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the commis. sioners, who may borrow.

What shall be

a good execu

tion of the power to borrow.

approbation of the President of the United States, as any instalments or parts of the said capital or principal become due, to borrow, on the credit of the United States, the sums requisite for the payment of the said instalments or parts of principal: Provided, That any loan which may be made by the said commissioners, shall be liable to reimbursement at the pleasure of the United States; and that the rate of interest thereupon, shall not exceed six per centum per annum; and for greater caution, it is hereby declared, that it shall be deemed a good execution of the said power to borrow, for the said commissioners, with the approbation of the President, to cause to be constituted certificates of stock, signed by the Register of the Treasury for the sums to be respectively borrowed, bearing an interest of six per centum per annum, and redeemable at the pleasure of the United States; and to cause the said certificates of stock to be sold in the market of the United States, or elsewhere; Appropriation Provided, That no such stock be sold under par. And for the payment for the payment of interest on any sum or sums which may be so borrowed, either by direct loans, or by the sale of certificates of stock, the interest on the sum or sums which shall be reimbursed by the proceeds thereof (except that upon the funded stock, bearing and to bear an interest of six per centum, redeemable by payments, not exceeding in one year, eight per centum on account both of principal and interest), and so much of the duties on goods, wares and merchandise imported, on the tonnage of ships or vessels, and upon spirits distilled within the United States, and 1802, ch. 32. upon stills, as may be necessary, shall be, and hereby are pledged and appropriated.

of interest.

What sums the commis

annually.

SEC. 11. And be it further enacted, That it shall be the duty of the commissioners of the sinking fund, to cause to be applied and paid, out sioners shall pay of the said fund, yearly and every year, at the treasury of the United States, the several and respective sums following, to wit: First, such sum and sums as, according to the right for that purpose reserved, may rightfully be paid for, and towards the reimbursement or redemption of such debt or stock of the United States, as, on the first day of January next, shall bear an interest of six per centum per annum, redeemable by payments, not exceeding in one year, eight per centum, on account both of principal and interest, excluding that standing to the credit of the commissioners of the sinking fund, and that standing to the credit of certain states, as aforesaid, commencing the said reimbursement or redemption, on the said first day of January next: Secondly, such sum and sums as, according to the conditions of the aforesaid loan, had of the Bank of the United States, shall be henceforth payable towards the reimbursement thereof, as the same shall respectively accrue: Thirdly, such sum and sums as, according to the right for that purpose reserved, may rightfully be paid for and towards the reimbursement or redemption of such debt or stock of the United States as, on the first day of January, in the year one thousand eight hundred and one, shall begin to bear an interest of six per centum per annum, redeemable by payments, not exceeding in one year, eight per centum, on account both of principal and interest, excluding that standing to the credit of the commissioners of the sinking fund, and that standing to the credit of certain states, as aforesaid, commencing the said reimbursement or redemption, on the first day of January, in the year one thousand eight hundred and two; and also to cause to be applied all such surplus of the said fund, as may at any time exist, after satisfying the purposes aforesaid, towards the further and final redemption of the present debt of the United States, foreign and domestic, funded and unfunded, including loans for the reimbursement thereof, by payment or purchase, until the said debt shall be completely reimbursed or redeemed.

SEC. 12. Provided always, and be it further enacted, That nothing in this act shall be construed to vest in the commissioners of the sink

ing fund, a right to pay, in the purchase or discharge of the unfunded domestic debt of the United States, a higher rate than the market price or value of the funded debt of the United States: And provided also, That if, after all the debts and loans aforesaid, now due, and that shall arise under this act, excepting the said debt or stock, bearing an interest of three per cent shall be fully paid and discharged, any part of the principal of the said debt or stock bearing an interest of three per cent. as aforesaid, shall be unredeemed, the government shall have liberty, if they think proper, to make other and different appropriations of the said funds.

Commissioners not to pay more for the un

funded domestic debt, than the market price of the funded. Government

may make different appropri ations of the funds in a cer

tain event.

Priorities in

appropriations of interest to for the payment cease, as to cer. tain creditors.

