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(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. 11. (Certificates to be issued.]
Sec. III. TAgents to procure subscriptions to be appointed.]

Sec. iv. [Pledge of funds, in same words as Sec. fii, 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 sever 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. II. (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 1:han one hundred dollars, to the treasury of the United States, cr to anya commissioner of loans; and the holders of the said treasury notes not bearing an interest, shall be entitled to receive the:re for the amount of the said notes in a certificate or certificates (of funded

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(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, l'hat 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 pot exceeding eighteen millions four hun-

dred and fifty-two thousand eight hundred dollars.
32. Sec. I. The president of the United States is hereby autho-
rised to borrow, on the credit of the United States, a sum not ex-
ceeding 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. 111. 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: Prooided, 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. 11. 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. 11. 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

(ACT of March 30, 1817.) debt; and it shall be the duty of the secretary of the treasury annually to cause to be paid to the commissioners of the sinking fund the said sum of ten millions of dollars, in such payments, and at such times in each year, as the situation of the treasury will best admit: Provided, That all such payments as may be necessary to enable the said commissioners to discharge or reimburse any demands against the United States, on account of the principal or interest of the debt which shall be actually due in conformity to the engagements of the said United States, shall be made at such times in each year as will enable the said commissioners faithfully and punctually to comply with such engagement: Provided also, That any money which may have been paid, before the passage of this act, to the commissioners of the sinking fund for the year one thousand eight hundred and seventeen, as a part of the annual appropriation heretofore made by law to that fund, shall be held to be a payment for the year one thousand eight hundred and se. venteen, on account of the appropriation of ten millions hereinbefore directed.

Sec. 111. In addition to the sum of ten millions of dollars, hereinbefore annually appropriated to the sinking fund, there shall be appropriated for the year one thousand eight hundred and seventeen, to the sinking fund, the further sum of nine millions of dollars, to be paid, out of any moneys in the treasury not other. wise appropriated, at such time within the year as the secretary of the treasury shall deem most conducive to the public interest, to be applied by the commissioners of the sinking fund to the purchase or redemption of the public debt; and it shall be lawful for the secretary of the treasury, at any time during the year one thousand eight hundred and seventeen, if he shall deem it expepedient to do so, to cause to be paid to the commissioners of the sinking fund a further sum, not exceeding four millions of dollars, which shall be considered as an advance to that amount, on the appropriation of ten millions, payable in the next year, and the said amount shall also be applied by the said commissioners to the purchase or redemption of the public debt, and the commissioners aforesaid are authorised and directed to apply the sums by this act appropriated to the purchase and redemption of the public debt, holden by the bank of the United States, if not otherwise to be obtained on the terms stated in this act.

Sec. IV. After the year one thousand eight hundred and seventeen, whenever there shall be, at any time after an adjournment of congress, in any year, a surplus of money in the treasury, above the sums appropriated for the service of such year, the payment of which to the commissioners of the sinking fund, will yet leave in the treasury, at the end of the year, a balance equal to two millions of dollars, then such surplus shall be, and the same is hereby, appropriated to the sinking fund, to be paid at such times as the situation of the treasury will best permit; and shall be applied, by the commissioners thereof, to the purchase or redemption of the public debt.

(ACT of February 4th, 1819.) Sec. v. Whenever, in any year, there shall be a surplus in the sinking fund, beyond the amount of interest and principal, which may be actually due and payable by the United States, in such year, in conformity with their engagements, the commissioners of the sinking fund shall be, and they 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 such price shall not exceed the following rates, viz: for stock of the United States, bearing an interest of three per centum per annum, there shall not be paid more than sixty-five dollars for every hundred dollars of the principal thereof; for stock bearing an annual interest of six per centum per annum, there shall not be paid more than the par or true value thereof; and for stock bearing an annual interest of seven per centum, there shall not be paid an advance above the par value thereof, which shall exceed, for

shall exceed, for every hundred dollars of stock, the computed value of an annuity of one dollar for a number of years, equal to that during which the stock so purchased will not be reimbursable at the pleasure of government, estimating, in such computation, the interest of money at six per centum per annum.

Sec. VI. All certificates of public debt which, by payment or purchase, have become, or hereafter shall become, the property of the United States, 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. And no interest shall be considered as accruing, and no further payment shall be made, on account of such debt, the certificates of which have been so cancelled and destroyed.

37. Sec. vir. Nothing in this act contained shall be construed to prevent the congress of the United States, if war shall occur with any foreign power, from applying, to any object of public service, any surplus of the amount herein appropriated to the sinking fund, which may be left in any year after paying the interest and principal which may be actually due and payable by the United States, in conformity with their engagements. Nor shall any thing in this act be construed to repeal, alter, or affect, any of the provisions of any former act, pledging the faith of the United. States to the payment of the interest or principal of the public debt, but all such payments shall continue to be made at the time heretofore prescribed by law, excepting only as before provided, that no payments shall be made on certificates which have become the property of the United States.

ACT of February 4, 1819. Pamphlet edit. 8. 38. Sec. 1. Whenever proof shall be exhibited, to the satisfaction of the secretary of the treasury, of the loss or destruction of treasury note, issued under the authority of any act of congress, it shall be lawful for the said secretary, upon receiving bond, with

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