Page:United States Statutes at Large Volume 4.djvu/342



portions, respectively, of the said loan or loans, and will be competent to raise the same by the means on which they rely, he shall be, and he is hereby, empowered to restrain such collector or collectors from proceeding to collect the said tax within the corporation affording the evidence aforesaid, until the expiration of the ninety days aforesaid, when if the amount of the said tax be not actually paid, the collection thereof shall proceed without further delay, on notice to the collector of such default.

. And be it further enacted, That the collector or collectors, who may be appointed as aforesaid, shall give bond, with good and sufficient security, for the faithful performance of the duties required by this act, and shall possess all the powers, in the discharge of his or their duties, in collecting the said tax, as the several collectors possessed, were subject to and were required to do, by an act, entitled “,” approved the twenty-seventh of February, one thousand eight hundred and fifteen, and by the several acts of Congress therein referred to, or which were subsequently passed, in order to alter or amend the same; all of which acts, for the effectual fulfilment of the purpose of this act, according to the tenor and intent thereof, are hereby declared to be revived, and in full force within the limits of the several corporations aforesaid.

. And be it further enacted, That the tax imposed by this act shall be continued and collected from time to time, according to the provisions and conditions of this act, and of the several acts aforesaid, so long as the proceeds thereof may, by any possibility, be required to meet the payment of the several loans authorized as aforesaid: Provided, however, That all or either of the said corporations may, in the negotiation of such loan, or loans, as they, or either of them, shall deem it expedient to make, in pursuance of the authority vested in them by this act, stipulate such terms or conditions for the payment of the interest, or the redemption of the principal sum thereof, as shall dispense with the system of taxation provided by this act.

. And be it further enacted, That, in the event that any loan or loans shall be negotiated by the said corporations, or any one of them, to the extent, in whole or in part, of the subscription of one or all of the said corporations, to the stock of the Chesapeake and Ohio Canal company, in conformity with the provisions of this act, and based upon the system of taxation therein provided, a copy or copies of the contract or contracts, for any and all such loans, shall, as soon as practicable after the execution thereof, be deposited, either by the corporation or corporations contracting such loan or loans or by the creditor or creditors interested therein, with the Secretary of the Treasury; and, out of all such sums as shall be paid, by the respective corporations, in advance, as aforesaid, on account of their several contracts, or as shall be levied and collected, in manner hereinbefore provided, the holders of the certificates of any such loan shall be entitled to receive, at the public treasury, such amount as may be due to them, respectively; and, on the occurrence of any deficiency in the sum or sums voluntarily paid in, or assessed and collected, within the said corporations, respectively, for the payment of their resepctive creditors, the extent of such deficiency shall be ascertained by the Secretary of the Treasury, from a reference to the terms of the loan or loans, in relation to which such deficiency may occur; and, being so ascertained and published in some one or more newspapers printed in the District of Columbia, the Secretary of the Treasury shall instruct the proper collector to proceed to collect, and pay into the public treasury, the said amount, with all lawful charges attending the same, according to such farther rateable assessment upon