The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1821-05-09

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Al ACT 20 sutborzs the President Of the
Usred states 10 borrow SUN not exceed.
ing Five Millions Of Dollars.
Be H enacted " me Senate and House Of
RshreseHfaGV6s Of me United States of .1mer-
ica IN CoHgress HssrmbIed, That the PtesL-
dent Of the Unlted States be, and he 10 here
by, empowered 10 borrow, on the credit Of
Ibe United States, sum not exceeding rive
millions Of dollars, al a rate of ibtei cst, psys-
ble qIJfter.yeshy, not exceeding five per
Cenigm per anBum, and reimbutsbble, at the,
will Of the government, al any time afier the
hra day Of January, one thousand eight hun
dred snd thirty iSe to be applied, in addit-
ion 10 the moneys nou in che Treasury, or
which may bc received therein hom other
soaSces, during the present year, 10 defrsy
Epy Of the public expenses whfrh era, or may
be, authorized BY ia@. The stock thereby
lIested shall be ETsnsic Fable in the same
manner as 1, provided by Law for the transfer
of the psb!:e debt.
See. 2. md Be- IL further enacted, That il
shall Ls lsWluI for The Bank Of the United
SAles 10 lend the said sum, or any part
thereof; aod IL is hereby further declared,
lhA IL shall 0e deemed good execution OF
of the Tressury, wi,b he appreciation Of the
President Of the UGhed States, to cause TO
be conslituted certificate. OF stock, signed by
the Register OF 'hs Treasury, or by a Com.
missioner OF Loans, for the sum TO be bof.
rpEsd, or for any part thereof, bearing an in.
iefestri I've per ceniu'n per snnum, trans
teIsbIc and reimbuf ssblo as aGotesad, snd TO
cause the said certificates Of sock 10 be sold
Pr6Uided That no stock be sold under par.
bee. 2. .fHd 5e :. further enacted, That
tho Secretaiy y Of the Tfessufy DC, aud he y
be,eby, authorized, with the sppfobstion Of
the P'esident Of the UHltsa Sratcs, to employ
sn sgrnt or ag.nls, tor the purpose Of obtain
Ing subscriptions 20 the loan authorized by
his act, or Of selling any. part OF the stock 10
hs created by virtue thereof. A commission
Of not exceeding oDe.eighth Of one per cen
,um On the amount thus sold, or for which
subscriptions shall be obteIned, may, by the
Secretary ofthe Treasury, be allowed to such
agent or agents and q sum, not exceeding
-four thousand dollars, to be paid out OF any
n oneys IN the Treasury, not otherwise sp
pFopriaied, IS hereby appropriated for that
Object, snd subscription certificates, rnd Ger
iIcsies al STOCK, and Other expeHces Incl.
dent 20 The due execution OF this act.
Sec. 4. ind be if further enacted, That so
much of the iuods constituting the srt ual sp-
proprislIon OF ten millions OF dollars, for the
paymen OF the principal and interest Of the
public debt Of the UGited States, as may be
sufficient for that purpose, after satisfying The
sums necessary for the payment of the inter.
est, Snd OF such part Of the principal, OF the
said debt, ss the United States are now
pledged annually TO pay and reimburse, i,
hereby pledged and appropriated for the pay.
nent Of the interest, and for the reimburse.
men, Of the principal, Of The sock which may
be created by virtue OF this act. IL shall &C.
cordingy, be The duty Of the Commissioner.
oi The Sinking Fund TO cause 10 be applied
end paid out Of ,be said fund, yearly such
sum and sums as may annually be necessary
10 discharge the interest sccruing on the SAID
stock, snd 10 reimburse the principal, as the
same may become due, snd may be disehstg
ed 10 conformity with the terms Of the loan
And they arc further authorized to apply
ifom time 20 titne, such sum or sums 10
wards discnsfging, by pufeiuas, and at I
price not above par, The principal OF the ssic
sock. or any part theteofj and the faith o.
tbe Unned Ststts Is hereby pledged TO es,aS
iish Sufficient revenues Tor making up any
deficiency that may hereafter take place IL
abe iuods hereby appropriated for paying Tho
ssld ialsfen aud principal sums, or any o
them, Ia manner Alofsyld,
Washington, Mach 81, 1871.
Approved JAMES MONROE.