subject to the jurisdiction thereof, are citizens of the United States
and of the State wherein they reside. No State shall make or enforce
any law which shall abridge the privileges or immunities of citizens
of the United States; nor shall any State deprive any person of life,
liberty, or property, without due process of law, nor deny to any
person within its jurisdiction the equal protection of the laws.
SEC. 2. Representatives shall be apportioned among the several States
according to their respective numbers, counting the whole number of
persons in each State, excluding Indians not taxed. But when the right
to vote at any election for the choice of electors for President and
Vice-President of the United States, representatives in Congress,
the executive and judicial officers of a State, or the members of
the legislature thereof, is denied to any of the male inhabitants of
such State, being twenty-one years of age, and citizens of the United
States, or in any way abridged, except for participation in rebellion
or other crime, the basis of representation therein shall be reduced in
the proportion which the number of such male citizens shall bear to the
whole number of male citizens twenty-one years of age in such State.
SEC. 3. No person shall be a senator or representative in Congress,
or elector of President and Vice-President, or hold any office, civil
or military, under the United States, or under any State, who, having
previously taken an oath, as a member of Congress, or as an officer of
the United States, or as a member of any State legislature, or as an
executive or judicial officer of any State, to support the Constitution
of the United States, shall have engaged in insurrection or rebellion
against the same, or given aid or comfort to the enemies thereof.
But Congress may, by a vote of two-thirds of each house, remove such
disability.
SEC. 4. The validity of the public debt of the United States,
authorized by law, including debts incurred for payment of pensions and
bounties for services in suppressing insurrection or rebellion, shall
not be questioned. But neither the United States nor any State shall
assume or pay any debt or obligation incurred in aid of insurrection
or rebellion against the United States, or any claim for the loss or
emancipation of any slave; but all such debts, obligations and claims
shall be held illegal and void.
SEC. 5. The Congress shall have power to enforce, by appropriate
legislation, the provisions of this article.
The Amendment passed the Senate by a vote of 33 yeas to 11 nays; and
the House by a vote of 138 yeas to 36 nays.
THE MILITARY GOVERNMENT BILL.
_AN ACT for the More Efficient Government of the Rebel States._
WHEREAS, No legal State government, or
adequate protection for life, or property, now
exists in the rebel States of Virginia, North
Carolina, South Carolina, Georgia, Alabama,
Louisiana, Florida, Texas, and Arkansas; and,
WHEREAS, It is necessary that peace and good
order should be enforced in said States until
loyal and republican State governments can be
established; therefore,
_Be it enacted, etc._, That said rebel States shall be divided into
military districts, and made subject to the military authority of the
United States, as hereinafter prescribed; and for that purpose Virginia
shall constitute the first district; North Carolina and South Carolina
the second district; Georgia, Alabama, and Florida the third district;
Mississippi and Arkansas the fourth district; Louisiana and Texas the
fifth district.
SEC. 2. That it shall be the duty of the President to assign to the
command of each of said districts an officer of the army, not below the
rank of brigadier-general, and to detail a sufficient military force
to enable such officer to perform his duties and enforce his authority
within the district to which he is assigned.
SEC. 3. That it shall be the duty of each officer assigned, as
aforesaid, to protect all persons in their rights of person and
property; to suppress insurrection, disorder, and violence, and to
punish, and cause to be punished, all disturbers of the public peace,
and criminals; and to this end he may allow loyal civil tribunals to
take jurisdiction of and try offenders; or, when in his judgment it
may be necessary, for the trial of offenders, he shall have power
to organize military commissions or tribunals for that purpose; and
all interference under color of State authority with the exercise of
military authority under this act shall be null and void.
SEC. 4. That all persons put under military arrest by virtue of
this act shall be tried without unnecessary delay, and no cruel or
unusual punishment shall be inflicted, and no sentence of any military
commission or tribunal, hereby authorized, affecting the life or
liberty of any person, shall be executed until it is approved by the
officer in command of the district; and the laws and regulations for
the government of the army shall not be affected by this act, except in
so far as they may conflict with its provisions.
SEC. 5. That when the people of any one of said rebel States shall
have formed a constitutional government, in conformity with the
Constitution of the United States in all respects, framed by a
convention of delegates elected by the persons who may vote upon the
ratification or rejection thereof, as hereinafter provided; and when
said constitution, so framed, shall have been ratified by a majority
of the male citizens of said State, twenty-one years old and upward,
of whatever race, color, or previous condition of servitude, who may
have been resident in said State for one year previous to the day of
voting on the question of ratifying such constitution, except such
as may be disfranchised for participating in the rebellion, or for
felony at common law; and when such constitution shall provide that
the elective franchise shall be enjoyed by all such persons that have
the qualifications herein stated, and shall have been submitted to
Congress for examination, and Congress shall have approved the same;
and when said State, by a vote of its legislature elected under said
constitution, shall have adopted the amendment to the Constitution
of the United States, proposed by the Thirty-ninth Congress, and
known as article fourteen, and when said article shall become a
part of the Constitution of the United States, such State shall be
declared entitled to representation in Congress, and senators and
representatives shall be admitted thereupon, on their taking the oath
prescribed by the law; and then and thereafter the preceding sections
of this bill shall be inoperative in said State.
SEC. 6, (proposed by Mr. Doolittle,) provides that the penalty of death
shall not be inflicted by the military power without the approval of
the President.
SEC. 7. (Shellabarger’s amendment.) That until the people of said rebel
States shall, by law, be admitted to representation in the Congress of
the United States, the civil governments that may exist therein shall
be deemed provisional only, and shall be in all respects subject to
the paramount authority of the United States, which may at any time
abolish, modify, control, and supersede the same, and in all elections
to any office under such provisional governments all persons shall be
entitled to vote, and none others, who are entitled to vote under the
provisions of the fifth section of this act, and no person shall be
eligible to any office under such provisional governments who would
be disqualified from holding office under the provisions of the third
article of said Constitutional Amendment.
SUPPLEMENT TO THE MILITARY GOVERNMENT BILL.
_Passed at the First Session of the Fortieth Congress._
AN ACT supplementary to an act entitled, “An
act to provide for the more efficient government of
the rebel States,” passed March second, eighteen
hundred and sixty-seven, and to facilitate
restoration.
_Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled_, That before the first day of
September, eighteen hundred and sixty-seven, the commanding general in
each district defined by an act entitled, “An act to provide for the
more efficient government of the rebel States,” passed March second,
eighteen hundred and sixty-seven, shall cause a registration to be made
of the male citizens of the United States, twenty-one years of age
and upward, resident in each county or parish in the State or States
included in his district, which registration shall include only those
persons who are qualified to vote for delegates by the act aforesaid,
and who shall have taken and subscribed the following oath or
affirmation: “I, ————, do solemnly swear, (or affirm,) in the presence
of Almighty God, that I am a citizen of the State of ————; that I have
resided in said State for ———— months next preceding this day, and now
reside in the county of ————, or the parish of ————, in said State, (as
the case may be;) that I am twenty-one years old; that I have not been
disfranchised for participation in any rebellion or civil war against
the United States, nor for felony committed against the laws of any
State or of the United States; that I have never been a member of any
State legislature, nor held any executive or judicial office in any
State, and afterward engaged in insurrection or rebellion against the
United States, or given aid or comfort to the enemies thereof; that I
have never taken an oath as a member of Congress of the United States,
or as an officer of the United States, or as a member of any State
legislature, or as an executive or judicial officer of any State, to
support the Constitution of the United States, and afterward engaged
in insurrection or rebellion against the United States, or given aid
or comfort to the enemies thereof; that I will faithfully support the
Constitution and obey the laws of the United States, and will, to the
best of my ability, encourage others so to do, so help me God;” which
oath or affirmation may be administered by any registering officer.
