United States Statutes at Large/Volume 2/12th Congress/2nd Session/Chapter 21
Chap. XXI.—An Act authorizing a Loan for a sum not exceeding sixteen millions of dollars.
President authorized to borrow, on the credit of the United States, a sum not exceeding sixteen millions of dollars.
Reimbursable in twelve years from the first of January, 1814.
Sale of certificates of stock a good execution of power to borrow.Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the President of the United States be, and he is hereby authorized to borrow, on the credit of the United States, a sum not exceeding sixteen millions of dollars, to be applied, in addition to the monies now in the treasury, or which may be received from other sources, to defray any of the expenses which have been, or, during the present session of Congress, may be authorized by law, and for which appropriations have been, or, during the present session of Congress, may be made by law: Provided, that no engagement nor contract shall be entered into, which shall preclude the United States from reimbursing any sum or sums thus borrowed, at any time after the expiration of twelve years, from the first day of January next: And it is hereby further declared, That it shall be deemed a good execution of the said power to borrow, for the President of the United States to cause to be sold the whole or any part of the certificates of stock issued for the sums to be borrowed by virtue of this act.
President to cause to be laid before Congress an account of all the monies obtained by sale of certificates, &c.Sec. 2. And be it further enacted, That the President of the United States do cause to be laid before Congress, on the first Monday in February, eighteen hundred and fourteen, or as soon thereafter as Congress may be in session, an account of all the monies obtained by the sale of the certificates of stock, by virtue of the power given him by the preceding section, together with a statement of the rate at which the same may have been sold.
Secretary of the Treasury, with the approbation of the President, to employ agents to obtain subscriptions to the loan.
Commission to agents.
Forty thousand dollars appropriated to pay commissions and defray other expenses.Sec. 3. And be it further enacted, That the Secretary of the Treasury be, and he is hereby authorized to employ, with the approbation of the President of the United States, an agent or agents, for the purpose of obtaining subscriptions to the loan authorized by this act, or of selling any part of the stock created by virtue thereof. A commission not exceeding one quarter of one per cent. on the amount thus sold, or for which subscriptions shall have been thus obtained, may, by the Secretary of the Treasury, be allowed to such agent or agents; and a sum not exceeding forty thousand dollars, to be paid out of any monies in the treasury not otherwise appropriated, is hereby appropriated for paying the amount of such commission or commissions, as may be thus allowed, and also for defraying the expenses of printing and issuing the subscription certificates and certificates of stock and other expenses incident to the receiving of subscriptions, and completing the loan authorized by this act.
Surplus funds of the annual appropriation of eight millions of dollars for the payment of the public debt, pledged for the redemption of the present loan.
Commissioners of the sinking fund to act accordingly.
The faith of the U. States pledged to establish sufficient revenues to make up deficiencies.Sec. 4. And be it further enacted, That so much of the funds constituting the annual appropriation of eight millions of dollars, for the payment of the principal and interest of the public debt of the United States, as may be wanted for that purpose, after satisfying the sums necessary for the payment of the interest, and such part of the principal of said debt, as the United States are now pledged annually to pay or reimburse, is hereby pledged and appropriated for the payment of the interest, and for the reimbursement of the principal of the stock which may be created by virtue of this act: it shall accordingly be the duty of the commissioners of the sinking fund, to cause to be applied and paid out of the said fund yearly, such sum and sums as may be annually wanted to discharge the interest accruing on the said stock, and to reimburse the principal as the same shall become due, and may be discharged in conformity with the terms of the loan; and they are further authorized to apply, from time to time, such sum or sums, out of the said fund, as they may think proper, towards redeeming by purchase, and at a price not above par, the principal of the said stock, or any part thereof. And the faith of the United States is hereby pledged, to establish sufficient revenues for making up any deficiency that may hereafter take place in the funds hereby appropriated for paying the said interest, and principal sums, or any of them, in manner aforesaid.
Banks in the District of Columbia authorized to lend money under this act.Sec. 5. And be it further enacted, That it shall be lawful for any of the banks in the District of Columbia, to lend any part of the sum authorized to be borrowed by virtue of this act, any thing in any of their charters of incorporation to the contrary notwithstanding.
Approved, February 8, 1813.