Certificates to

SEC. 13. And be it further enacted, That all priorities heretofore established in the appropriations by law, for the interest on the debt of the United States, as between the different parts of the said debt, shall, after the year one thousand seven hundred and ninety-six, cease with regard to all creditors of the United States, who do not, before the expiration of the said period, signify, in writing, to the Comptroller of the Treasury, their dissent therefrom; and that thenceforth, with the exception only of the debts of such creditors who shall so signify their dissent, the funds or revenues charged with the said appropriations, shall, together, constitute a common or consolidated fund, chargeable indiscriminately, and without priority, with the payment of the said interest. SEC. 14. And be it further enacted, That all certificates, commonly called loan office certificates, final settlements, and indents of interest, which, at the time of passing this act, shall be outstanding, shall, on or before the first day of January, in the year one thousand seven hundred and ninety-seven, be presented at the office of the Auditor of the Treasury of the United States, for the purpose of being exchanged for other certificates of equivalent value and tenor, or at the option of the holders thereof, respectively, to be registered at the said office, and returned; in which case, it shall be the duty of the said Auditor to cause some durable mark or marks to be set on each certificate, which shall ascertain and fix its identity, and whether genuine, or counterfeit or forged; and every of the said certificates, which shall not be presented at the said office, within the said time, shall be forever after barred or precluded or be barred. from settlement or allowance.

SEC. 15. And be it further enacted, That if any transfer of stock standing to the credit of a state, shall be made pursuant to the act, intituled "An act authorizing the transfer of the stock standing to the credit of certain states," passed the second day of January, in this present year, after the last day of December next, the same shall be upon condition, that it shall be lawful to reimburse, at a subsequent period of reimbursement, so much of the principal of the stock so transferred, as will make the reimbursement thereof, equal in proportion and degree, to that of the same stock transferred previous to the said day.

SEC. 16. And be it further enacted, That in regard to any sum which shall have remained unexpended upon any appropriation other than for the payment of interest on the funded debt; for the payment of interest upon, and reimbursement, according to contract, of any loan or loans made on account of the United States; for the purposes of the sinking fund; or for a purpose, in respect to which, a longer duration is specially assigned by law, for more than two years after the expiration of the calendar year in which the act of appropriation shall have been passed, such appropriation shall be deemed to have ceased and been deter mined; and the sum so unexpended shall be carried to an account on the books of the treasury, to be denominated "THE SURPLUS Fund." But no appropriation shall be deemed to have so ceased and been determined, until after the year one thousand seven hundred and ninety-five, unless it shall appear to the Secretary of the Treasury, that the object thereof hath been fully satisfied, in which case, it shall be lawful for him

be presented at the treasury;

Post, 562.

Condition an

nexed to the

transfer of stock

standing to the credit of a state.

Ante, p. 409.

Sum of money appropriated, but remaining unexpended, for a certain time, the "surplus fund."

to be carried to

Duty of the treasurer with regard to the

act.

Commission

ers of the sink ing fund in the execution of this act to be regulated by analogous provisions of other acts.

to cause to be carried the unexpended residue thereof, to the said account of "the surplus fund."

SEC. 17. And be it further enacted, That the department of the treasury, according to the respective duties of the several officers thereof, execution of this shall establish such forms and rules of proceeding, for and touching the execution of this act, as shall be conformable with the provisions thereof. SEC. 18. And be it further enacted, That all the restrictions and regulations heretofore established by law for regulating the execution of the duties enjoined upon the commissioners of the sinking fund, shall apply to, and be in as full force for the execution of the analogous duties enjoined by this act, as if they were herein particularly repeated and re-enacted: And a particular account of all sales of stock, or of loans by them made, shall be laid before Congress, within fourteen days after their meeting next after the making of any such loan or sale of stock.(a) SEC. 19. And be it further enacted, That in every case in which power is given by this act to make a loan, it shall be lawful for such loan to be made of the Bank of the United States, although the same may exceed the sum of fifty thousand dollars.

They shall lay

before Congress

accounts of

sales of stock or
loans made.
Loans under
this act may be
made of the

Bank of United
States.

The limitations

of certain acts

extended.

Ante, p. 373.

Ante, p. 376.
Ante, p. 384.