SEC. 2. _And be it further enacted_, That after the completion of the
registration hereby provided for in any State, at such time and places
therein as the commanding general shall appoint and direct, of which
at least thirty days’ public notice shall be given, an election shall
be held of delegates to a convention for the purpose of establishing a
constitution and civil government for such State loyal to the Union,
said convention in each State, except Virginia, to consist of the same
number of members as the most numerous branch of the State legislature
of such State in the year eighteen hundred and sixty, to be apportioned
among the several districts, counties, or parishes of such State by
the commanding general, giving to each representation in the ratio of
voters registered as aforesaid as nearly as may be. The convention in
Virginia shall consist of the same number of members as represented the
territory now constituting Virginia in the most numerous branch of the
legislature of said State in the year eighteen hundred and sixty, to be
apportioned as aforesaid.
SEC. 3. _And be it further enacted_, That at said election the
registered voters of each State shall vote for or against a convention
to form a constitution therefor under this act. Those voting in favor
of such a convention shall have written or printed on the ballots
by which they vote for delegates, as aforesaid, the words, “For a
convention;” and those voting against such a convention shall have
written or printed on such ballots the words, “Against a convention.”
The persons appointed to superintend said election, and to make return
of the votes given thereat, as herein provided, shall count and make
return of the votes given for and against a convention; and the
commanding general to whom the same shall have been returned shall
ascertain and declare the total vote in each State for and against
a convention. If a majority of the votes given on that question
shall be for a convention, then such convention shall be held as
hereinafter provided; but if a majority of said votes shall be against
a convention, then no such convention shall be held under this act:
_Provided_, That such convention shall not be held unless a majority of
all such registered voters shall have voted on the question of holding
such convention.
SEC. 4. _And be it further enacted_, That the commanding general of
each district shall appoint as many boards of registration as may be
necessary, consisting of three loyal officers or persons, to make and
complete the registration, superintend the election, and make return
to him of the votes, list of voters, and of the persons elected as
delegates, by a plurality of the votes cast at said election; and
upon receiving said returns, he shall open the same, ascertain the
persons elected as delegates, according to the returns of the officers
who conducted said election, and make proclamation thereof; and if a
majority of the votes given on that question shall be for a convention,
the commanding general, within sixty days from the date of election,
shall notify the delegates to assemble in convention, at a time and
place to be mentioned in the notification; and said convention, when
organized, shall proceed to frame a constitution and civil government
according to the provisions of this act, and the act to which it is
supplementary; and when the same shall have been so framed, said
constitution shall be submitted by the convention for ratification to
the persons registered under the provisions of this act, at an election
to be conducted by the officers or persons appointed or to be appointed
by the commanding general, as hereinbefore provided, and to be held
after the expiration of thirty days from the date of notice thereof, to
be given by said convention; and the returns thereof shall be made to
the commanding general of the district.
SEC. 5. _And be it further enacted_, That if, according to said
returns, the constitution shall be ratified by a majority of the votes
of the registered electors qualified as herein specified, cast at said
election, at least one-half of all the registered voters voting upon
the question of such ratification, the president of the convention
shall transmit a copy of the same, duly certified, to the President of
the United States, who shall forthwith transmit the same to Congress,
if then in session, and if not in session, then immediately upon its
next assembling; and if it shall moreover appear to Congress that the
election was one at which all the registered and qualified electors
in the State had an opportunity to vote freely and without restraint,
fear, or the influence of fraud, and if the Congress shall be satisfied
that such constitution meets the approval of a majority of all the
qualified electors in the State, and if the said constitution shall
be declared by Congress to be in conformity with the provisions of
the act to which this is supplementary, and the other provisions of
said act shall have been complied with, and the said constitution
shall be approved by Congress, the State shall be declared entitled
to representation, and senators and representatives shall be admitted
therefrom, as therein provided.
SEC. 6. _And be it further enacted_, That all elections in the States
mentioned in the said “Act to provide for the more efficient government
of the rebel States,” shall, during the operation of said act, be by
ballot; and all officers making the said registration of voters and
conducting said elections shall, before entering upon the discharge
of their duties, take and subscribe the oath prescribed by the act
approved July second, eighteen hundred and sixty-two, entitled, “An
act to prescribe an oath of office:” _Provided_, That if any person
shall knowingly and falsely take and subscribe any oath in this act
prescribed, such person so offending, and being thereof duly convicted,
shall be subject to the pains, penalties, and disabilities which by law
are provided for the punishment of the crime of willful and corrupt
perjury.
SEC. 7. _And be it further enacted_, That all expenses incurred by the
several commanding generals, or by virtue of any orders issued, or
appointments made, by them, under or by virtue of this act, shall be
paid out of any moneys in the treasury not otherwise appropriated.
SEC. 8. _And be it further enacted_, That the convention for each State
shall prescribe the fees, salary, and compensation to be paid to all
delegates and other officers and agents herein authorized or necessary
to carry into effect the purposes of this act not herein otherwise
provided for, and shall provide for the levy and collection of such
taxes on the property in such State as may be necessary to pay the same.
SEC. 9. _And be it further enacted_, That the word “article,” in the
sixth section of the act to which this is supplementary, shall be
construed to mean “section.”
SCHUYLER COLFAX,
Speaker of the House of Representatives.
B. F. WADE,
President of the Senate _pro tempore_.
After the election which was held early in February, 1868, upon the
ratification of a new Constitution for the State of Alabama, the law
was so amended by Congress that a majority of the votes cast (instead
of a majority of the registered voters) should be required to ratify or
reject State constitutions in the seceded States.
[Illustration: JAMES BUCHANAN.]
HISTORY OF THE NATIONAL BANKS.
DIGEST OF THE LAW, ETC.
_Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled_, That there shall be
established in the Treasury Department a separate Bureau, the chief
officer of which shall be denominated the Comptroller of the Currency,
who shall be under the general direction of the Secretary of the
Treasury.
SEC. 5. That associations for carrying on the business of banking may
be formed by any number of persons, not less in any case than five,
who shall enter into articles of association, which shall specify in
general terms the object for which the association is formed, and may
contain any other provisions, not inconsistent with the provisions of
this act, which the association may see fit to adopt for the regulation
of the business of the association and the conduct of its affairs,
which said articles shall be signed by the persons uniting to form the
association, and a copy of them forwarded to the Comptroller of the
Currency, to be filed and preserved in his office.
SEC. 6. That the persons uniting to form such an association shall,
under their hands, make an organization certificate, which shall
specify—
First. The name assumed by such association, which name shall be
subject to the approval of the Comptroller.
Second. The place where its operations of discount and deposit are to
be carried on, designating the State, Territory, or District, and also
the particular county and city, town or village.
Third. The amount of its capital stock, and the number of shares into
which the same shall be divided.
Fourth. The names and places of residence of the shareholders, and the
number of shares held by each of them.
Fifth. A declaration that said certificate is made to enable such
persons to avail themselves of the advantages of this act.
The said certificate shall be acknowledged before a judge of some
court of record or a notary public, and such certificate, with the
acknowledgment thereof authenticated by the seal of such court or
notary, shall be transmitted to the Comptroller of the Currency, who
shall record and carefully preserve the same in his office. Copies of
such certificate, duly certified by the Comptroller, and authenticated
by his seal of office, shall be legal and sufficient evidence in all
courts and places within the United States, or the jurisdiction of the
Government thereof, of the existence of such association, and of every
other matter or thing which could be proved by the production of the
original certificate.
SEC. 7. That no association shall be organized under this act, with a
less capital than one hundred thousand dollars, nor in a city whose
population exceeds fifty thousand persons, with a less capital than
two hundred thousand dollars: _Provided_, That banks with a capital
of not less than fifty thousand dollars may, with the approval of the
Secretary of the Treasury, be organized in any place, the population of
which does not exceed six thousand inhabitants.
