alliance, and commerce, /hall not be effectual till ratified by the Legislative B»dy. 10th. That the instant a war ceases the Legi slative B«dy (hall fix a day on which the extraor dinary troops shall be disbanded, and the army reduced to its usual peace eftablifliment; that the pay of the troops ihall not be continued longer than such a day ; and if the extraordinary troops ihall remain undifbanded after such day so ap pointed, the Minister fhallbe responsible lor the fame, and prosecuted as a state criminal; that for that effect, the committee of constitution (hall be bound forthwith to examine this article, and prepare a report on the responsibility of Mini uers.—This Decree received the a[fent of the King. STATES. PUBLISHED CONGRESS OF THE UNITED STATES AT TH £ SECOND SESSION. fccgun and held at the City ol New-York, on Monday the fourth January, one thousand seven hundred and ninety. AN ACT making provision for the Debt of the United States. W'HEREAS iuftice and the support of public crcdit require, that proviliou 1 ould be made for fulfilling the engage ments of the United States, in refpe£\ to their foreign debt, an." for fundmg their domefiic debt upon equitable and fatistattory terms : Be it tnacltd by the Senate and Houfeof Repref ntativet of the Un ited States of America in Congref* ujjemb/cd, I hat rekrving out ot the mo nies which have ariltn liuce tne lail d«iy ot Qeceinoer last patt, uad which (hall hereafter arrft irom the duties on goods, wans tnd merchandize imported into the United States, aud on tnc tonnage of (hips or vclfels, the yearly sum of fix hundred thou sand dollars, or so much thereof as may be appropriated irom time to time, towards the support ot the government of the Uni ted State:, and their common defence, th relidue ot the said mo nies, or so much thereof as may be nccellary, as the fame shall be received in each year, next after the iuin reserved as alorefaid, fhalJ be, and is hereby appropriated to the payment of the mtei eft vhich lhall from time to time becomc due on the loans heretofore ynade by the United States in foreign countries ; and also to the payment ot inteiefl on such further loans as may be obtained foi dilcharging the arrears of interest thereupon, and the whole oi any part of the principal thereof ; to continue so appropriated until the said loans, as well those already made as thole which may be made in virtue ot this a£l, lhall be fully fatisfied, pursuant to the contracts relating to the lame, any law to the contrary notwith standing, And provided, That nothing herein contained, lhall be eonftrw»d to annul or *lfri ar" aniimi ' And a 6 new loans arc and will be necelTary for the payment of the aforefaid arreais of lniereft, and the inftaiments ot the prin cipal ot the (aid loreign debt due and growing due, and may also be found expedient iur etfeding an entire alteration in the ilate of the fame : Be itjurthcr enaflcd, That the prcfident of the United States be, and he is hereby autnori/ed, tocaufe to be borrowed on behalf ot .the United Siatcs, a futn or lums, not exceeding in the whole twelve million ot dollars ; and that so much of this sum as may be neceUary to the discharge of the said arrears and inflalments, and (it u can be effe&ed upon term* advantageous to the United States) to the paying otf the whole of the laid foreign debt be ap propriated solely purposes : And the Pr lident is more over further authorized to caule to be made iuch otherjcontra&s re 1 peeing the said debt as ftiall be found for the intercfl of the f id States : Provided neverthclefs y That no engagement nor con lutl ihall be entered into which shall preclude the United States from rcimburling any sum or fu-ms borrowed within fifteen years after tne lame ihall have been lent or advanced. And wnereas it is deiirable to adapt the nature of the provision to be made for the doioefhc debt, to the present circumllances of the United States, as far as it Ihall be found practicable, confifl ently with good faith ar.d the rights of the creditors ; which can only be done by a voluntary loan on their part ; U it there fori jurthcr matted, That a loan to the full amount ex the laid domellic debt be, and the fame is hereby proposed • »ud mat books for receiving lubfcriptions to'the laid loan be o pened at the I reafury of the United Siatcs, and by a cominiffion « to be appointed in each ot the fa.d Sta.es, on the fi.il. day of Odtober next to cpntinue open until the last day of September following, .nclufively, and that the sums which lha'll be fublcri jCrtto, be payable in certificates issued for the laid debt Jtcnrdingtoiheir specie