United States Statutes at Large/Volume 4/18th Congress/1st Session/Chapter 16

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Jan. 22, 1824.
[Obsolete.]
Chap. XVI.—An Act authorizing the commissioners of the sinking fund to purchase the seven per cent. stock of the United States, in the year one thousand eight hundred and twenty-four.

Commissioners of sinking fund to purchase, during the year 1824, seven per cent. stock, to an amount not exceeding 8,610,000 dollars.Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the commissioners of the sinking fund be, and they are hereby, authorized to purchase, during the year one thousand eight hundred and twenty-four, any stock of the United States, bearing an interest of seven per centum per annum, not exceeding the sum of eight millions six hundred and ten thousand dollars, upon such terms as they may think proper, not exceeding the following rates above the principal sum purchased, that is to say:

For all such stock as they may purchase before the first day of April next, at a rate not exceeding two dollars for every sum of one hundred dollars, in addition to the interest which would have accrued on that day upon the said stock:

For all such stock which they may purchase between the first day of April and the first day of July next, at a rate not exceeding seventy-five cents on every sum of one hundred dollars, in addition to the interest which would have accrued on the day last mentioned:

For all such stock which they may purchase between the first day of July and the first day of October next, at a rate not exceeding, on every sum of one hundred dollars, the amount of interest which would have accrued on the day last mentioned: and

For all such stock which they may purchase between the first day of October next, and the first day of January, one thousand eight hundred and twenty-five, at a rate not exceeding the principal and the interest which shall have accrued at the day of purchase.

The commissioners authorized to make such purchases under certain restrictions.Sec. 2. And be it further enacted, That the said commissioners are hereby authorized to make such purchases, under the foregoing restrictions, at such times and places as they may deem most expedient, out of any moneys in the treasury, heretofore appropriated for the redemption of the public debt, or out of any money in the treasury not otherwise appropriated.

Approved, January 22, 1824.