Newspapers / North-Carolina Chronicle; or Fayetteville … / Sept. 13, 1790, edition 1 / Page 5
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Var, an the rfefenre of the United States, or foxne part thereof during the arne. M J L Provided alio, and be it further enacl I i, , That if the total amount cf the urns which fhall be fubferibed to the lid loan in the debt of any fcate, within le tiffie limited for receiving fuhferip mt thereto, ftall ciceed the fum by is aft allowed to be fubferibed within ch ftate, the certificates and credits anted to the rcfpeclivcfubfcribers lhall ar fuch propor;ion to the fims by in rcfpeclively fubferibed, as the total fount of the laid fums fiiall bear to the iole fum -'lowed to be f ibfcribed in debt .t fuch itate within the fame, id evny fubferiber to the faid loan ill, at the time of fubferibing, depcfit 1th the commillloner the certificates or r ites to be loaned by" him ,fAnd be it further enafred, That for two thirds of an) fum fubferibed to the "ltd loAn, by anv perfon or perlbns, or ' idy politic, vhich lhall be paid in the ; rincipAl and intereft of the certificates or rites iifacd as aforefaid by the relpccl . . ; ftates, the fubferiber or fabferibers ill be entitled to a certificate, purport ing, that the United ; States owe to the fiolder or holders thereof, or to his, her crlthelr adigns, a fum to be exprefled thirein, equal to two thirds of the afore f;!d two thirds, bearing an intereft of fix I :r centum per annum, payable quarter ; zarly, and fubjeel to redemption by pay ments, not exceeding, ou account both of principal and intereft, in -ne year, the proportion of eight dollars xpen an hun tlnrdof the fum mentioned in fuch ceiti f rate ; and to another certificate, pur porting, that the United Stairs owe to the holder or holders thereof, his, her cr their afligns,; a fjurn to be exprc.fed herein, equal to the proportion cf lirty-three dollars and one third of a llar upon an hundred of the faid two lairds of fuch fum fo fubferibed, which : fter the year me thoufand eight hun dred, fhall bear an intereft of fix per centum per annum, payable quarter year ly, and fubjeft to redemption by pay ; entx, not exceeding in one year, on ac nttnt both of principal and intereft, the "Oportion of eight dollars upon an ndred of the Aim mentioned in fuch lificate, and that for the remaining jrd of any fum fo fubferibed, the fub iber or fubferiber s fnall be entitled to ertifica'e. purporting that the United iz owe to the holder cr holders there , his, lur or. their alTgn?, a fr.m to.be jjrtTed therein, equal to the faid re-, jrin third, bearing an intereft ofthrec I centum per annum, payable quarter Irly, ar.d fubjeft to redemp tion by pay ment of the fum fpecificd therein when ever provifion lhall be made by law for that purpofe. And be it further eracled, That the intereft upon the certificates which Ckzll be received in payment of the iinns fub feribed towards the faid loans, ihall be compnted to the al day cftheyc2rcne ihoufand lev en hundred and ninety-one inclufivcly ; and the intereft upon the flock which fhall be created by virtue of the faid leans, (hall comrner.ee cr begirt to accrue cn the fir ft cay cf the year one thousand frveri bundled and ninety -two ami fnall be payable quarter yearly, at the iame lime and in like manner as the inteieit on the ftock to be created by vir tue of the loan above propofed in the domeftic debt i f ihe . United Statesi And be it further enacted, That if the wholefum allowed to be fubferibed in the debt or certificates cfany ftate as aforefaid, fkall not be fubferibed wHiin the time for that purpofe limitcd,fuch fcate fhall be entitled to receive, and fball receive from theUnited States,and intereft per centum per annum, upon fo much cf the laid fum as lhall not have been fo fubfcrilnd, equal to ihat which would have accrued on the deficiency, had the fame been fub feribed, in truft for the, aon fubfciibing creditors of fuch ftate, who are hold-eis' of certificates or notes ifltied on account