SEC. 8. That every association formed, pursuant to the provisions of
this act, shall, from the date of the execution of its organization
certificate, be a body-corporate, but shall transact no business
except such as may be incidental to its organization and necessarily
preliminary, until authorized by the Comptroller of the Currency to
commence the business of banking. Such association shall have power
to adopt a corporate seal, and shall have succession by the name
designated in its organization certificate, for the period of twenty
years from its organization, unless sooner dissolved according to
the provisions of its articles of association, or by the act of its
shareholders owning two-thirds of its stock, or unless the franchise
shall be forfeited by a violation of this act; by such name it may
make contracts, sue and be sued, complain and defend, in any court
of law and equity as fully as natural persons; it may elect or
appoint directors, and by its board of directors appoint a president,
vice-president, cashier, and other officers, define their duties,
require bonds of them, and fix the penalty thereof, dismiss said
officers or any of them at pleasure, and appoint others to fill their
places, and exercise under this act all such incidental powers as
shall be necessary to carry on the business of banking by discounting
and negotiating promissory notes, drafts, bills of exchange, and
other evidences of debt; by receiving deposits; by buying and selling
exchange, coin, and bullion; by loaning money on personal security; by
obtaining, issuing, and circulating notes according to the provisions
of this act; and its board of directors shall also have power to define
and regulate by by-laws, not inconsistent with the provisions of this
act, the manner in which its stock shall be transferred, its directors
elected or appointed, its officers appointed, its property transferred,
its general business conducted, and all the privileges granted by
this act to associations organized under it shall be exercised and
enjoyed; and its usual business shall be transacted at an office or
banking-house located in the place specified in its organization
certificate.
SEC. 9. That the affairs of every association shall be managed by not
less than five directors, one of whom shall be the president. Every
director shall, during his whole term of service, be a citizen of the
United States; and at least three-fourths of the directors shall have
resided in the State, Territory, or District in which such association
is located one year next preceding their election as directors, and be
residents of the same during their continuance in office. Each director
shall own, in his own right, at least ten shares of the capital stock
of the association of which he is a director.
SEC. 11. That in all elections of directors, and in deciding all
questions at meetings of shareholders, each shareholder shall be
entitled to one vote on each share of stock held by him. Shareholders
may vote by proxies duly authorized in writing; but no officer, clerk,
teller, or book-keeper of such association shall act as proxy; and no
shareholders, whose liability is past due and unpaid, shall be allowed
to vote.
SEC. 12. That the capital stock of any association formed under
this act shall be divided into shares of one hundred dollars each,
and be deemed personal property and transferable on the books of
the association; and every person becoming a shareholder by such
transfer shall, in proportion to his shares, succeed to all the rights
and liabilities of the prior holder of such shares, and no change
shall be made in the articles of association by which the rights,
remedies, or security of the existing creditors of the association
shall be impaired. The shareholders of each association formed under
the provisions of this act, and of each existing bank or banking
association that may accept the provisions of this act, shall be held
individually responsible, equally and ratably, and not one for another,
for all contracts, debts, and engagements of such association to the
extent of amount of their stock therein at the par value thereof,
in addition to the amount invested in such shares; except that
shareholders of any banking association now existing under State laws,
having not less than five millions of dollars of capital actually paid
in, and a surplus of twenty per centum on hand, both to be determined
by the Comptroller of the Currency, shall be liable only to the amount
invested in their shares; and such surplus of twenty per centum shall
be kept undiminished, and be in addition to the surplus provided for
in this act; and if at any time there shall be a deficiency in said
surplus of twenty per centum, the said banking association shall not
pay any dividends to its shareholders until such deficiency shall be
made good; and in case of such deficiency, the Comptroller of the
Currency may compel said banking association to close up its business
and wind up its affairs under the provisions of this act. And the
Comptroller shall have authority to withhold from an association his
certificate authorizing the commencement of business, whenever he shall
have reason to suppose that the shareholders thereof have formed the
same for any other than the legitimate objects contemplated by this act.
SEC. 13. That it shall be lawful for any association formed under this
act, by its articles of association to provide for an increase of its
capital from time to time, as may be deemed expedient, subject to the
limitations of this act: _Provided_, That the maximum of such increase
in the articles of association shall be determined by the Comptroller
of the Currency; and no increase of capital shall be valid until the
whole amount of such increase shall be paid in, and notice thereof
shall have been transmitted to the Comptroller of the Currency, and his
certificate obtained specifying the amount of such increase of capital
stock, with his approval thereof, and that it has been duly paid in
as part of the capital of such association. And every association
shall have power, by the vote of shareholders owning two-thirds of its
capital stock, to reduce the capital of such association to any sum not
below the amount required by this act in the formation of associations:
_Provided_, That by no such reduction shall its capital be brought
below the amount required by this act for its outstanding circulation,
nor shall any such reduction be made until the amount of the proposed
reduction has been reported to the Comptroller of the Currency and his
approval thereof obtained.
SEC. 14. That at least fifty per centum of the capital stock of every
association shall be paid in before it shall be authorized to commence
business; and the remainder of the capital stock of such association
shall be paid in installments of at least ten per centum each on the
whole amount of the capital as frequently as one installment at the end
of each succeeding month from the time it shall be authorized by the
Comptroller to commence business; and the payment of each installment
shall be certified to the Comptroller, under oath, by the president or
cashier of the association.
SEC. 16. That every association, after having complied with the
provisions of this act, preliminary to the commencement of banking
business under its provisions, and before it shall be authorized to
commence business, shall transfer and deliver to the Treasurer of the
United States, any United States registered bonds bearing interest to
an amount not less than thirty thousand dollars nor less than one-third
of the capital stock paid in, which bonds shall be deposited with the
Treasurer of the United States, and by him safely kept in his office
until the same shall be otherwise disposed of, in pursuance of the
provisions of this act; and the Secretary of the Treasury is hereby
authorized to receive and cancel any United States coupon bonds, and
to issue in lieu thereof registered bonds of like amount, bearing a
like rate of interest, and having the same time to run; and the deposit
of bonds shall be, by every association, increased as its capital may
be paid up or increased, so that every association shall at all times
have on deposit with the Treasurer registered United States bonds to
the amount of at least one-third of its capital stock actually paid in:
_Provided_, That nothing in this section shall prevent an association
that may desire to reduce its capital or to close up its business and
dissolve its organization from taking up its bonds upon returning to
the Comptroller its circulating notes in the proportion hereinafter
named in this act, nor from taking up any excess of bonds beyond
one-third of its capital stock, and upon which no circulating notes
have been delivered.
SEC. 17. That whenever a certificate shall have been transmitted to
the Comptroller of the Currency, as provided in this act, and the
association transmitting the same shall notify the Comptroller that
at least fifty per centum of its capital stock has been paid in
as aforesaid, and that such association has complied with all the
provisions of this act as required to be complied with before such
association shall be authorized to commence the business of banking,
the Comptroller shall examine into the condition of such association,
ascertain especially the amount of money paid in on account of its
capital, the name and place of residence of each of the directors of
such association, and the amount of the capital stock of which each
is the bona fide owner, and generally whether such association has
complied with all the requirements of this act to entitle it to engage
in the business of banking; and shall cause to be made and attested
by the oaths of a majority of the directors and by the president or
cashier of such association, a statement of all the facts necessary
to enable the Comptroller to determine whether such association is
lawfully entitled to commence the business of banking under this act.
