Papers Relating to Foreign Affairs, Accompanying the Annual Message of the President to the Second Session of the Thirty-ninth Congress

Mr. Burton to Mr. Seward

No. 256.]

Legation of the United States, Bogota, July 7, 1866.

Sir: As a last and only means of keeping the government machinery in motion for the present, the Colombian congress has empowered the executive to issue treasury notes to meet the current expenses of the administration. In view of the financial history and condition of the country, this step looks very much like the last one to national bankruptcy.

I have the honor to be, sir, your obedient servant,

ALLAN A. BURTON.

Hon. William H. Seward, Secretary of State, Washington, D. C.

A.

Law upon the issuing of treasury notes.

The congress of the United States of Colombia decrees:

Article 1. The executive power is hereby empowered to issue treasury notes to meet the expenses of the public administration. The emission of said notes shall be gradual, by paying out said notes as the expenses of the current service may require; that is, only in payment of the sums which may be drawn against the fund appropriated for expenses.

Art. 2. Such notes shall be receivable in payment of all national revenues and contributions excepting only impost duties, which must be paid in gold coin, or in silver money of the largest denomination; without prejudice to the documents, which, according to the laws-conventions, or existing orders, must be received in payment of impost duties.

Art. 3. The said treasury notes shall, therefore, be receivable in all the offices of the Union as the real representatives of lawful money, except only as provided in the preceding article.

Art. 4. In case of the establishment of a national bank, the treasury notes shall be redeemed by giving for them bank notes at par.

Art. 5. The executive power is authorized to sell to the best bidder at public auction all the edifices belonging to the nation, furniture and chattels, not belonging to the class of property known as mortmain, which in his judgment shall not be absolutely necessary for the public national service, and said treasury notes shall be receivable in payment for the same at the par value of gold and silver coin.

Art. 6. The treasury notes once returned to the government shall be destroyed and not again put in circulation.

* * * * * *

The remainder of the law is unimportant; it relates only to the issue of the notes.

Approved July 4, 1866.

J. C. DE MOSQUERA.