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Intereft to

non fub fcribing creditors.

Term for receiving ftate debts

fioners, refpectively, are hereby invefted with the like powers, and required to perform the like duties, as in and by the faid act is directed.

Sec. 2. And be it further enacted, That fuch of the creditors of the United States, as have not fubfcribed and fhall not fubfcribe to the faid loan, fhall nevertheless receive a rate per centum on the amount of fo much of their respective demands, as well for interest as principal, as, on or before the first day of March, fhall be registered, conformably to the directions of the faid act, as fhall be equal to the intereft payable to the fubfcribing creditors, which fhall be payable at the fame times and places, and by the fame perfons, as in and by the faid act is directed.

Sec. 3. And be it further enacted, That the term for receiving upon loan that part of the extended debts of the refpective ftates, which hath not been fubfcribed purfuant to the terms propofed in the act aforefaid, shall be, and it is hereby enlarged on the fame terms, as in and by the said act is provided, until the first day of March one thousand seven hundred and ninety three inclufively; for which purpose, books fubfcrip- fhall be opened at the treafury of the United tion books States, and by the commiffioners of loans in each of the faid ftates, on the first day of June next, which fhall continue open until the firft da; of March, one thoufand feven hundred and ninety three inclufively; for which purpofes the faid commiffioners are hereby invefted with the like powers, and required to perform the like duties, as, in and by the faid act, is directed.

to be

cd.

open

Sec. 4. Provided always, and be it further enacted, That the commiffioner of loans for

certificates

North-Carolina fhall not be allowed to receive Certain any certificate iffued by Patrick Travers, com- of N. Caromithioner of Cumberland county, or by the lina exclucommiflioners of army accounts at Warren

ton.

ded.

to certain

foreign of

ficers, Prefident to

Sec. 5. And whereas the United States are Debt due indebted to certain foreign officers, on account of pay and fervices during the late war, the interest whereof, pursuant to the certificates granted to the faid officers by virtue of a refolution of the United States in Congrefs affembled, is payable at the house of

Grand, banker, at Paris, and it is expedient to discharge the fame; Be it therefore enacted, That the Prefident of the United States be, and he hereby is authorized to cause to be discharged the principal and intereft of the faid debt, out of any of the monies, which have been or fhall be obtained on loan, in virtue of the act aforefaid, and which fhall not be neceffary ultimately to fulfil the purpofes for which the faid monies are, in and by the faid act, authorized to be borrowed.

caufe to bę

paid.

pointed

purchase

Sec. 6. And be it further enacted, That the Certain Prefident of the Senate, the Chief Juftice, the perfons apSecretary of State, the Secretary of the Trea- commiflifury, and the Attorney General, for the time oners to being, fhall be commiffioners, who, or any debt of the three of whom, are hereby authorized, with U. S. &c. the approbation of the Prefident of the United States, to purchafe the debt of the United States, at its market price, if not exceeding. the par or true value thereof; for which purchafe the intereft on fo much of the public debt, as has already been, or may hereafter be purchafed for the United States, or as fhall be paid into the treafury, and fo much of the monies appropriated for the payment of the in

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ied for the purpote

tereft on the foreign and domeftic debt, as shall exceed what may be fufficient for the payment of fuch intereft to the creditors of the United States, fhall be and are hereby appropriated. And it fhall be the duty of the faid commiffioners to render to the legislature, within two months after the commencement of the first feffion thereof in every year, a full and precife account of all fuch purchases made, and public debt redeemed, in pursuance of this act.

Sec. 7. And whereas it is expedient to eftafund erec-blifh a fund for the gradual reduction of the public debt; Be it further enacted, That the intereft on fo much of the debt of the United States, as has been or fhall be purchased or redeemed for or by the United States, or as fhall be paid into the treasury thereof in fatisfaction of any debt or demand, and the furplus of any fum or fums appropriated for the payment of the interest upon the faid debt, which fhall remain after paying fuch intereft, fhall be, and hereby are appropriated and pledged firmly and inviolably for and to the purchase and redemphow to be tion of the faid debt, to be applied under the applied.

direction of the President of the Senate, the Chief Juftice, the Secretary of State, the Secretary of the Treasury and the Attorney General for the time being, or any three of them, with the approbation of the Prefident of the United States, for the time being, in manner following, that is to fay: First, to the purchase of the several species of ftock conftituting the debt of the United States, at their respective market prices, not exceeding the par or true value thereof, and, as nearly as may be, in equal proportions, until the annual amount of the faid funds, together with any other provi fions which may be made by law, fhall be equal

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to two per centum of the whole amount of the outstanding funded stock bearing a prefent intereft of fix per centum: Thenceforth, Secondly, to the redemption of the faid last mentioned stock, according to the right for that purpofe referved to the United States, until the whole amount thereof fhall have been redeemed: And Laftly, after fuch redemption, to the purchase, at its market price, of any other, ftock confifting of the debt of the United States, which may then remain unredeemed: and such purchase, as far as the fund fhall at any time extend, fhall be made within thirty days next after each day, on which a quarterly payment of intereft on the debt of the United States, fhall become due, and fhall be made by a known agent, to be named by the said commiffioners.

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Purchases

Sec. 8. And be it further enacted, That all future purchases of public debt on account of how to be the United States, fhall be made at the lowest made. price, at which the fame can be obtained by

open purchase, or by receiving fealed propofals, to be opened in the prefence of the commiflioners, or perfons, authorized by them to make purchases, and the perfons making fuch propofals.

application

to be rendered, &c:

Sec. 9. And be it further enacted, That Quarterly quarter yearly accounts of the application of accounts of the faid fund fhall be rendered for fettlement, of faid fund as other public accounts, accompanied with returns of the fums of the faid debt, which fhall have been from time to time purchased or redeemed; and full and exact report of the proceedings of the faid commiffioners, including a statement of the disbursements, which fhall have been made, and of the fums which shall have been purchafed or redeemed under

.

their direction, and fpecifying dates, prices, parties, and places, fhall be laid before Congrefs, within the first fourteen days of each feffion which may enfue the prefent, during the execution of the faid truft.

JONATHAN TRUMBULLL, Speaker of the Houfe of Reprefentatives. RICHARD HENRY LEE, Prefident pro

tempore of the Senate.

APPROVED, May eighth, 1792:

GEORGE WASHINGTON,

Prefident of the United States.

the mint to

have coin

ed into cents, &c.

CHAPTER XXXIX.

An Act to provide for a Copper Coinage.

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Sec. 1.DE it enacted by the Senate and Houfe of Reprefentatives of the United States of America in Congrefs affembled, That Director of the director of the mint, with the approbation purchafe of the Prefident of the United States, be aucopper and thorized to contract for and purchase a quantity of copper, not exceeding one hundred and fifty tons, and that the faid director, as foon as the needful preparations fhall be made, cause the copper by him purchafed to be coined at the mint into cents and half cents, pursuant to "the act establishing a mint, and regulating the coins of the United States ;" and that the faid cents and half cents, as they fhall be coined, be paid into the treafury of the United States, thence to iffue into circulation.

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