SEC. 19. That all transfers of United States bonds which shall be made
by any association under the provisions of this act shall be made to
the Treasurer of the United States in trust for the association, with a
memorandum written or printed on each bond, and signed by the cashier
or some other officer of the association making the deposit, a receipt
therefor to be given to said association, or by the Comptroller of the
Currency, or by a clerk appointed by him for that purpose, stating
that it is held in trust for the association on whose behalf such
transfer is made, and as a security for the redemption and payment
of any circulating notes that may have been or may be delivered to
such association. No assignment or transfer of any such bonds by the
Treasurer shall be deemed valid or of binding force and effect unless
countersigned by the Comptroller of the Currency. It shall be the
duty of the Comptroller of the Currency to keep in his office a book
in which shall be entered the name of every association from whose
accounts such transfer of bonds is made by the Treasurer, and the name
of the party to whom such transfer is made; and the par value of the
bonds so transferred shall be entered therein; and it shall be the
duty of the Comptroller, immediately upon countersigning and entering
the same, to advise by mail the association from whose account such
transfer was made of the kind and numerical designation of the bonds
and the amount thereof so transferred.
SEC. 21. That upon the transfer and delivery of bonds to the Treasurer,
as provided in the foregoing section, the association making the same
shall be entitled to receive from the Comptroller of the Currency
circulating notes of different denominations, in blank, registered
and countersigned, as hereinafter provided, equal in amount to ninety
per centum of the current market value of the United States bonds so
transferred and delivered, but not exceeding ninety per centum of the
amount of said bonds at the par value thereof, it bearing interest
at a rate not less than five per centum per annum; and the amount of
such circulating notes to be furnished to each association shall be
in proportion to its paid-up capital, as follows, and no more: To
each association whose capital shall not exceed five hundred thousand
dollars, ninety per centum of such capital; to each association whose
capital exceeds five hundred thousand dollars, but does not exceed
one million dollars, eighty per centum of such capital; to each
association whose capital exceeds one million dollars, but does not
exceed three millions of dollars, seventy-five per centum of such
capital; to each association whose capital exceeds three millions of
dollars, sixty per centum of such capital. And that one hundred and
fifty millions of dollars of the entire amount of circulating notes
authorized to be issued shall be apportioned to associations in the
States, in the District of Columbia, and in the Territories, according
to representative population, and the remainder shall be apportioned by
the Secretary of the Treasury among associations formed in the several
States, in the District of Columbia, and in the Territories, having due
regard to the existing banking capital, resources, and business of such
State, District, and Territory. (Act as amended and approved, March 3,
1865.)
SEC. 22. That the entire amount of notes for circulation to be issued
under this act shall not exceed three hundred millions of dollars. In
order to furnish suitable notes for circulation, the Comptroller of
the Currency is hereby authorized and required, under the direction
of the Secretary of the Treasury, to cause plates and dies to be
engraved, in the best manner, to guard against counterfeiting and
fraudulent alterations, and to have printed therefrom, and numbered,
such quantity of circulating notes, in blank, of the denominations of
one dollar, two dollars, three dollars, five dollars, ten dollars,
twenty dollars, fifty dollars, one hundred dollars, five hundred
dollars, and one thousand dollars, as may be required to supply,
under this act, the associations entitled to receive the same; which
notes shall express upon their face that they are secured by United
States bonds, deposited with the Treasurer of the United States by the
written or engraved signatures of the Treasurer and Register, and by
the imprint of the seal of the Treasury; and shall also express upon
their face the promise of the association receiving the same to pay on
demand, attested by the signatures of the president or vice-president
and cashier. And the said notes shall bear such devices and such
other statements, and shall be in such form as the Secretary of the
Treasury shall, by regulation, direct: _Provided_, That not more than
one-sixth part of the notes furnished to an association shall be of a
less denomination than five dollars, and that after specie payments
shall be resumed no association shall be furnished with notes of a less
denomination than five dollars.
SEC. 23. That after any such association shall have caused its
promise to pay such notes on demand to be signed by the president
or vice-president, and cashier thereof, in such manner as to make
them obligatory promissory notes, payable on demand, at its place of
business, such association is hereby authorized to issue and circulate
the same as money; and the same shall be received at par in all parts
of the United States in payment of taxes, excises, public lands, and
all other dues to the United States, except for duties on imports; and
also for all salaries and other debts and demands owing by the United
States to individuals, corporations, and associations within the United
States, except interest on the public debt, and in redemption of the
national currency. And no such association shall issue post notes or
any other notes to circulate as money than such as are authorized by
the foregoing provisions of this act.
SEC. 24. That it shall be the duty of the Comptroller of the Currency
to receive worn-out or mutilated circulating notes issued by any such
banking association, and also, on due proof of the destruction of any
such circulating notes, to deliver in place thereof to such association
other blank circulating notes to an equal amount. And such worn-out
or mutilated notes, after a memorandum shall have been entered in the
proper books, in accordance with such regulations as may be established
by the Comptroller, as well as all circulating notes which shall have
been paid or surrendered to be canceled, shall be burned to ashes in
the presence of four persons, one to be appointed by the Secretary
of the Treasury, one by the Comptroller of the Currency, one by the
Treasurer of the United States, and one by the association, under
such regulations as the Secretary of the Treasury may prescribe. And
a certificate of such burning, signed by the parties so appointed,
shall be made in the books of the Comptroller, and a duplicate thereof
forwarded to the association whose notes are thus cancelled.
SEC. 26. That the bonds transferred to and deposited with the Treasurer
of the United States, as hereinbefore provided, by any banking
association for the security of its circulating notes, shall be held
exclusively for that purpose, until such notes shall be redeemed,
except as provided in this act; but the Comptroller of the Currency
shall give to any such banking association powers of attorney to
receive and appropriate to its own use the interest on the bonds which
it shall have so transferred to the Treasurer; but such powers shall
become inoperative whenever such banking association shall fail to
redeem its circulating notes as aforesaid. Whenever the market or
cash value of any bonds deposited with the Treasurer of the United
States, as aforesaid, shall be reduced below the amount of the
circulation issued for the same, the Comptroller of the Currency is
hereby authorized to demand and receive the amount of such depreciation
in other United States bonds at cash value, or in money, from the
association receiving said bills, to be deposited with the Treasurer
of the United States as long as such depreciation continues. And
said Comptroller, upon the terms prescribed by the Secretary of the
Treasury, may permit an exchange to be made of any of the bonds
deposited with the Treasurer by an association for other bonds of
the United States authorized by this act to be received as security
for circulating notes: _Provided_, that the remaining bonds which
shall have been transferred by the banking association offering to
surrender circulating notes shall be equal to the amount required for
the circulating notes not surrendered by such banking association, and
that the amount of bonds in the hands of the Treasurer shall not be
diminished below the amount required to be kept on deposit with him by
this act: _And provided_, That there shall have been no failure by such
association to redeem its circulating notes, and no other violation by
such association of the provisions of this act, and that the market
or cash value of the remaining bonds shall not be below the amount
required for the circulation issued for the same.
SEC. 27. That it shall be unlawful for any officer acting under the
provisions of this act to countersign or deliver to any association, or
to any other company or person, any circulating notes contemplated by
this act, except as hereinbefore provided, and in accordance with the
true intent and meaning of this act.
SEC. 28. That it shall be lawful for any such association to purchase,
hold, and convey real estate as follows:
First. Such as shall be necessary for its immediate accommodation in
the transaction of its business.
Second. Such as shall be mortgaged to it in good faith by way of
security for debts previously contracted.
Third. Such as shall be conveyed to it in satisfaction of debts
previously contracted in the course of its dealings.
Fourth. Such as it shall purchase at sales under judgments, decrees, or
mortgages held by such association, or shall purchase to secure debts
due to said association.
Such association shall not purchase or hold real estate in any other
case or for any other purpose than as specified in this section. Nor
shall it hold the possession of any real estate under mortgage, or hold
the title and possession of any real estate purchased to secure any
debts due to it for a longer period than five years.
