ACT of July 6, 1812. 4 Bioren, 477.

25. SEC. 1. A subscription to the full amount of the old six per cent. and deferred stocks, is hereby proposed to the proprietors thereof; for which purpose books shall be opened at the treasury of the United States, and by the several commissioners of loans, on the first day of October next, to continue open till the seventeenth day of March ensuing, inclusively, the fourteen last days of each quarter excepted, for such part of the abovementioned stocks as shall, on the day of subscription, stand on the books of the treasury and of the several commissioners of loans, respectively; which subscription shall be effected by a transfer to the United States, in the manner provided by law for such transfers, of the credit or credits standing on the said books, and by a surrender of the certificates of the stock subscribed.

SEC. II. For such part of the amount of old six per cent. or deferred stock, thus subscribed, as shall remain unredeemed on the day of such subscription, credits shall be entered to the respective subscribers, on the books of the treasury, or of the commissioners of loans where such subscription shall have been made, and the subscriber or subscribers shall be entitled to receive a certificate or certificates, 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 unredeemed amount of the principal of the old six per cent. or deferred stocks, subscribed as aforesaid, bearing an interest of six per centum per annum, payable quarter yearly, from the first day of the quarter during which such subscription shall have been made, transferable in the same manner as is provided by law for the transfers of the stock subscribed, and subject to redemption, at the pleasure of the United States, at any time after the thirty-first day of December, one thousand eight hundred and twenty-four: Provided, That no reimbursement shall be made except for the whole amount of the stock standing, at the time, to the credit of any proprietor, on the books of the treasury, or of the commissioners of loans, respectively, nor till after at least six months' previous public notice of such intended reimbursement.

ACT of February 8, 1815. 4 Bioren, 497.

26. SEC. 1. The president of the United States is hereby, authorized to borrow, on the credit of the United States, a sum not exceeding sixteen millions of dollars, to be applied, in addition to the moneys now in the treasury, or which may be received from other sources, to defray any of the expenses which have been, or, during the present session of congress, may be, authorized by law, and for which appropriations have been, or, during the present session of congress, may be, made by law; Provided, That no engagement nor contract shall be entered into, which shall preclude the United States from reimbursing any sum or sums thus borrowed, at any time after the expiration of twelve years from the first day of January next: And it is hereby further declared, That

(ACT of November 15th, 1814.)

it shall be deemed a good execution of the said power to borrow, for the president of the United States to cause to be sold the whole or any part of the certificates of stock issued for the sums to be borrowed by virtue of this act.

SEC. IV. [Pledge of funds for the payment of the principal and interest, in the same words as SEC. III. of ACT of March 14, 1812, Supra, 24.]

ACT of August 2, 1813. 4 Bioren, 617.

27. SEC. 1. The president of the United States is hereby, authorized to borrow, on the credit of the United States, a sum not exceeding seven millions five hundred thousand dollars, to be applied, in addition to the moneys now in the treasury, or which may be received from other sources, to defray any expenses which have been, or which may be, authorized for the service of the years one thousand eight hundred and thirteen, and one thousand eight hundred and fourteen, and for which appropriations have been, or may be, made by law during those years: Provided, That no engagement or contract shall be entered into which shall preclude the United States from reimbursing any sum or sums thus borrowed, at any time after the expiration of twelve years, from the first day of January next.

SEC. II. [Certificates of stock to be issued.]

SEC. III. [Agents to procure subscriptions to be appointed.] SEC. IV. [Pledge and appropriation of funds, in the same words as SEC. III. ACT of March 14, 1812, Supra, 24.]

ACT of March 24, 1814. 4 Bioren, 663.

An act to authorize a loan for a sum not exceeding twenty-five millions of dollars.

28. SEC. I. The president of the United States is hereby, authorized to borrow, on the credit of the United States, a sum not exceeding twenty-five millions of dollars, to be applied, in addition to the moneys now in the treasury, or which may be received from other sources, to defray any expenses which have been, or, during the present year, may be, authorized by law, and for which appropriations have been, or, during the present year, may be, made by law: Provided, That no engagement or contract shall be entered into which shall preclude the United States from reimbursing any sum or sums thus borrowed at any time after the expiration of twelve years from the last day of December next. SEC. II. [Certificates to be issued.]

