The Federal mirror — Concord, N.H., 1795-05-08 00:00:00, page 2

•num ; the faidlritereft to commence
on the firft day of January next foe
ceecing the time of each fubferiptien,
■nd to be paid quarter yearly, atche
fame partrag at which, interest is
now payable, and paid upon the do
mestic funded debt: Provided, That
the principal of the said loan may be
reimbursed at any time, at the pleas
ure of the United Statet.
Sec. 3. And be it further enabled, That cred
its to the refpedive fubferibers, for the turns
by them refpe&ively fubferibed to the said
g^ loan, (hall be entered and given on the books
of the treasury in like manner as for the pres
ent domestic funded debt ; and that certifi
cates therefor, of a tenor conformable with
the provisions of this ad, signed by the keg:
ifter of the Treasury, (hall issue to the sever
al fubferibers, and that the said credits, or
stock standing in the names of [belaid sub
scribers, refpe&ively, th ill be transferable, in
like manner, and by the like ways and
means, i as are provided by the seventh fee
tion cf the aft aforefaid, entitled, " An ad
making provision for the debt of the United
States," touching the credits or stock there
in mentioned; and that the interest to be
paid upon the stock which flhall be constitut
ed by virtue of the said loan, (hall be paid
at (he offices or places, where the credits for,
the fame (hall, from time to time, stand or
, be, fubjed to the like conditions and reftrrc
tions, as are prescribed in and by the eighth
fe&ion of the ad last aforefaid.
Sec. 4. And be it further enaaed, That the
interest and principal of all loans, authoriz
ed by this aft, (hall be made payable at the
treasury of the United States only, so far as
, relates to the payment of the principal and
interest of the domestic debt.
• Sec. 5. And be it further enabled, That so
much of the duties on goods, wares and
merchandize imported, on the tonnage of
4hips or veffds, and upon spirits distilled
within the United States, and flills, hereto
fore appropriated for the interest of the for
eign debt, as may be liberated or let free, by
fubferiptions to the said loan, together with
such further sums of the proceeds of the said
duties, as may be necessary, (hall be, and
they are hereby pledged ana appropriated,
for the payment of the interest which (hall
be payable upon the ferns fubferibed to the
said loan, and (hall continue, so pledged and
appropriated, until the principal of the said
loan (hall be fully reimbursed and redeemed :
Provided always, That nothing herein con- ~
tained fhallbe cenftrued to alter, change, or
in any manner affi&, the provisions hereto
fore made concerning the said foreign debt,
according to contrast, either during the pen
dency of the said loan, or after the clewing
'thereof ; but every thing (hall proceed,touch
ing the said debt, & every part thereof, in the
fame manner as if this aft had tiever been
passed, except as to luch holders, as may sub
scribe to the said loan, and from the time of
the commencement tty^ofin each case, that
is, when interest oh riny sum fubferibed (hall
, begin to accrue.• ' l ,
Sec. 6. And be it further enaaed, That the
feveraland refpedive duties laid and contain
ed in and by the ad, entitled “ An allay
ing additional duties on goods, wardsand
merchandize unported into the United
States," passed the seventh day of June/one
thousand seven hundred and ninety four,
mail together with the other duties hereto
fore charged with the payment of interest on
the public debt, continue to be levied, col-
I< , leacd arid paid, until the whole of the cap
[ital or principal of the present debt of the
United States, and future loans which may
be made pursuant to law, for the exchange,
reimbursement or redemption thereof, or a
my part thereof, (hall be reimbursed or re
,^ deemed, and (hall be, and hereby are, pledg
ed and appropriated for thepayment of inter,
est upon the said debt and loins; until the
~ fame , all be so reimbursed or redeemed.
Sec. 7. fftnd ^ itfurther ina&ed. That the
Tefervation made in the fourth fedion of the
aforefaid ad, entitled “An aa making
kprovifion for the redu&ion of the public
k debt," be annulled, and in tieu thereof, that
L so much of the duties on goods, wares and
[ merchandize imported, on the tonnage of
■ <hips or vessels, and upon foirits distilled
■ within the United States, and (tills, as may
■ hemeceffary, be, and hereby are substituted,
■ pledged and appropriated for fatisfying the
[purpofe of the said reservation.
