Sec. 1. Be it enacted, &c., That a subscription to the full amount of the old six per cent. deferred, and three per cent. stocks, be, and the same is hereby, proposed; for which purpose books shall be opened at the Treasury of the United States, and by the several commissioners of loans, on the first day of July next, to continue open until the seventeenth day of March next following, inclusively, the fourteen last days of each quarter excepted, for such parts of the above-mentioned descriptions of stock as shall, on the day of subscription, stand on the books of the Treasury, and of the several commissioners of loans, respectively; which subscription shall be effected by a transfer to the United States, in the manner provided by law for such transfers, of the credit or credits standing on the said books, and by a surrender of the certificates of the stock subscribed.

Sec. 2. And be it further enacted, That, for the whole or any part of any sum which shall thus be subscribed, in old six per cent. or deferred stock, credits shall be entered to the respective subscribers, and the subcriber or subscribers shall be entitled to a certificate or certificates, 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 amount of principal of the stock thus subscribed, which shall remain unredeemed on the day of such subscription, bearing an interest of six per centum per annum, payable quarter-yearly, from the first day of the quarter during which such subscription shall have been made, transferable in the same manner as is provided by law for the transfers of the stock subscribed, and subject to redemption at the pleasure of the United States: Provided, That no single certificate shall be issued for an amount greater than ten thousand dollars: And provided, further, That no reimbursement shall be made except for the whole amount of any such new certificate, nor till after at least six months' previous public notice of such intended reimbursement. Sec. 3. And be it further enacted, That for the whole or any part of any sum which shall thus be subscribed in three per cent. stock, credits shall likewise be entered to the respective subscribers; and 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 sixty-five per centum of the amount of principal of the stock thus subscribed, bearing an interest of six per centum per annum, payable quarter-yearly, from the first day of the quarter during which such subscription shall have been made, and transferable, and subject to redemption, in the same manner, and under the same regulations and restrictions, as the stock created by the preceding section of this act: Provided, That no part of the stock thus created shall be reimbursable without the assent of the holder or holders of such stock, until after the whole of the eight per cent. and four and a half per cent. stocks, as well as all the six per cent. stock which may be created by virtue of the preceding section, shall have been redeemed.

Sec. 4. And be it further enacted, That the commissioners of the sinking fund shall be, and they are hereby, authorized to appoint an agent in London, and another in Amsterdam, whose duty it shall be to receive subscriptions and transfers, and to issue new certificates, in the manner, and at the times, above mentioned, and as the officers of the Treasury Department, or the commissioners of loans, might do that is to say the agent in London, in favor of such stockholders residing in the dominions of Great Britain in Europe, and the agent in Amsterdam, in favor of such

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stockholders residing in any other part of Europe, as may, respectively, become subscribers: Provided, That the certificates issued by the said agents shall bear interest only from the first day of the quarter next succeeding that in which the subscription shall have taken place; and that, in relation to subscriptions made in old six per cent. or deferred stocks, the sums expressed in such new certificates shall be equal to the amount of the principal of the old six per cent. or deferred stocks thus subscribed, which shall remain unredeemed, after payment of the dividend payable on such stock, on that day from which the interest on the new certificates shall commence. The foreign stockholders, thus subscribing with either of the said agents, shall be entitled to receive the dividend on the old six per cent. deferred, or three per cent. stock, subscribed by them, respectively, which shall be payable on that day, from which the interest on the new certificates shall commence. And it shall be the duty of the said agents, respectively, to transmit, before the end of each quarter, to the Register of the Treasury, and to the several commissioners of loans, respectively, triplicate abstracts of the certificates of stocks subscribed, and of the new certificates issued by them, during such quarter, in order that the proper credits may be entered on the books of the Treasury and of the commissioners of loans, as the case may be, to the holders of such new certificates. And the said agents, before they enter upon the execution of their several offices, shall, respectively, take an oath or affirmation for the diligent and faithful execution of their trust, and shall also become bound, with one or more sureties, to the satisfaction of the commissioners of the sinking fund, or of the Secretary of the Treasury, in the penal sum of twenty thousand dollars, with condition for their good behavior in their said offices.

Sec. 5. And be it further enacted, That the holders of old six per cent. deferred, or three per cent. stock, who may become subscribers, as aforesaid, either in the United States or in Europe, and who, on the first day of July next, and also on the day of the subscription, shall be resident in Europe, may, at their option, which must be made at the time of subscribing, receive the interest accruing on the stock created by virtue of the preceding sections of this act, either in the United States, as other creditors, or at London or Amsterdam; that is to say, the stockholders residing, at the times above mentioned, in the dominions of Great Britain in Europe, at London, and at the rate of four shillings and six pence sterling for each dollar; and the stockholders residing, at the times above mentioned, in any other part of Europe, at Amsterdam, and at the rate of two guilders and a half guilder, current money of Holland, for each dollar; in which last-mentioned option the condition shall be expressed in the new certificates to be issued, and the credit or credits to be given to the proprietors thereof shall be entered, and shall thereafter be transferable only on the books of the Treasury: Provided, however, That the interest thus payable in London and Amsterdam shall not be payable until the expiration of six calendar months from the day on which the same would be payable in the United States, and shall be subject to a deduction of one-half of one per cent. on the amount payable, for commission to the bankers paying the same: And provided, also, That every proprietor of such stock may, on surrendering his certificate, receive another to the same amount; the interest whereof shall be payable quarteryearly in the United States, in the same manner as that accruing on the stock held by persons residing in the United States.

