Lapas attēli
PDF
ePub

shall be fully paid and discharged, any part of the principal of the said debt or stock bearing an interest of three per cent. as aforesaid, shall be unredeemed, the Government shall have liberty, if they think proper, to make other and different appropriations of the said funds.

Priorities in

SEC. 13. And be it further enacted, That all priorities for the pay heretofore established in the appropriations by law, for

ment of inter

est to cease as the interest on the debt of the United States, as between

to certain creditors.

the different parts of the said debt, shall, after the year one thousand seven hundred and ninety-six, cease with regard to all creditors of the United States, who do not, before the expiration of the said period, signify, in writing, to the Comptroller of the Treasury, their dissent therefrom; and that thenceforth, with the exception only of the debts of such creditors who shall so signify their dissent, the funds or revenues charged with the said appropriations, shall, together, constitute a common or consolidated fund, chargeable indiscriminately, and without priority, with the payment of the said interest.

(Section 14 requires that all outstanding loan-office certificates, final settlements, and indents of interest shall be presented before January 1, 1797, to the Auditor of the Treasury, to be exchanged for new certificates, or registered and returned, at the option of the holder; and all certificates not so presented shall be forever barred.

(Section 15 enacts that any transfer of stock standing to the credit of a State, made after December 31, 1795, shall be upon condition that it shall be lawful to reimburse so much of the principal of the stock transferred as will make its reimbursement equal to that of the same stock transferred previous to the said day.)

SEC. 16. And be it further enacted, That in regard to but remaining any sum which shall have remained unexpended upon any

Sum of money appropriated,

unexpended,

for a certain appropriation other than for the payment of interest on

time, to be car

ried to
"surplus

fund."

the the funded debt; for the payment of interest upon, and

reimbursement, according to contract, of any loan or loans made on account of the United States; for the purposes of the sinking fund; or for a purpose, in respect to which, a longer duration is specially assigned by law, for more than two years after the expiration of the calendar year in which the act of appropriation shall have been passed, such appropriation shall be deemed to have ceased and been determined; and the sum so unexpended shall be carried to an account on the books of the Treasury, to be denominated "THE SURPLUS FUND." But no ap

propriation shall be deemed to have so ceased and been determined, until after the year one thousand seven hundred and ninety-five, unless it shall appear to the Secretary of the Treasury, that the object thereof hath been fully satisfied, in which case, it shall be lawful for him to cause to be carried the unexpended residue thereof, to the said account of "the surplus fund."

(By sections 17, 18, and 19 the Treasury is required to establish rules for the execution of this act; all restrictions and regulations heretofore imposed by law upon the commissioners of the sinking fund are made applicable in analogous cases under this act, and an account of all sales of stock or loans made is required to be laid before Congress within fourteen days after its next meeting; and in every case it is made lawful to borrow from the Bank of the United States, whatever the amount of the loan.

(Section 20 continues acts laying duties on carriages, licenses for selling wines and liquors, duties on snuff and sugar, and property sold at auction.) Approved, March 3, 1795.

ACT OF FEBRUARY 19, 1796.

CHAP. II.-An act further extending the time for receiving on loan the domestic debt of the United States.

[blocks in formation]

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 part of the domestic debt of the United States, which has not been subscribed, in pursuance of the provisions here- debt. 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, intituled "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.

Act of March 3, 1797, ch. 25.

Extension of ceiving on loan

the term for re

the domestic

Proviso.

Reimbursement of part of

SEC. 2. And be it further enacted, That it shall be lawful to reimburse so much of the principal of the debt or the principal. stock, which may be subscribed, pursuant to this act, as will make the reimbursement thereof equal in proportion ar. 1 degree, to that of the same stock subscribed anteeient to the present year; and the said reimbursement -hall be made at the expiration of the quarter in which

15712-10-4

Provision for the payment of

subscribers.

1795, ch. 45. such debt or stock shall be subscribed, and pursuant to the rules and conditions prescribed by the act, intituled "An act making further provision for the support of public credit, and for the redemption of the public debt." SEC. 3. And be it further enacted, That such of the interest to non- creditors of the United States, as have not subscribed, and shall not subscribe to the said loan, shall, nevertheless, receive, during the year one thousand seven hundred and ninety-six, a rate per centum on the amount of such of their demands as have been registered, or as shall be registered at the Treasury, conformably to the directions in the act, intituled, "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, February 19, 1796.

ACT OF APRIL 28, 1796.

458.

[Obsolete.]

1 Stat. L., CHAP. XVI.-An act in addition to an act intituled "An act making further provision for the support of public credit, and for the redemption of the public debt."

