Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1842-05-19
[OMttal 1)ublieatlom.
Public No. ISL

PUBLIC NO. ID.
AN ACT for the extension of the loan OF
eighteen hundred and forty-onc, aud for an
addition of five millions of dollars thereto
and for allowing interest on Treasury notes
due
BE ii enacted Jy The Senate and House Of
Representatives ofMe United States Of .4meri-
ca IN Congress assembled, Tha, the time
limited by the first section of the act of Con.
gross, cutilled "An act autlorlzlnga loan not
exceeding the sum Of twelve millions OF dol.
lars" approved July twenty first, eighteen
hundred and forty one, for obtaining said
loan, shall be, und the same IS hereby, cA.
icpdcd Que year from the passage Of this act.
Sec. 2. .7nd be IL further enacted, TLal so
much OF the SAID loan AS may be obtained al
Ter the passage of this act shall be made re-
imbnrscablc as shall be agreed upon aud de-
tcrml0ed at the time o. issuing said stock,
either at the will OF The Secretary of the Trca.
sury, after six months notice, or at any time
not exceeding twenty years from the first day
OF January next.
Scc.3. ind be Il further enacted, That the
certificates hereafter TO be issued for said
loan may, when required, be IN such form as
shall be prescribed by the Secretary Of the
Treasury, 80 that the stock may be lronsfera.
bic by delivery of the certificate, instead Of
being assignabc on the books of the Trea-
sury.
Sec. 4. .4nd be Il further enacted, That the
Secretary of the Treasury be, aud he hereby
Is, authorized To dispose oi the stock hereafter
10 be issued, or any part thereof, at It's par
value, bat no part thereof shall be disposed of
under par until the same has been advertised
reasonable time, and proposals for subscrp-
ton to SAID loan invited. And the sa id Sec
retary is hereby authorized TO accept such
proposals, It he deem 1t for the interest Of the
United States so TO do, as shall offer the HIGH
est price for said stock or any part thereof /;
or 10 appoint an agent or agents as provided
in the third section Of the act approved July
twenty. one, eighteen hundred aud forty one
before reci,cd, 10 negotiate the same: PrOri
ded, That no stock shall be disposed Of at
lower rate than the highest price offered in
said proposals.
Scc.5. find be IL further enacted, That the
moneys arising from duties on goods, wares,
aud merchandise which may be imported into
the United States, or 80 much thereof as shall
be equal TO the payment from time To time,
of the interest, and TO the ultimate redemp-
ton Of The principe OF the said stock, be- and
the same arc hereby, pledged for the pay.
mcnt aud redemption of the stock hereafter
und the said act Of July twenty first, eighteen
hundred and forty one, hereby amended and
30 much thereof as may be necessary TO Day
the interest on said stock, and redeem the
same when due, is hereby appropriated to
ibut object, to be first applied by the Secreta-
~ yofl lhc Treasury to such payments and re-
dempliou.
Sec. g. ind be IL further enacted, That it
shall be the duty OF the Secretary of the
Treasury To report 10 Congress, at the com
mencemcnt OF the next session, the amount
Of money borrowed unde. tins act aud the
act hereby amended, aud Of whom and upon
what terms It shall have been obtained, with
an abstract or brief statement of all the pro-
posals submitted for the same, distinguishing
between those accepted and those rejected; !;
and detailed statement of the expense Of
making such loans.
Sec. z. Ind be IL further enacted That all
the provisions of The said act, not hereby
modified or changed, shOIl be and remain in
force, and apply to this act.
Sec. 3. ind be Il further tnacted, That the
President of the United States is hereby an.
thorised to borrow an additional sum, not ex.
ceedlng the sum of five millions of dollars. if
IN his opinion the exgcncles of the Govern
incnt shall require the same which addition
al loan shall be made within the time and
according to the provisions of said act, as
modified by this.
Sec .. ind be ii further enacted, That all
Treasury notes heretofore issued under the
act entitled "An act To authorize The issuing
Of Treasury notes" approved the twelfth day
Of October, eighteen hundred aud thirty sew
en-, and The acts subsequent thereto, and now
outstanding and unredeemed, or which muy
hereafter be issued under and by virtue o.!
the same, shall, if due ard unpaid before the
fifth day of March, eighteen hundred and
forty. two, 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 hlth ot March,
eighteen hundred ond toriy-two, shall bear
interest from the day of their so becoming
due. at the rate Of six per cent. per nnnum,
until they shall be respectively redeemed /:
Propided That such interest shall cease at
the expiration OF sixty days notice, TO be CIV.
sp at any time by the Secretary Of the Trea.
sury in one or more Of the principal papers
Published oil tho seat Of Government. uf u
readiness 10 redeem the same And the said
interest shall be payable scm-onnually at the
Treasury of The United States, on the FIRST
days Of January and July in every year.
JOHN WHITE.
Speaker ofhe House of Representatives..
SAM'b l.. SOUTilARD,
President ofhc !Sfnnio pro fempore.
hDproy,d Apfu I5 lStp