Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1807-06-24

act MAKING flroplSkon JOt' me redeHlIItt
on ofthe sohoie 9f'the public debt efthe
United Staie8.'
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 n voluntary subscrip
ton on the part OF the creditors.
Sec. !. BE it enacsed6V tie Senate and
D0uSc Of Representatives IF he United
States ofFmerica, 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; 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 July next, to
continue open until the seventeenth day OF
March next following, inclusively, the
fourteen last DAYS o. each quarter, cXccp-
ted, for such parts of the above mentioned
descriptions of stock, 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 b. effected by q transfer to the Uni
ted States, N the manner provided by law
for such transfers, ofthc credit or credits,
Standing on the said books, and by a sur
70 E the certificates OF the stock sub
:cribed.
$50 Z, Ind be u further enacted, That
for the whole or any part Of any sum which
shall thus be subscribed, in old 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. sum to be expressed therein, e.
quail othe amount Of principal of the stock
TINS subscribed, which shall remain unre-
deemed on the day Of such subscription,
bearing an interest of six per centum, per
auHum, payable quartcr-yearly, from the
first day of the quarter, during which such
subscription shall have been made, trans
fcrablc IN the same manner as is provided
BY law for the transfers of the stock sub
scribed, and subject TO redemption at the
pleasure of the United States: Provided,
That no single certificate shall be issued
for an amount greater than ten thousand
dollars ind troUidcd flrther, That no
reimbursement shall he made except for
the whole amount OF any such new oertif-
cate, nor till after 1T least six months pre-
Nious public notice Of such intended REIN
bursemcnt.
Sec. 3. IND be IT. further enQcted, 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 tC
the respective subscribers and the sub.
scriber. or subscribers. shall be entitled &c
certificate, purporting that the United
States owe to tho holder or holders there.
Uf, his, her, or their assigns, sum u be
expressed therein, equal 10 siXtv-fvc pei
Centum Of the amount Of principal of the
stock thus subscribed, bearing an interes
Of six per ccntum, per anuum, pavabi,
quarter-yearly, from the first day Of III,
quarter, during which such subscription
shall have been made, and transferabl,
and subject to redemption in the same man
ner, and under the same regulations an,
restrictions, as the stock created bv tn
preceding section Of this act Provided
That no part Of the stock thus Creptet
Sh II be reimbursable, without the assent q
the holder or holders Of such stock, unit
after the whole o. the eight per cent AM
four and half per cent. stocks, rs well q
all the six per cent. stock which may b.
created by virtue Of the preceding section
shall have been redeemed
Sec. d. ind be 10 FURTHER enacted, Tina
the commissioners Of the sinking fun
shall be, and they are hereby authorize
20 appoint an agent in London, and anothe
~ Amsterdam, whose duty il shall be 6
receive subscriptions and transfers, and
issue new certificates in the manner, an
at the times aforementioned, and as sh
officers OF the treasury department, or th
commissioners Of loans might do that
TO say, the agent in London in favor
such stockholders residing in the domin
ons Of Great. Britain in Europe, and the
gent in Amsterdam in favor Of such stocl
holders residIny IN any other part of 1T
rope, as may respectively become subscr
LCrs ProUided, That the certificates i
sued by the said agents, shall bear intere
only from the first day of the quarter nc.
succeeding that in which tic subscrfDti,
snail have taken place and that in relation
subscriptions made in old SIX Der ccr
or deferred stocks, the sums expressed
such new certificates shall be c1unl 20 Il
amount Of the principal OF The old six D,
cent or deferred stocks thus subscribe
which shall remain uurcdcemed after pa
mcut Of the dividend payable on su,
stock, Oh ;hat day from whIch the iutere
20 the new certificates shall commene