# United States Statutes at Large/Volume 4/22nd Congress/1st Session/Chapter 194

Chap. CXCIV.—An Act for the regulation of the navy and privateer pension and navy hospital funds.
Commissioners to close all their accounts of certain funds, and pay the balance to the Treasurer for the use of the Secretary of the Navy, &c. Release of commissioners. Secretary of the Navy made trustee. Applications for pensions.Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the commissioners of the navy pension and navy hospital funds be, and they are hereby, directed to close all their accounts as trustees of said funds, and to pay over the balance of cash in their hands, and to assign over and transfer all the certificates of stock, and other property belonging to said funds, and to the privateer pension fund, to the treasurer of the United States, for the use of the Secretary of the Navy, for the payment of navy and privateer pensions, and for expenditures on account of navy hospitals, et cetera; and as soon as said assignment and transfer shall be made, the said commissioners shall be, and they are hereby, released and discharged from all further trust connected with said funds, and the Secretary of the Navy be, and he is hereby, constituted the trustee of said funds; and as such, it shall be his duty to receive applications for pensions, and to grant the same according to the terms of the acts of Congress in such case made and provided, and to direct and control the expenditures out of the navy hospital fund.
Moneys to be invested.Sec. 2. And be it further enacted, That the balance of cash now on hand, and all moneys that may hereafter arise to said pension funds from stocks redeemed, or from any other source, shall be immediately invested, under the direction of the Secretary of the Navy, in the bank stock of the Bank of the United States;Secretary of the Treasury to sell stock, and receive navy pension funds in payment. and that the Secretary of the Treasury be, and hereby is, authorized to sell so much of the stock of the United States in said bank, at the par value thereof, as said navy pension funds will pay for; and to receive said navy pension funds, in payment thereof; the said bank stock to be held in the name of the treasurer of the United States for the purposes aforesaid.
Accounts to be kept of certain funds, &c.Sec. 3. And be it further enacted, That the Secretary of the Navy be, and he is hereby, authorized and required to cause books to be opened, and regular accounts to be kept, showing the condition of the navy and privateer pension funds, the receipts and expenditures thereof, the names of the pensioners, and the dates and amount of their respective pensions, with a statement of the act or acts of Congress under which the same ​Abstract to be reported to Congress, annually.may be granted; and that he shall annually report to Congress an abstract, showing the condition of these funds in all these particulars, and the receipts and expenditures during the year; and cause a similar account of the receipts and expenditures of the navy hospital fund, to be kept and recorded to Congress, annually, in like manner, and at the same time, with the reports upon the pension funds.
Clerk.Sec. 4. And be it further enacted, That the Secretary of the Navy shall be, and he is hereby, authorized to appoint a clerk, who shall perform all the duties which shall be required of him in relation to said funds; and shall receive as a full compensationSalary. for his services, and in lieu of all commissions or other allowances, a salary of one thousand six hundred dollars, to be paid quarter-yearly, out of the treasury of the United States.
Powers and duties of commissioners transferred to the Secretary of the Navy.Sec. 5. And be it further enacted, That all the powers conferred, and duties imposed by laws now in force, on the commissioners of the navy and privateer pension and navy hospital funds, be, and they are hereby, transferred to the Secretary of the Navy; and all acts, and parts of acts, contrary to the provisions of this act, be, and they are hereby, repealed.
Approved, July 10, 1832.