in them can be transferred only by assignment. For the purpose of assigning them, there are forms printed on the backs of the bonds, together with directions to be followed in the execution of such assignments. A ledger account is opened in the Treasury Department with each holder of one or more registered bonds; and in this account each bond is fully described. All recognized transfers must be made upon the loan-books in the Register's Office. TRANSMISSION OF BONDS. When registered bonds are properly assigned, they should be transmitted to the Register of the Treasury, and be accompanied by a letter of explicit instructions, stating the amount enclosed; the loan to which the bonds belong; the denominations of the bonds desired in exchange therefor; the name and residence of each assignee; and giving full particulars with regard to the payment of interest,-in order that the new bonds may be issued in a proper manner, and the requisite entries be made on the books of the Treasury Department. various loans falls due upon the following Loan of February 8, 1861, January 1; July 1. Five per cent. Funded Loan of 1881, February Four per cent. Consols of 1907, January 1; Interest on registered bonds of the funded loans of 1881 and 1891, and the four per cent. consols of 1907, is paid only by checks drawn at the Treasury Department. These checks will be sent by mail when the post-office address is known; when this is not known, they will be held by the Treasurer of the United States until called for by the payees thereof. The checks are payable, when properly endorsed, on presentment at any of the offices for the payment of interest named in the following list. Holders of these bonds should promptly notify the Register of the Treasury of any change in their post-office address; and, in case of the appointment of an attorney to collect the interest, notice of Letters of instructions sent with bonds this fact should likewise be given to the of the funded five per cent. loan of 1881, Register, in order that the checks may be the funded four and a half per cent. loan sent to the care of such attorney. Such of 1891, and the four per cent. consols holders should also transmit to the First of 1907, transmitted for transfer, should | Auditor of the Treasury all powers of atstate the residence of the assignee and torney for the collection of interest, and contain the address to which quarterly-advise him, specifically, at which of the interest checks should be mailed. When bonds of different loans are for warded in one remittance, a separate letter of instructions should accompany the bonds of each loan. NEW BONDS. Registered bonds received for transfer are cancelled, and new bonds in their stead are issued in the name of the as signee. These bear interest from the first day of the quarter or half-year (as their interest-term may run) in which the transfer shall have been made. As a rule, returns are made on the same day that the bonds are received, and made invariably by mail, unless otherwise in structed. When bonds are sent, or returned, by express or by registered mail, the entire expense thus incurred must be borne by the party desiring the transfer. offices hereafter named it is desired that the interest-checks under such powers should be paid. checks is confined to the bonds of the The payment of interest by Treasury funded loans above mentioned. Interest on registered bonds of the other loans may be made payable at any of the offices for payment of interest embraced in the list given below, some one of which must be designated for that purpose by each payee. The dividends the payee, or to his duly authorized atare payable, on application in person, to torney. For the purpose of preparing the interest-schedules, the transfer-books are closed during the month immediately preceding the date of payment of the interest. If bonds forwarded for transfer be not received prior to or upon the day fixed for The interest on registered bonds of the closing the transfer-books, the transfer PAYMENT OF INTEREST AND CLOSING will not be effected until after the reopening of the books; and consequently the interest for that quarter or half-year (as the interest-term may be) will be declared in favor of the parties whose names appear upon the face of the old bonds. The place of payment will be changed if a request to that effect be made to the Register of the Treasury before the time for the closing of the transfer-books. OFFICES FOR THE PAYMENT OF INTEREST. D. C. Office of Assistant Treasurer U. S., Baltimore, Md. be sufficient space on the back of the bond for another assignment. The payee should sign his name to the assignment as the name is written on the face of the bond. If the bond be issued to a firm, the assignment must be subscribed in the name of the firm by a member thereof who shall be possessed of authority to sign for the firm, of which authority the officer witnessing the signature must be satisfied; if issued to joint owners, co-trustees, executors, administrators, or guardians, each person must sign for himself; if to a corporation or company, the official character of