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persons who may have purchased public lands previous to the passage of this act, to pay for the same in stock, shall in no wise be affected or impaired: And provided further, That there shall be allowed on every payment made in money, at or before the same shall fall due, for lands purchased before the thirtieth day of April, one thousand eight hundred and six, in addition to the discounts now allowed by law, a deduction equal to the difference at the time of such payment, between the market price of six per cent. stock and the nominal value of its unredeemed amount, which market price shall, from time to time, be stated by the Secretary of the Treasury to the officers of the several land-offices.

at

chases may be

public debt of

States.

SEC. 2. And be it further enacted, That the commis-Rates which pursioners of the sinking fund shall not be authorized to made of the purchase any of the several species of the public debt, the United at a higher price than at the rates following, that is to say; they shall not pay more for three per cent. stock than sixty per cent. of its nominal value; nor for any other species of the public debt more than the nominal value of its unredeemed amount, the eight per cent. stock only excepted; for which they shall be authorized, in addition thereto, to give at the rate of one half of one per cent. on the said nominal value, for each quarterly dividend which may be payable on such purchased stock, from the time of such purchase to the first day of January, one thousand eight hundred and nine.

Repeal of

the

as to the mode

purchase.

SEC. 3. And be it further enacted, That so much of any part of a foract as directs that (purchasers) purchases of the public mer law, redebt, by the commissioners of the sinking fund, shall be commissioners. made within the thirty days next ensuing after each day and time of on which a quarterly payment of interest on the debt of the United States shall become due; and also so much of any act as directs that the said purchases shall be made by open purchase or by sealed proposals, be, and the same hereby is repealed. And the said commissioners are hereby authorized to make such purchases, under the restrictions laid by the preceding section, in such manner, and at such times and places as they shall deem most eligible; and for that purpose to appoint a known agent or agents, to whom they may allow a commission, not exceeding one-fourth of one per cent. on the respective purchases of such agents.

Approved, April 18, 1806.

1792, ch. 38, sec. 7, 8.

ACT OF FEBRUARY 11, 1807.

2 Stat. L., CHAP. XII.—An act supplementary to the act, intituled

415.

The redemp

tion of the pub

only be done by

"An act making provision for the redemption of the whole of the public debt of the United States."

Whereas it is desirable to adapt the nature of the prolic debt can vision for the redemption of the public debt to the present voluntary sub circumstances of the United States, which can only be done by a voluntary subscription on the part of the creditors:

scription.

29. 1802, ch.

32.

Subscription

full amount of

cent. deferred

stock, to be

Treasury and

loan offices.

fecting the subscription.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assemAct of April bled, That a subscription to the full amount of the old six per cent. deferred and three per cent. stocks be, and the books to the same is hereby proposed; for which purpose books shall the old & per be opened at the Treasury of the United States, and by and 3 per cent. the several commissioners of loans, on the first day of opened at the July next, to continue open until the seventeenth day of the several March next following, inclusively, the fourteen last days Mode of ef of each quarter excepted, for such parts of the above mentioned descriptions of stock, as shall, on the day of subscription, stand on the books of the Treasury, and of the several commissioners of loans, respectively; which subscription shall be effected by a transfer to the United States, in the manner provided by law for such transfers, of the credit or credits standing on the said books, and by a surrender of the certificates of the stock subscribed. SEC. 2. And be it further enacted, That for the whole or sums subscribed any part of any sum which shall thus be subscribed, in old cent. stock, and six per cent, or deferred stock, credits shall be entered to given in 6 per the respective subscribers, and the subscriber or sub

Credits to be given for any

in old 6 per

new certificates

cent. stock.

scribers shall be entitled to a certificate, or certificates, purporting that the United States owe to the holder or holders thereof, his, her, or their assigns, a sum to be expressed therein, equal to the amount of principal of the stock thus subscribed, which shall remain unredeemed on the day of such subscription, bearing an interest of six per centum per annum, payable quarter yearly, from the first day of the quarter, during which such subscription shall have been made, transferable in the same manner as is provided by law for the transfers of the stock subSubject to re- scribed, and subject to redemption at the pleasure of the pleasure of the United States: Provided, That no single certificate shall be issued for an amount greater than ten thousand dol

demption at the

United States.

reimbursement.

given previous

lars: And provided further, That no reimbursement shall Proviso as to be made except for the whole amount of any such new Notice to be certificate, nor till after at least six months' previous to reimbursepublic notice of such intended reimbursement.

ment.

At what rate

per cent. stock

scribed to bear

6 per cent.

SEC. 3. And be it further enacted, That for the whole, credits are to or any part of any sum which shall thus be subscribed in be given for 3 three per cent. stock, credits shall likewise be entered to subscribed. the respective subscribers; and the subscriber, or subscribers, shall be entitled to a certificate,, purporting that the United States owe to the holder or holders thereof, his, her, or their assigns, a sum to be expressed therein, equal to sixty-five per centum of the amount of the principal of the stock thus subscribed, bearing an interest of Sums six per centum, per annum, payable quarter yearly, from an interest of the first day of the quarter, during which such subscription shall have been made, and transferable and subject to redemption in the same manner, and under the same regulations and restrictions, as the stock created by the preceding section of this act: Provided, That no part of the When reimstock thus created, shall be reimbursable without the assent of the holder, or holders of such stock, until after the whole of the eight per cent. and four and a half per cent. stocks, as well as all the six per cent. stock which may be created by virtue of the preceding section, shall have been redeemed.

