438
Statute I.July 21, 1841.
President au-thorized to bor-row$12,000,000at 6 per cent.
When reim-bursable.
The moneyborrowed, howto be applied.
Stock, howtransferable.
Certificates ofstock, to be pre-pared and sold.
Proviso.
Sec. Treas. toreceive propo-sals for the loan,or, &c.
Expenses inci-dent to this actlimited.
Sec. Treasuryauthorized topurchase stockprior to time ofredemption.
Appropriation
therefor.
Faith of U. S. pledged forpunctual pay-ment of inte-rest, &c.
Statute I.Aug. 1, 1841.[Obsolete.]
Appropriation.
TWENTY-SEVENTH CONGRESS. Sess. I. Ch. 3,4. 1841.
of the said William Henry Harrison since his death, on account of hissalary as President of the United States , shall be deducted from the saidsum of twenty-five thousand dollars.
Approved, June 30, 1841.
Chap. III.— In Act authorizing a loan not exceeding the sum of twelve millions
of dollars.
Be it enacted by the Senate and House of Representatives of theUnited States of America in Congress assembled, That the Presidentof the United States is hereby authorized, at any time within one yearfrom the passage of this act, to borrow, on the credit of the UnitedStates , a sum not exceeding twelve millions of dollars, or so muchthereof as in his opinion the exigencies of the Government may require,at a rate of interest, payable quarterly or semi-annually, not exceedingsix per centum per annum, which loan shall be made reimbursable eitherat the will of the Secretary of the Treasury, after six months’ notice, orat any time after three years from the first day of January next; andsaid money so borrowed shall be applied, in addition to the money nowin the Treasury, or which may be received therein from other sources,to the payment and redemption of the Treasury notes heretofore author-ized, which are or may be outstanding and unpaid, and to defray anyof the public expenses which have been heretofore or which may beauthorized by law, which stock shall be transferable only on the booksof the Treasury.
Sec. 2. And be it further enacted, That the Secretary of the Trea-sury be, and he is hereby, authorized, with the consent of the President,to cause to be prepared certificates of stock, signed by the Secretaryand countersigned by the Register of the Treasury, for the sum to beborrowed, or any part thereof, bearing an interest not exceeding six percentum per annum, and transferable and reimbursable as aforesaid, andto cause the said certificates of stock to be sold : Provided, That nostock be sold below par.
Sec. 3. And be it further enacted, That the Secretary of the Trea-sury be, and he is hereby, authorized to receive proposals for taking thesaid loan, or to employ an agent or agents for the purpose of negotiatingthe same, and to pay to him or them a reasonable commission, not ex-ceeding one-tenth of one per cent, on the amount so negotiated, whichsum to be allowed to such agent or agents, and such expense as may benecessarily incurred in printing and issuing certificates of stock, andother expenses incident to the due execution of this act, in all not ex-ceeding twelve thousand dollars, which sum is hereby appropriated forthat purpose, and shall be paid out of any money in the Treasury nototherwise appropriated.
Sec. 4. And be it further enacted, That the Secretary of the Trea-sury is hereby authorized to purchase, at any time before the periodherein limited for the redemption of stock hereby authorized, such por-tion thereof as the funds of the Government may admit of, after meetingall the demands on the Treasury, and any surplus in the Treasury ishereby appropriated to that object.
Sec. 5. And be it further enacted, That the faith of the UnitedStates be, and is hereby, pledged for the punctual payment of the in-terest and redemption of said stock.
Approved, July 21, 1841.