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from time to time, not under par, such sums as the President may think expedient, on the credit of such notes. And it shall be a good execution of this provision to pay such notes to such bank or banks as will receive the same at par and give credit to the Treasurer of the United States for the amount thereof, on the day on which the said notes shall thus be issued and paid to such bank or banks respectively.

The notes

assignment.

To be received duties and

SEC. 5. And be it further enacted, That the said Treas- transferable by ury notes shall be transferable by delivery and assign- delivery and ment endorsed thereon by the person to whose order the same shall, on the face thereof, have been made payable. SEC. 6. And be it further enacted, That the said Treas- in payment of ury notes, wherever made payable, shall be every where taxes. received in payment of all duties and taxes laid by the authority of the United States, and of all public lands sold by the said authority. On every such payment, credit shall be given for the amount of both the principal and the interest which, on the day of such payment, may appear due on the note or notes thus given in payment. And the said interest shall, on such payments, be computed at the rate of one cent and one half of a cent per day on every hundred dollars of principal, and each month shall be computed as containing thirty days.

(Section 7 provides that any public officer who may receive such Treasury notes shall, on payment of the same into the Treasury or into any bank where public monies are deposited, be credited with the principal of the notes so paid in, and the interest which may then have accrued, and shall be charged with the interest accruing on the notes while in his hands. But no such charge for accruing interest shall be made against any bank receiving payment for the United States from individuals or publie officers, which shall receive such notes as specie and shall credit the Treasurer of the United States with the amount thereof, including the interest due on the day of receipt.)

Commissioners of sinking

fund to reim

burse principal

said notes.

SEC. 8. And be it further enacted, That the commissioners of the sinking fund be, and they are hereby authorized and directed to cause to be reimbursed and paid and interest of the principal and interest of the Treasury notes which may be issued by virtue of this act, at the several time and times when the same, according to the provisions of this act, should be thus reimbursed and paid. And the said commissioners are further authorized to make pur

tion for said re

chases of the said notes, in the same manner as of other evidences of the public debt, and at a price not exceeding par, for the amount of the principal and interest due Appropria- at the time of purchase on such notes. So much of the imbursement. funds constituting the annual appropriation of eight millions of dollars, for 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 and reimburse, is hereby pledged and appropriated for the payment of the interest, and for the reimbursement or purchase of the principal of the said notes. And so much of any monies in the Treasury not otherwise appropriated as may be necessary for that purpose is hereby appropriated for making up any deficiency in the funds thus pledged appropriated for paying the principal and interest as aforesaid.

2

771.

(Sections 9 and 10 provide for the expense of preparing the notes for issue, and fix the penalties for counterfeiting and for uttering counterfeited notes.)

Approved, June 30, 1812.

ACT OF JULY 1, 1812.

Stat. L., CHAP. CXV.-An act to facilitate the transfer of the stock created under an act passed on the tenth of November, one thousand eight hundred and three.

Act of Nov.

ferable as other

stock, from the

Be it enacted by the Senate and House of Representatives of the United States of America in Congress as10, 1803, ch. sembled, That the stock created under the act, entitled Stock trans: "An act authorizing the creation of a stock to the amount books of the of eleven millions two hundred and fifty thousand dolthose of lars, for the purpose of carrying into effect the convention and from the of the thirtieth of April, one thousand eight hundred books of one and three, between the United States of America and the to those of an- French Republic, and making provision for the payment

Treasury to

any

commissioner,

other, etc.

of the same," from and after the passing of this act shall be transferable in the same manner as the other stocks of the United States are or shall be transferable from the books of the treasury to the books of any commissioner, and from the books of one commissioner to those of another commissioner or to those of the treasury.

Approved, July 1, 1812.

ACT OF JULY 6, 1812.

783.

CHAP. CXXXV.-An act authorizing a subscription for 2 Stat. L., the old six per cent. and deferred stocks, and providing for an exchange of the same.

(By section 1 a subscription to the full amount of the old six per cent and deferred stocks is proposed, to remain open from October 1, 1812, to March 17, 1813, inclusively, the last fourteen days of each quarter excepted, in terms identical with those of section 1 of the act of February 11, 1807.)

which subscrip

made.

may be

SEC. 2. And be it further enacted, That for such part Terms upon of the amount of old six per cent. or deferred stock, thus tions subscribed, as shall remain unredeemed on the day of such subscription, credits shall be entered to the respective subscribers, on the books of the Treasury or of the commissioners of loans where such subscription shall have been made, and the subscriber or subscribers shall be entitled to receive 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 unredeemed amount of the principal of the old six per cent. or deferred stocks, subscribed as aforesaid, 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 subscribed, and subject to redemption at the pleasure of the United States at any time after the thirty-first day of December, one thousand eight hundred and twenty-four: Provided, That no reimbursement shall be made except for the whole amount of the stock standing at the time, to the credit of any proprietor, on the books of the Treasury or of the commissioners of loans respectively, nor till after at least -ix months' previous public notice of such intended reimbursement.

