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stock now to be created, and the faith of the United States is pledged to establish sufficient revenues for making up any deficiency that may hereafter take place in the funds now appropriated for paying the interest and principal as aforesaid. And whereas the president of the United States did, by an act or commission under his hand, dated the seventeenth day of February, one thousand eight hundred and thirteen, authorise and empower the secretary of the treasury to borrow, on behalf of the United States, a sum not exceeding in the whole sixteen millions of dollars, and to make the necessary contracts for the same, pursuant to the act of congress
above recited : Now therefore, the undersigned, secretary of the treasury, pursuance of the act of congress, and the authority from the president of the United States above mentioned, doth hereby, on behalf of the United States, contract and engage in the manner following, to wit:
1. Books for receiving subscriptions to a loan of sixteen millions of dollars, for the use of the United States, shall be opened on the twelfth day of March next,
At Portsmouth, N. H., at the New Hampshire Union Bank.
At the city of New York, at the Manhattan Company, and at the Mechanics' Bank.
At Albany, at the New York State Bank, and at the Mechanics' and Farmers' Bank.
At Philadelphia, at the Bank of Pennsylvania, the Farmers? and Mechanics' Bank, and the Philadelphia Bank.
At Baltimore, at the Bank of Baltimore, the Commercial and Farmers' Bank, and the Union Bank of Maryland.
At the city of Washington, at the Bank of Washington, and the office of the Bank of Columbia.
At Richmond, Va., at the Bank of Virginia.
At Charleston, S. C., at the State Bank, and the Planters' and Mechanics' Bank.
And at any other incorporated bank in any of the above named cities of towns, which shall open books for receiving subscriptions as aforesaid, and give public notice thereof.
Which books shall continue open for receiving subscriptions during the ordinary hours of transacting business at the said banks, on Friday the twelfth and Saturday the thirteenth day of March next. If more than sixteen millions of dollars in the whole shall be subscribed, the surplus shall be deducted in proportion to the sums subscribed in each place respectively, by a
reduction of the subscriptions exceeding four thousand dollars. But no reduction shall be made, of the subscriptions made by any persons or bodies corporate, holders (at the time of subscribing) of stock issued under the act of March 14, 1812, called “six per cent. stock of 1812," unless the aggregate of their subscriptions should exceed sixteen millions of dollars; in which case the surplus shall be deducted, by a reduction of the proportionally highest subscriptions. If any subscription shall be thus reduced, the amount of such reduction shall be forthwith returned to the subscriber from whom such reduction shall have been made.
2. No subscriptions will be received for a sum less than one hundred dollars, nor for a fractional part of a hundred dollars.
3. For every hundred dollars which may be subscribed, there shall be paid at the time of subscribing, twelve dollars and fifty cents, and a like sum of twelve dollars and fifty cents on the first day of each of the ensuing months of April, May, June, July, August, September, and October, 1813, respectively.Each subscriber, at the time of paying any of the above instalments, after the first, may pay all or any number of the subsequent instalments, and will be entitled to receive interest at the rate of six per centum per annum on the amount thus paid, from the time of actual payment.
4. On the failure of payment of any instalment of the sums subscribed, according to the tenor of the third article, the next preceding instalment of twelve dollars and fifty cents, which shall have been paid for every hundred dollars subscribed, shall be forfeited to the United States.
5. Each subsequent instalment must be paid at the same bank at which the original subscription was made and where the first instalment was paid.
6. The cashiers of the respective banks where subscriptions are received, shall, within twenty days after the time of subscribing, give certificates stating the sums subscribed and payment made, and on which the payments of the subsequent instalments, when made, shall be respectively endorsed; which certificates shall be assignable by endorsement and delivery of the parties in whose favour they may be issued, until the completion of the payments required by the tenor of the third article.
7. After the completion of the payments aforesaid, the proprietors of the certificates of the cashiers, on which such payments have been completed, on surrendering the same at the loan office of the state in which the subscription and payments shall have been made, shall be entitled to receive from the commissioner of loans, certificates of FUNDED CAPITAL STOCK for the amount thus sub
scribed and paid, bearing an interest of six per centum per annum, from the time when the said instalments shall have been paid respectively, and payable quarterly at the several loan offices, or at the treasury of the United States, where the same may stand credited : and shall moreover receive from the commissioner of loans, a certificate entitling such proprietor to an ANNUITY or annual sum, payable quarter yearly, for thirteen years, commencing on the first day of January, one thousand eight hundred and thirteen, of one dollar on every hundred dollars thus subscribed and paid ; which certificates of annuity shall constitute a separate and distinct stock, and may be sold, assigned, and transferred to and from the books of the treasury, or of the several loan offices, separately and distinctly from the aforesaid funded capital six per cent. stock. And the said funded capital stock, and the said annuities, shall be transferrable by their respective proprietors in person, or by their attornies duly constituted, in the same manner as the present funded debt of the United States, and in pursuance of the rules which have been or which may be established relative to the transfer of the said debt.