value, and compmmg the interest upon' 1-uch as bear .mcrcllto.hc laflday of December next, inclufivdy - •which said certificates (hall be of thefefeveral defer, ptions, to wit: Those illued by the Regilter of the Treasury. Uiel,iriJed r by ' hC c " ,nmi ® one " ol in the several States, . CatCSS,Ue '' pUrfuanttothcaa of Congress of the fecund pi Japua: t one thousand seven hundred and feventy-nine,tor ™ ,k° 7°l\ Cral cminions ol twentieth of May, one thousand seven hundred and seventy-seven, and the eleventh ■rf'r °it C j L ° U hundred and feventv-eight. hole illued by the commiflioners for the adju'ftinent of the ac counts of the quarter matter, commissary, hospital, cloathing and marine depaitments. Those issued by the commiflioners for the adjustment of ac counts in therefpcftiveftatcs. r„ r -n!i C .' ff T d by thc hle a " d prcfent paymaftcr-gencral, or com miiiiom rot army JMcounts. Those ilfued for the payment of interefl, commonly called in «ents ot intcrcft. 7 And in the bills of credit issued by the anthoiity of the Unitrd the fa,!)"i IlT 1 affe ; n '; lcd > s < the rate of one hundred dollars in e laid bills for one dollar in specie And be it further enaElci, That for the whole or any part of any fun, fubfenoed ,0 the bid loan, by ar,v>pc, s on or pe,fLs, or bod y'. debt the W nhr k r P , a 'r d T "' e P Hnci P al of bid domcllic the or fuhfenbers (hall be entitled to a ce.tificate th \ Un,l, - d States owe to the holder or holderl lonaWo, 't. er ! rt r e ! r a sum to be expressed therein, percentum° f " n u, fn * id ' bcarin S an °f>* P cr ann « m > payable quarter yearly, and fubjeft to re ef Dnncinal pa , ymcnts " ot ""Ceding in one year, on account both h .ndied o ,T't ,n,e ' eft proportion of eight dollars upon a hundred of ths sum mentrenW infuch certtficatl; and to another certificate purporting that the United States owe to the holder or holders thereof, his, her or their alliens, a sum to be exprefled therein, equal to the proportion of thirty-three dollars and one third of a dollar upon a hundred of the sum so paid, which after the year one thousand oight hundred fhill bear an interest of fix per centum per annum, payable quarter yearly, and fubjeft to re demption by payments not exceeding tnorn year, on account ot principal and interest, the proportion of eight dollars upon a hundred of the sum mentioned in such certificate : Provided, That it shall not be that the -United States shall be bound or obliged to redeem id the proportion aforefaid, but it shall be underflood only that they have 1 *! right so to do. And be it further ena&ei> That -for the wltole or any part of any lum fubfcribfcd to the said any person or persons, or body politic, which shall be paid in the interest of the said domcftic debt, computed to the said last day of December next, or in the said certificates iffurd m payment of interest, commonly called indents of interest, the fublcriber or fubferibers shall be entitled to a certificate purpoiting that the United States owe to the holder or holders thereof, his, -• or their afligns, a sum to be fpecified therein, equal to that I v m, her or them so paid, bearing an i tereft of three per cen.am per annum, payable quarter yearly,and fubjeftto redemption y payment of the sum fpecificd therein, whenever provision fhi 1 < made by law for that purpose, And be it further enat , That a commifßoner be appointed for each State, to refidc :!> whose duty it shall be to fupcrintend the fubferiptions to th>* loan ; to open books for the feme; to receive the cert ifiga, J .hich shall be prefentcd in payment thereof ;to liquidate t ./ScuTvalue of fucn of them mall not have been before 1 j to issue the certificates above menti oned in lieu thereof, a ng to the terms of each fubferipuon ; to enter in books to be imiupt for that purpose, credits to the iefpe£V»vt XubfcriW <to the said loan for the sums to which hey shall be relpettiv milled ;to transfer the said credits up* ou the said books from tnneto time as shall be requisite ; to pay the interest thereupon the fame fhali become due, and generally to obferveand perfarn i<;ch directions and regulations as shall be prefcrib.d to him by $ Secretary of the Treafurv, touching the execution of his of&cc. And be it further ena*-'*. That the stock which shall be created purluant to this ast, fh transferable only on the books of the Treasury, or of the ijuf .nmiffioners refpeftively, upon which the credit for the fame IUV ex ift at the time of transfer, by the proprietor or propriet •of such stock his, her or their attorney : But it shall be lawful fa lie Secretary of the Treasury, by special warrant