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the commis. approbation of the President of the United States, as any instalments sioners, who or parts of the said capital or principal become due, to borrow, on the may borrow,
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 reimburse
ment at the pleasure of the United States; and that the rate of interest What shall be thereupon, shall not exceed six per centum per annum; and for greater a good execu
caution, it is hereby declared, that it shall be deemed a good execution tion of the pow. er to borrow. of the said power to borrow, for the said commissioners, with the appro
bation 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 certifi
cates 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. What sums Sec. 11. And be it further enacted, That it shall be the duty of the the commis
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
ations of the
ing fund, a right to pay, in the purchase or discharge of the unfunded Commission
ors not to pay domestic debt of the United States, a higher rate than the market price
more for the unor value of the funded debt of the United States: And provided also, funded domestic That if, after all the debts and loans aforesaid, now due, and that shall debt, than the arise under this act, excepting the said debt or stock, bearing an interest market price of of three per cent shall be fully paid and discharged, any part of the Government principal of the said debt or stock bearing an interest of three per cent. may make dif
ferent appropri. as aforesaid, shall be unredeemed, the government shall have liberty, if they think proper, to make other and different appropriations of the funds in a cer. said funds.
tain event. Sec. 13. And be it further enacted, That all priorities heretofore Priorities in established in the appropriations by law, for the interest on the debt of appropriations the United States, as between the different parts of the said debt, shall, of interest to after the year one thousand seven hundred and ninety-six, cease with cease, as to cer. regard to all creditors of the United States, who do not, before the expi- tain creditors. ration 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 Certificates to called loan office certificates, final settlements, and indents of interest, be presented at
the treasury ; 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 Trea Post, 562. sury 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 Condition anstanding to the credit of a state, shall be made pursuant to the act, inti- nexed to the tuled “ An act authorizing the transfer of the stock standing to the standing to the credit of certain states," passed the second day of January, in this credit of a state. 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 Ante, p. 409. 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
Sum of money shall have remained unexpended upon any appropriation other than for but remaining
appropriated, the payment of interest on the funded debt; for the payment of interest unexpended, for upon, and reimbursement, according to contract, of any loan or loans a certain time, made on account of the United States; for the purposes of the sinking the surplus fund; or for a purpose, in respect to which, a longer duration is spe- fund." cially 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 determined; 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
to cause to be carried the unexpended residue thereof, to the said
account of “the surplus fund." Duty of the Sec. 17. And be it further enacted, That the department of the treasurer with
treasury, according to the respective duties of the several officers thereof, regard to the 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. Commission Sec. 18. And be it further enacted, That all the restrictions and ing funde in the regulations heretofore established by law for regulating the execution of execution of this the duties enjoined upon the commissioners of the sinking fund, shall act to be regu- apply to, and be in as full force for the execution of the analogous duties lated by analo: enjoined by this act, as if they were herein particularly repeated and gous provisions of other acts.
re-enacted: And a particular account of all sales of stock, or of loans They shall lay by them made, shall be laid before Congress, within fourteen days after before Congress their meeting next after the making of any such loan or sale of stock.(a) sales of stock or
Sec. 19. And be it further enacted, That in every case in which loans made.
power is given by this act to make a loan, it shall be lawful for such Loans under
loan to be made of the Bank of the United States, although the same this act may be made of the may exceed the sum of fifty thousand dollars. Bank of United Sec. 20. And be it further enacted, That so much of the act laying States.
duties The limitations
upon carriages for the conveyance of persons; and of the act of certain acts laying duties on licenses for selling wines and foreign distilled spirituous extended. liquors by retail; and of the act laying certain duties upon snuff and
Ante, p. 373. refined sugar, and of the act laying duties on property sold at auction, Ante, p. 376. as limits the duration of the said several acts, be, and the same is hereby Ante, p.
repealed; and that all the said several acts be, and the same are hereby Ante, p. 397. continued in force until the first day of March, one thousand eight
hundred and one.
APPROVED, March 3, 1795. STATUTE II. March 3, 1795. Char. XLVI.–An Act making further appropriations for the Mililary and
Naval establishments, and for the support of Government, (Obsolete.] Additional ap.
SECTION 1. Be it enacted by the Senate and House of Representapropriations for tives of the United States of America in Congress assembled, That includthe military establishment.
ing 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 Detachment of six months pay and subsistence of a detachment of militia under the militia under
General Morcommand 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 re Surplus of ap. main unexpended of the sum of six hundred and eighty-eight thousand, propriation 10
the naval de eight hundred and eighty-eight dollars and eighty-two cents, which was
partment. 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 1794, ch. 63. 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 Military pen. several sums following, to wit: For the payment of military pensions, sions, and confor the year one thousand seven hundred and ninety-five, eighty-five poses of governthousand 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 fol- funds these aplowing, to wit: First the surplus of the sum of six hundred thousand propriations are
payable. dollars, reserved by the act “ making provision for the debt of the United States," and which will accrue during the year one thousand seven hun 1790, ch. 34. dred 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
President may States be empowered to borrow, on behalf of the United States, of the borrow to
Out of what
amount of these Bank of the United States, which is hereby authorized to lend the same, appropriations. 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 March 3, 1795. a Mint, and regulating the Coins of the United States."(a)
Act of April Section 1. Be it enacted by the Senate and House of Representa- 2, 1792, ch. 16.
Additional tives of the United States of America in Congress assembled, and it is
officer of the hereby enacted and declared, That for the better conducting of the busi- mint by the ness of the mint of the United States there shall be an additional officer name appointed therein by the name of the melter and refiner, whose duty
melter and re
finer. 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
His duty. the rules and customs of the mint already directed and established, or
(a) See note to act of April 2, 1792, chap. 16.
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. To take oath 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, ty.
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.
Sec. 3. And be it further enacted, That there shall be allowed and sation.
paid, to the said melter and refiner of the mint as a compensation for Obsolete, his services, the yearly salary of fifteen hundred dollars. Fresident may
Sec. 4. And be it further enacted, That the director of the mint be, make tempora and hereby is authorized, with the approbation of the President of the ry appointment. United States, to employ such person as he may judge suitable to dis
charge 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 Sec. 5. And be it further enacted, That the treasurer of the mint the mint to re shall, and he is hereby directed, to retain two cents per ounce from every lion deposited, deposit of silver bullion below the standard of the United States, which &c.
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. Treasurer of
Sec. 6. And be it further enacted, That the treasurer of the mint the mint shall not be obliged
shall not be obliged to receive from any person, for the purpose of refinto receive cer. ing and coining, any deposit of silver bullion, below the standard of the tain deposits of 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. Officers of the Sec. 7. And be it further enacted, That from and after the passing mint may give a of this act, it shall and may be lawful for the officers of the mint to give preference to bullion of the a preference to silver or gold bullion, deposited for coinage, which shall standard of the be of the standard of the United States, so far as respects the coining U.S.
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. President may
Sec. 8. And be it further enacted, That the President of the United reduce the weight of cop
States be, and he is hereby authorized, whenever he shall think it for per coin.
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