SEC. 29. That the total liabilities to any association, of any person,
or of any company, corporation, or firm for money borrowed, including
in the liabilities of a company or firm the liabilities of the several
members thereof, shall at no time exceed one-tenth part of the amount
of the capital stock of such association actually paid in: _Provided_,
That the discount of bona fide bills of exchange drawn against
actually existing values, and the discount of commercial or business
paper actually owned by the person or persons, corporation, or firm
negotiating the same shall not be considered as money borrowed.
SEC 30. That every association may take, receive, reserve, and charge
on any loan or discount made, or upon any note, bill of exchange, or
other evidences of debt, interest at the rate allowed by the laws of
the State or Territory where the bank is located, and no more, except
that where by the laws of any State a different rate is limited for
banks of issue organized under State laws, the rate so limited shall be
allowed for associations organized in any such State under this act.
And when no rate is fixed by the laws of the State or Territory, the
bank may take, receive, reserve, or charge a rate not exceeding seven
per centum, and such interest may be taken in advance, reckoning the
days for which the note, bill, or other evidence of debt has to run.
And the knowingly taking, receiving, reserving, or charging a rate of
interest greater than aforesaid shall be held and adjudged a forfeiture
of the entire interest which the note, bill, or other evidence of debt
carries with it, or which has been agreed to be paid thereon. And in
case a greater rate of interest has been paid, the person or persons
paying the same, or their legal representatives, may recover back, in
any action of debt twice the amount of the interest thus paid from the
association taking or receiving the same: _Provided_, That such action
is commenced within two years from the time the usurious transaction
occurred. But the purchase, discount, or sale of a bona fide bill of
exchange, payable at another place than the place of such purchase,
discount, or sale, at not more than the current rate of exchange for
sight drafts, in addition to the interest, shall not be considered as
taking or receiving a greater rate of interest.
SEC. 31. That every association in the cities hereinafter named
shall, at all times, have on hand, in lawful money of the United
States, an amount equal to at least twenty-five per centum of the
aggregate amount of its notes in circulation and its deposits; and
every other association shall, at all times, have on hand, in lawful
money of the United States, an amount equal to at least fifteen per
centum of the aggregate amount of its notes in circulation and of its
deposits. And whenever the lawful money of any association in any of
the cities hereinafter named shall be below the amount of twenty-five
per centum of its circulation and deposits, and whenever the lawful
money of any other association shall be below fifteen per centum of
its circulation and deposits, such association shall not increase
its liabilities by making any new loans or discounts, otherwise than
by discounting or purchasing bills of exchange payable at sight, nor
make any dividend of its profits until the required proportion between
the aggregate amount of its outstanding notes of circulation and
deposits and its lawful money of the United States shall be restored:
_Provided_, That three-fifths of said fifteen per centum may consist
of balances due to an association available for the redemption of its
circulating notes from associations approved by the Comptroller of
the Currency, organized under this act, in the cities of Saint Louis,
Louisville, Chicago, Detroit, Milwaukee, New Orleans, Cincinnati,
Cleveland, Pittsburg, Baltimore, Philadelphia, Boston, New York,
Albany, Leavenworth, San Francisco, and Washington City: _Provided,
also_, That clearing-house certificates, representing specie or lawful
money specially deposited for the purpose of any clearing-house
association, shall be deemed to be lawful money in the possession of
any association belonging to such clearing-house holding and owning
such certificate, and shall be considered to be a part of the lawful
money which such association is required to have under the foregoing
provisions of this section: _Provided_, That the cities of Charleston
and Richmond may be added to the list of cities in the national
associations, of which other associations may keep three-fifths of
their lawful money, whenever, in the opinion of the Comptroller of the
Currency, the condition of the Southern States will warrant it. And it
shall be competent for the Comptroller of the Currency to notify any
association, whose lawful money reserve as aforesaid shall be below
the amount to be kept on hand as aforesaid, to make good such reserve;
and if such association shall fail for thirty days thereafter, so as
to make good its reserve of lawful money of the United States, the
Comptroller may, with the concurrence of the Secretary of the Treasury,
appoint a receiver to wind up the business of such association, as
provided in this act.
SEC. 32. That each association organized in any of the cities named
in the foregoing section shall select, subject to the approval of the
Comptroller of the Currency, an association in the city of New York,
at which it will redeem its circulating notes at par. And each of such
associations may keep one-half of its lawful money reserve in cash
deposits in the city of New York. And each association, not organized
within the cities named in the preceding section, shall select, subject
to the approval of the Comptroller of the Currency, an association in
either of the cities named in the preceding section, at which it will
redeem its circulating notes at par. And every association formed or
existing under the provisions of this act shall take and receive at
par, for any debt or liability to said association, any and all notes
or bills issued by any association existing under and by virtue of this
act.
SEC. 35. That no association shall make any loan or discount on the
security of the shares of its own capital stock, nor be the purchaser
or holder of any such shares, unless such security or purchase shall
be necessary to prevent loss upon a debt previously contracted in good
faith; and stock so purchased or acquired, shall, within six months
from the time of its purchase, be sold or disposed of at public or
private sale, in default of which a receiver may be appointed to close
up the business of the association, according to the provisions of this
act.
SEC. 36. That no association shall, at any time, be indebted, or in
any way liable, to an amount exceeding its capital stock at such time
actually paid in and remaining undiminished by losses or otherwise,
except on the following accounts; that is to say:
First. On account of its notes of circulation.
Second. On account of moneys deposited with, or collected by, such
association.
Third. On account of bills of exchange or drafts drawn against money
actually on deposit to the credit of such association, or due thereto.
Fourth. On account of liabilities to its stockholders for dividends and
reserved profits.
SEC. 37. That no association shall, either directly or indirectly,
pledge or hypothecate any of its notes of circulation, for the purpose
of procuring money to be paid in on its capital stock, or to be used
in its banking operations, or otherwise; nor shall any association use
its circulating notes, or any part thereof, in any manner or form, to
create or increase its capital stock.
SEC. 38. That no association or any member thereof, shall, during the
time it shall continue its banking operations, withdraw, or permit to
be withdrawn, either in forms of dividends or otherwise, any portion
of its capital. And if losses shall at any time have been sustained by
any such association equal to or exceeding its dividend profits then on
hand, no dividend shall be made; and no dividend shall ever be made by
any association while it shall continue its banking operations, to an
amount greater than its net profits then on hand, deducting therefrom
its losses and bad debts. And all debts due to any association on which
interest is past due and unpaid for a period of six months, unless the
same shall be well secured, and shall be in process of collection,
shall be considered bad debt, within the meaning of this act:
_Provided_, That nothing in this section shall prevent the reduction of
the capital stock of the association under the thirteenth section of
this act.
SEC. 39. That no association shall at any time pay out on loans or
discounts, or in purchasing drafts or bills of exchange, or in payment
of deposits, or in any other mode pay or put in circulation the notes
of any bank or banking association which shall not, at any such time,
be receivable, at par on deposit and in payment of debts by the
association so paying out or circulating such notes, nor shall it
knowingly pay out or put in circulation any notes issued by any bank or
banking association, which, at the time of such paying out or putting
in circulation, is not redeeming its circulating notes in lawful money
of the United States.