Sec. 8., M/& ftfurther ena&ed. That the
followingappropriations, in addition to those
:heretofore made, be made to the fund consti
tuted by the seventh feaion of the a&, entit
led "An a& Supplementary to the aft mak
ing proviso for the debt of the U. States;''^
passed the eighth day of May, one thousand
seven hundred and ninety two, to be hereaf-'
ter denominated " The Sinking Fund," to
wit: First, So much of the proceeds of the
* duties on goods wares and merchandize im
ported ; on the tonnage of (hips or vessels,;
^and on spirits distilled within the U States,
\ and (tills, 35 together with the monies which
L ^',ow tonffitate the said fund, arid mail accrue
* ,40 it, by virtue of the provisions herein be-
fore m^de, and by thejn'ereft upon each in
ftalment, or partof principal, which (hall be
reimbursed, will be fufficient, yearly and
every year, commencing the firft day of Jan
uary next, to reimburse and pay so much as
may rightfully be reimbursed and paid, of
r the principal of that part of the debt or
stock, which, on the said firft day es Janu
ary next, ffi all bear an interest of fix per cen
tum per annum, redeemable by payments,
, on account both of principal and interest,
not exceeding, in one year, eight per cen^
- turn, excluding that which (hall stand to the
: credit of the commissioners of the finking
fund, and that which shall stand to the cied
it of certain States, in corifequence of the
balances reported in their favor, by the com
missioners for fettling accounts between the
United, and individual States : Secondly—
The dividends, which (hall be, from time
to time, declared on so much of the stock of
the bank of the United States, as belongs to
the United States (deducting thereout such
films, as will be requisite to pay interest on
any part remaining unpaid of the loan of
two millions of dollars, had of the bank of
the United States, pursuant to the eleventh
featon of the aft, by which the said bank is
incorporated , Thirdly, So much of the
duties on goods,' wares and merchandize im
ported, on the tonnage of (hips or vessels, &
on spirits distilled in the United States and
(fills, is, with the said dividends,- after such
, deduction, will be Efficient yearly and every
year, to pay the remaining inftalments of
the principal of the said loan, as they (hall
become due, and as, together with any
monies, which, by virtue of provisions in
former ads, and herein before made,
(hall, on the firft day of January, in the
year one thousand eight hundred and two,
belong to the said finking fund, not other
wise Specially appropriated ; and with inter
est on each inftalment, or part of principal,
which (h^ll, from time to time, be reimburf
ed,or paid, of that part of the debt or stock
which, on the firft day of January, in the
year one thousand eight hundred and one,
(hall begin to bear an interest of fix per cen
tum per annum, will be Sufficient, yearly
and every year, commencing on the firft day
of January, in the year one thousand .eight
hundred and two, to reimburse and pay so
much, as may rightfully be reimbursed and
paid, of the said principal of the, said debt or
stock, which (hall so begin to bear an inter
est of fix per centum per annum, on the said
firft day of January, in the year one thou
sand eight hundred and one, excluding that
which (hall stand to the credit of the com
missioners of the finking fund, and that,
which (hall stand to the credit of certain
States, as aforefaid : Fourthly—The net
proceeds of the sales of lands belonging, or
which (hall hereafter belong to the United
States, in the weftern territory thereof:—
Fifthly—All monies, which (hall be receiv
ed into the treasury, on account of debts due
to the United States, by reason of any mat
ter prior to their present constitution : And
laiily— All furplufles of the revenues of the
^United States, which (hall remain, at the
end of any calender year, beyond the amount
of the appropriations charged upon the said
tenues, and which, during the session of
Congrefc, next thereafter, -mail not be oth
ff wife especially appropriated or referred by
law..
; Sec. 9. And be it further shaded, That as
well the monies which (hall accrue to the
said finking fund, by virtue of thefaid pro
visions of this aft, as those which (hall have
accrued to the fame, by virtue of the provi
sions of any former ad or ads, (hall be under
the direction and management of the cem
miffioners of the finking fund, or the offi
cers delighted in and by thefecond fedion
of the a&, entitled " An a& making provi
sion for the reduction of the public debt,"
passed the twelfth day of August, one thou
sand seven hundred and ninety, and their
successors in office ; and (hall be, and con
tinue appropriated to the said fupd, until the
whole of the present debt of the United
States, foreign and domestic, funded and
unfunded, including future loans, which
may be made for reimbursing or redeeming
any faftalments or parts of principal of the
said debt, (hall be reimbursed and redeem
ed ; and (hall be, and are hereby declared to
be verted in the said commissioners, in trust,
to be applied, according to the provisions
of the aforefaid a& of the eighth day of May,
in the year one thousand seven hundred and
emety-two, and of this a&, to the reim
burferoent and redemption of the said debt,
including the loans aforefaid, until the Arre
(hall be fully reimbursed and redeemed. w And
the faith of the United States is hereby
Pledged, that the monies or funds aforefaid
inviolably remain, and he appropriated and
vested, as aforefaid, to be applied to the
said reimbursement and redemption, in
manner aforefaid, until the fame (halite ful
ly and completely effected.
