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expenses incurred by the Territories of Washington and Oregon in the suppression of Indian hostilities during the years 1855 and 1856.

5. TWENTY YEAR BONDS OF 1861.

Acts of July 17, 1861, and Aug. 5, 1861.-Authorized a loan of $250,000,000, for which could be issued bonds bearing interest at a rate not exceeding seven per cent. per annum, irredeemable for twenty years, and after that redeemable at the pleasure of the United States. The supplementary act of August 5, 1861, authorized an issue of bonds bearing six per cent. interest per annum, and payable at the pleasure of the United States after twenty years from date, which might be issued in exchange for 7.30 treasury notes.

6. LOAN (5-20s) of 1862.

Act of Feb. 25, 1862.-Authorized the issue of $500,000,000 in six per cent. bonds, redeemable after five years, and payable twenty years from date, which may be exchanged for United States notes.

March 3, 1864.-Authorized the issue of not over $11,000,000 additional of similar bonds, to meet subscriptions already made and paid for.

June 30, 1864, and Jan. 28, 1865.-On hand unsold in the United States or Europe.

7. LEGAL TENDER NOTES.

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 notes issued under act of July 17, 1861.

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[The clause in this law which it is claimed authorizes the United States to pay its bonds in its own notes is as follows: And such (Treasury) notes herein authorized shall be receivable in payment of all taxes, internal duties, excises, debts and demands of every kind due to the United States, except duties on imports; and of all claims and demands against the United States of every kind whatsoever, except for interest upon bonds and notes which shall be paid in COIN."]

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 than five dollars; $50,000,000 of this issue to be reserved to pay temporary loans promptly in case of emergency.

Resolution of Congress, Jan. 17, 1863.-Authorized the issue of $100,000,000 in United States notes, for the immediate payment of the army and navy, such notes to be a part of the amount provided for in any bill that may hereafter be passed by this Congress. (The amount in this resolution is included in act of March 3, 1863.) Act of March 3, 1863.—A further issue of $150,000,000 in United States notes, for the purpose of converting the treasury notes which may be issued under this act, and for no other purpose. And a further issue, if necessary, for the payment of the army and navy, and other creditors of the Government, of $150,000,000 in United States notes, which amount includes the $100,000,000 authorized by the joint resolution of Congress, January 17, 1863.

Acl of April 12, 1866.-PROVIDED, That of United States notes not more than ten millions of dollars may be retired and canceled within six months from the passage of this act, and thereafter not more than four millions of dollars in any one month: AND PROVIDED FURTHER, That the act to which this is an amendment shall continue in full force in all its provisions, except as modified by this act. (The authority to cancel the legal-tender notes was withdrawn by an act of Congress after the amount outstanding had been reduced to $355,941,032.)

8. LOAN OF 1863-1881.

Acts of March 3, 1863, and June 30, 1864.-Authorized a loan of $300,000,000 for this,. and $600,000,000 for the next fiscal year, for which could be issued bonds running not less than ten, nor more than forty years, principal and interest payable in coin, bearing interest at a rate not exceeding six per cent. per annum, payable in bonds not exceeding $100 annually, and on all others semi-annually, the whole amount of bonds, treasury notes and United States notes issued under this act not to exceed the sum of $900,000,000. And so much of this act as limits the loan to the current fiscal year is repealed by act of June 30, 1864, which also repeals the authority to borrow money conferred by section 1, except so far as it may affect $75,000,000 of bonds already advertised.

9. GOLD CERTIFICATES.

Act of March 3, 1863.-Authorizes the Secretary of the Treasury to receive gold on. deposit and issue certificates therefor, in sums not less than twenty dollars.

10. LOAN (10-40 years) or 1864-1874.

Act of March 3, 1864.-Authorizes the issue of bonds not exceeding $200,000,000,., bearing date March 1, 1864, or any subsequent period, redeemable at the pleasure of the Government after any period not less than five years, and payable at any period not more than forty years from date, in coin, bearing interest not exceeding six per cent. yearly, payable on bonds not over $100 annually, and on all other bonds semi-annually, in coin.

11. POSTAL AND FRACTIONAL CURRENCY.

Act of July 17, 1862.-Authorized an issue of notes of the fractional parts of one dollar, receivable in payment of all dues, except customs, less than five dollars, and exchangeable for United States notes in sums not less than five dollars. Amount of issue not specified.

