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Sec.

3. And be it further enacted, That credits to the refpective subscribers, for the fums fubfcribers. by them refpectively fubfcribed to the faid loan,

given to

fhall be entered and given on the books of the

treasury in like manner as for the prefent doCertificates meftic funded debt; and that certificates therefor, of a tenor conformable with the provifions of this act, figned by the Regifter of the Treafury, fhall iffue to the feveral fubfcribers, and that the faid credits, or stock standing in the names of the faid fubfcribers, refpectively, fhall be transferable, in like manner, and by the like ways and means, as are provided by the feventh fection of the act aforefaid, intitled, "An act making provision for the debt of the United States," touching the credits or ftock therein mentioned; and that the intereft to be paid upon the ftock which fhall be conftituted by virtue of the faid loan, fhall be paid at the offices or places, where the credits for the fame fhall, from time to time, ftand or be, fubject to the like conditions and reftrictions, as are prefcribed in and by the eighth fection of the act laft aforefaid.

Principal,

to be paid.

Sec. 4. And be it further enacted, That the &e where intereft and principal of all loans, authorized by this act, fhall be made payable at the treafury of the United States only, fo far as relates to the payment of the principal and interft of the domeftic debt.

ties, which

Sec. 5. And be it further enacted, That fo Certain du- much of the duties on goods, wares and merfhall be fet chandize imported, on the tonnage of fhips or free, appro- veffels, and upon fpirits diftilled within the

priated.

United States, and ftills, heretofore appropri ated for the intereft of the foreign debt, as may be liberated or set free, by fubscriptions

to the faid loan, together with fuch further fums of the proceeds of the faid duties, as may be neceffary, fhall be, and they are hereby pledged and appropriated, for the payment of the intereft which fhall be payable uponthe fums fubfcribed to the faid loan, and fhall continue fo pledged and appropriated, until the principal of the faid loan fhall be fully reimburfed and redeemed: Provided always, Provifo. That nothing herein contained fhall be conftrued to alter, change, or in any manner affect, the provifions heretofore made concerning the faid foreign debt, according to contract, either during the pendency of the faid loan, or after the clofing thereof; but every thing fhall proceed, touching the faid debt, and every part thereof, in the fame manner as if this act had never been paffed, except as to fuch holders thereof, as may subscribe to the faid loan, and from the time of the commencement thereof in each cafe, that is, when intereft on any fum fubfcribed fhall begin to

accrue.

tinue to be

Sec. 6. And be it further enacted, That the certain du feveral and respective duties laid and contain- ties to coned in and by the act, intitled, "An act laying collected. additional duties on goods, wares and merchandize imported into the United States," paffed the feventh day of June, one thoufand feven hundred and ninety-four, fhall, together with the other duties heretofore charged with the payment of intereft on the public debt, continue to be levied, collected and paid, until the whole of the capital or principal of the prefent debt of the United States, and future loans which may be made, purfuant to law, for the exchange, reimbursement or redemption thereof, or of any part thereof, fhall be

Subftitution of cer

reimbursed or redeemed, and fhall be, and hereby are, pledged and appropriated for the, payment of intereft upon the faid debt and loans, until the fame fhall be fo reimbursed or redeemed.

99

Sec. 7. And be it further enacted, That the refervation made by the fourth fection of the aforefaid act, intitled, "An act making provision for the reduction of the public debt,' tain duties. be annulled, and in lieu thereof, that so much of the duties on goods, wares and merchandize imported, on the tonnage of ships or veffels, and upon fpirits diftilled within the United States, and ftills, as may be neceffary, be, and hereby are fubftituted, pledged and appropriated for fatisfying the purpofe of the faid

ations

made to

certain fund.

refervation.

Sec. 8. And be it further enacted, That the Appropri- following appropriations, in addition to thofe heretofore made, be made to the fund conftituted by the feventh fection of the act, intitled, "An act fupplementary to the act making provifion for the debt of the United States," paffed the eighth day of May, one thousand feven hundred and ninety-two, to be hereafter denominated "The finking Fund;" to wit: First, So much of the proceeds of the duties on goods, wares and merchandize imported; on the tonnage of fhips or veffels, and on fpirits diftilled within the United States, and ftills, as, together with the monies which now constitute the faid fund, and shall accrue to it, by virtue of the provisions herein before made, and by the interest upon each inftalment, or part of principal, which shall be reimbursed, will be fufficient, yearly and every year, commencing the first day of January next, to reimburfe and pay fo much as may rightfully be reimbursed and

Appropri

certain

paid, of the principal of that part of the debt or ftock, which, on the said first day of Janua- ations ry next, fhall bear an interest of fix per cen- made to tum per annum, redeemable by payments on fund: account both of principal and intereft, not exceeding, in one year, eight per centum, excluding that which fhall ftand to the credit of the commiffioners of the finking fund, and that which fhall ftand to the credit of certain ftates, in confequence of the balances reported in their favour, by the commiffioners for fettling accounts between the United States and individual states: Secondly; The dividends, which fhall be, from time to time, declared on fo much of the ftock of the bank of the United States, as belongs to the United States (deducting thereout fuch fums, as will be requifite to pay intereft on any part remaining unpaid of the loan of two mil lions of dollars, had of the bank of the United States, pursuant to the eleventh section of the act, by which the said bank is incorpora ted): Thirdly; So much of the duties on goods, wares and merchandize imported, on the tonnage of fhips or veffels, and on fpirits diftilled within the United States and ftills, as with the said dividends, after fuch deduction, will be fufficient, yearly and every year, to pay the remaining inftalments of the principal of the faid loan, as they fhall become due, and as, together with any monies, which, by virtue of provifions in former acts, and herein before made, fhall, on the first day of January, in the year one thousand eight hundred and two, belong to the faid finking fund, not otherwise specially appropriated; and with the interest on each inftalment, or part of princi. pal, which fhall, from time to time, be reim. VOL. III.

D'2

1

ations made to certain fund,

Appropri- burfed, or paid, of that part of the debt or ftock, which, on the first day of January, in the year one thoufand eight hundred and one, fhall begin to bear an intereft of fix per centum per annum, will be fufficient, yearly and every year, commencing on the first day of January, in the year one thoufand eight hundred and two, to reimburse and pay fo much, as may rightfully be reimburfed and paid, of the faid principal of the faid debt or stock, which fhall fo begin to bear an intereft of fix per centum per annum, on the faid first day of January, in the year one thoufand eight hundred and one, excluding that which fhall ftand to the credit of the commiffioners of the finking fund, and that which shall stand to the credit of certain states as aforefaid: Fourthly; The net proceeds of the fales of lands belonging, or which fhall hereafter belong to the United States, in the western territory thereof : Fifthly; All monies, which fhall be received into the treasury, on account of debts due to the United States, by reafon of any matter prior to their prefent conftitution: And lastly; All furpluffes of the revenues of the United States, which fhall remain, at the end of any calendar year, beyond the amount of the appropriations charged upon thé faid revenues, and which, during the feflion of Congrefs next thereafter, fhall not be otherwife fpecially appropriated or referved by law.

Monies ac

cruing to

fund, to be

Sec. 9. And be it further enacted, That as well the monies which fhall accrue to the faid the linking finking fund, by virtue of the provifions of this under the act, as those which fhall have accrued to the direction & fame, by virtue of the provifions of any former ment of the act or acts, fhall be under the direction and management of the commiffioners of the fink

manage

commiffi

oners.

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