An Act,

Supplementary to the act intituled "An act making provision for the
redemption of the whole of the public debt of the United States."

WHEREAS it is desirable to adapt the nature of the provision for the redemption of the public debt to the present circumstances of the United States, which can only be done by a voluntary subscription on the part of the creditors.

Sec. 1. *BE it enacted by the senate and house of representatives of the United States of America, in congress assembled,* That a subscription to the full amount of the old six per cent. deferred and three per cent. stocks be, and the same is hereby proposed; for which purpose books shall be opened at the treasury of the United States, and by the several commissioners of loans, on the first day of July next, to continue open until the seventeenth day of March next following, inclusively, the fourteen last days of each quarter excepted, for such parts of the abovementioned descriptions of stock, as shall, on the day of subscription, stand on the books of the treasury, and of the several commissioners of loans, respectively, which subscription shall be effected by a transfer to the United States, in the manner provided by law for such transfers, of the credit or credits, standing on the said books, and by a surrender of the certificates of the stock subscribed.

Sec. 2. *And be it further enacted,* That for the whole or any part of any sum which shall thus be subscribed, in old six per cent. or deferred stock, credits shall be entered to the respective subscribers, and the subscriber or subscribers shall be entitled to a certificate, or certificates, purporting that the United States owe to the holder or holders thereof, his, her, or their assigns, a sum to be expressed therein, equal to the amount of principal of the stock thus subscribed, which shall remain unredeemed on the day of such subscription, bearing an interest of six per centum, per annum, payable quarter-yearly, from the first day of the quarter, during which such subscription shall have been made, transferable in the same manner as is provided by law for the transfers of the stock subscribed, and subject to redemption at the pleasure of the United States: *Provided,* That no single certificate shall be issued for an amount greater than ten thousand dollars: *And provided further,* That no reimbursement shall be made except for the whole amount of any such new certificate, nor till after at least six months previous public notice of such intended reimbursement.

Sec. 3. *And be it further enacted,* That for the whole or any part of any sum which shall thus be subscribed in three per cent. stock, credits shall likewise be entered to the respective subscribers; and the subscriber, or subscribers, shall be entitled to a certificate, purporting that the United States owe to the holder or holders thereof, his, her, or their assigns, a sum to be expressed therein, equal to sixty-five per centum of the amount of principal of the stock thus subscribed, bearing an interest of six per centum, per annum, payable quarter-yearly, from the first day of the quarter, during which such subscription shall have been made, and transferable and subject to redemption in the same manner, and under the same

regulations and restrictions, as the stock created by the preceding section of this
act: Provided, That no part of the stock thus created shall be reimbursable,
without the assent of the holder or holders of such stock, until after the whole of
the eight per cent. and four and a half per cent. stocks, as well as all the six per
cent. stock which may be created by virtue of the preceding section, shall have
been redeemed.

Sec. 4. *And be it further enacted,* That the commissioners of the sinking
fund shall be, and they are hereby authorized to appoint an agent in London, and
another in Amsterdam, whose duty it shall be to receive subscriptions and transfers,
and to issue new certificates in the manner, and at the times abovementioned, and
as the officers of the treasury department, or the commissioners of loans might do;
that is to say, the agent in London, in favor of such stock-holders residing in the
dominions of Great Britain in Europe, and the agent in Amsterdam in favor of
such stock-holders residing in any other part of Europe, as may respectively become
subscribers: Provided, That the certificates issued by the said agents, shall bear
interest only from the first day of the quarter next succeeding that in which the
subscription shall have taken place, and that in relation to subscriptions made in
old six per cent. or deferred stocks, the sums expressed in such new certificates
shall be equal to the amount of the principal of the old six per cent. or deferred
stocks thus subscribed, which shall remain unredeemed after payment of the
dividend payable on such stock, on that day from which the interest on the new
certificates shall commence. The foreign stock-holders thus subscribing with either
of the said agents, shall be entitled to receive the dividend in the old six per cent.
depferred, or three per cent. stock subscribed by them, respectively, which shall be
payable on that day, from which the interest on the new certificates shall commence.
And it shall be the duty of the said agents, respectively, to transmit, before the
end of each quarter, to the register of the treasury, and to the several commis-
sioners of loans, respectively, triplicate abstracts of the certificates of stock sub-
scribed, and of the new certificates issued by them, during such quarter, in order
that the proper credits may be entered on the books of the treasury, and of the
commissioners of loans, as the case may be, to the holders of such new certificates.
And the said agents, before they enter upon the execution of their several offices,
shall, respectively, take an oath or affirmation for the diligent and faithful execution
of their trust, and shall also become bound with one or more sureties to the satis-
faction of the commissioners of the sinking fund, or of the secretary of the treasury,
in the penal sum of twenty thousand dollars, with condition for their good behaviour
in their said offices.

