« AnteriorContinuar »
ing fund, or the officers designated in and by the second sečtion of the act, intitled, act making provision for the reduction of the public debt,” paffed the twelfth day of August, one thousand feven hundred and ninety, and their fucceffors in office; and shall be, and continue appropriated to the said fund, until the How long whole of the present debt of the United States,
to be ap
propriated. foreign and domestic, funded and unfunded, including future loans, which may be made for reimbursing or redeeming any inftalments or parts of principal of the said debt, shall be reimbursed and redeemed ; and shall be, and are hereby declared to be vested in the faid commissioners, in trust, to be applied, according to the provisions of the aforesaid act of the eighth day of May, in the year one thoufand seven hundred and ninety-two, and of this act, to the reimbursement and redemption of thefaid debt, including the loans aforesaid, until the same shall be fully reimbursed and redeemed. And the faith of the United States is hereby pledged, that the monies or funds aforesaid, shall inviolably remain, and be appropriated and vested, as aforesaid, to be applied to the said reimbursement and redemption, in manner aforesaid, until the same shall be fully and completely effected.
Sec. 10. And be it further enačied, That all reimbursements of the capital, or principal of Reimthe public debt, foreign and domestic; shall be of the capimade under the superintendance of the com- tal of debe missioners of the finking fund, who are hereby the fuperempowered and required, if necessary, with the intendance approbation of the President of the United miftioners, States, as any instalments or parts of the said who may capital or principal become due, to borrow, on che credit of the United States, the sums re.
quisite for the payment of the faid instalments or parts of principal : Provided, That any loan which may be made by the said commissioners, shall be liable to reimbursement at the pleasure of the United States ; and that the rate of interest thereupon, shall not exceed six per centum per annum; and for greater caution, it is hereby declared, that it shall be deemed a good execution of the said power to borrow, for the
faid commissioners, with the approbation of the be a good' President, to cause to be constituted certificates execution offtock, signed by the Register of the Treasury, of the pop for the fums to be respectively borrowed, bear
ing an interest of fix per centum per annum, and redeemable at the pleasure of the United States; and to cause the said certificates of stock, to be sold in the market of the United States, or elsewhere : Provided, That no such
stock be fold under par. And for the payment Appropri of interest on any fum or sums which may be ation for
so borrowed, either by direct loans, or by the ment of in. fale of certificates of stock, the interest on the
sum or sums which shall be reimbursed by the proceeds thereof (except that upon the funded stock, bearing and to bear an interest of fix per centum, redeemable by payments, not exceeding in one year, eight per centum on account both of principal and interest) and so much of the duties on goods, wares and merchandize imported, on the tonnage of ships or vefsels, and upon spirits distilled within the United States, and upon stills, as may be neceffary, shall be, and hereby are pledged and appropriated.
Sec. 11. And be it further enacted, That it
shall be the duty of the commissioners of the mislio ers sinking fund, to cause to be applied and annually. paid, out of the said fund, yearly and every
year, at the treasury of the United States, the several and respective fums following, to wit: First; Such fum and fums, as, accord. ing to the right for that purpose reserved, may rightfully be paid for, and towards the reimbursement or redemption of such debt or stock of the United States, as, on the first day of January next, shall bear an interest of fix per centum per annum, redeemable by payments, not exceeding in one year, eight per centum, on account both of principal and interest, excluding that standing to the credit of the commisioners of the sinking fund, and that standing to the credit of certain states, as aforesaid, conmencing the said reimbursement or demption, on the said first day of January next : Secondly; Such fum and sums as, according to the conditions of the aforesaid loan, had of the bank of the United States, shall be henceforth payable towards the reimbursement thereof, as the same shall respectively accrue: Thirdly ; Such fum and sums, as, according to the right for that purpose reserved, may rightfully be paid for and towards the reimbursement or redemption of such debt or stock of the United States, as, on the first day of January, in the year one thousand eight hundred and one, shall begin to bear a: interest of fix per centum per annum, redeemable by payments, not exceeding in one year, eight per centum, on account both of principal and intereft, excluding that standing to the credit of the commissioners of the finking fund, and that standing to the credit of certain States, as aforesaid, commencing the said re
for the ulla
imbursement or redemption, on the first day of January, in the year one thousand eight hundred and two; and also to cause to be applied all such surplus of the said fund, as may at any time exist, after satisfying the purposes aforesaid, towards the further and final redemption of the present debt of the United States, foreign and domestic, funded and unfunded, including loans for the reimbursement thereof, by payment or purchase, until the said debt shall be completely reimbursed or redeemed.
Sec. 12. Provided always, and be it further fioners net enacted, That nothing in this act shall be conto pay more strued to veft in the Commissioners of the funded cu- linking fund, a right to pay, in the purchase mattichebt, or discharge of the unfunded domestic debt market of the United States, a higher rate than the price of the market price or value of the funded debt of
the United States : And provided also, That if after all the debts and loans aforesaid, now due, and that shall arise under this act, excepting the faid debt or stork, bearing an interest of three per cent. fhall be fully paid
and discharged, any part of the principal of ment may the said debt or stock bearing an interest of make dife-three per cent. as aforesaid, shall be unre. priations of deened, the government shall have liberty, the fueriain if they think proper, to make other and dif
ferent appropriations of the said funds.
Sec. 13. And be it further enacted, That in appro- all priorities heretofore established in the apPorthenay propriations by law, for the interest on the ment of in- debt of the United States, as between the
different parts of the faid debt, fhall, after certain cre- the year one thousand seven hundred and
ninety-fix, cease, with regard to all creditors
tercft to ceale, as to
of the United States, who do not, before the expiration of the said period, signify, in writing, to the Comptrolier of the Treasury, their dissent therefrom ; and that thenceforth, with the exception only of the debts of such creditors who shall fo fignify their diffent, the funds or revenues charged with the said appropriations, shall, together, constitute a common or consolidated fund, chargeable indiscriminately, and without priority, with the payment of the said interest.
Sec. 14. And be it further enacted, That all Certificates certificates, commonly called loan-office cer- to be pretificates, final settlements, and indents of in- the treasutereit, which, at the time of passing this act, ry; shall be outstanding, shall, on or before the first day of January, in the year one thousand seven hundred and ninety-seven, be presented at the office of the Auditor of the Treasury of the United States, for the purpose of being exchanged for other certificates of equivalent value and tenor, or, at the option of the holders thereof, respectively, to be registered at the said office, and returned ; in which case, it shall be the duty of the said Auditor to cause some durable mark or marks to be set on each certificate, which fhall afcertain and fix its identity, and whether genuine, or counterfeit, or forged ; and every of the said certificates, which shall not be presented at the said office, within the said red. time, shall be forever after barred or precluded from settlement or allowance.
Sec. 15. And be it further enačied, That if any transfer of stock standing to the credit of a state, shall be made pursuant to the act, in- annexed to
the transfer titled, “ An act authorizing the transfer of
or be bar