There was apparently a good deal of expansion movement on the part of the institution, and there is no doubt a disposition on the part of the powers that be to stimulate some activity of production in France, by promoting a more rapid circulation of capital through new credit agencies. Thus, the Minister of Finance, in a circular to the principal functionaries in his department, directs them to employ all means in their power to promote the circulation of Bank notes in the place of coin.

While great changes are being made in banking customs, with a view to remove many of the restraints formerly interposed to the circulation of credits, the Government, also, in execution of a promise it made a long while back, has directed the Council of State to draw up a bill for abolishing the usury laws. That such laws still exist in any country is a proof of the backward state of that country in economic matters. It is right, however, to mention that the Bank of France is exempted from them; but the exemption of that establishment, far from rendering them tolerable, is an additional reason for sweeping them away, seeing that, in commerce, exclusive privileges are odious and pernicious. Another reason why they should go is that they are not respected, and cannot be enforced. When money in the market is worth more than the rate they fix, bankers, of course, do not sell it for less than the value:-they charge that rate, and then require for "commission " the further sum necessary to make up the full value. Thus the law is eluded, and yet the magistrates dare not prosecute the

bankers.

Among new companies is the Societie Agricole et Industrielle, capital £1,000,000 in 50,000 shares of £20 each. The objects of this company is to reduce the cost of irrigation in Egypt, by the application of steam power. The soil of Egypt is of the most fertile kind, but requiring continual irrigation, and if cheap steam power were introduced, in place of the present barbarous and costly contrivances, the increase yearly would be enormous.

THE FOUR HUNDRED MILLION DOLLAR LOAN BILL.

Passed at the First Session of the Thirty-eighth Congress.

[PUBLIC.-NO..]

AN ACT to provide ways and means for the support of the Government, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Secretary of the Treasury be and he is hereby authorized to borrow from time to time, on the credit of the United States, four hundred millions of dollars, and to issue therefor coupon or registered bonds of the United States, redeemable at the pleasure of the government, after any period not less than five nor more than thirty years, or, if deemed expedient, made payable at any period not more than forty years from date. And said bonds shall be of such denominations as the Secretary of the Treasury shall direct, not less than fifty dollars, and bear an annual interest not exceeding six per centum, payable semi-annually in coin. And the Secretary of the Treasury may dispose of such bonds, or any part thereof, and of any bonds commonly known as five-twenties remaining unsold, in the United States, or, if he shall find it expedient, in Europe, at any time, on such terms as he may deem most advisable, for lawful money of the United States, or, at his discretion, for treasury notes, certificates of indebtedness, or certificates of deposit, issued under any act of Congress. And all bonds, treasury notes, and other obligations of the United States, shall be exempt from taxation by or under state or municipal authority.

SEC. 2. And be it further enacted, That the Secretary of the Treasury may issue on the credit of the United States, and in lieu of an equal amount of bonds authorized by the preceding section, and as a part of said loan, not exceeding two hundred millions of dollars, in treasury notes of any denomination not less than ten dollars, payable at any time not exceeding three years from date, or, if thought more expedient, redeemable at any time after three years from date, and bearing interest not exceeding the rate of seven and three-tenths per centum, payable in lawful money at maturity, or, at the discretion of the Secretary, semi-annually. And the said treasury notes may be disposed of by the Secretary of the Treasury, on the best terms that can be obtained, for lawful money; and such of them as shall be made payable, principal and interest, at maturity; shall be a legal tender to the same extent as United States notes for their face value, excluding interest, and may be paid to any creditor of the United States at their face value, excluding interest, or to any creditor willing to receive them at par, including interest; and any treasury notes issued under the authority of this act may be made convertible, at the discretion of the Secretary of the Treasury, into any bonds issued under the authority of this act. And the Secretary of the

Treasury may redeem and cause to be cancelled and destroyed any treasury notes or United States notes heretofore issued under authority of previous acts of Congress, and substitute, in lieu thereof, an equal amount of treasury notes such as are authorized by this act, or of other United States notes: Provided, That the total amount of bonds and treasury notes authorized by the first and second sections of this act shall not exceed four hundred millions of dollars, in addition to the amounts heretofore issued; nor shall the total amount of United States notes, issued or to be issued, ever exceed four hundred millions of dollars, and such additional sum, not exceeding fifty millions of dollars, as may be temporarily required for the redemption of temporary loan; nor shall any treasury note, bearing interest issued under this act, be a legal tender in payment or redemption of any notes issued by any bank, banking association, or banker, calcalated or intended to circulate as money.

