# United States Statutes at Large/Volume 3/13th Congress/3rd Session/Chapter 4

Chap. IV.—An Act to authorize a loan for a sum not exceeding three millions of dollars.
Act of Dec. 15, 1814, ch. 12. A loan of three millions authorized. How the proceeds to be applied. Proviso.Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the President of the United States be, and he is hereby authorized to borrow, on the credit of the United States, a sum not 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.
Secretary of the Treasury to cause certificates of stock to be sold for the sum to be borrowed. An account to be laid before Congress of the rate, &c.Sec. 2. And be it further enacted, That the Secretary of the Treasury, with the approbation of the President of the United States, be, and he is hereby authorized, to cause to be constituted certificated of stock, signed by the register of the treasury, or by a commissioner of loans, for the sum to be borrowed by this act, or for any part thereof, and the same to be sold. And the Secretary of the Treasury shall lay before Congress an account of all the moneys obtained by the sale of the certificates of stock in manner aforesaid, together with the statement of the rate at which the same may have been sold.
To appoint an agent or agents for obtaining subscriptions or selling the stock. Commission to be paid for the service.Sec. 3. And be it further enacted, That the secretary of the Treasury be, and he is hereby authorized, with the approbation of the President of the United States, to employ an agent or agents, for the purpose of ​obtaining subscriptions to the loan authorized by this act, or of selling any part of the stock to be created by virtue thereof. A commission not exceeding one quarter of one per cent. on the amount thus sold, or for which subscriptions shall have been thus obtained, may, by the Secretary of the Treasury, be allowed to such agent or agents; and a sum not exceeding nine thousand dollars, to be paid out of any moneys in the treasury not otherwise appropriated, is hereby appropriated for paying the amount of such commission or commissions as may be thus allowed, and also for defraying the expenses of printing, and issuint the subscription certificates and certificates of stock, and other expenses, incident to the completing of the loan authorized by this act.
Treasury notes due before January receivable in payment of this or any other loan.Sec. 4. And be it further enacted, That it shall be lawful to receive in payment of any loan obtained under this act, or under any other act of Congress authorizing a loan, treasury notes which have been issued according to law, and which shall become due and payable on or before the first day of January next, at the par value of such treasury notes, together with the interest thereon accrued, at the time of the payment on account of the loan.
Fund appropriated for the payment of interest and reimbursement of principal of stock created by virtue of this act.Sec. 5. And be it further enacted, That so much of the funds constituting the annual appropriation of eight millions of dollars, for the payment of the principal and interest of the public debt of the United States as may be wanted for that purpose, after satisfying the sums necessary for the payment of the interest and such part of the principal of said debt, as the United States are now pledged annually to pay or reimburse, is hereby pledged and appropriated for the payment of the interest, and for the reimbursement of the principal of the stock which may be created by virtue of this act. It shall accordinglyDuty of commissioners of sinking fund, accordingly. be the duty of the commissioners of the sinking fund, to cause to be applied and paid out of the said fund, yearly, such sum and sums as may be annually wanted to discharge the interest accruing on the said stock, and to reimburse the principal, as the same shall become due, and may be discharged in conformity with the terms of the loan; and they are further authorized to apply, from time to time, such sum or sums out of the said fund, as they may think proper, towards redeeming, by purchase, and at a price not above par, the principal of the said stock, or any part thereof.
Permanent funds to be provided and appropriated, in addition to the sum already appropriated to the sinking fund.Sec. 6. And be it further enacted, That in addition to the annual sum of eight millions of dollars, heretofore appropriated to the sinking fund, adqueate and permanent funds shall during the present session of Congress, be provided and appropriated, for the payment of the interest and reimbursement of the principal of said stock created by this act.
Sec. 7. And be it further enacted, That an adequate and permanent sinking fund, gradually to reduce and eventually to extinguish the public debt,An adequate sinking fund for paying the war debt to be created. contracted and to be contracted during the present war, shall also be established during the present session of Congress.
Sec. 8. And be it further enacted, That it shall be lawful for any of the banks in the District of Columbia,Banks in District of Columbia authorized to contribute to the loan. to lend any part of the sum authorized by virtue of this act, any thing in any of their charters to the contrary notwithstanding.
Approved, November 15, 1814.