United States Statutes at Large/Volume 1/5th Congress/2nd Session/Chapter 51

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June 12, 1798.
[Obsolete.]
Chap. ⅬⅠ.—An Act respecting loan office and final settlement certificates, indents of interest, and the unfunded or registered debt credited in the books of the Treasury.


Section 1. Law barring loan office and final settlement certificates and indents of interest suspended for a year.
Ante, p. 433.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That so much of the act, intituled “An act making further provision for the support of public credit, and for the redemption of the public debt,” passed the third day of March, one thousand seven hundred and ninety-five, as bars from settlement or allowances, certificates, commonly called loan office and final settlement certificates, and indents of interest, be, and the same is hereby suspended for the term of one year from and after the time of the passing of this act; Notification thereof to be published by the Secretary of the Treasury.a notification of which temporary suspension of the act of limitation shall be published by the Secretary of the Treasury, for the information of the holders of the said certificates, in one or more of the public papers in each of the United States.

Sec. 2. On settlement thereof the creditors may receive certain stock. And be it further enacted, That on the liquidation and settlement of such of the said certificates, and indents of interest, as may be presented at the treasury, pursuant to this act, the creditors shall be allowed to receive certificates of funded three per cent stock of the United States, equal to the said indents, and the arrearages of interest due on their said certificates, prior to the first day of January, one thousand seven hundred and ninety-one.

Sec. 3. How the principal of the loan office and final settlement certificates and certain interest thereon shall be discharged. And be it further enacted, That the principal sums of the said loan office and final settlement certificates, with the interest thereon, since the first day of January, one thousand seven hundred and ninety-one, shall and may be discharged, after liquidation at the treasury, by the payment of interest and reimbursement of principal, equal to the sums which would have been payable thereon, if the said certificates had been subscribed, pursuant to the acts making provision for the debts of the United States, contracted during the late war, and by the payment of other sums, equal to the market value of the remaining funded stock, which would have been created by subscriptions, as aforesaid; which market value shall be determined by the Comptroller of the Treasury.

Sec. 4. Appropriation therefor. And be it further enacted, That the sum of twenty thousand dollars shall be, and hereby is appropriated for the purposes aforesaid, to be paid out of any monies in the treasury not otherwise appropriated.

Sec. 5. Treasury not to issue certificates of registered or unfunded debt. And be it further enacted, That from and after the passing of this act, it shall not be lawful for the officers of the treasury to issue or cause to be issued, any certificates of registered or unfunded debt; Appropriation for services and supplies prior to the present constitution.and that to satisfy such claims for services, or supplies furnished or done prior to the establishment of the present constitution of the United States, as shall be allowed according to law, and the course of settlement at the treasury, there be appropriated a sum not exceeding twenty thousand dollars, to be paid out of any monies in the treasury not otherwise appropriated.

Sec. 6. Reimbursement to be made of the unfunded or registered debt. And be it further enacted, That the commissioners of the sinking fund shall be, and they are hereby required to reimburse, or cause to be reimbursed, the principal sums of the unfunded, or registered debt of the United States, credited on the books of the treasury, and commissioners of loans; Notification thereof to be published.and that they cause a notification to be published, informing the creditors generally, of the said reimbursement, and that interest on the said debts will cease at the expiration of six months after the date of the said notification; Appropriation therefor.and that a sum not exceeding ninety thousand dollars be appropriated for the reimbursement of the debts aforesaid, out of any monies in the treasury not otherwise appropriated.

Sec. 7. Creditors of unfunded or registered debt may receive certificates of stock for certain arrearages of interest. And be it further enacted, That it shall be lawful for the creditors of the unfunded or registered debt aforesaid, to receive certificates of funded three per cent. stock, equal to the arrearages of interest due to them, respectively, prior to the first day of January, one thousand seven hundred and ninety-one; and on the requisition of each or any of the said creditors, the proper officers of the treasury are hereby required to issue, or cause to be issued, the said certificates of funded three per cent. stock accordingly.

Approved, June 12, 1798.