to be subscribed in the debt of such State within the same. And every subscriber to the said loan shall, at the time of subscribing, deposite with the commissioner the certificates or notes to be loaned by him.

Sec. 15. And be it further enacted, That for two-thirds of any sum subscribed to the said loan, by any person or persons, or body politic, which shall be paid in the principal and interest of the certificates or notes issued as aforesaid by the respective States, the subscriber or subscribers shall be entitled to a certificate, purporting that the United States owe to the holder or holders thereof, or his, her, or their assigns, a sum to be expressed therein, equal to two-thirds of the aforesaid two-thirds, bearing an interest of six per centum per annum, payable quarter-yearly, and subject to redemption by payments not exceeding in one year, on account both of principal and interest, the proportion of eight dollars upon a hundred of the sum mentioned in such certificate; and to another 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 the proportion of thirty-three dollars and one-third of a dollar upon a hundred, of the said two-thirds of such sum so subscribed, which, after the year one thousand eight hundred, shall bear an interest of six per centum per annum, payable quarter-yearly, and subject to redemption by payments not exceeding in one year, on account both of principal and interest, the proportion of eight dollars upon a hundred of the sum mentioned in such certificate; and that, for the remaining third of any sum so subscribed, 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 the said remaining third, bearing an interest of three per cent. per annum, payable quarteryearly, and subject to redemption by payment of the sum specified therein, whenever provision shall be made by law for that purpose.

Sec. 16. And be it further enacted, That the interest upon the certificates which shall be received in payment of the sums subscribed towards the said loan, shall be computed to the last day of the year one thousand seven hundred and ninety-one, inclusively; and the interest upon the stock which shall be created by virtue of the said loan, shall commence or begin to accrue on the first day of the year one thousand seven hundred and ninety-two, and shall be payable quarter-yearly, at the same time, and in like manner, as the interest on the stock to be created by virtue of the loan above proposed in the domestic debt of the United States.

Sec. 17. And be it further enacted, That if the whole sum allowed to be subscribed in the debt or certificates of any State, as aforesaid, shall not be subscribed within the time for that purpose limited, such State shall be entitled to receive, and shall receive, from the United States, an interest per centum per annum upon so much of the said sum as shall not have been so subscribed, equal to that which would have accrued on the deficiency, had the same been subscribed in trust for the non-subscribing creditors of such State, who are holders of certificates or notes issued on account of services or supplies towards the prosecution of the late war, and the defence of the United States, or of some part thereof, to be paid in like manner as the interest on the stock which may be created by virtue of the said loan, and to continue until there shall be a settlement of accounts between the United States and the individual States; and in case a

balance shall then appear in favor of such State, until provision shall be made for the said balance.

But as certain States have, respectively, issued their own certificates, in exchange for those of the United States, whereby it might happen that interest might be twice payable on the same sums:

Sec. 18. Be it further enacted, That the payment of interest, whether to States or to individuals, in respect to the debt of any State by which such exchange shall have been made, shall be suspended, until it shall appear, to the satisfaction of the Secretary of the Treasury, that certificates issued for that purpose by such State have been re-exchanged or redeemed; or until those which shall not have been re-exchanged or redeemed shall be surrendered to the United States.

Sec. 19. And be it further enacted, That so much of the debt of each State as shall be subscribed to the said loan, and the moneys (if any) that shall be advanced to the same, pursuant to this act, shall be a charge against such State, in account with the United States.

Sec. 20. And be it further enacted, That the moneys arising under the revenue laws which have been, or during the present session of Congress may be, passed, or so much thereof as may be necessary, shall be, and are hereby, pledged and appropriated for the payment of the interest on the stock which shall be created by the loans aforesaid, pursuant to the provisions of this act; first paying that which shall arise on the stock created by virtue of the said first-mentioned loan, to continue so pledged and appropriated until the final redemption of the said stock, any law to the contrary notwithstanding; subject, nevertheless, to such reservations and priorities as may be requisite to satisfy the appropriations heretofore made, and which, during the present session of Congress, may be made by law, including the sums hereinbefore reserved and appropriated: And to the end that the said moneys may be inviolably applied in conformity to this act, and may never be diverted to any other purpose, an account shall be kept of the receipts and disposition thereof, separate and distinct from the product of any other duties, imposts, excises, and taxes whatsoever, except such as may be hereafter laid to make good any deficiency which may be found in the product thereof, towards satisfying the interest aforesaid.