(Section 3 is identical with section 6 of the act of February 11, 1807, except that, in the concluding sentence, only such part of the annual sum of eight millions as may be necessary and wanting for the above purposes," to wit, the payment of interest and reimbursement of principal of the stock now to be created, is to continue. appropriated until the redemption of the stock.)

Proviso.

2 Stat.

784.

[Obsolete.]

SEC. 4. And be it further enacted, That nothing in this act contained shall be construed in anywise to alter, abridge or impair the rights of those creditors of the United States who shall not subscribe to the loan to be opened by virtue of this act.

Approved, July 6, 1812.

ACT OF JULY 6, 1812.

L., CHAP. CXXXVI.—An act supplementary to the act entitled “An act authorizing a loan for a sum not exceeding eleven millions of dollars."

Agents may

the Secretary

for the sale of

United States.

14, 1812,

41.

ch.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembe appointed by bled, That the Secretary of the Treasury be, and he is of the Treasury hereby authorized to employ, with the approbation of stock of the the President of the United States, an agent or agents for Act of March the purpose of selling, in conformity with the provisions of the act, entitled "An act authorizing a loan for a sum not exceeding eleven millions of dollars," any part of the stock created by virtue of the said act. A commission not exceeding one-eighth of one per cent. on the amount thus sold, may by the Secretary of the Treasury be allowed to such agent or agents; and a sum not exceeding five thousand five hundred dollars, to be paid out of any monies in the Treasury not otherwise appropriated, is hereby appropriated for paying the amount of such commission or commissions as may be thus allowed. Approved, July 6, 1812.

798.

ACT OF FEBRUARY 8, 1813.

Stat. L., CHAP. XXI.-An act authorizing a loan for a sum not exceeding sixteen millions of dollars.

President to cause to be laid

(Section 1 empowers the President to borrow, on the credit of the United States, a sum not exceeding sixteen millions of dollars, to be applied to defray expenses authorized during the present session of Congress; but no engagement is to be entered into which shall preclude the reimbursement of the loan at any time after twelve years from January 1, 1814.)

SEC. 2. And be it further enacted, That the President of before Congress the United States do cause to be laid before Congress, on

an account of

obtained

by

all the moneys the first Monday in February, eighteen hundred and foursale of certifi teen, or as soon thereafter as Congress may be in session,

cates, etc.

an account of all the monies obtained by the sale of the certificates of stock, by virtue of the power given him by the preceding section, together with a statement of the rate at which the same may have been sold.

(Section 3 authorizes the employment of agents to procure subscriptions to the stock or to sell the same and allows a commission not exceeding one-quarter of one per cent on the amount disposed of by them.

(Section 4 pledging for the support of this loan the requisite amount of the sinking fund, and prescribing the duties of the commissioners of the sinking fund, is identical with section 3 of the act of March 14, 1812.)

SEC. 5. And be it further enacted, That it shall be lawful for any of the banks in the District of Columbia, to lend any part of the sum authorized to be borrowed by virtue of this act, any thing in any of their charters of incorporation to the contrary notwithstanding. Approved, February 8, 1813.

ACT OF FEBRUARY 25, 1813.

Banks in the lumbia author

District of Co

ized to lend money under this act.

2 Stat. L., 801.

CHAP. XXVII.—An act authorizing the issuing of Treasury notes for the service of the year one thousand eight [Obsolete.] hundred and thirteen.

Act of May

Be it enacted by the Senate and House of Representatires of the United States of America in Congress assembled, That the President of the United States be, and he is hereby authorized to cause Treasury notes for such Treasury sum or sums as he may think expedient, but not exceed- 600,000 to be ing in the whole the sum of five millions of dollars, to Issued. be prepared, signed, and issued, in the manner herein after provided.

notes for $5.

sum of $5,000,rowed upon

notes.

SEC. 2. And be it further enacted, That the President Additional of the United States be, and he is hereby authorized, in 000 to be boraddition to the amount authorized by the next preceding Treasury etion of this act, to cause Treasury notes, for such sum or sums as he may think expedient, but not exceeding in the whole the further sum of five millions of dollars, to be prepared, signed, and issued in the manner herein after provided: Prorided, that the amount of money borrowed or obtained, by virtue of the notes which may be issued by virtue of this section, shall be deemed and held to be in part of the sum of sixteen millions of dollars, authorized

Proviso.

1813, ch. 21.

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