missioners of stock which may be created by virtue of this act. It Duty of comshall accordingly be the duty of the commissioners of sinking fund accordingly. 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. SEC. 6. And be it further enacted, That in addition Permanent to the annual sum of eight millions of dollars, heretofore provided and appropriated to the sinking fund, adequate and perma- in addition to nent funds shall during the present session of Congress, ready approbe provided and appropriated, for the payment of the sinking fund. interest and reimbursement of the principal of said stock created by this act. funds to be a p p ropriated, the sum alpriated to the sinking fund war debt to be SEC. 7. And be it further enacted, That an adequate An adequate and permanent sinking fund, gradually to reduce and for paying the eventually to extinguish the public debt, contracted and created. to be contracted during the present war, shall also be established during the present session of Congress. District of Co ized to con SEC. 8. And be it further enacted, That it shall be Banks in lawful for any of the banks in the District of Columbia, lumbia authorto lend any part of the sum authorized to be borrowed by tribute to the virtue of this act, any thing in any of their charters to the contrary notwithstanding. Approved, November 15, 1814. ACT OF DECEMBER 15, 1814. loan. CHAP. XII.-An Act to provide additional revenues for 143. Stat. defraying the expenses of government, and maintain ing the public credit, by duties on carriages, and the harness used therefor. * L., arising under plied to pay SEC. 10. And be it further enacted, That towards es- Revenues tablishing an adequate revenue to provide for the pay- this act apment of the expenses of government, for the punctual ment of expayment of the public debt, principal and interest, con- curred during tracted and to be contracted, according to the terms of penses in present war. 24, 24. 1813, ch. drawn, other nues substi tuted. the contracts respectively, and for creating an adequate sinking fund, gradually to reduce and eventually to extinguish the public debt, contracted and to be contracted, the internal duties laid and imposed by this act, (and Act of July those laid and imposed by the "Act laying duties on carriages for the conveyance of persons," passed twentyfourth July, one thousand eight hundred and thirteen, so far as the same are not hereby abolished,) shall be laid, levied, and collected, during the present war between the United States and Great Britain, and until the purIf with-poses aforesaid shall be completely accomplished, any adequate reve-thing in any act of Congress to the contrary thereof in any wise notwithstanding. And for effectual application of the revenue to be raised by and from the said internal duties to the purposes aforesaid, in due form of law, the faith of the United States is hereby pledged; Provided always, That whenever Congress shall deem it expedient to alter, reduce, or change the said internal duties, or any or either of them, it shall be lawful so to do, upon providing and substituting by law, at the same time, and for the same purposes, other duties which shall be equally productive with the duties so altered, reduced, or changed: And, Provided further, That nothing in this act contained shall be deemed or construed in any wise to rescind or impair any specific appropriation of the said duties, or any or either of them, heretofore made by law, but such appropriation shall remain and be carried into effect according to the true intent and meaning of the laws making the same, any thing in this act to the contrary thereof in any wise notwithstanding. Proviso. NOTE. This provision, without substantial change, is embodied in section 23 of the act of December 21, 1814, chapter 15 (3 Stat. L., 152); in section 3 of the act of December 23, 1814, chapter 16 (3 Stat. L., 159); in section 41 of the act of January 9, 1815, chapter 21 (3 Stat. L., 164); and in all these cases was made applicable to previous acts on the same subject-matter. It is also embodied in section 23 of the act of January 18, 1815, chapter 22 (3 Stat. L., 180); and in section 25 of another act of the same day, chapter 23 (3 Stat. L., 186), ACT OF DECEMBER 21, 1814. 158. CHAP. XV.—An act to provide additional revenues for 3 Stat. L., defraying the expenses of government and maintaining the public credit, by laying duties on spirits distilled within the United States, and Territories thereof, and by amending the act laying duties on licenses to distillers of spirituous liquors. (Section 25 authorizes the anticipation of the duties laid by this act, by a loan upon the pledge of the said duties for its reimbursement, for an amount not exceeding six millions of dollars and at a rate not above six per cent, the money so obtained to be applied only to the purposes to which the duties pledged are applicable by law. The same provision is embodied in the act of January 9, 1815, laying a direct tax. See 3 St. L., 179.) Approved, December 21, 1814. ACT OF DECEMBER 26, 1814. 161. CHAP. XVII.