[Debt of the United States.]

Prefident authorized to make new loans not exceeding
twelve millions of dollars, to pay inftalments of the fo-
reign debt,

148

Loan to be opened to the full amount of the domestic

debt,

149

The feveral denominations of certificates receivable on faid
loan,
149, 150
Creditors to receive for the principal of the debt fubfcribed,
certificates of ftock, for two-thirds, bearing a prefent
interest of fix per cent. and for one third, an intereft of
fix per cent. payable after the year 1800, redeemable by
paying, not exceeding in one year, eight dollars in a
hundred, and for the intereft fubfcribed, to receive cer-
tificates, bearing a prefent interest of three per cent.
redeemable at pleasure,
Commiffioners appointed in each state to receive subscrip-
tions,

150

151

The stock made transferable and intereft payable quarter-
yearly at the treasury, or at the commiflioner's office,
where the credit of the ftock ftands; but if the intereft
of one quarter fhall not be demanded before the expira-
tion of a third, it shall be payable only at the trea-
fury,
152
Non-fubfcribing creditors not to be abridged in their rights,
and the fame intereft to be paid them as to fubfcribing
creditors,
i. 153
Commiffioners of loans to take an oath and give bonds for
the faithful discharge of their duty,

—their falaries,

155

155

Debts of the ftates affumed, and a loan opened to the
amount of 21,500,000 dollars, and apportioned among.
the states,

156
Terms of the loan, intereft to be paid quarter-yearly, 157
159

161

Appropriations of revenue to discharge the interest of the
domeftic debt, and the faith of the United States
pledged to make good deficiencies,
160, 161
The proceeds of the fales of the western lands appropri-
ated and pledged to discharge the national debt,
The furplus of duties on impoft and tonnage to the laft
day of December, 1789, after fatisfying certain appro-
priations, applied to purchase the public debt, at a price`
not exceeding par, under the direction of the Prefident

[Debt of the United States.]

of the Senate, the Chief-Juftice, the Secretary of State,
the Secretary of the Treasury, and the Attorney-Gene-
ral, or either three of them, with the approbation of the
Prefident of the United States, who are to make report
of their doings to Congress,

268
Prefident authorized to borrow two millions of dollars to

116

117

be applied to the purchafe of the public debt, 270
Loan of 3,000,000 florins declared to be within the act, 347
Time for fubfcribing to the domeftic loan extended, ii. 115
Intereft to be paid to non-fubfcribing creditors,
Debts due to certain foreign officers to be paid,
Commiffioners appointed to purchase the public debt, and
appropriations made for that purpose,
ii. 117
Sinking fund established, and the intereft which fhall accrue
on the debt of the United States, which shall be re-
deemed or paid into the treafury in fatisfaction of any
demand, and the furplus of appropriations to pay the
intereft of the public debt, pledged for that purpofe, 117
The Prefident of the Senate, the Chief-Justice, the Secre-
tary of State, the Secretary of the Treasury, and the At-
torney-General appointed Commiffioners; any three of
whom, with the approbation of the Prefident of the
United States, are authorized to purchase the public
debt at prices not exceeding par, as nearly as may be in
equal fums of the different fpecies of ftock, till the
amount of the funds will pay two per centum per annum
on the fix per cent. ftock out-ftanding; then, to that
purpose, till that stock shall be redeemed; and then to
the purchase of any other stock, till the whole shall be
redeemed,

118

Purchases to be made at the lowest price in open market
or by fealed propofals; accounts to be fettled quarterly;
and reports to be made to Congrefs within the first four-
teen days of the feffion,
119
Accounts between the United States and individual ftates
to be fettled by commiffioners under oath, i. 29. 244
Balances, on a final adjuftment, to be apportioned accor-
ding to the rule prefcribed by the conftitution for the
apportionment of representation,
246
Creditor-ftates to have their balances funded on the fame

terms as the domeftic debt, but not to be transferable,i. 246
Interest of the balance due to the creditor ftates, on a final
adjustment of the accounts between the United States
VOL. III.

$ 3

[Debt of the United States.]

and individual states, to be computed from the last day
of December, 1789, to the last day of December, 1794,
and funded at three per cent.
iii. 69
Intereft on the balances and on the funded interest to be
paid quarter-yearly, in the fame manner as on the do-
meftic funded debt; and the duties on imports and ton-
nage, not otherwife appropriated, pledged for the pay-
ment thereof,
70
States authorised to transfer stock, ftanding to their credit,
to their creditors,
iii. 150
Commiffioners of the finking fund empowered to borrow,
in anticipation of the revenue, if neceffary, to pay the
intereft of the public debt, not exceeding one million of
dollars in one year, and be reimbursed within a year ;—
and revenue pledged to pay the intereft of fuch tempo-
rary loans,
Loan opened to the full amount of the foreign debt, payable
at the treasury of the United States, allowing an increase
of interest of one half per centum per annum for such
ftock exchanged,
Credits and certificates to be given, and to be transfera-
ble in like manner as for the domestic debt,
Appropriation of revenue for the payment thereof, 206
Certain duties continued till the debt fhall be discharged, 201
Additional appropriations to the fund denominated the
finking fund,