SEC. 41. And in lieu of all existing taxes, every association shall
pay to the Treasurer of the United States, in the months of January
and July, a duty of one-half of one per centum each half year from
and after the first day of January, eighteen hundred and sixty-four,
upon the average amount of its notes in circulation, and a duty of one
quarter of one per centum each half year upon the average amount of its
deposits, and a duty of one quarter of one per centum each half year,
as aforesaid, on the average amount of its capital stock beyond the
amount invested in United States bonds. And it shall be the duty of
each association, within ten days from the first days of January and
July of each year, to make a return under the oath of its president
or cashier, to the Treasurer of the United States, in such form as he
may prescribe, of the average amount of its notes in circulation, and
of the average amount of its deposits, and of the average amount of
its capital stock beyond the amount invested in United States bonds,
for the six months next preceding said first days of January and July
as aforesaid: _Provided_, That nothing in this act shall be construed
to prevent all the shares in any of the said associations, held by
any person or body-corporate from being included in the valuation of
the personal property of such person or corporation in the assessment
of taxes imposed by or under State authority at the place where such
bank is located, and not elsewhere, but not at a greater rate than is
assessed upon other moneyed capital in the hands of individual citizens
of such State: _Provided further_, That the tax so imposed under the
laws of any State upon the shares of any of the associations authorized
by this act shall not exceed the rate imposed upon the shares in any of
the banks organized under authority of the State where such association
is located: _Provided, also_, That nothing in this act shall exempt the
real estate of associations from either State, county, or municipal
taxes to the same extent, according to its value, as other real estate
is taxed.
SEC. 42. That any association may go into liquidation and be closed
by the vote of its shareholders owning two-thirds of its stock. And
whenever such vote shall be taken it shall be the duty of the board of
directors to cause notice of this fact to be certified, under the seal
of the association, by its president or cashier, to the Comptroller of
the Currency, and publication thereof to be made for a period of two
months in a newspaper, published in the city of New York, and also in
a newspaper published in a city or town in which the association is
located; and one year after that time the outstanding notes of said
association shall be redeemed at the Treasury of the United States, and
the said association and the shareholders thereof shall be discharged
from all liabilities therefor.
SEC. 44. That any bank incorporated by special law, or any banking
institution organized under a general law of any State, may, by
authority of this act, become a national association under its
provisions, by the name prescribed in its organization certificate;
and in such case the articles of association and the organization
certificate required by this act may be executed by a majority of the
directors of the bank or banking institution; and said certificate
shall declare that the owners of two-thirds of the capital stock shall
have authorized the directors to make such certificate and to change
and convert the said bank or banking institution into a national
association under this act. And a majority of the directors, after
executing said articles of association and organization certificate,
shall have power to execute all other papers, and to do whatever may be
required to make its organization perfect and complete as a national
association. The shares of any such bank may continue to be for the
same amount each as they were before said conversion, and the directors
aforesaid may be the directors of the association until others are
elected or appointed in accordance with the provisions of this act; and
any State bank which is a stockholder in any other bank, by authority
of State laws, may continue to hold its stock, although either bank, or
both, may be organized under and have accepted the provisions of this
act. When the Comptroller shall give to such association a certificate,
under his hand and official seal, that the provisions of this act have
been complied with, and that it is authorized to commence the business
of banking under it, the association shall have the same powers and
privileges, and shall be subject to the same duties, responsibilities
and rules, in all respects as are prescribed in this act for other
associations organized under it, and shall be held and regarded as
an association under this act: _Provided, however_, That no such
association shall have a less capital than the amount prescribed for
banking associations under this act.
SEC. 45. That all associations under this act, when designated for
that purpose by the Secretary of the Treasury, shall be depositaries
of public money, except receipts from customs, under such regulations
as may be prescribed by the Secretary; and they may also be employed
as financial agents of the Government; and they shall perform all such
reasonable duties, as depositaries of public moneys and financial
agents of the Government, as may be required of them. And the Secretary
of the Treasury shall require of the associations thus designated
satisfactory security, by the deposit of United States bonds and
otherwise, for the safe keeping and prompt payment of the public
money deposited with them, and for the faithful performance of their
duties as financial agents of the Government: _Provided_, That every
association which shall be selected and designated as receiver or
depositary of the public money, shall take and receive at par all of
the national currency bills, by whatever association issued, which
have been paid in to the Government for internal revenue, or for loans
or stocks.
SEC. 46. That if any such association shall at any time fail to redeem,
in the lawful money of the United States, any of its circulating notes,
when payment thereof shall be lawfully demanded during the usual hours
of business, at the office of such association, or at its place of
redemption aforesaid, the holder may cause the same to be protested,
in one package, by a notary public, unless the president or cashier
of the association, whose notes are presented for payment, or the
president or cashier of the association at the place at which they are
redeemable, shall offer to waive demand and notice of the protest, and
shall, in pursuance of such offer, make, sign, and deliver to the party
making such demand, an admission in writing, stating the time of the
demand, the amount demanded, and the fact of the non-payment thereof;
and such notary public, on making such protest, or upon receiving such
admission, shall forthwith forward such admission or notice of protest
to the Comptroller of the Currency, retaining a copy thereof. And
after such default, on examination of the facts by the Comptroller,
and notice by him to the association, it shall not be lawful for the
association suffering the same to pay out any of its notes, discount
any notes or bills, or otherwise prosecute the business of banking,
except to receive and safely keep money belonging to it, and to deliver
special deposits. _Provided_, That if satisfactory proof be produced to
such notary public, that the payment of any such notes is restrained by
order of any court of competent jurisdiction, such notary public shall
not protest the same; and when the holder of such notes shall cause
more than one note or package to be protested on the same day, he shall
not receive pay for more than one protest.
SEC. 56. That all suits and proceedings arising out of the provisions
of this act, in which the United States or its officers or agents shall
be parties, shall be conducted by the district attorneys of the several
districts, under the direction and supervision of the Solicitor of the
Treasury.
SEC. 57. That suits, actions, and proceedings against any association
under this act, may be had in any circuit, district, or territorial
court of the United States held within the district in which such
association may be established; or in any State, county, or municipal
court in the county or city in which said association is located,
having jurisdiction in similar cases: _Provided, however_, That all
proceedings to enjoin the Comptroller under this act shall be had in a
circuit, district, or territorial court of the United States, held in
the district in which the association is located.
SEC. 58. That every person who shall mutilate, cut, deface, disfigure,
or perforate with holes, or shall unite or cement together, or do
any other thing to any bank bill, draft, note, or other evidence of
debt, issued by any such association, or shall cause or procure the
same to be done, with intent to render such bank bill, draft, note,
or other evidence of debt unfit to be reissued by said association,
shall, upon conviction, forfeit fifty dollars to the association who
shall be injured thereby, to be recovered by action in any court having
jurisdiction.
SEC. 61. That it shall be the duty of the Comptroller of the Currency
to report annually to Congress at the commencement of its session—
First. A summary of the state and condition of every association from
whom reports have been received the preceding year, at the several
dates to which such reports refer, with an abstract of the whole amount
of banking capital returned by them, of the whole amount of their debts
and liabilities, the amount of circulating notes outstanding, and the
total amount of means and resources, specifying the amount of lawful
money held by them at the times of their several returns, and such,
other information in relation to said associations as, in his judgment
may be useful.
SEC. 110. That there shall be levied, collected, and paid a duty of
one twenty-fourth of one per centum each month upon the average amount
of the deposits of money, subject to payment by check or draft, or
represented by certificates of deposit or otherwise, whether payable
on demand or at some future day, with any person, bank, association,
company or corporation engaged in the business of banking; and a duty
of one twenty-fourth of one per centum each month, as aforesaid, upon
the average amount of the capital of any bank, association, company or
corporation, or person engaged in the business of banking, beyond the
amount invested in United States bonds; and a duty of one-twelfth of
one per centum each month upon the average amount of circulation issued
by any bank, association, corporation, company or person, including as
circulation all certified checks and all notes and other obligations
circulated or intended to circulate, or to be used as money, but not
including that in the vault of the bank, or redeemed and on deposit for
said bank, and an additional duty of one-sixth of one per centum each
month upon the average amount of such circulation, issued as aforesaid,
beyond the amount of ninety per centum of the capital of any such bank,
association, corporation, company or person, and upon any amount of
such circulation beyond the average amount of the circulation that had
been issued as aforesaid by any such bank, association, corporation,
company or person, for the six months preceding the first day of July,
eighteen hundred and sixty-four. And on the first Monday of August
next, and of each month thereafter, a true and accurate return of the
amount of circulation, of deposit and of capital, as aforesaid, for
the previous month, shall be made and rendered in duplicate by each
of such banks, associations, corporations, companies or persons, to
the assessor of the district in which any such bank, association,
corporation or company may be located, or in which such person may
reside, with a declaration annexed thereto, and the oath or affirmation
of such person, or the president or cashier of such bank, association,
corporation or company, in such form and manner as may be prescribed
by the Commissioner of Internal Revenue, that the same contains a true
and faithful statement of the amount of circulation, deposits, and
capital, as aforesaid, subject to duty as aforesaid, and shall transmit
the duplicate of said return to the Commissioner of Internal Revenue,
and within twenty days thereafter shall pay to the said Commissioner
of Internal Revenue the duties hereinbefore prescribed upon the said
amount of circulation, of deposits and of capital, as aforesaid.
