The enquirer. [volume] (Richmond, Va.) 1804-1815, 1810-06-08
CBY AUTHORITY
LAW OF The UNITED STATES
AN ACT

hHfhor,sing loGa Of money, for a sum nor es-
cee"i'tS the dnot.at Of the principal Of the tu5-
t'c deot, ,eini6urseGbie during the ye0r one fhou
sand eight hundred and ten.
II 1t enacted By the Senate and H,v,e oe p.-
- personalities 81 The United States of l4,ncyIca
IN eonsress assembled, That the President
Vi tie united States be, and he is hereby en-
powered to borrow, on the credit of the United
states' a sum not exceeding the amount of the
PrmciPai of the public debt, which will be re-
ihoursed, according to law, during the present
year, by the commissioners of the sinking fund
at rate OF interest, payable quarter yearly, not
exceeding SIX per centum per annrrn, and re-
hourseaoie at the pleasure of the United States.
ON at such period may be stipulated by CON
tract, not exceeding six years from the first dav
OF January next; to be applied, in addition to
the MONIES now in the Treasury, or which NAV
De received therein from other sources during
tne present year, to defray any of the pubIic
expences which are or may be authorised by law.
4 ne STOCK thereby created, shall be transferable
N the same manner as is provided by law for
the transfer OF the funded debt. 1t shall be law
iui for the bank of the United States to lend the
saiu sum, or any part thereof; and il is further
hereby declared, that it shall be deemed a good
execution ofthe said power to borrow. for the
secretary OF the Treasury, with the approbati.
on of the President of the United States, to
cause TO be constituted certificates of stock
signed by the Register of the Treasury. or nv
commissioner of loans, for the sum to be bor-
rowed' or Tor any part thereof, bearing an in
'erest OF SIX per cent. per annum, transferable
ana reimbIrseahe as aforesaid and to cause
the SAID certificates OF stock to be sold /: Pro-
'fae"' nat 20 SUCH stock be sold under par
DEC. Z, and be 1t further enacted That the
Secretary ofthe Treasury be, and he is hereby
aetnorl: ed, with the appreciation of tho President
oi inc ontsd States, 10 give the. preference, in
the subscriptions which, may be made TO the loan
authorised by this act, to the holders of The ey.
S"A'Beo tx per cent stuck, screatedb by virtue Of
uh1 SECOND section OF The act passed on the eie,
vehti Gay OF February. one thousand eight hum
ored and seven, for an amount not exceeding.
ior esch sSch stockholGcr, the amount of the
SAID exchanged six per cent. stock, held hy him
AZ tne time OF subscribing as foresaid Pyoui.
drd, That the holders of the said stock. who
may De deslrous TO subscribe to the said loan,
shall notify the same in the manner and within
the time 10 be designated by public notice. for
That purpose, by the Secretary of the Treasury
WIN the appreciation of the president of the IT,
81: dnd provided also, that the sum which NAV be
mus borrowed from the holders of the said
exchanged SIX per cent. stock shall be REIN.
Dursable at the pleasure of the United States.
SEC. ). And be it further enacted, That so
much OF the funds constituting the annual an
preparation of eight millions of dollars, for the
payment OF the principal and interest OF the
public debt of the United States, as NAV be
wanted Tor that purpose, is hereby pledged and
appropriated for the payment of the interest and
Tor the reimbursement of the principal of the
stock, which may be created by virtue of this
act. 1t shall accordingly be the duty Of the COM
inissloners OF the sinking fund, to cause to be
applied and paid out Of the said fund yearly, &
every year, such sum and sums as may be an
nually wanted TO discharge the interest accruing
on the sad stock, and TO reimburse the princi.
pal as the same shall become due, and may be
discharged IN conformity with the terms of the
loan and they are further authorised to apply,
from time to time, such sum or sums out of the
SAID iand as they may think proper, towards re.
deemlng by purchase, and at . price not above
par, the principal of the said stock or any part
thereof. And the faith Of the United States is
hereby pledged 10 establish sufficient revenues
Tor making up any deficiency that nay hereaf-
ter take place in the funds hereby appropriated
iof paying the said interest aid principal sums,
or any OF them III Haanner aforesaid
j. b VARNUM
Sbeate, sfthe Hoxse of I2ee,esentutiVes.
JOHN GAILLARD,
President Of The Senate, pyo,tep,bOye.
APPROVED,