.

62. SECT. II. On the liquidation and settlement of such of the said certificates, and indents of interest, as may be presented at the treasury, pursuant to this act, the creditors shall be allowed to receive certificates of funded three per cent. stock of the united states, equal to the said indents, and the arrearages of interest due on their said certificates, prior to the first day of January, one thousand seven hundred and ninety-one.

63. SECT. III. The principal sums of the said loan-office and final settlement certificates, with the interest thereon, since the first day of January, one thousand seven hundred and ninety-one, shall and may be discharged, after liquidation at the treasury, by the payment of interest and reimbursement of principal, equal to the sums which would have been payable thereon, if the said certificates had been subscribed, pursuant to the acts making provision for the debts of the united states, contracted during the late war, and by the payment of other sums, equal to the market value of the remaining funded stock, which would have been created by subscriptions, as aforesaid; which market value shall be determined by the comptroller of the treasury.

64. SECT. IV. The sum of twenty thousand dollars shall be, and hereby is appropriated for the purposes aforesaid, to be paid out of any monies in the treasury not otherwise appropriated.

65. SECT. V. From and after the passing of this act, it shall not be lawful for the officers of the treasury to issue or cause to be issued, any certificates of registered or unfunded debt; and to satisfy such claims for services, or supplies furnished or done prior to the estab lishment of the present constitution of the united states, as shall be allowed according to law, and the course of settlement at the treasury, there shall be appropriated a sum not exceeding twenty thousand dollars, to be paid out of any monics in the treasury not otherwise apprc. priated.

66. SECT. VI. The commissioners of the sinking fund shall be, and they are hereby required to reimburse, or cause to be reimbursed, the principal sums of the unfunded, or registered debt of the united states, credited on the books of the treasury, and commissioners of loans; and to cause a notification to be published, informing the creditors generally, of the said reimbursement, and that interest on the said debts will cease at the expiration of six months after the date of the said notification; and a sum not exceeding ninety thousand dollars shall be appropriated for the reimbursement of the debts aforesaid, out of any monies in the treasury not otherwise appropriated.

67. SECT. VII. It shall be lawful for the creditors of the unfunded or registered debt aforesaid, to receive certificates of funded three per cent. stock, equal to the arrearages of interest due to them, respectively, prior to the first day of January, one thousand seven hundred and ninety-one: And on the requisition of each or any of the said creditors, the proper officers of the treasury are hereby required to issue, or cause to be issued, the said certificates of funded three per cent. stock accordingly.

ACT of August 5, 1790. (Vol. I. p. 244.*)

68. SFCT. VII. The states who shall have balances placed to their credit on the books of the treasury of the united states, shall within twelve months after the same shall have been so credited, be entitled to have the same funded upon the same terms with the other part of the domestic debt of the united states; but the balances so credited to any state shall not be transferrable. [See postea 69, & seq.]

(The other sections of this act are obsolete.)

ACT of May 31, 1794. (Vol. III. p. 69.)

69. SECT. I. Interest upon the balances reported to be due to certain states, by the commissioners for settling accounts between the united states and individual states, shall be allowed, from the last day of December, one thousand seven hundred and eighty-nine, and to be computed to the last day of December, one thousand seven hundred and ninety-four, at the rate of four per centum per annum: And the amount of such interest shall be placed to the credit of the state, to which the same shall be found due, upon the books of the treasury of the united states, and shall bear an interest of three per centum per annum, from and after the said last day of December, one thousand seven hundred and ninety-four. [See antea 68.]

70. SECT. II. The interest on the said balances, reported by the said commissioners, as aforesaid, which shall be funded agreeable to the terms of the act entitled, "An act to provide more effectually for the settlement of the accounts, between the united states and the individual states," together with the interest on the amount placed to the credit of any such state, for arrearages of interest on such balances, agreeable to the terms of this act, shall be paid quarter yearly, after the said last day of December, one thousand seven hundred and ninety-four; that is to say: One fourth part thereof, on the last days of March, June, September and December, respectively, in each year, at the offices of the commissioners of loans, within such states as shall be entitled to receive the same; the first payment to be made on the last day of March, one thousand seven hundred and ninety-five:

71. For the payment of the said interest, so much of the duties arising, yearly, on imports and tonnage, from and after the last day of Decomber, one thousand seven hundred and ninety-four, as may be necessary, and not heretofore otherwise appropriated, shall be, and the same is hereby pledged and appropriated; and the faith of the united states shall be, and the same is hereby pledged to provide for any deficiency, that may happen, by such additional and permanent funds, as may be necessary therefor.

