[Congressional Record Volume 141, Number 41 (Monday, March 6, 1995)]
[Senate]
[Pages S3495-S3498]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


        THE BALANCED BUDGET AMENDMENT--A HISTORICAL PERSPECTIVE

  Mr. BYRD. Mr. President, on Tuesday last, February 28, 1995, the 
Senate was supposed to vote on the final disposition of the 
constitutional amendment to balance the budget. It may be of interest 
to my colleagues to know that exactly 200 hundred years ago, on 
February 28, 1795, the Senate was meeting at Congress Hall in 
Philadelphia, then the nation's capital. Our information is incomplete 
about the details of that day's session because, as was its practice at 
that time, the Senate met behind closed doors and kept only the 
briefest of minutes as required by the Constitution. What we do know, 
based on news accounts derived from members who were willing to talk to 
local journalists, is that Senators were most concerned that day about 
paying the government's debts and raising further income to meet 
growing expenses.
  The Senate debated and approved, by a vote of 21-1, ``An act making 
further provision for the support of Public Credit, and for the 
Redemption of the Public Debt.'' The Senate rejected four proposed 
amendments, including an amendment offered by Senator Aaron Burr to 
require repayment, during a 12-20-year period, of the principal on a 
subscription loan to fund the foreign debt. As ultimately enacted, the 
bill required that ``the principal of the said loan may be reimbursed 
at any time, at the pleasure of the United States.'' This suggested the 
Senate's majority recognized that the government might not be in a 
position to repay its loans within Burr's 12-20-year period. Lenders to 
the government would have to be satisfied with repayment at some 
indefinite time in the future.
  Related to this concern about managing for government expenditures, 
the Senate also approved committee amendments to a bill to require the 
Comptroller of the Treasury to order the submission of accounts and 
vouchers by all individuals who had received public funds, and to file 
suit against individuals who had failed to comply, and ordered that the 
bill pass to a third reading.
  Concerned with revenue sources, the Senate also received from the 
House and referred to a committee a bill that would impose duties on 
snuff and refined sugar.
  Mr. President, I ask unanimous consent that the proceedings of 
February 28, 1795, as shown in the ``Annals of Congress,'' along with 
the ``Act for the Support of Public Credit and for the Redemption of 
the Public Debt,'' which was passed on March 3, 1795, be printed in the 
Record.
  There being no objection, the historical material was ordered to be 
printed in the Record, as follows:

  [From the ``Annals of Congress''--Senate Proceedings, February 28, 
                                 1795]

Saturday, February 28.

                           *   *   *   *   *


       On motion, to insert the following section after the 5th, 
     to wit:
       ``Be it further enacted, That a Loan be opened at the 
     Treasury to the full amount of the outstanding and unbarred 
     new emission bills of credit, the sums which shall be 
     subscribed to be payable in the principal and interest of 
     such bills, computing the interest thereon to the first day 
     of January next, and that the subscriber or subscribers shall 
     be entitled to receive therefor a certificate for the amount 
     of the principal sum so subscribed and paid, bearing an 
     interest of five per centum per annum from the first day of 
     January next, payable quarter yearly at the Treasury, and 
     redeemable at the pleasure of the United States, by the 
     payment of the sum specified therein, and containing a 
     stipulation that the United States will redeem the same 
     before the expiration of thirty years from the passing of 
     this act, and also to another certificate for the amount of 
     the interest on the sum so subscribed, computing the same to 
     the first of January next, bearing an interest of three per 
     centum per annum from the first day of January next, payable 
     quarter yearly at the Treasury, and redeemable at the 
     pleasure of the United States, by the payment of the sum 
     specified therein:''
       It passed in the negative.
       On motion, by Mr. Burr, to add the following proviso to the 
     11th section, to wit:
       ``Provided, nevertheless, That, whenever the six per cent. 
     stock shall be under par, it shall be the duty of the 
     Commissioners of the Sinking Fund to lay out, in the purchase 
     of the said stock, the money applicable to the payment of the 
     said two per cent. of principal, or so much thereof as can be 
     laid out in the purchase thereof, at a rate under par:''
       It passed in the negative.
