be placed on, or near the rocks and shoals in the channel leading into the harbor of Salem, in the state of Massachusetts.
Specific appropriations.Sec. 4. And be it further enacted, That for the purpose of defraying the expenses which may be incurred in the execution of this act, the following sums shall be, and the same are hereby respectively appropriated, to be paid out of any monies in the treasury, not otherwise appropriated: that is to say, for building the lighthouse on Fair Weather island, five thousand dollars; for building the lighthouse at Naushawn island, two thousand five hundred dollars; for pulling down, and rebuilding the lighthouse on Smith’s point, six thousand dollars; for rebuilding the lighthouse on North island, twenty thousand dollars; for fixing buoys and stakes in Winyaw bay, one thousand five hundred dollars; for fixing buoys and beacons in the channel leading to Salem harbor, one thousand five hundred dollars.
Approved, February 10, 1807.
Statute ⅠⅠ.
Chap. XII.—An Act supplementary to the act, intituled “An act making provision for the redemption of the whole of the public debt of the United States.”[1]
The redemption of the public debt can only be done by voluntary subscription.
Act of April 29, 1802, ch. 32.
Subscription books to the full amount of the old 6 per cent. deferred and 3 per cent. stock, to be opened at the treasury and the several loan offices.
Mode of effecting the subscription.Whereas it is desirable to adapt the nature of the provision for the redemption of the public debt to the present circumstances of the United States, which can only be done by a voluntary subscription on the part of the creditors:
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That a subscription to the full amount of the old six per cent. deferred and three per cent. stocks be, and the same is hereby proposed; for which purpose books shall be opened at the treasury of the United States, and by the several commissioners of loans, on the first day of July next, to continue open until the seventeenth day of March next following, inclusively, the fourteen last days of each quarter excepted, for such parts of the above mentioned descriptions of stock, as shall, on the day of subscription, stand on the books of the treasury, and of the several commissioners of loans, respectively; which subscription shall be effected by a transfer to the United States, in the manner provided by law for such transfers, of the credit or credits standing on the said books, and by a surrender of the certificates of the stock subscribed.
Credits to be given for any sums subscribed in old 6 per cent. stock, and new certificates given in 6 per cent. stock.Sec. 2. And be it further enacted, That for the whole or any part of any sum which shall thus be subscribed, in old six per cent. or deferred stock, credits shall be entered to the respective subscribers, and the subscriber or subscribers shall be entitled to a certificate, or certificates, purporting that the United States owe to the holder or holders thereof, his, her, or their assigns, a sum to be expressed therein, equal to the amount of principal of the stock thus subscribed, which shall remain unredeemed on the day of such subscription, bearing an interest of six per centum per annum, payable quarter yearly,Subject to redemption at the pleasure of the United States. from the first day of the quarter, during which such subscription shall have been made, transferable in the same manner as is provided by law for the transfers of the- ↑ The acts for the redemption of the public debt, have been:—An act making further provision for the support of public credit, and for the redemption of the public debt, March 3, 1795, chap. 45. “1790, chap. 47.”An act making provision for the redemption of the whole of the public debt of the United States, April 29, 1802, chap. 32.An act supplementary to the act entitled, “An act making provision for the redemption of the whole of the public debt of the United States,” February 11, 1807, chap. 12.An act supplementary to the act entitled, “An act making further provision for the support of public credit, and for the redemption of the public debt,” &c., June 28, 1809, chap. 10.An act to provide for the redemption of the public debt, March 3, 1817, chap. 87.An act to authorize the commissioners of the sinking fund to redeem the public debt of the United States, April 24, 1830, chap. 78.