Sec. 21. And be it further enacted, That the faith of the United States be, and the same is hereby, pledged to provide and appropriate hereafter such additional and permanent funds as may be requisite towards supplying any such deficiency, and making full provision for the payment of the interest which shall accrue on the stock to be created by virtue of the loans aforesaid, in conformity to the terms thereof, respectively, and according to the tenor of the certificates to be granted for the same pursuant to this act.

Sec. 22. And be it further enacted, That the proceeds of the sales which shall be made of lands in the Western Territory, now belonging, or that may hereafter belong, to the United States, shall be, and are hereby, appropriated towards sinking or discharging the debts, for the payment whereof the United States now are, or by virtue of this act may be, holden; and shall be applied solely to that use, until the said debts shall be fully satisfied.

Approved August 4, 1790.

NOTE. To the preceding act, the act of May 8, 1792, is supplementary, and extends to the first day of March, 1793, the term for receiving on loan that part of the domestic debt of the United States which had not been subscribed pursuant to the provisions of the foregoing act. By act of March 2, 1793, the term is further extended until the last day of June, 1794; and still further extended, by act of May 30, 1794, until the last day of December, 1794. By act of January 28, 1795, until the 31st of December, 1795. By act of February 19, 1796, until the 31st of December, 1796. And the provisions of the act of the 19th of February, 1796, are continued in force, by the act of March 3, 1797, until the 31st of December, 1797. With regard to the transfer of stock, see the act of January 2d, 1795, which is revived and continued in force until the 4th day of March, 1799, by the act of the 6th of July, 1797. See, moreover, in relation to the public debt, the act of August 12, 1790. The fifth section of the act of March 2, 1799, apportions clerks and clerk-hire to the commissioners appointed in pursuance of the sixth section of the preceding act. By the second section of the act of April 7, 1798, the nett proceeds of certain lands are added to the fund for sinking the public debt.

An Act supplementary to the act making provision for the debt of the United States.

Sec 1. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the term for receiving on loan that part of the domestic debt of the United States which hath not been subscribed pursuant to the terms proposed in the act entitled "An act making provision for the debt of the United States," shall be, and it is hereby, extended, on the same terms as in and by the said act is provided, to the first day of March next; and books, for receiving such further subscriptions, shall be opened at the Treasury of the United States, and by the commissioner of loans in each of the said States, on the first day of June next, which shall continue open until the said first day of March next, inclusively; for which purpose the said commissioners, respectively, are hereby invested with the like powers, and required to perform the like duties, as in and by the said act is directed.

Sec. 2. And be it further enacted, That such of the creditors of the United States as have not subscribed, and shall not subscribe, to the said 'loan, shall, nevertheless, receive a rate per centum on the amount of so much of their respective demands, as well for interest as principal, as on or before the first day of March shall be registered conformably to the directions of the said act, as shall be equal to the interest payable to the subscribing creditors, which shall be payable at the same times and places, and by the same persons, as in and by the said act is directed.

Sec. 3. And be it further enacted, That the term for receiving upon loan that part of the debts of the respective States which hath not been subscribed pursuant to the terms proposed in the act aforesaid, shall be, and it is hereby, enlarged, on the same terms as in and by the said act is provided, until the first day of March, one thousand seven hundred and ninety-three, inclusively; for which purpose books shall be opened at the Treasury of the United States, and by the commissioners of loans in each of the said States, on the first day of June next, which shall continue open until the first of March, one thousand seven hundred and ninetythree, inclusively; for which purposes the said commissioners are hereby invested with the like powers, and required to perform the like duties, as in and by the said act is directed.

Sec. 4. Provided always, and be it further enacted, That the commissioner of loans for North Carolina shall not be allowed to receive any certificate issued by Patrick Travers, commissioner of Cumberland county, or by the commissioners of army accounts at Warrenton.