       On motion, by Mr. Burr, to expunge the last section of the 
     bill, to wit:
       ``Sec. 20. And be it further enacted, That so much of the 
     act laying duties upon carriages for the conveyance of 
     persons, and of the act laying duties on licenses for selling 
     wines and foreign distilled spirituous liquors by retail, and 
     of the act laying certain duties upon snuff and refined 
     sugar, and of the act laying duties on property sold at 
     auction, as limits the duration of the said several acts, be, 
     and the same are hereby, repealed; and that all the said 
     several acts be, and the same are hereby, continued in force 
     until the first day of March, one thousand eight hundred and 
     one:''
       It passed in the negative.
       On the question, Shall this bill pass as amended? it was 
     determined in the affirmative--Yeas 21, nays 1, as follows:
       Yeas.--Messrs. Bradford, Bradley, Brown, Burr, Cabot, 
     Ellsworth, Foster, Frelinghuysen, Gunn, Hawkins, Izard, King, 
     Langdon, Livermore, Martin, Mitchell, Robinson, Ross, 
     Rutherfurd, Strong, and Vining.
       Mr. Jackson voted in the negative,
       Resolved, That this bill pass with the amendment.
       A message from the House of Representatives informed the 
     Senate that the House have passed a bill, entitled ``An act 
     to alter and amend the act entitled `An act laying certain 
     duties upon
      snuff and refined sugar;'' in which they desire the 
     concurrence of the Senate.
       The Senate resumed the second reading of the bill, send 
     from the House of Representatives for concurrence, entitled, 
     ``An act for the more effectual recovery of debts due from 
     individuals to the United States;'' and having agreed to 
     sundry amendments reported by the committee,
       Ordered, That this bill pass to the third reading, as 
     amended.
        [[Page S3496]] Mr. Frelinghuysen, from the committee to 
     whom was recommitted the bill, sent from the House of 
     Representatives for concurrence, entitled ``An act for 
     continuing and regulating the Military Establishment of the 
     United States, and for repealing sundry acts heretofore 
     passed on that subject,'' reported further amendments, which 
     were considered and agreed to, and the bill amended 
     accordingly.
       Ordered, That this bill pass to the third reading.
       The bill, sent from the House of Representatives for 
     concurrence, entitled ``An act to alter and amend the act 
     entitled `An act laying certain duties upon snuff and refined 
     sugar,'' was read the first time, and, by unanimous consent, 
     the rule was dispensed with, and the bill was read the second 
     time, and referred to Messrs. Cabot, Ellsworth, and Izard, to 
     consider and report thereon to the Senate.
     
                                                                    ____
An Act for the Support of Public Credit, and for the Redemption of the 
                       Public Debt, March 3, 1795

       Be it enacted, &c., That it shall be lawful for the 
     Commissioners of the Sinking Fund, and they are hereby 
     empowered, with the approbation of the President of the 
     United States, to borrow, or cause to be borrowed, from time 
     to time, such sums, in anticipation of the revenue 
     appropriated, not exceeding, in one year, one million of 
     dollars, to be reimbursed within a year from the time of each 
     loan, as may be necessary for the payment
      of the interest which shall annually accrue on the public 
     debt; and for the payment of the interest on any such 
     temporary loan, which shall not exceed six per centum per 
     annum, so much of the proceeds of the duties on goods, 
     wares, and merchandise imported, on the tonnage of ships 
     or vessels, and upon spirits distilled within the United 
     States, and stills, as may be necessary, shall be, and are 
     hereby, appropriated.
       Sec. 2. And be it further enacted, That a loan be opened at 
     the Treasury to the full amount of the present foreign debt, 
     to continue open until the last day of December, in the year 
     one thousand seven hundred and ninety-six, and that the sums 
     which may be subscribed to the said loan shall be payable and 
     receivable, by way of exchange, in equal sums of the 
     principal of the said foreign debt; and that any sum so 
     subscribed and paid shall bear an interest equal to the rate 
     of interest, which is now payable on the principal of such 
     part of the foreign debt as shall be paid or exchanged 
     therefor, together with an addition of one-half per centum 
     per annum; the said interest to commence on the first day of 
     January next succeeding the time of each subscription, and to 
     be paid quarterly, at the same periods at which interest is 
     now payable and paid upon the domestic funded debt: Provided, 
     That the principal of the said loan may be reimbursed at any 
     time, at the pleasure of the United States.
