Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1810-07-10
By Ast@e,s.y.
AN ACT

sum not exceeding the amount of
the principal of the public debt,
reimbursable during the year one
thousand eighthundred and ten.
de it enacted by the Senate and
ID House of Representative Of the
United States of America, in Congress
assembled, That the President Of the
United States be, and he is hereby
empowered to borrow, on the credit of
the United States, sum not exceed
Ing the amount of the principal of the
public debt, which will be reimbursed
according tolaw during thepresentyear,
by the commissioners of the sinking
fund, at rate ofinterest, payable quar-.
lteryearly, notexo eeding six per csntum
per ahnum, and reimbursable at the
pleasure of the United States, or at
such period as may be stipula ed by
! contract not exceeding six years from
the FIRST day of January next to be
applied, in addition to the monies now
in the Treasury, or which may be
received therein from other sources
during the present year, to defray anv
of the public exPences which are or
may be authorised by law. The stock
| thereby created, shall be. transferable
In the same manner as is provided by
law for the transfer of the funded debt.
L. shall be lawful for the bank of the
United States to lend the said sum, or
any part thereof and it Is further
hereby declared, that it shall be dec M
ed good execution of the said
lPower to borrow, for the Secretary
OF the Treasury with the appreciation
tot the President of the United Sta S,
to cause to be constituted certificates
tot stock, signed by the Register CT
the Treasury, or by commissioner Of
loans, for the sum TO be borrowed d,
or tor any part thereof, bearing ar
interest of six per cent. per annum,
transferable and reimbursable as a.
tcresaid I; and TO cause the said GER
,tihcates OF stock to be sold Provi-
ided, That no such stock be sold un-
7 der par.
r Sec. 2. And be it further enacted,
That the Secretary of the Treasury
be, and he is hereby authorised, with
the appreciation of the President of
H..
the United States, to give the prefer
ence, ia the subscriptions which NAV
be made to the loan authorised by
this act, u the holders of the cx.
4 Changed SIX per cent. stock, created
by virtue of the second section of the
act passed on the eleventh day ci
February, one thousand eight hundred
and seven, for an amount not ex.
ceeding, for each such stockholder,
the amount of the said exchanged six
per cent. stock held by him at the
time of subscribing as aforesaid
Provided. That the holders of the
said stock, who may be desirous tc
subscribe to the said loan, shall mott.
iy the same in the manner and within
the time to be designated by public
netlee, for that purpose, by the Sec.
rotary of the Treasury, with the ap,
probation OF the President of the U
nited States: And provided also
That the sum which may be thu,
borrowed from the holders of the
saId' exchanged six per cent. stock
shall be rcimborsable at the pleasure Of
1.-THE United States.
Sec. 3. And be it further enacted
, That go much "of the fluids constitu
. ting the annual appropriation of eigh
millions of dollars, for the paymen
OF the principal and interest of the
IPublic debt of the United States, a,
may be wanted for that purpose, il
hereby pledged and appropriated fol
the payment of the interest and for tn,
Ireinhursement of the principal of tn,
stock, which may be created by vir
J tue OF this act. 1t shall accordiugl,
be the duty Of the commissioners o
the sinking fund, to cause to be ap
Iplied and paid out of the said func
yearly, and every year, such sum anc
sums as may be annually wanted t.
discharge the interest accruipg ON tn.
said stock, and to reimburse the prin-
cIpai as the same shall become due
and may be discharged in conformi,,
with the terms of the loan and the,
are further authorised to apply, from
} time to time, such sum or sums out O
the said fund as they may think pro
} per, towards redeeminp bv purchase