United States Statutes at Large/Volume 4/21st Congress/1st Session/Chapter 78
Chap. LXXVIII.—An Act to authorize the commissioners of the sinking fund to redeem the public debt of the United States.[1]
Secretary of Treasury authorized, under certain circumstances, to appropriate more than $10,000,000, annually, to the sinking fund.Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That whenever in the opinion of the Secretary of the Treasury, the state of the treasury will admit of the application of a greater sum than ten millions of dollars in any one year, to the payment of interest and charges, and to the reimbursement or purchase of the principal of the public debt, it shall be lawful for him, with the approbation of the President of the United States, to cause such surplus to be placed at the disposal of the commissioners of the sinking fund, and the same shall be applied by them to the reimbursement or purchase of the principal of the public debt, at such times as the state of the treasury will best admit.
Comm’rs sinking fund authorized to apply any surplus of that fund to the extinguishment of the public debt.Sec. 2. And be it further enacted, That, whenever, in any year, there shall be a surplus in the sinking fund beyond the amount of interest and principal of the debt which may be actually due and payable by the United States in such year, in conformity with their engagements, it shall be lawful for the commissioners of the sinking fund to apply such surplus to the purchase of any portion of the public debt, at such rates as, in their opinion, may be advantageous to the United States; any thing in any act of Congress to the contrary notwithstanding.
Sec. 4 & 5, of act of March 3, 1817, ch. 87, repealed.Sec. 3. And be it further enacted, That the fourth and fifth sections of the act, entitled “An act to provide for the redemption of the public debt,” approved on the third of March, one thousand eight hundred and seventeen, are hereby repealed.
$200,000 of sums appropriated for taking census, to be passed to surplus fund.Sec. 4. And be it further enacted, That the sum of two hundred thousand dollars, being the balance of the sums heretofore appropriated for the expenses of taking the next census, and which will not be required for that purpose, be, and the same is hereby, directed to be passed to the surplus fund upon the last day of the year one thousand eight hundred and thirty, any law to the contrary notwithstanding.
Approved, April 24, 1830.
- ↑ See notes of acts relating to the redemption of the public debt, vol. ii. p 415.