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(ACT of April 29th, 180*.) bearing an interest of six per centum per annum, payable quarter yearly; which sums, at the said rate of interest, arc to remain fixed and irredeemable, until the close of the year one thousand eight hundred and nineteen, and to be redeemed thereafter at the pleasure of the United States: And the bank of the United States is hereby authorised to lend the whole, or any part, of the said five millions of dollars, and to sell the stock received for such loan.
Sec. Ii. Credits for the sums which shall be borrowed pursuant to this act, shall be entered and given on the books of the treasury, in like manner as for the present domestic funded debt; and that certificates, for sums not less than one hundred dollars, pursuant to thi- provisions herein contained, shall be issued by the register of the treasury; which shall be transferable in like manner, and by the like ways and means, as are provided by the seventh section of the act, entitled "An act making provision for the debt of the United States," touching the credits or stock therein mentioned, and that the interest to be paid upon the stock, which shall be constituted by virtue of the loan herein proposed, shall be paid at the offices, or places, where the credits for the same shall, from time to time, stand or be; subject to the like conditions and restrictions as are prescribed in and by the eighth section of the act last aforesaid.
Sec. Iv. [Appropriation of funds, &c. See Infra, ST.] Sec. V. The principal of the said loan, bearing interest as aforesaid, shall remain fixed and irredeemable by the United States, until the close of the year one thousand eight hundred and nineteen; after which period the said loans shall be redeemed at the pleasure of the United States: And the funds which shall be liberated by the discharge of the stock of the United States, bearing a present interest of six per cent. or so much thereof as may be necessary, shall be, and the same are hereby, pledged and appropriated for the said redemption.
ACT of April 29,18S'.!. 3 Bioren, 488.
19. Sec. I. [Seven millions three hundred thousand dollars annually appropriated to the sinking fund. See Infra, 37.]
20. Sec. Iii. All reimbursements of the capital, or principal, of the present debt of the United States, including future loans which may be made for reimbursing or redeeming any instalments, or parts of the same, and all payments on account of the interest and charges accruing upon the said debt, shall be made under the superintendence of the commissioners of the sinking fund. And it shall be the duty of the said commissioners to cause to be applied, and paid out of the said fund, yearly, and every year, at the treasury of the United States, the several and respective sums following, to wit: first, such sum and sums as, by virtue of any act or acts, they have heretofore been directed to apply and to pay: secondly, such sum and sums as may be annually wanted to discharge the annual interest and charges accruing on any other part
(ACT of February 11th, 1807.) 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 ©f 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, That the whole, or any part, of such demands, arising under a treaty, or convention, with a foreign power, and 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 moneys which have been, or may hereafter be, appropriated to that purpose.
Sec. vm. All the restrictions and regulations heretofore established bylaw, for regulating the execution of the duties enjoined upon the commissioners of the sinking fund, shall apply to, and be in as full force for, the execution of the analogous duties enjoined by this act, as if they were herein particularly repeated and re-enacted: Provided, however, That the particular 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.
ACT of November 10, 1803. 4 Bioren, 563.
21. Sec. I. [Authorises certificates of stock to issue in favour •f the French republic, or its assignees, for eleven millions two hundred and fifty thousand dollars, bearing an interest of six per cent. This stock, commonly called the Louisiana stock, has been all redeemed.]
ACT of February 11, 1807. 4 Bioren, 82. Whereas it is desirable to adapt the nature of the provision for the redemption of the public debt to the present circumstances of the United States, which can only be done by a voluntary subscription on the part of the creditors:
(ACT of February 11th, 1807.)
22. Sec. I. A subscription to the full amount of the old sis per cent. deferred, and three per cent. stocks, is hereby proposed, for which purpose books shall be opened at the treasury of the United States, and by the several commissioners of loans, on the first day of July next, to continue open until the seventeenth day of March next following, inclusively, the fourteen last days 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. Ii. For the whole or any part of any sum which shall thus be subscribed, in old six per cent. or deferred stock, credits shall be entered to the respective subscribers, and the subscriber or subscribers 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 subscribed, and subject to redemption at the pleasure of the United States: Provided, That no single certificate shall be issued for an amount greater than ten thousand dollars: And provided further. That no reimbursement shall be made except for the whole amount of any such new certificate, nor till after at least six months' previous public notice of such intended reimbursement.
Sec. Hi. For the whole or any part of any sum which shall thus be subscribed in three per cent. stock, credits shall likewise be entered to 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 principal of the stock thus subscribed, 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, 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 stoc k thus created, shall be reimburseable 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.
(ACT of February-11th, 1807.)
Sec. Iv. [Agents to be appointed to receive subscriptions at London and Amsterdam.]
Sec. V. The holders of old six per cent. deferred, or three per cent. stock, who may become subscribers, as aforesaid, either in the United States or in Europe, and who, on the first day of July next, and also on the day of the subscription, shall be resident in Europe, may, at their option, which must be made at the time of subscribing, receive the interest accruing on the stock created by virtue of the preceding sections of this act, either in the United States, as other creditors, or at London, or Amsterdam: that is to say, the stockholders residing, at the times above mentioned, in the dominions of Great Britain, in Europe, at London, and at the rate of four shillings and six pence, sterling, for each dollar; and the stockholders residing, at the times abovementioncd, in any other part of Europe, at Amsterdam, and at the rate of two guilders and a half guilder, current money of Holland, for each dollar; in which last mentioned option the condition shall be expressed in the new certificates to be issued, and the credit or credits to be given to the proprietors thereof shall be entered, and shall thereafter be transferable only on the books of the treasury: Provided, however, That the interest thus payable in London and Amsterdam, shall not be payable until the expiration of six calendar months from the day on which the same would be payable in the United States, and shall be subject to a deduction of one-half of one per cent. on the amount payable, for commission to the bankers paying the same: And provided, also, That every proprietor of such stock may, on surrendering his certificate, receive another to the same amount, the interest whereof shall be payable quarter yearly in the United States, in the same manner as that accruing on the stock held by persons residing in the United States.
Sec. vi. [Appropriation of funds. See Infra, 37.] Sec. Viu. Whensoever notice of reimbursement shall be given, as prescribed by the second and third sections of this act, the certificates intended to be reimbursed shall be designated therein. In every reimbursement the preference shall be given to such holders of certificates as, previously to the said notice, shall have notified in writing to the treasury department their wish to be reimbursed. If there should not be applications 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 lor 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.
AGT of March 14, 1812. 4 Bioren, 393.
23. Sec. r. The president of the United States is hereby authorised to borrow, on the credit of the United States, a sum not exceeding eleven millions of dollars, at an interest not exceeding six per centum per annum, payable quarter yearly, to be applied, in addition to the moneys now in the treasury, or which may be received from other sources, to defray any of the expenses which have been, or may, during the present session of congress, be authorised by law, and for which appropriations have been, or may, during the present session of congress, be made by law: Provided, That no engagement nor contract shall be entered into, which shall preclude the United States from reimbursing any sura or sums thus borrowed, at any time after the expiration of twelve years, from the first day of January next.
Sec. ir. The president of the United States is hereby authorised 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 by virtue of this act, or for any part thereof, bearing an interest of six per centum, and reimburseable as aforesaid; which stock, thus created, shall be transferable in the same manner as is provided by law for the transfer of the existing public debt of the United States: and it is hereby further declared, that it shall be deemed a good execution of the said power to borrow, for the president of the United States to cause the said certificates of stock, or any part thereof, to be sold: Provided, That no such stock shall be sold under par.
24. Sec. Hi. So much of the 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, 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 authorised 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.