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 Front Page arrow Titles (by Subject) arrow ACT TO AMEND THE ACT INTITLED AN ACT MAKING PROVISION FOR REDEMPTION OF THE PUBLIC DEBT J. MSS. - The Works, vol. 7 (Correspondence 1792-1793)

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Subject Area: Political Theory
Topic: The American Revolution and Constitution

ACT TO AMEND THE ACT INTITLED AN ACT MAKING PROVISION FOR REDEMPTION OF THE PUBLIC DEBT J. MSS. - Thomas Jefferson, The Works, vol. 7 (Correspondence 1792-1793) [1905]

Edition used:

The Works of Thomas Jefferson, Federal Edition (New York and London, G.P. Putnam’s Sons, 1904-5). Vol. 7

Part of: The Works of Thomas Jefferson, 12 vols.

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ACT TO AMEND THE ACT INTITLED AN ACT MAKING PROVISION FOR REDEMPTION OF THE PUBLIC DEBTJ. MSS.

[November, 1792.]

It being highly expedient that no time should be lost in redeeming those portions of the principal of the Public debt which may be annually redeemed, and more desirable, until other funds shall be provided, to apply to this object the surplus of duties described in the act making provision for the reduction of the Public debt, than to the purchase of any other part of the said Debt.

Be it enacted by the Senate & House of Repr of the U. S. of A. in Congs. assembled, that the sd surplus now in the treasury, or hereafter coming into the treasury shall be applied under the direction of the persons therein named to the redemption of those proportions of the public debt bearing a present interest of six per centum per annum which may be lawfully redeemed, for the year preceeding the sd payments; and the residue, if any, to the redemption of the proportion of the same debt which may be redeemed in the then succeeding year.