No. 6. THE INDEBTEDNESS Acts authorizing loans, and synopsis of same. Title. Length of loan. Acts of July 21, 1841, and April 15, 1842. Authorized a loan of $12,000,000, bearing interest at a rate Loan of 1842... Twenty years. Act of July 22, 1846. Authorized an issue of $10,000,000 in treasury notes, bearing Loan of 1846... interest at a rate not exceeding 6 per cent per annum, and Ten years. Act of Jan. 28, 1847. Authorized the issue of $23,000,000 in treasury notes, bearing Loan of 1847... Twenty interest at a rate not exceeding 6 per cent per annum, Act of Mar. 31, 1848. Authorized a loan of $16,000,000, bearing interest at a rate not exceeding 6 per cent. per annum, and re`mbursable at time. Act of Sept. 9, 1850. Authorized the issue of $10,000.000 in bonds, bearing 5 per cent. interest, and redeemable at the end of fourteen years, to indemnify the State of Texas for her relinquishment of al claims upon the United States for liability of the debts of Texas, and for compensation for the surrender to the United States of her ships, forts, arsenals, custom houses, &c., which became the property of the United States at the time of annexaмon. Old funded and unfunded debt. Acts prior to 1857... Act of Dec. 23, 1857. Consisting of unclaimed dividends upon stocks issued before Authorized an issue of $20,000,000 in treasury notes, bearing Act of June 14, 1858. Authorized a loan of $20,000,000, bearing interest at a rate Act of June 22, 1860. Authorized a loan of $21,000,000, bearing interest at a rate not exceeding 6 per cent. per annum, and reimbursable years. Loan of 1848... Twenty years. Act of Dec. 17, 1860. Authorized an issue of $10.000,000 in treasury notes, to be Treasury notes. redeemed after the expiration of one year from the date of issue, and bearing such a rate of interest as may be offered by the lowest bidders. Authority was given to issue these notes in payment of warrants in favor of public creditors at their par value, bearing 6 per cent. interest per annum. Act of Feb. 8, 1861.. Authorized a loan of $25,000,000, bearing interest at a rate not exceeding six per cent. per annum, and reimbursable One year. Loan of Feb. Twenty 1861. years. Act of Mar. 2, 1861.. Authorized a loan of $10,000,000, bearing interest at a rate not exceeding 6 per cent. per annum, and reimbursable after the expiration of ten years from July 1, 1861. In case proposals for the loan were not acceptable, authority was given to issue the whole amount in treasury notes, bearing interest at a rate nct exceeding 6 per cent per annum. Authority was also given to substitute treasury notes for the whole or any part of the loans for which the Secretary was by law authorized to contract and issue bonds, at the time of the passage of this act, and such treasury notes were to be made receivable in payment of all public dues, and redeemable at any time within two years from March 2, 1861. Oregon war.... 20 yrs.. Act of Mar. 2, 1861.. Authorized an issue, should the Secretary of the Treasury deem it expedient, of $2,800,000 in coupon bonds, bearing interest at the rate of 6 per cent. per annum, and redeemable in twenty years, for the payment of expenses incurred by the Territories of Washington and Oregon in the suppression of Indian hostilities during the years 1855-'56. Authorized a loan of $250,000,000, for which could be issued 20 yr's sixes.. 20 yrs. bonds bearing interest at a rate not exceeding 7 per cent. per annum, irredeemable for twenty years, and after that redeemable at the pleasure of the United States. Treasury notes bearing interest at the rate of 7.30 per cent. per annum, payable three years after date ; and Acts of July 17, 1861 and Aug. 5, 1861. United States notes without interest, payable on demand, to The bonds and treasury notes to be issued in such proportions Act of Feb. 25, 1862. Authorized the issue of $150,000,000 in legal tender United States notes, $50,000,000 of which to be in lieu of demand Act of Mar. 17, 1862. Authorized an increase of temporary loans of $25,000,000, Act of July 11, 1862. Authorized a further increase of temporary loans of $50,00,000, making the whole amount authorized 7.30 notes... (Two issues.) 3yrs Dem'd notes.. Payable indebtedness. Act of Mar. 1, 1862.. Authorized an issue of certificates of indebtedness, payable | Certificates of 1 year. one year from date, in settlement of audited claims against the government. Interest 6 per cent. per annum, payable in gold on those issued prior to March 4, 1863, and in lawful currency on those issued on and alter that date. Amount of issue not specified. Act of July 11, 1862. Authorized an additional issue of $150,000,000 legal tender notes, $35,000,000 of which might be in denominations less United States Act of July 17, 1862. Authorized an issue of notes of the fractional part of one dol- Postal currency.. Resolution of Congress, Jan. 17, 1863. lar, receivable in payment of all dues, except customs, less *Act of February 12, 1862, authorized an increase of $10,000,000 demand notes, included in above state ment. |