SEC. 111. [Agents to be appointed to obtain subscriptions.] SEC. IV. [Pledge of funds; in the words of SEC. 1. ACT of March 14, 1813, Supra, 24.]

ACT of November 15, 1814. 4 Bioren, 715.

An act to authorize a loan for a sum not exceeding three millions of dollars. 29. SEC. 1. The president of the United States is hereby, authorized to borrow, on the credit of the United States, a sum not

(ACT of February 24th, 1815.)

exceeding three millions of dollars, to be applied, in addition to the moneys now in the treasury, or which may be received from other sources, to defray any expenses which have been, or, during the present year, may be, authorized by law, and for which appropriations have been, or, during the present year, may be, made by law: Provided, That no engagement or contract shall be entered into, which shall preclude the United States from reimbursing any sum or sums thus borrowed, at any time after the expiration of twelve years from the last day of December next. SEC. II. [Certificates to be issued.]

SEC. III. [Agents to procure subscriptions to be appointed.] SEC. iv. [Pledge of funds, in same words as SEC. t11. ACT of March 14, 1812, Supra, 24, see Infra, 36.]

ACT of December 26, 1814. 4 Bioren, 737.

30. SEC. I. The secretary of the treasury is hereby, authorized, with the approbation of the president of the United States, to cause treasury notes to be prepared, signed, and issued, for and in lieu of so much of the sum authorised to be borrowed on the credit of the United States, by the act of congress, entitled "An act to authorise a loan for a sum not exceeding twenty-five millions of dollars," [Supra, 28.] passed on the twenty-fourth day of March, in the year one thousand eight hundred and fourteen, and also for and in lieu of so much of the sum authorised to be borrowed, on the credit of the United States, by the act of congress, entitled" An act authorising a loan for the sum of three millions of dollars," [Supra, 29.] passed on the fifteenth day of November, in the year one thousand eight hundred and fourteen, as has not been borrowed, or otherwise employed in the issue of treasury notes, according to law: Provided always, That the whole amount of treasury notes issued by virtue of this act, for and in lieu of the residue of the said two sums as aforesaid, shall not exceed the sum of seven millions five hundred thousand dollars: and further, that the treasury notes so issued, shall be applied to the same uses to which the said two loans, authorised as aforesaid, were, respectively, by law made applicable.

ACT of February 24, 1815. 4 Bioren, 808.

SECS. I. II. III. [Treasury notes for a sum not exceeding twentyfive millions of dollars, to be issued for the service of the year one thousand eight hundred and fifteen, &c.]

31. SEC. IV. It shall be lawful for the holders of the aforesaid treasury notes not bearing an interest, and of the treasury notes bearing an interest at the rate of five and two-fifths per centum per annum, to present them at any time, in sums not less than one hundred dollars, to the treasury of the United States, or to any commissioner of loans; and the holders of the said treasury notes not bearing an interest, shall be entitled to receive therefor the amount of the said notes in a certificate or certificates of funded

(ACT of March 3d, 1815.)

stock, bearing interest at seven per centum per annum, and the holders of the aforesaid treasury notes bearing an interest at the rate of five and two-fifths per centum, shall be entitled to receive therefor the amount of the said notes, including the interest due on the same, in a like certificate or certificates of funded stock, bearing an interest of six per centum per annum, from the first day of the calendar month next ensuing that in which the said notes shall thus be, respectively, presented, and payable quarter yearly, on the same days whereon the interest of the funded debt is now payable. And the stock thus to be issued shall be transferable in the same manner as the other funded stock of the United States, the interest on the same, and its eventual reimbursement, shall be effected out of such fund as has been, or shall be, established by law for the payment and reimbursement of the funded public debt contracted since the declaration of war against Great Britain. And the faith of the United States is hereby pledged to establish sufficient revenues, and to appropriate them, as an addition to the said fund, if the same shall, at any time hereafter, become inadequate for effecting the purpose aforesaid: Provided, however, and be it further enacted, That it shall be lawful for the United States to reimburse the stock thus created, at any time after the last day of December, one thousand eight hundred and twenty-four.

