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(ACT of August 4th, 1790.) tently with good faith and the rights of the creditors, which can only be done by a voluntary loan on their part:

3. Sec. III. A loan, to the full amount of the said domestic debt, is hereby proposed; and books, for receiving subscriptions to the said loan, shall be opened at the treasury of the United States, and by a commissioner to be appointed in each of the said states, on the first day of October next, to continue open until the last day of September following, inclusively; and that the sums which shall be subscribed thereto, be payable in certificates issued for the said debt, according to their specie value, and computing the interest, upon such as bear interest, to the last day of December next, inclusively; which said certificates shall be of these several descriptions, to wit:

Those issued by the register of the treasury.

Those issued by the commissioners of loans in the several states, including certificates given pursuant to the act of congress of the second of January, one thousand seven hundred and seventy-nine, for bills of credit of the several emissions of the twentieth of May, one thousand seven hundred and seventy-seven, and the eleventh of April, one thousand seven hundred and seventy-eight.

Those issued by the commissioners for the adjustment of the accounts of the quartermaster, commissary, hospital, clothing, and marine departments.

Those issued by the commissioners for the adjustment of accounts in the respective states.

Those issued by the late and present paymaster general, or commissioner of army accounts.

Those issued for the payment of interest, commonly called indents of interest.

And in the bills of credit issued by the authority of the United States in congress assembled, at the rate of one hundred dollars in the said bills, for one dollar in specie. [The time limited in this section was successively enlarged by several acts until December thirty-first, one thousand seven hundred and ninety-seven.]

4. Sec. IV. For the whole, or any part of any sum subscribed to the said loan, by any person or persons, or body politic, which shall be paid in the principal of the said domestic debt, 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 twothirds of the sum so paid, bearing an interest of six per centum per annum, payable quarter yearly, and subject to redemption by payments not exceeding, in one year, on account both of principal and interest, the proportion of eight dollars upon a hundred of the sum mentioned in such certificate; and to another 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 the proportion of thirty-three dollars and one-third of a dollar upon a hundred of the sum so paid, which, after the year one. thousand eight hundred, shall bear an interest of six per centum

(ACT of August 4th, 1790.) per annum, payable quarter yearly, and subject to redemption by payments not exceeding, in one year, on account both of principal and interest, the proportion of eight dollars upon a hundred of the sum mentioned in such certificate: Provided, That it shall not be understood that the United States shall be bound or obliged to redeem in the proportion aforesaid; but it shall be understood only, that they have a right sc to do.

5. Sec. v. For the whole, or any part of any sum subscribed to the said loan by any person or persons, or body politic, which shall be paid in the interest of the said domestic debt, computed to the said last day of December next, or in the said certificates issued in payment of interest, commonly called indents of interest, 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 specified therein, equal to that by him, her, or them so paid, bearing an interest of three per centum per annum, payable quarter yearly, and subject to redemption by payment of the sum specified therein, whenever provision shall be made by law for that purpose.

Sec. VI. [Commissioners of loans to be appointed. See title COMMISSIONERS of LOANS, ante page 123.

6. Sec, vui. The stock which shall be created pursuant to this act, shall be transferable only on the books of the treasury, or of the said commissioners respectively, upon which the credit for the same shall exist at the time of transfer, by the proprietor or proprietors of such stock, his, her, or their attorney: but it shall be lawful for the secretary of the treasury, by special warrant, under his hand and the seal of the treasury, countersigned by the comptroller, and registered by the register, at the request of the res. pective proprietors, to authorise the transfer of such stock from the books of the commissioner, to those of another commissioner, or to those of the treasury, and from those of the treasury to those of a commissioner.

7. Sec. viii. The interest upon the said stock, as the same shall become due, shall be payable quarter yearly, that is to say: Onefourth part thereof on the last day of March; one other fourth part thereof on the last day of June; one other fourth part thereof on the last day of September; and the remaining fourth part thereof on the last day of December, in each year, beginning on the last day of March next ensuing; and payment shall be made wheresoever the credit for the said stock shall exist at the time such interest shall become due, that is to say: At the treasury, if the credit for the same shall then exist on the books of the trea. sury, or at the office of the commissioner upon whose books such credit shall then exist: But if the interest for one quarter shall not be demanded before the expiration of a third quarter, the same shall be afterwards demandable only at the treasury.

And as it may happen that some of the creditors of the United States may not think fit to become subscribers to the said loan:

(ACT of August 4th, 1790.) Sec. ix. Nothing in this act contained, shall be construed in any wise to alter, abridge, or impair, the rights of those creditors of the United States who shall not subscribe to the said loan, or the contracts upon which their respective claims are founded; but the said contracts and rights shall remain in full force and virtue.

8. Sec. xi. A loan shaļl be proposed, to the amount of twenty-one million and five hundred thousand dollars, and subscriptions to the said loan received at the same times and places, and by the same persons, as in respect to the loan hereinbefore proposed concerning the domestic debt of the United States. And the sums which shall be subscribed to the said loan, shall be payable in the principal and interest of the certificates or notes, which, prior to the first day of January last, were issued by the respective states, as acknowledgments or evidences of debts by them, respectively, owing, except certificates issued by the commissioners of army accounts, in the state of North Carolina, in the year one thousand seven hundred and eighty-six. [proportion to be received from each state fixed.]

