2

610.

[Obsolete.]

ized.

for such loan to be made of the Bank of the United States, any thing in any act of Congress to the contrary notwithstanding.

Approved, June 28, 1809.

ACT OF MAY 1, 1810.

Stat. L., CHAP. XLV.-An act authorizing a loan of money, for a sum not exceeding the amount of the principal of the public debt, reimbursable during the year one thousand eight hundred and ten.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress asLoan author- sembled, 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 the amount of the principal of the public debt, which will be reimbursed, according to law, during the present year, by the commissioners of the sinking fund, at a rate of interest, payable quarter yearly, not exceeding six per centum per annum, and reimbursable at the pleasure of the United States, or at such period as may be stipulated by contract, not exceeding six years from the first day of January next; to be applied, in addition to the monies now in the Treasury, or which may be received therein from other sources during the present year, to defray any of the public expenses which are, or may be authorized by law. Stock made The stock thereby created, shall be transferable in the same manner as is provided by law for the transfer of the Bank of the funded debt. It shall be lawful for the Bank of the authorized to United States to lend the said sum, or any part thereof; and it is further hereby declared, that it shall be deemed a good execution of the said power to borrow, for the 1790, ch. 34. Secretary of the Treasury, with the approbation of the President of the United States, to cause to be constituted certificates of stock, signed by the Register of the Treasury, or by a commissioner of loans, for the sum to be borrowed, or for any part thereof, bearing an interest of six per cent. per annum, transferable and reimbursable as aforesaid; and to cause the said certificates of stock to be sold: Provided, That no such stock be sold under par.

transferable.

United States

lend money.

the

(By section 2 the Secretary of the Treasury is authorized, with the approbation of the President, to give the preference, among subscribers to the loan here provided for, to the holders of exchanged six per cent stock issued

under the act of February 11, 1807, to an amount not exceeding for any stockholder the amount of such exchanged stock held by him: provided, that the sum thus borrowed from holders of the exchanged stock shall be reimbursable at the pleasure of the United States.)

pledged for the

principal and

SEC. 3. And be it further enacted, That so much of the Funds funds constituting the annual appropriation of eight mil-payment of lions of dollars for the payment of the principal and in- Interest. terest of the public debt of the United States, as may be wanted for that purpose, is hereby pledged and appropriated for the payment of the interest and for the reimbursement of the principal of the stock, which may be created by virtue of this act. It shall accordingly 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 interest accruing on the said stock, and to reimburse the principal, as the same shall become due, and may be discharged in conformity with the terms of the loan; and they are further authorized to apply, from time to time, such sum or sums out of the said fund as they may think proper, towards redeeming by purchase, and at a price not above par, the principal of the said stock or any part thereof. And the faith of the United States is hereby pledged to establish sufficient revenues for making up any deficiency that may hereafter take place in the funds hereby appropriated for paying the said interest and principal sums, or any of them, in manner aforesaid. Approved, May 1, 1810.

ACT OF MARCH 2, 1811.

CHAP. XXXII.-An act authorizing a loan of money, for 2 Stat. L., a sum not exceeding five millions of dollars.

656.

[Obsolete.]

President authorized to

000.

Be it enacted by the Senate and House of Representatices of the United States of America in Congress assembled, That the President of the United States be, and he i- hereby empowered to borrow, on the credit of the borrow $5,000,United States, a sum not exceeding five millions of dollar, at a rate of interest, payable quarter yearly, not exding six per centum per annum, and reimbursable at the pleasure of the United States, or at such periods as may be stipulated by contract, not exceeding six years

Proviso.

Funds pledged for

etc.

from the first day of January next; to be applied in addition to the monies now in the Treasury, or which may be received therein from other sources during the present year, to defray any of the public expenses which are or may be authorized by law. The stock thereby created shall be transferable in the same manner as is provided by law for the transfer of the funded debt: And it is further hereby declared, That it shall be deemed a good execution of the said power to borrow, for the Secretary of the Treasury, with the approbation of the President of the United States, to cause to be constituted certificates of stock, signed by the Register of the Treasury, or by a commissioner of loans for the sum to be borrowed, or for any part thereof, bearing an interest of six per cent. per annum, transferable and reimbursable as aforesaid; and to cause the said certificatés of stock to be sold at auction, after having given thirty days' public notice of the time and place of such sale: Provided, That no such stock be sold under par.

