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sand one hundred and sixty-nine dollars and fifty-four cents, the payment of the following sums, not heretofore provided for by law, and estimated in the aforesaid report of the Secretary of the Treasury of the first of March instant, is hereby authorized and intended to be made, to wit: * * * For paying the interest due on the loans made by the Secretary of the Treasury, two thousand four hundred and fourteen dollars, and sixty-one cents.

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necessary, may authorize loans to make good priations.

SEC. 7. And be it further enacted, That the President of President, if the United States be authorized to empower the Secretary of the Treasury, if he shall deem it necessary, to make these approsuch loans as may be requisite to carry into effect the foregoing appropriations, for the repayment of which the aforesaid duties on imports and tonnage shall be, and are hereby pledged.

Approved, March 26, 1790.

ACT OF AUGUST 4, 1790.

1 Stat. L.,

CHAP. XXXIV.-—An act making provision for the [pay- 138. ment of the debt of the United States.

Whereas, justice and the support of public credit require, that provision should be made for fulfilling the engagements of the United States, in respect to their foreign debt, and for funding their domestic debt upon equitable and satisfactory terms:

[Obsolete.] Recital.

Duties on Im

ports and ton

age appropri

ated to pay in

foreign debt and

serving $600,

for support of Government.

SECTION 1. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That reserving out of the monies which have arisen since the last day of December last past, and which shall hereafter arise from the duties on goods, terest on the wares and merchandise imported into the United States, future loans, reand on the tonnage of ships or vessels, the yearly sum of 000 annually six hundred thousand dollars, or so much thereof as may' he appropriated from time to time, towards the support of the Government of the United States, and their common defence, the residue of the said monies, or so much thereof, as may be necessary, as the same shall be received in each year, next after the sum reserved as aforesaid, shall be, and is hereby appropriated to the payment of the interest which shall from time to time become due on the loans heretofore made by the United States in foreign Countries; and also to the payment of interest on such

For payment of interest and

further loans as may be obtained for discharging the arrears of interest thereupon, and the whole or any part of the principal thereof; to continue so appropriated until the said loans, as well those already made as those which may be made in virtue of this act, shall be fully satisfied, pursuant to the contracts relating to the same, any law to the contrary notwithstanding. And provided, That nothing herein contained, shall be construed to annul or alter any appropriation by law made prior to the passing of this act.

And as new loans are and will be necessary for the payinstallments of ment of the aforesaid arrears of interest, and the instalforeign debt. ments of the principal of the said foreign debt due and growing due, and may also be found expedient for effecting an entire alteration in the state of the same:

Domestic debt

to be loaned to

and

subscrip

(Section 2 authorizes the President of the United States to cause not exceeding twelve millions of dollars to be borrowed, for the discharge of said arrears and installments or for paying off the whole foreign debt, and to make such further contracts respecting said debts as may be expedient, provided that no contract shall preclude the United States from reimbursing within fifteen years any sum borrowed.)

SEC. 3. Be it therefore further enacted, That a loan to its full amount, the full amount of the said domestic debt be, and the same tions thereto, is hereby proposed; and that books for receiving subscriphow to be made; tions to the said loan be opened at the Treasury of the

United States, and by a commissioner to be appointed in each of the said States, on the first day of October next, to continue open until the last. day of September following, inclusively; and that the sums which shall be subscribed In what pay-thereto, be payable in certificates issued for the said debt,

able.

according to their specie value, and computing the interest upon such as bear interest to the last day of December next, inclusively; which said certificates shall be of these several descriptions, to wit:

Those issued by the Register of the Treasury.

Those issued by the commissioners of loans in the several States, including certificates given pursuant to the act of Congress of the second of January, one thousand seven hundred and seventy-nine, for bills of credit of the several emissions of the twentieth of May, one thousand seven hundred and seventy-seven, and the eleventh of April, one thousand seven hundred and seventy-eight.

Those issued by the commissioners for the adjustment of the accounts of the quartermaster, commissary, hospital, clothing, and marine departments.

Those issued by the commissioners for the adjustment of accounts in the respective States.

Those issued by the late and present Paymaster-General, or commissioner of Army accounts.

Those issued for the payment of interest, commonly called indents of interest.

Subscribers paying in prin

tic debt, what principal, rate

terms of pay.

to.

