Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1848-04-08
GPUBLIc--No. %.
AN ACT TO authorize loan exceed the sum Of six
aasStF .@ teen millions of dollars.

fPUBLIc--No. 22.l
AN ACT authorize loan not to exceed the sum OF six
teen millions of dollars.
BE enacted by the Senate and House of Representatives.
othe United States of nerica Congress assembled That
the President of the United States be and he hereby author
zed at any time within year from the passage of this act
to borrow the credit of the United States not exceed
ing sixteen millions of dollars, much thereof as in his
opinion the exgencies of the Government may require at
rate Of interest not exceeding six per per annum
able quarterly semannuay which loan shall be made re-
mbursable at any time after twenty years from the first day
Of July next after the passage of this and said money so
borrowed, SHALL being first duly appropriated therefor be
applied, IN addition TO the money in the Treasury, or
which may be received therein from other sources to deay
of the public expenses which been heretofore or NAV
be hereafter authorized by law and the stock issued upon such
loans shall be transferable the books of the Treasury
Sec. p And be further enacted That the Secretary of
the Treasury be and he hereby authorized with the consent
OF the President of the United States prepared
certificates of Stock which shall be signed by the Register of
the Treasury and sealed with the Of the Treasury De-
parment for the be borrowed aforesaid or any
part thereof bearing interest exceed six per cenum
per annum and transferable and reimburse as aforesaid
and to said certificates Of stock be sold Provided
That part Of said stock be sold below par And pro-
pd Also That whenever required so TO do the Secretary
Of the Treasury shall to be attached any certificate or
certificates TO be issued under this coupons interest
and any certificate having such coupons interest attached
10 be transferable by delivery Of the certificate instead
Of being assgnabe the books Of the Treasury but no
certificate of stock shall be issued for less amount than y
dollars. .4ts raH
Sec. 8. And be IL further enacted That the Secretary Of
the Treasury be aud he hereby authorized pro-
posas for the taking Of such oan any part parts there
of and that before dsposng of the said stock issued for such
oan the Secretary Of the Treasury shall be inserted
in two public newspapers printed in the city Of Wash
ngon apd in or two public newspapers printed in the
principal city capital Of each State advertisement stat
ing that bids and proposals. for such loan will be received until
certain day. TO be specified in such advertisement not more
than sixty days or less than twenty days from the time Of the
first insertion Of said advertisement in newspapers
in the city Of Washington, and stating the Of the
required and in what instruments and when and where
will be required be paid And all such proposals. shall be
required be sealed and shall be opened by Secretary
other officer Of the Department the day appointed pub
% and in the presence Of such persons may choose 10
attend and proposal shall be Withdrawn after The same
shall have been received the Treasury Department and the
said Secretary may pay such expenses may be necessarily
incurred printing and issuing certificates Of stock: Prouid
ed hocer Plat the employment Of agents. and other cx-
penses incident the execution Of this act shall in all
coed the Of sixteen thousand dollars which sum Of
teen thousand dollars hereby appropriated for these purposes,
and shall be paid out Of any money in the Treasury
otherwise appropriated And prorded That no compenta
ton shall be allowed any officer whose salary is fixed by
law for any service perform ed by him in the execution Of
this act. tf eh
Sec. 4. And be IL further enacted, That the faith Of the
United States is hereby pledged provide and establish su
cen for the regular payment OF the interest and for
the redemption Of said stock And The principal borrow
cd under the provisions Of this act the interest thereon
the shall from time To time become due and payable
shall be paid out Of any money in the Treasury otherwise
appropriated.
Sec. 5. And be IL further enacted Tha, the Secretary OF
the Treasury be and be hereby authorized purchase
any time before the period herein limited for the redemption
OF the stock hereby created such portion thereof market
price below par the funds Of the may admit
Of after meeting all the demands the Treasury and any
surplus that hereafter may be in the Treasury hereby appo-
piated 10 that object.
Sec 6, and be further enacted That shall be the du'
~ Of the Secretary Of the Treasury report Congress,
the commencement Of the session. the Of money
borrowed under this ACT and Of whom and what
shall have been obtained with abstract brief
Of all the proposals. submitted for the same distinguishing
tween those accepted and those rejected with detacd
ment Of the expense Of making such loans af
Approved, March ST. Is4s.