The Middlebury people's press. [volume] (Middlebury, Vt.) 1841-1843, 1842-05-10
LAWS OF THE UNITED STATES.
Passed at the Cd Session of the 9Th Congress
OFFICIAL PUBLICATION
(PUBLIc-No. Isl

Be it enacted by the Senate and House of
Representatives of the United States of Amer
lea in Congress assembled, That the time lin
tied by the first section of the act of Congress,
entitled, 'An act authorizing loan not exceed
ing the sum of twelve millions of dollars ap-
proved July twenty first, eighteen hundred and
forty-one, for obtaining said loan, shall be, and
the same is hereby, extended for one year from
the passage of this act.
! Sec. 2. And be it further enacted, That so
much of said loan as may be obtained after the
passage of this act shall be made reimbursable
as shall be agreed upon and determined at the
time of issuing said stock, either at the will of
the Secretary of the Treasury after six months
notice, or at any time not exceeding twenty
years from the first day of January next.
Sec 8. And be it further enacted, That the
certificates hereafter 20 be issued for said loan
may, when required, be in such form as shall
be prescribed by the Secretary of the Treas
ury, so that the stock may be transferable by
delivery of the certificates, instead of being as
signable on the books of the Treasury.
Sec. 4. And be it further enacted, That the
Secretary of the Treasury be, and he hereby is
authorized to dispose of the stock hereafter to
be issued, or any part thereof, at its par value,
but no part thereof shall be disposed of under
par until the same has been advertised reas-
enable tine, and proposals for subscription to
said loan invited. And the said Secretary is
hereby authorized to accept such proposals, if
he deem il for the interest of the United States
so to do, as shall offer the highest price for said
stock or any part thereof, or to appoint an a.
gent or agents, provided in the third section
of the act approved July twenty-one, eighteen
hundred and forty one, before recited, to nego-
ciate the same: Provided, That no stock shall
be disposed of at lower rate than the highest
price offered in said proposals.
Sec. And be it further enacted, That the
Il 4.
and merchandise which may be imported into
the United States, or so much thereof as shall
be equal to the payment, from time to time, of
the interest, and to the ultimate redemption of
the principal of tie said stock, be, and the
same are hereby, pledged for the payment and
redemption of the stock hereafter to be issued
under and by virtue of this act and the said act
of July twenfy-first, eighteen hundred and for
ry-one, hereby amended, and so much thereof
as may be necessary to pay the interest on said
stock, and redeem the same when due, is here
by appropriated to that object to be first appli-
ed by the Secretary of the Treasury TO such
payments and redemption.
Sec. 6. And be it further enacted, That it
shall be the duty of the Secretary of the Trea-
sury 10 report To Congress, at the commence
ment of the next session the amount of money
borrowed under this act and the act hereby a
mended, and of whom and upon what terms it
shall have been obtained with an abstract or
brief statement of all the proposals submitted
for the same, distinguishing between those ac-
cepted and those rejected; and detailed state
ment of the expense of making such loans.
Sec. 7. And be it further enacted, that all the
provisions of the said act not hereby modified
or changed, shall be and remain in force, and
apply to this act.
Sec. s. And be it further enacted, That the
President of the United States is hereby au-
thorized to borrow an additional sum, not ex-
ceeding the sum or five millions of dollars, if
in his opinion the eXigencies OF the Government
shall require the same, which additional loan
shall be made within the time and according to
the provisions of said act as modified by this.
Sec. 9. And be it further enacted, That all
Treasury notes heretofore issued under the act
entitled San act to authorize the issuing of
Treasury notes. approved the twelfth day OF
October eighteen hundred and thirty seven, and
The acts subsequent thereto, and now oustand
ing and unredeemed, or which may hereafter
be issued under and by virtue of the same. shall
if due and unpaid before the 5th day of March
eighteen hundred and torty-two, bear interes,
al the rate Of six per cent per annum from that
day; and when they may become due hcreaf-
ter, or may have become due since the sa,d
9Th of March, eighteen hundred and forty two,
shall bear interest from the day Of their so be-
coming due, at the rate Of six per cent per an
mum, until they shall be respectively redeemed:
Provided. That such interest shall cease at the
expiration of sixty days notice, TO be given
at any time by the Secretery of the Treasury
in one or more of the principal papers publish
ed at The seat of Government, of a readiness 10
redeem the same. And the said interest shall
be payable semi. annually at the Treasury of
the United States, of the first days of January
and July in every year.
JOHN WHITE,
Speaker Of the House of Representatives..
SAM'L l.. SOUTHARD-
President Of the Senate pro tenpore
Approved, April Is, 1912.
JOHN TYLER.