hundred and two; and also to cause to be applied all such surplus of the said fund, as may at any time exist, after satisfying the purposes aforesaid, towards the further and final redemption of the present debt of the united states, foreign and domestic, funded and unfunded, including loans for the reimbursement thereof, by payment or purchase, until the said debt shall be completely reimbursed or redeemed.

42. SECT. XII. Provided always, That nothing in this act shall be construed to vest in the commissioners of the sinking fund, a right to pay, in the purchase or discharge of the unfunded domestic debt of the united states, a higher rate than the market price or value of the funded debt of the united states: And provided also, That if after all the debts and loans aforesaid, now due, and that shall arise under this act, excepting the said debt or stock, bearing an interest of three per cent. shall be fully paid and discharged, any part of the principal of the said debt or stock bearing an interest of three per cent. as aforesaid, shall be unredeemed, the government shall have liberty, if they think proper, to make other and different appropriations of the said funds.

43. SECT. XIII. All priorities heretofore established in the appro priations by law, for the interest on the debt of the united states, as between the different parts of the said debt, shall, after the year one thousand seven hundred and ninety-six, cease, with regard to all creditors of the united states, who do not, before the expiration of the said period, signify, in writing, to the comptroller of the treasury, their dissent therefrom; and thenceforth, with the exception only of the debts of such creditors who shall so signify their dissent, the funds or revenues charged with the said appropriations, shall, together, constitute a common or consolidated fund, chargeable indiscriminately, and without priority, with the payment of the said interest.

44. SECT. XIV. All certificates, commonly called loan-office certificates, final settlements, and indents of interest, which, at the time of passing this act, shall be outstanding, shall, on or before the first day of January, in the year one thousand seven hundred and ninety-seven, be presented at the office of the auditor of the treasury of the united states, for the purpose of being exchanged for other certificates of equivalent value and tenor, or, at the option of the holders thereof, respectively, to be registered at the said office, and returned; in which case, it shall be the duty of the said auditor, to cause some durable mark or marks to be set on each certificate, which shall ascertain and fix its identity, and whether genuine, or counterfeit, or forged; and every of the said certificates, which shall not be presented at the said office, within the said time, shall be forever after barred or precluded from settlement or allowance. [See postea 61.]

45. SECT. XV. If any transfer of stock standing to the credit of a state, shall be made pursuant to the act, entitled, "An act authorizing the transfer of the stock standing to the credit of certain states," passed the second day of January, in this present year, after the last day of December next, the same shall be upon condition, that it shall be lawful to reimburse, at a subsequent period of reimbursement, so much of the principal of the stock so transferred, as will make the reimburse

ment thereof, equal in proportion and degree, to that of the same stock transferred previous to the said day. [See antea 6.]

46. SECT. XVI. In regard to any sum which shall have remained unexpended upon any appropriation other than for the payment of interest on the funded debt; for the payment of interest upon, and reimbursement, according to contract, of any loan or loans made on account of the united states; for the purposes of the sinking fund; or for a purpose, in respect to which, a longer duration is specially assigned by law, for more than two years after the expiration of the calendar year in which the act of appropriation shall have been passed, such appropriation shall be deemed to have ceased and been determined; and the sum so unexpended shall be carried to an account on the books of the treasury, to be denominated "THE SURPLUS FUND." But no appropriation shall be deemed to have so ceased and been determined, until after the year one thousand seven hundred and ninety-five, unless it shall appear to the secretary of the treasury, that the object thereof hath been fully satisfied, in which case, it shall be lawful for him to cause to be carried the unexpended residue thereof to the said account of "the surplus fund."

47. SECT. XVII. The department of the treasury, according to the respective duties of the several officers thereof, shail establish such forms and rules of proceeding, for and touching the execution of this act, as shall be conformable with the provisions thereof. [See postea 60.]

48. SECT. XVIII. All the restrictions and regulations heretofore established by law for regulating the execution of the duties enjoined upon the commissioners of the sinking fund, shall apply to, and be in as full force for the execution of the analogous duties enjoined by this act, as if they were herein particularly repeated and re-enacted: And a particular account of all sales of stock, or of loans by them made, shall be laid before congress, within fourteen days after their meeting next after the making of any such loan or sale of stock. [Altered, See postea 79, and see antea 30.]

