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In those of Virginia, three million five hundred thousand dollars.

In those of North Carolina, two million four hundred thousand dollars.

tu those of South Carolina, four million dollars.

In those of Georgia, three hundred thousand dollars. And provided, That no such certificate shall be received, which from the tenor thereof, or from any public record, act, or document, shall appear or can be ascertained to have been issued for any purpose, other than compensations and expenditures for services or supplies towards the prosecution of the late war, and the defence of the United States, or of some part thereof during the same.

SEC. 14. Provided also, and be it further enacted, That evoked so if the total amount of the sums which shall be subscribed to the said loan in the debt of any State, within the time limited for receiving subscriptions thereto, shall exceed the sum by this act allowed to be subscribed within such State, the certificates and credits granted to the respective subscribers, shall bear such proportion to the sums by them respectively subscribed, as the total amount of the said sums shall bear to the whole sum so allowed to be subscribed in the debt of such State within the same. And every subscriber to the said loan shall, at the time of subscribing, deposit with the commissioner the certificates or notes to be loaned by him.

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SEC. 15. And be it further enacted, That for two-thirds Wet of any sum subscribed to the said loan, by any person or in persons, or body politic, which shall be paid in the principal and interest of the certificates or notes issued as aforesaid by the respective States, the subscriber or subscribers shall be entitled to a certificate, purporting that the United States owe to the holder or holders thereof, or his, her or their assigns, a sum to be expressed therein, equal to two-thirds of the aforesaid two-thirds, 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 said two thirds of such sum so subscribed, 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; and that for the remaining third of any sum so subscribed, 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 expressed therein, equal to the said remaining third, bearing an interest of three per cent. 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.

to be comput

quarter yearly.

SEC. 16. And be it further enacted, That the interest Interest, how upon the certificates which shall be received in payment ed, and payable of the sums subscribed towards the said loan, shall be computed to the last day of the year one thousand seven hundred and ninety-one, inclusively; and the interest upon the stock which shall be created by virtue of the said loan, shall commence or begin to accrue on the first day of the year one thousand seven hundred and ninetytwo, and shall be payable quarter yearly, at the same time, and in like manner as the interest on the stock to be created by virtue of the loan above proposed in the domestic debt of the United States.

to any State,

scribed, the

interest on

clency.

SEC. 17. And be it further enacted, That if the whole Sum allowed sum allowed to be subscribed in the debt or certificates of not being subany State as aforesaid, shall not be subscribed within the State to receive time for that purpose limited, such State shall be entitled amount of defito receive, and shall receive from the United States, an interest per centum per annum, upon so much of the said sum as shall not have been so subscribed, equal to that which would have accrued on the deficiency, had the same been subscribed in trust for the non-subscribing creditors of such State, who are holders of certificates or notes issued on account of services or supplies towards the prosecution of the late war, and the defence of the United States or of some part thereof, to be paid in like manner as the interest on the stock which may be created by virtue of the said loan, and to continue until there shall be a settlement of accounts between the United States and the individual States; and in case a balance shall then

State certifcates issued in

appear in favour of such State, until provision shall be made for the said balance.

But as certain States have respectively issued their own certificates, in exchange for those of the United States, whereby it might happen that interest might be twice payable on the same sums:

SEC. 18. Be it further enacted, That the payment of lieu of those of interest whether to States or to individuals, in respect to States, pay the debt of any State, by which such exchange shall have est on, sus- been made, shall be suspended, until it shall appear to the

the United

ment of inter

pended.

chargeable

satisfaction of the Secretary of the Treasury, that certificates issued for that purpose by such State, have been reexchanged or redeemed, or until those which shall not have been re-exchanged or redeemed, shall be surrendered to the United States.

States SEC. 19. And be it further enacted, That so much of with amount of the debt of each State as shall be subscribed to the said subscriptions. loan, and the monies (if any) that shall be advanced to the same pursuant to this act, shall be a charge against such State, in account with the United States.

