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AN T ACT,
Sus, ‘rmentary to thr act veil uteri “ An net tva
keir lu-ovmtm fur the r-dnn/ition of thr vihuL
(J ir f.u'jiic debt oj the United dlutca.”
Vdil i .REAS it is desirable to adapt
the iiaHire of die provision for the rt
deinption ol *hc public debt to the pri -
s’ m circumstances of the United
Suites, which can only lac done by a
voluntary subscription on the part ol
the creditor;.,
S m 1, PE it enacted hr/ die senate
end house of representatives (j the L i i
ted States of jlnu rica, in con dress us
y W
seinhfed, i a a subscription to the
fuli amount of the old six per cent,
tii fiuTcdand three ’per cent, stock:, be,
arid the same is hereby proposed ; for
winch purpose books shail lx opened
at the treasury of the United Saves,
and by the several coinmi si ora rs of
loans, on the; first day of July next, to
con i uc open until the seventeenth
day of March next following, inclu
sively, the fourteen 1-st days of ea< h
qu, r er excepted, lor sik h pits of die
aboveineiUioaed descriptions of st >ck,
as si all, on the ck.y of subscription,
stand on the books of the treason y, anel
of h s< ver b commissioner:-; of loans,
respectively, which subscription A- !
be effected by a transfer to the Unified
States, in the manner provided by l tw
for sucii transfers, of the credit or cre
dits, standing on the said books, and
by asurrendv r of die certificates of the
stock stibst eibi and.
See. 2. And he it further enacted ,
T hat lor he whole oumy part of any sum
which shall thus be subscribed, in old
six per cent, or deferred stock, credits
shall be entered to the respective sub
scribers, and the subscriber or subsci fi
bers sit,.ll be entitled to a certificate,
or certificates, purporting that the- li
nked States owe to the holder or hold
ers thereof, his, her, or their assigns,
a sum to be expressed therein, equal
to the amount of principal of the stock
thus subscribed, which shall remain
unredeemed oil the day of such sub
scription, bearing an interest of six per
centum, per annum, payable quarter
yearly, from the lirst day of the quar
ter, during which such subscrip ion
shall have been made transferable in
the same manner as is provide and bv
law for the tran 11-rs of the stock sub
scribed, and subject to redemption at
the pleasure of the United States :
Provided, That no single certificate
shall be issued for an amount greater
t!i in ten thou -ami dollars : . hulprovid
ed further, EkO. no reimbur .ement
shall be made except for the w hole a
mount of any such new certificate, nor
till after at least six months previous
public notice of siaUi intended reim
bursement.
Sec. 3. . bid be it further enacted ,
1 hat 1 r the whole or any part ol’ any
sum which shall thus be sebserilx-d in
three percent, s'oek, credits shall like
wise be entered to the respective sub
scribers; and the subscriber, or sub
scribers, shall be entitled to a certifi
cate, purporting that the United States
owe to the holder or holders thereof,
his, her, or their assigns, a sum to be
expressed therein, equal to sixiv five
per centum ol’the amount of principal
of the stock thus subscribed, bearing
an interest of six per centum, per an
num, payable quarter-yearly, from the
lirst day of the quarter, during which
such subscription shall have been made
and transferable and subject to re
demption in the same manner, and un
der the s ime regulations and restric
tions, as the stock created bv the. pre
ceding section of this act: Provided ,
That no part of the stock thus created
shall be reimbursable, without the as
sent of the holder or holders of such
sto, k, until after the whole of the eight
per cent, and four and a half per cent,
stocks, as well as all the six per cent,
stock which may be created bv virtue of
the preceding section, shall have been
redeemed.
See. 4. . f id he it further enacted ,
That the commissioners of the sinking
fund shall be, and they are herebv au
thorized to appoint an agent in Lon
don, and another ii Amsterdam, wh >sc
duty it shall be to receive suosenp
tions and transfers, and to issue new
certificates in the maimer, and at the
fimes abovemer tinned, arid as the offi
cers of the treasury department, cr the
ca mmissioners of loans might do ; that
is to s’ y, the agent in London, in favor
of such stock-holders residing in the
dominions of Great Britain in Europe,
and the agent in Amsterdam in favor
of su< h stock-holders re -..ding in any
other part of Europe, as may respec
tive iy become subs< ribers : Provided ,
That the certificates issued by the said
agents, shall bear inteiest only from the
first day of the qua;ter next succeed
ing that in which the subscription shall
have taken place, and that in re lation to
mi!js< riptions made in old six percent,
or deferred stocks, the sums expressed
in such new eei'tifie ites shail be equal
to the amount of the principal ol'the
o’d six per cent, or ch h ired stocks
thus subsci ib(d, which sh;Jl remain
m redeemed afu r payment of the divi
denel payable on such stock, on that
day f; orn u liich the in ten st on the new
certificates shall commence. The fo
r.fign stock-holders thus subscribing
vi.li eidicr of the said'agents, shall he
cm kied to receive the dividend in the
I old six percent, deferred, or three per
| cent, stock subscribed by them, rea
per lively, which shali Le payable on
that d,.y, from which the interest on
the m w certificates shall commence.
