Edwardsville spectator. [volume] (Edwardsville, Ill.) 1819-1826, 1820-07-11

and the same is hereby, repealed.
Washington, May IL, 1920. Approved,
JAMES MONROE.
AN ACT to authorize the President of the
United States to borrow q sum not exceed.
ing three millions of dollars.
Be it enacted by the Senate and House
Of Representatives ofthe United States
Of .dmerica in Congress assembled, That
the President of the United States be, and
he is hereby, empowered to borrow, on
the credit of the United States, sum not
exceeding three millions of dollars, at
rate of interest, payable quarter yearly,
not exceeding five per centum per an
mum, and reimbursable, at the will of
the government, at any time after the
first day of January, one thousand eight
hundred and thirty-two; or at rate OF
interest, payable in like manner, not ex-
ceeding six per centum per annum, and
reimbursable at the pleasure Of the
United States; to be applied, in addition
to the moneys now in the Treasury, or
which may be received therein from
other sources, during the present year,
to defray any of the public expenses
which are, or may be, authorized by
law. The stock thereby created shall
be transferable in the same manner as is
provided by law for the transfer of the
public debt.
Sec. 2. ind be it further enacted,
| That it shall be lawful for the Bank Of
the United States to lend the said sum,
or any part thereof; and it is hereby
further declared, that it shall be deemed
good execution of the said power to
borrow, for the Secretary of the Trea-
sury, with the appreciation of the Presi-
dent ofthe United States, to cause to be
constituted certificates of stock, signed
by the Register of the Treasury, or by a
Commissioner of Loans, for the sum to
be borrowed, or for any part thereof,
bearing an interest of five per centum
per annum, transferable, and reimburs-
able as aforesaid, and to cause the said
certificates of stock to be sold: Pro-
Uided, That no stock be sold under par.
Sec. 8. ind be it further enacted,
That the Secretary Of the Treasury be,
and he is hereby, authorized, with the
appreciation of the President of the Unit
ed States, to employ an agent, or agents,
for the purpose ofobtaining subscriptions
to the loan authorized by this act, or Of
selling any part of the stock to be created
by virtue thereof. A commission not
exceeding one eighth of one per cent on
the amount thus sold, or for which
subscriptions shall have been thus OBJ
tanned, may, by the Secretary of the
Treasury, be allowed to such agent or
agents and sum not exceeding four
thousand dollars, to be paid out of any
money in the treasury not otherwise APP
propriated, is hereby appropriated for
that object, and also for defraying the ex-
penses of printing and issuing the sub
scription certificates, and certificates Of
stock, and other expenses incident to the
due execution of this act.
Sec. 4. Ind be it further enacted,
That SO much of the funds constituting
the annual appropriation of ten millions
of dollars, for the payment of the princi-
pal and interest of the public debt of the
United States, as may be sufficient for
that purpose, after 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 annually to pay or reimburse,
is hereby pledged and appropriated for
the payment of the interest, and for 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 Commissioners of the Sink
ing Fund to cause to be applied and
paid, out of the said fund, yearly, such
sum and sums as may annually be ne
cessary to discharge the interest accru-
ing on the said stock, and to reimburse
the principal, as the same may become
due, and may be discharged, in con-
formity with the terms of the loan. And
they are further authorized to apply,
from time to time, such sum or sums,
out of the said fund, as they may think
proper, towards discharging, by pur-
chase, 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 to establish
sufficient revenues for making up any
deficiency that may hereafter take place
in the funds hereby appropriated for pay
ing the said interest and principal sums,
or any of them, in manner aforesaid.
Washington, May Is, 1920. Approved,
JAMES MONROE.