United States Statutes at Large/Volume 1/5th Congress/1st Session/Chapter 16
[Obsolete.]
Chap. ⅩⅥ.—An Act authorizing a Loan of Money.
New loan of $800,000.Section 1. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the President of the United States be, and he is hereby empowered to borrow on the credit of the United States, a sum not exceeding eight hundred thousand dollars, at an interest not exceeding six per centum per annum, reimburseable at the pleasure of the United States, or at such period as may be stipulated by contract not exceeding five years from the time of obtaining the loan, to be applied to such public purposes as are or may be authorized by law,How to be paid. and to be repaid out of the revenues accruing to the end of the present year and such further revenues as have been, or may be provided during the present session of Congress; and it shall be lawful for the Bank of the United States to lend the said sum.
In case of deficiency faith of the United States pledged to make provision for it.Sec. 2. And be it further enacted, That in case the existing revenues of the United States, together with such further revenues as have been, or may be provided, during the present session, shall be insufficient to discharge and reimburse the said loan, the faith of the United States is hereby pledged to make such further provision therefor, as may be necessary.
Approved, July 8, 1797.