       Sec. 3. And be it further enacted, That credits to the 
     respective subscribers for the sums by them respectively 
     subscribed to the said loan, shall be entered and given on 
     the books of the Treasury in like manner as for the present 
     domestic funded debt; and that certificates therefor, of a 
     tenor conformable with the provisions of this act, signed by 
     the Register of the Treasury, shall issue to the several 
     subscribers, and that the said credits, or stock standing in 
     the names of the said subscribers, respectively, shall be 
     transferable, in like manner, and by the like ways and means, 
     as are provided by the seventh section of the act aforesaid, 
     entitled ``An act making provision for the debt of the United 
     States,'' touching the credits or stock therein mentioned; 
     and that the interest to be paid upon the stock which shall 
     be constituted by virtue of the said loan shall be paid at 
     the offices or places where the credits for the same shall 
     from time to time stand or be, subject to the like conditions 
     and restrictions as are prescribed in and by the eighth 
     section of the act last aforesaid.
       Sec. 4. And be it further enacted, That the interest and 
     principal of all loans authorized by this act shall be made 
     payable at the Treasury of the United States only, so far as 
     relates to the payment of the principal and interest of the 
     domestic debt.
       Sec. 5. And be it further enacted, That so much of the 
     duties on goods, wares, and merchandise imported, on the 
     tonnage of ships or vessels, and upon spirits distilled 
     within the United States, and stills, heretofore appropriated 
     for the interest of the foreign debt, as may be liberated or 
     set free, by subscriptions to the said loan, together with 
     such further sums of the proceeds of the said duties as may 
     be necessary, shall be, and they are hereby, pledged and 
     appropriated, for the payment
      of the interest which shall be payable upon the sums 
     subscribed to the said loan, and shall continue so pledged 
     and appropriated until the principal of the said loan 
     shall be fully reimbursed and redeemed: Provided, always, 
     That nothing herein contained shall be construed to alter, 
     change, or in any manner affect the provisions heretofore 
     made concerning the said foreign debt, according to 
     contract, either during the pendency of the said loan or 
     after the closing thereof; but every thing shall proceed, 
     touching the said debt, and every part thereof, in the 
     same manner as if this act had never been passed, except 
     as to such holders thereof as may subscribe to the said 
     loan, and from the time of the commencement thereof in 
     each case, that is, when interest on any sum subscribed 
     shall begin to accrue.
       Sec. 6. And be it further enacted, That the several and 
     respective duties laid and contained in and by the act, 
     entitled ``An act laying additional duties on goods, wares, 
     and merchandise imported into the United States,'' passed the 
     seventh day of June, one thousand seven hundred and ninety-
     four, shall, together with the other duties heretofore 
     charged with the payment of interest on the public debt, 
     continue to be levied, collected, and paid, until the whole 
     of the capital or principal of the present debt of the United 
     States, and future loans which may be made pursuant to law, 
     for the exchange, reimbursement, or redemption thereof, or of 
     any part thereof, shall be reimbursed or redeemed, and shall 
     be, and hereby are, pledged and appropriated for the payment 
     of interest upon the said debt and loans, until the same 
     shall be so reimbursed or redeemed.
       Sec. 7. And be it further enacted, That the reservation 
     made by the fourth section of the aforesaid act, entitled 
     ``An act making provision for the reduction of the public 
     debt,'' be annulled, and, in lieu thereof, that so much of 
     the duties on goods, wares, and merchandise imported, on the 
     tonnage of ships or vessels, and upon spirits distilled 
     within the United States, and stills, as may be necessary, 
     be, and the same hereby are, substituted, pledged, and 
     appropriated for satisfying the purpose of the said 
     reservation.
       Sec. 8. And be it further enacted, That the following 
     appropriations, in addition to those heretofore made be made, 
     to the fund constituted by the seventh section of the act, 
     entitled ``An act supplementary to the act making provision 
     for the debt of the United States,'' passed the eighth day of 
     May, one thousand seven hundred and ninety-two, to be 
     hereafter denominated ``The Sinking Fund,'' to wit: First. So 
     much of the proceeds of the duties on goods, wares, and 
     merchandise imported, on the tonnage of ships or vessels, and 
     on spirits distilled within the United States, and stills, 
     as, together with the moneys which now constitute the said 
     fund, and shall accrue to it, by virtue of the provisions 
     hereinbefore made, and by the interest upon each installment, 
     or part of principal which shall be reimbursed, will be 
     sufficient, yearly and every year, commencing the first day 
     of January next, to reimburse and pay so much as may 
     rightfully be reimbursed and paid, of the principal of that 
     part of the debt or stock which, on the said first day of 
     January next, shall bear an interest of six per centum per 
     annum, redeemable
      by payments on account both of principal and interest, not 
     exceeding, in one year, eight per centum, excluding that 
     which shall stand to the credit of the Commissioners of 
     the Sinking Fund, and that which shall stand to the credit 
     of certain States, in consequence of the balances reported 
     in their favor by the Commissioners for settling accounts 
     between the United States and individual States: Secondly. 
