The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1812-08-20
(Bp Autboritp.)
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Laws of the United States.
AN ACT


Authorizing subscription for the old
six per cent. and deferred stocks, and
providing for an exchange of the same.
d. -naefed BY the Senate and House Of
- Representatives Of fhe United Sfases of
.'merica, in Congress assembled, That a
subscription to the fun amount of the old six
per cent. and deferred stocks DO, and the same
Is hereby proposed to the proprietors thereof;
Tor which purpose books shall be opened at
the Treasury OF the United States, and by the
several commissioners Of loans, on the first
day oil October next, to continue open till the
seventeenth day OF March ensuing inciu-
svcly, the fourteen last days Of each quarter
exceped, for such part Of the above mention
cd stocks as shall, on the day Of subscription,
| stand on the books OF the Treasury, and of
The several commissioners of loans respec.
lively which subscription shall be effected
ny a transfer 10 the United States, in the
| manner provided by law 10, such ,rrnsfers, Of
the credit or credits standing ON the said
books, and by a surrender OF the certificates
OF the stock subscribed.
Sec. 2.--.dad be n further enacted, That
tor such part OF the amount Of old six per
cent. or deferred stock, thus subscribed, %
shall remain unredeemcd on the day Of such
subscription, credits shall be entered to the
respective subscribers on the books of the
Treasury, or OF the commissioners Of loans,
where such subscription shall have been made,
and the subscriber or subscribers shall be en-.
titled TO receive certificate or ccr,ificen,ss
purporting that the United States owo to the
holder or holders thereof, his, her or their as
signs, sum to be expressed therein, equal TO
the unredcemed amount Of the principal ofths
old six per cent. or deferred stocks subscribed
a. aforesaid, bearing an interest CT six per
centum per annum, payable quarter yearly
from the hrst day OF the quarter during which
such subscription shall have been made, trans
ferrab!c in the same manner as Is provided by
law tor the transfers of stock subscribed, and
subject to redemption at the pleasure of the
Uaised States at any sine after the thir,y.frst
Day of December, one thousand eigh, hundred
and twenly-four: Provided, That no reim-
Oursemcnt shall be made except for the whole
'nount of tho stock standing at the time to
Tho crsdii Of cry proprietor on the books Of the
lYasusy or of the commissioners rs oi leans re-
spEctively, nor ill after at least six months
previous psblic MOTTO Of such intended reim-
burscment.
Sec. 8. Ind be at further enacted, That the
s1snc funds which, heretofore have been, and
Eow are pledged by law, for the payment ol the
interest and tor the redemption or reimburse
ment OF the stock which may be subscribed by
virtue oil the provisions OF this act, shall re.
main pledged for the payment of interest ac-
cruing on the stock created by reason of such
subscription, and for the redemption or rcim-
burscmcnt OF the principal of the same. Ii
shall be the duty OF the commissioner, of the
SINKING fund to cause TO be applied and paid
out ofthe said fund, yearly and every year, such
sum anc sums as may be annually wanted to
discharge tho annual interest accruing on the
stock which may be created by virtue Of this
act The said com mis- ssioners are herebv al.
thoriscd 20 appiy, from time to time, such sum
and sums out oil the said fund as they may think
proper, towards redeeming by purchase, or
By reimbursement, in conformity with the
provisions of this act, the principal of the
laid stock. And such part OF the annual sum
Of eight millions Of dollars, vested by law in
the said commissioners, as may dc necessary
and wanting for the absve purposes, shall 10
aha continue appropriated to the payment of
ioterest and redemption 1sf the public debt,
until the whole of the stock which may be
created under the provisions Of this act shall
tave been redeemed or reimbursed.
Sec. 4. And 6e n further enacted, That
fpihing in this act contained shall be constru.
% in any wise to alter, abridgc or impair the
rights of fho,e crcdi,orS Of the United States
Who shall not subscribe 10 the loan 10 bo sp-
cned by virtue oil this act.
H.CLAY,
Sneaker ef the House Of Rehresentafives.
VIM. II. CRAWFORD,
Presidenf Of The Senate Ityo fsnihore.
yIlv 6. l2l2-AppRavrn