granted, for the said commissioners of the sinking fund, to cause to be constituted, certificates of stock of the description herein mentioned, and to cause the same to be sold in the United States, or elsewhere: Provided, That no more than one moiety of the said stock shall be sold under par: And it shall be lawful for the commissioners of the sinking fund, if they shall find the same to be most advantageous, to sell such and so many of the shares of the stock of the Bank of the United States, belonging to the United States, as they may think proper; and that they apply the proceeds thereof to the payment of the said debts, instead of selling certificates of stock, in the manner prescribed in this act. And such of the revenues of the AppropriaUnited States, heretofore appropriated for the payment ment of the of interest of debts, thus discharged, shall be, and the same are hereby pledged and appropriated, towards the payment of the interest, and instalments of the principal, which shall hereafter become due, on the loan obtained of the Bank of the United States, pursuant to the eleventh section of the act for incorporating the subscribers to the said bank. tion for pay interest. Funds appro priated for pay ment of inter est and princi SEC. 4. And be it further enacted, That such of the revenues of the United States, heretofore appropriated for the payment of interest on such debts as may be pal. liberated or set free, by payments from the proceeds of the loan herein proposed, together with such further sums of the proceeds of the duties on goods, wares and merchandise imported; on the tonnage of ships or vessels; and upon spirits distilled in the United States, and stills; as may be necessary, shall be, and the same are hereby pledged and appropriated for the payment of the interest which shall be payable upon the sums subscribed to the said loan; and shall continue so pledged and appropriated, until the principal of the said loan shall be fully reimbursed and redeemed. SEC. 5. And be it further enacted, That the principal of the said loan, bearing interest as aforesaid, shall remain fixed and irredeemable by the United States, until the close of the year one thousand eight hundred and nineteen; after which period, the said loan shall be redeemed, at the pleasure of the United States: and the funds which shall be liberated by the discharge of the stock of the United States, bearing a present interest of six per centum, or so much thereof, as may be necessary, shall be, Principal ir til, the year redeemable un 1819. treasury de in. and the same are hereby pledged and appropriated for the said redemption. Duty of SEC. 6. And be it further enacted, That the department partment here- of the treasury, according to the respective duties of the officers thereof, shall, and they are hereby directed to establish such forms and rules of proceeding, touching the execution of this act, as shall be conformable with the provisions thereof. 493. [Obsolete.] Approved, May 31, 1796. ACT OF JUNE 1, 1796. 1 Stat. L., CHAP. LI.-An act making appropriations for the support of the military and naval establishments for the year one thousand seven hundred and ninety-six. Out of what funds payable. United States * * * * (Section 2 makes reference to authority of Bank of the United States to make a loan.) President of SEC. 3. And be it further enacted, That the President of may borrow the United States be empowered to borrow, at an interest isfy this act. not exceeding six per centum, of the Bank of the United $650,000 to sat 503. States, which is hereby authorized to lend the same; or of any body or bodies politic, person or persons, any sum or sums not exceeding in the whole, six hundred and fifty thousand dollars, and to be applied to the purposes aforesaid, and to be reimbursed, as well interest as principal, out of the funds aforesaid. 1 Stat. L., CHAP. X.-An act for raising a further sum of money, by additional duties on certain articles imported, and for other purposes. tion of duties. * Appropria- SEC. 6. And be it further enacted, That the proceeds of the duties laid by this act, shall be solely appropriated to the following purpose; that is to say: First, for the payment of the principal of the present foreign debt of the United States: Secondly, for the payment of the principal of the debt now due by the United States to the Bank of the United States. Approved, March 3, 1797. ACT OF MARCH 3, 1797. 507. CHAP. XIV.-An act to authorize the receipt of evidences 1 Stat. L., of the public debt, in payment for the lands of the [Obsolete.] United States. Stock of the United States ment for west Be it enacted by the Senate and House of Representatices of the United States of America in Congress assembled, That the evidences of the public debt of the United States, shall be receivable in payment for any of the lands received in paywhich may be hereafter sold in conformity to the act, ern lands. intituled "An act providing for the sale of the lands of the United States, in the territory northwest of the river Ohio, and above the mouth of Kentucky River," at the following rates, viz.: the present foreign debt of the United States, and such debt, or stock, as, at the time of payment, shall bear an interest of six per centum per annum, shall be received at their nominal value; and the other species of debt, or stock, of the United States, shall