History of Finances, Loans, Bonds, Legal Tender
Notes of the U. S., etc., from 1841 to the Present Time.
======================================================================
Acts Authorizing Loans, and Synopsis of same.
------------+---------------------------------------------------------
Acts of |Authorized a loan of $12,000,000, bearing interest at a
July 21, | rate not exceeding 6 per cent. per annum, and
1841, | reimbursable at the will of the Secretary, after six
and | months’ notice, or atany time after three years from
April 15, | Jan. 1, 1842. The act of April 15, 1842, authorized
1842. | the loan of an additional sum of $5,000,000, and made
| the amount obtained on the loan, after the passage of
| this act, reimbursable after six months’ notice, or at
| any time not exceeding twenty years from Jan, 1, 1843.
| This loan was made for the purpose of redeeming
| outstanding Treasury notes, and to defray any of the
| public expenses.
------------+---------------------------------------------------------
Act of |Authorized the issue of $23,000,000 in Treasury notes,
Jan. 28, | bearing interest at a rate not exceeding 6 per cent.
1847. | per annum, with authority to borrow any portion of the
| amount, and issue bonds therefor, bearing interest at
| a rate not exceeding 6 per cent. and redeemable after
| Dec. 31, 1867. The 13th section authorized the funding
| of these notes into bonds of the same description. The
| act limited the amount to be borrowed or issued in
| Treasury notes, and funded as aforesaid, to $23,000,000,
| but authorized the funding of Treasury notes issued
| under former acts beyond that amount. The excess of
| the $23,000,000 is made up of Treasury notes funded
| under the 14th section.
------------+---------------------------------------------------------
Act of |Authorized a loan of $16,000,000, bearing interest at a
March 31, | rate not exceeding 6 per cent. per annum, and
1848. | reimbursable at any time after twenty years from July
| 1, 1848. Authority was given to the Secretary to
| purchase the stock at any time.
------------+---------------------------------------------------------
Act of |Authorized the issue of $10,000,000 in bonds, bearing 5
Sept. 9, | per cent. interest, and redeemable at the end of
1850. | fourteen years, to indemnify the State of Texas for
| her relinquishment of all 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
| annexation.
------------+---------------------------------------------------------
Old |Consisting of unclaimed dividends upon stocks issued
funded | before the year 1800, and those issued during the war
and | of 1812.
unfunded |
debts. |
------------+---------------------------------------------------------
Acts prior |Different issues of Treasury notes.
to 1857. |
------------+---------------------------------------------------------
Act of |Authorized an issue of $20,000,000 in Treasury notes,
Dec. 23, | bearing interest at a rate not exceeding 6 per cent.
1857. | per annum, and receivable in payment of all public
| dues, and to be redeemed after the expiration of one
| year from the date of said notes.
------------+---------------------------------------------------------
Act of |Authorized a loan of $20,000,000, bearing interest at a
June 14, | rate not exceeding 5 per cent. per annum, and
1858. | reimbursable, at the option of the Government, at any
| time after the expiration of fifteen years from
| Jan. 1, 1859.
------------+---------------------------------------------------------
Act of |Authorized a loan of $21,000,000, bearing interest at a
June 22, | rate not exceeding 6 per cent. per annum, and
1860. | reimbursable within a period not beyond twenty years,
| and not less than ten years, for the redemption of
| outstanding Treasury notes, and for no other purpose.
------------+---------------------------------------------------------
Act of |Authorized an issue of $10,000,000 in Treasury notes to
Dec. 17, | be redeemed after the expiration of one year from the
1860. | 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
| six per cent. per annum.
------------+---------------------------------------------------------
(A) = Rate of interest.
(B) = Price of emission.
===========+=======+========+===========+=========+=========+
|Title. | Length | When | A | B |
| |of Loan.|redeemable.| | |
-----------+-------+--------+-----------+---------+---------+
Acts of |Loan of| 20 | After Dec.|6 % per | Par. |
July 21,| 1842 | years | 31, 1862. | annum. | |
1841, | | | | | |
and | | | | | |
April 15,| | | | | |
1842. | | | | | |
-----------+-------+--------+-----------+---------+---------+
Act of |Loan of| 20 | After Dec.|6 % per | Par. |
Jan. 28, | 1847 | years | 31, 1867. | annum. | |
1847. | | | | | |
-----------+-------+--------+-----------+---------+---------+
Act of |Loan of| 20 | After July|6 % per | Par. |
March 31,| 1848 | years | 1, 1868. | annum. | |
1848. | | | | | |
-----------+-------+--------+-----------+---------+---------+
Act of | Texas | 15 | After Dec.|5 % per | Par. |
Sept. 9,| indem-| years | 31, 1864. | annum. | |
1850. | nity | | | | |
-----------+-------+--------+-----------+---------+---------+
Old | Old | | | | |
funded | funded| Dem- | On demand | 5 & 6%. | Par. |
and | debt.| and | | | |
unfunded | | | | | |
debts. | | | | | |
Acts prior | Treas.| —— | On demand | 1 m. to | Par. |
to 1857. | notes | | | 6 % | |
| | | | | |
Act of | Treas.| 1 | 1 year | 5 to | Par. |
Dec. 23, | notes | year | after | 5½% | |
1857. | | | date. | | |
-----------+-------+--------+-----------+---------+---------+
Act of | | | | | |
June 14, |Loan of| 15 | Dec. 31, |5 % per | Par. |
1858. | 1858 | years | ’73 | annum. | |
-----------+-------+--------+-----------+---------+---------+
Act of | | | | | |
June 14, |Loan of| 10 | After Dec.|5 % per | Par. |
1860. | 1860 | years | 31, 1870. | annum. | |
-----------+-------+--------+-----------+---------+---------+
Act of | | | | | |
Dec. 17, | Treas.| 1 | 1 year |6 and 12 | Par. |
1860. | notes | year | after | % per | |
| | | date. | annum. | |
-----------+-------+--------+-----------+---------+---------+
===========+===========+==========+=============
| Amount | Amount | Amount
|authorized.| issued. |outstanding.