49. SECT. XIX. In every case in which power is given by this act to make a loan, it shall be lawful for such loan to be made of the bank of the united states, although the same may exceed the sum of fifty thousand dollars. [See antea 25 (note), and Bank 6, art. XI.]

ACT of April 28, 1796. (Vol. III. p. 272.)

50. SECT. I. It shall be lawful for the commissioners of the sinking fund, and they are hereby required, to cause the funded stock of the united states bearing a present interest of six per centum per annum, to be reimbursed and paid, in manner following, to wit: First, by dividends to be made on the last days of March, June and September for the present year, and from the year one thousand seven hundred and ninety-seven, to the year one thousand eight hundred and eighteen inclusive, at the rate of one and one half per centum, upon the original capital. Secondly, by dividends to be made on the last day of December for the present year, and from the year one thousand seven hun

dred and ninety-seven, to the year one thousand eight hundred and seventeen inclusive, at the rate of three and one half per centum upon the original capital; and by a dividend to be made on the last day of December, in the year one thousand eight hundred and eighteen, of such a sum, as will be then adequate, according to the contract, for the final redemption of the said stock.

51. SECT. II. It shall be lawful for the said commissioners of the sinking fund, and they are hereby required, to cause the funded debt of the united states, upon which an interest of six per centum per annum will commence on the first day of January, in the year one thousand eight hundred and one, to be reimbursed and paid, in manner following, to wit: First, by dividends to be made on the last days of March, June, and September, from the year one thousand eight hundred and one, to the year one thousand eight hundred and twenty-four, inclusively, at the rate of one and one half per centum upon the original capital Secondly, by dividends to be made on the last day of December, from the year one thousand eight hundred and one, to the year one thousand eight hundred and twenty-three, inclusively, at the rate of three and one half per centum upon the original capital: And by a dividend to be made on the last day of December, in the year one thousand eight hundred and twenty-four, of such a sum, as will be then adequate, according to the contract, for the final redemption of the said

stock.

52. SECT. III. It shall be lawful for the said commissioners of the sinking fund, and they are hereby required, to cause to be reimbursed and paid in manner before prescribed, such sum and sums, as, according to the right for that purpose reserved, may rightfully be paid for and towards the reimbursement or redemption of all such balances of the funded debt or stock of the united states, bearing a present interest of six per centum per annum, or which will bear a like interest, from and after the first day of January, in the year one thousand eight hundred and one, as stand to the credit of certain states, in consequence of an act passed on the thirty-first day of May, in the year one thousand seven hundred and ninety-four; and with the consent of the said states, such additional sums, as will render the reimbursement of the said balances equal to that made upon the residue of the said stock, at the commencement of the present year.

53. SECT. IV. In addition to the sums already appropriated to the sinking fund, by the act, entitled, "An act making further provision for the support of public credit, and for the redemption of the public debt," there shall be, and is hereby, in like manner, appropriated to the said fund, such a sum of the duties on goods, wares and merchandise imported on the tonnage of ships and vessels, and on spirits distilled in the united states and on stills, as, with the monies, which now constitute the sinking fund, and shall accrue to it, in virtue of the provisions already made by law, and the interest upon the sums which shall be annually reimbursed, will be sufficient, yearly and every year, to reimburse and pay the said balances standing to the credit of certain states, in the manner herein before prescribed and directed. entea 38.1

[See

54. SECT. V. It shall be lawful for the commissioners of the sinking fund, to appoint a secretary, whose duty it shall be, to record and preserve their proceedings and documents, and to certify copies thereof, when thereunto duly required; and the said secretary shall be allowed a compensation not exceeding two hundred and fifty dollars, annually, for his services.

ACT of May 31, 1796. (Vol. III. p. 353.)

55. SECT. I. It shall be lawful for the commissioners of the sinking fund, with the approbation of the president of the united states, to borrow, or cause to be borrowed, on the credit of the united states, any sum not exceeding five millions of dollars, to be applied to the payment of the capital, or principal of any parts of the debt of the united states now due, or to become due, during the course of the present year, to the bank of the united states, or to the bank of New-York, or for any instalment of foreign debt: And, for the whole, or such part of the said sum, as shall be borrowed, certificates shall be issued, purporting that the united states are indebted for the sums to be therein expressed, bearing an interest of six per centum per annum, payable quarteryearly; which sums, at the said rate of interest, are to remain fixed and irredeemable, until the close of the year one thousand eight hundred and nineteen, and to be redeemed thereafter, at the pleasure of the united states: And the bank of the united states is hereby authorized to lend the whole, or any part of the said five millions of dollars, and to sell the stock received for such loan. [See postea 75.]