the person executing the assignment, and the authority of such person to dispose of the Office of Assistant Treasurer U. S., Philadel-bond or bonds in question, should be duly phia, Pa. Office of Assistant Treasurer U. S., New York, N. Y. Office of Assistant Treasurer U. S., Boston, Mass. Office of Assistant Treasurer U. S., Chicago, Ill. Mo. Office of Assistant Treasurer U. S., New Orleans, La. Office of Assistant Treasurer U. S., San Francisco, Cal. ASSIGNMENTS OF BONDS AND COLLEC- ASSIGNMENTS. of directors of the corporation or company, verified by vote or resolution of the board certified under its seal. Where such officer is authorized by virtue of his office to execute the assignment, a certificate, under seal, of this fact and of his election to the office, and that he still holds and exercises such office, must be furnished, together with a certified copy of the charter or by-laws of such corporation or company, showing the authority claimed thereunder. All such evidence of authority will be placed on file in the Treasury Department, and need not be reproduced in subsequent transactions under the same power, if proper reference be made thereto. The directions printed on the backs of the bonds should be carefully followed in the execution of assignments, and all the ASSIGNMENTS BY REPRESENTATIVES AND blank spaces filled in properly. The name of the assignee should be written plainly in the space left for that purpose. If a bond is to be divided among two or more parties, their names and the amount to each should be stated in the assignment. If only a part of a bond is assigned, a new issue for the remainder will be made to the former payee of the whole bond: Provided, however, That the amount assigned shall correspond with one or more of the denominations in which the bonds are issued. Registered bonds should not be assigned in blank, as such assignment would make them payable to bearer and render them available to any holder thereof; in other words, under assignment in blank the title to the bonds would pass by delivery. A detached assignment should never be resorted to, except when the blank form for an assignment which is printed on the bond shall have been already used; and in this case only when there shall not SUCCESSORS. In case of death or successorship, the representative of the deceased person, or the successor, must furnish official evidence of such decease or successorship, and of his own appointment, authority, or power. An executor or administrator may assign bonds standing in the name of the deceased person in whose stead such executor or administrator shall be acting. Where there are two or more legal representatives, all must unite in the assignment, unless by a decree of court or testamentary provision some one or more of them is or are designated and empowered to dispose of the bonds. If the bonds had been held by the deceased in the capacity of a fiduciary or trustee, the letters testamentary, or of administration, must be accompanied by an order of the court authorizing the contemplated transfer. An executor, administrator, trustee, guardian, or attorney cannot assign bonds to himself, unless he be specially author ized to do so by a court possessing juris- | must in every case be made upon the diction of the matter. bond. proper FOREIGN SUCCESSORSHIP ASSIGNMENTS. When a payee, at the time of his death, was a resident of a foreign country, the party claiming to direct and execute the transfer must furnish an exemplified copy of the will or other instrument conveying the requisite authority, duly certified under the hand and seal of the officer, attested by the certificate of a United States minister, chargé, consul, vice-consul, or commercial agent, or, if there be none such accessible (which fact shall, in such case, be certified), by that of a notary public, to the effect that such exemplified copy is executed and granted by the proper tribunal or officer, and is in due form and according to the laws of that country. The assignment should be executed as herein before directed. FOREIGN ACKNOWLEDGMENTS May be made before a United States minister, chargé, consul, vice-consul, or commercial agent. A notary public, or other competent officer, in a foreign country may take acknowledgments; but his official character and jurisdiction must be properly verified. The official seal, where there is one, should in all cases be affixed, as per foregoing direction; and where there is none, this fact should be made known and attested. EXECUTION OF POWERS. Powers of attorney for the transfer of bonds must be acknowledged in the presence of some one of the officers authorized to take acknowledgments of assignments; and where such officer has an official seal, it must be affixed; where Powers for collection of interest should be lodged he has none, he should so state. with the First Auditor of the Treasury. POWERS OF SUBSTITUTION Must be executed and acknowledged in the same manner as powers of attorney. NO FEES Will be charged by a United States minister, chargé, consul, vice-consul, or commercial agent for witnessing and certify Of assignments, when