It will be found in the course of this work, that the editor has frequently transposed the acts in order to bring into one view, all such as related to a particular subject.

For the several acts relating to the settlement of accounts between the united states, and individual states, see Vol. I. p. 29, 244-Vol. II. p. 14,

209.

ACT of April 29, 1802. (Vol. VI. p. 103.)

72. SECT. I. So much of the duties on merchandise and tonnage as, together with the monies, other than surplusses of revenue, which now constitute the sinking fund, or shall accrue to it by virtue of any provisions heretofore made, and together with the sums annually required to discharge the annual interest and charges accruing on the present debt of the united states, including temporary loans heretofore obtained, and also future loans which may be made for reimbursing, or redeeming, any instalments, or parts of the principal of the said debt, will amount to an annual sum of seven millions three hundred thousand dollars, shall be, and the same hereby is yearly appropriated to the said fund; and the said sums are hereby declared to be vested in the commissioners of the sinking fund, in the same manner as the monies heretofore appropriated to the said fund, to be applied by the said commissioners to the payment of interest and charges, and to the reimbursement or redemption of the principal of the public debt, and shall be and continue appropriated until the whole of the present debt of the united states, and the loans which may be made for reimbursing or redeeming any parts or instalments of the principal of the said debt shall be reimbursed and redeemed: Provided, That after the whole of the said debt, the old six per cent stock, the deferred stock, the seventeen hundred and ninety-six six per cent. stock and three per cent. stock excepted, shall have been reimbursed or redeemed, any balance of the sums annually appropriated by this act, which may remain unexpended at the end of six months next succeeding the end of the calendar year to which such annual appropriation refers, shall be carried to the surplus fund, and cease to be vested by virtue of this act in the commissioners of the sinking fund, and the appropriation, so far as relates to such unexpended balance, shall cease and determine.

73. SECT. II. It shall be the duty of the secretary of the treasury, annually, and in each year, to cause to be paid to the commissioners of the sinking fund the said sum of seven millions three hundred thousand dollars, in such payments, and at such times, in each year, as the situation of the treasury will permit: Provided, That all such payments as may be necessary to enable the said commissioners to discharge, or reimburse, any demands against the united states, on account of the principal or interest of the debt, which shall be actually due, in conformity to the engagements of the said states, shall be made at such time and times, in each year, as will enable the said commissioners faithfully and punctually to comply with such engagement.

74. Sect. III. All reimbursements of the capital, or principal of the present debt of the united states, including future loans which may be made for reimbursing or redeeming any instalments, or parts of the same, and all payments on account of the interest and charges accruing upon the said debt shall be made under the superintendence of the commissioners of the sinking fund. And it shall be the duty of the said commissioners to cause to be applied and paid out of the said faad, yearly and every year, at the treasury of the united states, the several and respective sums following, to wit: First, Such sum and

Xums as by virtue of any act, or acts, they have heretofore been direct ed to apply and to pay Secondly, such sum and sums as may be annually wanted to discharge the annual interest and charges accruing on any other part of the present debt of the united states, including the interest and charges which may accrue on future loans which may be made for reimbursing or redeeming any instalments, or parts of the principal of the said debt: Thirdly, Such sum and sums as may annually be required to discharge any instalment or part of the principal of the present debt of the united states, and of any future loans which may be made for reimbursing, or discharging the same, which shall be actually due and demandable, and which shall not by virtue of this, or any other act, be renewed or prolonged, or reimbursed, out of the proceeds of a new loan: And also it shall be the duty of the said commissioners to cause to be applied the surplus of such fund as may at any time exist, after satisfying the purposes aforesaid, towards the further and final redemption, by payment, or purchase, of the present debt of the united states, including loans for the reimbursement thereof, temporary loans heretofore obtained from the bank of the united states, and those demands against the united states, under any treaty, or convention, with a foreign power, for the payment of which the faith of the united states has been, or may hereafter, be pledged by congress: Provided, however, That the whole, or any part, of such demands, arising under a treaty, or convention, with a foreign power, and of such temporary loans, may, at any time, be res imbursed, either out of the sinking fund, or, if the situation of the treasu→ ry will permit, out of any other monies which have been, or may hereafter be, appropriated to that purpose.

