United States Statutes at Large/Volume 1/5th Congress/2nd Session/Chapter 84
[Obsolete.]
Chap. ⅬⅩⅩⅩⅣ.—An Act making certain appropriations; and to authorize the President to obtain a Loan on the credit of the direct tax.
Appropriations for several purposes.Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That there shall be, and there hereby are appropriated the following sums, that is to say:—Towards defraying the bounties, pay and other expenditures which shall and may accrue, in the augmentation of the army of the United States, pursuant to the act, intituled, “An act to augment the army of the United States; and for other purposes,” the sum of nine hundred thousand dollars; and in addition to the sums heretofore appropriated for such fortifications as the President of the United States shall cause to be erected or completed, the further sum of seventy-five thousand dollars; and for the further expenses of the commissioners appointed pursuant to the treaty between the United States and Spain, and for the extraordinary expenses of marking and running certain boundary lines required by the same treaty, in addition to the former appropriations, the sum of twenty-five thousand dollars, to be paid from any monies which shall be in the treasury of the United States, not already appropriated.
Sec. 2. And be it further enacted,The President may borrow two millions on the credit of the direct tax. That the President of the United States shall be, and he is hereby authorized to borrow of the Bank of the United States, who are hereby enabled to lend the same, or of any other corporation, persons or person, the sum of two millions of dollars, upon the credit, and in anticipation of the direct tax, laid and to be collected within the United States; which tax shall be, and is hereby pledged for the repayment of any loan which shall be obtained thereon, as aforesaid; and the faith of the United States shall be, and is hereby pledged to make good any deficiency: Provided, that the interest to be allowed for such loan, shall not exceed six per centum per annum; and that the principal shall be reimbursed at the pleasure of the United States.
Approved, July 16, 1798.