from time to time hecornc c'cc rn the
loans, heretofore made by the Unite!
State in foreign countries ; and alio to
the payment cf intercfr on liich further
loans a may be! obtained for difcharg
tng the -arrears jef iutcreft thereupon,
in J the whole orjany part cf th.e princi
ial thereof ; to -continue fo appropriated
intll tho'c loans ' as wfH thole already:
hade, as thnfe which may be made in
rirtueof thi at, lhail be fully iatUfied,
mriuatto the contracts relating to the
ame, any law-to ' the contrary nntwith
landing. And Iprovided, that nothing
ercin contained jihall be emit tied to
nnuior alter aiy appropriation by law
aade prior to the jailaig of this ait.
.Arid as new lons are, and will be m
:efiary, for the j payment cftheaiore
fkiJarrears of intcrcft, and the inftal
.ments of the principal of the taid foreign
debt das and gf owing due, an.l m.y ,
alio be found expedient for tilcctinc an
eivJ re alteration in the ftate oi the
fame: - j
I Be it further enafled, That the Pre
fident ef the United States be, and he
is hereby, authotifed, to caufe to 'e
Wrowed,em behalf of the Unked States,
a fum or fums, i not . exceeding in the
whole twelve .millio n .of dollar ; and
iJiat fo much of tins firm as may be ne
crfiry ro the .discharge of the laid ar
rears and inftal ::ems, and (if it can be
fTtcled upon terms advan'ageous to the
United Sates) to the paing off the
whole of the faid foreign debt be appro
priated iblcir to thoie purposes: And
the ZYefidenc is moreover further author
ferf to ca-rfe co be made luch other con
f rafts refpectirg the faid debt, as Aall be
frund for the imejetl of die fud llat.es
'P.oridcd ncerthelefs, that r.o engage
ment nor coatracl fhall be n. ere j into,
vhich (hall preclude the United
&t.it s from rciniburfinp: any fum or
fums borrowed within I f.cen years af
ter the fame Itali have been lent or ad
Van red.
And whereas it is defirable to adapt
the nature of the proifion to be made
for thcccmeftic debt, to ihi prefent cir
cumftar.ces cf the United States, as far
as it Hall be fund pridicablc, confid
ently with good faith, and the rights of
ihecredicrs ; which can only be done
bj a vol- ntary Iran on their part:
i!3e it therefore further enacted, That
loan, to the full amount of the faid dc--?ic
debt, be, and the fame is hereby
ropofed ; and that books for receiving
sbibiptioas to the (aid lean be opcrcd
I the treasury cf the United Sratrs, and
y a commifiioner W b appointed in each
f the fiid liates,on the fir ft day c f Oc
:ler next, to cor.tinve open untiltliel.il
ay of September following, inclulivcly ;
and that the fums which ftajl W fuh
fenbed thereto be pavah!e in certificates
ifiucd for the faid dtlt,' recording to
their fpetie valve, and ce rrnurir.g the in
terefi. npon fnch as bear imtreit tp 'he
laft da) of December rfxt, incUiHvey :
which laid certificates f; .all , be cf thefe
feveial defcnpiiom, ro wh :
Thof .illucd by the regiiler . of the
treaftpy.
Thric iiTced by the crrrn ifTor ers of
loans in ihe f vcial Hates, including cer
tificates gicn piii.iax.1 to act cf Con
'j?rel.s of the fee; n.i r- Jriruaiy, 1779
for tills cf credit, c f the feveial c milli
on r of ih? 20th cf Ma , 1777, and the
,1 1 th cf May, ,1 778.
Thole itiued by he ccmWiifiicners for
the adjustment cf the aaau is iu the
qwartern.aficr, commiljai) , h 1 ital and
marine cepartn errs.
Thofe ill'ued by thccorr K-iiTi' ners for -the
a juamcRt of accounts in the lef
peclive Ita cs.
Thofe iil'aed by tke late ar.d prefent
pa mailer-general, or coiMiJ.fllc.nc.r cf
ainy accounrs.
T hofe iftucd for the payment rf inte
reft, coa;mcnly called iridents ci iritc
.rcft. - : ,
And in the tills of credit ifTued by
the authority of the Ur.ited States in
Conrcfs allembled, at the rate cf or.e
huBdre'd dollars in the faid tills far
ont dollar in ipecie.
