Page:United States Statutes at Large Volume 18 Part 1.djvu/997

 Trrm: Lvu.——PENSIONS. 925 Sec. 4753. The Secretary of the Navy, as trustee of the naval pen- Neva] Pe¤SiQ¤· sion-fund, is directed to cause to be invested in the registered securities ‘}***,‘1_;,h°“’*°b¤*¤· of the United States, on the first day of January and the first day of £_;_.__ July of each year, so much of such fund then in the Treasury of the }·l}}l1'·l864» United States as may not be required for the payment of naval pensions k°‘°2*v‘ 13* p‘ 41* for the then current fiscal year; and upon the rc uisition of the Secretary., so much of the fund as may not be required for such vavment of pensions accruing during the current fiscal year shall be lield in the reasury on the ays above named in each year, subject to his order, for the purpose of suc immediate investment; and the interest Jayable in coin upon the securities in which the fund may be invested, dhall be so paid, when due, to the order of the Secretary of the Navy, and he is authorized and directed to exchange the amount of such interest when paid in coin, for so much of the legal currency of the United States as may be obtained therefor at the current rates of premium on gold, and to deposit the interest so converted in the Treasury to the credit of the naval pension-fund; but nothing herein contained shall be construed to interfere with the payment of naval pensions under the supervision of the Secretary of the Interior, as regulated by law. Sec. 175-1. The interest on the naval pension-fund shall hereafter be Rafe of interest at the rate of three per centum per annum in lawful money. ?;‘nR“""l P°“““’“‘ 23 July, 1868, c. 229, s. 2,v. 15, p. 170. Sec. 1755. The Navy pensions shall be paid from the Navy pension- Navy pensions fund, bu; no pzgments shall be made therefrom except upon appropria- P”·Y“bl°`f"""‘f""‘l- tions authorize by Congress. 7 %;§?`T77_` 229, s. 2, v. 15, p. 170. 11 July, 1870, c. 238, v. 16, p. 222. 20 June, 1874,c.   115. 23 .l[m·., 1876, c. 30, r. 19, p. 8. 19 J7Ill., 1877, c. 27,1*. 19, p. 224. Sec. -1756. There shall be paid out of the naval pension~fund to every _H¤lf-rating to person who, from age or infirmity, is disabled from sea—service, but who ggggegg Gsgggd as_served as an enlisted person in the Navy or Marine Corps for the ,,,.9,,,,, ‘,.€,,_,S iff period of twentv years, and not been discharged for misconduct, lll lieu Navy oi Marine of being provided with a home in the Naval Asylum, Philadelphia, if Cernehe so elects, a sum equal to one—half the pay of his rating at the time he ]I,,_ 1867 c_ was discharged, to be paid to him quarterly, under the direction of the 174, s. 6, iv. 14,, p, Commissioner of Pensions; and applications for such pension shall be 516- made to the Secretary of the Navy, who, upon being satisfied that the applicant comes within the provisions of t IS section, shall certify the same to the Commissioner of Pepsions, ang suchdcertiiicate shall be his warrant for makin avment as erein authorize. Sue. 4757. Ever? disabled person who has served in the Navy or Marine Serving not lcs- Corps as an enlisted man for a period not less than ten years, and not then t€¤}_ Y•#}"*‘· been discharged for misconduct, may apply to the Secretary of the Navy Qfsy r°°°“‘° “h"‘l for aid from the surplus income of the naval pension-fund; and the Sec- -4-.—..-—- retary of the Navy is authorized to convene a board of not less than rg M**,;—»_l*'}l*;7· <'· three naval officers, one of whom shall be a surgeon, to examine into the 5{Sf S' ’ l' ’ p` condition of the applicant, and to recommend a suitable amount for his relief, and for a specified time, and upon the approval of such recommendation by the Secretary of the Navv, and certificate thereof to the Commissioner of Pensions, the amount shall be paid in the same manner as is provided in the preceding section for the payment to persons disabled by long service in the Navy: but no allowance so made shall exceed the rate of a pension for full disability corresponding to the grade of the applicant, nor, if in addition to a pension, exceed one-fourth the rate of such ension. Sag +758. The Secretarv of the Navy shall be trustee of the privateer Secretaryqfmvy (msion fund- ‘ trustee ot pri vateer p pension-fund. l0 July, 1832, c. 194, s. 1, v. -1, p. 572.—Decatur v. Paulding, 14 Pet., 497; Sec. 4759. Two dper centum on the net amount, after deducting all _Pri\ptee5_ gpncharges and expen itures, of the ])l'1Z8-l110X1G}'R1'lSll'l%' from captured ves- szgizédull » 0W st-ls and cargoes, and on the net amount of the sa vage of vessels and _;;,