     The dividends which shall be from time to time declared on 
     so much of the stock of the Bank of the United States as 
     belongs to the United States, (deducting thereout such 
     sums as will be requisite to pay interest on any part 
     remaining unpaid of the loan of two million of dollars had 
     of the Bank of the United States, pursuant to the eleventh 
     section of the act by which the said Bank is 
     incorporated:) Thirdly. So much of the duties on goods, 
     wares, and merchandise imported, on the tonnage of ships 
     or vessels, and on spirits distilled within the United 
     States, and stills, as, with the said dividends, after 
     such deduction, will be sufficient, yearly and every year, 
     to pay the remaining instalments of the principal of the 
     said loan as they shall become due, and as, together with 
     any moneys which, by virtue of provisions in former acts, 
     and herein-before made, shall, on the first day of 
     January, in the year one thousand eight hundred and two, 
     belong to the said Sinking Fund, not otherwise specially 
     appropriated; and with the interest on each instalment, or 
     part of principal, which shall from time to time be 
     reimbursed or paid of that part of the debt or stock, 
     which, on the first day of January, in the year one 
     thousand eight hundred and one, shall begin to bear an 
     interest of six per centum per annum, will be sufficient, 
     yearly and every year, commencing on the first day of 
     January, in the year one thousand eight hundred and two, 
     to reimburse and pay so much as may rightfully be 
     reimbursed and paid of the said principal of the said debt 
     or stock which shall so begin to bear an interest of six 
     per centum per annum, on the said first day of January, in 
     the year one thousand eight hundred and one, excluding 
     that which shall stand to the credit of the Commissioners 
     of the Sinking Fund and that which shall stand to the 
     credit of certain States, as aforesaid: Fourthly. The net 
     proceeds of the sales of lands belonging, or which shall 
     hereafter belong to the United States, in the Western 
     Territory thereof: Fifthly. All moneys which shall be 
     received into the Treasury on account of debts due to the 
     United States by reason of any matter prior to their 
     present Constitution: And, lastly, All surplusses of the 
     revenues of the United States which shall remain, at the 
     end of any calendar year, beyond the amount of the 
     appropriations charged upon the said revenues, and which, 
     during the session of Congress next thereafter, shall not 
     be otherwise specially appropriated or reserved by law.
       Sec. 9. And be it further enacted, That as well the moneys 
     which shall accrue to the said Sinking Fund, by virtue of the 
     provisions of this act, as those which shall have 
     [[Page S3497]] accrued to the same by virtue of the 
     provisions of any former act or acts, shall be under the 
     direction and management of the Commissioners of the Sinking 
     Fund, or the officers designated in and by the second section 
     of the act, entitled ``An act making provision for
      the reduction of the Public Debt,'' passed the twelfth day 
     of August, one thousand seven hundred and ninety, and 
     their successors in office; and shall be and continue 
     appropriated to the said fund until the whole of the 
     present debt of the United States, foreign and domestic, 
     funded and unfunded, including future loans, which may be 
     made for reimbursing or redeeming any instalments or parts 
     of principal of the said debt, shall be reimbursed and 
     redeemed; and shall be, and are hereby declared to be, 
     vested in the said Commissioners, in trust, to be applied 
     according to the provisions of the aforesaid act of the 
     eighth day of May, in the year one thousand seven hundred 
     and ninety-two, and of this act, to the reimbursement and 
     redemption of the said debt, including the loans 
     aforesaid, until the same shall be fully reimbursed and 
     redeemed. And the faith of the United States is hereby 
     pledged that the moneys or funds aforesaid shall 
     inviolably remain and be appropriated and vested, as 
     aforesaid, to be applied to the said reimbursement and 
     redemption, in manner aforesaid, until the same shall be 
     fully and completely effected.
