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372.

nine, and to be computed to the last day of December thousand seven hundred and ninety-four, at the ra four per centum per annum: And that the amount of interest be placed to the credit of the state, to whic same shall be found due, upon the books of the tre of the United States, and shall bear an interest of per centum per annum, from and after the said las of December, one thousand seven hundred and ninety

(Section 2 provides for the quarterly payment interest due to any state, beginning on the last d March, 1795; and pledges for the payment of the in so much of the duties arising from imports and to after December 31, 1794, as may be necessary an otherwise appropriated, also pledging the faith United States to provide for any deficiency.)

Approved, May 31, 1794.

NOTE.-By the act of January 2, 1795 (1 Stat. L., 40 State is authorized, within two years, to transfer stock t ated to creditors of the State who were such prior to July This authority was continued to March 4, 1799, by the act 6, 1797.

ACT OF JUNE 4, 1794.

1 Stat. L., CHAP. XL.-An act providing for the payment second instalment due on a loan made of the B the United States.

[Obsolete.]

United States

instalment to

foreign loans.

SECTION 1. Be it enacted by the Senate and H Representatives of the United States of America i President of gress assembled, That the President of the United to pay second be, and he hereby is authorized and empowered to the bank out of two hundred thousand dollars of the proceeds of loans heretofore transferred to the United States, ment of the second instalment due to the Bank United States, upon a loan of the said bank, ma suant to the eleventh section of the act for incorp Annual pe- the subscribers to the said bank: and that the riod for payment of each period for the payment of each instalment of t instalment. loan, shall be deemed to be the last day of Decer

Appropria

tion for paying

loan.

each year.

SEC. 2. And be it further enacted, That a sufficie interest on said of the dividends, which have accrued, or which sha after accrue, on the stock owned by the United St the Bank of the United States, be, and the same is appropriated to the payment of the interest, wh or shall become due, on the loan obtained, as afore Approved, June 4, 1794.

ACT OF JUNE 5, 1794.

1

CHAP. XLVI.-An act to authorize the President of the 376. Stat. L., United States during the recess of the present Congress, to cause to be purchased or built a number of vessels to be equipped as Galleys, or otherwise, in the service of the United States.

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therefor.

President au

thorized to bor

row $80,000.

SEC. 3. And be it further enacted, That there be appro- Appropriation priated for the purpose aforesaid, the sum of eighty thousand dollars to be paid out of the proceeds of any revenue of the United States, which now are, or hereafter during the present session shall be provided, not being otherwise appropriated. And that the President of the United States be authorized to take on loan of the Bank of the United States, or of any other body politic or corporate, person or persons, the said sum of eighty thousand dollars, to be reimbursed, principal and interest, out of the said proceeds, appropriated as aforesaid, according to such contract or contracts, which shall be made concerning the same.

Approved, June 5, 1794.

ACT OF JUNE 9, 1794.

CHAP. LXIII.-An act making appropriations for certain purposes therein expressed.

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1 Stat. L., 395.

the United

row a sum.

SEC. 2. And be it further enacted, That the President President of of the United States be empowered to borrow, on behalf States to borof the United States, of the Bank of the United States (which is hereby authorized to lend the same), or of any other body or bodies politic, person or persons, any sum not exceeding in the whole, one million of dollars, to be Not exceeding applied to the purposes aforesaid, and to be reimbursed, as well interest as principal, out of the proceeds of the said revenues.

SEC. 3. Provided always, and be it further enacted, That there shall be reserved out of the proceeds of the said revenues, a sum sufficient to pay the interest of whatever monies may be borrowed pursuant to the act, intituled "An act making further provision for the expenses attending the intercourse of the United States with foreign nations; and further to continue in force the act,

$1,000,000.

Certain sum to be reserved.

1794, ch. 7

intituled "An act providing the means of intercourse between the United States and foreign nations;" and such sum is hereby pledged and appropriated for that purpose, according to the terms of the contract or contracts which shall or may be made concerning the said monies. And the faith of the United States is hereby pledged to make such further provision therefor, as may be necessary. Approved, June 9, 1794.

ACT OF DECEMBER 18, 1794.

1 Stat. L., CHAP. IV.-An act authorizing a loan of two million of

404.

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SECTION 1. Be it enacted by the Senate and House of Representatives of the United States of America in ConPresident of gress assembled, That the President of the United States to borrow be empowered to borrow, on behalf of the United States, $2,000,000. any sum not exceeding two million of dollars, at an in

United States

United States

sum.

terest not exceeding five per cent. per annum, reimbursable at the pleasure of the United States, to be applied to such public purposes, as are authorized by law, and to be repaid out of the duties on impost and tonnage, to the end of the year one thousand seven hundred and ninetyfive.

