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THIRTIETH CONGRESS—FIRST SESSION.
H. R. 104.
(No Report.)
IN THE HOUSE OF REPRESENTATIVES.
January 19, 1848.
Read twice, and committed to the Committee of the Whole House on the state of the Union.
Mr. Vinton, from the Committee of Ways and Means, reported the following bill:
A BILL
To authorize a loan not to exceed the sum of eight ^six^teen millions ^of^ five hundred thousand dollars.
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11 		Be it enacted by the Senate and House of Repre-
sentatives of the United States of America in Congress
assembled, That the President of the United States be,
and he is hereby, authorized, at any time within one year
from the passage of this act, to borrow on the credit of
the United States, a sum not exceeding ^“(^eighteen ^)”^ millions
^“(^ five hundred thousand ^)”^ dollars^“^, or so much thereof, as in
his opinion the exigencies of the government may require,
at a rate of interest not exceeding six per centum. per an-
num, payable quarterly or semi-annually, which loan shall
be made reimbursable at any time after twenty years from
⋄H. R. 104, 1st section, “A.”:
Strike out in 6th line the word “Eighteen”, and insert the word “Sixteen” in lieu thereof; and in 7th line strike out the words “five hundred thousand”, and insert in lieu thereof the word, “of.”⋄
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⋄N. K. Hall, ^1s sec ^ H. R. 104, ^2d amend,^ “D.” adopted
13th line after ^the^ word the “shall” insert the following, “on being first duly appropriated therefor,”
[?] 3d amend⋄
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18 		to the money now in the treasury, or which may be re-
ceived therein from other sources, to defray any of the
public expenses which have been heretofore, or may be
hereafter authorized by law, ^(“^ which stock ^)”^ shall be trans-
ferable on the books of the treasury:
⋄17th line strike out the words “which stock”, and insert in lieu thereof, the words, “and the stock issued upon such loan.”⋄
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17 		Sec. 2. And be it further enacted, That the Secre-,
tary of the Treasury be, and he is hereby, authorized, with
the consent of the President of the United States, to cause
to be prepared certificates of stock, which shall be signed
by the Register of the Treasury, and sealed with the seal
of the Treasury Department, for the sum to be borrowed
as aforesaid, or any part thereof, bearing an interest not
to exceed six per centum per annum, and transferable and
reimbursable as aforesaid, and to cause said certificates of
stock to be sold: ^(^ Provided, That no part of said stock be
sold before par:^ [)?] ^ And provided, also, That whenever re-
quired so to do, the Secretary of Treasury shall cause
to be attached to any certificate or certificates to be issued
under this act, coupons of interest; and any certificate hav-
ing such coupons of interest attached to it, may be trans-
ferable by delivery of the certificate, instead of being as-
assignable on the books of the treasury.
1 Sec. 3.And be it further enacted, That the Secretary
⋄41 th Am
McKay. sec 2. 4th line.
“but no certificate of stock shall be issued for a less amount than fifty dollars”.⋄
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⋄“N.”
Substituted for 3rd sec. in Vinton’s bill.⋄
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⋄Secn 3rd And be it further enacted that the Secretary of the Treasury be and he is hereby authorized to receive proposals for the taking of such loan or any part or parts thereof, and that before disposing of the said stock issued for such loan, the Secretary of the Treasury shall cause to be inserted in two ^one or more more two^ public newspapers printed in the city of Washington, and in ^one or more ^two^^two ^public^ newspapers printed in the principal city or capital of each state; an advertisement stating that bill and proposals for such loan will be received until a certain day, to be specified in such advertisement, not more than sixty days or less than twenty days from the time of the first insertion of said advertisement, in the two ^one or more two^ newspapers in the city of Washington; and stating the amount of the loans required, and in what instalments, and when, and where, it will be required to be paid; and the ^said^ Secretary may pay⋄
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17 		such
expenses as may be necessarily incurred in printing and is-
suing certificates of stock, ^the employment of agents,^ and other expenses incident to
the execution of this act, shall not in all exceed the sum of
eighteen ^sixteen^ thousand five hundred dollars, which sum of
eighteen ^sixteen^ thousand five hundred dollars is hereby appro-
priated for these purposes, and shall be paid out of any
money in the treasury not otherwise appropriated: Pro-
vided, That no compensation shall be allowed to any offi-
cer whose salary is fixed by law, for any service performed
by him in the execution of this act.
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17 		of the Treasury be, and he is hereby authorized, to receive
proposals for taking the said loan, or to employ an agent
or agents for the purpose of negotiating the same, and to
pay him or them, a reasonable commission, not exceeding
one-tenth of one per centum on the amount so negotiated;
the sum to be allowed to such agent or agents, and such
expenses as may be necessarily incurred in printing and is-
ssing certificates of stock, and other expenses incident to
to execution of this act, shall not in all exceed the sum of
eighteen thousand five hundred dollars, which sum of
eighteen thousand five hundred dollars is hereby appro-
priated for these purposes, and shall be paid out of any
money in the treasury not otherwise appropriated: Pro-
vided, That no compensation shall be allowed to any offi-
cer whose salary is fixed by law, for any service performed
by him in the execution of this act.
⋄Strong “U” 6
Strike out all after ‘enacted” ^Sec. 4.^ in the first line and insert the words following:⋄
⋄“That the faith of the United State is hereby pledged to provide and establish sufficient services for the regular payment of the interest, and for the redemption of said stock.”⋄
⋄adopted⋄
⋄ and the faith is hereby [...?] pledged for the payment of said debt, and the same is hereby directed to be paid out of any money in the treasury not otherwise app ⋄
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18 		. . .sary to pay the interest on such stock, and redeem the
same when due, is hereby appropriated to that object, to
be first applied by the Secretary of the Treasury to such
payments and redemption: and^,^ the faith of the United
States is hereby pledged to provide and establish sufficient
revenues for making up any deficiency that may hereafter
take place in the funds hereby appropriated for paying said
interest, and the redemption of said stock, or either of
them, in the manner aforesaid.^)^
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8 		Sec. 5. And be it further enacted, That the Secretary
of the Treasury be, and he is hereby, authorized to pur-
chase, at any time, before the period herein limited for the
redemption of the stock hereby created, such portion there-
^(^of at the market price not below par, ^)^as the funds of the
government may admit of, after meeting all the demands on
the treasury; and any surplus that hereafter may be in the
treasury is hereby appropriated to that object.
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9 		Sec. 62. And be it further enacted, That it shall be
the duty of the Secretary of Treasury to report to
Congress, at the commencement of the next session, the
amount of money borrowed under this act, and of whom,
and on what terms it shall have been obtained, with an ab-
stract or brief statement of all the proposals submitted for
the same, distinguishing between those accepted, and those
rejected, with a detailed statement of the expense of ma-
king such loans.
[ docketing ]
H R No 104
To authorize a loan and for other purposes
[ docketing ]
[H?] R Passd
Feby 17th 1848
1“3” changed to “4”.
2Printed “2” changed to handwritten “6”.

Partially Printed Document, 6 page(s), RG 233, Entry 362: Records of the United States House of Representatives, Thirtieth Congress, 1847-1849, Records of Legislative Proceedings, Bills and Resolutions Originating in the House, 1847-1849, NAB ,