under hishanc #nd the seal of the Treasury, countersigned by the comptroller, and - lftered by the Register, at the request of the refpi ttire propr ,e rs, to authorize the transfer of such stock, from tho books oi one commifTioner to those of another c unnnflioner, or totjlo. f the Treasury, aod from those of the frealuiy to those of a cotr "-rflioner. And be it further enaH That the interest upon the said flock as the fame (hall become due, flbalJ be payable quarter yearly, that is to fay, one fourth u thereof on the last day of March ; one other tourfh panther*. the last day of June ; one other fourth part thereof on the 1? - iy of September ; and the remaining •urth part thereof ontl ft day of December in each year, be -1 lining on the last day r March next enfu ing, and payment shall be made whensoever t - credit for the said ftoek (hall exist at the time (lk h inter ft shall mc due, that is to fay, at the treasury, the credit for the fam. II then exist on the books of the trea sury, or at the office of t« * «■ ommifljoner upon whose books fueh eiedit shall then exist. * if the interest for one quarter shall nt be dem ndvd befpre the expiration of a third quarter, the fame shall be afterward d mandable only at the treasury. And as it may happeuthat some of the creditors of the United States may not think fr > become fubferibers to the said loan, Be it further enafledy ut nothing in this ast contained shall be conlt ued in any wife i« r, abridge or impair the rights of those creditors of the Unite* , es, who shall not fubfenbe to the said loan, or the et)nfrafti . • rrfpriQive elatms ar< .iA. Uui : .id rights shall remain in full force and virtue. And that such credit v -. may not be excluded ftom a participa tion in the benefit ntmded to the creditors of the United States in general, while said proposed loan (hall be dependia E , and until it lhall from the event, thereof what farther or debt' arra "S cmcnts ma y be aeceffary refpeftjng the said domestic Kc it therefore further led. That such of the creditors of the tailed States as mdy notfubferihe to the said loan, shall neverihe "«ive during the year onetlwufand fcven hundred and nine one, a rate per centum oa the refpe&ive amounts of their respec tive demands, including bereft to the laftday of December next equal to the interest payable to fubferibing creditors, to be paid at the fame times at the fame places, and by the fame persons as thereinbefore dircfted, concerning the interest on the (lock which may be created in firtue of the said proposed loan But as ome of the certificates now in circulation have not heretofore been liquidated to specie value, as mod of them are greatly fubieft to counterfc.t.and counterfeits have actually taken placc in numer ousmftances, and as emfcrrakment and imposition for t . reasons, attend the payment of interest on those certificates in their present form, it shall therefore be necessary to entitle the said creditors to the benefitofthe said payment that thofcof them who do not possess certificates issued by the Register of the Treasury for the registered debt, (hould produce previous to the firft day of June next, > their refpeftive certificates, either at the Treasury of the United State?, or to some one of the commiflioners to be ap pointed as aforefaid, to tha; end that the fame may be cancelled and other certificates,ffue<l in l.eu thereof; which new certificate! lhall Ipecify the fpccieamount ol thofein exchange for which they are given, and (hail be oth wife of the like tenor with those here toforc issued by the said Register of the Treasury for the said re gistered debt, and shall bejraiwferable on the like principles with those d.refled to be issued on account ot the subscriptions to the loan hereby proposed. And be it further enafltd, That the commissioner, who thai! be ap pointed pursuant to this a a,ffiall rcfpeftively be entitled to tWfol ftTof f 7 : The toamiiSwr far the ir f W "^ a^ P r' r ' <h "™* rr a«.! fifty dollars : Thecom miffioner for the (late ot Mafftchufetts, fifteen hundred dollar, ' I he commissioner for thf *i»l««f Rhode-Island and Providence Plantations, fix hundred dollars : The commissioner for the ft ,re of Conne&icut, ope thousand dollars: The commissioner for the fate of New-York, fifteen hundred dollars: The commissioner for the state ot New-Jerky,feven hundred dollars : The commis sioner for the flare of Pennsylvania, fifteen hundred dollars • The comm.ffioner for the state ,1 Dcleware, fix hundred dollars'- The commissioner for the state of Maryland, one thousand dollars • The commiffionerfor the ftrtiof Vrrg.nia, sis teen hundred