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debt exchanged, with an addition of one-half of 1 per cent per annum, and the principal to be reimbursable at pleasure. The new loan is to be entered on the books of the treasury in like manner as the domestic funded debt, and to be transferable in like manner; and the interest and principal of loans authorized by this act are to be payable at the treasury only, so far as relates to the principal and interest of the domestic debt.

(Section 5 provides that so much of the duties on goods imported, on tonnage, and upon spirits distilled and stills as may be set free by subscriptions to the new loan, with such further part of the proceeds as may be necessary, shall remain appropriated for the payment of interest on the said loan until the principal thereof is reimbursed; provided that nothing herein contained shall alter any existing contract concerning the foreign debt except as to such holders as may subscribe to the new loan.)

duties to con

lected.

SEC. 6. And be it further enacted, That the several and Certain respective duties laid and contained in and by the act, in- tinue to be coltituled "An act laying additional duties on goods, wares and merchandise imported into the United States," passed the seventh day of June, one thousand seven hundred and ninety-four, shall, together with the other duties heretofore charged with the payment of interest on the public debt, continue to be levied, collected and paid, until the whole of the capital or principal of the present debt of the United States, and future loans which may be made, pursuant to law, for the exchange, reimbursement or redemption thereof, or of any part thereof, shall be reimbursed or redeemed, and shall be, and hereby are, pledged and appropriated for the payment of interest upon the said debt and loans, until the same shall be so reimbursed or redeemed.

(Section 7 annuls the reservation made by section 4 of the act of August 12, 1790, and makes other provision for the same purpose.)

tions made

1792, ch. 38.

SEC. 8. And be it further enacted, That the following de to appropriations, in addition to those heretofore made, be certain fund. made to the fund constituted by the seventh section of the act, intituled "An act supplementary to the act making provision for the debt of the United States," passed the eighth day of May, one thousand seven hundred and ninety-two, to be hereafter denominated "The sinking Marc

March 2, 1791. ch. 11.

fund," to wit: First, so much of the proceeds of the duties on goods, wares and merchandise imported; on the tonnage of ships or vessels, and on spirits distilled within the United States and stills, as, together with the monies. which now constitute the said fund, and shall accrue to it, by virtue of the provisions herein before made, and by the interest upon each instalment, or part of principal, which shall be reimbursed, will be sufficient, yearly and every year, commencing the first day of January next, to reimburse and pay so much as may rightfully be reimbursed and paid, of the principal of that part of the debt or stock, which, on the said first day of January next, shall bear an interest of six per centum per annum, redeemable by payments on account both of principal and interest, not exceeding, in one year, eight per centum, excluding that which shall stand to the credit of the commissioners of the sinking fund, and that which shall stand to the credit of certain States, in consequence of the balances reported in their favour, by the commissioners for settling accounts between the United States and individual States: Secondly,-The dividends, which shall be, from time to time, declared on so much of the stock of the Bank of the United States, as belongs to the United States (deducting thereout such sums, as will be requisite to pay interest on any part remaining unpaid of the loan of two millions of dollars, had of the Bank of the United States, pursuant to the eleventh section of the act, Appropria- by which the said bank is incorporated): Thirdly,-So certain funds. much of the duties on goods, wares and merchandise imported, on the tonnage of ships or vessels, and on spirits distilled within the United States and stills, as, with the said dividends, after such deduction, will be sufficient, yearly and every year, to pay the remaining instalments of the principal of the said loan, as they shall become due, and as, together with any monies, which, by virtue of provisions in former acts, and herein before made, shall, on the first day of January, in the year one thousand eight hundred and two, belong to the said sinking fund, not otherwise specially appropriated; and with the interest on each instalment, or part of principal, which shall, from time to time, be reimbursed, or paid, of that part of the debt or stock, which, on the first day of January, in the year one thousand eight hundred and one, shall begin to bear an interest of six per centum per annum, will be sufficient, yearly and every year, commencing on the first

tions made to

day of January, in the year one thousand eight hundred and two, to reimburse and pay so much, as may rightfully be reimbursed and paid, of the said principal of the said debt or stock, which shall so begin to bear an interest of six per centum per annum, on the said first day of January, in the year one thousand eight hundred and one, excluding that, which shall stand to the credit of the commissioners of the sinking fund, and that, which shall stand to the credit of certain States as aforesaid: Fourthly, The net proceeds of the sales of lands belonging, or which shall hereafter belong to the United States, in the western territory thereof: Fifthly,-All monies, which shall be received into the Treasury, on account of debts due to the United States, by reason of any matter prior to their present constitution: And lastly,-All surpluses of the revenues of the United States, which shall remain, at the end of any calendar year, beyond the amount of the appropriations charged upon the said revenues, and which, during the session of Congress next there after, shall not be otherwise specially appropriated or reserved by law.

ing to the sink

under the di

management of

ers.

1790, ch. 47.