9. Sec. xv. For two-thirds of any sum subscribed to the said loan, by any person or persons, or body politic, which shall be paid in the principal and interest of the certificates or notes issued as aforesaid, by the respective states, the subscriber or subscribers shall be entitled to a certificate, purporting that the United States owe to the holder or holders thereof, or his, her, or their assigns, a sum to be expressed therein, equal to two-thirds of the aforesaid two-thirds, bearing an interest of six per centum per annum, payable quarter yearly, and subject to redemption by payments, not exceeding in one year, on account both of principal and interest, the proportion of eight dollars upon a hundred of the sum mentioned in such certificate, and to another 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 the proportion of thirty-three dollars and one-third of a dollar upon a hundred, of the said twothirds of such sum so subscribed, which, after the year one thousand eight hundred, shall bear an interest of six per centum per annum, payable quarter yearly, and subject to redemption by payments, not exceeding in one year, on account both of principal and interest, the proportion of eight dollars upon a hundred of the sum mentioned in such certificate; and that, for the remaining third of any sum so subscribed, 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 the said remaining third, bearing an interest of three per cent. per annum, payable quarter yearly, and subject to redemption by payment of the sum specified therein, whenever provision shall be made by law for that purpose.

Sec. xvi. The interest upon the certificates which shall be received in payment of the sums subscribed towards the said loan, shall be computed to the last day of the year one thousand seven hundred and ninety-one, inclusively; and the interest upon the

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(ACT of August 12th, 1790.) stock which shall be created by virtue of the said loan, shall commence or begin to accrue on the first day of the year one thousand seven hundred and ninety-two, and shall be payable quarter yearly, at the same time, and in like manner, as the interest on the stock to be created by virtue of the loan above proposed in the domestic debt of the United States.

10. SEC. XXI. The faith of the United States is hereby pledged to provide and appropriate hereafter, such additional and permanent funds as may be requisite towards supplying any such deficiency, and making full provision for the payment of the interest which shall accrue on the stock to be created by virtue of the loans aforesaid, in conformity to the terms thereof, respectively; and according to the tenor of the certificates to be granted for the same pursuant to this act. [Infra, 37.]

SEC. XXII. The proceeds of the sales which shall be made of lands in the western territory, now belonging, or that may hereafter belong, to the United States, shall be, and are hereby, appropriated towards sinking or discharging the debts, for the payment whereof the United States now are, or by virtue of this act may be holden, and shall be applied solely to that use until the said debts shall be fully satisfied. [Infra, 37.]

ACT of August 12, 1790. 2 Bioren, 186.

An act making provision for the reduction of public debt. It being desirable, by all just and proper means, to effect a reduction of the amount of the public debt, and as the application of such surplus of the revenue as may remain, after satisfying the purposes for which appropriations shall have been made by law, will not only contribute to that desirable end, but will be beneficial to the creditors of the United States, by raising the price of their stock, and be productive of considerable saving to the United States:

11. Sec. I. [Surplus of revenues to December 31, 1790, to be applied to the purchase of the public debt.7

12. Sec. 11. The purchases to be made of the said debt, shall be made under the direction of the president of the senate, the chief justice, the secretary of state, the secretary of the treasury, and the attorney general for the time being; and who, or any three of whom, with the approbation of the president of the United States, shall cause the said purchases to be made in such manner, and under such regulations, as shall appear to them best calculated to fulfil the intent of this act: Provided, That the same be made open. ly, and with due regard to the equal benefit of the several states.

13. Sec. iv. The president of the United States is hereby, authorised to cause to be borrowed, on behalf of the United States, a sum or sums, not exceeding, in the whole, two millions of dol. lars, at an interest not exceeding five per cent. and the sum or sums so borrowed, be also applied to the purchase of the said debt. of the United States, under the like direction, in the like manner,

(ACT of May 8th, 1792.) and subject to the like regulations and restrictions with the surplus aforesaid.

ACT of May 8, 1792. 2 Bioren, 305. 14. Sec. vi. The president of the senate, the chief justice, the secretary of state, the secretary of the treasury, and the attorney general, for the time being, shall be commissioners, who or any three of whom, are hereby authorised, with the approbation of the president of the United States, to purchase the debt of the United States, at its market price, if not exceeding the par or true value thereof; for which purchase the interest on so much of the public debt as has already been, or may hereafter be, purchased for the United States, or as shall be paid into the treasury, and so much of the moneys appropriated for the payment of the interest on the foreign and domestic debt, as shall exceed what may be sufficient for the payment of such interest to the creditors of the United States, shall be and are hereby appropriated. And it shall be the duty of the said commissioners to render to the legislature, within two months after the commencement of the first session thereof, in every year, a full and precise account of all such purchases made, and public debt redeemed, in pursuance of this act.

Sec. VII. And whereas it is expedient to establish a fund for the gradual reduction of the public debt; Be it, &c. That the interest on so much of the debt of the United States, as has been, or shall be, purchased or redeemed, for or by the United States, or as shall be paid into the treasury thereof in satisfaction of any debt or demand, and the surplus of any sum or sums appropriated for the payment of the interest upon the said debt, which shall remain after paying such interest, shall be, and hereby are, appropriated and pledged, firmly and inviolably, for and to the purchase and redemption of the said debt, to be applied, under the direction of the president of the senate, the chief justice, the secretary of state, the secretary of the treasury, and the attorney general, for the time being, or any three of them, with the approbation of the president of the United States, for the time being, in manner following, that is to say: First, to the purchase of the several species of stock constituting the debt of the United States, at their respective market prices, not exceeding the par or truc value thereof, and, as nearly as may be, in equal proportions, until the annual amount of the said funds, together with any other provisions which may be made by law, shall be equal to two per centum of the whole amount of the outstanding funded stock bearing a present interest of six per centum: Thenceforth, secondly, to the redemption of the said last mentioned stock, according to the right for that purpose reserved to the United States, until the whole amount thereof shall have been redeemed: And lastly, after such redemption, to the purchase, at its market price, of any other stock, consisting of the debt of the United States, which may theą remain unredeemed: and such purchase, as far as the fund shall

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