dollars ■ The commissioner for the fete of North Carolina, one thousand dollars : The commissioner for th, Hate of South Carolina one tioufand dollars : The eoromiffioner for the fiate of Georgia fion"oraltfe °"V W ' ! ' Ch falanCS mjll be '» fu " ™m 2 tion 'orall fervicesand expellees. r And be itjurther enacied, That 'the before thev enter upon the executionoftheir several offices, (hall refpefiivelv f d apd faithful 3 ? ' a , nc < (hall aifo >,ecome bound with 0n.,0r mor'eTurc °fthc Secretary of the Treasury, in a penalty wi hcL r ' f hOUl l nd ' nr ' than ten thousand Ca^ tTvely " r S ° oi behavior in their said offices reipec bylhe Un l iteTs,'ar PrOVifi °M I°' ' he deb,s of ,he "fpeftive State, econo mica I and eff>A w " be greatly conducive to an orderly, TS, effectual "ringement ot the public finance, : J rejurtner cnaSsdy That a loan be proposed, to the a 550 mount of twenty-one million and five Wadded ihoufand and thit fubferiptions to the said loan be received at the fame ti.-Des and places, and by the fame persons, as in rclpe£l to the loan here in before proposed, concerning the domcftic debt i f the Uaitel States. And that the sums which shall be fubferibed to th« fa-.d loan, shall be payable in the principal and interest of the certifi cates or notes, which prior to the firft day of January last, were lffued by the rcfpe£live States, as acknowledgments or evideneef of debts by them refpettively owing, except certificates lifueri Ly the commissioners of army accounts in the ftdte of North-Carolina in the year one thousand seven hundred and eighty-fix : Provided, That no greater sum shall be received iu the certificates of any state, than as follows : That is to fay, 1 In those of New-Hampshire, thiee hundrei tbou{a»d doflarv. - In those of Maflachufetts, four milfiou dollars. In those of iUiodc-llla»d.and Providence plantations, tw»jiuau dred thousand dollars. ' • In those of Connecticut, oue million fix hundred thgufael d«r» lars. Iu those of New-York, one million two hundred thousand dol lars. In those of New-Jersey, eight hundred tUoufatd dollarv , In those of Pennsylvania, two.million two hundred thfJuCipft jAellar*. In those of Delaware, two hundred thousand dollars. In those of Maryland, eight hundred thoufaaid doilais. In those of Virginia, three million five hundred thoutand dol lars. In tho& of North-Carolina, two million sous hundred thousand dollars. In those of South-Caroliiia, four million dollars. In thofc of Georgia, three hundred thousand dollars. Andprovided, That no such certificate (hall be received, VBkh from the tenor thereof, or from any public record, ast, or docu* ment, ihall appear or can be ascertained to have been iflfued for any purpose, other than compensations and expenditures for (*u vices or supplies towards the profeeution of the late war, and the defence of tt.e Un::ed States, or of Come part thereof during the fame. Provided also, and be it further eneSed, That if the total amount of the sums which (hall be subscribed to the said loan in the debt of any state, within the time limited foi receiving fubfcrpiions thereto, (hall exceed the Cum by this a£l allowed to be subscribed within such State, the certificates and crcdits granted to the rcf peftive fubfertbers, (hall bear such proportion to the by then refpe&ively subscribed, as the total amount of the said sums Ihall bear to the whole sum so allowed to be subscribed in th- debt of such State within the fame. And every fubferiber to the said loan, (hall, at the time of fubferibing, deposit with the commillaoiier the certificates or notes to be loaned by him. And be it further enafled, That tor two-thirds of any sum sub scribed to the said loan, by any person or persons or body poli tic, which (hall be paid in the principal and interest of the certi ficates or notes issued as aforefaid by the refpeftive states, the fub feriber or fubferibers shall be entitled to a certificate, purporting that the United States owe to the holder or holders thereof, or his, her or their afligns, a sum to be expressed therein, equal to two thirds of the aforefaid two-thirds, bearing an interest of fix per centum per annum, payable quarter yearly, and fubjeft to redemp tion by payments, not exceeding in one year, on account both of principal and interest, the proportion of eight dollars upon a hun dred of the sum mentioned in such certificate, and to another cer tificate, purporting, that the United States owe to the holder or holders thereof, his, her, or their afligns, a sum to be exprelfcd therein, equal to the proportion of thirty three dollars and one third of a cellar, upon