# United States Statutes at Large/Volume 3/13th Congress/1st Session/Chapter 51

Chap. LI.—An Act authorizing a loan for a sum not exceeding seven millions five hundred thousand dollars.
President authorized to borrow 7,500,000 dollars.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 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,Proviso. 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.
Secretary of the Treasury to cause to be constituted certificates of stock for the sum borrowed by virtue of this act. Proviso. No sale to be made at a less rate than eighty-eight dollars for one hundred dollars.Sec. 2. And be it further enacted, That the Secretary of the the Treasury, with the approbation of the President of the United States be, and he is hereby authorized to cause to be constituted certificates 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: Provided, That no such certificate shall be sold at a rate less than eighty-eight per centum, or eighty-eight dollars in money for one hundred dollars in stock. And the Secretary of the Treasury shall cause to be laid before Congress, on the first Monday in February, one thousand eight hundred and fourteen, or as soon thereafter as Congress may be in session, an account of all the moneys obtained by the sale of the certificates of stock in manner aforesaid, together with a statement of the rate at which the same may have been sold.
The Secretary of the Treasury may employ agents to receive subscriptions. Compensation not to exceed one quarter of one per cent.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 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 twenty-two 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 issuing the subscription certificates, and certificates of stock, and other expenses incident to th receiving of subscriptions, and completing the loan authorized by this act.
Appropriation of 8,000,000 dollars for the payment of the interest and reimbursement of this loan. Commissioners of the sinking fund to pay the interest, and to repay the principal.Sec. 4. 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 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. And the faith of the United States is hereby pledged to establish sufficient revenues for making up any deficiency that may hereafter take place in the funds hereby appropriated for paying the said interest, and principal sums, or any of them in manner aforesaid.
Banks in the District of Columbia may lend the money, or any part of it.Sec. 5. And be it further enacted, That it shall be lawful for any of the banks in the District of Columbia to lend any part of the sum ​authorized to be borrowed by virtue of this act, any thing in any of their charters of incorporation to the contrary notwithstanding.
Approved, August 2, 1813.