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ury of the United States, and there separately accounted for: and that the same shall be, and hereby are appropriated in the manner following:

First, to make up any deficiency in any appropriation heretofore made by law, or to be made during the present ssion 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, May 7, 1800.

ACT OF MAY 10, 1800.

CHAP. LVIII.—An act supplementary to the act entitled 2 Stat. L., 79. "An act to establish the Treasury Department.' "a

Secretary of the

Treasury to

lay before Con

of the revenue.

Be it enacted by the Senate and House of Representafices of the United States of America in Congress assemBled, That it shall be the duty of the Secretary of the Duty of the Treasury to digest, prepare and lay before Congress at the commencement of every session, a report on the sub-gress estimates ject of finance, containing estimates of the public revenue and public expenditures, and plans for improving or increasing the revenues, from time to time, for the purpose of giving information to Congress in adopting modes of raising the money requisite to meet the public expenditures.

Approved, May 10, 1800.

ACT OF APRIL 29, 1802.

2

CHAP. XXXII.-An act making provision for the re-167 Stat. L., demption of the whole of the public debt of the United [Obsolete.]

States.

the

tions for
of the public

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That so much of the duties on merchandise and ton- Appropria nage as, together with the monies, other than surpluses extinguishment of revenue, which now constitute the sinking fund, or debt. See vol. i, p. hall accrue to it by virtue of any provisions heretofore 138, 218, 275, made, and together with the sums annually required to 432, 488 512 discharge the annual interest and charges accruing on individual

"Act of September 2, 1789, chap. 12.

338, 370, 410,

562. Debts to

States, vol. 1, p. 49, 178, 616.

the present debt of the United States, including temporary loans heretofore obtained, and also future loans which may be made for reimbursing, or redeeming, any instalments, or parts of the principal of the said debt, will amount to an annual sum of seven millions three hundred thousand dollars, be, and the same hereby is yearly appropriated to the said fund; and the said sums are hereby declared to be vested in the commissioners of the sinking fund, in the same manner as the monies heretofore appropriated to the said fund, to be applied by the said commissioners to the payment of interest and charges, and to the reimbursement or redemption of the principal of the public debt, and shall be and continue appropriated until the whole of the present debt of the United States, and the loans which may be made for reimbursing or redeeming any parts or instalments of the principal of the said debt shall be reimbursed and redeemed: ProBalances of vided, That after the whole of the said debt, the old six propriation, per cent. stock, the deferred stock, the seventeen hundred disposed and ninety-six six per cent. stock and three per cent. stock excepted, shall have been reimbursed or redeemed, any balance of the sums annually appropriated by this act, which may remain unexpended at the end of six months next succeeding the end of the calendar year to which such annual appropriation refers, shall be carried to the surplus fund, and cease to be vested by virtue of this act in the commissioners of the sinking fund, and the appropriation, so far as relates to such unexpended balance, shall cease and determine.

unexpended ap

of.

tions, amount

each and every

year by Secretary of

the commis

sinking fund.

Appropria- SEC. 2. And be it further enacted, That it shall be the of, to be paid duty of the Secretary of the Treasury annually, and in the each year, to cause to be paid to the commissioners of the the Treasury to sinking fund the said sum of seven millions three hundred sioners of the thousand dollars, in such payments, and at such times, in each year as the situation of the Treasury will permit: Provided, That all such payments as may be necessary to enable the said commissioners to discharge, or reimburse, any demands against the United States, on account of the principal or interest of the debt, which shall be actually due, in conformity to the engagements of the said States, shall be made at such time and times, in each year as will enable the said commissioners faithfully and punctually to comply with such engagement.

SEC. 3. And be it further enacted, That all reimbursements of the capital, or principal of the present debt of

ment of the

present debt of United

that may be

ments on ас

est, etc., to be.

rection of the

of the sinking

be applied un

tion of the commissioners.

the United States, including future loans which may be Reimburse made for reimbursing or redeeming any instalments, or capital of the parts of the same, and all payments on account of the the States, includinterest and charges accruing upon the said debt shall being future loans made under the superintendence of the commissioners of made, and paythe sinking fund. And it shall be the duty of the said count of intercommissioners to cause to be applied and paid out of the under the disaid fund, yearly and every year, at the Treasury of the commissioners United States, the several and respective sums following, fund. Specific apto wit: first, such sum and sums as by virtue of any act propriations to or acts, they have heretofore been directed to apply and der the direc to pay secondly, such sum and sums as may be annually wanted to discharge the annual interest and charges accruing on any other part of the present debt of the United States, including the interest and charges which may accrue on future loans which may be made for reimbursing or redeeming any instalments, or parts of the principal of the said debt: thirdly, such sum and sums as may annually be required to discharge any instalment or part of the principal of the present debt of the United States, and of any future loans which may be made for reimbursing, or discharging the same, which shall be actually due and demandable, and which shall not by virtue of this, or any other act, be renewed or prolonged, or reimbursed, out of the proceeds of a new loan: and also it shall be the duty of the said commissioners to cause to be applied the surplus of such fund as may at any time exist, after satisfying the purposes aforesaid, towards the further and final redemption, by payment, or purchase, of the present debt of the United States, including loans for the reimbursement thereof, temporary loans heretofore obtained from the Bank of the United States, and those demands against the United States, under any treaty, or convention, with a foreign power, for the payment of which the faith of the United States has been, or may hereafter be pledged by Congress: Provided, however, Demands unThat the whole, or any part, of such demands, arising etc.. may be under a treaty, or convention, with a foreign power, and other moneys. of such temporary loans, may, at any time, be reimbursed, either out of the sinking fund, or, if the situation of the Treasury will permit, out of any other monies which have been, or may hereafter be, appropriated to that purpose. (Section 4 empowers the commissioners to borrow, at home or abroad, the sums requisite for payment of the

