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Fourth call.

Of the third series, all coupon bonds of

$50 numbered 1 to 1,200 inclusive. $100

1 to 4,752 $500

1 to 3,000 $1,000

1 to 5,733 All registered bonds of

$50 numbered 841 to 1,233 inclusive. $100

5,992 to 8,803 $500

2,959 to 5,360 $1,000

13,151 to 20,680 $5,000

4,103 to 6,402 $10,000

4,775 to 7,092 Which cease to bear interest June 1, 1873.

Amount paid.

Regulations for paying called bonds and coupons.

Besides the bonds thus called in for redemption, amounting to about $190,000,000, much of this loan has been purchased at the monthly purchases in New York.

For regulations of the Treasury Department as to paying bonds called in for redemption, when coupons have been detached therefrom, and the payment of coupons thus detached, see Chapter V, p. 75.

11.

LOAN OF JULY AND AUGUST, 1861;

or

SIXES OF 1881.

Acts of authori. zation,

By the act of July 17, 1861, chapter 5, the Secretary of the Treasury was authorized to borrow on the credit of the United States a sum not exceeding $250,000,000, and to issue bonds therefor, or treasury notes, in such proportions as he might deem advisable, the bonds to bear interest not exceeding six per cent. per annum, payable semi-annually, irredeemable for twenty years, and after that period redeemable at the pleasure of the United States.

This law was amended by a supplementary act of August 5, 1861, chapter 46, of which section 1 authorized the Secretary to issue bonds bearing interest at six per cent. per annum, and payable at the pleasure of the United States after twenty years from date, but no such bond to be issued for a less sum than five hundred dollars, and to exchange the same for treasury notes issued under the former act. Section 7 of the act of August 5 also provided, that the Secretary might sell or negotiate, for any portion of the loan provided for by the act of July 17, bonds payable not more than twenty years from date, and bearing interest not exceeding six per cent. per annum, payable semi-annually.

There was issued under these various provisions one Bonds issued. loan, by sale $50,000,000, and by exchange $139,321,200, in bonds redeemable after the 30th day of June, 1881, with interest at six per cent. per annum, payable on the 1st days Interest. of January and July in each year, designated on the face Payable. of each bond, “LOAN OF JULY 17, AND AUGUST 5, 1861," Designation and from which the official title of the loan was derived. The bonds are also called in the market, “SIXES OF 1881," from the rate of interest and time of payment.

The denominations actually issued are $50, $100, $500, Denomination. and $1,000 coupon and registered bonds, and also $5,000 and $10,000 registered. The whole amount of the original Not matured. loan is still outstanding, not having yet matured.

title.

12.

OREGON WAR DEBT.

tion.

The act of March 2, 1861, chapter 70, entitled “An act Act of authoriza to provide for the payment of expenses incurred by the Territories of Washington and Oregon in the suppression of Indian hostilities therein, in the years 1855 and 1856,'' appropriated so much money as might be necessary for the payment of specific claims therein mentioned, and by section 4 authorized the Secretary of the Treasury, if he deemed it expedient, to issue to the claimants bonds of the United States of a denomination not less than fifty dollars, redeemable in twenty years, and bearing interest at the rate of six per cent. per annum, with coupons attached, and payable annually or semi-annually, at the discretion of the Secretary.

Under this act there were issued $1,090,850, all in cou- Bonds issued. pon bonds, payable at any time after the first day of July, 1881, to a payee therein named, or order, in denominations Denomination of $50 and $100, with interest at six per cent., payable Interest, annually, July 1, in each year, and of $500, with interest

Title and designation.

Bonds payable to
Order:

at the same rate, payable semi-annually, January 1 and July 1.

The bonds are designated on the face, “OREGON WAR DEBT,'' and the loan takes its title from that fact.

These bonds, unlike any other coupon bonds, being payable to order, do not pass by delivery, but only by assignments, duly executed in like manner as those required on registered bonds, by the payee or assignee thereof. The coupons pass by delivery.

Of this loan $145,850 have been redeemed, and the balance, $945,000, will become redeemable July 1, 1881.

Coupons.

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13.

LOAN OF FEBRUARY, 1861;

or

SIXES OF 1881.

Act of authorization.

By the act of February 8, 1861, chapter 29, the President was authorized, at any time before the 1st day of July then next, to borrow, on the credit of the United States, a sum not exceeding twenty-five millions of dollars, to be used in the payment of the current demands upon the Treasury, and for the redemption of treasury notes outstanding, and to issue registered or coupon certificates of stock therefor, in sums not less than one thousand dollars, to be reimbursed within a period not beyond twenty years, and not less than ten years, with interest not exceeding six per cent. per annum, payable annually or semi-annually.

There were issued $18,415,000, in coupon bonds of $1,000, and registered bonds of $1,000, $5,000, and $10,000, redeemable AFTER, or at any time after, the 31st day of December, 1880, with interest at six per cent. per annum, payable semi-annually, January 1 and July 1, in each year.

The whole amount is still outstanding, and, notwithstanding the language of the bonds, is payable December 31, 1880—the extreme limit of time allowed by the act.

The title of the loan on the books of the Department is taken from the act of authorization, but the bonds are called

Bonds issued.

Interest.

Parable.

Title,

in the market “SIXES OF 1881,"' on account of the time when they are supposed to become payable—January 1, 1881. These differ from the other Sixes of 1881, which are redeemable after June 30, 1881; while these are payable December 31, 1880.

14.

LOAN OF 1858;

or

FIVES OF 1874.

tion.

The President was authorized by act of Congress approved Acts of authoriza June 14, 1858, chapter 165, at any time within twelve months thereafter, to borrow, on the credit of the United States, a sum not exceeding twenty millions of dollars, provided no contract was to be made to prevent the United States from reimbursing the same at any time after fifteen years from the 1st day of January then next The stock was required to be issued in certificates of not less than $1,000 each, bearing interest not exceeding five per centum per annum, payable semi-annually, with interest coupons attached. By section 6 of the act of March 3, 1859, chapter 82, the Secretary of the Treasury was authorized to issue coupon or registered stock, as the purchaser might elect.

The loan takes its title from the year of the passage of Title and desigthe act, and the bonds are designated on the face thereof nation of bonds with the words "UNITED STATES LOAN OF 1858." They are known in the market also under the name of “FIVES OF 1874,” from the rate of interest and the time when they are supposed to become payable.

Twenty millions of dollars of bonds were issued in denominations of $1,000, with coupons attached, and $1,000 and $5,000 registered.

The language of the coupon bonds is that the United Coupon bonds. States will pay unto

the sum of time after the 1st day of January, 1874.'

"Interest will be paid thereon at the rate of five per cent. per annum from the 1st day of January, 1859, payable semi-annually, on the 1st day of January and July of each year.”

Amount issued.

or Oy

at any

*

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Registered.

That of the registered stock is "the principal of which is redeemable at the pleasure of the United States at any time after the expiration of fifteen years after the 1st of January, 1859, and bearing interest at the rate of five per cent. per annum, payable half yearly.” The times of payment of interest are not specified in the registered stock, but are, in fact, the same as on the coupon bonds-_January 1 and July 1 in each year.

The whole loan is outstanding, not having yet matured, The oldest loan. and is the oldest of all the outstanding loans of the United

States not called in for redemption.

Interest.

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