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TEXAS STATE LIBRARY
it shall be lawfull for the Oomsr., to be appointed under this act, to contract, in conformity with the instructions of the President of this Republic with the president and directors of any Bank, or the cashire thereof with the sanction of the. direction of sd. Bank to act as fiscal agent or loan officer for this Republic, and to allow a compensation therefor, not exceeding half of one pr. centum on the amount of money actually received by him and paid over to the treasury of this Republic Seen. 5 Be &c That in case a sum exceding the amount of 500,000 Dollars shall be found by the Oomr- on opening the sd. proposals to have been offered at rates above the minimum limitation contained in this act, then and in that case it shall be his duty to accept such of sd. pro- posals as in his opinion will be more favorable to the interests of this Republic not exceding the amount of 500,000 Dolls., Unless the President shall in his discretion especially instruct him to accept · such excess of offers, over the amount of 500,000 Dolls., which he the President is hereby expressly authorised to do, and such instructions relative to the amount of stock to be issued and the minimum rate at which offers to loan money may be accepted shall be of full force and virtue in law as tho they were a part of this enactment, and all pro- posals accepted in any one city shall be accepted at the minimum rate at which any proposal in sd. city shall be accepted Sec 6 Be &c That in case any specie paying Bank, or Banks, shall become original stockholders in the loan authorised by this act, to an amount not less than one hundred thousand Dollars, then and in that case the bills or notes of such Bank or Banks shall be receivable in pay- ment of all duties and public dues to this Government so long as it or they shall continue to redeem their bills in specie, and no other foreign Bank bills or notes than those of the Bank or Banks which shall become original stockholders in sd. loan to the amount of 100 M Dolls or of Banks which may hereafter become original stock- holders in a loan to this Govt. to the Amot. of 500 M Dollars shall be recieved in payment for lands purchased of this Govt. nor for duties or any public dues - nor shall any other foreign Bank bills other than those specified in this section as to be receivable for public dues be receivable in payment or deposite by any Bank which, may be hereafter chartered by this Govt., and the amount of this loan taken by any Bank or Banks shall be received in the bills or notes of sd. Bank made payable to the secretary of the Treasury of' this Republic and be endorsed by him and paid into the treasury or in bills payable to bearer at the option of sd. Bank Sec 7 That so much of the. revenue of this Republic which shall be derived from sales of public lands; as shall be sufficient to pay t~e interest on the stock to be created under the authority vested by this act shall be pledged and it is hereby solemnly pledged for the payment of the interest which shall accrue on sd. stock in preference
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