Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1807-06-17
AicD,nunh ssrirc Current.
N:l Iscf,

2l:l Ict,
Supplementary 10 me uct inkitnicd " IN
act making provision for the redemhtf-
on of'the zUhote eftic 1,nbhc DEBT ot'tAe
United STATES"
WHEREAS it is desirable to adapt the
nature OF the provision for the redempti-
on OF the public debt to the present Cir
cumstances of the United States, which
can only be done by voluntary subscrip-
ton on the part Of the creditors.
Sec. l. BE IL enacted By me Senate ard
House Of Representatives of the U,rifed
States 9f.4merica, IN Congress assembled,
That subscription to the full amount of
the old six per cent. deferred and three
per cent. stocks be, and the same is hereby
proposed; tor which purpose books shall!
he opened Mt the treasury of the United
States, and by the several commissioners
os loans, on the first day of July next, to
continue open until the seventeenth dav Of
Narch next following, inciusively, the
fourteen last days o. each quarter, e::cep.
TED, FOR sucn parts u the above mentioned
descriptions Of stock, rs shall, en- the day
ct subscription, stand On the books Of the
treasury, and OF the several commissioners
OF loans, respectively, which subscr
ted States, IN che manner provided bv law
for such transfers, ofthc credit or credits,
standing on the said books, and bv q sur
render of the certificates Of the stock SUBJ
scrjbsd.
Sec. 3. .Ind belt further enacted, That
Tor the whole or any part of any sum which
.shal! thus be subscribed, in cid six per
cent. or deferred stock, credits shall be en-
tered to the respective subscribers, and
the subscriber or subscribers shall be en-
titled TO a certificate, or certificates, pur-
porting that the United States owe to the
holder or holders thereof, his, her, or their
assigns, Gum 10 be expressed therein, G.
quail TO the amount Of principal of the stock
thus subscribed, which shai! remain unrc-
deemed on the day of such subscription,
hearing an interest of six percemrunI, per
annum, payable quarterly from the
hlst day of the quarter, during which such
subscription shall have been made, trans
ferable in the same manner as is provided
by law for the transfers CT the stock sub
scribed, and subject 10 redemption at the
pleasure Of the United States: J'y.o1ided.
'.'hat 10 single certificate Shall be issued
for an amount greater than ten thousand
dollars: ind froyided further, That no
reimbursement shall DE made except for
the whole amount Of any such new certif-
cate, nor till after at least SIX months pre-
vious public notice Of such intended REIN
bursement.
Sec. 8. ind be itI1ft6er. enacted. That
for the whole or any part of any sum which
shall thus be subscribed in three per cent.
stock, credits shall likewise be entered to
the respective subscribers and the sub
sCriber, or subscribers, shall be entitled to
certificate, purporting that the United
States owe TO the holder or holders there
OF, his, her, or their assigns, sum to be
expressed therein, equal to sixty-fve per
centum or the amonnt of principal Of the
stock thus subscribed, bearing an interest
al six per centum, per annum, PAYABLE
ouarter-yearly, from the first day of the
QuarCer, during which such. subscription
snail have been made, and transferable
and subject to redemption in the same man
ner, and under the same regulations and
restrictions, as the stock created by the
preceding section Of this act Provided
That no part OF the stock thus created
sh II be reimbursable, without the assent o.
the holder or holders of such stock, until
after the whole OF the eight per cent and
four and halls per cent. stocks, as well rs
all the six per cent. stock which NAV be
created by virtue Of the preceding scction
shall have been redeemed.
Sec. 4 md be IL further enacted, Tia,
the commissioners Of the sinking fund
shall be, and they are hereby authorized
TO appoint an agent in London, and another
IN Amsterdam, whose duty il shall be tc
receive subscriptions and transfers, and t.
issue new certificates ~ the manner, and
at the times aforementioned, and as the
officers OF the treasury department, or the
commissioners Of loans might do that i,
20 say, the agent in London i'm favor o.
such stockholders residing in the domini.
ons OF Great.Bfitain in Europe, and the a.
gent in Amsterdam in favor Of such stock
holders residing in any other part of JSu.
rope, as may respectively BECOME subscri
bers: ProDidcd, That the certificates is
sued by the said agents, shall bear Interest
only from the FIRST day Of the quarter mex
succeeding that in which the subscription
shall have taken place and that in relation Z,
subscriptions made in old six per cent
or deferred stocks, the sums expressed il
such new certificates shall bc equal to tht
amount Of the principal of the old six pc
cent. or deferred stocks thus subscribed
which shall remain unrcdeemed after paw
mcnt Of the dividend payable ON suc1
stock, on that day from which the intercs
on the new certificates shall commence