Sec. 5. *And be it further enacted,* That the holders of old six per cent.
depferred, or three per cent. stock, who may become subscribers, as aforesaid,
either in the United States, or in Europe, and who on the first day of July next,
and also on the day of the subscription, shall be resident in Europe, may, at their
option, which must be made at the time of subscribing, receive the interest accruing
on the stock created by virtue of the preceding sections of this act, either in the
United States, as other creditors, or at London, or Amsterdam: that is to say, the
stock-holders, residing at the times abovementioned, in the dominions of Great
Britain in Europe, at London, and at the rate of four shillings and six-pence
sterling, for each dollar; and the stock-holders residing, at the times abovemen-
tioned, in any other part of Europe, at Amsterdam, and at the rate of two gilders
and a half guilder, current money of Holland, for each dollar: in which last
mentioned option the condition shall be expressed in the new certificates to be
issued, and the credit or credits, to be given to the proprietors thereof, shall be
entered, and shall thereafter be transferable only on the books of the treasury:
Provided however, That the interest thus payable in London and Amsterdam,
shall not be payable until the expiration of six calendar months from the day on
which the same would be payable in the United States, and shall be subject to a
deduction of one half of one per cent. on the amount payable, for commission to
the bankers paying the same: And provided also, That every proprietor of such
stock may, on surrendering his certificate, receive another to the same amount,
the interest whereof shall be payable quarter-yearly in the United States, in the
same manner as that accruing on the stock held by persons residing in the United
States.

Sec. 6. *And be it further enacted,* That the same funds which heretofore have been, and now are, pledged, by law, for the payment of the interest, and for the redemption or reimbursement of the stock which may be subscribed by virtue of the provisions of this act, shall remain pledged for the payment of interest accruing on the stock created by reason of such subscription, and for the redemption or reimbursement of the principal of the same. It shall be the duty of the commissioners of the sinking fund to cause to be applied, and paid out of the said fund, yearly, and every year, such sum, and sums, as may be annually wanted to discharge the annual interest and charges accruing on the stock which may be created by virtue of this act. The said commissioners are hereby authorized to apply, from time to time, such sum and sums, out of the said fund, as they may think proper, towards redeeming, by purchase, or by reimbursement, in conformity with the provisions of this act, the principal of the said stock. And the annual sum of eight millions of dollars, vested by law in the said commissioners, shall be, and continue appropriated to the payment of interest and redemption of the public debt, until the whole of the stock which may be created by the preceding sections of this act, shall have been redeemed, or reimbursed.

Sec. 7. *And be it further enacted,* That there shall be allowed to each of the agents to be appointed by virtue of this act, in addition to the necessary expenses incurred by them, for printing, stationary, and postage, a sum of three thousand dollars, as a full compensation for their services. The said agents, and the commissioners of loans, shall also be allowed such additional sum as may be actually and necessarily expended for the clerk-hire requisite for carrying this act into effect. And for defraying the said compensations and allowances, and such other contingent charges as may be incurred for carrying this act into effect, a sum not exceeding sixteen thousand dollars, to be paid out of any monies in the treasury, not otherwise appropriated, is hereby appropriated.

Sec. 8. *And be it further enacted,* That whensoever notice of reimbursement shall be given, as prescribed by the second and third sections of this act, the certificates intended to be reimbursed, shall be designated therein. In every reimbursement the preference shall be given to such holders of certificates as, previously to the said notice, shall have notified in writing to the treasury department their wish to be reimbursed. If there should not be applications to the treasury sufficient to require the payment of the whole sum to be applied to that purpose, the secretary of the treasury, after paying off all sums for the payment of which applications shall have been made, shall determine by lot what other certificates shall be reimbursed so as to make up the whole amount to be discharged; and in case the applications shall exceed the amount to be discharged, the secretary of the treasury shall proceed to determine by lot what applications shall be entitled to priority of payment.

Sec. 9. *And be it further enacted,* That the agents appointed by virtue of this act, and the several commissioners of loans, shall observe and perform such directions and regulations, as shall be prescribed to them by the secretary of the treasury, touching the execution of this act.

Sec. 10. *And be it further enacted,* That nothing in this act contained, shall be construed, in anywise, to alter, abridge, or impair, the rights of those creditors of the United States, who shall not subscribe to the loan created by virtue of this act.

NATHL: MACON,
Speaker of the House of Representatives.

GEO: CLINTON,
Vice President of the United States, and
President of the Senate.

February 11, 1807.

APPROVED,
TH: JEFFERSON.

Printed for T. REYNOLDS,
137, Oxford Street.