TWENTY—NlNTH CONGRESS. Sess. II. Ch. 5. 1847. I2! issued: Provided, however, The amount of such notes outstanding, Amount me together with the stock issued by virtue of the thirteenth and sixteenth *0%%% sections of this act, shall not exceed the sum of twenty-three millions 8’ ` of dollars. Sec. 13. And be it further enacted, That it shall be lawful for the be com holders of the aforesaid treasury notes to present them,_at any time, “‘*”“ ““° ““°°k· to the treasury of the United States, or to any assistant treasurer, or to such collectors of the customs and receivers of public moneys as may be designated by the Secretary of the Treasury; and the holders of the said treasury notes shall be entitled to receive therefor the amount of the principal of the said notes in a certificate or certificates of funded stock, bearing interest at six per centum per annum, from the date of such presentment of said treasury notes, and for the interest, shall be paid in money; and the stock thus to be issued shall be transferable on the books of the treasury: Provided, however, and be Stock wheureit further enacted, That it shall be lawful for the United States to lmb“"‘“bl°· reimburse the stock thus created, at any time after the last day of December, one thousand eight hundred and sixty-seven. Sec. 14. And be itfurt/wr enacted, That it shall and may be lawful Same subject. for the holder of any treasury notes issued, or authorized to be issued, under this act or any laws heretofore passed, to convert the same into certilicates of funded stock, upon the same terms and in the same manner hereinbefore provided in relation to the treasury notes authorized by the first section of this act. Sec. I5. And be it furthb enacted, That the authority to issue A¤fof1846,¢h- treasury notes authorized by the “Act authorizing an Issue of Treas- 6** "‘°”d°d‘ ury Notes and a Loan," approved July twenty-second, one thousand eight hundred and forty-six, be, and the same is hereby, extended to the same period fixed for the treasury notes authorized by this act, and upon the same terms and conditions herein specified: Provided, That the treasury notes authorized by this section shall not exceed tive million of dollars. S20. 16. And be it further enacted, That the President, if in his _ SW3 my be opinion it shall be the interest of the United States so to d0, instead ‘°‘°°°“d °f of issuing the whole amount of treasury notes authorized by the first section of this act, may borrow, on the credit of the United States, such an amount of money as he may deem proper, and issue therefor stock of the United States, bearing interest at a rate not exceeding six per centum per annum for the sum thus borrowed, redeemable after thirty-first December, eighteen hundred and sixty-seve11: Provided, however, That the sum so borrowed, together with the treasury notes issued under the first and twelfth sections of this act outstand- whale amount ing, and the stock created by this and the thirteenth section of this *1*;; *° u;)‘°°°d act, shall not in the whole exceed the sum of twenty-three millions 8 m0' ' of dollars: And provided further, That no stock shall be issued at Proviso. a less rate than par. Sec. 17. And be it further enacted, That the interest on the stock Interest paya~ created by this act shall be payable semi-annually on the first days of bl° ‘“"‘ January and July in each year. uy y` Sec. 18. And be it further enacted, That the certificates of stock C,-mggcaing of to be issued under this act shall be signed by the register of the ¤$¤<=k» h¤W treasury, and the Secretary of the Treasury shall cause each of said °"°d‘ certiicates to be sealed with the seal of his department. Sec. 19. And be it further enacted, That for the payment of the pmceads of stock which may be created under the provisions of this act the sales pygiiid }_¤¤d¤ of the public lands are hereby pledged, and it is hereby made the §€m§mn_°' "` duty of the Secretary of the Treasury to use and apply all moneys which may be received into the treasury for the sales of the public lands after the Brat day of January, eighteen hundred and Vox., IX. PUB. — 16
