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ACT OF JULY 16, 1798.

607.

1 Stat. L., CHAP. LXXIX.-An act to enable the President of the United States to borrow money for the public service.

[Obsolete.]

dent may

lions of dollars.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress asThe Pressembled, That the President of the United States shall be, row five mil- and hereby is authorized to borrow, on behalf of the United States, from the Bank of the United States, which is hereby authorized to lend the same, or from any other body or bodies politic or corporate, or from any person or persons and upon such terms and conditions as he shall judge most advantageous for the United States, a sum not exceeding five millions of dollars, in addition to the monies to be received into the Treasury of the United States, from taxes, for making up any deficiency in any appropriation heretofore made by law, or to be made during the present session of Congress; and defraying the expenses which may be incurred, by calling into actual service, any part of the militia of the United States, or by raising, equipping and calling into actual service any regular troops, or volunteers, pursuant to authorities vested or to be vested in the President of the United Reservation States, by law: Provided, that no engagement nor conreimburse after tract shall be entered into, which shall preclude the United States from reimbursing any sum or sums borrowed at any time after the expiration of fifteen years from the date of such loan.

of the right to

fifteen years.

of

Surplus the duties on

SEC. 2. And be it further enacted, That so much as may imports and be necessary of the surplus of the duties on imports and pledged for the tonnage, beyond the permanent appropriations heretoprincipal and fore charged upon them by law, shall be and hereby is

tonnage

payment of

interest.

pledged and appropriated for paying the interest of all such monies as may be borrowed, pursuant to this act, according to the terms and conditions on which the loan or loans, respectively, may be effected; and also for paying and discharging the principal sum or sums of any such loan or loans, according to the terms and conditions Permanent to be fixed, as aforesaid. And the faith of the United making up the States shall be and hereby is pledged, to establish suffiestablished. cient permanent revenues for making up any deficiency

revenues for

deficiency to be

that may hereafter appear in the provisions for paying the said interest and principal sums, or any of them, in manner aforesaid.

Sums bor

the

tion of the

SEC. 3. And be it further enacted, That the sums to be rowed, to be borrowed, pursuant to this act, shall be paid into the paid into Treasury, etc. Treasury of the United States, and there separately ac- Appropriacounted for; and that the same shall be and hereby are same. appropriated in manner following: First, to make up any deficiency in any appropriation heretofore made by law, or to be made, during the present session of Congress; and, secondly, to defray the expenses which may be incurred before the end of the next session of Congress, by calling into actual service, any part of the militia of the United States, or by raising, equipping and calling into actual service, any regular troops, or volunteers, pursuant to authorities vested or to be vested in the President of the United States, by law. Approved, July 16, 1798.

ACT OF JULY 16, 1798.

609.

CHAP. LXXXIV.-An act making certain appropria-1 Stat. L., tions; and to authorize the President to obtain a loan on the credit of the direct tax.

*

dent may bor

lions on the

direct tax.

SEC. 2. And be it further enacted, That the President The Presiof the United States shall be, and he is hereby authorized row two mil. to borrow of the Bank of the United States, who are credit of the hereby enabled to lend the same, or of any other corporation, persons or person, the sum of two millions of dollars, upon the credit, and in anticipation of the direct tax, laid and to be collected within the United States; which tax shall be, and is hereby pledged for the repayment of any loan which shall be obtained thereon, as aforesaid; and the faith of the United States shall be, and is hereby pledged to make good any deficiency: Provided, that the interest to be allowed for such loan, shall not exceed six per centum per annum; and that the principal shall be reimbursed at the pleasure of the United States. Approved, July 16, 1798.

616.

[Expired.]

ACT OF FEBRUARY 15, 1799.

1 Stat. L, CHAP. III.—An act respecting balances reported against certain States, by the commissioners appointed to settle the accounts between the United States and the several States.

assuming to

pend in fortifi

their debts,

discharge, etc.

SECTION 1. Be it enacted by the Senate and House of Representatives of the United States of America in ConDebtor States gress assembled, That if any state, against which a balance pay or to ex was reported by the commissioners appointed to settle the cations a sum accounts between the United States and the several states, in money or in stock equal to shall, on or before the first day of April, one thousand eight may obtain a hundred, by a legislative act, engage to pay into the treasury of the United States within five years after passing such legislative act, or to expend, within the time last mentioned, in erecting, enlarging or completing any fortifications for the defence of the United States at such place or places the jurisdiction whereof, having been, previously to such expenditure, ceded by such state to the United States, with reservation that process civil and criminal issuing under authority of such state, may be served and executed therein, and according to such plan or plans as shall be approved by the President of the United States, a sum in money, or in stock of the United States, equal to the balance reported as aforesaid, against such state, or to the sum assumed by the United States in the debt of such state, such payment or expenditure, when so made, shall be accepted by the United States as a full discharge of all demands on account of said balance; and the President of the United States, shall be, and hereby is authorized to cause credit to be given to such state on the books of the treasury of the United States accordLimitation ingly: Provided however, that no more than one third tions of stock part of the whole payment or expenditure that may be expended. made by any such state shall be made in three per cent stock, nor more than one third part of the remaining two Such State thirds shall be made in deferred stock: And provided the payment or also, that any such state may obtain a full discharge, as expenditure of of aforesaid, by the payment or expenditure of a sum of money, sufficient in the opinion of the Secretary of the Treasury, to purchase, at market price, the different species of stock, the payment or expenditure of which would be accepted as a full discharge, as aforesaid.

