United States Statutes at Large/Volume 1/4th Congress/2nd Session/Chapter 14
[Obsolete.]
Chap. ⅩⅣ.—An Act to authorize the receipt of evidences of the Public Debt, in payment for the Lands of the United States.
Stock of the United States received in payment for western lands.
Ante, p. 464.Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the evidences of the public debt of the United States, shall be receivable in payment for any of the lands which may be hereafter sold in conformity to the act, intituled “An act providing for the sale of the lands of the United States, in the territory northwest of the river Ohio, and above the mouth of Kentucky river,” at the following rates, viz.: the present foreign debt of the United States, and such debt, or stock, as, at the time of payment, shall bear an interest of six per centum per annum, shall be received at their nominal value; and the other species of debt, or stock, of the United States, shall be received at a rate bearing the same proportion to their respective market price, at the seat of government, at the time of payment, as the nominal value of the above mentioned six per centum stock shall, at the same time, bear to its market price at the same place; the Secretary of the Treasury, in all cases, determining what such market price is.
Approved, March 3, 1797.