United States Statutes at Large/Volume 5/25th Congress/1st Session/Chapter 8
Chap. VIII.—An Act authorizing a further postponement of payment upon duty bonds.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,The Secretary of the Treasury authorized to grant such further extension of credit on bonds, &c. That the Secretary of the Treasury be, and he hereby is, authorized to grant such further extension of credit upon all bonds for duties now outstanding as shall make the whole extension of credit upon each bond nine months from the time when the original bond became due and payable, making the extension in each case to depend upon the same conditions as to additional security, the payment of interest, and other terms, which have been prescribed by the Treasury Department, to the extension of revenue bonds since May last:Proviso. Provided, That nothing herein contained shall be construed to include any existing bonds where the parties to the same have not, since the bonds became payable, given additional security, or made part payment, and are, by the proper officers of the Government, considered insolvent, or unsafe securities for the payment of their bonds.
A credit of 3 and 6 months to be allowed on the duty on all merchandise imported before 1st Nov. next, upon which the duties are payable in cash.Sec. 2. And be it further enacted, That a credit of three and six months shall be allowed on the duty on all merchandise which shall have been or may be imported on or before the first day of November next, upon which the duties are payable in cash, and that the bonds received for such duties shall be payable in equal instalments, bearing interest at the rate of six per cent. per annum, and shall be in the form and upon the conditions prescribed by the existing laws and by this act.
The bonds received for such duties to be payable in equal instalments, bearing 6 per cent. interest, and in the form and upon the conditions prescribed by law.
When the security in bonds postponed is entirely satisfactory, the principals or sureties shall not be disabled, &c.
Proviso.Sec. 3. And be it further enacted, That where the security in any bond which has been, or may hereafter be postponed, is entirely satisfactory, the principal or sureties in the same shall not be disabled from being in the mean time, till the period of postponement provided for by this act expires, received as principal or sureties in other bonds for duties, notwithstanding the bond first given may not have been actually paid, discharged, or extended before or on the day it fell due: Provided, That such principal and sureties shall be found in all other respects, safe and satisfactory security for the bonds to which they may be proposed as parties.
Sec. 4. And be it further enacted, That the operation of all prior laws, and parts of laws, so far as inconsistent with this act, be suspended in the particulars in which they may conflict with, or differ from, its provisions, until this act shall cease by its own limitations.
Approved, October 16, 1837.