United States Statutes at Large/Volume 4/19th Congress/1st Session/Chapter 151
Chap. CLI.—An Act authorizing the payment of interest due to the state of New York.
Accounting officers of the treasury to settle the claim of New York against the United States, for moneys expended by her.Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the proper accounting officers of the Treasury Department be, and they are hereby, authorized and directed to liquidate and settle the claim of the state of New York, against the United States, for interest upon loans on moneys borrowed, and actually expended by her, for the use and benefit of the United States, during the late war with Great Britain.
Rules applicable to, and governing the case.Sec. 2. And be it further enacted, That, in ascertaining the amount of interest, as aforesaid, due to the state of New York, the following rules shall be understood as applicable to, and governing the case, to wit: First, that interest shall not be computed on any sum which New York has not expended for the use and benefit of the United States, as evidenced by the amount refunded or repaid to New York, by the United States; Second, that no interest shall be paid on any sum on which she has not paid interest: Third, that when the principal, or any part of it, has been paid or refunded by the United States, or money placed in the hands of New York for that purpose, the interest on the sum or sums so paid or refunded, shall cease and not be considered as chargeable to the United States, any longer than up to the time of the repayment as aforesaid.
Amount of interest to be paid from the treasury.Sec. 3. And be it further enacted, That the amount of the interest, when ascertained as aforesaid, shall be paid out of any money in the treasury not otherwise appropriated.
Approved, May 22, 1826.