Below is the OCR text representation for this newspapers page.

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.