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SEC. 6. And be it further enacted, That the rule for The rule of apportioning to the states the aggregate of the balances first above mentioned, shall be the same that is prescribed by the constitution of the United States, for the apportionment of representation and direct taxes, and according to the first enumeration which shall be made.
States to have
SEC. 7. And be it further enacted, That the states who Creditor shall have balances placed to their credit on the books their balances of the treasury of the United States, shall, within twelve months after the same shall have been so credited, be entitled to have the same funded upon the same terms with the other part of the domestic debt of the United States; but the balances so credited to any state shall not be transferable.
(Section 8 relates to the compensation of the clerks employed by the commissioners.)
Continuance of the commis
SEC. 9. And be it further enacted, That the powers of the said commissioners shall continue until the first day stoners' powers. of July, one thousand seven hundred and ninety-two, unless the business shall be sooner accomplished.
Approved, August 5, 1790.
NOTE-The time for settling the accounts under this act was extended to July 1, 1793, by the act of January 23, 1792 (1 Stat L., 229).
ACT OF AUGUST 12, 1790.
CHAP. XLVII.—An act making provision for the reduotion of the public debt.
1 Stat L., 186.
Act of Mar. 3, 1791, ch. 25.
It being desirable by all just and proper means, to effect a reduction of the amount of the public debt, and as the Act of May 8, application of such surplus of the revenue as may remain after satisfying the purposes for which appropriations shall have been made by law. will not only contribute to that desirable end, but will be beneficial to the creditors of the United States, by raising the price of their stock and be productive of considerable saving to the United
The surplus of
the product of
duties on goods
and tonnage to
SECTION 1. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That all such surplus of the product of December next, the duties on goods, wares and merchandise imported, the purchase of and on the tonnage of ships or vessels to the last day of December next, inclusively, as shall remain after satisfy
to be applied to
ing the several purposes for which appropriations shall have been made by law to the end of the present session, shall be applied to the purchase of the debt of the United States, at its market price, if not exceeding the par or true value thereof.
By whose direction purchases are be made; and
SEC. 2. And be it further enacted, That the purchases to to be made of the said debt, shall be made under the direction of the President of the Senate, the Chief Justice, the Secretary of State, the Secretary of the Treasury, and the Attorney-General for the time being; and who, or any three of whom, with the approbation of the President of the United States, shall cause the said purchases to be made in such manner, and under such regulations as shall appear to them best calculated to fulfill the intent in what man- of this act: Provided, That the same be made openly,
and with due regard to the equal benefit of the several States: And provided further, That to avoid all risk or failure, or delay in the payment of interest stipulated to be paid for and during the year one thousand seven hundred and ninety-one, by the act, intituled "An act making provision for the debt of the United States," such reservations shall be made of the said surplus as may be necessary to make good the said payments, as they shall respectively become due, in case of deficiency in the amount of the receipts into the Treasury during the said year, on account of the duties on goods, wares and merchandise imported, and the tonnage of ships or vessels, after the last day of December next.
SEC. 3. And be it further enacted, That accounts of
to be settled as the application of the said monies shall be rendered for
other public accounts.
settlement as other public accounts, accompanied with returns of the amount of the said debt purchased there
with, at the end of every quarter of a year, to be com
puted from the time of commencing the purchases afore
Report of pro- said: and that a full and exact report of the proceedings
ceedings to be
laid before Con- of the said five persons, or any three of them, including
a statement of the disbursements and purchases made under their direction, specifying the times thereof, the prices at which, and the parties from whom the same may be made, shall be laid before Congress, within the first fourteen days of each session which may ensue the present, during the execution of their said trust.
President au- SEC. 4. And be it further enacted, That the President
thorized to bor
row $2,000,000. of the United States be, and he is hereby authorized to
cause to be borrowed, on behalf of the United States, a
the purchase of Act of May
sum or sums not exceeding in the whole two millions of
Approved, August 12, 1790.
ACT OF DECEMBER 27, 1790.
CHAP. I.-An act supplementary to the act intitled “An act making further provision for the payment of the debts of the United States."