And be it further enacted, That for
the whole or any paruof any fum fub
fcribed to the faid loan, by any peifon cr
perfons, or body politic, w hich fhall be
paid in the .principal 'of the laid dcreeftic
debt, the iubfei.iber or fubferibers- fliail
be entitled .to a certificate, purporting, ...
that the United .States owe to the holder
or holders thereof, hig her or their af.
figns, a fm to be expiefled therein,
equal to two thirds of the ium fo paid,
bearing an intereft of ftk per -centum per
annum, payable quarter yearly, and fub
jedt to redemption by payments not ex
ceeding in one year, on account, both c f
principal and intcreft, the picpertion cf
eight dollars upon an hundred cf the
fum mentioned in-fuch certificate; and
to acothcr certificate, purporting, that
the United States eve to 'the holder or; '
holders thereof, his, her oral fir tfTgns,
alum to be exprefTed therein, eqial'to
th picpomcn of thirty i kite collars
and one tfcird cfa dollar uprn an hun
dred cf the fum fo paid, rhich after the
year on c thoulard eight hu dred H all
kear anintereft cf fix per centum perten
r.um, payable quarter yearly, ;xdfubjecT:
to redemption by payments not exceed-,
ing in one year, on account both cfprir
cit?al and inicrck, the propoi ticr. cf ciht
dollars up eh'Snl ur.tjrcd.rf i!.e f.n' men
tinned in fucli certificate-: .P-Jovided
Thai it fi-all ret te rr dei f cd that tl.t
t'Liicd States f' all fcebci-'jsd cr clMf,c4
to. rede nr in the proper tirn f.ft.-r-efaiv-
lut 'it fi:flll be undihcd crJy that thc
have a ri ht fo to do. L
Ai.d I e it furiher cr?&t d, 1 hat-
. the r hole cr j ry t art f anj kirn fi?bf'
lei )h?G to the laid loar by any poic r c t
ptifor s, or bc-dy politic,! v. Li?. b -fr.ali -b4
paid in the ir.tcrclt cf ihl" lid . c r. chic
dtljt, corrputed to the laft da cf .Decern
' bef next, c.rin..fhe laid certiPsates if.ued
in paymert c f irttrc P, crjin crj) called
ir-.der.ls cf in'.ercft, the fub7cribej .ci. li:b
kiibert fhall be entitled 'to a cenififca-e
purp-r.j tii ., that the United S:at ti c r i
.to the holder or holders .therec'f, ! hi
her cr their fligns, a Aim to be ipeciiied
therein, equal td that by him, 'her oil
: 'th.m fa paid, bear i:ig'ari intereft or 1 lu ee!
per centum per annum, pa able quar-i
ter yearly, and fubjedl to rectmption by
pa-menr cf the fum fpecified thexein,!
whenever provifion. lhail bs .ir.ade by)
law for that, purpofer-
And be it further erstfled, That a
comn ifli-oner be appointed ir -each;
ilare, therein, whole duty it fl ail be t
fuperiiitehd the fubfcrip:ior.f, ;to the'faii
loans, to cpe.11 .books1' lei the lame ; toj
receive the certificates which fhall be
' presented in payment thereof ; 0 liqui-j
1dae the-fpecie va!ue of inch of them asj
ikall not have been before liquida ed 4
to illuc the certificates aVove n;en:i
cnend in lieu thereof according to the
terms of each fubfeription ; to enter in'
bocks to be b him kept for that purpofei
credits to the reipeclivc fubferibers to
the l3id loan Tor the funis vhich. they!
fhall be refpcciively entitled ; to tranf-;
for the laid credits upen fail l ot ks
from time to time as ftall be requiiite ji
to pay the intfieit thereupon;, as ths
fame fhall become, due, acd genetalryUjj
cbferveand perform inch directions and
regulations as fhall be 'picferibed to;
him by the fecretary cf the trcafury,
touching the execution of hi cfticc.
L. And be it further enacted, That the
ftcck which lhail be created purfuant toj
this acti wall be trarrsferslle tnl) cn thc
1 cr ks cf thetreafury,cr cf the i&id-ccm-:
n ifheners icfpei el) , u.ycn which'.the ;
credit for the fame Hi.ll exiltat the time
of transfer, by the j icpiittqi ojr j ic plo
tters of fuch ftpek, Lis, Let rr. their at-.-tciny.
But tt ftall I c . law fid lor the
fecretary of theTrea Airy,' hy fpeciahr ar
rant 1 rder his hard 2rd -tho ;feal c i the ;
treafury, r ctinterfigntd ,'.by ..the ,ctii p
tteller, i;rd legiftci d 1 y thp ttViiier,' itt
the uquetl cf the ie peMie. picytictor. !
to auihoiiJe the tirs:cr ci lrith lk ek
frc rathe Locks cf tne ccn-riuitcvi to