(Section 4 authorizes the commissioners of the sinking fund to appoint an agent in London and another in Amsterdam to receive subscriptions and transfers and to issue new certificates in favor of stockholders residing in Europe.

(Section 5 provides that stockholders subscribing either in the United States or in Europe, but resident in Europe, may at their option receive the interest on the new stock either in the United States or in London or Amsterdam; if in London, at the rate of four shillings and six pence sterling for the dollar, and if in Amsterdam at the rate of two and a half guilders for the dollar, credits therefor being entered and transferable only on the books of the treasury; provided, that the interest thus payable abroad hall not be payable until six months after the day for payment in the United States, and shall be subject to a deduction of one-half of 1 per cent on its amount for commission; and provided also, that the certificates of stock thus held may be exchanged for others bearing interest payable in the United States.)

bursable.

Funds now

pledged for the

terest and the

of principal of

to remain

SEC. 6. And be it further enacted, That the same funds payment of in- which heretofore have been, and now are, pledged, by law, reimbursement for the payment of the interest, and for the redemption the public debt or reimbursement of the stock which may be subscribed by pledged for the virtue of the provisions of this act, shall remain pledged terest and re- for the payment of interest accruing on the stock created principal of by reason of such subscription, and for the redemption or scribed. reimbursement of the principal of the same.

payment of in

imbursement of

stock sub

Commission

fund to cause

annually, such

sums as may

be required for

It shall be the duty of the commissioners of the sinking fund to cause to be applied, and paid out of the said fund, yearly, and every year, such sum, and sums, as may be annually wanted to discharge the annual interest and charges' accruing on the stock which may be created by virtue ers of sinking of this act. The said commissioners are hereby authorto be applied, ized to apply, from time to time, such sum and sums, out Sucy of the said fund, as they may think proper, towards rethe interest and deeming, by purchase, or by reimbursement, in conformso much as they ity with the provisions of this act, the principal of the said stock. And the annual sum of eight millions of redeeming, etc. dollars, vested by law in the said commissioners, shall be, and continue appropriated to the payment of interest and redemption of the public debt, until the whole of the stock which may be created by the preceding sections of this act, shall have been redeemed, or reimbursed. (Section 7 provides compensation of agents, clerk hire, etc.)

charges; and

may think

proper toward

Certifica tes intended to be reimbursed to

imburse ment

to be given to

certificates

as

notice of their

imbursed.

the Treasury to

lot, etc.

SEC. 8. And be it further enacted, That whensoever be designated. notice of reimbursement shall be given, as prescribed by In every re the second and third sections of this act, the certificates the preference intended to be reimbursed, shall be designated therein. such holders of In every reimbursement the preference shall be given to may have given such holders of certificates as, previous to the said notice, wish to be re-shall have notified in writing to the Treasury Department Secretary of their wish to be reimbursed. If there should not be apdetermine by plications to the Treasury sufficient to require the payment of the whole sum to be applied to that purpose, the Secretary of the Treasury, after paying off all sums for the payment of which application shall have been made, shall determine, by lot, what other certificates shall be reimbursed so as to make up the whole amount to be discharged; and in case the applications shall exceed the amount to be discharged, the Secretary of the Treasury shall proceed to determine, by lot, what applications shall be entitled to priority of payment.

commissioners

form such reg

SEC. 9. And be it further enacted, That the agents ap- Agents and pointed by virtue of this act, and the several commis- of loans to persioners of loans, shall observe and perform such directions ulations as and regulations, as shall be prescribed to them by the scribed by the Secretary of the Treasury, touching the execution of this Treasury.

act.

shall be pre

Secretary of the

the rights of

to the loan

SEC. 10. And be it further enacted, That nothing in Saving of this act contained shall be construed, in any wise, to nonsubscribers alter, abridge, or impair the rights of those creditors of created by this the United States, who shall not subscribe to the loan

created by virtue of this act.

Approved, February 11, 1807.

ACT OF MARCH 3, 1809.

act.

535.

CHAP. XXVIII-An act further to amend the several 2
acts for the establishment and regulation of the Treas-
ury, War, and Navy Departments.

*

*

*

(Section 4 provides that disbursing agents for the army and navy, shall, whenever practicable,

* 66

keep the public monies in their hands, in some incorporated bank, to be designated for the purpose by the President of the United States," and shall make monthly

returns thereof.)

Approved, March 3, 1809.

ACT OF JUNE 28, 1809.

CHAP. X.-An act supplementary to the act, entituled "An act making further provision for the support of public credit, and for the redemption of the public debt."

Stat. L.,

2 Stat. L.,

551.

Act of Mar. 3, 1795, ch. 45.

Powers of

the commis

Be it enacted by the Senate and House of Representatires of the United States of America in Congress assembled, That the powers vested in the commissioners of the sinking fund, by the tenth section of the act to which this act is a supplement, shall extend to all the cases of sioners of the reimbursement of any instalments or parts of the capital, extended. or principal, of the public debt now existing, which may become payable according to law. And in every case in which a loan may be made accordingly, it shall be lawful

sinking fund

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