not made at the Treasury Department, must be made being an assignment of, or power to assign, fore an assistant treasurer of the United States, a United States judge or district attorney, clerk of a United States court, collector of customs or internal revenue, or president or cashier of a National bank. A notary public is authorized to take acknowledgments on all loans, except the funded loans of 1881 and 1891, and the consols of 1907. On these three loans the president or cashier of a National bank is, instead of a notary public, authorized to take acknowledgments. The witnessing officer should append his official title, and affix his seal of office, if he have one; if he have no seal of office, he should certify such to be the fact. The president or cashier of a National bank must append the title and affix the seal of the bank. The impress of the seal bonds, or collect interest thereon. No charge is made by the Treasury Department for transferring registered bonds, or for changing coupon bonds into registered bonds. TRANSLATIONS. Powers of attorney, and all other legal documents executed in the United States, must be in the English language. If executed abroad in any other language, such powers must be accompanied by an accurate translation into English, and by a sworn certificate of the person who made such translation, properly acknowledged before a notary public or other competent officer having a seal, to the effect that the translation is correct and complete. INTEREST TO JOINT HOLDERS. ing to the claim should be transmitted to Interest will be paid to any one of the Secretary of the Treasury. Upon several joint holders, or co-trustees, ex-receipt of such documentary evidence it ecutors, administrators, or guardians; will be referred to the First Comptroller but in the execution to a third party of of the Treasury for his decision as to its a power to collect, all must join. In sufficiency. The applicant will be adcase of the death of any of such joint vised of the decision as soon as it is holders, co-trustees, etc., the survivor or reached: if it be favorable to such applisurvivors will be recognized as having cant, a blank indemnity-bond will be full authority, upon the proof of such forwarded to him for execution; and death and survivorship. when this indemnity-bond shall have been duly executed, returned to the Treasury Department, and approved by the First Comptroller and the Secretary, the relief desired will be granted. If the interest on registered bonds of the loans authorized previously to the funded loans (act of July 14, 1870) be not called for within seven months after its maturity, it will be returned to the Treasury as unclaimed, and can then be collected only in person or by attorney at the office of the Treasurer of the United States in Washington. For the convenience of the public, and to save charges, powers to collect specified unclaimed interest may be made in favor of the Chief of the Division of Loans and Currency of the Secretary's Office, Treasury Department. DESTROYED AND DEFACED BONDS AND Parties presenting claims on account of coupon or registered bonds of the United States which have been destroyed wholly, or in part, or on account of registered bonds which have been lost, will be required to present evidence showing 1st. The number, denomination, date of authorizing act, and series of each bond; whether coupon or registered; and if registered, the name of the payee. In the case of registered bonds, it should also be stated whether they had been assigned or not previous to their alleged loss or destruction, and if assigned, by whom, and whether assigned in blank or to some person specifically by name; and if assigned in the latter manner, the name of the assignee should be given. 2d. The time and place of purchase, of whom purchased, and the consideration paid. 3d. The material facts and circumstances connected with the loss or destruction of the bonds. Duplicates in lieu of lost registered bonds will not be issued within six months from the time of the alleged loss. The interest on uncalled registered bonds will be paid to the payees thereof, even though the bonds have been lost or destroyed. These regulations do not apply in any way to coupons lost or destroyed which have been detached from the bonds to which they belonged, as no relief, in such cases, can be granted under existing laws. CALLED BONDS. All United States called bonds, forwarded for redemption, should be adLoan Division. When registered bonds dressed to the Secretary of the Treasury, are so forwarded, they should be assigned redemption." Where it is desired that to "the Secretary of the Treasury, for bonds should be drawn in favor of any the checks in payment for such registered parties other than the payees, the bonds must be assigned to "the Secretary of the Treasury, for redemption in favor of (In this blank should be inserted the names of space the parties in whose favor it is desired that the checks for the proceeds should be drawn.) EXEMPTION OF UNITED STATES BONDS FROM TAXATION. Section 3701 of the Revised Statutes provides as follows: "All stocks, bonds, Treasury notes, and other obligations of the United States, shall be exempt from taxation by or under State or municipal or local authority." This section makes the exemption from taxation binding only upon "State or municipal or local authority;" but according to the express terms of the act of Congress of July 14, 1870, the bonds and the interest thereon Affidavits and other evidence pertain-of the funded loans which are thereby In all cases the evidence should be as full and clear as possible, that there may be no doubt of the good faith of the claimant. Proofs may be made by affidavits duly authenticated, and by such other competent evidence as may be in the possession of the claimant. authorized,—namely, the loan of 1881, | to serve a probatory period of two years the loan of 1891, and the four per cent. before being appointed as third lieuconsols of 1907,-" shall be exempt from tenants. the payment of all taxes or duties of the United States, as well as from taxation in any form by or under State, municipal, or local authority; and the said bonds shall have set forth and expressed upon their face the above specified conditions." DIVISION OF REVENUE MARINE. The management of the Revenue Marine Service; including the supervision of the building and equipment of revenue vessels, their repair, purchase, and sale; the assignment of cruising-grounds; the assignment of officers to vessels; the purchase of outfits and supplies; the regulation of the complements of crews and their wages; the examination and certification of revenue-vessels' pay-rolls, and accounts of disbursements on account of the service by Collectors of Customs; the examination of the property accounts of officers; the preparation and enforcement of regulations for the examination, admission, and government of RevenueMarine Cadets; the preparation and enforcement of general regulations for the government of the service, etc. The examination of all matters pertaining to the Light-House Establishment, placed by law in charge of the Secretary of the Treasury. The examination of all matters relating to the United States Coast Survey coming before the Secretary. The charge of all matters relating to weights and measures upon which the Secretary is required by law to act. REVENUE MARINE SERVICE. This service was instituted in 1799. Its primary purpose is to aid in the collection of import and tonnage duties. The officers for each vessel are one captain, one first, one second, and one third lieutenant; and for each steamvessel in addition one chief engineer, one first assistant and one second assistant engineer. The full complement of officers, however, is not always necessary on some of the vessels of the service, and are not so assigned. By an act of Congress approved July 31, 1876, the Secretary of the Treasury is authorized to appoint, whenever a vacancy occurs in the grade of third lieutenant, cadets with rank next below that of third lieutenant, who are required There are now in commission thirtyseven revenue-cutters, all of which are propelled by steam except six. Whenever the President so directs, revenue-cutters shall co-operate with the navy, during which time they will be under the direction of the Secretary of the Navy, and the expenses thereof shall be defrayed by the Navy Department. The Secretary of the Treasury may direct the performance of any service by the revenue vessels, which, in his judgment, is necessary for the protection of the revenue. Those revenue-cutters on the northern and northwestern lakes are specially charged with aiding vessels in distress on the lakes. The officers of the revenue-cutters are deemed officers of the customs, and are subject to the direction of such Collectors or other officers of the customs as are designated for that purpose. They must go on board of all vessels which arrive within the United States, or within four leagues of the coast thereof, if bound for the United States, and search and examine the same, and every part thereof, and shall demand, receive, and certify the manifests, shall affix and put proper fastenings on the hatches and other communications with the hold of any vessel, and shall remain on board such vessels until they arrive at the port or place of their destination. They shall perform such other duties for the collection and security of the revenue as shall be directed by the Secretary of the Treasury. The annual expense of this service amounts to more than $850,000. OFFICERS. 34 captains, 34 first lieutenants, 34 second lieutenants, 22 third lieutenants, 12 cadets. 23 chief engineers, 18 first assistant engineers, 27 second assistant engineers. Each vessel is manned by a sufficient number of petty officers, seamen, firemen, coal-passers, boys, stewards, and cooks. Officers of the revenue-cutter service, when serving in accordance with law, as a part of the navy, shall be entitled to relative rank as follows: Captains, with and next after lieutenants commanding in the navy; First lieutenants, with and next after lieutenants in the navy; Second lieutenants, with and next after masters in line of the navy; |