56. SECT. II. Credits for the sums, which shall be borrowed, pursuant to this act, shall be entered and given on the books of the treasury, in like manner as for the present domestic funded debt; and certificates, for sums not less than one hundred dollars, pursuant to the provisions herein contained, shall be issued by the register of the treasury; which shall be transferrable in like manner, and by the like ways and means, as are provided by the seventh section of the act, entitled, "An act making provision for the debt of the united states," touching the credits or stock therein mentioned; and the interest to be paid upon the stock, which shall be constituted by virtue of the loan herein proposed, shall be paid at the offices or places, where the credits for the same shall, from time to time, stand or be; subject to the like conditions and restrictions as are prescribed in and by the eighth section of the act last aforesaid. [See antea 6, 7.]

57. SECT. III. It shall be deemed a good execution of the power to borrow, herein granted, for the said commissioners of the sinking fund, to cause to be constituted, certificates of stock of the description herein mentioned, and to cause the same to be sold in the united states, or elsewhere: Provided, That no more than one moiety of the said stock shall be sold under par: And it shall be lawful for the commissioners of the sinking fund, if they shall find the same to be most advantageous, to sell such and so many of the shares of the stock of the bank of the united states, belonging to the united states, as they may think proper; and to apply the proceeds thereof, to the payment of the said debts, instead of selling certificates of stock, in the manner prescribed in this act.

58. Such of the revenues of the united states, heretofore appropriated for the payment of interest of debts, thus discharged, shall be, and the same are hereby pledged and appropriated, towards the payment of the interest, and instalments of the principal, which shall hereafter become due, on the loan obtained of the bank of the united states, pursuant to the eleventh section of the act for incorporating the subscribers to the said bank.

SECT. IV. Such of the revenues of the united states, heretofore appropriated for the payment of interest on such debts as may be liberated or set free, by payments from the proceeds of the loan herein proposed, together with such further sums of the proceeds of the duties on goods, wares and merchandise imported; on the tonnage of ships or vessels; and upon spirits distilled in the united states, and stills; as may be necessary, shall be, and the same are hereby pledged and appropriated for the payment of the interest which shall be payable upon the sums subscribed to the said loan; and shall continue so pledged and appropriated, until the principal of the said loan shall be fully reimbursed and redeemed.

59. SECT. V. The principal of the said loan, bearing interest as aforesaid, shall remain fixed and irredeemable by the united states, until the close of the year one thousand eight hundred and nineteen; after which period, the said loan shall be redeemed, at the pleasure of the united states: And the funds which shall be liberated by the discharge of the stock of the united states, bearing a present interest of six per centum, or so much thereof, as may be necessary, shall be, and the same are hereby pledged and appropriated for the said redemption.

60. SECT. VI. The department of the treasury, according to the respective duties of the officers thereof, shall, and they are hereby directed to establish such forms and rules of proceeding, touching the execution of this act, as shall be conformable with the provisions thereof. [Sce antea 47.]

61. SECT. I. So much of the act, entitled, " An act making further provision for the support of public credit, and for the redemption of the public debt," passed the third day of March, one thousand seven hundred and ninety-five, as bars* from settlement or allowance, certificates, commonly called loan-office and final settlement certificates, and indents of interest, shall be, and the same is hereby suspended for the term of one year from and after the time of the passing of this act; a notification of which temporary suspension of the act of limitation shall be published by the secretary of the treasury, for the information of the holders of the said certificates, in one or more of the public papers in each of the united states. [See antea 44.]

It appears that all claims upon the united states, for any matter previous to March 4, 1789," for loan-office certificates," or "final settlements," which have been accidentally destroyed; and for credits on the treasury books, for transactions during the American war, (which have not been claimed,) are forever barred. See Vol. 11. p. 163-Vol. III. p. 34-Vol. IV. p. 167.