The Virginian. [volume] (Lynchburg [Va.]) 1822-1829, 1825-04-21
@y elutgerity.

fpppIrc AcTs1


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Be II enacted by the Senate and House O
Dyr,s,uifiires Of The United Stlfes 81 Il
,s,,eo ia Congress assembled, That the
p,..,d.ni ,f the United Statcs be, AID he
!. b.r,.b,. auinorized 10 borrow, on ar he
f,re the first day Of ,nnary nest, on tue
,r.d;, of the United States, sum not tx.
ending Twelve n,liilnns oi dollars at Il raie
nf interest, payable quarterly, not exceed
i,g four and ane half per crutuu per an
nun. six miIlinns whereof rrimbursable nj
IN. pleasure OF III. government, at any llnie
n,t.r the thirty fret day of Drcrmbrf, IN
fhe year -ighiern hundred and t~eoiy
eight and ak millions Al any tune alter
the thirty frsI day of December, IN the
xenr eighteen hundred and twenty nlnr, ~
be applied. la addition to the moneys which
may be in the Treasury nj the TINE oil
borrowing the same, 10 pay oJf aud dIs'
charge such part ofthe six per cent stock
of the United Slates. of the year one
thousand eight hundred and thirteen, as
may be rcdeenable Alter the fist day OF
January next.
Sec. 4. .9ad be II further enGct'd, That
IL sh 4! be aft for tle Bank of Ihs Un1e
States To lrnd the said sun, or any part
taereof; add il is hereby further declared
thtit shall hr deemed good exrcnilon III
tie said power 10 barrow, for the Secretary
of the Treasury. with the appreciation Of
sle Prrsidrnt Of the United States, To cause
~ be constituted certificates Of stock, sign.
ed by the Register of the Treasury. Or by
a Commissioner of Loans, for tue whole
or any part Thereof. bearing al interest not
exceeding four and on. half per crntum per
annnm, transferable and rrinbursabl. a.
aforesaid, aud IL cause the said certificates
T. b. Sold pfgpiied, That 40 seck ~ sold T
Undrr p'r.
SIC. D. .7niks u further en0cied That u
subscription to The amount of twelve mil
lions Ut dollars of the six per cent stock Of
the year eighteen hundred AMI thirteen, h.,
an: the same is hereby. proposed for
which purpose books shall be opened N
the Treasury of the Ulited states, and a
the sr,-ra loan Offices, on the 4 It day Of
Arrr next, tp continue oPen until The first
day of October thereafter, for such parts
of The above nrntioned description of sloek
as shall, on the day II snhscrlptlop, stand
IN the books of the Treasury, and on those
of the several lnan officer, Respectively j;
which subscription shalt he effected hy
transfer to the niitd States, in manner
credit or crrditsstnndng on the sad book |
md surrender of the certificates of In.
stock so subscribed Provided. That al.
subscriptions BY transfer of stock shall he
considered as part of the said twelve mil
lion. of dollars authorized to be borrowed
by tho first section of This act.
Sec4. .And be II further enacted, That
for the whole or any part any sum, "hlel
shall be thus subscribed, credits shall b.
entered TO the respective Subscribers, who
shall be entitled II Il certificate "a cerlii-
Gates, purporii1g that the Uultrd States
owe to the h 1 Ter or holders thereof, hi.,
her, or Celr assigns, sum to exPressedt
therein, equal to the amount ct the prncl
pal stock ,hus subscribed, bearing aninier
est not exceeding four and one half per |
centum per annan, payable quarterly, from
the thirty first day nj December, one thou
sand eight hurried and tnenty Eve, trans
f.rrablc ia the same manner as Is provided
by law f1r the transf of the stocks sub
Sc ihed, and subject to redemption, at the
pleasure Of the Uaited States, as follows
ole h,di AT any time allcI thc thlity first
day nf December, one thousand ei%h' nun
dred and twenty eight, and the remainder
atany time after the thirty first dry of
December, one tbonsapd eight hundred
aud twenty nine Provided, That no REIN
burse men, shall be made, except for the
Whole amount of such new certificate, nor
until after at least six mouths public notice
OF such nleniel reimbursement. Aud II
snail bt the duty Of the Secretary Of the
Treasury TO cause tn be rctraOslrrred To
retrospective Subscribers, the Sc cral sums
hy them subscribed beyond the amount Of
the ccriliir ates of four and one half per
cent stock issued tathem respectively.
Sec. S .lnd be II tirttcr enacted That
the same funds which have herstofurc beeo,
aud nov are pledged by law for the pay
ment uf the interest, and for the rrdemp
ton aud reimburse of the stock which
may be .dermed ar reimbursed BY virtue
Of the provisions az this act, shall remain
pledged ~ like manner for the payment Of
the interest accraluS on the stock created
by reason of snch subscription, aud for TIE
redemption or reimbursement of the prin
cpal If the same. And II shall be thu
clty of the Commissioners " the Sinking
Fund, 10 caiiseto BE- applied and paid, out
al the said fund, yearly, and every Year.
such sum and sums as may he annually
required Ia discharge the interest acerning
on the stock which may he created by
virtue of this act The said Comms ,iener $
are also hereby authorized to apply, from
ti,lt.tu time, euch sum and SUNS out Of The
s1ii fund, ~ they may think proper, to
wtDd3 redeeming, by purchase, or by
rein bursement, in conformity with the
provisions ofials act, the"prncpal of the
stock and suc3 part at the annual sum ol
ten millions Of dollars, vested by law In the
sad Commissioners, as may he necessary
an required for the above purposes, shall
b. and continue appropriated to the pa.
m -nt OF iiterest and redemption OF the