit, make, or sell any paper such as that used, or provided to be used, for the fractional notes prepared, or to be prepared, in the Treasury Department building, and to all officials of the Treasury Department engaged in engraving and preparing the bonds, notes, and fractional currency hereby authorized to be issued, and to all official and unofficial persons in any manner employed under the provisions of this act. And the sum of six hundred thousand dollars is hereby appropriated, out for expenses of of any money in the treasury not otherwise appropriated, to enable the Secretary of the Treasury to carry this act into effect. Appropriation this act. No. 36. - MARCH 3, 1864. CHAP. XVII. An Act supplementary to an Act entitled "An Act to provide Ways and Stat. at Large, Means for the Support of the Government," approved March third, eighteen hundred and Vol. XIII. p. 13. sixty-three. therefor five Be it enacted, &c. That, in lieu of so much of the loan authorized by Secretary of the act of March third, eighteen hundred and sixty-three, to which this the Treasury may borrow not is supplementary, the Secretary of the Treasury is authorized to borrow, over $200,000,from time to time, on the credit of the United States, not exceeding two 000, and issue hundred millions of dollars during the current fiscal year, and to prepare forty bonds or and issue therefor coupon or registered bonds of the United States, bear- five per cent, ing date March first, eighteen hundred and sixty-four, or any subsequent principal and interest payable period, redeemable at the pleasure of the government after any period in coin. not less than five years, and payable at any period not more than forty years from date, in coin, and of such denominations as may be found expedient, not less than fifty dollars, bearing interest not exceeding six per centum a year, payable on bonds not over one hundred dollars, annually, and on all other bonds semi-annually, in coin; and he may dispose of such bonds at any time, on such terms as he may deem most advisable, for lawful money of the United States, or, at his discretion, for treasury notes, taxation. certificates of indebtedness, or certificates of deposit, issued under any act of Congress; and all bonds issued under this act shall be exempt from taxation by or under State or municipal authority. And the Secretary of the Treasury shall pay the necessary expenses of the preparation, issue, and disposal of such bonds out of any money in the treasury not otherwise appropriated, but the amount so paid shall not exceed one half of one per centum of the amount of the bonds so issued and disposed of. Denominations. How disposed. Five-twenty issued to certain SEC. 2. That the Secretary of the Treasury is hereby authorized to issue to persons who subscribed on or before the twenty-first day of Jan- bonds may be uary, eighteen hundred and sixty-four, for bonds redeemable after five subscribers. years and payable twenty years from date, and have paid into the treasury the amount of their subscriptions, the bonds by them respectively subscribed for, not exceeding eleven millions of dollars, notwithstanding that such subscriptions may be in excess of five hundred millions of dollars; and the bonds so issued shall have the same force and effect as if issued under the provisions of the act to "authorize the issue of United States notes and for other purposes," approved February twenty-sixth Ante, p. 785. [fifth], eighteen hundred and sixty-two. No. 37. - JUNE 3, 1864. 1862, ch. 33. Stat. at Large, Vol. XIII. p. 99. Currency bu CHAP. CVI. An Act to provide a National Currency, secured by a Pledge of United States Bonds, and to provide for the Circulation and Redemption thereof.* Be it enacted, &c. That there shall be established in the Treasury Department a separate bureau, which shall be charged with the execution of reau established. this and all other laws that may be passed by Congress respecting the issue and regulation of a national currency secured by United States bonds. The chief officer of the said bureau shall be denominated the comptroller of the currency, and shall be under the general direction of the currency. *For acts relating to internal tax on banks, see Part III. and ante, pp. 793-4. Comptroller of |