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The Bank ofthe UnitedStates to lendthe same or anypart thereof.
A subscrip-tion to theamount of15,000,000 dol-lars proposed.
Credits shallbe entered tosubscribers whoare entitled tocertificates.
Proviso.
Funds pledg-ed for interestto remain thesame.
Duty of thecommissionersof the sinkingfund.
not exceeding four and one half per centum per annum, and reimbursa-ble at the pleasure of the government, at any time after the thirty-first dayof December, one thousand eight hundred and thirty-one, to be applied,in addition to the moneys which may be in the treasury at the time ofborrowing the same, to pay off and discharge such part of the six percent, stock of the United States , of the year one thousand eight hundredand twelve, as may be redeemable after the first day of January next.
Sec. 2. And be it further enacted, That it shall be lawful for the Bankof the United States to lend the said sum, or any part thereof; and it ishereby further declared, that it shall be deemed a good execution of thesaid power to borrow, for the Secretary of the Treasury, with the appro-bation of the President of the United States , to cause to be constitutedcertificates of stock, signed by the register of the treasury, or by a com-missioner of loans, for the whole, or for any part thereof, bearing an in-terest not exceeding four and one half per centum per annum, transfer-rable [transferable] and reimbursable as aforesaid, and to cause the saidcertificates of stock to be sold : Provided, That no stock be sold underpar.
Sec. 3. And be it further enacted, That a subscription, to the amountof fifteen millions of dollars, of the six per cent, stock of the year onethousand eight hundred and thirteen, be, and the same is hereby, pro-posed; for which purpose, books shall be opened at the treasury of theUnited States , and at the several loan offices, on the first day of July next,to continue open until the first day of October thereafter, for such partsof the above-mentioned description of stock as shall, on the day of sub-scription, stand on the books of the treasury, and on those of the severalloan offices, respectively; which subscription shall be effected, by a trans-fer to the United States , in the manner provided by law for such transfers,of the credit or credits standing on the said books, and by a surrender ofthe certificates of the stock so subscribed.
Sec. 4. And be it further enacted, That, for the whole or any part ofany sum which shall be thus subscribed, credits shall be entered to therespective subscribers, who shall be entitled to a certificate, or certificates,purporting that the United States owe to the holder, or holders thereof,his, her, or their assigns, a sum, to be expressed therein, equal to theamount of the principal stock thus subscribed, bearing an interest of fourand one half per centum per annum, payable quarterly, from the thirtiethday of September, one thousand eight hundred and twenty-four, transfer-rable [transferable] in the same manner as is provided by law for the trans-fer of the stock subscribed, and subject to redemption, at the pleasure ofthe United States , as follows : One half at any time after the thirty-firstday of December, one thousand eight hundred and thirty-two, and theremainder at any time after the thirty-first day of December, one thousandeight hundred and thirty-three: Provided, That no reimbursement shallbe made, except for the whole amount of such new certificate, nor untilafter at least six months’ public notice of such intended reimbursement.And it shall be the duty of the Secretary of the Treasury to cause to bere-transferred, to the respective subscribers, the several sums by them sub-scribed, beyond the amount of the certificates of five per cent, stock,issued to them, respectively.
Sec. 5. And be it further enacted, That the same funds which haveheretofore been, and now are, pledged, by law, for the payment of theinterest, and for the redemption or reimbursement of the stock whichmay be created or subscribed by virtue of the provisions of this act, shallremain pledged, in like manner, for the payment of the interest accruingon the stock created by reason of such subscription, and for the redemp-tion or reimbursement of the principal of the same. It shall be the dutyof the commissioners of the sinking fund to cause to be applied and paid,cut of the said fund, yearly, and every year, such sum and sums as may