And in the bills of credit issued by the authority of the United States in Congress assembled, at the rate of one hundred dollars in the said bills, for one dollar in specie. SEC. 4. And be it further enacted, That for the whole or any part of any sum subscribed to the said loan, by cipal of domesany person or persons, or body politic, which shall be paid proportions of in the principal of the said domestic debt, the subscriber of interest, and or subscribers shall be entitled to a certificate, purporting ment entitled that the United States owe to the holder or holders thereof, his, her, or their assigns, a sum to be expressed therein, equal to two-thirds of the sum so paid, bearing an interest of six per centum per annum, payable quarter yearly, and subject to redemption by payments not exceeding in one year, on account both of principal and interest, the proportion of eight dollars upon a hundred of the sum mentioned in such certificate; and to another certificate purporting that the United States owe to the holder or holders thereof, his, her, or their assigns, a sum to be expressed therein, equal to the proportion of thirtythree dollars and one-third of a dollar upon a hundred of the sum so paid, which after the year one thousand eight hundred shall bear an interest of six per centum per annum, payable quarter yearly, and subject to redemption by payments not exceeding in one year, on account both of principal and interest, the proportion of eight dollars upon a hundred of the sum mentioned in such certificate: Provided, That it shall not be understood that the United States shall be bound or obliged to redeem in the proportion aforesaid; but it shall be understood only that they have a right so to do.

Subscribers est of domestic

paying in inter

debt, what pro

SEC. 5. And be it further enacted, That for the whole or any part of any sum subscribed to the said loan by any person or persons, or body politic, which shall be portions of paid in the interest of the said domestic debt, computed of interest, and to the said last day of December next, or in the said ment entitled

principal, rate

terms of pay

to.

certificates issued in payment of interest, commonly called indents of interest, the subscriber or subscribers shall be entitled to a certificate purporting that the United States owe to the holder or holders thereof, his, her, or their assigns, a sum to be specified therein, equal to that by him, her, or them so paid, bearing an interest of three per centum per annum, payable quarter yearly, and subject to redemption by payment of the sum specified therein, whenever provision shall be made by law for that purpose. Commission- SEC. 6. And be it further enacted, That a commissioner pointed in each be appointed for each State, to reside therein, whose duty subscriptions, it shall be to superintend the subscriptions to the said

er to be ap

State to receive

&c.

loan; to open books for the same; to receive the certificates which shall be presented in payment thereof; to liquidate the specie value of such of them as shall not have been before liquidated; to issue the certificates above mentioned in lieu thereof, according to the terms of each subscription; to enter in books to be by him kept for that purpose, credits to the respective subscribers to the said loan for the sums to which they shall be respectively entitled; to transfer the said credits upon the said books from time to time as shall be requisite; to pay the interest thereupon as the same shall become due, and generally to observe and perform such directions and regulations as shall be prescribed to him by the Secretary of the Treasury, touching the execution of his office.

(Section 7 provides that the stock created in pursuance of this act shall be transferable only on the books of the Treasury or of the commissioners in which it is recorded at the time of transfer, by the owner or by his attorney; but stock may be transferred by the Secretary of the Treasury from the books of one office to those of another, by request of the owner.)

(Section 8 provides for the payment of the interest, to be made quarterly on the last days of March, June, September, and December in each year.

(Sections 9 and 10 provide that nothing in this act shall impair the rights of creditors who do not subscribe to the loan, but that they shall receive to the end of 1791 the same rate of interest as is paid to subscribing creditors, and payable at the same times and places. But as some of the certificates outstanding have not been liquidated to specie value, and as some have been counterfeited, such creditors as do not hold certificates issued by the Register of the Treasury, in order to be entitled

to interest, are required to present them before June 1, 1791, to be exchanged for new certificates specifying the specie amounts of debt and otherwise like those heretofore issued by the Register, and made transferable like those issued to subscribers under this act.

(Sections 11 and 12 prescribe the salaries to be paid to the commissioners, and provide for their oath of office. and official bonds.)

assumed,

to

500,000 and

posed, payable

of the States,

SEC. 12 (2nd paragraph). And whereas a provision State debts for the debts of the respective States by the United States, would be greatly conducive to an orderly, economical and effectual arrangement of the public finances: SEC. 13. Be it therefore further enacted, That a loan be amount of $21.proposed to the amount of twenty-one million and five a loan pro hundred thousand dollars, and that subscriptions to the in certificates said loan be received at the same times and places, and by the same persons, as in respect to the loan herein before proposed concerning the domestic debt of the United States. And that the sums which shall be subscribed to the said loan, shall be payable in the principal and interest of the certificates or notes, which prior to the first day of January last, were issued by the respective States, as acknowledgments or evidences of debts by them respectively owing, except certificates issued by the commissioners of Army accounts in the State of North Carolina, in the year one thousand seven hundred and eighty-six.

certain sum in each.

Provided, That no greater sum shall be received in the not exceeding a certificates of any State than as follows; that is to say: In those of New Hampshire, three hundred thousand dollars.

In those of Massachusetts, four million dollars.

In those of Rhode Island and Providence Plantations, two hundred thousand dollars.

In those of Connecticut, one million six hundred thouand dollars.

In those of New York, one million two hundred thousand dollars.

In those of New Jersey, eight hundred thousand dollars.

In those of Pennsylvania, two million two hundred thousand dollars.

In those of Delaware, two hundred thousand dollars.
In those of Maryland, eight hundred thousand dollars.

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