And it shali he the duty of the said a
gents, respectively, to transmit, be fore
the end of each epiarter, to the register
of the treasury, and to the several
commissioners of loans, respectively,
triplicate abstracts cf the certificates of
stock sub# rifled, and of tlie new cer
tificates issued by them, during each
quarter, in order that the prope r cre
dits may be entered on the books of
the treasury, anel of the commission
ers of loins, as the case may be, to the
holders of such new certificates. And
the said agents, before they enter upon
the execution of their several offices,
shall, respective ly, take an oath or af
firmation for the diligent and faithful
execution of their trust, and shall also
become bound with one or more sure
ties to the satisfaction of the commis
sioners of the sinking fund, or of the
secretary of the treasury, in the penal
sum of twenty thousand dollars, wi h
condition for their good behaviour in
the ir said olfi es.
See. 5. And be it further enacted,
r.iat the holders of old six per cent,
deferred, or three per cent, stock, who
in iy become subscribers as aforesaid,
either in the United States, or in Eu
rope, and who, on the first day of July
next, anel also on the day of the sub
scrip ion, shall be resident in Europe,
may, at their option, which must be
m ule 4 at the time of subscribing, re
ceive the interest accruing on the stock
ere iteel by value of the preceding sec
tions of this act, either in the United
States, as other creditors, or at London
or Amsterdam;"that is to say, the stock
holders residing, at the times above
mentioned, in the dominions ofGreat-
Britain in Europe, at London, and at
the rate of four shillings and six pence
sterling, for each dollar; and the stock
holders residing, at the times above
mentioned, in any other part of Eu
rope, at Amsterdam, and at the rate
ol two guilders and a half guilder, cur
rent money of Holland, for each dollar;
in which last mentioned option, the
condition shall be expressed in the
new certificates to be issued, and the
credit or credits, to be given to the
proprietors thereof, shall be entered,
and shall hereafter be transferable nub
on the books of the treasury: Provided
however , That the interest thus paya
ble i.i London and Amsterdam, shall
not be p u able until the expiration of
fix calender months from the and v on
which tin* same would be payable in
the United States, and sh;ul be subject
to a deduction of one luff of one per
cent. on the amount payable, for com
mission to the bankers paying the
same: ./ id provided ako, That every
proprietor of such stock may, on sur
rendering his certificate, receive an
o’-ier to the* same anVnint, the interest
wuei'coi shall be payable quarter-yeur
]y in the Ur bed States, in the same
nun sx-r as that accruii g on the stock
held by persons residing in die United
States.
Sec. 6- And'"be it further enacted ,
That the same funds which hty cieiore
have been, and now are, pledged, by
law, for the payment of riie interest, and
for the ride motion or reimbur: ement of
the stock which may be subscribed by
virtue of the provisions of this act, shall
remain ] lodged for the payment cf in
terest accruing on the stock created bv
reason of such subscrip’ion, and fer
the redemption or reimbursement of
the principal of the same. It shall be
the duty of the commissioners of the
sinking surd to cause to be applied,
and paid out of the said fu: and, yearly,
and every year, sw h sum, aid sums, as
may he annually wanted to discharge
the annual interest and charges ac
cruing on the stock which may be
created by virtue of this act. The
hi id commissioners arc hereby author
ised to apply, from time to time, such
sum and ‘•urns, out of the said iund, as
they rrav think proper, towards re
de i ming by purchase, or by re imburse
ment, in conformity with the provis
ions of Tis act, the principal of the
said stock. A: and ihe annual sum cf
l rig-lit millions of dollars, vested by law
l in the said commissioners, shall be, and
I continue appropriate and to the payment
i of in f crest and redemption of the pub
\ lie d< bt, until he who’e of the stock
f which may be created by the preced-
I ing sections of this act, ‘•hail have been
j, redeemed or n in bur ( and.
I Sec. 7. And he it further enacted ,
1 That there shall he allowed to each of
■ the agents to be appointed by virtue of
■ tliis act, in edition to Te necessary ex
penses incurred by them, for j rioting,
sta f ionary and postage, a sum of three
1 thousand collars, as full i empensation
[ for their service';. The said agents
sand the commis.-ioners of 10.,n5, shall
1 also be allowed such additional sum
as may be actually and necessarily ex
pended for die cleik-hire requisite for
carrying this act into effect. And
for defraying the said compensation
and allowances, and such contingent
charges as may be incurred for carrying
this act iiPo effect, a sum not exceeding
sixteen thousand dollars, ’obe paid out
of any monies in the treasury, not other
wise appropriated, is hereby appro
priated.
See. 8. And be it further enacted ,
That whensoever notice of reimburse
ment shall be given, as prescribed bv
the second and hird sections of this act,
the certificates intended to be reim
bursed, shall be designated therein.
