American watchman and Delaware advertiser. [volume] (Wilmington, Del.) 1822-1828, 1825-04-19
LAWS OF THE UNITED ST,aTES

AN ACl authorizing the Secretary of the Treasury TO
borrow sum not exceeding twelve millions of dollars
or TO exchange stock of four and half per for
acertan stock bearing an interest of six per cent.
BE 1t enacted By the Senate and House of Repre-.
sentatires Of the United States Of .fnerica in Con
gress assembled, That, the Presiden, of the Uni
ted States be- and he is hereby, authorized to Dor
row, on before the first day of January next, on
the credit of the United States, sum not exceed
ing twelve millions of dollars, at rate of interest,
payable quarterly, not exceeding four and one hall
per centum per annum six millions whereof REIN
bursable at the pleasure of the Government, at any
time after the thrty-6rst day of December in the
year eighteen hundred and twenty eight; and six
millions at any time after the thirty first day OF
December, in the year eighteen hundred and TWEEN
ty nine, to be applied, in addition to he moneys which
may be in the Treasury at the time of borrowing
the same, to pay off and discharge such part of the
six per cent. stock Of the United States, of the
year one thousand eight hundred and thirteen. as
may be redeemable after the first day of January
next.
Sec. Q. find 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 ex
ecution of the said power to borrow for the Score.
tary of the Treasury, with the appreciation of the
President Of the United States, to cause to be con
sttuted certificates of stock signed by the Register
of the Treasury, or by Commissioner of Loans
for the whole or any part thereof bearing inter
est not exceeding four and one.haf per centum
per annum, transferable and reimbursabe as afore
said, and to cause the said certificates to be sold
ProUided, That no stock be sold under par.
Sec. s. find be it further enacted, That sub
sCription to the amount of twelve millions of dol
lars of the six per cent stock of the year eighteen
hundred and THU teen, be, and the same is hereby,
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 April next,
to continue open until the first day of October
for such parts of the aforementioned
description of stock shall the day of subscrp
tion, stand on the books of the Treasury, and on
those Of the several loan offices, respectively ;
which subscription shall be effected by transfer to
the United States, in the manner provided by law
for such transfers, of the credit credits standing
on the said books, and by surrender of the cert6
Gates of the stock SO subscrbed Prorided That
all subscription by transfer of stock shall be consd.
cred as part of the said twelve millions of dollars
authorized to be borrowed by the first section Of
this act.
Sec. a. find be it further eructed, That for the
whole or any part Of any sum, which shall be thus
credits shall be entered to the respec
tive subscribers, who shall be entitled TO ceit6
cate or certificates, purporting that the United
States owe to the holder or holders thereof, his,
her, their assigns, to be expressed therein,
equal to the amount of the principal stock thus
bearing an interest not exceeding four
and one half per centum per annum, payable quar-
terly, from the thirty first day Of December, one
thousand eight hundred and twenty five, transtcrra-
BILE in the same manner as is provided by law for
the transfer of the stock subscribed and subject to
redemption, at the pleasure of the United States,
as follows one half al any time after the thirty
frs, day of December, one thousand eight hundred
and twenty.eight, and the remainder at any time
after the thirty first day Of December, in the year
one thousand eight hundred and twenty Pro-
uided, That no reimbursement shall be made, ex
cept for the whole amount of such new certificate,
nor until after at leas. ak months public notice OF