Chapter XVI. *in addition to an act intituled “An act making further provision for the support of Public Credit, and for the redemption of the Public Debt.”*April 28, 1796.[Obsolete.] Section 1
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Chap. XVI.— An Act *in addition to an act intituled “An act making further provision for the support of Public Credit, and for the redemption of the Public Debt.”*April 28, 1796.[Obsolete.] Section 1.Commissioners of the sinking fund to pay the funded stock bearing an interest of six per cent, by dividends. *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,* That it shall be lawful for the commissioners of the sinking fund, and they are hereby required, to cause the funded stock of the United States bearing a present interest of six per centum per annum, to be reimbursed and paid, in manner following, to wit:
First, by dividends to be made on the last days of Ante, p. 433.March, June and September for the present year, and from the year one thousand seven hundred and ninety-seven, to the year one thousand eight, hundred and eighteen inclusive, at the rate of one and one half per centum upon the original capital. Secondly, by dividends to be made on the last day of December for the present year, and from the year one thousand seven hundred and ninety-seven, to the year one thousand eight hundred and seventeen inclusive, at the rate of three and one half per centum upon the original capital; and by a dividend to be made on the last day of December, in the year one thousand eight hundred and eighteen, of such a sum, as will be then adequate, according to the contract, for the final redemption of the said stock.
Sec. 2.The funded debt, the interest of which is deferred, also by dividends; *And be it further enacted,* That it shall be lawful for the said commissioners of the sinking fund, and they are hereby required, to cause the funded debt of the United States, upon which an interest of six per centum per annum will commence on the first day of January, in the year one thousand eight hundred and one, to be reimbursed and paid, in manner following, to wit: First, by dividends to be made on the last days of March, June and September, from the year one thousand eight hundred and one, to the year one thousand eight hundred and twenty-four, inclusively, at the rate of one and one half per centum upon the original capital:
Secondly, by dividends to be made on the last day of December, from the year one thousand eight hundred and one, to the year one thousand eight hundred and twenty-three, inclusively, at the rate of three and one half per centum upon the original capital: and by a dividend to be made on the last day of December, in the year one thousand eight hundred and twenty-four, of such a sum, as will be then adequate, according to the contract, for the final redemption of the said stock.
Sec. 3. *And be it further enacted,* That it shall be lawful for the FOURTH CONGRESS. Sess. I. Ch. 17, 18. 1796.459 said commissioners of the sinking fund, and they are hereby required, toAnd certain sums of balances of funded debt or stock, standing to the credit of certain states, in like manner. cause to be reimbursed and paid in manner before prescribed, such sum and sums, as, according to the right for that purpose reserved, may rightfully be paid for and towards the reimbursement or redemption of all such balances of the funded debt or stock of the United States, bearing a present interest of six per centum per annum, or which will bear a like interest, from and after the first day of January, in the year one thousand eight hundred and one, as stand to the credit of certain states, inAnte, p. 371. consequence of an act passed on the thirty-first day of May, in the year one thousand seven hundred and ninety-four; and with the consent of the said states, such additional sums, as will render the reimbursement of the said balances equal to that made upon the residue of the said stock, at the commencement of the present year.
Sec. 4. *And be it further enacted,* That, in addition to the sums Appropriation for the payment of said balances standing to the credit of certain states.already appropriated to the sinking fund, by the act, intituled “An act making further provision for the support of public credit, and for the redemption of the public debt,” there shall be, and is hereby, in like manner, appropriated to the said fund, such a sum of the duties on goods, wares and merchandise imported on the tonnage of ships and vessels, 1795, ch. 45.and on spirits distilled in the United States and on stills, as, with the monies, which now constitute the sinking fund, and shall accrue to it, in virtue of the provisions already made by law, and the interest upon the sums which shall be annually reimbursed, will be sufficient, yearly and every year, to reimburse and pay the said balances standing to the credit of certain states, in the manner herein before prescribed and directed.
Sec. 5. *And be it further enacted,* That it shall be lawful for the commissioners of the The commissioners may appoint a secretary.sinking fund, to appoint a secretary, whose duty it shall be, to record and preserve their proceedings and documents, and to certify copies thereof, when thereunto duly required; and the said secretary shall be allowed a compensation not exceeding two hundredHis compensation. and fifty dollars, annually, for his services. Approved, April 28, 1796.