Further ap propriation of

SEC. 20. And be it further enacted, That the monies montes arising arising under the revenue laws, which have been or during nue laws to the the present session of Congress may be passed, or so much

from the reve

purposes

this act;

of

thereof as may be necessary, shall be and are hereby pledged and appropriated for the payment of the interest on the stock which shall be created by the loans aforesaid, pursuant to the provisions of this act, first paying that which shall arise on the stock created by virtue of the said first mentioned loan, to continue so pledged and appropriated, until the final redemption of the said stock, any law to the contrary notwithstanding, subject nevertheless to such reservations and priorities as may be requisite to satisfy the appropriations heretofore made, and which during the present session of Congress may be made by law, including the sums herein before reserved and appropriated; and to the end that the said monies may be inviolably applied in conformity to this act, and may never be diverted to any other purpose, an account shall be kept of the receipts and disposition thereof, separate and distinct from the product of any other duties, imposts, excises and taxes whatsoever, except such as may be hereafter laid, to make good any deficiency which may be found in the product thereof towards satisfying the interest aforesaid.

United States pledged to

ciencies. per

SEC. 21. And be it further enacted, That the faith of the and faith of United States be, and the same is hereby pledged to pro- Pagood deffvide and appropriate hereafter such additional and manent funds as may be requisite towards supplying any such deficiency, and making full provision for the payment of the interest which shall accrue on the stock to be created by virtue of the loans aforesaid, in conformity to the terms thereof respectively, and according to the tenor of the certificates to be granted for the same pursuant to this act.

from sales of

to form a sink

SEC. 22. And be it further enacted, That the proceeds of Proceeds the sales which shall be made of lands in the western ter- western lands, ritory, now belonging, or that may hereafter belong to the ing fund. United States, shall be, and are hereby appropriated towards sinking or discharging the debts, for the payment whereof the United States now are, or by virtue of this act may be holden, and shall be applied solely to that use until the said debts shall be fully satisfied.

Approved, August 4, 1790.

NOTE-By a series of acts, beginning with that of May 8, 1792 (1 Stat. L., 279), the time allowed for subscriptions under section 3 above was extended to December 31, 1797, giving to nonsubscribIng creditors a rate of interest equal to that which would be payable to them as subscribing creditors. (See the act of March 3, 1797, 1 Stat. L., 516.)

The time for receiving upon loan the debts of the States under section 13 above was also extended by the act of May 8, 1792, to March 1, 1793, “Provided always, That the commissioners of loans for North Carolina shall not be allowed to receive any certificate Issued by Patrick Travers, commissioner of Cumberland County, or by the commissioners of army accounts at Warrenton."

ACT OF AUGUST 5, 1790.

178.

CHAP. XXXVIII.-An act to provide more effectually1 Stat. L., for the settlement of the accounts between the United States and the individual States.

*

SECTION 1. Be it enacted, * *, That a board, to consist of three commissioners, be, and hereby is established to settle the accounts between the United States, and the individual states; and the determination of a majority of the said commissioners on the claims submitted to them, shall be final and conclusive; and they -hall have power to employ such number of clerks as they may find necessary.

Mode of procedure in ex

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(Section 2 provides for the oath of office to be taken by the commissioners, and for their payment, at the rate of two thousand two hundred and fifty dollars per annum for each.)

SEC. 3. And be it further enacted, That it shall be the amining claims. duty of the said commissioners to receive and examine all claims which shall be exhibited to them before the first day of July, one thousand seven hundred and ninetyone, and to determine on all such as shall have accrued for the general or particular defense during the war, and on the evidence thereof, according to the principles of general equity (although such claims may not be sanctioned by the resolves of Congress, or supported by regular vouchers), so as to provide for the final settlement of all accounts between the United States and the states individually; but no evidence of a claim heretofore admitted by a commissioner of the United States for any state or district, shall be subject to such examination; nor shall the claim of any citizen be admitted as a charge against the United States in the account of any state, unless the same was allowed by such state before the twenty-fourth day of September, one thousand seven hundred and eighty-eight.

To liquidate to specie value

debits of cer

SEC. 4. And be it further enacted, That it shall be the credits and duty of the said commissioners to examine and liquidate tain States. to specie value, on principles of equity, the credits and debits of the states already on the books of the treasury for bills of credit subsequent to the eighteenth of March, one thousand seven hundred and eighty.

On the final settlement, ag

the balances to

between the States.

SEC. 5. And be it further enacted, That the commisgregate of all sioners shall debit each state with all advances which be apportioned have been, or may be made to it by the United States, and with the interest thereon to the last day of the year one thousand seven hundred and eighty-nine, and shall credit each state for its disbursements and advances on the principles contained in the third section of this act, with interest to the day aforesaid, and having struck the balance due to each state, shall find the aggregate of all the balances, which aggregate shall be apportioned between the states agreeably to the rule hereinafter given; and the difference between such apportionments, and the respective balances, shall be carried in a new account to the debit or credit of the states respectively, as the case may be.

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