-----------+-----------+----------+-------------
Acts of |$17,000,000|$8,000,000| $64,768 68
July 21,| | |
1841, | | |
and | | |
April 15,| | |
1842. | | |
-----------+-----------+----------+-------------
Act of | 23,000,000|28,207,000| 7,160,200 00
Jan. 28, | | |
1847. | | |
-----------+-----------+----------+-------------
Act of | 16,000,000|16,000,000| 8,020,941 80
March 31,| | |
1848. | | |
-----------+-----------+----------+-------------
Act of | 10,000,000| 5,000,000| 263,000 00
Sept. 9,| | |
1850. | | |
-----------+-----------+----------+-------------
Old | | |
funded | —— | —— | 113,915 48
and | | |
unfunded | | |
debts. | | |
Acts prior | —— | —— | 104,511 64
to 1857. | | |
| | |
Act of | 20,000,000| —— | 2,600 00
Dec. 23, | | |
1857. | | |
-----------+-----------+----------+-------------
Act of | | |
June 14, | 20,000,000|20,000,000|20,000,000 00
1858. | | |
-----------+-----------+----------+-------------
Act of | | |
June 14, | 21,000,000| 7,022,000| 7,022,000 00
1860. | | |
-----------+-----------+----------+-------------
Act of | | |
Dec. 17, | 10,000,000|10,000,000| 600 00
1860. | | |
| | |
-----------+-----------+----------+-------------
===================================================================
Acts authorizing Loans, and Synopsis of same.
-------------+-----------------------------------------------------
Act of |Authorized a loan of $25,000,000, bearing interest at
Feb. 8, | a rate not exceeding 6 per cent. per annum, and
1861. | reimbursable within a period not beyond twenty years,
| nor less than ten years. This loan was made for the
| payment of the current expenses, and was to be
| awarded to the most favorable bidders.
-------------+-----------------------------------------------------
Act of |Authorized a loan of $10,000,000, bearing interest at
March 2, | a rate not exceeding 6 per cent. per annum, and
1861. | 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 not 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.
-------------+-----------------------------------------------------
Act of |Authorized an issue, should the Secretary of the
March 2, | Treasury deem it expedient, of $2,800,000, in coupon
1861. | 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 and 1856.
-------------+-----------------------------------------------------
Acts of |Authorized a loan of $250,000,000, for which could be
July 17, | issued bonds bearing interest at a rate not
1861, | exceeding 7 per cent. per annum, irredeemable for
and | twenty years, and after that redeemable at the
August 5, | pleasure of the United States; Treasury notes
1861. | bearing interest at the rate of 7.30 per cent. per
| annum, payable three years after date, and U. S.
| notes,without interest, payable on demand, to the
| extent of $50,000,000 (increased by act of Feb. 12,
| 1862, to $60,000,000), to bonds and Treasury notes,
| to be issued in such proportions of each as the
| Secretary may deem advisable. The supplementary act
| of Aug. 5, 1861, authorized an issue of bonds,
| bearing 6 per cent. interest per annum, and payable
| at the pleasure of the United States after twenty
| years from date, which may be issued in exchange
| for 7.30 Treasury notes, but no such bonds to be
| issued for a less sum than $500; and the whole
| amount of such bonds not to exceed the whole amount
| of 7.30 Treasury notes issued.
-------------+-----------------------------------------------------
Act of |Authorized the issue of $500,000,000, in 6 per cent.
Feb. 25, | bonds, redeemable after five years, and payable
1862. | twenty years from date, which may be exchanged for
| United States notes. Also on
March 3, |Authorized the issue of not over $11,000,000
1864. | additional of similar bonds, to meet subscriptions
| already made and paid for.
June 30, |
1864. |On hand, unsold in the United States or Europe.
January 28, |
1865. |
-------------+-----------------------------------------------------
Act of |Authorized the issue of $150,000,000, in legal-tender
Feb. 25, | U. S. notes; $50,000,000 of which to be in lieu of
1862. | demand notes, issued under act of July 17, 1861.
|
Act of |Authorized an additional issue of $150,000,000, in
July 11, | legal-tender notes; $35,000,000 of which might be
1862. | 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 |Authorized the issue of $100,000,000, in United States
of Congress,| notes, for the immediate payment of the army and
January 17,| navy, such notes to be a part of the amount
1863. | provided for in any bill that may hereafter be
| passed by this Congress. (The amount in this
| resolution is included in the act of March 3, 1863.)
| (_Continued on p. 322._)
-------------+------------------------------------------------------
(A) = Rate of interest.
(B) = Price of emission.
=============+==============+==========+=============+=======+====+
| Title. | Length | When | (A) |(B) |
| | of Loan. | redeemable. | | |
=============+==============+==========+=============+=======+====+
Act of | Loan of | 20 years |After June 1,|6 % per|Par.|
Feb. 8, |Feb. 8, 1861. | | 1881. | annum | |
1861. | | | | | |
-------------+--------------+----------+-------------+-------+----+
Act of | | | | | |
March 2, | +----------+-------------+ | |
1861. | Treas’y |2 years |2 yrs. after | —— | —— |
| notes. | | date. |6 % p. |Par.|
| |60 days. | 60 days | an’m | |
| +——————————+ after | —— | —— |
| | | date. | | |
-------------+--------------+----------+-------------+-------+----+
Act of | | | | | |
March 2, | Oregon war | 20 years |After July 1,|6 % per|Par.|
1861. | | | 1881. |annum. | |
-------------+--------------+----------+-------------+-------+----+
Acts of | 20-year | 20 years |After June |6 % per| — |
July 17, | sixes. +——————————+ 30, 1881. |annum. | |
1861, | 7-30 notes. | 3 |After Aug. |7-30% | |
and | (two issues) | yrs. | 18, 1864. | per | — |
August 5, | +——————————+After Sept. |annum. | |
1861. | | | 30, 1864. | | |
| | | | | |
| Demand | Pay’ble | Demand | None. | — |
| notes. |on demand.| | | |
| | | | | |
| 20-year |20 years. | After June |6 % per|Par.|
| sixes. | | 30, 1881. |annum. | |
| | | | | |
-------------+--------------+----------+-------------+-------+----+
Act of | | | | | |
Feb. 25, | | | | | |
1862. | | | | | |
| | | | | |
March 3, | | | | | |
1864. | | | | | |
| Five- |5 or 20 |After Ap’l |6 % per|Par.|
June 30, | twenties. | years. | 30, 1867. |annum | |
1864. | | | | | |
January 28, | | | | | |
1865. | | | | | |
-------------+--------------+----------+-------------+-------+----+
Act of | | | | | |
July 11, | | | | | |
1862. | | | | | |
| U. States | —— | —— |None. |Par.|
| notes, | | | | |
| new issue. | | | | |
Resolution | | | | | |
of Congress,| | | | | |
January 17,| | | | | |
1863. | | | | | |
-------------+--------------+----------+-------------+-------+----+
=============+===========+===========+===============
| Amount | Amount | Amount
|authorized.| issued. |outstanding.
-------------+-----------+----------+----------------
Act of |$25,000,000|$18,415,000|$18,415,000 00
Feb. 8, | | |
1861. | | |
-------------+-----------+-----------+----------------
Act of | | |
March 2, | | |
1861. | 22,468,100| 22,468,100|
| | | 3,600 00
| | |
| 12,896,350| 12,896,350|
| | |
-------------+-----------+-----------+----------------
Act of | | |
March 2, | 2,800,000| 1,090,850| 1,016,000 00
1861. | | |
-------------+-----------+-----------+----------------
Acts of | —— | 50,000,000| 50,000,000 00
July 17, | | |
1861, | | |
and | —— |139,999,750|139,315,350 00
August 5, | | |
1861. | | |
| | |
| —— | 60,000,000| 208,432 00
| | |
| | |
|Exch’ngeble| —— | 59,700 00
| for 7-30 | |
|Tr’y notes.| |
-------------+-----------+-----------+----------------
Act of | | |
Feb. 25, | | |
1862. | | |
| | |
March 3, | | |
1864. | | |
|515,000,000|514,780,500|514,780,500 00
June 30, | | |
1864. | | |
January 28, | | |
1865. | | |
-------------+-----------+-----------+----------------
Act of | | |
July 11, | | |
1862. | | |
|450,000,000| —— |371,783,597 00
| | |
| | |
Resolution | | |
of Congress,| | |
January 17,| | |
1863. | | |
-------------+-----------+-----------+----------------