Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1812-04-20

Twelve, authorise and empower the Secretary oil
the treasury to borrow, behalf of the United
States, sum not exceeding in the whole eleven
millions of dollars, and to make the necessary
tract for the pursuant to the act of Congress
above rccitcd.
Nom therefore, the undersigned Secretary of the
Treasury, in pursuance of the act OF Congress and
the authority from the President of the United
States above mentioned, doth hereby, behalf OF
the United States, contract and engage i'm manner
following, to wit:
LIST. Books for receiving subscriptions to n loan o
eleven millions of dollars tor the use of the United
States shall be opened the first day of May
next
1t Portsmouth, New-Hampshire
at the Union Bank.
1t Boston, Massachusetts,;
at the State Bank,
Union Bank,
Massachusetts Bank.
1t Providence, Rhode island
at the Roger Williams Bank
1T Hartford, Connecticut;
at the Bank of Hartford
1t the City Of .Ne1r- York;
at the Manhattan COMPANY.
Mechanics Bank.
1t PHILADELPHIA
at the Bank of PENNSYLVANIA.
Farmers Mechanics Bank
1T Baltimore
at the Bank of Baltimore,
Commercial s. Farmers Bank
III the City Of Washington
at the Office of the
- bank oil Columbia.
1t Richmond, Virginia
at the Bank of Virginia.
1T Charleston, South Carolina;
at the State Bank,
Planters & Mechanics Bank
which books shall continue open for recey np sinh
scrlptons during the ordinary hours of transa.tn,
business at the said Banks for two DAYS If pnore
than eleven millions of dollars in the whole sbag
be subscribed, the surplus shall be deducted in nro
portion to the sums subscribed in each Daee re-
spectively, by reduction of the subsc riDtion .a
ding four thousand dollars.
2. For every hundred dollars which may he sinh
scnbed, there shall be paid, at the time of subscri
b'ns, the sum of twelve dollars and fifty CENTS ana
like sum oftwelve dollars and fifty cents. ON the
fifteenth day oleach OF the ensuing months of Juno
July, August, September, October, November and
December, one Thousand eight hundred and twelve
respectively. Each subscriber, at the time ofnaS''
ing any of the above instruments after the FIRST mo-,
pay all any number of the subsequent instalmen;
and will be entitled to receive nte est at the rate
OF six per centum per annum on the amo,,nt TIN,
paid from the time ofactual payment
5. On the failure of payment of any instalmept
OF the sums subscribed according the tenor of the
second article, the next preceding instalnlent ,1
twelve dollars and fifty cents which shall have heen
paid for every hundred dollars subscribed shall he
forfeited to the United States ~
q. Ii any subscriptions shall be reduced in eonse-
quence OF greater sum than eleven millions of dol
lrs DeihS subscribed, conformably to the first ar,i-
Gle, the amount of such reduction shall be forthwith
returned to the subscribers from whom such re
duction shall have been made
S. Each subsequent instalment must be maid q,
the same Bank at which the original subscrnton
was made, and where the first nstalment was maid
8. For such sums number of shares of one
hundred dollars, as may be subscribed the Cashiers
ot-the respective Banks, within twenty days after
tne tme oil suosGiloins shall give certificates sta
ting the sums subscribed and payment made and
on which the payments of the subsequent install
ments when made shall be respectively endorsed
which certificates shall be assignable by endorse.
IaI.~ - al
they may be issued, until the completion of the
payments required by the tenor of the secood arfi
Gle. "a
q. After the completion of the payments ofore
sd' tue proprletors OF the certificates of the CASH
iers, on which such payments have been completed.
on surrendering the same at the Loan Office Of the
state IN which the subscription and payments sb7,i
have been made, shall be entitled to receive tom
the Commissioners Of Loans, certificates of fnndod
capital stock bearing interest Of six pcr centnn
per annum from the time when the said instalments
shall have been paid respectively and payobIc ouor
ter yearly, at the several Loan Offices or at the
treasury OF the United States where the same mos,
stand credited which Certificates of funded cants,
stock shall be issued in of one hundred. four
hundred, one thousand, four thousand On. ten thou
sand dollars, at the option of the proprietor and
shall be transferable by the creditors and their at
tornies duly constituted, at the Treasury and Ioan
Offices respectively, in the same manner as tIo
present funded debt of the United States and l.,
pursuance OF the rules which have been or which
SoG'OliShcu 10 the transfer of the
said debt O
8. After the payment of the fifth instalnoent
such oil the proprietors of the certificates of tLs
Cashiers, OF four hundred dollars and upwards. "a
may then be DESTROYS of funding the same nav ~,
presenting them at the Loan Office of tbe s,sts T.;
which the subscription and payments shall have
been made, receive from the Commissioner or
Loans, certificates Of funded capital stock of the
description aforesaid, for the amount of tbe co,.
hrst instalmcnts, or moiety ofthe sum exnrcss-
ed IN the subscription certificates.
o. Alter the last day Of December in tbe veo
one thousand eight hundred apd twenty-four snd
alter reasonable notice to the creditors which sboI
be gwen by an advertisement IN some public uc,vo
paper pdnted at the seat of the government of tho
United States, the said capital stock shall be code
mable at the pleasure of the United States nv III
reimbursement OF the whole sum ,yhiei, r,oy a.
that time stand credited to any prlpriotor on H.,
books OF the Treasury or of the Loan Offices re-
specGveIy
10 SO much OF the funds constituting the. annual
appropriation ct eight millions Of dollars for the
payment OF tue principal and interest of the puhIc
debt OF the United States, may be necessary for
the regular payment Of the interest and for the re-
endorsement OF the principal Of the stock 10 be
created under this contract together with the f,it
OF the United States for its due fuGmcnt arc here
by pledged in pursuance Of and according tn III
terms and conditions OF tho Act of Cong ess bere;f,
before rectcd.
Given under my hand and the seal oftl, Tre,-
sury Of the United States AT VashioOtor
SEAL. this thirty FIRST day Of March, one tbons,nJ
eight hundred aud twelve.
ALBERT GALLATIN
ocCrcfaM u shc Irsqsur-.