be received at a rate bearing the same proportion to their respective market price, at the seat of Government, at the time of payment, as the nominal value of the above mentioned six per centum stock shall, at the same time, bear to its market price at the same place; the Secretary of the Treasury, in all cases, determining what such market price is. Approved, March 3, 1797. (Section 5 of the act of May 10, 1800, chapter 55 (2 Stat. L., 73), contains a similar provision. (Section 1 of the act of April 18, 1806, chapter 50 (2 Stat. L., 405), repeals the acts authorizing the receipt of evidences of the public debt in payment for land after the 30th of April, 1806.) NOTE-This provision is also made applicable under the act of May 10, 1800, amending the acts providing for the sale of public lands. (2 Stat. L., 74.) ACT OF MARCH 3, 1797. 516. CHAP. XXV.—An act extending the time for receiving Stat. L., on loan the domestic debt of the United States. [Obsolete.] Be it enacted by the Senate and House of Representatires of the United States of America in Congress assem- Time extendbled, That all the several provisions of the act, intituled mestic debt. ed to loan do "An act further extending the time for receiving on loan the domestic debt of the United States," passed the nine1796, ch. 2. teenth day of February, one thousand seven hundred and ninety-six, be, and they are hereby continued in force, until the thirty-first day of December next, and no longer: Provided, That nothing herein contained, shall be construed to extend to any evidence of public debt, which may be barred by any act of limitation. 1 Stat. L., 534. [Obsolete.] New loan of $800,000. paid. Approved, March 3, 1797. ACT OF JULY 8, 1797. CHAP. XVI.-An act authorizing a loan of money. SECTION 1. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the President of the United States be, and he is hereby empowered to borrow on the credit of the United States, a sum not exceeding eight hundred thousand dollars, at an interest not exceeding six per centum per annum, reimburseable at the pleasure of the United States, or at such period as may be stipulated by contract not exceeding five years from the time of obtaining the loan, to be applied to such public purposes as are How to be or may be authorized by law, and to be repaid out of the revenues accruing to the end of the present year and such further revenues as have been, or may be provided during the present session of Congress; and it shall be lawful for the Bank of the United States to lend the said sum. SEC. 2. And be it further enacted, That in case the exthe Unitedisting revenues of the United States, together with such to make provi- further revenues as have been or may be provided, during the present session, shall be insufficient to discharge and reimburse the said loan, the faith of the United States is hereby pledged to make such further provision therefor, as may be necessary. In case of deficiency faith of States pledged sion for it. 562. Approved, July 8, 1797. ACT OF JUNE 12, 1798. 1 Stat. L., CHAP. LI.—An act respecting loan office and final settlement certificates, indents of interest, and the unfunded or registered debt credited in the books of the Treasury. (By section 1 the time fixed by section 14 of the act of March 3, 1795, for the presentation of loan office cer tificates, final settlements, and indents of interest, is extended for one year. (Sections 2 and 3 provide that on the settlement of such certificates and indents of interest, the creditors may receive three per cent stock of the United States, to the amount of the indents and of arrearages of interest on certificates accruing prior to January 1, 1791; and that the principal sums of the certificates, with interest since January 1, 1791, shall be discharged by reimbursement equal to the sum which would have been payable if the certificates had been subscribed, and by payment of the market value of the remaining funded stock which would have been created by such subscription. (The remaining sections forbid the officers of the Treasury to issue any further certificates of registered or unfunded debt; require the commissioners of the sinking fund to reimburse the principal sums of the unfunded or registered debt; and authorize the creditors of the unfunded or registered debt to receive three per cent stock equal to the arrearages of interest due to them prior to January 1, 1791.) Approved, June 12, 1798. ACT OF JULY 9, 1798. 1 Stat. L, [Obsolete.] CHAP. LXIX.—An act limiting the time, within which 580. claims against the United States, for credits on the books of the Treasury, may be presented for allowance. Be it enacted by the Senate and House of Representatires of the United States of America in Congress assembled, That all credits on the books of the Treasury of the United States, for transactions during the late war, which, according to the course of the Treasury, have hitherto been discharged by issuing certificates of registered debt, shall be forever barred and precluded from settlement or allowance, unless claimed by the proper creditors, or their legal representatives on or before the first day of March, in the year one thousand seven hundred and ninety-nine. And the Secretary of the Treasury is hereby required to cause this act to be published in one or more of the public papers of each State. Approved. July 9, 1798. |