United States Statutes at Large/Volume 1/4th Congress/1st Session/Chapter 2
[Obsolete.]
Chap. Ⅱ.—An Act further extending the time for receiving on Loan the Domestic Debt of the United States.
Act of March 3, 1797, ch. 25.
Extension of the term for receiving on loan the domestic debt.
Ante, p. 138.
Proviso.Section 1. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the term for receiving on loan that part of the domestic debt of the United States, which has not been subscribed, in pursuance of the provisions heretofore made by law for that purpose, be, and the same is hereby further extended, until the thirty-first day of December next, on the same terms and conditions, as are contained in the act, intituled “An act making provision for the debt of the United States:” Provided, That the books for receiving the said subscriptions shall be opened only at the treasury of the United States.
Reimbursement of part of the principal.Sec. 2. And be it further enacted, That it shall be lawful to reimburse so much of the principal of the debt or stock, which may be subscribed, pursuant to this act, as will make the reimbursement thereof equal in proportion and degree, to that of the same stock subscribed antecedent to the present year; and the said reimbursement shall be made at the expiration of the quarter in which such debt or stock shall be subscribed, and pursuant to the rules and conditions prescribed by the act,1795, ch. 45. intituled “An act making further provision for the support of public credit, and for the redemption of the public debt.”
Provision for the payment of interest to nonsubscribers.Sec. 3. And be it further enacted, That such of the creditors of the United States, as have not subscribed, and shall not subscribe to the said loan, shall, nevertheless, receive, during the year one thousand seven hundred and ninety-six, a rate per centum on the amount of such of their demands as have been registered, or as shall be registered at the treasury, conformably to the directions in the act,Ante, p. 138. intituled “An act making provision for the debt of the United States,” equal to the interest which would be payable to them as subscribing creditors.
Approved, February 19, 1796.