Appropri certain paid, of the principal of that part of the debt or ftock, which, on the said first day of Janua- ations ry next, fhall bear an intereft of fix per cen- made to tum per annum, redeemable by payments on fund. account both of principal and intereft, not exceeding, in one year, eight per centum, excluding that which shall stand to the credit of the commiffioners of the finking fund, and that which fhall stand to the credit of certain ftates, in confequence of the balances reported in their favour, by the commiffioners for fettling accounts between the United States and individual ftates: Secondly; The dividends, which fhall be, from time to time, declared on fo much of the ftock of the bank of the United States, as belongs to the United States (deducting thereout fuch fums, as will be requifite to pay intereft on any part remaining unpaid of the loan of two mil lions of dollars, had of the bank of the United States, pursuant to the eleventh section of the act, by which the faid bank is incorporated): Thirdly; So much of the duties on goods, wares and merchandize imported, on the tonnage of fhips or veffels, and on spirits distilled within the United States and ftills, as with the faid dividends, after fuch deduction, will be fufficient, yearly and every year, to pay the remaining inftalments of the principal of the faid loan, as they fhall become due, and as, together with any monies, which, by virtue of provisions in former acts, and herein before made, fhall, on the first day of January, in the year one thousand eight hundred and two, belong to the faid finking fund, not otherwife fpecially appropriated; and with the intereft on each inftalment, or part of princi. pal, which fhall, from time to time, be reim. VOL. III D 2 ations made to fund, Appropri- burfed, or paid, of that part of the debt or ftock, which, on the first day of January, in certain the year one thoufand eight hundred and one, fhall begin to bear an intereft of fix per centum per annum, will be fufficient, yearly and every year, commencing on the first day of January, in the year one thoufand eight hundred and two, to reimburse and pay so much, as may rightfully be reimburfed and paid, of the faid principal of the faid debt or flock, which fhall fo begin to bear an intereft of fix per centum per annum, on the said first day of January, in the year one thousand eight hundred and one, excluding that which fhall ftand to the credit of the commiffioners of the finking fund, and that which fhall ftand to the credit of certain ftates as aforefaid: Fourthly; The net proceeds of the fales of lands belonging, or which fhall hereafter belong to the United States, in the western territory thereof: Fifthly; All monies, which fhall be received into the treasury, on account of debts due to the United States, by reafon of any matter prior to their prefent conftitution: And lastly; All furpluffes of the revenues of the United States, which fhall remain, at the end of any calendar year, beyond the amount of the appropriations charged upon the faid revenues, and which, during the feffion of Congrefs next thereafter, fhall not be otherwife specially appropriated or reserved by law. Monies ac cruing to fund, to be Sec. 9. And be it further enacted, That as well the monies which fhall accrue to the faid the finking finking fund, by virtue of the provifions of this under the act, as thofe which fhall have accrued to the direction & fame, by virtue of the provifions of any former ment of the act or acts, fhall be under the direction and commifli- management of the commiffioners of the fink manage oners. [ 211 ] "An ing fund, or the officers defignated in and by the fecond fection of the act, intitled, act making provifion for the reduction of the public debt," paffed the twelfth day of Auguft, one thousand seven 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 appropriated. foreign and domeftic, funded and unfunded, including future loans, which may be made for reimburfing or redeeming any instalments 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 commiffioners, in truft, to be applied, according to the provifions of the aforefaid act of the eighth day of May, in the year one thoufand feven hundred and ninety-two, and of this act, to the reimbursement and redemption of the faid debt, including the loans aforefaid, until the fame fhall be fully reimburfed 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 miffioners of the finking fund, who are hereby the fuperempowered and required, if neceffary, with the com approbation of the Prefident of the United miflioners, 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 of the borrow. What fhall quifite for the payment of the faid instalments 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 fáid commiffioners, with the approbation of the Prefident, to cause to be constituted certificates of ftock, figned by the Register of the Treasury, for the fums to be refpectively borrowed, bearing an intereft of fix per centum per annum, and redeemable at the pleasure of the United States; and to caufe the faid certificates of flock, to be fold in the market of the United States, or elsewhere: Provided, That no fuch ftock 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 be a good execution of the pow er to bor row. ation for the pay: ⚫ereft. What fums the com fum or fums which fhall be reimbursed by the proceeds thereof (except that upon the funded tock, 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 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 ne ceffary, fhall be, and hereby are pledged and appropriated. Sec. 11. And be it further enacted, That it fhall be the duty of the commiffioners of the miffioners finking fund, to caufe to be applied and annually. paid, out of the faid fund, yearly and every 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 re demption, 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 respectively accrue: Thirdly; 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, 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 interest, 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 re |