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pose reserved to the united states, until the whole amount thereof shall have been redeemed : And lastly, after such redemption, to the purchase, at its inarket price, of any other stock consisting of the debt of the united states, which may then remain unredeemed : And such purchase, as far as the fund shall at any time extend, shall be made within thirty days next after each day, on which a quarterly payment of interest on the debt of the united states, shall become due, and shall be made by a known agent, to be named by the said commissioners, [See postea 38.]

29. Sect. VIII. All future purchases of public debt on account of the united states, shall be made at the lowest price, at which the same can be obtained by open purchase, or by receiving sealed proposals, to be opened in the presence of the commissioners, or persons, authorized by them to make purchases, and the persons making such proposals.

30. Sect. IX. Quarter yearly accounts of the application of the said fund shall be rendered for settlement, as other public accounts, accompanied with returns of the sums of the said debt, which shall have been from time to time purchased or redeemed ; and full and exact report of the proceedings of the said commissioners, including a statementof the disbursements, which shall have been made, and of the sums which shall have been purchased or redeemed under their direcion, and specifying dates, prices, parties, and places, shall be laid before congress, within the first fourteen days of each session which may ensue the present, during the execution of the said trust. [Sce postea 68, and antea 27.]

Noti. The former sections of this act are temporary.

ACT of March 3, 1795, (Vol. III. p. 204.) 31. Sect. I. It shall be lawful for the commissioners of the sinking fund, and they are hereby empowered, with the approbation of the president of the united states, to borrow, or cause to be borrowed, froin time to time, such sums, in anticipation of the revenues appropriated, not exceeding, in one year, one million of dollars, to be reimbursed within a year from the time of each loan, as may be necessary for the payment of the interest which shall annually accrue on the public debt ; and for the payment of the interest on any such temporary loan, which shall not exceed six per centum per annum, so much of the proceeds of the duties on goods, wares and merchandise imported, on the tonnage of ships or vessels, and upon spirits distiller within the united states, and stills,* as may be necessary, shall be and are hereby appropriated.

32. Sect. II. A loan shall be opened at the treasury, to the full amount of the present foreign debt, to continue open until the last day of December, in the year one thousand seven hundred and ninety-six, and the sums, which may be subscribed to the said loan, shall be payable and receivable, by way of exchange, in equal sums of the principal of the said foreign debt; and any sum, so subscribed and paid, shall bear an interest equal to the rate of interest which is now payable on the principal of such part of the foreign debt, as shall be paid or ex

* See Duties 3

changed therefor, together with an addition of one half per centum per annum ; the said interest to commence on the first day of January next succeeding the time of each subscription, and to be paid quarter yearly, at the same periods, at which interest is now payable and paid upon the domestic funded debt : Provided, That the principal of the said loan may be reimbursed at any time, at the pleasure of the united states.

33. Sect. III. Credits to the respective subscribers, for the sums by them respectively subscribed to the said loan, shall be entered and given on the books of the treasury, in like manner as for the present domestic funded debt; and certificates therefor, of a tenor conforinable with the provisions of this act, signed by the register of the treasury, shall issue to the several subscribers, and the said credits, or stock standing in the names of the said subscribers, respectively, shall be transferrable, in like manner, and by the like ways and means, as äre provided by the seventh section of the act aforesaid, entitled, “An, ac 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 said loan, siall 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 zforesaid. [See antea 6, 7.]

34. Sect. IV. The interest and principal of all loans, authorized by this act, shall be made payable at the treasury of the united states only, 5) far as relates to the payment of the principal and interest of the domestic debt.

35. Sect. V. So much of the duties on goods, wares and merchan. dise imported, on the tonnage of ships or vessels, and upon spirits disfilled within the united states, and stills, heretofore appropriated fur the interest of the foreign debt, as may be liberated or set free, by subscriptions to the said loan, together with such further sums of the proceeds of the said duties, as may be necessary, shall be, and they are Lereby pledged and appropriated, for the payment of the interest which shall be payable upon the sums subscribed to the said loon, and shall continue so pledged and appropriated, until the principal of the said loan shall be fully reimbursed and redeemed: Provided always, That Dothing lierein contained shall be construed to alter, change, or in any manner affect, the provisions heretofor inade concerning the said foreign debt, according to contract, either during the pendency of the said loan, or after the closing thereof; but every thing shall proceed, touching the said debt, and every part thereof, in the same manner as if this act had never been passed, except as to such holders thereof, as may subscribe to the said loan, and from the time of the commencement thereof in each case, that is, when interest on any sum subscribed shail begin to accrue.