† 75. SECT. IV. The commissioners of the sinking fund shall be, and they hereby are empowered, with the approbation of the president of the united states, to borrow on the credit of the united states, either in America, or abroad, by obtaining a prolongation of former loans, or otherwise, the sums requisite for the payment of the instalments or parts of principal of the Dutch debt, which become due in the years one thousand eight hundred and three, one thousand eight hundred and four, one thousand eight hundred and five, and one thousand eight hundred and six: And a sum equivalent to that to be thus borrowed, or reloaned, shall be laid out by the commissioners of the sinking fund, in the purchase or redemption of such parts of the present debt of the united states, and other demands against them, as the commissioners of the sinking fund may lawfully pay, agreeably to the provisions herein before made, and as the said commissioners shall in their judgment deem most expedient, so as to effect the payment annually, of seven millions, three hundred thousand dollars, towards the final discharge of the whole debt, agreeably to such provision: Provided, That the united states shall have a right to reimburse any loan thus made within six years after the date of the same, and that the rate of interest thereupon shall not exceed five per centum per annum, nor the charges thereupon the rate of five per centum on the capital borrowed: And provided always, That the power herein given shall not be construed to repeal, diminish, or affect the power given to the said commissioners, by the tenth section of the act entitled, "An act making further provision

for the support of public credit, and for the redemption of the public debt," to borrow certain sums for the discharge of the instalments of the capital, or principal, of the public debt, in the manner, and on the terms, prescribed by the said section; nor the power given to them by an act entitled, “An act making provision for the payment of certain debts of the united states," to borrow certain sums and to sell the shares of the bank of the united states, belonging to the united states, in the manner, on the terms, and for the purposes authorized by the said act; and provided, further, that nothing herein contained shall be construed to revive any act or part of an act, authorizing the loan of money, and which hath heretofore expired. [See antea 40, 55, and seq.]

76. SECT. V. For the purpose of more effectually securing the reimbursement of the Dutch debt, the commissioners of the sinking fund may, and they hereby are empowered, with the approbation of the president of the united states, to contract, either with the bank of the united states, or with any other public institution, or with individuals, for the payment in Holland, of the whole, or any part, of the principal of the said Dutch debt, and of the interest and charges accruing on the same, as the said demands become due, on such terms as the said commissioners shall think most advantageous to the united states; or to employ either the said bank, or any other public institution, or any individual or individuals, as agent or agents, for the purpose of pur chasing bills of exchange, or any other kind of remittances, for the purpose of discharging the interest and principal of said debt, and to allow to such agent or agents a compensation not exceeding one-fourth of one per cent. on the remittances thus purchased or procured by them under the direction of the said commissioners, and as much of the du ties on tonnage and merchandise as may be necessary for that purpose, is hereby appropriated towards paying the extra aliowance or commission resulting from such transaction, or transactions, and also to pay any deficiency arising from any loss incurred upon any remittance purchased or procured under the direction of the said commissioners, for the purpose of discharging the principal and interest of the said debt. [See antea 26.]

77. SECT. VI. The commissioners of the sinking fund shall be, and they hereby are empowered, with the approbation of the president of the united states, to employ,if they shall deem it necessary, an agent in Europe for the purpose of transacting any business relative to the discharge of the Dutch debt, and to the loans authorized by this, or any other act, for the purpose of discharging the same, and also to allow him a compen sation not exceeding three thousand dollars a year, to be paid out of any monies in the treasury not otherwise appropriated.

78. SECT. VII. Nothing in this act contained shall be construed to repeal, alter, or affect any of the provisions of any former act pledging the faith of the united states to the payment of the interest, or principal, of the public debt; all such payments shall continue to be made at the time heretofore prescribed by law; and the surplus only of the appropriations made by this act beyond the sums payable by virtue of the provisions of any former act, shall be applicable to the reimbursement, redemption, or purchase of the public debt in the manner provided by this act.