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August last; and also upon all and every the loan loans which have been and shall be made, and obt 1790, ch. 34. pursuant to the act, intituled "An act making prov for the debt of the United States;" and according t true intent and meaning of the said act, and of the se provisions and engagements therein contained an pressed, and subject to the like priorities and res tions as are made and contained in and by the sai in respect to the monies therein appropriated, and ject to this farther reservation, that is to say-Of th amount or product during the present year, of the laid by this act, in addition to those heretofore laid spirits imported into the United States, from any fo port or place, and of the duties laid by this act on s distilled within the United States, and on stills; disposed of towards such purposes for which app and to be in- ations shall be made during the present session. plied thereto. to the end that the said monies may be inviolably at in conformity to the appropriation hereby made may never be diverted to any other purpose until th redemption, or reimbursement of the loans or sur the payment of the interest whereof they are app ated, an account shall be kept of the receipts an position thereof, separate and distinct from the p of any other duties, impost, excise, and taxes whats except those heretofore laid and appropriated to th purposes.

violably ap

Unappropriated surplus,

plied.

SEC. 61. And be it further enacted, That the un how to be appriated surplus, if any there shall be, of the revenu ing under this act, at the end of this and every su ing year, shall be applied to the reduction of the debt, in like manner as is directed by the act, in 1790, ch. 34. "An act making provision for the reduction of th 1790, ch. 47. lic debt," and provided by the act, intituled " making provision for the debt of the United State less the said surplus, or any part thereof, shall be re for the public exigences of the United States, and by special acts of Congress, be appropriated theret SEC. 62. And be it further enacted, That the long to con- duties imposed by this act, shall continue to be co and paid, until the debts and purposes for whic are pledged and appropriated, shall be fully disc and satisfied, and no longer. Provided always

Duties hereby imposed, how

tinue.

nothing herein contained, shall be construed to prevent the legislature of the United States from substituting other duties or taxes of equal value to all or any of the said duties and imposts.

Approved, March 3, 1791.

ACT OF MARCH 3, 1791.

1 Stat. L.,

CHAP. XXV.-An act supplementary to the act making 213. provision for the reduction of the public debt.

Loan in Hol

5 per cent per

Whereas it hath been made known to Congress that the land of 3,000,President of the United States, in consequence of "An 000 florins, at act making provision for the reduction of the public annum, debt," hath caused a certain loan to be made in Holland, on account of the United States, to the amount of three millions of florins, bearing an interest of five per centum per annum, and reimbursable in six yearly instalments, commencing in the year one thousand eight hundred, and ending in the year one thousand eight hundred and six, or at any time sooner, in whole or in part, at the option of the United States;

1790, ch. 47.

where on the charges are

And whereas it hath been also stated to Congress, that the charges upon the said loan have amounted to 4 per cent. four and a half per centum, whereby a doubt hath arisen, whether the said loan be within the meaning of the said last mentioned act, which limits the rate of interest to five per centum per annum;

And whereas it is expedient that the said doubt be removed;

declared to be

meaning of the

for the reduc

lic debt, and

Be it enacted and declared by the Senate and House of Representatives of the United States of America in Congress assembled, That the loan aforesaid shall be deemed within the and construed to be within the true intent and meaning a et providing of the said act, intituled "An act making provision for tion of the pubthe reduction of the public debt," and that any farther also further Joan, to the extent of the principal sum authorized to be like terms. borrowed by the said act, the interest whereof shall be five per centum per annum, and the charges whereof shall not exceed the said rate of four and a half per centum, -hall, in like manner, be deemed and construed to be within the true intent and meaning of the said act.

Approved, March 3, 1791.

loans on the

1790, ch. 47.

1 Stat. L.,

224.

Repealed. 1795, ch. 44.

which may be borrowed if necessary.

262.

ACT OF MARCH 3, 1791.

CHAP. XXVIII.-An act for raising and adding another regiment to the military establishment of the United States, and for making farther provision for the protection of the frontiers.

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SEC. 16. Be it further enacted, That it shall be lawful for the President to take on loan the whole sum by this act appropriated, or so much thereof as he may judge requisite, at an interest not exceeding six per centum per annum; and the fund established for the above-mentioned appropriation, is hereby pledged for the repayment of the principal and interest of any loan to be obtained in manner aforesaid; and in case of any deficiency in the said fund, the faith of the United States is hereby also pledged to make good such deficiency.

Approved, March 3, 1791.

ACT OF MAY 2, 1792.

1 Stat. L., CHAP. XXVII.—An act for raising a farther sum of money for the protection of the frontiers, and for other purposes therein mentioned.

