United States Statutes at Large/Volume 1/5th Congress/3rd Session/Chapter 3
Section 1.Debtor states assuming to pay or to expend in fortifications a sum in money or in stock, equal to their debts, may obtain a discharge, &c.
Ante, p. 49. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That if any state, against which a balance was reported by the commissioners appointed to settle the accounts between the United States and the several states, shall, on or before the first day of April, one thousand eight hundred, by a legislative act, engage to pay into the treasury of the United States within five years after passing such legislative act, or to expend, within the time last mentioned, in erecting, enlarging or completing any fortifications for the defence of the United States at such place or places the jurisdiction whereof, having been, previously to such expenditure, ceded by such state to the United States, with reservation that process civil and criminal issuing under authority of such state, may be served and executed therein, and according to such plan or plans as shall be approved by the President of the United States, a sum in money, or in stock of the United States, equal to the balance reported as aforesaid, against such state, or to the sum assumed by the United States in the debt of such state, such payment or expenditure, when so made, shall be accepted by the United States as a full discharge of all demands on account of said balance; and the President of the United StatesAnte, p. 554. shall be, and hereby is authorized to cause credit to be given to such state on the books of the treasury of the United States accordingly: Provided however,Limitation of the descriptions of stock to be paid or expended. that no more than one third part of the whole payment or expenditure that may be made by any such state shall be made in three per cent stock, nor more than one third part of the remaining two thirds shall be made in deferred stock: And provided also,Such state may obtain a discharge by the payment or expenditure of a sum of money, &c. that any such state may obtain a full discharge, as aforesaid, by the payment or expenditure of a sum of money, sufficient in the opinion of the Secretary of the Treasury, to purchase, at market price, the different species of stock, the payment or expenditure of which would be accepted as a full discharge, as aforesaid.
Sec. 2. Provided always, and be it further enacted,Provision including expenditures on fortifications before their cession to the U. States. That if any such state as is aforesaid shall have expended, since the establishment of the present government of the United States, any sum of money in fortifying any place since ceded by such state to the United States, or which may be so ceded, within one year after the passing of this act, such expenditure having been ascertained and proved to the satisfaction of the Secretary of the Treasury, shall be taken and allowed as part of the expenditure intended by this act.
Approved, February 19, 1799.