SECTION 1. Be it enacted by the Senate and House of Representatives of the United States of America in ConCommission-gress assembled, That it shall be lawful for the commis

ers of the sink

ing fund to pay sioners of the sinking fund, and they are hereby required,

the funded

stock bearing to cause the funded stock of the United States bearing a

an interest of

6 per cent by present interest of six per centum per annum, to be reim

dividends.

bursed and paid, in manner following, to wit: First, by dividends to be made on the last days of March, June and September for the present year, and from the year one thousand seven hundred and ninety-seven, to the year one thousand eight hundred and eighteen inclusive, at the rate of one and one half per centum upon the original capital. Secondly, by dividends to be made on the last day of December for the present year, and from the year one thousand seven hundred and ninety-seven, to the year one thousand eight hundred and seventeen inclusive, at the rate of three and one half per centum upon the original capital; and by a dividend to be made on the last day of December, in the year one thousand eight hundred and eighteen, of such a sum, as will be then adequate, according to the contract, for the final redemption of the said stock.

458.

(Section 2 makes similar provision for the reimburse- 1 Stat. L., ment of the stock bearing six per cent after the year 1800, by a like series of dividends beginning March 31, 1801, and ending December 31, 1824.

(Section 3 extends these provisions to all balances of stock, bearing a present or deferred interest of six per cent, standing to the credit of the States, under the act of May 31, 1794; and section 4 appropriates, in addition to sums already appropriated, such a sum of the duties on goods imported, on tonnage, and on spirits distilled in the United States and on stills, as shall be sufficient, with monies already applicable, to reimburse the said balances, in the manner directed.)

sioners may apsecre

tary.

SEC. 5. And be it further enacted, That it shall be The commis lawful for the commissioners of the sinking fund, to point a appoint a secretary, whose duty it shall be, to record and preserve their proceedings and documents, and to certify copies thereof, when thereunto duly required; and the said secretary shall be allowed a compensation not exceeding two hundred and fifty dollars, annually, for his services.

Approved, April 28, 1796.

His compensation.

ACT OF MAY 6, 1796.

1

CHAP. XXI.-An act authorizing a loan for the use of Stat. L., the city of Washington, in the District of Columbia, and for other purposes therein mentioned.

(NOTE. This act provided that the Commissioners of the city of Washington might borrow certain sums of money to carry into effect the act establishing the seat of government; certain lots were made chargeable with the repayment of such loans, and if the proceeds of the lots should be insufficient the United States should be liable for the balance; and the act of April 18, 1798 (1 Stat. L., 551) authorized the President to cause to be loaned to -aid commissioners the sum of one hundred thousand dollar; which sum was declared to be in full of the monies which the said commissioners were authorized to borrow under the act of May 6, 1796.)

ACT OF MAY 30, 1796.

487.

1 Stat. L., CHAP. XLI.-An act making further provision for the expense attending the intercourse of the United States with foreign nations; and to continue in force the act, intituled "An act providing the means of intercourse between the United States and foreign nations."

*

*

*

*

President of the United

SEC. 5. And be it further enacted, That the President States to bor- of the United States be authorized to borrow, on the

row not ex

ceeding $324, credit of the United States, if, in his opinion, the public

539.06.

service shall require it, a sum not exceeding three hun-
dred and twenty-four thousand five hundred and thirty-
nine dollars and six cents, at an interest not exceeding
six per centum per annum, reimbursable at the pleasure
of the United States, to be applied to the purposes of
this act, and to be repaid out of the duties on imports
and tonnage accruing during the present year, and not
otherwise appropriated: and it shall be lawful for the
Bank of the United States to lend the same.
Approved, May 30, 1796.

ACT OF MAY 31, 1796.

488.

1 Stat. L., CHAP. XLIV.-An act making provision for the payment of certain debts of the United States.

[Expired.]

(Sections 1 and 2 authorize the commissioners of the sinking fund to borrow a sum not exceeding five millions of dollars, to be used in paying the capital of any debt due by the United States to the Bank of the United States, or to the Bank of New York, or any instalment of foreign debt, the loan to bear an interest of six per cent, payable quarter yearly, and to be redeemable at the pleasure of the United States after the close of the year 1819. The Bank of the United States is authorized to lend the whole sum and to sell the stock received therefor. Credits for the sums borrowed are to be entered on the books of the Treasury, and certificates "for sums not less than one hundred dollars" are to be issued by the Register, and are to be transferable and the interest thereon is to be payable, as provided in sections 7 and 8 of the act of August 4, 1790.)

SEC. 3. And be it further enacted, That it shall be row may be ex deemed a good execution of the power to borrow, herein

HOW the power to bor

[ocr errors]
« iepriekšējāTurpināt »