Volume 1 · 372
Public Law 3–XL
providing for the payment of the second instalment due on a Loan made of the Bank of the United States.
Approved June 4, 1794
Statutory text
An Act
providing for the payment of the second instalment due on a Loan made of the Bank of the United States.
Section 1.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the President of the United States be, and he hereby is authorized and empowered to apply two hundred thousand dollars of the proceeds of foreign loans heretofore transferred to the United States, in payment of the second instalment due to the Bank of the United States, upon a loan of the said bank, made pursuant to the eleventh section of the act for
Annual period for payment of each instalment.
incorporating the subscribers to the said bank: And that the annual period for the payment of each instalment of the said loan, shall be deemed to be the last day of December in each year.
Sec. 2.
And be it further enacted, That a sufficient sum of the dividends, which have accrued, or which shall hereafter accrue, on the stock owned by the United States, in the Bank of the United States, be, and the same is hereby appropriated to the payment of the interest, which has, or shall become due, on the loan obtained, as aforesaid.
Approved, .