36. Sect. VI. The several and respective duties laid and contained in and by the act, entitled, “ An act laying additional duties on goods, wares and merchandise imported into the united states," passed the seventh day of June, one thousand seven hundred and ninety-four, shall, together with the other duties lierctofore charged with the payment of interest on the public debt, continue to be levied, collected and paid, until the whole of the capital or principal of the present debt of the united states, and future loans which may be made, pursuant to law, for the exchange, reimbursument or redemption thereof, or of any part thereof, shall be reimbursed or redeemed, and shall be, and hereby are, pledged and appropriated for the payment of interest upon the said debi and loans, until the same shall be so reimbursed or redeemed.

37. Sect. VII. The reservation made by the fourth section of the aforesaid act, entitled, “An act making provision for the reciuction of the public debt,” shall be annulled, and in lieu thereof, so much of the duties on goods, wares and merchandise imported, on the tonnage of ships Ol' vessels, and upon spirits distilled within the united states, and stills, as may be necessary, shall be, and hereby are substituted, pledged and appropriated for satisfying the purpose of the said reservation. (See antea 25]

33. Sect. VII. The following appropriations, in addition to those heretofore made, shail be made to the fund constituted by the seventh section of the act, entitid, "An act supplementary to the act making provision for the debt of the uniterl states," passed the eighth day of May, one thousand seven hundred and ninety two, to be hereafter denominated " The sinking l'und ;” to wit : First, So much of the proceeds of the duties on soo is, wares and merchandise imported ; on the tonnage of ships or vessels, and on spirits distilled within the united states, and stills, as, together with the monies which now constitute the said fund, and shall accrue to it, by virtue of the provisions herein before macle, and by the interest upon each instalment, or part of prinpal, which shall be reiinbursed, will be sufficient, yearly and every year, commencing the first day of January next, to reimburse and pay so muchas may rightfully be reimbursed and paid, of the principal of that part of the debt or stock, which, on the said first day of January nest, shall bear an interest of six per centum per annum, redeemable by payments on account both of principal and interest, not exceeding, in one year, eight per centum, excluding that which shall stand to the credit of the commissioners of the sinkios fund, and that which shall stand to the credit of certain states, in consequence of the balances reported in their livor', by the cominissioners for settling accounts between tie united states and individual states : Secondly, The dividencis, which shall be, from time to time, declared on so much of the stock optie bank of the united states, as belongs to the united states (deducting thereout sich sums, as wir be requisite to pay interest on any purt remaining unpaid oitne loan of two millions of dollars, bad of the bank of the united states, pursuant to the eleventh section of the ari, by which the said bunk is incorporated): Thirdly, So much of tic duties on soods, Wares and morchandise imported, on the tonnage of ships or vessois, antion spirius distilled within the united states and stiils, as with the said uiriciends, after such deduction, will be suffici. ent, yearly and every year, to pay the remaining instalments of the principal of the saili ivall, as they shall become due, and as, together with any imoniei, which, by virtue of provisions in former acts, and hercin before made, shall on the first day of January, in the year oft

thousand eight hundred and two, belong to the said sinking fund, not otherwise specially appropriated ; and with the interest on each instalment, or part of principal, which shall, from time to time, be reinbursed, or paid, of that part of the debt or stock, which, on the first day of January, in the year one thousand cight hundred and one, shall begin to bear an interest of six per centum per annuin, will be sufficicat, yearly and every year, commencing on the first day of January, in the year one thousand eight hundrect and two, to reimburse and pay so much, as may rightfully be reimbursed and paid, of the said principal of the said debt or stock, which shall so begin to bear an interest of six per centum per annuin, on the suid first day of January, in the year one thousand eight hundred and one, excluding that which shall stard to the credit of the commissioners of the siakin; fund, and that which shall stand to the credit of certain states as aforesaid : Fourtily, The nett proceeds of the sales of lands belonging, or which shall hereafter belong to the United states, in the western territory thereef : l'istily, Al monies, which shall be received into the treasury, on account of Gebts due to the united states, by reason of any matter prior to their present constitution : And lastly; all surplusses of the relcnues of the kaited states, which shalı remain, at the end of any calendar year, beyond the amount of the appropriations charged upon the said revenues, and which,during the session ofcongress next thereafter shall not beotherwise specially appropriated or reserved by law. [See antud 28, and postea 53.]