204

205

206

208

iii. 210

Monics accruing to the finking fund to be under the ma-
nagement and direction of the commiflioners, and ap-
propriated and pledged till the whole debt fhall be re-
deemed and discharged,
Reimbursement of the capital of the debt to be under the
fuperintendance of the commiffioners of the finking
fund, who, with the approbation of the President of the
United States, may borrow the requifite fums for pay-
ment of any inftalments; provided, the loans are reim-
burfable at pleasure, and do not exceed fix per centum
intereft; for which purpose, stock may be created and
fold in the market, but not under par,
Commiffioners fhall firft pay annually, the fum that may
rightfully be paid on the fix per cent. stock-then the
fums due to the bank of the United States-the fums
that may rightfully be paid on the deferred stock when

1

211

[Debt of the United States.]

212

it becomes due, and apply any furplus to the redemption
of the debt till the whole fhall be extinguifhed, but they
may not pay more for unfunded domeftic debt than the
market price of the funded,
When the whole debt is redeemed except the three per
cent. ftock, government may make a different appropri-
ation of the funds,
214
Priorities of appropriations to ceafe, unless creditors dif-
fent, and the whole revenue to conftitute a confolidated
fund,
214
Loan-office certificates, final fettlements and indents of in-
tereft, to be prefented to the Treasury, to be exchanged
or registered by the first day of January, 1797, or to be
barred,
215
Sums of money which fhall remain unexpended upon any
appropriation except payment of intereft on funded
debt, or on loans, or where a longer time is affigned by
law, fhall, after two years, in which the act was paffed,
be deemed discharged from the appropriation and car-
ried in the books of the Treáfury, to an account to be
called the furplus fund
iii. 216
Department of Treasury to eftablish forms of proceeding
in the execution of the law
Commiffioners to be directed by analagous provisions in
other acts, and to render account to Congress within
fourteen days after meeting
Loans may be made of the bank of the United States 217
Acts laying duties on carriages-on licenfes to retail li
quors-on fnuff and refined fugar, and on fales at auc-
tion, extended till March, 1801
217
Extenfion of time for receiving on loan the domestic
debt of the United States, and making provifion for the
payment of intereft to non-fubfcribing creditors 242
Commiffioners of the finking fund required to pay the
funded stock, bearing a prefent intereft of fix per cent.
the deferred ftock, and the balance due to certain cre-
ditor ftates by dividends
Additional appropriations for paying balances to the cre-
ditor ftates
Commiflioners of the finking fund may appoint a fecre
tary
They may, with the approbation of the Prefident of the
United States, borrow a fum not exceeding five millions

217

217

272

274

274

Debt of the United States.]

iii. 353

of dollars, to be applied to pay debts due to the bank of
the United States, the bank of New-York, or inftal-
ments of foreign debt
Certificates are to be iffued, bearing intereft at fix per
cent. and irredeemable till the end of the year 1819, and
the bank of the United States are authorised to lend the
whole
353
Credits to be entered in the books of the Treasury, and
certificates transferable in the fame manner as the do-
mestic debt
Commiffioners may create stock and fell it in the market:
provided, that not more than a moiety of faid ftock
may be fold under par, and the commillioners may fell
bank stock of the United States, if they find it most ad-
vantageous

354

354

355

Funds appropriated for the payment of the intereft and
principal
Principal irredeemable till the end of the year 1819, and
funds liberated by the discharge of fix per cent. ftock,
appropriated to redeem the fame

355

Department of the Treasury to establish forms of pro-

ceeding
Stock of the United States receivable in payment for lands
of the United States which fhall be fold

356

405

Debtors, poor, how relieved

335

Debts contracted under the confederation to be valid i. 18
of the ftates affumed

156

-due to the United States, how collected iii. 225. 421
-due from officers of the revenue or receivers of pub-
lic money, how to be collected

Decrees and judgments, when re-examinable

Declaration of independence

Declarations may be amended

Definitive treaty with Great-Britain

Delaware Indians, treaty with,

Delivery, ports of, (See duties, collection of,)

Department of state (See State,)

--of treasury, (See Treafury,)
-of war, (Sie War,)

Depofitions, when and how to be taken
Defertion of mariners, how punished

421

1. ба

142

Deferters from the army thall make good their time of en-

liftment in addition to other punishment, and may be