Chapter VIII. *authorizing a Loan of one million of Dollars.*March 20, 1794. *Be it enacted by the Senate and House of Representatives of the*[Obsolete.] *United States of America in Congress assembled,* That the President ofPresident of United States authorized to borrow $1,000,000. the United States be, and he
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Chap. VIII.— An Act *authorizing a Loan of one million of Dollars.*March 20, 1794. *Be it enacted by the Senate and House of Representatives of the*[Obsolete.] *United States of America in Congress assembled,* That the President ofPresident of United States authorized to borrow $1,000,000. the United States be, and he hereby is authorized and empowered to borrow, on the credit of the United States, if, in his opinion, the public service shall require it, a sum not exceeding one million of dollars, at an interest not exceeding five per centum per annum, reimbursable at the pleasure of the United States, to be applied to such public purposes, as are authorized by law, and to be repaid out of the duties on imports and tonnage to the end of the present year :
And that it shall be lawful for the Bank of the United States, and the said bank hereby is authorized and empowered to make the loan aforesaid. Approved, March 20, 1794.