United States Statutes at Large/Volume 4/18th Congress/1st Session/Chapter 140
The Secretary of the Treasury authorized to create a stock to an amount not exceeding 5,000,000 dollars, &c.Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That, for the purpose of providing funds to discharge the awards of the commissioners under the treaty with Spain, of the twenty-second day of February, in the year of our Lord one thousand eight hundred and nineteen, the Secretary of the Treasury be, and he is hereby, authorized, with the approbation of the President of the United States, to cause to be issued and sold to the Bank of the United States, or others, at a sum not less than the par value thereof, certificates of stock of the United States, to any amount not exceeding the sum of five millions of dollars, and bearing an interest of not exceeding four and one half per centum per annum, from the period of the sale thereof; which stock, so created, shall be redeemable at the pleasure of the United States, at any time after the first day of January, in the year one thousand eight hundred and thirty-two. And, upon the sale of such stock, in manner aforesaid, credit or credits to the proprietors thereof, shall thereupon be entered and given on the books of the treasury, in like manner as for the present funded debt; which said credits or stock shall thereafter be transferable as other public stock of the United States.
Moneys received from the sale of certificates of said stock, to be applied to the payment of the awards under the treaty with Spain.
Proviso.Sec. 2. And be it further enacted, That the moneys which may be received from the issuing and sale of the aforesaid certificates of stock, shall [be,] and the same are hereby, directed to be applied to the payment and discharge of the awards of the commissioners under the treaty with Spain, of the twenty-second day of February, in the year eighteen hundred and nineteen. Provided, also, That in all cases where the person or persons, in whose name, or for whose benefit and interest, the aforesaid awards shall be made, shall be in debt and in arrears to the United States, the Secretary of the Treasury shall retain the same out of the amount of the aforesaid awards, in the first instance, and a warrant or certificate, as the case may be, shall only issue for the balance.
Interest accruing on said stock to be paid out of the treasury.Sec. 3. And be it further enacted, That a sum, equal to what will be necessary to pay the interest which may accrue on the said stock, to the end of the present year, be, and the same is hereby, appropriated for that purpose, to be paid out of any moneys in the treasury not otherwise appropriated.
Approved, May 24, 1824.
- If, under the act of May 24, 1824, ch. 140, sec. 2, the Secretary of the Treasury omit to retain the amount of debt due to the United States from a person entitled by an award under the Spanish treaty, from money provided for the payment of such award, it does not prejudice the United States to proceed for payment of such debts against the general assignee, who has received money from the treasury. The United States v. William Hunter, 5 Mason, C. C. R. 62.