Chapter XXX. *prescribing the Duty of the Secretary of the Treasury in certain Cases therein named*
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/statutes-at-large/vol-16/chapter-xxx-317611·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
CHAP. XXX.— An Act *prescribing the Duty of the Secretary of the Treasury in certain Cases therein named*. March 25, 1870. *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, Moneys due from the United States to any State to be withheld, &c. if State is in default in payment of interest or principal on stocks, &c. issued, &c. by it, and held in trust by the United States. That whenever any State shall have been, or may be, in default in the payment of interest or principal on investments in stocks or bonds issued or guaranteed by such State and held by the United States in trust, it shall be the duty of the Secretary of the Treasury to retain the whole, or so much thereof as may be necessary, of any moneys due on any account from the United States to such State, and to apply the same to the payment of such principal and interest, or either, or to the reimbursement, with interest thereon, of moneys advanced by the United States on account of interest due on such stocks or bonds.
Approved, March 25, 1870.