Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the President of the United States be, and he is hereby, authorized, at any time within one year from the passage of this act, to borrow, on the credit of the United States, a sum not exceeding sixteen millions of dollars, or so much thereof as, in his opinion, the exigencies of the government may require, at a rate of interest not exceeding six per centum per annum, payable quarterly or semi-annually, which loan shall be made reimbursable at any time after twenty years from the first day of July next after the passage of this act; and said money, so borrowed, shall, on being first duly appropriated therefor, be applied, in addition to the money now in the treasury, or which may be received therein from other sources, to defray any of the public expenses which have been heretofore, or may be hereafter, authorized by law, and the stock issued upon such loan shall be transferable on the books of the treasury.

Sec. 2. And be it further enacted, That the Secretary of the Treasury be, and he is hereby authorized, with the consent of the President

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of the United States, to cause to be prepared certificates of stock, which shall be signed by the Register of the Treasury, and sealed with the seal of the Treasury Department, for the sum to be borrowed as aforesaid, or any part thereof, bearing an interest not to exceed six per centum per annum, and transferable and reimbursable as aforesaid, and to cause said certificates of stock to be sold: Provided, That no part of said stock be sold below par: And provided, also,That, whenever required so to do, the Secretary of the Treasury shall cause to be attached to any certificate or certificates to be issued under this act, coupons of interest; and any certificate having such coupons of interest attached to it, may be transferable by delivery of the certificate, instead of being assignable on the books of the treasury; but no certificate of stock shall be issued for a less amount than fifty dollars.

Sec. 3. And be it further enacted, That the Secretary of the Treasury be, and he is hereby, authorized to receive proposals for the taking of such loan, or any part or parts thereof; and that before disposing of the said stock issued for such loan, the Secretary of the Treasury shall cause to be inserted in one or two public newspapers printed in the city of Washington, and in one or two public newspapers printed in the principal city or capital of each State, an advertisement stating that bids and proposals for such loan will be received until a certain day, to be specified in such advertisement, not more than sixty days or less than twenty days from the time of the first insertion of said advertisement in one or two newspapers in the city of Washington, and stating the amount of the loan required, and in what installments, and when and where it will be required to be paid. And all such proposals shall be required to be sealed, and shall be opened by the secretary, or other officer of the department, on the day appointed, publicly, and in the presence of such persons as may choose to attend; and no proposal shall be withdrawn after the same shall have been received at the Treasury Department; and the said secretary may pay such expenses as may be necessarily incurred in printing and issuing certificates of stock: Provided, however, That the employment of agents, and other expenses incident to the execution of this act, shall not in all exceed the sum of sixteen thousand dollars; which sum of sixteen thousand dollars is hereby appropriated for these purposes, and shall be paid out of any money in the treasury not otherwise appropriated: And provided, That no compensation shall be allowed to any officer whose salary is fixed by law, for any service performed by him in the execution of this act.

Sec. 4. And be it further enacted, That the faith of the United States is hereby pledged to provide and establish sufficient revenues for the regular payment of interest, and for the redemption of said stock. And the principal sum borrowed under the provisions of this act, and the interest thereon, as the same shall, from time to time, become due and payable, shall be paid out of any money in the treasury not otherwise appropriated.

Sec. 5. And be it further enacted, That the Secretary of the Treasury be, and he is hereby, authorized to purchase, at any time before the period herein limited for the redemption of the stock hereby created, such portion thereof at the market price, not below par, as the funds of the government may admit of, after meeting all the demands on the treasury; and any surplus that hereafter may be in the treasury is hereby appropriated to that object.

Sec. 6. And be it further enacted, That it shall be the duty of the Secretary of the Treasury to report to Congress, at the commencement of the next session, the amount of money borrowed under this act, and of whom, and on what terms it shall have been obtained, with an abstract or brief statement of all the proposals submitted for the same,

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distinguishing between those accepted and those rejected, with a detailed statement of the expense of making such loans.

Approved, March 31, 1848.