SEC. 3. And be it further enacted, That the interest on all bonds heretofore issued, payable annually, may be paid semi-annually; and in lieu of such bonds authorized to be issued, the Secretary of the Treasury may issue bonds bearing interest, payable semi-annually. And he may also issue in exchange for treasury notes heretofore issued bearing seven and three-tenths per centum interest, besides the six per centum bonds heretofore authorized, like bonds of all the denominations in which such treasury notes have been issued; and the interest on such treasury notes after maturity shall be paid in lawful money, and they may be exchanged for such bonds at any time within three months from the date of notice of redemption by the Secretary of the Treasury, after which the interest on such treasury notes shall cease. And so much of the law approved March third, eighteen hundred and sixty-four, as limits the loan authorized therein to the current fiscal year, is hereby repealed; and the authority of the Secretary of the Treasury to borrow money and issue therefor bonds or notes conferred by the first section of the act of March third, eighteen hundred and sixty-three, entitled "An act to provide ways and means for the support of the govern ment," shall cease on and after the passage of this act, except so far as it may affect seventy-five millions of bonds already advertised.

Sec. 4. And be it further enacted, That the Secretary of the Treasury may authorize the receipt, as a temporary loan, of United States notes or the notes of national banking associations on deposit for not less than thirty days, in sums not less than fifty dollars, by any of the assistant treasurers of the United States, or depositories designated for that purpose, other than national banking associ ations, who shall issue certificates of deposit in such form as the Secretary of the Treasury shall prescribe, bearing interest not exceeding six per centum annually, and payable at any time after the term of deposit, and after ten days' subsequent notice, unless time and notice be waived by the Secretary of the Treasury; and the Secretary of the Treasury may increase the interest on deposits at less than six per centum to that rate, or, on ten days' notice to depositors, may diminish the rate of interest as the public interest may require; but the aggregate of such deposits shall not exceed one hundred and fifty millions of dollars. And the Secretary of the Treasury may issue, and shall hold in reserve for payment of such deposits, United States notes not exceeding fifty millions of dollars, including the amount already applied in such payment; and the United States notes

VOL. LI.-NO. II.

9

so held in reserve, shall be used only when needed, in his judgment, for the prompt payment of such deposits on demand, and shall be withdrawn and placed again in reserve as the amount of deposits sball again increase.

SEC. 5. And be it further enacted, That the Secretary of the Treasury may issue notes of the fractions of a dollar as now used for currency, in such form, with such inscriptions, and with such safeguards against counterfeiting, as he may judge best, and provide for the engraving and preparation, and for the issue of the same, as well as of all other notes and bonds, and other obligations, and shall make such regulations for the redemption of said fractional notes and other notes when mutilated or defaced, and for the receipt of said fractional notes in payment of debts to the United States, except for customs, in such sums, not over five dollars, as may appear to him expedient. And it is hereby declared that all laws and parts of laws applicable to the fractional notes engraved and issued as herein authorized apply equally and with like force to all the fractional notes heretofore authorized, whether known as postage currency or otherwise, and to postage stamps issued as currency; but the whole amount of all descriptions of notes or stamps less than one dollar, issued as currency, shall not exceed fifty millions of dollars.

