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ing fund, or the officers defignated in and by the second section of the act, intitled, " An act making provifion 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 fhall be, and continue appropriated to the faid fund, until the How long whole of the prefent debt of the United States, to be ap propriated. foreign and domeftic, funded and unfunded, including future loans, which may be made. for reimburfing or redeeming any inftalments or parts of principal of the faid debt, fhall be reimbursed and redeemed; and fhall be, and are hereby declared to be vefted in the faid commiflioners, in truft, to be applied, according to the provifions of the aforefaid 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 aforefaid, until the fame fhall be fully reimbursed and redeemed. And the faith of the United States is hereby pledged, that the monies or funds aforefaid, fhall inviolably remain, and be appropriated and vefted, as aforefaid, to be applied to the faid reimbursement and redemption, in manner aforefaid, until the fame fhall be fully and completely effected.

bursement

to be under

Sec. 10. And be it further enacted, That all reimbursements of the capital, or principal of Reimthe public debt, foreign and domeftic, fhall be of the capimade under the fuperintendance of the com- tal of debt miflioners of the finking fund, who are hereby the superempowered and required, if neceffary, with the intendance approbation of the Prefident of the United misfioners, States, as any inftalments or parts of the faid who may capital or principal become due, to borrow, on the credit of the United States, the fums re

R

of the com

borrow.

What fhall be a good

quifite for the payment of the faid inftalments or parts of principal: Provided, That any loan which may be made by the faid commiffioners, fhall be liable to reimbursement at the pleasure of the United States: and that the rate of intereft thereupon, fhall not exceed fix per centum per annum; and for greater caution, it is hereby declared, that it fhall be deemed a good execution of the faid power to borrow, for the faid commissioners, with the approbation of the Prefident, to cause to be conftituted certificates of ftock, figned by the Regifter of the Treasury, for the fums to be refpectively borrowed, bearing an interest of fix per centum per annum, and redeemable at the pleasure of the United States; and to caufe the faid certificates of ftock, to be fold in the market of the United States, or elsewhere: Provided, That no fuch stock be fold under par. And for the payment Appropri- of intereft on any fum or fums which may be fo borrowed, either by direct loans, or by the ment of in- fale of certificates of ftock, the intereft on the

execution of the pow

er to bor

row.

ation for

the pay

terest.

What fums

fum or fums which fhall be reimbursed by the proceeds thereof (except that upon the funded ftock, bearing and to bear an intereft of fix per centum, redeemable by payments, not exceeding in one year, eight per centum on account both of principal and intereft) and fo much of the duties on goods, wares and merchandize imported, on the tonnage of fhips or veffels, and upon fpirits diftilled within the United States, and upon ftills, as may be neceffary, fhall be, and hereby are pledged and appropriated.

Sec. 11. And be it further enacted, That it the com- shall be the duty of the commiffioners of the finking fund, to caufe to be applied and annually. paid, out of the said fund, yearly and every

miflioners

fhall pay

year, at the treafury of the United States, the feveral and refpective fums following, to wit: Firft; Such fum and fums, as, according to the right for that purpose reserved, may rightfully be paid for, and towards the reimbursement or redemption of fuch debt or ftock of the United States, as, on the first day of January next, fhall bear an intereft 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 ftanding to the credit of the commiffioners of the finking fund, and that ftanding to the credit of certain ftates, as aforefaid, commencing the faid reimbursement or redemption, on the faid firft day of January next Secondly; Such fum and fums as, according to the conditions of the aforefaid loan, had of the bank of the United States, fhall be henceforth payable towards the reimbursement thereof, as the fame fhall refpectively accrue: Thirdly; Such fum and fums, as, according to the right for that purpose referved, may rightfully be paid for and towards the reimbursement or redemption of fuch debt or ftock of the United States, as, on the first day of January, in the year one thoufand eight hundred and one, fhall begin to bear an intereft 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 ftanding to the credit of the commiffioners of the finking fund, and that ftanding to the credit of certain states, as aforefaid, commencing the said re

Commif

for the un.

than the

market

funded.

imbursement or redemption, on the first day of January, in the year one thoufand eight hundred and two; and alfo to cause to be applied all fuch furplus of the faid fund, as may at any time exift, after fatisfying the purposes aforefaid, towards the further and final redemption of the prefent debt of the United States, foreign and domeftic, funded and unfunded, including loans for the reimbursement thereof, by payment or purchase, until the faid debt fhall be completely reimbursed or redeemed.

Sec. 12. Provided always, and be it further fioners not enacted, That nothing in this act fhall be conto pay more ftrued to veft in the Commiffioners of the funded co- finking fund, a right to pay, in the purchase metic debt, or difcharge of the unfunded domeftic debt 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 alfo, That if after all the debts and loans aforefaid, now due, and that fhall arife under this act, excepting the faid debt or ftork, bearing an intereft of three per cent. fhall be fully paid and discharged, any part of the principal of ment may the faid debt or ftock bearing an interest of make diffe- three per cent. as aforefaid, fhall be unrepriations of deemed, the government fhall have liberty, the funds if they think proper, to make other and different appropriations of the faid funds.

Govern

rent apprc

in a certain

event.

Priorities

priations

for the pay

Sec. 13. And be it further enacted, That in appro- all priorities heretofore eftablished in the appropriations by law, for the intereft 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 feven hundred and diters. ninety-fix, ceafe, with regard to all creditors

tereft to

ceafe, as to

of the United States, who do not, before the expiration of the faid period, fignify, in writing, to the Comptroller of the Treasury, their diffent therefrom; and that thenceforth, with the exception only of the debts of fuch creditors who fhall fo fignify their diffent, the funds or revenues charged with the faid appropriations, fhall, together, conftitute a common or confolidated fund, chargeable indifcriminately, and without priority, with the payment of the faid intereft.

Certificates

fented at

Sec. 14. And be it further enacted, That all certificates, commonly called loan-office cer- to be pretificates, final fettlements, and indents of in- the treaiuterest, which, at the time of paffing this act, ry; fhall be outstanding, fhall, on or before the first day of January, in the year one thoufand feven hundred and ninety-feven, 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, refpectively, to be regiftered at the faid office, and returned; in which cafe, it fhall be the duty of the faid Auditor to caufe fome durable mark or marks to be fet on each certificate, which fhall afcertain and fix its identity, and whether genuine, or counterfeit, or forged; and every of the faid certificates, which shall not be prefented at the faid office, within the faid red. time, fhall be forever after barred or precluded from fettlement or allowance.

or be bar

Condition

Sec. 15. And be it further enacted, That if any transfer of ftock flanding to the credit of a ftate, fhall be made pursuant to the act, in- annexed to titled, "An act authorizing the transfer of

the transfer of stock

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