United States Statutes at Large/Volume 1/1st Congress/3rd Session/Chapter 25

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United States Statutes at Large, Volume 1
United States Congress

Public Acts of the First Congress, 3rd Session, Chapter 25

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600000United States Statutes at Large, Volume 1 — Public Acts of the First Congress, 3rd Session, Chapter 25United States Congress

March 3, 1791.

Chap. XXV.—An Act supplementary to the act making provision for the reduction of the Public Debt.

Loan in Holland of 3,000,000 florins, at 5 per cent. per annum,
1790, ch. 47.Whereas it hath been made known to Congress that the President of the United States, in consequence of "An act making provision for the reduction of the public debt," hath caused a certain loan to be made in Holland, on account of the United States, to the amount of three millions of florins, bearing an interest of five per centum per annum, and reimbursable in six yearly instalments, commencing in the year one thousand eight hundred, and ending in the year one thousand eight hundred and six, or at any time sooner, in whole or in part, at the option of the United States;

whereon the charges are four and a half per cent.And whereas it hath been also stated to Congress, that the charges upon the said loan have amounted to four and a half per centum, whereby a doubt hath arisen, whether the said loan be within the meaning of the said last mentioned act, which limits the rate of interest to five per centum per annum;

And whereas it is expedient that the said doubt be removed;

declared to be within the meaning of the act providing for the reduction of the public debt, and also further loans on the like terms.
1790, ch. 47.Be it enacted and declared by the Senate and House of Representatives of the United States of America in Congress assembled, That the loan aforesaid shall be deemed and construed to be within the true intent and meaning of the said act, intituled “An act making provision for the reduction of the public debt,” and that any farther loan, to the extent of the principal sum authorized to be borrowed by the said act, the interest whereof shall be five per centum per annum, and the charges whereof shall not exceed the said rate of four and a half per centum, shall, in like manner, be deemed and construed to be within the true intent and meaning of the said act.

Approved, March 3, 1791.