United States Statutes at Large/Volume 1/3rd Congress/2nd Session/Chapter 4

United States Statutes at Large, Volume 1
United States Congress
Public Acts of the Third Congress, 2nd Session, Chapter 4

Dec. 18, 1794
Chap. Ⅳ.—An Act authorizing a Loan of two million of Dollars.

President of United States to borrow $2,000,000.Section 1. Be it enacted by thee Senate and House of Representatives of the United States of America in Congress assembled, That the President of the United States be empowered to borrow, on behalf of the United States, any sum not exceeding two million of dollars, at an interest not exceeding five per cent. per annum, reimbursable at the pleasure of the United States, to be applied to such public purposes, as are authorized by law, and to be repaid out of the duties on impost and tonnage, to the end of the year one thousand seven hundred and ninety-five.

Bank of United States may loan said sum.Sec. 2. And be it further enacted, That it shall be lawful for the Bank of the United States, and the said bank hereby is authorized and empowered to loan the said sum, or any part thereof.

Approved, December 18, 1794.