Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1813-09-16
AN ACT

4
seven millions five hundred Thousand dol
lars.
Belt enacted by the Senate and Hsasc o
RefresenfatiUes Of the United Stafcs o.
.Amerfca II, CONGRESS assembled, That III.
President of the United States be, and he i
hereby authorised to borrow, on the credi,
OF the United States, a sum not exceeding
| seven millions five hundred thousand dol
lars, to be applied in addition to the monies
now in the Treasury, or which may be re-
ceivcd from other sources, to defray any
eNpences which have been or which may
be authorised for the service of the years
one thousand eight hundred and thirteen,
and one thousand eight hundred * fourteen,
and torswhich appropriations have been or
may be made by law during those years
fss'ouidsa, That no engagement or contract
shat be entered into which shall preclude
tn United Stae1 from reimbursing any
sum or sums thus borrowed. at any time
! after the expiration of twelve years, from
the first day of January next.
DEC. Z. Ind ben further enacted, That the
Secretary of the Treasury, with the appro-
baton of the President of the United States
be, and he is hereby authorised TO cause to
be constituted certificates IF stock, signed by
the Register of the Treasury, or by !, com.
missioner of loans, for tho sum To be bor-
| rowed by this act, or for any part thereof,
and the same TO be sold: Provided, That
| no such certificate shall be sold at rate
less than eighty eight per centum, or eighty
! eight dollars in money for one hundred dol.
lars In stock. And the Secretary of the
reasury shall Cause to be laid before Con-
grss, on the firse Monday in February, one
! thousand eight hundred and fourteen, or as
soon thereafter as Congress may be in ses
sion, an account of all the monies obtained
oy the sale OF the certificates of stock in
manner aforesaid, together with a state
hent OF the rate at which the same may
la C been sold.
Sec. 3. ind be IL further enacted, That
the Secretary of the Treasury be, and he is
hereby authori ed, with the appreciation of
the President of the United States, to en-
ptoy an agent CT agents for the purpose OF
obtaining subscriptions To the loan author
iSea by TINS act, or of selling any part of the
stock Created by virtue thereof. a com
mission not exceeding one quarter o! bne pei
cent. on the amount thus sold, or for which
subscriptions snail have been thus obtained,
may, by the secretary If the Treasury
be allowed to such agent or gents and a
sum not exceeding twenty-five thousand
dollars. to be paid out of any monies in the
reasury not otherwise appropriated, is
hereby appropriated Tor paying he amount
of such commission or commissions, a
may be thus allowed, and also Tor deiray-
'ug the expences of printing and issuing the
subscription certificates, and certificates of
stock, and other expences incident to the
receiving of subscriptions, aud completing
the loan authorised by this act.
sec. 4 lind he it, further enacted, That
so much OF the funds Constituting the an
nual appropriation of eight millions OF dos
lars for the payment of the principal and
interest of the public debt Of the Unncd
D ates, as may be wanted for that purpose,
alter satisfying the sums necessary tor the
payment of the interest aud such part OF The
principal OF the said debt IS the United
States are now pledged annually TO pay or
reimburse, IS hereby pledged and appro-
prlated Tor the payment of the interest,
and for the reimbursement of the principal
OF the stoCk which may bc created by yir>
tue OF this act. 1t shall accordingly be the
duty of the commissioners OF the sinking
fund to cause to be applied and paid out of
the said fund, yearly such sum and sums as
nay be annually wanted to discharge the
interest accruIng ON the id stock, and To
reimburse the principal as The same shall
become due and may DE discharged IN con-
tormlty with the terms of the loan; and
they are further authorised TO apply from
said fund, as they think proper, towards re.
deeming by purchase, and at price not
above par, the principal of the said stock OF
any part thereof. And the faith of the
United states is hereby pledged to establish
sufficient revenues tor making up any de-
ticlency that may hereafter rake place in
the isnds hereby appropriated for paying
the said interest, and principal sums, or any
OF them in manner aforesaid.
Sec. 5. .4nd be h further enacted, That
il shall be lawful forany of the banks IN the
district Of Columbia ia lend any part Of the
sam authorised 70 be borrowed by virtue of
this act. any thing in any Of their charters
OF incorporation 70 the contrary notwith.
standIss.
H.CLAY,
Speaker Of the House Of Representatives.
Il. GERRY,
Vice President ofthe United States, aud
President of the Senate.
ApPToved-August 2, 1918.
LANES MADISON