SEC. IX. It shall and may be lawful for the holder of any treasury notes issued, or authorised to be issued, under any laws heretofore passed, to convert the same into certificates of funded debt, upon the same terms, and in the same manner, hereinbefore provided, in relation to the treasury notes authorised by this act, bearing an interest of five and two-fifths per centum.

ACT of March 3, 1815. 4 Bioren, 831.

An act to authorise a loan for a sum not exceeding eighteen millions four hundred and fifty-two thousand eight hundred dollars.

32. SEC. I. The president of the United States is hereby authorised to borrow, on the credit of the United States, a sum not exceeding eighteen millions four hundred fifty-two thousand eight hundred dollars, to be applied, in addition to the moneys now in the treasury, or which may be received from other sources, to defray any expenses which have been, or, during the present year, may be, authorised by law, and for which appropriations have been, or, during the present year, may be, made by law: Provided, That no engagement or contract shall be entered into which shall preclude the United States from reimbursing any sum or sums thus borrowed, at any time after the expiration of twelve years from the last day of December next.

SEC. 11. [Certificate of stock to be issued.]

SEC. 111. [Agents to obtain subscriptions, to be appointed.] SEC. IV. [Pledge of funds, in the same words as SEc. III. of ACT of March fourteen, one thousand eight hundred and twelve, Supra, 24, see Infra, 37.]

ACT of April 10, 1816.

33. [See BANK of the United States 6, ante page, 84.]

ACT of March 3, 1817. Pamphlet edit. 258.

An act to repeal so much of any acts now in force as authorises a loan of money, or an issue of treasury notes.

34. SEC. 1. So much of any act, or acts, of congress as authorises the president of the United States to borrow money on the credit of the United States, and to cause certificates of stock to be issued for so borrowed, be, and the same is hereby, repealed: Provided, always, That nothing in this act contained shall be construed to invalidate, or in any way affect, any securities or claims for money heretofore borrowed under the said acts.

35. SEC. II. So much of any act, or acts, of congress as authorises the president of the United States to cause treasury notes to be prepared, signed, and issued, be, and the same is hereby repealed: Provided, always, That nothing in this act contained shall be construed to affect the rights of any persons who may be the holders of treasury notes already issued.

SEC. 111. So much of the act, entitled "An act to authorise the issuing of treasury notes for the service of the year one thousand eight hundred and fifteen," as makes it lawful for the secretary of the treasury to cause the treasury notes, cases therein mentioned, to be re-issued and applied anew to the same purposes, and in the same manner, as when originally issued, be, and the same is hereby, repealed.

SEC. IV. All treasury notes which are now, or shall hereafter become the property of the United States, (from reimbursement, purchase, exchange, or receipts, on account of taxes, duties, and demands,) shall be cancelled or destroyed at such times, and under such regulations and securities, as the commissioners of the sinking fund, with the approbation of the president shall establish, and determine.

ACT of March 3, 1817. Pamphlet edit. 259.

An act to provide for the redemption of the public debt.

36. SEC. 1. So much of any act or acts of congress, as makes appropriations for the purchase or reimbursement of the principal, or for the payment of the interest, of the funded debt of the United States is hereby, repealed.

37. SEC. II. From the proceeds of the duties on merchandise imported, and on the tonnage of vessels, and from the proceeds of the internal duties, and of the sales of western lands, now belonging, or which may hereafter belong, to the United States, the annual sum of ten millions of dollars is yearly, appropriated to the sinking fund; and the said sum is hereby declared to be vested in the commissioners of the sinking fund, in the same manner as the moneys heretofore appropriated to the said fund, to be applied by the said commissioners to the payment of interest and charges, and to the reimbursement or purchase of the principal of the public