SEC. 9. And be it further enacted, That as well the Moneys accrumonies which shall accrue to the said sinking fund, by ing fund, to be virtue of the provisions of this act, as those which shall rection and have accrued to the same, by virtue of the provisions of the commissionany former act or acts, shall be under the direction and management of the commissioners of the sinking fund, or the officers designated in and by the second section of the act, intituled "An act making provision for the reduction of the public debt," passed the twelfth day of August, one thousand seven hundred and ninety, and their successors in office; and shall be, and continue appropriated to the said fund, until the whole of the present debt of the United States, foreign and domestic, funded and unfunded, including future loans, which may be made. How long to for reimbursing or redeeming any instalments or parts of ated. principal of the said debt, shall be reimbursed and redeemed; and shall be, and are hereby declared to be vested in the said commissioners, in trust, to be applied, according to the provisions of the aforesaid act of the eighth day of May, in the year one thousand seven hundred and ninety-two, and of this act, to the reimbursement and redemption of the said debt, including the loans aforesaid, until the same shall be fully reimbursed and redeemed. And the faith of the United States is hereby

be appropri

ment of the

to be under the

ence of

who may borrow.

a good execu

power to bor

row.

pledged, that the monies or funds aforesaid, shall inviolably remain and be appropriated and vested, as aforesaid, to be applied to the said reimbursement and redemption, in manner aforesaid, until the same shall be fully and completely effected.

Reimburse - SEC. 10. And be it further enacted, That all reimbursecapital of debt ments of the capital, or principal of the public debt, forsuperintend-eign and domestic, shall be made under the superintendcommissioners, ence of the commissioners of the sinking fund, who are hereby empowered and required, if necessary, with the approbation of the President of the United States, as any instalments or parts of the said capital or principal become due, to borrow, on the credit of the United States, the sums requisite for the payment of the said instalments or parts of principal: Provided, That any loan which may be made by the said commissioners, shall be liable to reimbursement at the pleasure of the United States; and that the rate of interest thereupon, shall not exceed six per centum per annum; and for greater caution, it is What shall be hereby declared, that it shall be deemed a good execution tion of the of the said power to borrow, for the said commissioners, with the approbation of the President, to cause to be constituted certificates of stock, signed by the Register of the Treasury for the sums to be respectively borrowed, bearing an interest of six per centum per annum, and redeemable at the pleasure of the United States; and to cause the said certificates of stock to be sold in the market Appropriation of the United States, or elsewhere; Provided, That no ment of inter- such stock be sold under par. And for the payment of interest on any sum or sums which may be so borrowed, either by direct loans, or by the sale of certificates of stock, the interest on the sum or sums which shall be reimbursed by the proceeds thereof (except that upon the funded stock, bearing and to bear an interest of six per centum, redeemable by payments, not exceeding in one year, eight per centum on account both of principal and interest), and so much of the duties on goods, wares and merchandise imported, on the tonnage of ships or vessels, and upon spirits distilled within the United 1802, ch. 32. States, and upon stills, as may be necessary, shall be, and hereby are pledged and appropriated.

for the pay

est.

What sums the commissioners shall

SEC. 11. And be it further enacted, That it shall be the pay annually. duty of the commissioners of the sinking fund, to cause to be applied and paid, out of the said fund, yearly and every year, at the Treasury of the United States, the sev

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eral and respective sums following, to wit: First, such sum and sums as, according to the right for that purpose reserved, may rightfully be paid for, and towards the reimbursement or redemption of such debt or stock of the United States, as, on the first day of January next, shall bear an interest of six per centum per annum, redeemable by payments, not exceeding in one year, eight per centum, on account both of principal and interest, excluding that standing to the credit of the commissioners of the sinking fund, and that standing to the credit of certain States, as aforesaid, commencing the said reimbursement or redemption, on the said first day of January next: Secondly, such sum and sums as, according to the conditions of the aforesaid loan, had of the Bank of the United States, shall be henceforth payable towards the reimbursement thereof, as the same shall respectively accrue: Thirdly, such sum and sums as, according to the right for that purpose reserved, may rightfully be paid for and towards the reimbursement or redemption of such debt or stock of the United States as, on the first day of January, in the year one thousand eight hundred and one, shall begin to bear an interest of six per centum per annum, redeemable by payments, not exceeding in one year, eight per centum, on account both of principal and interest, excluding that standing to the credit of the commissioners of the sinking fund, and that standing to the credit of certain States, as aforesaid, commencing the said reimbursement or redemption, on the first day of January, in the year one thousand eight hundred and two; and also to cause to be applied all such surplus of the said fund, as may at any time exist, after satisfying the purposes aforesaid, towards the further and final redemption of the present debt of the United States, foreign and domestic, funded and unfunded, including loans for the reimbursement thereof, by payment or purchase, until the said debt shall be completely reimbursed or redeemed.

ers not to pay

unfunded do

than the mar

SEC. 12. Provided always, and be it further enacted, That nothing in this act shall be construed to vest in the Commissioncommissioners of the sinking fund, a right to pay, in the more for the purchase or discharge of the unfunded domestic debt of mestic debt, the United States, a higher rate than the market price or ket price of the vale of the funded debt of the United States: And pro- Government ded also, That if, after all the debts and loans aforesaid, ferent appro row due, and that shall arise under this act, excepting the funds in a cersad debt or stock, bearing an interest of three per cent.

funded.

may make difpriations of the

tain event.

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