,ec. 10. And be it farther etched, That all
rermburfements of the capital, or principal of
the public debt, foreign and domestic, (hall
be made under the fuperintendance of the
commissioners of the finking fund, who are
hereby empowered and required, if neceffa-
Iry, with the approbation of the PrMideht of l
the United States, as any inftalments or parts
of the said capital or principal become due,
to borrow, on the credit of the United States,
thefums requisite for the payment of the said
inftalments or parts of principal : Provided,
That any loan which may be made by the
said commissioners, (hall be liable to reim
bursement at the ptafure of the U. States;
and that the rate of interest thereupon, (hall
«Bot exceed fix per centum per annum ; and
so: greater caution, it is hereby declared,
that it (hall be deemed a good execution of
, the said power to borrow, for the said com
miffiouers, with the approbation of the Pres
ident, to cause to be constituted certificates
of stock, signed by the Register of the Trea
sury for the fams to be refpedively borrowed,
bearing an interest of fix per centum per an
num, and redeemable at the pleasure of the
United States ; and to cause the said certifi
cates of stock to be fold in the market of the
United States, or elsewhere : PrptuU/, That
«no such stock be fold under par. And for
the payment of interest on any sum or sums
which may be so borrowed, either by direct
Joans, or by the sale of certificates of stock,
the interest on the sum or sums which ffiall
be reimbursed by the proceeds thereof (ex
cept that upon the funded stock, bearing and
to bear an interest of fix per centum, redeem
abteby payments, not exceeding in one year,
eight per centum on account both of princi
pal and interest) and so much of the duties
on goods wares and merchandize imported,
on the tonnage of (hips or vessels, and upon
Spirits distilled within the United States, and
upon stills b as may be necessary, fh,lfbe, and
hereby are pledged and appropriated.
Sec. 11. And be it further enaaed, That it
(hall be the duty of the commissioners of the
finking fund, tq cause to be applied & paid,
out of the Lid fund, yearly & every year, at
the Treasury of the United States, the fe've
ral and refpe&ive films following, to wit ;—
First—Such sum and fams as, according to
the right for that purpose reserved, may
rightfully be paid for, and towards the re
imburfemeot or redemption of such debt or
stock of the United States, as, on the firft
day of January next, (hall bear an interest
of fix per centumper^ahnum, redeemable by
payments, not exceeding in on: year, eight
per centum, on account both of principal
and interest, excluding that standing to the
credit of the commissioners of the finking
fund, and that standing to the credit of cer
tain states, as aforefaid, commencing the said
reimbursement or redemption, on the said
firft day of January next: Secondly—Such
sum and sums as, according to the condi
tions of the aforefaid loan, had of the bank
of the United States, (hall be henceforth pay
able towards the reimbursement thereof, as
the fame (hall refpe&ively accrue: Thirdly,
Such sum and sums as, according to the
ripht for that purpose referred, may right
fully be paid for, and towards the reimburse
ment or redemption of such debt or stock of
the Uni ed States as, on the firft day of, Jan.
in the year one thousand eight hundred and
one, (hall begin to bear an interest of fix per
centum, on account both of principal and
interest, excluding tha standing to the cred
otthe commissioners of the linking fund, &
that standing to the credit of certain States,
as aforefaid, commencing the said reimburfe
mtnt or redemption, on the firft day of Jan
uary, in the year one thousand eight hun
dred and two; and also to cause to beappli
ed all such surplus of the said fund, as may,
at any time exist, after fatisfying the pur
poses aforefaid, towards the further ana fi
rial redemptions of the present debt of the U
nited States, foreign and domestic, funded
and unfunded,, including loans for the re
imbursement thereof, by payment or pur
chase, until the said debt ffiall be completely
reimbursed or redeemed.
Sec. 12. Provided akuuje, and be it further
endued. That nothing in t^k a& (hall be
construed to vert in the Commissioners of the
finking fund, a right to pay in the purchase
or difeharge of the unfunded domestic debt
of the United States, a higher rate than the
market price or virtue of the funded debt of
the United States:/f^,^^ That
it, after all the debts arid loans aforefaid,
now due, and that (hall arise under this art,
excepting the said debt or stock, bearing an
interest of threeper sent. &11fe fully paid
id difeharged, any part of the principal of
the said debt or stock bearing an interest of
three per cent, as aforefaid, (hall be unre
deemed, the government (hall have liberty, ,
if they think proper, to make offer and dif
ferent appropriations to the said funds.