In every reimbursement the prefer
ence sh.ill be given to such holders of
certificates, as previously to the said
notice, shall have notified in w riting to
the treasury department their wish to
be reimbursed. If there should not be
applications to the treasury sufficient
to require the payment of the whole
sum to be applied to that purpose, the
secretary of the treasury, after paying
off all sums for the payment of which
applications shall have been made, shali
determine by lot what other certificates
shall be reimbursed so as to make up
the whole amount to be discharged ;
and in case the applications shall ex
ceed the amount to be discharged,
the secretary of the treasury shall pro
ceed to determine by lot what applica
tions shall be entitled to priori y of
payment.
Sec. 9. And be if further enacted,
That the agents appoink and by virtue of
this act, and the several cc * nissioners
of loans, shall observe and perform
such directions and regulations, as shall
be prescribed to them by the secretarv
of the treasury, touching the execu
tion of this act.
See. 10. And be it further enacted,
That nothing in this act contained,
shall be construed, in anywise, to al
ter, abridge, or impair, the rights ol’
those creditors of the United States,
who shall not subscribe to the loan
created bv virtue of tVs act.
N.ATHL. MACON, Spe iter of-tie House of
Representatives,
GEO.CLINTON,Vice-PreJ! ,er,t ofthet'oi
tfit States, and Prefideat us the Senate.
Feb. 11,1S07...Approved. TH: JtITERSON.
DAN OFFICE, GEORGIA.
Janet 2. 1807.
Nit ice is hereby given, that in con
form}’ with the prev ; i ms of the act
supppmentary to the act, intituled
“ Ait-.ct n.ak ng provision for the re
qdernni noi tiic w hole ol the public
cm bt i the United States,” books will
be op ii at the office of the con.mis
siontnef loans for Georgia, on the iiist
day ofjuly next, to continue open un
til the seventeenth day of Match, lhC-8,
inclusive!), the fourteen last days ot
each quarter excepted, for the purpose
of receiving subscrip ions icr such
parts o ; : the old six per cent, deferred
six } er <ent. and three percent, s’oeks,
as. m; y, on the dry of subscription,
stand or\ the bocks of the said com
missioner cf loans.
Those proprietors of the old six per
cent, and deferred stocks, who may
subscribe, will receive’ in lieu thereof
anew six per cent, stock, equal to the
unredeemed amount of the stock sur
rendered, redeemable at the pleasure
cf the United States, under a proviso,
however, that no reimbursement shad
be made except for the whole amount
of any such new certificate of stock,
nor till after six months previous no
tice : and the proprietor’s ol’ the three
per cent, stock who may subscribe,
will receive in lieu the reef, a six per
cent stock, equal to sixty-five per ce> t.
of the amount cf three ]er cent, sua
rer.dered, redeemable in the same
manner as the new six pt r cent, above -
mentioned but net reimbursable, hew’-
cvcr, without the as. e .t es the holders,
until after the whole of the new six
per cent, (given in exchange for old
six cr deferred as above mentioned) as
well as the whole ol the eight per cent,
stock of the United States, shall have
been reimbursed. It is also provided,
that in eveiy rtin bursement which
may take place, a t reference will he
given to those creditors who may no
tify their wish io be reimbursed; and
that if the applications of that effe ct
shall at anytime either exceed or fill
short cf the sum then applicable to that
purpose, the priority of payment shall,
so lar as may be necessary, be deter,
mined by lot.
Fhe present stock-holders who re.
side in any part of Europe, and may
assent to that modification, may, at
their option, receive the interest accru
ing on the netv stork, either in the U.
nited States as heretofore, or in Lor,,
don or Amsterdam, at par; in which
last case, the interest w ill be paid there
by the bankers of tire United States,
six months subsequent to the day on
which the same would be payable
in the United States and subject to
no variation ; nor to any other deduc
tion than a commission to the bankers,
of one half per cent, on the interest thus
paid.
JAMES ALGER,
Commissioner of Loans,
NO TE.
Proprietors of 1000 dol
lars nominal six per cent,
stock, subset ibed Lr* to re
the Ist October, 1807, will
be entitled to receive, 649 62 of new six.
tween the Ist October and
31st December, 1807, 644 37
between the
Ist January, & 17th Match,
1808. * 619 03 —,
Proprietors of 1000 dol
lars nominal deferred, sub
scribed before the Ist t'c
tober, 1807, will be entitled
to receive 855 78 •
tween the Ist October, and
31st December, 1807, 853 62 —.
between the
Ist January, and the 17th
March, 1803, 831 42
Being the unredeemed amount ol the old
stock on the IstofJuiy andOctobei, 1807, end
Ist January, 1808, respectively.
Proprietors of 1000 dollars three per cent,
stock will be entided to receive 650 dollars of
new six. x°§
PUBLISHED
EVERY TVESDtT. THV RSD W AND SATURDAY,
BY EVERITT k EVANS,
on the bay, savannah, (Georgia)
AT SIX DOLLARS PER ANNUM PAYABLE, HALF*
YEARLY, IN ADVANCE.