President of

United States

from the bank,

sum of money.

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SEC. 16. And be it further enacted, That the President to take on loan of the United States be empowered to take on loan, on etc., a certain account of the United States, from the President, directors and company of the bank of the United States, who are hereby authorized and empowered to lend the same, from any other body politic or corporate within the United States, or from any other person or persons, the whole or any part of the aforesaid sum of five hundred and twenty-three thousand five hundred dollars, to be applied to the purpose to and for which the same is above appropriated, and to be reimbursed out of the aforesaid surplus of the duties by this act imposed, which surplus is, accordingly, appropriated to the said reimbursement. Provided, That the rate of interest of such loan shall not exceed five per centum per annum, and that the principal thereof may be reimbursed at the pleasure of the United States.

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ACT OF MAY 8, 1792.

281.

CHAP. XXXVIII.-An act supplementary to the act1Stat. L., making provision for the debt of the United States.

(Sections 1, 2, 3, and 4 provide for extending the time allowed for receiving on loan the domestic debt of the United States and the debt of the respective States under the act of August 4, 1790.)

(Section 5 authorizes the President of the United States to discharge the principal and interest of the debt due to foreign officers out of any monies borrowed under the aforesaid act and not needed to fulfil its purposes.)

Certain persons appointed

to purchase United States,

SEC. 6. And be it further enacted, That the President of the Senate, the Chief Justice, the Secretary of State, commissioners the Secretary of the Treasury, and the Attorney-General, debt of the for the time being, shall be commissioners, who, or any etc. three of whom, are hereby authorized, with the approbation of the President of the United States, to purchase the debt of the United States, at its market price, if not exceeding the par or true value thereof; for which purchase the interest on so much of the public debt, as has already been, or may hereafter be purchased for the United States, or as shall be paid into the Treasury, and so much of the monies appropriated for the payment of the interest on the foreign and domestic debt, as shall exceed what may be sufficient for the payment of such interest to the creditors of the United States, shall be and are hereby appropriated. And it shall be the duty Account of the said commissioners to render to the legislature, nually. within two months after the commencement of the first session thereof in every year, a full and precise account of all such purchases made, and public debt redeemed, in pursuance of this act.

to

be rendered an

Out of a fund created for the

SEC. 7. And whereas it is expedient to establish a fund for the gradual reduction of the public debt: Be it fur- purpose; ther enacted, That the interest on so much of the debt of the United States, as has been or shall be purchased or redeemed for or by the United States, or as shall be paid into the Treasury thereof in satisfaction of any debt or demand, and the surplus of any sum or sums appropriated for the payment of the interest upon the said debt, which shall remain after paying such interest, shall be, and hereby are appropriated and pledged firmly and inviolably for and to the purchase and redemption of the

plied.

how to be ap said debt, to be applied 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, or any three of them, with the approbation of the President of the United States, for the time being, in manner following, that is to say: First, to the purchase of the several species of stock constituting the debt of the United States, at their respective market prices, not exceeding the par or true value thereof, and as nearly as may be, in equal proportions, until the annual amount of the said funds, together with any other provisions which may be made by law, shall be equal to two per centum of the whole amount of the outstanding funded stock bearing a present interest of six per centum. Thenceforth, secondly, to the redemption of the said last mentioned stock, according to the right for that purpose reserved to the United States, until the whole amount thereof shall have been redeemed. And lastly, after such redemption, to the purchase, at its market price, of any other stock consisting of the debt of the United States, which may then remain unredeemed: and such purchase, as far as the fund shall at any time extend, shall be made within thirty days next after each day, on which a quarterly payment of interest on the debt of the United States shall become due, and shall be made by a known agent, to be named by the said commissioners.

Purchases, how to be made.

Quarterly accounts of appli

fund to be rendered, etc.

SEC. 8. And be it further enacted, That all future purchases of public debt on account of the United States, shall be made at the lowest price, at which the same can be obtained by open purchase, or by receiving sealed proposals, to be opened in the presence of the commissioners, or persons authorized by them to make purchases, and the persons making such proposals.

SEC. 9. And be it further enacted, That quarter yearly cation of said accounts of the application of the said fund shall be rendered for settlement, as other public accounts, accompanied with returns of the sums of the said debt, which shall have been from time to time purchased or redeemed; and a full and exact report of the proceedings of the said commissioners, including a statement of the disbursements, which shall have been made, and of the sums which shall have been purchased or redeemed under their direction, and specifying dates, prices, parties, and places, shall be laid before Congress, within the first fourteen

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