Sec. if Add be it further „aa#, That all
priorities heretoforeWablHbed in the appro
priations by law; for the interest on the debt
of the United States, as between the differ,
ent parts of the said debt, (hall, ifrer Vfe
year one thousand seven hundred and ninety
fix, cease, with regard to all creditors of the
United States, whri dd not, before the ex
piration of the said period, lignify, in writ
ing to the Comptroner of the Treasury, their
dissent therefrom; arid that thenceforth,
with the exception only of the debts of such
creditors who (hall so lignify their dissent,
the funds or revenues charged with the said
appropriations, (hall, together, constitute
, common er consolidated fund, chargeable
indifcrimm:tely, and without priority, with J
the payment of the ftiu interest.,
Sec. 14. And be itfurthtr evaded, That
all certificates, commonly called loan-c ffice
certificates, final settlements, and indents
interest, which at the time of parting of this
ad, (hall be outstanding, (hall, on or be
fore the firft day of January, in the year one
thousand seven hundred and ninety (even, be
presented at the office of the Auditor of the
Treasury of the United States, for the pur
pose of being exchanged for or her certificates
of equivalent value and tenor, or, at the bp
tion of the holders thereof, refydively, to 1
be registered at the said officce, and return-'
ed ; in which case, it shall be the duty of
the said Auditor to cause some durable mark
or marks to be set on each certificate, which
shall afeertain and fix its identity, and
whether genuine, or counterfeit or forged ;
and every of the said certificates, which (hall
not be presented at the said office, within the
said time, (hall be forever after barred or
precluded from fcttlement or allowance.
Sec. 15. And be it farther enabled, „ t
if a "J tranter of flock standing to the credit of a
State fball be made pursuant to the ad, entitled,
" An ad authorizing the transfer of the fleck
standing to the credit of certain States," passed
the jecond da, of fanuarj, in this present year,
after the last da, of December next, the fame
fhall be upon condition, that it shall be lawful to
reimburse, at a jub/equent period of reimburse.
ment, jo much ^ the principal of the flock jo
transferred, as quill make the reimbursement there
of, equal in proportion and degree, to that of the
fame flock transferred previous to the said day.
Set. 16. And be it further enaded, That
' n rifpea to an, sum which (ball have remained
unexpended upon an, appropriation other thayfor
Repayment of interest on the funded debt, for the
payment of interest upon, and reimbursement, ac
cording to central, of an, loan or loans made on
account of the United States ; for the purposes of
the faking fund ; or for a purpose, in refyea to
which, a longer duration is efpeciall, afigned by
baw, for more than two,ears after the expira
tion of the calender year in vohicb the a& of ap
propriation shall have been p a fled, such ap,rc,ri
aturnjhal! be deemed to have ceaJed and been de
termined ; and thefum so unexpended shall be car
ried to an account in the books of the Treapur,, to
be denominated “ THE surplus fund."—
But no appropriation shall be deemed to bawefo
ceased and been determined, until after the year
one thoujand seven hundred and ninety five, unleft
" fall appear to the Secietar,^' the freafary,
that the objed thereof bath been full, fasifed, in
which case, it shall be lawful for bi^ to catfe to
be carried, the unexpended residue thereof, to the
said account of " the furplas fund."
Sec. 17. And belt further enabled, That
the, department of the treasury, according to the re
jpeaive duties of the federal officers thereof foal 1
eftablifhfueb forms and rules of proceeding, for W
touching the execution of this a8 as sh ^l be con
formable with the provifans tberetf.'
Sec. 18. And belt further enaded. That
all the reftriaions and regulations heretofore ef
tablifad by law for regulating the execution of the
duties enjoined upon commissioners of the Jinking
fund, shall apply to, and be in as full force for
the execution of the analogous duties enjoyed by this
act, as if tb, were herein particularly repeated
and re-enacted: And particular account of all
jales of flock, or, of loans 6, them made, shall be
laid before Congress within fourteen days after
their meeting next after the making of an, such
loan or jale of flock.
Sec. 19. And be it further enacted, That
in ever, case in which power is giye* by this act
to make a loan, it shall be lawful fcrfuch loan to
be made of the bank oftbeUnited States, although
the Jams may exceed the sum offifty thousand dol
lars.
See. 20. And be it further enacted, Hbatfe,
much of (be act laying duties upon carriages for the
conveyance of perfens ; and of the act laying du
ties on licenses forfeiting wines and foreign diftill
odjpirituom liquors by retail,and if the act laying
c#tain duties upbn jnu, and refined sugar, and if
the act laying duties on property fold at auction, as
limits tbe duration of the said firveral acts, be,<
and tbefame is hereby repealed ; and that all the .
said feral acts be, and the fame are hereby con
tinued informs foil tbe firft day ts March, one
thousand eight hundred and one.
Approved, March 3, 1795.
George Wajhington.
==—^===mm-
IMPORTANT f
Articles face the loft Mail.
* By a gentleman from Exeter.
;,&ffXt^ iCT "— 'rt . #
BOSTON, MAY 4.
GOOD NEWS.-From the Wtftndiss.
Captain Beattey arrived on Friday; .
from faa^tej to 18 da„, whitfr
er be was coded in bya French pri
vateer—hil;cargo, consisting of pro.
visions of almost every kind, they
bought of him, and punctually paid :
him tbe amount in produce, upon at
good term, at he could with—he war J
treated with the greatest civility,
kfllft B. fofera^tec at Manga
lante, there are 4000 well disciplined