United States Statutes at Large/Volume 2/9th Congress/1st Session/Chapter 50
Chap. L.—An Act to repeal so much of any act or acts as authorize the receipt of evidences of the public debt, in payment for lands of the United States; and for other purposes, relative to the public debt.
Repeal of such acts as authorize the recept of evidences of public debt in payment for land after the 30th of April, 1806.Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That so much of any act or acts as authorize the receipt of evidences of the public debt, in payment for the lands of the United States, shall from and after the thirtieth day of April, one thousand eight hundred and six, be repealed: Provided, that the right of all persons who may have purchased public lands previous to the passage of this act, to pay for the same stock, shall in no wise be affected or impaired:Proviso. And provided further, that there shall be allowed on every payment made in money, at or before the same shall fall due, for lands purchased before the thirtieth of April, one thousand eight hundred and six, in addition to the discounts now allowed by law, a deduction equal to the difference at the time of such payment, between the market price of six per cent. stock and the nominal value of its unredeemed amount, which market price shall, from time to time, be stated by the Secretary of the Treasury to the officers of the several land-offices.
Rates at which purchases may be made of the public debt of the United States.Sec. 2. And be it further enacted, That the commissioners of the sinking fund shall not be authorized to purchase any of the several species of the public debt, at a higher price than at the rates following, that is to say; they shall not pay more for three per cent. stock than sixty per cent. of its nominal value; nor for any other species of the public debt more than the nominal value of its unredeemed amount, the eight per cent. stock only excepted; for which they shall be authorized, in addition thereto, to give at the rate of one half of one per cent. on the said nominal value, for each quarterly dividend which may be payable on such purchased stock, from the time of such purchase to the first day of January, one thousand eight hundred and nine.
Repeal of part of a former law, restricting the commissioners as to the mode and time of purchases.Sec. 3. And be it further enacted, That so much of any act as directs that purchasers of the public debt, by the commissioners of the sinking fund, shall be made within the thirty days next ensuing after each day on which a quarterly payment of interest on the debt of the United States shall become due: and also so much of any act as directs that the said purchases shall be made by open purchase or by sealed proposals, be, and the same hereby is repealed. And the said commissioners are hereby authorized to make such purchases, under the restrictions laid by the preceding section, in such manner, and at such times and places as they shall deem most eligible; and for that purpose to appoint a known agent or agents,1792, ch. 38, sec. 7, 8. to whom they may allow a commission, not exceeding one fourth of one per cent. on the respective purchases of such agents.
Approved, April 18, 1806.