Page:United States Statutes at Large Volume 2.djvu/205



treaty, or convention, with a foreign power, and of such temporary loans, may, at any time, be reimbursed, either out of the sinking fund, of, if the situation of the treasury will permit, out of any other monies which have been, or may hereafter be, appropriated to that purpose.

. And be it further enacted, That the commissioners of the sinking fund be, and they hereby are empowered, with the approbation of the President of the United States, to borrow on the credit of the United States, either in America, or abroad, by obtaining a prolongation of former loans, or otherwise, the sums requisite for the payment of the instalments or parts of principal of the Dutch debt, which become due in the years one thousand eight hundred and three, one thousand eight hundred and four, one thousand eight hundred and five, and one thousand eight hundred and six: and that a sum equivalent to that to be thus borrowed, or reloaned, shall be laid out by the commissioners of the sinking fund, in the purchase or redemption of such parts of the present debt of the United States, and other demands against them, as the commissioners of the sinking fund may lawfully pay, agreeably to the provisions herein before made, and as the said commissioners shall in their judgment deem most expedient, so as to effect the payment annually of seven million three hundred thousand dollars, towards the final discharge of the whole debt, agreeably to such provision: Provided, That the United States shall have a right to reimburse any loan thus made within six years after the date of the same, and that the rate of interest thereupon shall not exceed five per centum per annum, nor the charges thereupon the rate of five per centum on the capital borrowed: And provided always, that the power herein given shall not be construed to repeal, diminish, or affect the power given to the said commissioners, by the tenth section of the act intituled “,” to borrow certain sums for the discharge of the instalments of the capital, or principal, of the public debt, in the manner, and on the same terms prescribed by the said section; nor the power given to them by an act intituled “,” to borrow certain sums and to sell the shares of the Bank of the United States, belonging to the United States, in the manner, on the terms, and for the purposes authorized by the said act; and provided, further, that nothing herein contained shall be construed to revive any act or part of an act, authorizing the loan of money, and which hath heretofore expired.

. And be it further enacted, That for the purpose of more effectually securing the reimbursement of the Dutch debt, the commissioners of the sinking fund may, and they hereby are empowered, with the approbation of the President of the United States, to contract, either with the Bank of the United States, or with any other public institution, or with individuals, for the payment, in Holland, of the whole, or any part, of the principal of the said Dutch debt, and of the interest and charges accruing on the same, as the said demand become due, on such terms as the said commissioners shall think most advantageous to the United States; or to employ either the said bank, or any other public institution, or any individual or individuals, as agent or agents, for the purpose of purchasing bills of exchange, or any other kind of remittances, for the purpose of discharging the interest and principal of said debt, and to allow to such agent or agents a compensation not exceeding one fourth of one per cent. on the remittances thus purchased or procured by them under the direction of the said commissioners, and as much of the duties on tonnage and merchandise as may be necessary for that purpose is hereby appropriated towards paying the extra allowance or commission resulting from such transaction, or transactions, and also to pay any deficiency arising from any loss incurred upon any remittance