296
1828.
Collector orcollectors to beappointed, togive bond, withgood and suffi-cient securities,for the faithfulperformance ofthe duties re-quired by thisact, &c.
Act of Feb.27, 1815, ch.
60.
Tax to becontinued, &c.,according tothe provisionsof this act.
Proviso.
Where anyloan or loansshall be nego-tiated by thecorporation orany one ofthem.
portions, respectively, of the said loan or loans, and will be competentto raise the same by the means on which they rely, he shall be, and heis hereby, empowered to restrain such collector or collectors from proceed-ing to collect the said tax within the corporation affording the evidenceaforesaid, until the expiration of the ninety days aforesaid, when if theamount of the said tax be not actually paid, the collection thereof shallproceed without further delay, on notice to the collector of such default.
Sec. 6. And be it further enacted, That the collector or collectors,who may be appointed as aforesaid, shall give bond, with good andsufficient security, for the faithful performance of the duties required bythis act, and shall possess all the powers, be subject to all the obligations,and proceed, in all respects, in the discharge of his or their duties, incollecting the said tax, as the several collectors possessed, were subjectto and were required to do, by an act, entitled “ An act to provideadditional revenues for defraying the expenses of government, and main-taining the public credit, by laying a direct tax upon the District ofColumbia, ” approved the twenty-seventh of February, one thousandeight hundred and fifteen, and by the several acts of Congress thereinreferred to, or which were subsequently passed, in order to alter oramend the same; all of which acts, for the effectual fulfilment of thepurpose of this act, according to the tenor and intent thereof, are herebydeclared to be revived, and in full force within the limits of the severalcorporations aforesaid.
Sec. 7. And be it further enacted, That the tax imposed by this actshall be continued and collected from time to time, according to the pro-visions and conditions of this act, and of the several acts aforesaid, solong as the proceeds thereof may, by any possibility, be required to meetthe payment of the several loans authorized as aforesaid : Provided, how-ever, That all or either of the said corporations may, in the negotiationof such loan, or loans, as they, or either of them, shall deem it expedientto make, in pursuance of the authority vested in them by this act, stipu-late such terms or conditions for the payment of the interest, or theredemption of the principal sum thereof, as shall dispense with the systemof taxation provided by this act.
Sec. 8. And be it further enacted, That, in the event that any loan orloans shall be negotiated by the said corporations, or any one of them,to the extent, in whole or in part, of the subscription of one or all of thesaid corporations, to the stock of the Chesapeake and Ohio Canal Com-pany , in conformity with the provisions of this act, and based upon thesystem of taxation therein provided, a copy or copies of the contract orcontracts, for any and all such loans, shall, as soon as practicable afterthe execution thereof, be deposited, either by the corporation or corpora-tions contracting such loan or loans or by the creditor or creditorsinterested therein, with the Secretary of the Treasury; and, out of allsuch sums as shall be paid, by the respective corporations, in advance,as aforesaid, on account of their several contracts, or as shall be leviedand collected, in manner hereinbefore provided, the holders of the certi-ficates of any such loan shall be entitled to receive, at the public treasury,such amount as may be due to them, respectively; and, on the occur-rence of any deficiency in the sum or sums voluntarily paid in, orassessed and collected, within the said corporations, respectively, for thepayment of their respective creditors, the extent of such deficiency shallbe ascertained by the Secretary of the Treasury, from a reference to theterms of the loan or loans, in relation to which such deficiency mayoccur; and, being so ascertained and published in some one or morenewspapers printed in the District of Columbia , the Secretary of theTreasury shall instruct the proper collector to proceed to collect, andpay into the public treasury, the said amount, with all lawful chargesattending the same, according to such farther rateable assessment upon