SEC. 2. And be it further enacted, That so much of the paying interest, funds constituting the annual appropriation of eight millions of dollars, for the payment of the principal and interest of the public debt of the United States, as may be wanted for that purpose, is hereby pledged and appropriated for the payment of the interest, and for the reimbursement of the principal of the stock, which may be created by virtue of this act. It shall accordingly 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 interest accruing on the said stock, and to reimburse the principal as the same shall become due, and may be discharged in conformity with the terms of the loan; and they are further authorized to apply, from time to time, such sum or sums out of the said fund, as they may think proper, towards redeeming by purchase, and at a price not above par, the principal of the said stock or any part thereof. And the faith of the United States is hereby pledged to establish sufficient revenues for making up any deficiency that may hereafter take place in the funds hereby appropriated for paying the said interest and principal sums, or any of them in manner aforesaid. Approved, March 2, 1811.

ACT OF MARCH 14, 1812.

694.

CHAP. XLI.—An act authorizing a loan for a sum not 2 Stat. L., exceeding eleven millions of dollars.

(By sections 1 and 2 the President is authorized to borrow on the credit of the United States, in order to defray expenses authorized by law during the present session of Congress, a sum not exceeding eleven millions of dollars, at an interest not exceeding six per cent per annum, payable quarter yearly. No contract is to be made precluding reimbursement at any time after the expiration of twelve years from January 1, 1813, and none of the stock is to be sold under par.)

and interest.

SEC. 3. And be it further enacted, That so much of the Funds pledged for pay funds constituting the annual appropriation of eighting principal millions of dollars, for the payment of the principal and interest of the public debt of the United States, as may be wanted for that purpose, after satisfying the sums necessary for the payment of the interest and such part of the principal of the said debt as the United States are now pledged annually to pay or reimburse, is hereby pledged and appropriated for the payment of the interest, and for the reimbursement of the principal of the stock which may be created by virtue of this act; it shall accordingly be the duty of the commissioners of the sinking fund, to cause to be applied and paid out of the said fund yearly, such sum and sums as may be annually wanted to discharge the interest accruing on the said stock, and to reimburse the principal as the same shall become due, and may be discharged in conformity with the terms of the loan; and they are further authorized to apply, from time to time, such sum or sums out of the said fund as they may think proper, towards redeeming by purchase, and at a price not above par, the principal of the said stock, or any part thereof. And the faith of Faith of the the United States is hereby pledged to establish sufficient pledged for the revenues for making up any deficiency that may here- of sufficient after take place in the funds hereby appropriated for make up defipaying the said interest and principal sums, or any of them, in manner aforesaid.

United States

establishment

revenue

ciencies.

to

the banks in

Columbia to

SEC. 4. And be it further enacted, That it shall be, Lawful for awful for any of the banks in the District of Columbia the District of to lend any part of the sum authorized to be bor- make the loan rowed by virtue of this act, any thing in any of their thereof.

15712°-10-6

or any part

charters of incorporation to the contrary nothwithstanding.

Approved, March 14, 1812.

NOTE.-By the act of July 6, 1812, authority is given for the employment of agents for the purpose of selling any part of the stock authorized above, and a commission not exceeding one-eighth of one per cent is allowed. (2 Stat. L., 784.)

ACT OF JUNE 30, 1812.

2 Stat. L., CHAP. CXI.-An act to authorize the issuing of Treas

766.

[Obsolete.]

cause Treasury

ury notes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assemPresident to bled, That the President of the United States be, and notes to issue. he is hereby authorized to cause Treasury notes for such sum or sums as he may think expedient, but not exceeding in the whole the sum of five millions of dollars, to be prepared, signed and issued in the manner herein. after provided.

Said notes reim

to be bursed.

Secretary of the Treasury,

rection of the

cause a portion

be issued, etc.

SEC. 2. And be it further enacted, That the said Treasury notes shall be reimbursed by the United States, at such places, respectively, as may be expressed on the face of the said notes, one year, respectively, after the day on which the same shall have been issued: from which day of issue they shall bear interest, at the rate of five and two-fifths per centum a year, payable to the owner and owners of such notes, at the Treasury, or by the proper commisisoner of loans, at the places and times respectively designated on the face of said notes for the payment of principal.

(Section 3 provides for the signing and countersigning of the notes, and for the compensation of the persons employed for this purpose.)

SEC. 4. And be it further enacted, That the Secretary under the d of the Treasury be, and he is hereby authorized, with the President, to approbation of the President of the United States, to of said notes to cause to be issued such portion of the said Treasury notes as the President may think expedient in payment of supplies, or debts due by the United States, to such public creditors, or other persons, as may choose to receive such notes in payment, as aforesaid, at par: and the Secretary of the Treasury is further authorized, with the approbation of the President of the United States, to borrow,