of fervices orfupplies towards thepreie cution cf the late war, and the defence of the United States or of fome j ait thereof, to be paid ia the like manner as the intereft on the ftock which may be created .by virtue of the faid lean, and to contine until there' fhall be a fettle-; ment of accounts between the United! States and individual ftates ; and in cafe a balance fhall then appear in fa-j veur of fuch ftate, until provifion fhall be made for the faid balance. But as certain ftates have refpeciivelyl iHlud their own certificates, in exchange for thole of the United States, whereby ii might happen that intereft might be; twice payable on the the fame Aims: Be it further enacted, That the pay-! ment of intereft, whether to ftates or in dividuals, in refpeel to the debt oi any flate, by which fuch exchaRge fhall have been made, fhall be fufpendec', until it . fliall appear to the fatisfaclicn cf the fe cretary of the trcafury that certificate ifiued for that purpofe by fuch Mate, have been re-exchanged or redeemed, or until thefc which have not been re exchanged or redeemed fhall be fun-entered to the United States. And be it further enacted, That fo nuch of the debt of each ftate as fhall "le fubferibed to the faid leas, and the mcnies (if any)that fhall be advanced to ihe fame, punuant to this fhall e a charge aeamft i fech HaJe, in:accoct with the United S ates. And be it further cradled, That the ironies arifiKg under the revenue laws, which have been, cr dining the p;efcnt feSxn of Congrefs may be pi-ffed, ci fo much thereof as may be. necciikry, 11 ail be, and are hereby pledged and appro priated for the payment f he intejeft; on the ftock which fhsll be created by the leans aforefaid, 'purfuant tr the p?o vficns of this acl, firft paying that.v hich fhv.ll arife on the ilock created by virtue cf the faid firfl mentioned Iran,- to con tinue fc pledged and appropiiatcd u: ti! the final redemption cf ti e faid ftotk, any law to the contrary notith (landing ; fubjeel, cevcrthelefs, to fuch rtlei yaii ons ard priorities as may be-requifite to fatiiy !the xpprcpiiaiioris .' hcrett fcic made, ai d uhich dining the prelcnS fifi'en cl Corgi efs, may be mad by law, ipcludirg- thejua.ins herein before -re-ferved and apjrcpi-iated ; and tp the end, that the laid mt r.ics may be invio lably appliedir. confoimity to this iCr, and may never' be div-t it-id to any cihcr purpoie, an acccunf fhall be kept of the receipts and clifpofition thereof feparate and iftir.cf -fiem the pre duel of any other duties, impefts, excifes ar.d taxes, vhaticever, except iuch as may be hereafter laid, to' make geed any defici ency which may hie (bund in the prodpcl thereof towaids tatislying the intereft aforeiaick And be it further er.2cled, That the faith of the Uniteld States be, and the fame is hereby pledged to provide and appropiiatc. hereafter fuch additional and permanent fsrds as may befrtqbi fite towards furply irg any fuch deficien cy, and makij g full provifion for the payment of the intereft which fhall ac crue on the ftcck t be created by vir ' tue of the loa ns afc rcfaid, in conformity to the terms thereof rcfpecliveiy, and ac cording to the tenor of the certificates; to be granted for the fame purfuant to this acl. And be it further enacled, That the proceeds of the falls which fhall be made of the lands in the weftcrn territory, novr belonging, or that may hereafter belong, to the United States, fhall be, and are hereby epproprirted towcrds inking jer difcharging the debts, for the payment whereof the Uciteci States now are, or by virtue of this acl may be helclen, and fhall be applied fclely to that ufe until the faid debts fhall be fully fa tiificrf F. A. MUHLENBERG, S. H. R. JOHN A DAMS. V. P. U. S. &c. Appp.ov.ti jf-Auguft' 4, 179c. GEO ROPE WASHINGTON, Frefideat;oi the United i&tes.
North-Carolina Chronicle; or Fayetteville Gazette (Fayetteville, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Sept. 13, 1790, edition 1
5
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