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SEC. 20. And be it further enacted, That so much of the act laying duties upon carriages for the conveyance of persons; and of the act laying duties on licenses for selling wines and foreign distilled spirituous liquors by retail; and of the act laying certain duties upon snuff and refined sugar, and of the act laying duties on property sold at auction, as limits the duration of the said several acts, be, and the same is hereby repealed; and that all the said several acts be, and the same are hereby continued in force until the first day of March, one thousand eight hundred and one.

APPROVED, March 3, 1795.

CHAP. XLVI.-An Act making further appropriations for the Military and
Naval establishments, and for the support of Government,

SECTION 1. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That including the appropriation of five hundred thousand dollars, made for the military establishment for the year one thousand seven hundred and ninety-five, by an act of the present session, there be appropriated for the said military establishment, a sum not exceeding one million four hundred and sixty-nine thousand four hundred and thirty-nine dollars, and twenty-nine cents; that is to say:-For the pay of the legion of the United States, three hundred and four thousand five hundred and fortyeight dollars: For the pay of the corps of artillery, fifty-six thousand eight hundred and sixty-eight dollars: For subsistence of the legion and artillery, three hundred and sixty-one thousand seven hundred and nineteen dollars and thirty cents: For forage and cavalry, thirty-three thousand seven hundred and twenty dollars: For clothing, one hundred and twenty thousand four hundred and forty dollars: For equipments for the cavalry, seven thousand three hundred and fourteen dollars: For horses for the cavalry, twenty-four thousand dollars: For bounty, five thousand dollars: For the hospital department, twenty thousand dollars: For the ordnance department, eleven thousand three hundred and sixtyfive dollars and ninety-nine cents: For the Indian department, eighty thousand dollars: For the quartermaster's department, one hundred and fifty thousand dollars: For contingencies of the war department, thirty thousand dollars: For the defensive protection of the frontiers, one hundred and thirty thousand dollars: For the completion of the fortifications, fifty thousand dollars: For additional pay and bounty to the legion and artillery, pursuant to an act of the present session, seventyseven thousand four hundred and sixty-four dollars.

(a) Act of April 29, 1802, chap. 32, sec. 8.

SEC. 2. And be it further enacted, That for defraying the expense of six months pay and subsistence of a detachment of militia under the command of major general Morgan, pursuant to an act of the present session, there be appropriated the sum of one hundred thousand six hundred and eighty-two dollars; that is to say: For the general staff, four thousand one hundred and thirty-four dollars: For major Brooke's battalion, nineteen thousand eight hundred and forty-eight dollars: For major Lynn's battalion, twenty-one thousand three hundred dollars: For cavalry, twenty-three thousand four hundred dollars: For subsistence, twenty-four thousand dollars: For forage for officers and cavalry, eight thousand dollars.

SEC. 3. And be it further enacted, That the surplus which may remain unexpended of the sum of six hundred and eighty-eight thousand, eight hundred and eighty-eight dollars and eighty-two cents, which was appropriated for the use of the naval department, in the year one thousand seven hundred and ninety-four, by an act passed the ninth day of June last, shall be, and the same is hereby appropriated to the use of the said naval department, for the year one thousand seven hundred and ninety-five.

SEC. 4. And be it further enacted, That there be appropriated the several sums following, to wit: For the payment of military pensions, for the year one thousand seven hundred and ninety-five, eighty-five thousand three hundred and fifty-seven dollars and four cents; and a sum not exceeding ten thousand dollars for the contingent purposes of government, subject to the disposition of the President of the United States.

SEC. 5. And be it further enacted, That the several appropriations herein before made, shall be paid and discharged out of the funds following, to wit: First the surplus of the sum of six hundred thousand dollars, reserved by the act "making provision for the debt of the United States," and which will accrue during the year one thousand seven hundred and ninety-five: Secondly, the surplus of revenue and income beyond the appropriations heretofore charged thereupon, to the end of the year one thousand seven hundred and ninety-five: And thirdly, the surplus which shall remain unexpended of the monies appropriated to the use of the war department for the year one thousand seven hundred and ninety-four.

SEC. 6. And be it further enacted, That the President of the United States be empowered to borrow, on behalf of the United States, of the Bank of the United States, which is hereby authorized to lend the same, or of any other body or bodies politic, person or persons, any sum or sums not exceeding in the whole, the sums herein appropriated, and to be applied to the purposes aforesaid, and to be reimbursed as well interest as principal out of the funds aforesaid. APPROVED, March 3, 1795.