Sec. 5. And whereas the United States are indebted to certain foreign officers on account of pay and services during the late war, the interest whereof, pursuant to the certificates granted to the said officers by virtue of a resolution of the United States in Congress assembled, is payable at the house of Grand, banker, at Paris, and it is expedient to discharge the same: Be it therefore enacted, That the President of the United States be, and he hereby is, authorized to cause to be discharged the principal and interest of the said debt, out of any of the moneys which have been, or shall be, obtained on loan in virtue of the act aforesaid, and which shall not be necessary ultimately to fulfil the purposes for which the said moneys are, in and by the said act, authorized to be borrowed.

Sec. 6. And be it further enacted, That the President of the Senate, the Chief Justice, the Secretary of State, the Secretary of the Treasury, and the Attorney General, for the time being, shall be commissioners, who, or any three of whom, are hereby authorized, with the approbation of the President of the United States, to purchase the debt of the United States, at its market price, if not exceeding the par or true value thereof; for which purchase the interest on so much of the public debt as has already been, or may hereafter be, purchased for the United States, or as shall be paid into the Treasury, and so much of the moneys appropriated for the payment of the interest on the foreign and domestic debt, as shall exceed what may be sufficient for the payment of such interest to the creditors of the United States, shall be and are hereby, appropriated. And it shall be the duty of the said commissioners to render to the Legislature, within two months after the commencement of the first session thereof, in every year, a full and precise account of all such purchases made, and public debt redeemed, in pursuance of this act.

Sec. 7. And whereas it is expedient to establish a fund for the gradual reduction of the public debt: Be it further enacted, That the interest on so much of the debt of the United States as has been, or shall be, purchased or redeemed for or by the United States, or as shall be paid into the Treasury thereof in satisfaction of any debt or demand, and the surplus of any sum or sums appropriated for the payment of the interest upon the said debt, which shall remain after paying such interest, shall be, and hereby are, appropriated and pledged, firmly and inviolably, for and to the purchase and redemption of the said debt, to be applied, under the direction of the President of the Senate, the Chief Justice, the Secretary of State, the Secretary of the Treasury, and the Attorney General, for the time being, or any three of them, with the approbation of the President of the United States, for the time being, in manner following; that is to say: First, to the purchase of the several species of stock constituting the debt of the United States, at their respective market prices, not exceeding the par or true value thereof, and, as nearly as may be, in equal proportions, until the annual amount of the said funds, together with any other provisions which may be made by law, shall be equal to two per centum of the whole amount of the outstanding funded stock bearing a present interest of six per centum: Thenceforth, secondly, to the redemption of

the said last-mentioned stock, according to the right for that purpose reserved to the United States, until the whole amount thereof shall have been redeemed: And lastly, after such redemption, to the purchase, at its market 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.

Sec. 8. And be it further enacted, That 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.

Sec. 9. And be it further enacted, That 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 statement of the disbursements which shall have been made, and of the sums which shall have been purchased or redeemed, under their direction, 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. Approved May 8, 1792.

An Act for extending the time for receiving on loan that part of the domestic debt of the United States which may not be subscribed prior to the first day of March, one thousand seven hundred and ninety-three.

Sec. 1. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the term for receiving on loan that part of the domestic debt of the United States which shall not have been subscribed in pursuance of the act entitled "An act supplementary to the act making provision for the debt of the United States," be extended, from and after the first day of March, one thousand seven hundred and ninety-three, until the last day of June, one thousand seven hundred and ninety-four, inclusively, on the same terms and conditions as are contained in the act entitled "An act making provision for the debt of the United States:" Provided, That the books for receiving the said subscriptions shall be opened only at the Treasury of the United States.

Sec. 2. And be it further enacted, That such of the creditors of the United States as have not subscribed, and shall not subscribe, to the said loan, shall, nevertheless, receive, during the year one thousand seven hundred and ninety-three, a rate per centum on the amount of such of their demands as shall have been registered conformable to the directions contained in the said act, on or before the last day of June, one thousand seven hundred and ninety-four, equal to the interest which would be payable to them as subscribing creditors.

Approved March 2, 1793.