8. After the payment of the fifth instalments, such of the proprietors of the certificates of the cashiers, of two hundred dollars and upwards, as may then be desirous of funding the same, may, on presenting them at the loan office of the state in which the subscription and payments shall have been made, receive from the commissioner of loans, certificates of funded capital six per cent. stock, for the amount of the four first instalments, or one moiety of the sum expressed in the certificates of the cashiers; and also certificates for one moiety of the thirteen years' annuity of one dollar on the hundred dollars subscribed. But no certificate of funded capital six per cent. stock including a fractional part of a hundred dollars, or certificate of annuity including a fractional part of a dollar, will be issued.
9. After the last day of December, in the year one thousand eight hundred and twenty-five, and after reasonable notice to the creditors, which shall be given by an advertisement in some public newspaper, printed at the seat of the government of the United States, the said capital six per cent. stock shall be redeemable at the pleasure of the United States, by the reimbursement of the whole sum which may at that time stand credited to any proprietor on the books of the treasury or of the loan offices respectively. And the payments of the said annuities for thirteen years, shall cease and determine on the first day of January, one thousand eight hundred and twenty-six, when the certificates of the same shall be surrendered up and cancelled.
10. So much of the funds constituting the annual appropriation of eight millions of dollars, for the payment of the principal and interest of the public debt of the United States, as may be necessary for the regular payment of the interest and for the reimbursement of the principal of the stock, and for the regular payment of the annuities to be created under this contract, together with the faith of the United States for its due fulfilment, are hereby pledged in pursuance of, and according to the terms and conditions of the act of congress herein before recited.
Given under my hand and the seal of the treasury of the
United States, at Washington, this twentieth day of
Secretary of the Treasury.
Treasury Department, March 18th, 1813. Notice is hereby given, that the books for receiving subscriptions to the loan authorised by the act of congress of February 8th, 1813, will again be opened on the 25th day of this month, on the same terms and conditions as heretofore, and continue so open till the 31st day of this month, unless sooner closed by public notice, at the following places, and for the following sums respectively, that is to say :
At New York, for five millions of dollars :
Bank of America.
Farmers' and Mechanics' Bank
Stephen Girard's Bank.
Commercial and Farmers' Bank
Office of the Bank of Columbia.
Proposals will also be received by the secretary of the treasury, until the fifth day of April next, from any person or persons, body or bodies
offer for themselves or others to subscribe for the whole or part of the residue of the loan aforesaid, which may not have been subscribed for, prior to the first day of April next. The proposals must distinctly state the amount offered to be loaned, the species of stock or stocks which the parties wish to obtain, and the price they will allow for the
Unless a different modification should be asked in the proposal, it will be understood that the amount loaned will be paid into the treasury in four equal instalments, viz. : on the 15th days of April, June, August, and October next ; and that the stock issued will be irredeemable till the 31st day of December, 1825.
If proposals shall be made, amounting together to a greater sum than that required, the preference will, on equal terms, be given to stockholders of the six per cent. stock of 1812.
If any proposals differing in terms from one another, or from those on which subscriptions have already, or may be made, prior to the first day of April next, should be accepted, all the parties, including those who have already subscribed or may subscribe, prior to the first day of April next, shall be placed on the same footing, by giving to all the option either of the terms offered by them, or on which they have subscribed, or of those offered by any other persons, and which shall have been accepted.
No proposal will be received for a sum less than one hundred thousand dollars. But a commission of one quarter per cent. will be allowed to any person collecting subscriptions for the purpose of incorporating them in one proposal, to the amount of one hundred thousand dollars or upwards; provided that such proposal shall be accepted.
All the proposals must be transmitted by duplicates, one directed to the city of Washington, and the other (under cover of the cashier of the bank of Pennsylvania) to Philadelphia.
Secretary of the Treasury.
Treasury Department, April 15th, 1813. Those persons who have subscribed to the United States' loan of sixteen millions of dollars, prior to the first day of the present month of April, are hereby notified, that terms different from