-An act supplementary to the acts author-13 Stat. L., izing a loan for the several sums of twenty-five millions [Obsolete.] of dollars and three millions of dollars. Treasury sued for sum loan. Be it enacted by the Senate and House of Representa- notes to be istires of the United States of America, in Congress as-deficient in an sembled, That the Secretary of the Treasury be and he is authorized hereby authorized, with the approbation of the President of the United States, to cause Treasury notes to be prepared, signed and issued, for and in lieu of so much of the sum authorized to be borrowed on the credit of the United States, by the act of Congress, entitled "An act to author- March 24,1814, ize a loan for a sum not exceeding twenty-five millions of ch. 29. dollars," passed on the twenty-fourth day of March, in the year one thousand eight hundred and fourteen, and also for, and in lieu of so much of the sum authorized to be borrowed on the credit of the United States by the act of Congress, entitled "An act authorizing a loan for Act of Nov. [a] sum of three millions of dollars," passed on the fifteenth day of November, in the year one thousand eight hundred and fourteen, as has not been borrowed or otherwise employed in the issue of Treasury notes according to law: Provided always, That the whole amount of Treas- The amount ury notes issued by virtue of this act, for and in lieu of notes the residue of the said two sums as aforesaid, shall not shall not exexceed the sum of seven millions five hundred thousand dollars. 15, 1814, ch. 4. of Treasury which may be issued ceed 7,500,000 the Treasury ther sum in to be issued. dollars and further, that the Treasury notes so issued shall be applied to the same uses to which the said two loans authorized as aforesaid were respectively by law made applicable. Secretary of SEC. 2. And be it further enacted, That the Secretary to cause a fur- of the Treasury be, and he is hereby authorized, with the Treasury notes approbation of the President of the United States to cause Treasury notes to be prepared, signed, and issued, for a further sum of three millions of dollars, to defray the expenses of the War Department, for the year one thousand eight hundred and fourteen, in addition to the sums heretofore appropriated by law for those purposes respectively. Sum pledged or paying etc. (Section 3 provides that the Treasury notes issued under this act shall be prepared and issued in the same form, and reimbursable, transferable, and receivable in the same manner as the notes issued under the act of March 4, 1814; and that the Secretary of the Treasury shall have the same powers to sell or pay out the notes, or to borrow money on the pledge thereof, and to employ agents for the purpose of making sales of the same.) SEC. 4. And be it further enacted, That a sum equal to Treasury notes, the whole amount of the Treasury notes issued by virtue of this act, to be paid out of any money in the Treasury not otherwise appropriated, shall be and the same is hereby appropriated, for the payment and reimbursement of the principal and interest of such Treasury notes, according to contract, and the faith of the United States is hereby pledged to provide adequate funds for any deficiency in the appropriation hereby made. 179. [Repealed.] (Sections 5 and 6 provide, as in previous acts, for the expense of preparing the notes, and for the punishment of counterfeiting or uttering counterfeited notes.) Approved, December 26, 1814. ACT OF JANUARY 9, 1815. 3 Stat. L, CHAP. XXI.-An act to provide additional revenues for defraying the expenses of Government, and maintaining the public credit, by laying a direct tax upon the United States, and to provide for assessing and collect ing the same. Loans author ized in an * * * ** SEC. 42. And be it further enacted, That it shall be ticipation of lawful for the President of the United States to authorize the taxes. Act of Aug. 2, 1813, ch. 37. the Secretary of the Treasury to anticipate the collection and receipt of the direct tax laid and imposed by this act, and by the said act of Congress, entitled "An act to lay and collect a direct tax within the United States," by obtaining a loan upon the pledge of the said direct taxes, or either of them, for the reimbursement thereof, to an amount not exceeding six millions of dollars; and at a rate of interest not exceeding six per centum per annum. And any bank or banks now incorporated, or which may hereafter be incorporated, under the authority of the United States, is, and are hereby authorized to make such loan: Provided always, and it is expressly declared, That the money so obtained upon loan, shall be applied to the act of Dec. 23, purpose aforesaid, to which the said direct taxes so to be pledged are by this act applied and appropriated, and to no other purposes whatsoever. Approved, January 9, 1815. ACT OF FEBRUARY 24, 1815. Proviso 1817, ch. 1. 213. CHAP. LVI.-An act to authorize the issuing of Treasury 3 Stat. L., notes for the service of the year one thousand eight hundred and fifteen. Treasury notes Be it enacted by the Senate and House of Representatatives of the United States of America, in Congress assembled, That the Secretary of the Treasury, with An issue of the approbation of the President of the United States, be, authorized. and he is hereby authorized to cause Treasury notes for a sum not exceeding twenty-five millions of dollars, to be prepared, signed, and issued at the Treasury of the United States, in the manner hereinafter provided. (Section 2 provides for the signing and countersigning of the notes.) Denominations of the SEC. 3. And be it further enacted, That the said Treasury notes shall be prepared of such denominations as the Sec- notes. retary of the Treasury, with the approbation of the President of the United States, shall, from time to time, direct; and such of the said notes as shall be of a denomination less than one hundred dollars, shall be payable to bearer and be transferable by delivery alone, and shall bear no interest; and such of the said notes as shall be of the denomination of one hundred dollars, or upwards, may be made payable to order, and transferable by delivery and a-ignment, endorsed on the same, and bearing an interest from the day on which they shall be issued, at the rate of 15712-10-7 |