The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1820-07-05
LAWS.
TrUBLIsHEp BY AUTHORITY


AN ACT to autaorize the Pre.ident Of tue United
States to borrow q SUM not exceeding Three
Millions OF Dollars.
BEn enacted 6y re Senate and House Of
Rstyesenfafiyes efshe U,afed States IF .dme
rIcs II. Congress assembled, Tha, the Pfesi-
dent Of the United States be, and he is here
BY, empowered TO borrow, on the credit o.
the United Sts,es, a sun not exceeding
Three Millions OF Dollars, at rate OF intef-
est, payable qusr.sr yearly, not exceeding
tive per centum per annum, and reimbursabie'
ss the will of the government, at any time at
ter the 6cst day Of Jinuary, ono thousand
eight hundred aud thity-twa; or at q rate oil
interes,, paysbIe in like manner, not exceed
ing six pee centum poe snnum, and reiD6urs-
able at the pleasure Of the United Ststesi 10
be applied, in addition to the moneys now 10
the Treasury, or which may be received
therein from ohcr sources, during the pres
en-, year, 70 deitay any Of the public expeD
ces watch are, or may be, authorized by law.
The stock thereby created shall be transie,-
able in the same manner as is provided by
Law for the transfer of the public debt.
Sec. 2. Ind be IL further enacted, That 1t
shall 10 lawful for the Bank of the Uoited
Slaies to lend tho said sum, o. ary paSi
thereof; and it is hereby further declared
that il shall be deemed good execution Of
the said power to borrow, o. The Secretary
nf the Treasury, with tho appreciation OF ,he
President Of tho United States. to- cause 10
be constituted certificates Of stock, signed ny
the Register Of the Treasury, OF by Com
missioner Of Loans, tor the sum to be boz :
rowed, or for any part thereof, bearing an in
tsresi Of nve per centun per annum, trans
fsrsblc, aud reimbursable as aforesaid, and TO
cause the said certificates Of stock TO be sold :
Provided, That no stock be sold under par.
Sec. ,. Ind BE n further enacted, That
the Secretary Of the Treasury be, and he is
hereby, auihorissd. with the appreciation of
the President Of the Uoited States, TO employ
an agent, or agents, tor the purpose OF ob
tanning subscriptions to the loan authorized
by this act, or Of selling any part fthe stock
to be created by virtue tn.reof cdmmis-
sim, moi exec d ag one eighth OF one per
ceni. 20 the amount thos sold, or for which
subscriptions shall have been thcs OBJ aimed,
may, by the Secretary of the Tressu y, be
allowed to such agent or agents; and sun,
not exceeding four thousand dollars, to be
paid out OF any moneys in the Treasury. not
otherwise Appropriated, is hereby approprisr-
expences of printing and issuing the sub
scripion certificates, and certificates Of stock,
end other expences inciden, TO the due exc
cution If this act.
S,c. 1. had Be IL further enacted, That
60 much Of the funds constituting the annual
appropriation of ten millions Of dollars, fsr
the payment Of the principal and interest OF
che public debt Of the United States, as may
be sudicien, for that purpose, sf;er satisfying
the sums necessary for the payment Of the
interest, and Of such part of the principal, Of
the said debt, as the United States are now
pledged snnusIly TO pay or reimburse, is
hereby pledged aud appropriated for the pay
meot Of the is,eces,, and for the reimburse
ment Of the principaI, Of the stock which mag
be created by virtue Of this act. Il shall, sc-
cordiogly, 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 ss may annually be necessity y
90 discharge the interest sccruing on the said
stock, aud to reimburse the principal, as the
same may become due, and msy be discharg-
ed, IN conformity with the terms OF the loan.
Ard they are further authorized TO apply,
from time to time, such som or sums, ou, Of
the ssid fund, as they may think proper, to-
wards discharging, by purchase, sni a, .
price not above par, the principal Of the said
stock, or any part thereof And the faith cf
the United States Is hereby pledged to estab.
ii.h snfiicicn, revenues for making up any dc
6cieney that may hereafter take place in The
fuod, hereby app ropristed for paying m,
said in,eres, and principal sums, or sly oi
che m. in manner aforesaid.
u..l;octon MAJ fQoO-AooroveJ
JAMES MONROE.
AN ACT for the relief OF James Lesnder Cs,bcart
Be IL enacted 6y the Senate and House OF