Bank of SEC. 2. And be it further enacted, That it shall be lawmay loan said ful for the Bank of the United States, and the said bank hereby is authorized and empowered to loan the said sum, or any part thereof.

Approved, December 18, 1794.

ACT OF JANUARY 8, 1795.

1 Stat L., CHAP. XI.—An act providing for the payment of certain

409.

[ Obsolete.]

stalments of

instalments of foreign debts; and of the third instalment due on a loan made of the Bank of the United States.

Be it enacted by the Senate and House of Representatives of the United States of America, in Congress assemCertain in-bled, That the President of the United States be, and he debt, how to be hereby is authorized and empowered to cause any instalments of the foreign debts, which may fall due in the year one thousand seven hundred and ninety-five, and also the third instalment due on a loan made of the Bank

paid.

of the United States, in pursuance of the eleventh section 1791, ch. 10. of the act for incorporating the subscribers to the said bank, to be paid out of the proceeds of any foreign loans heretofore made.

Approved, January 8, 1795.

ACT OF JANUARY 28, 1795.

1 Stat. L., 410.

CHAP. XIII.-An act further extending the time for receiving on loan the domestic debt of the United [Obsolete.] States.

ceiving on loan

debt extended

December next. 1790, ch. 34.

SECTION 1. Be it enacted by the Senate and House of Representatives of the United States of America, in Congress assembled, That the term for receiving on loan that Time for repart of the domestic debt of the United States which has the domestic not been subscribed in pursuance of the provisions here- till the 31st tofore made by law for that purpose, be and the same is hereby further extended until the thirty-first day of December next, on the same terms and conditions as are contained in the act, entitled "An act making provision for the debt of the United States." Provided, That the books for receiving the said subscriptions shall be opened only at the Treasury of the United States.

to receive for

year five per cent. on

SEC. 2. And be it further enacted, That such of the Non-subscribing creditors of creditors of the United States as have not subscribed and United States shall not subscribe to the said loan shall nevertheless re- one ceive during the year one thousand seven hundred and their demands. ninety-five a rate per centum on the amount of such of their demands as have been registered or as shall be registered at the Treasury conformable to the directions in the act, entitled "An act making provision for the debt of the United States," equal to the interest which would be payable to them as subscribing creditors. Approved, January 28, 1795.

ACT OF FEBRUARY 21, 1795.

CHAP. XXV.-An act for the reimbursement of a loan authorized by an act of the last session of Congress.

1790, ch. 34.

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SECTION 1. Be it enacted by the Senate and House of Ppresentatives of the United States of America in Congreas assembled, That the Bank of the United States be, and the same is hereby authorized to lend to the United authorized

Bank of States to

lend.

States, the whole, or any part of the sum of eight hundred thousand dollars (remaining unapplied) in pursuance of the authority granted to borrow one million 1794, ch. 7. dollars, by the act, intituled "An act making further provision for the expenses attending the intercourse of the United States with foreign nations; and further to continue in force the act, intituled "An act providing the means of intercourse between the United States and foreign nations.

Surplus of certain revenues

SEC. 2. And be it further enacted, That after reserving appropriated. such sums as may be sufficient to satisfy prior appropriations, there be further appropriated, in aid of the provision heretofore made, out of the proceeds of the duties which have arisen, or may arise upon carriages for the conveyance of persons; upon licenses for selling wines and foreign distilled spirituous liquors by retail; upon snuff and refined sugar; and upon property sold at auction; which were imposed by acts passed during the last session, and which may be further continued, the present session of Congress, or from the proceeds of such duties or revenues as may be established in lieu thereof, a sum sufficient to the reimbursement, before the year one thousand eight hundred and one, of any loan or loans, which have been, or which may hereafter be made, in virtue of the act aforesaid: And that the faith of the United States be, and the same is hereby pledged, to make good any deficiency of the said duties.

433.

Approved, February 21, 1795.

ACT OF MARCH 3, 1795.

1 Stat. L. CHAP. XLV.-An act making further provision for the support of public credit, and for the redemption of the public debt.

(Section 1 authorizes the commissioners of the sinking fund to borrow not exceeding one million dollars in any one year, in anticipation of the revenue, for the payment of interest on the public debt, and appropriates for the interest on such temporary loan the proceeds of duties on goods imported, on tonnage, and upon spirits distilled within the United States, and stills.

(Sections 2, 3, and 4 authorize a loan to be issued in exchange for equal amounts of the foreign debt, to bear an interest equal to the interest payable on the foreign

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