CHAP. XLVII.-An Act supplementary to the act intituled "An act establishing a Mint, and regulating the Coins of the United States." (a)

SECTION 1. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, and it is hereby enacted and declared, That for the better conducting of the business of the mint of the United States there shall be an additional officer appointed therein by the name of the melter and refiner, whose duty shall be to take charge of all copper, and silver or gold bullion delivered out by the treasurer of the mint after it has been assayed, agreeably to the rules and customs of the mint already directed and established, or (a) See note to act of April 2, 1792, chap. 16.

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ty.

To take oath

which may hereafter be directed and established by the accounting officers of the treasury, and to reduce the same into bars or ingots fit for the rolling mills, and then to deliver them to the coiner or treasurer, as the director shall judge expedient; and to do and perform all other duties belonging to the office of a melter and refiner or which shall be ordered by the director of the mint.

SEC. 2. And be it further enacted, That the melter and refiner of the and give securi- said mint shall, before he enters upon the execution of his said office, take an oath or affirmation before some judge of the United States, faithfully and diligently to perform the duties thereof. And also shall become bound to the United States of America, with one or more sureties to the satisfaction of the Secretary of the Treasury, in the sum of six thousand dollars, with condition for the faithful and diligent performance of the several duties of his office.

His compensation.

Obsolete.

Fresident may

make tempora ry appointment.

SEC. 3. And be it further enacted, That there shall be allowed and paid, to the said melter and refiner of the mint as a compensation for his services, the yearly salary of fifteen hundred dollars.

SEC. 4. And be it further enacted, That the director of the mint be, and hereby is authorized, with the approbation of the President of the United States, to employ such person as he may judge suitable to discharge the duties of the melter and refiner, until a melter and refiner 1800, ch. 34. shall be appointed by the President, by and with the advice of the Senate.

Treasurer of the mint to re

tain part of bullion deposited,

&c.

Treasurer of

the mint shall

not be obliged to receive certain deposits of

bullion.

Officers of the

mint may give a preference to bullion of the

standard of the

U. S.

SEC. 5. And be it further enacted, That the treasurer of the mint shall, and he is hereby directed, to retain two cents per ounce from every deposit of silver bullion below the standard of the United States, which hereafter shall be made for the purpose of refining and coining; and four cents per ounce from every deposit of gold bullion made as aforesaid, below the standard of the United States, unless the same shall be so far below the standard as to require the operation of the test, in which case, the treasurer shall retain six cents per ounce, which sum so retained shall be accounted for by the said treasurer with the treasury of the United States as a compensation for melting and refining the same. SEC. 6. And be it further enacted, That the treasurer of the mint shall not be obliged to receive from any person, for the purpose of refining and coining, any deposit of silver bullion, below the standard of the United States, in a smaller quantity than two hundred ounces; nor a like deposit of gold bullion below the said standard, in a smaller quantity than twenty ounces.

SEC. 7. And be it further enacted, That from and after the passing of this act, it shall and may be lawful for the officers of the mint to give a preference to silver or gold bullion, deposited for coinage, which shall be of the standard of the United States, so far as respects the coining of the same, although bullion below the standard, and not yet refined, may have been deposited for coinage, previous thereto, any law to the 1792, ch. 16, contrary notwithstanding: Provided, That nothing herein shall justify the officers of the mint, or any one of them, in unnecessarily delaying the refining any silver or gold bullion below the standard, that may be deposited, as aforesaid.

вес. 15.

President may reduce the weight of copper coin.

SEC. 8. And be it further enacted, That the President of the United States be, and he is hereby authorized, whenever he shall think it for the benefit of the United States, to reduce the weight of the copper coin of the United States: Provided, such reduction shall not, in the whole, exceed two pennyweights in each cent, and in the like proportion in a half cent; of which he shall give notice by proclamation, and communicate the same to the then next session of Congress.

SEC. 9. And be it further enacted, That it shall be the duty of the treasurer of the United States, from time to time, as often as he shall receive copper cents and half cents from the treasurer of the mint, to

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