15712-10-5

der treaties,

satisfied out of

Nothing

in

this act to af

visions of for

instalments of the Dutch debt, falling due in the years from 1803 to 1806, and requires that a like sum shall be laid out in the payment or redemption of the present debt of the United States, so as to effect the annual payment of seven million three hundred thousand dollars, agreeably to the provision made above; but any loan thus made shall be reimbursable within six years from its date, and the rate of interest thereon shall not exceed five per cent, nor shall the charges exceed five per cent of the capital borrowed. The power thus given is not to diminish or affect the power to borrow given to the commissioners by section 10 of the act of March 3, 1795, or the power to sell the shares of the Bank of the United States belonging to the Government, given by section 3 of the act of May 31, 1796.

(Sections 5 and 6 authorize the commissioners, with the approbation of the President, to contract with any bank or individual for the payment, in Holland, of any part of the Dutch debt and its interest, or to employ an agent for procuring remittances for the discharge of said debt or its interest, allowing therefor a compensation not exceeding one-fourth of one per cent on the remittances procured. And the commissioners are empowered, in like manner, to employ an agent in Europe, for the transaction of any business relative to the discharge of the Dutch debt, or of any loan authorized for the discharge thereof.)

SEC. 7. And be it further enacted, That nothing in this fect the pro- act contained shall be construed to repeal, alter, or affect ing the faithof any of the provisions of any former act pledging the faith the United of the United States to the payment of the interest, or

mer acts pledg

States.

and regulations

former acts,

the

principal, of the public debt; and that all such payments shall continue to be made at the time heretofore prescribed by law; and the surplus only of the appropriations made by this act beyond the sums payable by virtue of the provisions of any former act, shall be applicable to the reimbursement, redemption, or purchase of the public debt in the manner provided by this act.

Restrictions SEC. 8. And be it further enacted, That all the restricestablished by tions and regulations heretofore established by law, for shall apply to regulating the execution of the duties enjoined upon the ers under this. commissioners of the sinking fund, shall apply to and be the sales of in as full force for the execution of the analogous duties be laid before enjoined by this act, as if they were herein particularly 1795, ch. 45. repeated and reenacted. Provided, however, That the par

Account of

stocks, etc., to

Congress.

ticular annual account of all sales of stock, of loans, and of payments, by them made, shall, hereafter, be laid before Congress on the first week of February, in each year; and so much of any former act as directed such account to be laid before Congress within fourteen days after their meeting, is hereby repealed.

Approved, April 29, 1802.

ACT OF FEBRUARY 26, 1803.

2 Stat. L.,

202.

CHAP. VIII.-An act making further provision for the expenses attending the intercourse between the United [Obsolete.] States and foreign nations.

propriation for

course.

inter

Be it enacted by the Senate and House of Representatires of the United States of America in Congress assembled, That a sum of two millions of dollars, in addition Further apto the provision heretofore made, be, and the same is foreign hereby appropriated for the purpose of defraying any extraordinary expenses which may be incurred in the intercourse between the United States and foreign nations, to be paid out of any money in the treasury, not otherwise appropriated, and to be applied under the direction of the President of the United States, who shall cause an account of the expenditure thereof to be laid before Congress, as soon as may be.

thorized to bor

The terms

imbursement.

SEC. 2. And be it further enacted, That the President President of the United States may, if he shall deem it necessary, row the money. and he hereby is authorized to borrow the whole, or any and time of repart of the said sum, at an interest not exceeding six per centum per annum, reimbursable before the year one thousand eight hundred and eleven: and it shall be lawful for the Bank of the United States to lend the whole, or any part of the same.

Surplus of

nage pledged

ment of inter

bursement of

SEC. 3. And be it further enacted, That so much as may duties on im be necessary of the surplus of the duties on imports and ports and tontonnage, beyond the permanent appropriation heretofore for the paycharged upon them by law, shall be, and hereby is pledged est and reim. and appropriated for the payment of the interest, and re- principal. imbursement of the principal of all such monies as may he borrowed in pursuance of this act, according to the terms and conditions on which the loan or loans may be effected.

Approved, February 26, 1803.

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