United States Statutes at Large/Volume 1/3rd Congress/1st Session/Chapter 37
[Obsolete.]
Chap. ⅩⅩⅩⅦ.—An Act making provision for the payment of the interest on the balances due to certain States, upon a final settlement of the accounts between the United States and the individual States.
Allowance of interest on balance due to certain states, &c.Section 1. Be it enacted by the Senate and House Representatives of the United States of America in Congress assembled, That interest upon the balances reported to be due to certain states, by the commissioners for settling accounts between the United States and individual states, be allowed,1790, ch. 38. from the last day of December, one thousand seven hundred and eighty-nine, and to be computed to the last day of December, one thousand seven hundred and ninety-four, at the rate of four per centum per annum: And that the amount of such interest he placed to the credit of the state, to which the same shall be found due, upon the books of the treasury of the United States, and shall bear an interest of three per centum per annum, from and after the said last day of December, one thousand seven hundred and ninety-four.
When and how to be paid.
1790, ch. 38.Sec. 2. And be it further enacted, That the interest on the said balances, reported by the said commissioners, as aforesaid, which shall be funded, agreeable to the terms of the act, intituled “An act to provide more effectually for the settlement of the accounts, between the United States and the individual states,” together with the interest on the amount placed to the credit of any such state, for arrearages of interest on such balances, agreeable to the terms of this act, be paid quarter yearly, after the said last day of December, one thousand seven hundred and ninety-four; that is to say: one fourth part thereof, on the last days of March, June, September and December, respectively, in each year, at the offices of the commissioners of loans, within such states as shall be intitled to receive the same; the first payment to be made on the last day of March one thousand seven hundred and ninety-five: Out of what funds payable.And for the payment of the said interest, so much of the duties arising, yearly, on imports and tonnage, from and after the last day of December, one thousand seven hundred and ninety-four, as may be necessary, and not heretofore otherwise appropriated, be, and the same is hereby pledged and appropriated; and that the faith of the United States be, and the same is hereby pledged to provide for any deficiency that may happen, by such additional and permanent funds, as may be necessary therefor.
Approved, May 31, 1794.