of the descrip

to be paid or

may obtain a discharge by

a

sum money, etc.

Provision

cession to the

SEC. 2. Provided always, and be it further enacted, including ex That if any such state as is aforesaid shall have expended, penditures on since the establishment of the present Government of the before their United States, any sum of money in fortifying any place United States. since ceded by such state to the United States, or which may be so ceded, within one year after the passing of this act, such expenditure having been ascertained and proved to the satisfaction of the Secretary of the Treasury, shall be taken and allowed as part of the expenditure intended by this act.

Approved, February 15, 1799.

ACT OF MARCH 2, 1799.

726.

CHAP. XXXI.—An act giving eventual authority to the 1 Stat. L., President of the United States to augment the army.

(Sections 1 to 8 provide for augmenting the military force, including volunteers, etc.)

Repealed 1802, ch. 9.

Appropriation for the

this act, and

to borrow money.

SEC. 9. And be it further enacted, That for the execution of this act, if it shall be found necessary to carry it,purposes of or any part of it into effect, there be appropriated the authority sum of two millions of dollars, and that the President be authorized to borrow, on behalf of the United States, the said sum, or so much thereof as he shall deem necessary (which the Bank of the United States is hereby empowered to lend) and upon such terms and conditions as he shall judge most advantageous to the United States. Provided, That such terms and conditions shall not restrain the United States from paying off the sum which may be borrowed, after the expiration of fifteen years.

ties pledged to

loan.

SEC. 10. And be it further enacted, That so much as Certain dumay be necessary of the surplus of the duties on imports redeem the and tonnage, beyond the permanent appropriations heretofore charged upon them by law, shall be, and hereby is pledged and appropriated for paying the interest of all -uch monies as may be borrowed pursuant to this act, according to the terms and conditions on which the loan or loans, respectively, may be effected; and also for paying, by discharging the principal sum or sums of any such loan or loans, according to the terms and conditions to be fixed as aforesaid.

Approved. March 2, 1799.

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2 Stat. L., 60. CHAP. XLII.—An act to enable the President of the United States to borrow money for the public service.

[Obsolete.]

thorized to bor

SECTION 1. Be it enacted by the Senate and House of Representatives of the United States of America in ConPresident au- gress assembled, That the President of the United States row $3,500,000. shall be, and hereby is authorized to borrow on behalf of Vol. I, 194. the United States, from the Bank of the United States, which is hereby authorized to lend the same, or from any other body or bodies politic or corporate, or from any person or persons, and upon such terms and conditions, as he shall judge most advantageous for the United States, a sum not exceeding three millions five hundred thousand dollars, in addition to the monies to be received into the Treasury of the United States from taxes, for making up any deficiency in any appropriation heretofore made by law, or to be made during the present session of Congress, and defraying the expenses which may be incurred by calling into actual service any part of the militia of the United States, or by raising, equipping and calling into actual service any regular troops or volunteers, pursuant to authorities vested, or to be vested in the President of the United States by law: Provided, That no engagement nor contract shall be entered into, which shall preclude the United States from reimbursing any sum or sums borrowed, at any time after the expiration of fifteen years from the date of such loan.

Appropriation for the

terest, and ex

of the principal.

SEC. 2. And be it further enacted, That so much as may payment of in- be necessary of the surplus of the duties on imports and tinguishment tonnage, beyond the permanent appropriations heretofore charged upon them by law, shall be and hereby is pledged and appropriated for paying the interest of all such monies as may be borrowed pursuant to this act, according to the terms and conditions on which the loan or loans respectively may be effected; and also for paying and discharging the principal sum or sums of any such loan or loans, according to the terms and conditions to be fixed as aforesaid. And the faith of the United States shall be, and hereby is pledged to establish sufficient permanent revenues for making up any deficiency, that may hereafter appear in the provisions for paying the said interest and principal sums, or any of them, in manner aforesaid. Appropria- SEC. 3. And be it further enacted, That the sums, to be proceeds of the borrowed pursuant to this act, shall be paid into the Treas

tion of the

joan.

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