       Sec. 10. And be it further enacted, That all reimbursements 
     of the capital or principal of the Public Debt, foreign and 
     domestic, shall be made under the superintendence of the 
     Commissioners of the Sinking Fund, who are hereby empowered 
     and required, if necessary, with the approbation of the 
     President of the United States, as any instalments or parts 
     of the said capital or principal become due, to borrow, on 
     the credit of the United States, the sums requisite for the 
     payment of the said instalments or parts of principle: 
     Provided, That any loan which may be made to the said 
     Commissioners shall be liable to reimbursement at the 
     pleasure of the United States; and that the rate of interest 
     thereupon shall not exceed six per centum per annum; and, for 
     greater caution, it is hereby declared that it shall be 
     deemed a good execution of the said power to borrow, for the 
     said Commissioners, with the approbation of the President, to 
     cause to be constituted certificates of stock, signed by the 
     Register of the Treasury, for the sums to be respectively 
     borrowed, bearing an interest of six per centum per annum, 
     and redeemable at the pleasure of the United States; and to 
     cause the said certificates of stock to be sold in the market 
     of the United States, or elsewhere: Provided, That no such 
     stock be sold under par. And for the payment of interest on 
     any sum or sums which may be so borrowed, either by direct 
     loans or by the sale of certificates of stock, the interest 
     on the sum or sums which shall be reimbursed by the proceeds 
     thereof, (except that upon the funded stock, bearing and to 
     bear an interest of six per centum, redeemable by payments, 
     not exceeding in one year eight per centum on account both of 
     principal and interest,) and so much of the duties on goods, 
     wares, and merchandise imported, on the tonnage of ships or 
     vessels, and upon spirits distilled within the United States, 
     and upon stills, as may be necessary, shall be, and hereby 
     are, pledged and appropriated.
       Sec. 11. And be it further enacted, That it shall be the 
     duty of the Commissioners of the Sinking Fund to cause to be 
     applied and paid, out of the said fund, yearly and every 
     year, at the Treasury of the United States, the several and 
     respective sums following, to wit: First--Such sum and sums 
     as, according to the right for that purpose
      reserved, may rightfully be paid for, and towards the 
     reimbursement or redemption of such Debt or stock of the 
     United States, as, on the first day of January next, shall 
     bear an interest of six per centum per annum, redeemable 
     by payments, not exceeding in one year eight per centum, 
     on account both of principal and interest, excluding that 
     standing to the credit of the Commissioners of the Sinking 
     Fund, and that standing to the credit of certain States, 
     as aforesaid, commencing the said reimbursement or 
     redemption on the said first day of January next. 
     Secondly--Such sum and sums as, according to the 
     conditions of the aforesaid Loan, had of the Bank of the 
     United States, shall be henceforth payable towards the 
     reimbursement thereof, as the same shall respectively 
     accrue. Thirdly--Such sum and sums, as according to the 
     right for that purpose reserved, may rightfully be paid 
     for and towards the reimbursement or redemption of such 
     Debt or stock of the United States as, on the first day of 
     January, in the year one thousand eight hundred and one, 
     shall begin to bear an interest of six per centum per 
     annum, redeemable by payments, not exceeding in one year 
     eight per centum, on account both of principal and 
     interest, excluding that standing to the credit of the 
     Commissioners of the Sinking Fund, and that standing to 
     the credit of certain States, as aforesaid, commencing the 
     said reimbursement or redemption, on the first day of 
     January, in the year one thousand eight hundred and two; 
     and also to cause to be applied all such surplus of the 
     said fund as may at any time exist, after satisfying the 
     purposes aforesaid, towards the further and final 
     redemption of the present Debt of the United States, 
     foreign and domestic, funded and unfunded, including loans 
     for the reimbursement thereof, by payment or purchase, 
     until the said Debt shall be completely reimbursed or 
     redeemed.
       Sec. 12. Provided always, and be it further enacted, That 
     nothing in this act shall be construed to vest in the 
     Commissioners of the Sinking Fund a right to pay, in the 
     purchase or discharge of the unfunded Domestic Debt of the 
     United States, a higher rate than the market price or value 
     of the Funded Debt of the United States: And, provided also, 
     That if, after all the debts and loans aforesaid, now due, 
     and that shall arise under this act, excepting the said Debt 
     or stock bearing an interest of three per cent., shall be 
     fully paid and discharged, any part of the principal of the 
     said Debt or stock bearing an interest of three per cent., as 
     aforesaid, shall be unredeemed, the Government shall have 
     liberty, if they think proper, to make other and different 
     appropriations of the said funds.
