American watchman and Delaware advertiser. [volume] (Wilmington, Del.) 1822-1828, 1824-06-25

hundred and twelve, as may be redeemaole aller
the first day of January next. Il
Sec Q. And 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 same power TO borrow, Tor the
Secretary of the Treasury, with the appreciation OF
1.-THE President of the United States, to cause to De
constituted certificates of stock, signed by the Reg
lister OF the Treasury, or by Commissioners OF
oans for the whole, for any part thereof, bear
ing an interest not exceeding four and one half per
lcen,um per annum, transferable and reimbursed
bile as Aforesaid, and the said certificates OF
stock to be sold Prorided, That no stock be sold
under par.
| Sec. 8. Ind be it further enacted, That sub.
lscription to the amount of fifteen millions of dol
lars, OF six per cent. stock OF the year one thou.
sand eight hundred and thirteen, be, and the same
lis hereby proposals for which purpose books shall
be opened at the Treasury of the United States,
and at the several Loan Offices, on the first day Of
July next, TO continue open until the hrst day OF DC
tober thereafter, for such parts OF the abovemen-
toned description Of stock shall, on the day OF
subscription, stand on the books Of the Treasury,
and on those Of the several Loan Offices respective
ly; which subscription shall be effected, by trans
fer to the United States, in the manner provided by
law for such transfers, of the credit or credits stand
ing on the said books, and by surrender of The
Gel thcates OF the stock SO subscribed.
Sec. 4. And be 1t further enacted. That, for the
whole or any part OF any sum which shall be thus
subscrbed credits shall be entered to The respective
subscribers who shall be entitled TO a certificate,
or certificates, purporting that the United States
owe to the holder, holders, thereof. his, her, or
their assigns, sum, 10 be expressed therein, equal
to the amount OF the principal stock thus subscr'p
ed, bearing an interest OF four and half per
centum per annum, payable quarterly, hom the
thirteenth day of September, one thousand eight
hundred and twenty-fo transferable in the same
manner as is provided by law Tor the transfer OF The
stock subsc ribed, and subject to redemption, at the
pleasure OF the United States as iollnws One
half at any time after the thirty first day of Deem
Der, one thousand eight hundred and thirty two, and
the remainder at any time after the thiryhrst day
of December one thousand eight hundred and thirty
three Provided, That no reimbursement shall be
made, except Tor the whole amount OF such new
certificate, nor until after at least six months pub
lie notice of such intended reimbursement. And
ii shall be the duty Of the Secretary of the Ireasu
TO to be transferred to the respective SUBJ
scribers, the several sums by them subscribed, be
yond the amount Of the certificates Of FIVE per cent
Stock issued to them respectively.
/ Sec. S find be 1t further enacted, That the same
| funds which have heretofore been, and now are
pledged by law for the payment of the interest
and for the redemption reimbursement of the
stock which may De created or subscribed by VII
tue of the provisions OF this act, shall remain pledE
led, in like manner, for the payment OF the inter-
esl accrung the stock created by reason OF sue
subscription, and for the redemption reimburse
meDt OF the principal Of the same. 1t shall be the
duty Of the Commissioners Of the Sinking Fund
TO cause to be applied and paid, out OF the said
fund.- yearly, and every year, such sum and sums
as may be annually wanted to discharge the inter
est accruing on the stock which may be created by
virtue Of this act. The said Commissioners are
hereby authorized to apply, from time to time, such
sum and sums, out of the said funds, as they may
think proper, towards redeeming, by purchase or
by reimbursement, in conformity with the provi-
sions Of this act, the principal Of the said stock
land such part of the annual sum Of ten millions oil
dollars, vested by law in The said Commissioners
as may be necessary, and wanting, for the above
purposes, shall be, and continue, appropriated to
the payment OF interest and redemption of the
public debt until the whole of the stock which may
be created under the provisions Of this act, shall
have been redeemed or reimbursed.
i Sec. Q. And be it further enacted, That nothing
in this act contained shall be construed in any wise
to alter, abridge, or impair, the rights of those
creditors of the United States who shall not sub
scribe 10 the loan to be opened by virtue of this
act.
y II. CLAY,
Il Speaker OF the House Of Representatives.
! JOHN GAILLARD,
President OF the Senate pro tempore
i Washington, May Goth, 1924 Approved.
i JAMES MONROE.