39. SECT IX. As well the monics which shall accrue to the said sinkjag fund, by virtue of the provisions of this act, as those which shall have accrued to the same, by virtue of the provisions of any former act or acts, shall be under the direction and management of the comidiswoners of the sinking fund, or the officers desi natud in and by the second section of the act, entitled, "An act making provision for the reduction of the public debt," passed the twelfth day of August, one thousand seven hundred and ninety, and their successors in office; and shall le, and continue appropriated to the said íund, until the whole of the present debt of the united states, foreign and domestic, funded and unfunded, including future loans, which may be made for reimbursing or redeeming any instalments or parts of principal of the said debt, shall be reimbursed and redeemcl; and shall be, and are herely declared to te vested in the said commissioners, in trust, to be applied, according w the provisions of the aforesaid acl of the cighth day of May, in the year one thousand seven hundred and ninety-two, and of this act, to the reimbursement and redemption of the said debi, including the loans, aioresaid, until the same shall be suily reimbursed and reacchied. And The faith of the united states is hereby pleased, that the movies or funds woresaid,shall inviolabiy romain, and be appropriat:d and vesied as aforesaid, to be applied to the said reimbursement and redemption, in manner aloresaid, until the same shall be fully and completely effected. [See antea 23.]

40. Sect. X. All rcimbursements of the capital, or principal of the public debt, foreign and domestic, shall be made under the superintendchce of the commissioners vi the sinking fand, who are hereby cm. powered and required, if necessary, with the approbation of the presi

dent of the united states, as any instalments or parts of the said capital or principal become due, to borrow, on the credit of the united states, the sums requisite for the payment of the said instalments or parts of principal : Providd, That any loan which may be made by the said commissioners, shall be liable to reimbursement at the pleasure of the united states; and that the rate of interest thereupon, shall not exceed six per centum per annum ; and for greater caution, it is hereby declared, that it shall be deemed a good execution of the said power to borrow, for the said commissioners, with the approbation of the president, to cause to be constituted certificates of stock, signed by the register of the treasury, for the sums to be respeclively borrowed, bearing an interest of six per centum per annum, and redeemable at the pleasure of the united states ; and to cause the said certificates of stock, to be sold in the market of the united states, or elsewhere : Provided, That no such stock be sold under par. And for the payment of interest on any sum or sums which may be so borrowed, either by direct loans, or by the sale of certificates of stock, the interest on the sum or sums which shall be reimbursed by the proceeds thereof (except that upon the funded stock, bearing and to bear an interest of six per centum, redeemable by payments, not exceeding in one year, eight per centum on account both of principal and interest) and so much of the duties on goods, wares and merchandise imported, on the tonnage of ships or vessels, and upon spirits distilled within the united states, and upon stills, as may be necessary, shall be, and hereby are pledged and appropriated. [Sec postea 75.]

41. Sect. XI. 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, at the treasury of the united states, the several and respective sums following, to wit: First, Such sum and sums, as, accord. ing to the right for that purpose reserved, may rightfully be paid for, and towards the reimbursement or redemption of such debt or stock of the united states, as, on the first day of January next, shall bear an interest of six per centum per annum, redeemable by payments, not exceeding in one year, eight per centum, on account both of principal and interest, excluding that standing to the credit of the commissioners of the sinking fund, and that standing to the credit of certain states, as aforesaid, commencing the said reimbursement or redempiion, on the said first day of January next : Secondly, Such sum and sums as, according to the conditions of the aforesaid loan, had of the bank of the united stales, shall be henceforth payable towards the reimbursement thereof, as the same shall respectively accrue : Thirdly, 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 such ciebt or stock of the united states, as, on the first day of January, in the year one thousand eight hundred and one, shall begin to bear an interest of six per centum per annum, redeemable by payments, not exceeding in one year, eight per centum, on account both of principal and interest, excluding that standing to the credit of the commissioners of the sinking fund, and that standing to the credit of certain states, as aforesaid, commencing the said reimbursement or redemption, on the first day of January, in the year one thousand eight

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