notes as specie and give credit to the treasurer of the United States.credit to the Treasurer of the United States for the amount thereof, including the interest and due on such notes on the day on which the same shall have been thus paid into such bank on account of the United States.
Commissioners of sinking fund to cause treasury notes to be reimbursed and interest paid, &c. &c.Sec. 10. And be it further enacted, That the Commissioners of the Sinking Fund be, and they are hereby authorized and directed to cause to be reimbursed and paid, the principal and interest of the treasury notes which may be issued by virtue of this act, at the several times when the same, according to the provisions of this act, should be thus reimbursed and paid; and the said commissioners are further authorized to make purchases of the said notes, in the same manner as of other evidences of the public debt, and at a price not exceeding par, for the amount of the principal and interest due at the time of purchase of such notes.Appropriations for reimbursement of principal and payment of interest of notes. So much of the funds constituting the annual appropriation of eight millions of dollars for the payment of the principal and interest of the public debt of the United States as may be wanted for that purpose, after satisfying the sums necessary for the payment of the interest and such part of the principal of the said debt as the United States are now pledged annually to pay and reimburse, including therein the interest and principal which may become payable upon any loan or loans which may be contracted by virtue of any law passed during the present session of Congress, is hereby pledged and appropriated for the payment of the interest, and for the reimbursement or purchase of the principal of the said notes;Further appropriation for this object. and so much of any moneys in the treasury, not otherwise appropriated, as may be necessary for that purpose, is hereby appropriated for making up any deficiency in the funds thus pledged and appropriated for paying the principal interest as aforesaid;Money to be paid over the commissioners of the sinking fund. and the Secretary of the Treasury is hereby authorized and directed, for the purpose, to cause to be paid to the Commissioners of the Sinking Fundsuch sum or sums of money, and at such time or times, as will enable the said commissioners faithfully and punctually to pay the principal and interest of the said notes.
Appropriation to defray expenses of issuing treasury notes.Sec. 11. And be it further enacted, That a sum of twenty thousand dollars, to be paid out of any money in the treasury not otherwise appropriated, be, and the same is hereby appropriated for defraying the expense of preparing, printing, engraving, signing, and otherwise incident to the issuing of the treasury notes authorized by this act.
Penalties for forging or passing forged treasury notes.Sec. 12. And be it further enacted, That if any person shall falsely make, forge, or counterfeit, or cause or procure to be falsely made, forged or counterfeited, or willingly aid or assist in falsely making, forging, or counterfeiting any note, in imitation of, or purporting to be, a treasury note as aforesaid; or shall pass, utter, or publish, or attempt to pass, utter, or publish as true, any false, forged or counterfeited note, purporting to be a treasury note as aforesaid, knowing the same to be falsely made, forged, or counterfeited; or shall pass, utter, or publish, or attempt to pass, utter, or publish as true, any falsely altered treasury note, issued as aforesaid, knowing the same to be falsely altered, every such person shall be deemed and adjudged guilty of felony, and being thereof convicted by due course of law, shall be sentenced to be imprisoned and kept to hard labour for a period of not less than three years, nor more than ten years, and be fined in a sum not exceeding five thousand dollars.Approved, March 4, 1814.
- Decisions of the Courts of the United States upon Treasury Notes.—Treasury notes are on their face payable in one year with interest up to the day when due; but if not then paid by the government, the interest does not stop, but continues until paid; and may be required by the holder in the same manner as interest might be claimed on a private contract of a like nature. Thorndike v. The United States, 2 Mason's C. C. R. 1.
The defendant was indicted for receiving Treasury notes of the United States, stolen from United States mail. A Treasury notewas offered in evidence. The court, on a division of opinion from the Circuit Court of Virginia, held, that Treasury notes, issued by authority of the act of Congress of October 12, are promissory notes within the meaning of the act of Congress of March 3, 1825, regulating the Post-office department. United States v. Hardyman, 13 Peters, 176.
Treasury notes, issued under the act of Congress of 1814, ch. 18, being by their terms receivable in payment of duties, taxes, and land debts, due to the United States, for the principal and interest due thereon, are a good tender, and may be pleaded as such to such debts. Thorndike v. The United States, 2 Mason’s C. C. R. 1.