Whereas no express provision has been made for extending the act, intitled "An act to provide more effectually for the collection of the duties imposed by law on goods, wares and merchandise imported into the United States, and on the tonnage of ships or vessels," to the collection of the duties imposed by the said "Act making further provision for the payment of the debts of the United States," doubts concerning the same may arise: Therefore,
Provisions of the act for col
ing further pro
Be it enacted by the Senate and House of Representatires of the United States of America in Congress assembled, That the act, intitled "An act to provide more effectually for the collection of the duties imposed by lection of dulaw on goods, wares and merchandise imported into the to the act makUnited States, and on the tonnage of ships or vessels," vision for the doth and shall extend to, and be in force for the collec-debts of the tion of the duties specified and laid in and by the act, intitled "An act making further provision for the payment of the debts of the United States," as fully and effectually, as if every regulation, restriction, penalty, provision, clause, matter and thing therein contained, had been inserted in and reenacted by the act last aforesaid.
payment of the United States.
Approved, December 27, 1790.
ACT OF FEBRUARY 25, 1791.
Stat. L., CHAP. X.-An act to incorporate the subscribers to the
By whom to be subscribed.
SEC. 2. And be it further enacted, That it shall be lawful for any person, co-partnership, or body politic, to subscribe for such or so many shares, as he, she, or they shall think fit, not exceeding one thousand, except as shall be Proportions hereafter directed relatively to the United States; and silver and the that the sums, respectively subscribed, except on behalf of public debt to be subscribed the United States, shall be payable one fourth in gold and
silver, and three fourths in that part of the public debt, which, according to the loan proposed in the fourth and fifteenth sections of the act, entitled "An act making provision for the debt of the United States," shall bear an accruing interest, at the time of payment, of six per centum per annum, and shall also be payable in four equal parts, in the aforesaid ratio of specie to debt, at the diswhen to be pald. tance of six calendar months from each other; the first whereof shall be paid at the time of subscription.
How and for what objects to make loans.
Articles of SEC. 7. And be it further enacted, That the following rules, restrictions, limitations and provisions, shall form and be fundamental articles of the constitution of the said corporation, viz.
XI. No loan shall be made by the said corporation, for use or on account of the government of the United States, to an amount exceeding one hundred thousand dollars, or of any particular state, to an amount exceeding fifty thousand dollars, or of any foreign prince or state, unless previously authorized by a law of the United States.
money SEC. 9. And be it further enacted, That if the said corvanced or lent. poration shall advance or lend any sum, for the use or on
How may be
account of the government of the United States, to an amount exceeding one hundred thousand dollars; or of any particular state to an amount exceeding fifty thousand dollars; or of any foreign prince or state (unless previously authorized thereto by a law of the United States), all and every person and persons, by and with
whose order, agreement, consent, approbation, or connivance, such unlawful advance or loan shall have been made, upon conviction thereof, shall forfeit and pay, for every such offence, treble the value or amount of the sum or sums which shall have been so unlawfully advanced or lent; one fifth thereof to the use of the informer, and the residue thereof to the use of the United States; to be disposed of by law and not otherwise.
made by United States, how to be paid, etc.
SEC. 11. And be it further enacted, That it shall be law- Subscriptions ful for the President of the United States, at time any times, within eighteen months after the first day of April next, to cause a subscription to be made to the stock of the said corporation, as part of the aforesaid capital stock of ten millions of dollars, on behalf of the United States, to an amount not exceeding two millions of dollars; to be paid out of the monies which shall be borrowed by virtue of either of the acts, the one entitled "An act making 1790, ch. 34. provision for the debt of the United States;" and the other entitled "An act making provision for the reduction
of the public debt; " borrowing of the bank an equal sum, 1790, ch. 47. to be applied to the purposes, for which the said monies. shall have been procured; re-imbursable in ten years, by equal annual instalments; or at any time sooner, or in any greater proportions, that the Government may think fit.
Approved, February 25, 1791.
(For the full text of this act, see p. 269).
ACT OF MARCH 3, 1791.
CHAP. XV.—An act repealing, after the last day of 1 Stat. L., June next, the duties heretofore laid upon distilled spirits imported from abroad, and laying others in their stead; and also upon spirits distilled within the United States, and for appropriating the same.
SEC. 60. And be it further enacted, That the nett prod- Net product of ut of the duties hereinbefore specified, which shall be for payment of raised, levied and collected by virtue of this act, or so loans; much thereof as may be necessary, shall be, and is hereby pledged and appropriated for the payment of the interest of the several and respective loans which had been made in foreign countries, prior to the fourth day of