Edwardsville spectator. [volume] (Edwardsville, Ill.) 1819-1826, 1825-05-03

lively; which subscription shall be eff
! fected by transfer 10 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 surren-
der of the certificates OF the stock so
subscribed: Provided, That all SUBJ
scription by transfer OF stock shall be
consider ed as part Of the said twelve mil
lions Of dollars authorized to be borrow
ed by he frs section of this act.
Sec. 4. md be il further enacted,
1 hat, for the whole or any part oil shy
sum, which shall be thus subscribed,
credits shall be entered to the respective
subscribers, who shall be entitled to "a
certificate or certificates, purporlins that
the United States owe 10 the holder or
! holders thereof, his, Der, or their assigns,
sum to be expressed therein, equal to
the amount of the principal stock thus
subscribed, bearing an interest not eS-
ceeding four and one-half per centum,
per apnum, payable quarterly, from the
thir;yGrst day OF December, one thou
sand eight hundred and twenty five,
transferable in the same manner as is
| provided by law for the transfer OF the
stock subscribed, and subject to redemp
ton, at the pleasure of the United States,
IS follows: one-hall at any tine after
the thirty-first day OF December, one
thousand eight hundred and twenty.
eight, and the remainder at any time al
ter the thirty first day OF December, in
the year one thousand eight hundred and
tweniy-nine Provided, That no reim-
bursemen, shall be made, except for The
whole an,opnt of such new certificate,
nor until alter the lasl six months public
notice of such intended reiiHbursement
AND II shah be the duty OF the Secretary
OF the Treasury to cause to be re-lrabs
ierred to retrospective subscribers, the
several suIrS By them ubst ribed beyond
{ the amount Vi the certificates OF iour and
one-haIi per cent. stock issued TO them
respectively.
! Sec. S. ind be il further enacted,
That the SAINT funds which have hereto
lore been, and now are pledged by law
TOR the payment OF the interest, and Tor
The redemption and reimbursement oil
the stock which may be redeemed or
reimbursed t" virtue Of the provisions
Of this act, sns,! remain pledged IN like
manner tor 'hc payment OF the interest
accruing on the stock created by reason
OF SucH subscription, and ter the re-
den,p'ion O. reitnbUrse ncnt al the prin-
clpal OF the same. And ii shall be tire
F, duty OF de Commissioners of the Sink
ms Fund, TO cause to be applied and
paid, out 81 the sand fund, yearly, and
every year, such sum and sums as may
Tic annually required to discharge The
'nieics' accrung on the stock winch may
DC crca9e0 by vifue ot this act. The
aaid Cominissluhers are also hereby au.
iDorizsd to apply, from time to tine,
such sum and Sums out oil The said fund,
as they may lhink proper, towards re-
| decmmB, BY purchase, or by rcimbur
nent, IL conformity with the provisions
OF his act, the principal OF the SAID
stock; end such pan OF Tue annual sum
often millions OF dollars, vested by law
III The sad Commissioners, as may be
oeccrsary and required for the above
purposes, snail be aud continue appro-
priAed to the payment OF interest and re-
dchspilun OF the public debt, until the
! Whole Of The stock which may be Great
ed under The provisions of this act, shall
have been redeemed or reimbursed
Sec. g. .I5id be ii further enacted,
Thai nothing in this act shall be con.
sIrued IN any wise to alter, abridge, OF
impair the right Of those creditors oil the
10 the loan to be opened by virtue OF this
act.
Washington, March 8, l825-Approved:
JAMES MONROE.