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(ACT of March 3d, 1795.) at any time extend shall be made within thirty days, next after each day on which a quarterly payment of interest on the debt of the United States shall become due: and shall be made by a known agent, to be named by the said commissioners.

Sec. vult, All future purchases of public debt, on account of the United States, shall be made at the lowest price at which the same can be obtained, by open purchase, or by receiving sealed proposals, to be opened in the presence of the commissioners, or persons authorised by them to make purchases, and the persons making such proposals.

Sec. IX. Quarter yearly accounts, of the application of the said fund, shall be rendered for settlement, as other public accounts, accompanied with returns of the sums of the said debt which shall have been, from time to time, purchased or redeemed; and full and exact report of the proceedings of the said commissioners, including a statement of the disbursements which shall have been made, and of the sums which shall have been purchased or redeemed, under their direction, and specifying dates, prices, parties, and places, shall be laid before congress within the first four teen days of each session which may ensue the present, during the execution of the said trust. [Infra, 20.]

ACT of March 3, 1795. 2 Bioren, 491. 15. Sec, I. It shall be lawful for the commissioners of the sinking fund, and they are hereby empowered, with the approbation of the president of the United States, to borrow, or cause to be borrowed, from time to time, such sums, in anticipation of the revenues appropriated, not exceeding, in one year, one million of dollars, to be reimbursed within a year from the time of each loan, as may be necessary for the payment of the interest which shall annually accrue on the public debt; and for the payment of the interest on any such temporary loan, which shall not exceed six per centum per annum, so much of the proceeds of the duties on goods, wares, and merchandise, imported, on the tonnage of ships or vessels, and upon spirits distilled within the United States, and stills, as may be necessary, shall be and are hereby appropriated.

16. Sec. 11. A loan shall be opened at the treasury, to the full amount of the present foreign debt, to continue open until the last day of December, in the year one thousand seven hundred and ninety-six, and that the sums which may be subscribed to the said loan shall be payable and receivable, by way of exchange, in equal sums of the principal of the said foreign debt; and that any sum, so subscribed and paid, shall bear an interest equal to the rate of interest which is now payable on the principal of such part of the foreign debt as shall be paid or exchanged therefor, together with an addition of one-half per centum per annum; the said interest to commence on the first day of January next succeeding the time of each subscription, and to be paid quarter yearly, at the same periods at which interest is now payable, and paid, upon the do

(ACT of March 3d, 1795.) mestic funded debt: Provided, That the principal of the said loai may be reimbursed at any time, at the pleasure of the United States.

Sec. 111. Credits to the respective subscribers, for the sums by them respectively subscribed to the said loans, shall be entered and given on the books of the treasury, in like manner as for the present domestic funded debt; and that certificates therefor, of a tenor conformable with the provisions of this act, signed by the register of the treasury, shall issue to the several subscribers, and that the said credits, or stock standing in the names of the said subscribers, respectively, shall be transferable, in like manner, and by the like ways and means, as are provided by the seventh section of the act aforesaid, 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 said loan, 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. The interest and principal of all loans, authorised by this act, shall be made payable at the treasury of the United States, only so far as relates to the payment of the principal and interest of the domestic debt.

[Secs. v. vi. vii. and vili. Relate to appropriations for the payment of the interest and principal of the debt. See Infra, 36, 37.]

17. Sec. ix. As well the moneys which shall accrue to the said sinking fund, by virtue of the provisions of this act, as those which shall have accrued to the same, by virtue of the provisions of any former act or acts, shall be under the direction and management of the commissioners of the sinking fund, or the officers designated in and by the second section of the act, entitled “ An act making provision for the reduction of the public debt,” passed the twelfth day of August, one thousand seven hundred and ninety, and their successors in office; and shall be, and continue, appropriated to the said fund, until the whole of the present debt of the United States, foreign and domestic, funded and unfunded, including future loans, which may be made for reimbursing or redeeming any instalments, 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 said commissioners, in trust, to be applied, according to the provisions of the aforesaid act, of the eighth day of May, in the year one thousand seven hundred and ninety-two, and of this act, to the reimbursement and redemption of the said 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 moneys or funds aforesaid shall inviolably remain, and be appropriated and vested, as aforesaid,

(ACT of May 31st, 1796.) to be applied to the said reimbursement and redemption, in manner aforesaid, until the same shall be fully and completely effected. · Sec. X. All reimbursements of the capital, or principal, of the pub

lic debt, foreign and domestic, shall be made under the superintendence of the commissioners of the sinking fund, who are hereby empowered and required, if necessary, with the approbation of the president of the United States, as any instalments or parts of the said capital or principal become due, to borrow, on the credit of the United States, the sums requisite for the payment of the said 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 said commissioners, with the approbation of the president, to cause to be constituted certificates of stock, signed by the register of the treasury, for the sums to be respectively borrowed, bearing an interest of six per centum per annum, and redeemable at the pleasure of the United States; and to cause the said certificates of stock tu be sold in the market of the United States, or elsewhere: Provided, That no such stock be sold under par. [The remainder of this act, relates to the duties of the commissioners of the sinking fund. Supplied, Infru, 37, &c.]

ACT of April 28, 1796. 2 Bioren, 525. Secs. I. II. III. iv. [Relate to the manner of reimbursing the public debt, by the commissioners of the sinking fund, &c. Repealed and supplied, Infra, 36, 37.]

Sec. v. It shall be lawful for the commissioners of the sinking fund to appoint a secretary, whose duty it shall be to record and preserve their proceedings and documents, and to certify copies thereof, when thereunto duly required; and the said secretary shall be allowed a compensation not exceeding two hundred and fifty dollars, annually, for his services.

ACT of May 31, 1796, 2 Bioren, 563. 18. Sec. I. It shall be lawful for the commissioners of the sinking fund, with the approbation of the president of the United States, to borrow, or cause to be borrowed, on the credit of the United States, any sum not exceeding five millions of dollars, to be applied to the payment of the capital, or principal, of any parts of the debt of the United States now due, or to become due, during the course of the present year, to the bank of the United States, or to the bank of New York, or for any instalment of foreign debt: And, for the whole, or such part of the said sum, as shall be borrowed, certificates shall be issued, purporting that the United States are indebted for the sums to be therein expressed,

(ACT of April 29th, 1802.) bearing an interest of six per centum per annum, payable quarter yearly; which sums, at the said rate of interest, are to remain fised 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. 11. 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 preserit domestic funded debt; and that certificates, for sums not less than one hundred dollars, pursuant to the 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, 37.]

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, 1802. 3 Bioren, 488. 19. SEC. 1. [Seven millions three hundred thousand dollars annually appropriated to the sinking fund. See Infra, 37.]

20. Sec. 111. 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 cr 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 of 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 by law, 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. 1. [Authorises certificates of stock, to issue in favour of 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:

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