# United States Statutes at Large/Volume 2/12th Congress/1st Session/Chapter 135

Chap. CXXXV.—An Act authorizing a subscription for the old six per cent. and deferred stocks, and providing for an exchange of the same.
Books to be opened at the treasury for a subscription to the old six per cent. stock of the U. States.Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That a subscription to the full amount of the old six per cent. and deferred stocks be, and the same is hereby proposed to the proprietors thereof; for which purpose books shall be opened at the treasury of the United States and by the several commissioners of loans, on the first day of October next, to continue open till the seventeenth day of March ensuing inclusively, the fourteen last days of each quarter excepted, for such part of the above mentioned stocks as shall, on the day of subscription, stand on the books of the treasury and of the several commissioners of loans 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 subscribed.
Terms upon which subscriptions may be made.Sec. 2. And be it further enacted, That for such part of the amount of old six per cent. or deferred stock, thus subscribed, as shall remain unredeemed on the day of such subscription, credits shall be entered to the respective subscribers, on the books of the treasury or of the commissioners of loans where such subscription shall have been made, and the subscriber or subscribers shall be entitled to receive 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 unredeemed amount of the principal of the old six per cent. or deferred stocks, subscribed as aforesaid, bearing an interest of six per centum per annum, payable quarter yearly, from the first day of the quarter during which such subscription shall have been made, transferable in the same manner as is provided by law for the transfers 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 twenty-four:Proviso. Provided, that no reimbursement shall be made except for the whole amount of the stock standing at the time, to the credit of any proprietor, on the books of the treasury or of the commissioners of loans respectively, nor till after at least six months’ previous public notice of such intended reimbursement.
Funds to be pledged.Sec. 3. And be it further enacted, That the same funds which heretofore have 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 annual 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 eight millions of dollars, vested by law in the said commissioners, as may be necessary and wanting for the above purposes, shall be and continue 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.
Sec. 4. And be it further enacted, That nothing in this act contained shall be construed in anywise 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, July 6, 1812.