# United States Statutes at Large/Volume 3/17th Congress/1st Session/Chapter 28

Chap. XXVIII.—An Act to authorize the Secretary of the Treasury to exchange a stock bearing an interest of five per cent. for certain stocks bearing an interest of six and seven per cent.
Subscription proposed, to amount of twelve million dollars, &c. Books to be opened at the treasury and loan offices May 1, till July 1, 1822. Subscription to be effected by a transfer of credits and surrender of certificates.Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That a subscription, to the amount of twelve millions of dollars, of the seven per cent. stock, and of the six per cent. stock of the year eighteen hundred and twelve, and also for fourteen millions of the six per cent. stock of the years eighteen hundred and thirteen, fourteen, and fifteen, be, and the same is hereby, proposed: for which purpose books shall be opened at the Treasury of the United States, and at the several loan offices, on the first day of May, one thousand eight hundred and twenty-two, to continue open until the first day of July next thereafter, for such parts of the above-mentioned description of stocks as shall, on the day of subscription, stand on the books of the treasury, and on those of the several loan offices, 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 so subscribed.
Credits to be entered and certificates bearing an interest of five per cent. to be issued, for amount of six per cent. stock subscribed, transferable, &c. Periods of redemption of the new stock.Sec. 2. And be it further enacted, That, for the whole, or any part, of any sum which shall be thus subscribed, of the six per cent. stocks of the years one thousand eight hundred and twelve, and one thousand eight hundred and thirteen, credits shall be entered to the respective subscribers, who shall be entitled to a certificate or certificates, purporting that the United States owe the holder or holders thereof, his, her, or their, assigns, a sum to be expressed therein, equal to the amount of the principal stock thus subscribed, bearing an interest of five per centum per annum, payable quarterly, from the thirtieth day of June, one thousand eight hundred and twenty-two, transferable in the same manner as is provided by law for the transfer of the stock subscribed, and subject to redemption, at the pleasure of the United States, in the proportion, and at the periods, herein defined, viz: one-third at any time after the thirty-first day of December, one thousand eight hundred and thirty; one-third at any time after the thirty-first day of December, one thousand eight hundred and thirty-one; and the remainder at any time after the ​thirty-first day of December, one thousand eight hundred and thirty-two; and that for the whole, or any part,Credits and certificates in like manner, for the seven per cent. stock subscribed, redeemable after Dec. 31, 1833. which shall be thus subscribed, of the seven per cent. stock, credits shall be entered to the respective subscribers, who shall be entitled to 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 amount of the principal stock thus subscribed, bearing an interest of five per cent. per annum, payable quarterly, from the thirtieth day of June, eighteen hundred and twenty-two, transferable in the manner as is provided by law for the transfer of the stock subscribed, and subject to redemption, at the pleasure of the United States,Proviso. at any time after the thirty-first day of December, one thousand eight hundred and thirty-three: Provided, That no reimbursement shall be made, except for the whole amount of such new certificate, nor until after at least six months’Secretary of the Treasury to re-transfer the excess of stock subscribed. public notice of such intended reimbursement. And it shall be the duty of the Secretary of the Treasury to cause to be re-transferred to the respective subscribers, the several sums by them subscribed beyond the amount of the certificated of five per cent. stock issued to them respectively.
If the amount authorized should not be subscribed by July 1, 1822, the remainder may be subscribed between that day and the 1st of October following, on the books of the treasury.Sec. 3. And be it further enacted, That, if the amount of seven and six per cent. stocks, authorized to be subscribed by the first section of this act, shall not have been subscribed by the first day of July next, the remainder of that amount may be subscribed, on the books of the treasury, at any time between the said first day of July and the first day of October next thereafter; and for the whole or any part of any sum which shall be thus subscribed, of the six per cent. stocks of the years eighteen hundred and twelve, eighteen hundred and thirteen, eighteen hundred and fourteen, and eighteen hundred and fifteen, credits shall be entered to the respective subscribers, who shall be entitled to 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 amount of the principal stock thus subscribed, bearing an interest of five per centum per annum, payable quarterly, from the thirtieth day of September, one thousand eight hundred and twenty-two, transferable in the same manner as is provided by law for the transfer of the stock subscribed, and subject to redemption, at the pleasure of the United States, in the proportion, and at the periods, herein defined, viz: one-third at any time after the thirty-first day of December, one thousand eight hundred and thirty; one third at any time after the thirty-first day of December, one thousand eight hundred and thirty-one; and the remainder at any time after the thirty-first day of December, one thousand eight hundred and thirty-two; and that for the whole or any part which shall be thus subscribed of the seven per cent. stock, credits shall be entered to the respective subscribers, who shall be entitled to 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 amount of the principal stock thus subscribed, bearing an interest of five per centum per annum, payable quarterly, from the thirtieth day of September, one thousand eight hundred and twenty-two, transferable in the manner as is provided by law for the transfer 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 thirty-three: Provided,Proviso; no reimbursement, except, &c. That no reimbursement shall be made, except for the whole amount of such new certificate, nor until after at least six months’ public notice of such reimbursement.
Funds pledges for the payment of interest and redemption of the principal of the new stock. Commissioners of the sinking fund to cause to be applies the sums necessary to pay the interest and redeem the principal, &c. The part of the $10,000,000 vested, &c. continued appropriated to pay the interest, &c.Sec. 4. And be it further enacted, That the same funds which have heretofore been, and now are, pledged by law for the payment of the interest, and for the redemption or reimbursement of the stock which may be subscribed by virtue of the provisions of this act, shall remain pledged for the payment of the interest accruing on the stock created by reason ​of such subscription, and for the redemption or reimbursement of the principal of the same. It shall be the duty of the commissioners of the sinking fund to cause to be applied and paid, out of the said fund, yearly and every year, such sum and sums as may be annually wanted to discharge the interest accruing on the stock which may be created by virtue of this act. The said commissioners are hereby authorized to apply, from time to time, such sum and sums, out of the said fund, as they may think proper, towards redeeming, by purchase or by reimbursement, in conformity with the provisions of this act, the principal of the said stock. And such part of the annual sum of ten millions of dollars, vested by law in the said commissioners, as may be necessary and wanting for the above purposes, shall be and continue appriated [appropriated] to the payment of interest and redemption of the public debt, until the whole of the stock which may be created under the provisions of this act shall have been redeemed or reimbursed.
Rights of non-subscribers neither altered nor abridged.Sec. 5. And be it further enacted, That nothing in this act contained shall be construed in any wise to alter, abridge, or impair, the rights of those creditors of the United States who shall not subscribe to the loan to be opened by virtue of this act.
Approved, April 20, 1822.