Chapter XXIX. to authorize a loan for a sum not exceeding twenty-five millions of dollars
855 words·~4 min read·
/statutes-at-large/vol-3/chapter-xxix-471633·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Chap. XXIX.— An Act to authorize a loan for a sum not exceeding twenty-five millions of dollars. March 24, 1814. *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, * Act of Dec. 26, 1814, ch. 17.Loan authorized. That the President of the United States be, and he is hereby authorized to borrow, on the credit of the United States, a sum not exceeding twenty-five millions of dollars, to be applied, in addition to the moneys now in the treasury, or which may be received from other sources, to defray any expenses which haveFor what purposes. been, or during the present year may be authorized by law, and for which appropriations have been, or during the present year may be made by law: *Provided,* That no engagement or contract shall be entered intoProviso. which shall preclude the United States from reimbursing any sum or sums thus borrowed at any time after the expiration of twelve years from the last day of December next.
Sec. 2. *And be it further enacted, *That the Secretary of the Treasury,Secretary of the Treasury to cause certificates of stock to be issued for the sum obtained by loan.An account to be rendered by him of this amount. with the approbation of the President of the United States, be, and he is hereby authorized to cause to be constituted certificates of stock, signed by the Register of the Treasury, or by a Commissioner of Loans, for the sum to be borrowed by this act, or for any part thereof, and the same to be sold.
And the Secretary of the Treasury shall lay before Congress, during the first week in the month of February, one thousand eight hundred and fifteen, an account of all the moneys obtained by the sale of the certificates of stock in manner aforesaid, together with a statement of the rate at which the same may have been sold. Sec. 3. *And be it further enacted, *That the Secretary of the TreasurySecretary of the Treasury to employ agents for procuring subscriptions, &c.Their commissions. be, and he is hereby authorized, with the approbation of the President of the United States, to employ an agent or agents for the purpose of obtaining subscriptions to the loan authorized by this act, or of selling any part of the stock to be created by virtue thereof.
A commission not exceeding one quarter of one per cent, on the amount thus sold, or for which subscriptions shall have been thus obtained, may, by the Secretary of the Treasury, be allowed to such agent or agents; and a sum not 112 THIRTEENTH CONGRESS. Sess. II. Ch. 31. 1814. Specific appropriations.exceeding sixty-six thousand dollars, to be paid out of any moneys in the treasury not otherwise appropriated, is hereby appropriated for paying the amount of such commission or commissions as may be thus allowed, and also for defraying the expenses of printing and issuing the subscription certificates, and certificates of stock, and other expenses incident to the completing of the loan authorized by this act.
Sec. 4. Funds pledged for the reimbursement of principal and payment of interest. *And be it further enacted, *That so much of the funds constituting the annual appropriation of eight millions of dollars for the payment of the principal and interest of the public debt of the United States, as may be wanted for that purpose, after satisfying the sums necessary for the payment of the interest and such part of the principal of said debt as the United States are now pledged annually to pay or reimburse, is hereby pledged and appropriated for the payment of the interest, and for the reimbursement of the principal of the stock which may be created by virtue of this act.
It shall accordingly be the duty of the Commissioners of the Sinking Fund to cause to be applied and paid out of the said fund, yearly, such sum and sums as may be annually wanted to discharge the interest accruing on the said stock, and to reimburse the principal as the same become due, and may be discharged in conformity with the terms of the loan; and they are further authorized to apply, from time to time, such sum or sums out of the said fund, as they may think proper, towards redeeming, by purchase and at a price not above par, the principal of the said stock, or any part thereof.
And the faith of the United States is hereby pledged to establish sufficient revenues for making good any deficiency that may hereafter take place in the funds hereby appropriated for paying the said interest and principal sums, or any of them, in manner aforesaid. Sec. 5. Lawful for banks in Columbia to lend any part of sum required. *And be it further enacted, *That it shall be lawful for any of the banks in the District of Columbia to lend any part of the sum authorized to be borrowed by virtue of this act, any thing in any of their charters to the contrary notwithstanding.
Approved, March 24, 1814.