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An Act to Reduce the Currency, and to Authorize a New Issue of Treasury Notes; An Act to Levy Additional Taxes for the Common Defence and Support of ... to Serve During the War
Excerpt from An Act to Reduce the Currency, and to Authorize a New Issue of Treasury Notes; An Act to Levy Additional Taxes for the Common Defence and Support of the Government; An Act to Organize Forces to Serve During the War
Sec. 7. That the Secretary of the Treasury is hereby authorized from time to time, as the wants of the treasury may require it, to sell or hypo thecate for treasury notes, said bonds or any part thereof, upon the best terms he can, so as to meet appropriations by Congress, and at the same time reduce and restrict the amount of the circulation in treasury notes within reasonable and safe limits. Sec. 8. The bonds authorized by the sixth section of this act may be either registered or coupon bonds, as the parties taking them may elect, and they may be exchanged for each other under such regulations as the Secretary of the Treasury may prescribe. They shall be for one hundred dollars, or some multiple of one hundred dollars, and shall, together with the coupons thereto attached, be in such form and of such authentication as the Secretary of the Treasury may prescribe. The interest shall be payable half yearly, on the first of January and July in each year  the principal shall be payable not less than thirty years from their date. Sec. 9. All call certificates shall be fundable, and shall be taxed in all respects, as is provided for the treasury notes, into which they are con vertible. If not converted before the time fixed for taxing the treasury notes, such certificates shall from that time bear interest upon only sixty six and two-thirds cents for every dollar promised upon their face, and shall be redeemable only in new treasury notes at that rate; but after the passage of this act no call certificates shall be issued until after the first day of April 1864.
Sec. 7. That the Secretary of the Treasury is hereby authorized from time to time, as the wants of the treasury may require it, to sell or hypo thecate for treasury notes, said bonds or any part thereof, upon the best terms he can, so as to meet appropriations by Congress, and at the same time reduce and restrict the amount of the circulation in treasury notes within reasonable and safe limits. Sec. 8. The bonds authorized by the sixth section of this act may be either registered or coupon bonds, as the parties taking them may elect, and they may be exchanged for each other under such regulations as the Secretary of the Treasury may prescribe. They shall be for one hundred dollars, or some multiple of one hundred dollars, and shall, together with the coupons thereto attached, be in such form and of such authentication as the Secretary of the Treasury may prescribe. The interest shall be payable half yearly, on the first of January and July in each year  the principal shall be payable not less than thirty years from their date. Sec. 9. All call certificates shall be fundable, and shall be taxed in all respects, as is provided for the treasury notes, into which they are con vertible. If not converted before the time fixed for taxing the treasury notes, such certificates shall from that time bear interest upon only sixty six and two-thirds cents for every dollar promised upon their face, and shall be redeemable only in new treasury notes at that rate; but after the passage of this act no call certificates shall be issued until after the first day of April 1864.
18 pages, Paperback
Published August 24, 2018
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