       Sec. 13. And be it further enacted, That all priorities 
     heretofore established in the appropriations by law, for the 
     interest on the Debt of the United States, as between the 
     different parts of the said Debt, shall, after the year one 
     thousand seven hundred and ninety-six, cease, with regard to 
     all creditors of the United States who do not, before the 
     expiration of the said period, signify, in writing, to the 
     Comptroller of the Treasury, their dissent therefrom; and 
     that thenceforth, with the
      exception only of the debts of such creditors who shall so 
     signify their dissent, the funds or revenues charged with 
     the said appropriations shall, together, constitute a 
     common or consolidated fund, chargeable indiscriminately, 
     and without priority, with the payment of the said 
     interest.
       Sec. 14. And be it further enacted, That all certificates, 
     commonly called Loan Office certificates, final settlements, 
     and indents of interest, which, at the time of passing this 
     act, shall be outstanding, shall on or before the first day 
     of January, in the year one thousand seven hundred and 
     ninety-seven, be presented at the office of the Auditor of 
     the Treasury of the United States, for the purpose of being 
     exchanged for other certificates of equivalent value and 
     tenor, or, at the option of the holders thereof, 
     respectively, to be registered at the said office, and 
     returned; in which case it shall be the duty of the said 
     Auditor to cause some durable mark or marks to be set on each 
     certificate, which shall ascertain and fix its identity, and 
     whether genuine, or counterfeit, or forged; and every of the 
     said certificates which shall not be presented at the said 
     office within the said time, shall be forever after barred or 
     precluded from settlement of allowance.
       Sec. 15. And be it further enacted, That if any transfer of 
     stock standing to the credit of a State shall be made 
     pursuant to the act, entitled ``An act authorizing the 
     transfer of the stock standing to the credit of certain 
     States,'' passed the second day of January, in this present 
     year, after the last day of December next, the same shall be 
     upon condition, that it shall be lawful to reimburse, at a 
     subsequent period of reimbursement, so much of the principal 
     of the stock so transferred as will make the reimbursement 
     thereof equal in proportion and degree to that of the same 
     stock transferred previous to the said day.
       Sec. 16. And be it further enacted, That, in regard to any 
     sum which shall have remained unexpended upon any 
     appropriation other than for the payment of interest on the 
     Funded Debt; for the payment of interest upon, and 
     reimbursement, according to contract, of any loan or loans 
     made on account of the United States, for the purposes of the 
     Sinking Fund, or for a purpose in respect to which a longer 
     duration is specially assigned by law, for more than two 
     years after the expiration of the calendar year in which the 
     act of appropriation shall have been passed, such 
     appropriation shall be deemed to have ceased and been 
     determined; and the sum so unexpended shall be carried to an 
     account on the books of the Treasury, to be denominated ``The 
     Surplus Fund.'' But no appropriation shall be deemed to have 
     so ceased and been determined until after the year one 
     thousand seven hundred and ninety-five, unless it shall 
     appear to the Secretary of the Treasury, that the object 
     thereof hath been fully satisfied; in which case it shall be 
     lawful for him to cause to be carried the unexpended residue 
     thereof to the said account of ``the Surplus Fund.''
       Sec. 17. And be it further enacted, That the Department of 
     the Treasury, according to the respective duties of the 
     several officers thereof, shall
      establish such forms and rules of proceeding for and 
     touching the execution of this act as shall be conformable 
     with the provisions thereof.
       Sec. 18. And be it further enacted, That all the 
     restrictions and regulations heretofore established by law 
     for regulating the execution of the duties enjoined upon the 
     Commissioners of the Sinking Fund shall apply to and be in as 
     full force for the execution of the analogous duties enjoined 
     by this act as if they were herein particularly repeated and 
     re-enacted: and a particular account of all sales of stock, 
     or of loans by them made, shall be laid before Congress 
     within fourteen days after their meeting next after the 
     making of any such loan or sale of stock.
       Sec. 19. And be it further enacted, That in every case in 
     which power is given by this act to make a loan, it shall be 
     lawful for such loan to be made of the Bank of the United 
     States, although the same may exceed the sum of fifty 
     thousand dollars.
       Sec. 20. And be it further enacted, That so much of the act 
     laying duties upon carriages for the conveyance of persons, 
     and of the act laying duties on licenses for selling wines 
     [[Page S3498]] and foreign distilled spirituous liquors by 
     retail, and of the act laying certain duties upon snuff and 
     refined sugar, and of the act laying duties on property sold 
     at auction, as limits the duration of the said several acts, 
     be, and the same is hereby repealed; and that all the said 
     several acts be, and the same are hereby, continued in force 
     until the first day of March, one thousand eight hundred and 
     one.
       Approved, March 3, 1795.
       

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