SEC. 6. And be it further enacted, That the coupon and registered bonds shall be in such form and bear such inscriptions as the Secretary of the Treasury may direct, and shall be signed by the Register of the Treasury, or for the Register, by such person or persons as may be specially designated for that purpose by the Secretary of the Treasury, and shall bear, as evidence of lawful issue, the imprint of the seal of the Treasury Department, to be made under the direction of the Secretary of the Treasury, in a room set apart especially and exclusively for that purpose, under the care of some person appointed directly by him. And the coupons attached to such bonds shall bear the engraved signature of the Register of the Treasury, and such other device or safeguard against counterfeiting as the secretary may approve; and it is hereby declared that all bonds heretofore issued, bearing the signature of the register, shall have the same force, effect, and validity, as if signed also by the treasurer, and all bonds bearing the signature of the register, erroneously described as Treasurer of the United States, shall have the same force, effect, and validity as if his official designation had been correctly stated. And all coupons bearing the engraved signature of the Register of the Treasury in office at the time when such signatures were authorized and engraved, shall have full force, validity, and effect, notwithstanding such register may have subsequently ceased to hold office as such, when issued in connection with bonds duly authorized and signed by or for the successor or successors of said register. And the treasury notes and United States notes authorized by this act shall be in such form as the Secretary of the Treasury shall direct, and shall bear the written or engraved signatures of the Treasurer of the United States and the Register of the Treasury, and shall have printed upon them such statements, showing the amount of accrued or accruing interest and the character of the notes, as the Secretary of the Treasury may prescribe; and shall bear, as a further evidence of lawful issue, the imprint of the seal of the Treasury Department, to be made under the direction of the Secretary of the Treasury, as before directed.

SEC. 7. And be it further enacted, That the Secretary of the Treasury is hereby authorized to issue, upon such terms, and under such regulations as he may from time to time prescribe, registered bonds in exchange for, and in lieu of any coupon bonds which have been, or may hereafter be, lawfully issued; such registered bonds to be similar in all respects to the registered bonds issued under the acts authorizing the issue of the coupon bonds offered for exchange. And for all mutilated, defaced, or indorsed coupon, or other bonds presented to the department, the Secretary of the Treasury is authorized to issue, upon terms and under regulations as aforesaid, and in substitution therefor, other bonds of like or equivalent issues.

SEC. 8. And be it further enacted, That the Secretary of the Treasury is hereby authorized and required to make and issue, from time to time, such instructions, rules, and regulations, to the several collectors, receivers, depositories, officers, and others, who may receive treasury notes, United States notes, or other securities in behalf of the United States, or who may be in any way engaged or employed in the preparation and issue of the same, as he shall deem best calculated to promote the public convenience and security, and to protect the United States, as well as individuals, from fraud and loss.

SEC. 9. And be it further enacted, That the necessary expenses of engraving, painting, preparing and issuing the United States notes, treasury notes, frac tional notes, and bonds, hereby authorized, and of disposing of the same to subscribers and purchasers, shall be paid out of any money in the treasury not otherwise appropriated; but the whole amount thereof shall not exceed one per cent. um on the amount of notes and bonds issued.

SEC. 10. And be it further enacted, That if any person or persons shall falsely make, forge, counterfeit, or alter, or cause or procure to be falsely made, forged, counterfeited, or altered, any obligation or security of the United States, or shall pass, utter, publish, or sell, or attempt to pass, utter, publish, or sell, or shall bring into the United States from any foreign place, with intent to pass, utter, publish, or sell, or shall have, or keep in possession, or conceal, with intent to alter, publish, or sell, any such false, forged, counterfeited, or altered obligation, or other security, with intent to deceive or defraud, or shall knowingly aid or assist in any of the acts aforesaid, every person so offending shall be deemed guilty of felony, and shall, on conviction thereof, be punished by fine not exceeding five thousand dollars, and by imprisonment and confinement at hard labor not exceeding fifteen years, according to the aggravation of the offence.

SEC. 11. And be it further enacted, That if any person having control, custody, or possession of any plate or plates, from which any obligation, or other security, or any part thereof, shall have been printed, or which may have been prepared, by direction from the Secretary of the Treasury, for the purpose of printing, any such obligation, or other security, or any part thereof, shall use such plate or plates, or knowingly suffer the same to be used, for the purpose of printing any such, or similar obligation, or other security, or any part thereof, except such as shall be printed for the use of the United States, by order of the proper officer thereof; or if any person shall engrave, or cause or procure to be engraved, or shall aid or assist in engraving, any plate or plates, in the likeness or similitude of any plate or plates, designed for the printing of any such obligation, or other