a hundred of the said two thirds of such sum so subscribed, which after tlie year one thousand eight hun dred, (hall bear an interest of fix per centum per annum, payable quarter yearly, and fubjeft to redemption by payments, not ex ceeding In one year, on account both of principal and proportion of eight dollars upon a hundred cf the sum in such ccrtif.cate, and that for the remaining third of any info f> subscribed, the fubferiber or fubferibers (hall he entitled to a cer tificate, purporting that the United States owe to the holder or holders thereof, his, her or their afligns, a sum to be exprelTcd therein equal to the said remaining third, bearing an .ntercftof three per cent, per annum, payable quaitcr yearly, and fubje&to redemptionby payment of the sum fpecified therein whenever pro vision shall be made by law for that purpose. And be it further enc&cd, That the interest upon the certificates which shall be received in payment of the sums subscribed towards the said loan, (hall be computed to the lad day of i.he year one thousand seven hundred and ninety one iuelufivtly ;and the interest upon the stock which shall be created by virtue of the laid loan r shall commence or begin to accrue on the Err ft day of the ye«r one thousand seven hundred aid ninety two, and (hall be payable quartei-yearly, atthefame time, and in like manner as the interest on the stock to be created by virtue of the loan above proposed io. thed»meftic debt of the United Stares. And be it further enabled. That if Uie whole f»m allowed to be subscribed in the debt or ceftificates ofany State as aforefaid, (hull not be subscribed within the time for that purpose limited, lucfr State (hall be entitled to receive, and (hall receive from the Uni ted States, an interest per centum per annum, upon so much of the said sum as (hall not have beenfo subscribed, equal to that which would have accrued on the deficiency, had thefame been subscri bed, in trust for the non-fubferibing creditors of such State, who are holders of certificates or notes lijued on account of fervicesor supplies towards the profeeution of the late war, and the defence ol the United States or of some part thereof, to be paid in like manner as the interest on the stock which may be created by vir tue of the said loan, and to continue until there ihall be a fcttle ment of accounts between the United States and the individual states ; and in cafe a balance (hall then appear in favor of such Siate, until provision (hall be made tor the said balance. But as certain States have refpe&ively iflfued their own certifi cates, in exchange for those of the United States, whereby it might happen thai interest might be twice payable on the fame funis: And kit further enabled, That the payment of interest, whether to States or to individuals, in refpeft to the debt of any State, by which. iuch exchange Ihall have been made, (hall be suspended, until it fhail appear to-the of the Secretary o£ <bc Treafur), that certificates iflued for that purpose by such Suns. have been re-exchanged or redeemed, or until those which Ihzll not have been re-exchanged or redeemed, (hall be surrendered to the United States. And be itjurther enaffed, That so much of the debt of each State as lhall be fubferibed tp the said loan, and the monies (if any) th*t (hall be advanced to the fame pursuant to this ast, shall be a charge agaitiftfuch state, in account with the United Stales. And be it further enabled. That the monies arising urtder the re venue laws, which have been, or during the present fesi° n 0 Congress may be pasTed, or so much thereof, as may be necessary* shall be, and are hereby pledged and appropriated for the payment of on the stock which shall be created by the loans ?- forcfaid, pursuant to the provisions of this ast, fir ft paying th-® which shall atffcon the stock created by virtue of the said mentioned loan, to continue so pledged and appropriated, until the final redemption of the said stock, any law to the contrary not withstanding, fubjeft nevertheless to such reservations and prion ties as may be requisite to totisfy the appropriations heretofore made, and which during th« orefent session of Congress may e made bylaw, including the sums herein before rcferved and ap propriated ; and to the end, that the said monies may be invioifj bly applied in conformity to this ast, and may never be lVerlf to any other purpose, an account (ball be kept of the receipts an difpofjtion thereof separate and diftinft from the product or any other duties, imports, excifcs and taxes whatsoever, except luc.ft a*
Significant historical Pennsylvania newspapers