Act of March 3, 1863.-Authorized an issue not exceeding $50,000,000 in fractional currency (in lieu of postage or other stamps), exchangeable for United States notes in sums not less than three dollars, and receivable for any dues to the United States less than five dollars, except duties on imports. The whole amount issued not to exceed $50,000,000.

Act of June 30, 1864.-Authorized issue in lieu of the issue under acts of July 17, 1862, and March 3, 1863, the whole amount outstanding under all these acts not to exceed $50,000,000.

12. FIVE-TWENTY YEAR BONDS OF 1864-1869.

Act of June 30, 1864.-Authorized the issue of $400,000,000 of bonds, redeemable at the pleasure of the Government after any period not less than five nor more than thirty years, or, if deemed expedient, made payable at any period not more than forty years from date. And said bonds shall bear an annual interest not exceeding six per cent., payable semi-annually in coin.

13. FIVE-TWENTY BONDS of 1866.

Art of April 12, 1866, amendment to Act of March 3, 1865.—Authorizes the Secretary of the Treasury at his discretion, to receive any treasury notes or other obligagations issued under any act of Congress, whether bearing interest or not, in exchange for any description of bonds authorized by the act to which this is an amendment; and also to dispose of any description of bonds authorized by said.

act, either in the United States or elsewhere, to such an amount, in such manner and at such rates as he may think advisable, for lawful money of the United States, or for any treasury notes, certificates of indebtedness, or certificates of deposit, or other representatives of value, which have been or which may be issued under any act of Congress, the proceeds thereof to be used only for retiring treasury notes or other obligations issued under any act of Congress; but nothing herein contained shall be construed to authorize any increase of the public debt. 14. UNION PACIFIC RAILROAD BONDS.

Mets of July 1, 1862, and July 2, 1864.-Bonds issued to the Union Pacific Railroad Company in accordance with these acts. These bear date January 12, 1865, and will mature January 15, 1895.

15. THREE PER CENT. TEMPORARY LOAN CERTIFICATES.

Act of March 2, 1867.-For the purpose of redeeming and retiring any compound interest notes outstanding, the Secretary of the Treasury is authorized and directed to issue temporary loan certificates in the manner prescribed by section four of the act entitled "An Act to authorize the issue of United States Notes, 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, bearing interest at a rate not exceeding three per cent. per annum, principal and interest payable in lawful money on demand; and said certificates of temporary loan may constitute and be held by any national bank holding or owning the same as a part of the reserve provided for in sections thirty-one and and thirty-two of the act entitled "An Act to provide for a National Currency, secured by a pledge of United States bonds, and to provide for the circulation and redemption thereof," approved June three, eighteen hundred and sixty-four; PROVIDED, That not less than two-fifths of the entire reserve of such bank shall consist of lawful money of the United States: AND provided furtHER, That the amount of such temporary certificates at any time outstanding shall not exceed fifty millions of dollars. (The amount of three per cents authorized to be issued was subsequently increased to $75,000,000.)

16. PUBLIC CREDIT.

Act of March 18, 1869.—Provided for the payment in coin, or its equivalent, of all the obligations of the United States not bearing interest, known as United States notes; and of all the interest-bearing obligations, except in cases where the law authorizing their issue provided for their payment in lawful money. It provided, however, that none of the interest-bearing obligations, not already due, shall be redeemed before maturity, unless at a time when United States notes shall be convertible into,coin at the option of the holder, or unless United States bonds that bear a lower rate of interest can at that time be sold at par in coin. It also pledged the faith of the country to a redemption of United States notes in COIN at the earliest practicable period.

STATEMENT,

Showing the amount and character of the various classes of Debts of the United States, as they were on the 1st of May, 1869, and 1870, comparatively:

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BONDS ISSUED TO UNION PACIFIC RAILWAY AND BRANCHES to May 1, 1870. (Interest payable in lawful money, Jan. 1 and July 1, and principal in thirty years from date.)

Bonds.

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PUBLIC DEBT OF THE UNITED STATES.

Statement of the Character and Amount of Bonds and other Forms of Indebtedness July 1, Yearly, from 1861 to 1869, inclusive.

COMPILED FROM THE ANNUAL STATEMENTS OF THE SECRETARY OF THE TREASURY.

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Total funded debt

68,256,132 131,237,613 287,568,378 774,676,188 1,109,699,015 1,223,304,126 1,626,016, 726 2,070,423,507 2,108,497,815

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