Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1842-05-02

gress assembled, That the time limited by the first
section OF the act OF Congress, entitled, Gan act
authorizing loan not exceeding the sum of
twelve millions Of dollars, - approved July TWEEN
ty.hrst, eighteen hundred and forly-one for OBJ
tanning said loan shall be, aud the same is here
ny, extended for one year from the passage of
this act
SEC. 9. And be il further enacted. That SO much
OF said loan as may be Obtained after the passage
OF this act shall be made rembursable MS shall be
agreed upon and determined at the time of issu-
ing said stock, either at tho will of the Secretary
OF the treasury after six months notice. or at a.
ny time not exceeding twenty years from tho first
day of January next
SEC. 3. And be il further enacted, 7 hat the Ger
thcntes hereafter to be issued for said loan nny
when required, he in such form as shall be IRE.
scrlbed ny the Secretary of the Treasury so that
the stock nlay be transferable by delivery OF the
certificates, instead Of being assignable on tho
books OF the Treasury.
SEC. d. .4ad be IL further enaeied, That the Sec.
rotary of the Treasury be, and he hereby is, au-
thorzed to dispose Of the stock hereafter 10 be
issued or any part thereof at its par value, but no
part thereof shall be disposed of under par until
me same has been advertised n reasonable time
and proposals for subscription to said loan invited
And the said Secretary is hereby authorized 10
accept such proposals, if he deem il for the inter
est OF the United States SO to do as shall offer the
highest price tor said stock any part thereof or
10 appoint all ngent or agents. us provided in the
thIrd section of the act approved July twenty-one
eighteen hundred and forty one, before reciied, to
negotiate Tie same: Provided, That no stock shall
be disposed of at n lower rate than the highes,
price offered in said proposals.
DEC o. .4nd be 1t further enacted, That the mo-
heys arising from the duties on goods, wares and
merchandise which may be imported into the u
nlted Saies, or so much thereof MS shall be equal
TO ihe payment from time TO time of the interest
ahd 10 the ultimate redemption Of the principal of
the said stock, be- aud the same are hereby pIedp-
ed Tor the payment and redemption of the stock
hereafter 10 be issued under aud by virtue of this
act and the sad act Of July twenty first eighteen
hundred and forty-one, hereby amended, and so
fnuch thereof as may be necessary to pay the in
terest on said stock, and redeem the same when
DUE is herebY appropriated TO that object to be first
applied by the Secretary Of the Treasury to such
payments and REDEMPTION
SEC. D. Andbe IL further enacted That il shall be
the DUTY OF the Secretary of the Treasury To re.
port 10 Congress, at the commencement of tho
next session the amount Of money borrowed I'M
der this act and the act hereby amended, md OF
whom and upon what terms il shall have been oh
tanned, with an abstract or brief statement of all
the proposals submitted for the same distinguish
ing between those accepted and those rejected :;
ana detailed statement of the expense of ma
king such loans.
SEC. Z. find be ii further enacted That all the
provisions OF the said act not hereby modified or
changed, shall be and remain III force, and apply
10 this act.
SEC. 8. ind be IL further enacied, That the Pres
ldeht Of the United States is hereby authorized 10
borrow an additional sum, not exceeding the sum
OF five millions Of dollars, if in his opinion the
exIgencles OF the Government shall require the
same, which additional loan shall he made within
the time aud according to the provisions of said
act, as modified by this
SEC y. find be ii further enacted, That all Trea-
sury notes heretofore issued under the act entitled
An act to authorize the issuing Of Treasury
netes, approved the twelfth day of October eigh-
teen hundred and thirty -seven aud the acts suisse
quent thereto, and now outstanding and unredeem-
ed, or which may hereafter be issued under and
by virtue of the same shsll, il due and unpaid
before the fifth day of March, eighteen hundred
and forty-wo, bear interest at the rate of six per
cent per annum from that day; and when they
may become due hereafter, or may have become
due since the said fifth of March eighteen hun
dred and forty-twO, shall bear interest frc,l the
day of their SO becoming due, at the rate OF six
per cent per annum, until they shall be respect
lively redeemed: Provided, That such interest
shall cease at the expiration of sixty days notice,
to be given at any time by the Secretary
OF the Treasury in one or more of the prn-
cipal papers published at the seat of Govern
ment, of Il readiness to redeem the same And
the said interest shall be payable semi-annuay at
the Treasury of the United State, on the first DAYS
OF January and July in every year.
Approved, Apr! Is, l842.