Sec. 6. And be it further enacted, That the same funds which heretofore have been, and now are, pledged by law for the payment of the interest, and for the redemption or reimbursement of the stock which may be subscribed by virtue of the provisions of this act, shall remain pledged for the payment of interest accruing on the stock created by reason of such subscription, and for the redemption or reimbursement of the principal of the same. 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, such sum and sums as may be annually wanted to discharge the annual interest and charges accruing on the stock which may be created by virtue of this act. The said commissioners are hereby authorized to apply, from time to time, such sum and sums out of the said fund as they may think proper towards redeeming, by purchase or by reimbursement, in conformity with the provisions of this act, the principal of the said stock. And the annual sum of eight millions of dollars, vested by law in the said commissioners, shall be and continue appropriated to the payment of interest and redemption of the public debt, until the whole of the stock which may be created by the preceding sections of this act shall have been redeemed or reimbursed.

Sec. 7. And be it further enacted, That there shall be allowed to each of the agents to be appointed by virtue of this act, in addition to the necessary expenses incurred by them for printing, stationary, and postage, a sum of three thousand dollars, as a full compensation for their services. The said agents, and the commissioners of loans, shall also be allowed such additional sum as may be actually and necessarily expended for the clerk-hire requisite for carrying this act into effect. And for defraying the said compensations and allowances, and such other contingent charges as may be incurred for carrying this act into effect, a sum not exceeding sixteen thousand dollars, to be paid out of any moneys in the Treasury not otherwise appropriated, is hereby appropriated.

Sec. 8. And be it further enacted, That whensoever notice of reimbursement shall be given, as prescribed by the second and third sections of this act, the certificates intended to be reimbursed shall be designated therein. In every reimbursement, the preference shall be given to such. holders of certificates as, previously to the said notice, shall have notified, in writing, to the Treasury Department, their wish to be reimbursed. If there should not be applications to the Treasury sufficient to require the payment of the whole sum to be applied to that purpose, the Secretary of the Treasury, after paying off all sums for the payment of which application shall have been made, shall determine, by lot, what other certificates shall be reimbursed, so as to make up the whole amount to be discharged and in case the applications shall exceed the amount to be discharged, the Secretary of the Treasury shall proceed to determine, by lot, what applications shall be entitled to priority of payment.

Sec. 9. And be it further enacted, That the agents appointed by virtue of this act, and the several commissioners of loans, shall observe and perform such directions and regulations as shall be prescribed to them by the Secretary of the Treasury, touching the execution of this act.

Sec. 10. And be it further enacted, That nothing in this act contained shall be construed in anywise to alter, abridge, or impair the rights of those creditors of the United States who shall not subscribe to the loan created by virtue of this act.

Approved February 11, 1807.

An Act supplementary to the act entitled "An act making further provision for the support of public credit, and for the redemption of the public debt."

Sec. 1. Be it enacted, &c. That the powers vested in the commissioners of the sinking fund, by the tenth section of the act to which this act is a supplement, shall extend to all the cases of reimbursement of any instalments, or parts of the capital, or principal, of the public debt now existing, which may become payable according to law. And in every case in which a loan may be made accordingly, it shall be lawful for such loan to be made of the Bank of the United States, any thing in any act of Congress to the contrary notwithstanding.

Approved June 28, 1809.

CHAPTER V.

Acts of Congress providing for the Settlement of Claims which had been barred by limitations previously established, and for the settlement of such as had not been barred by any act of limitation, and had not been previously adjusted; also, limiting the time for presenting Claims for destroyed Certificates of certain descriptions, and reviving the laws and extending the time for paying Loan Office and Final Settlement Certificates, Indents of Interest, &c.

[1792, March 23.]

An Act to provide for the settlement of the claims of widows and orphans barred by the limitations heretofore established.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the operation of the resolutions of the late Congress of the United States, passed on the 2d day of November, 1785, and the 23d day of July, 1787, so far as they have barred, or may be construed to bar, the claims of the widow or orphans of any officer of the late army to the seven years' half pay of such officer, shall, from and after the passing this act, be suspended for and during the term of two years.

[1792, March 27.]

An Act providing for the settlement of the claims of persons, under particular circumstances, barred by the limitations heretofore established.

Sec. 1. Be it enacted, &c., That the operation of the resolutions of the late Congress of the United States, passed on the 2d day of November, 1785, and the 23d day of July, 1787, so far as they have barred, or may be construed to bar, the claims of any officer, soldier, artificer, sailor, or marine, of the late army or navy of the United States, for personal services rendered to the United States in the military or naval departments, shall, from and after the passing of this act, be suspended for and during the term of two years; and that every such officer, soldier, artificer, sailor, and marine, having claims for services rendered to the United States in the military or naval departments, who shall exhibit the same for liquidation at the Treasury of the United States, at any time during the said term of two years, shall be entitled to an adjustment and allowance thereof, on the same principles as if the same had been exhibited within the term prescribed by the aforesaid resolutions of Congress: Provided, That nothing herein shall be construed to extend to claims for rations or subsistence money.

Sec. 2. And be it further enacted, That no balances hereafter to be certified as due from the United States, shall be registered in any other name than that of the original claimant, or of his heirs, executors, or administrators; and such balances shall be transferable only at the Treas ury, by virtue of powers actually executed after such registry, expressing the sum to be transferred, and in pursuance of such general rules as have been or shall be prescribed for that purpose.