Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-05-15

hcrchy s3scn, that The Eoaai Of Public Works vii receive, at.m!
Tine or ions TO - O'Clock Of Monday. the =si OF May next, !i'P".,
sas GG Six per cent. Loans, amounting To SiTo'ooo, o, an! rn n5c
,hereot% i'Eieem.hle for t~sn'y ys lbs mnrpis g p, ali ge e Of tie
State. III specie or us equivalent y..I ,.I o,so...I s.S,o,e
vn,l ." 90 h. len a, the o:icc of tic undersigned, BY whom am TAT
,hcr lnGo:m lion that may be desired, VIZ !e r''"P,l sJ's s.Ji,or.
J. BROWN, JH, S'cona .7IH.ST'
tcC.TIr fItors of the following papers are requested 10 insert
to the S"cond Auditor for Ptymen'; W.: ne,"' G,nc %'"" p;.iadsi-
tonal InisIii;rncs!, Washington; | n'ie' s'atS "''
plia, Junrnul OF Commerce, New loh.
STATE LOANS.
!, 7cY' proriding for the negotiation Of Loans Jor pW.
y0scs Gt Internal improvement.
Passed APnl3. ic3s.i
Eg IL enacted dy the General .IsSfmhy, nat all 'oa"S
bpr,aclsr authorized by law for the pay 'uent o: suOScrip..
,,,,s on b,bslr Of the III wealth 10 the capital ct
in;n, stock comranie. incorporated tor purposes OF inter
nal Improvement, or for dciraying the expense Of any
wo,I; of internal improvement III when Inc Slhte !" OF
mav be interested, as well as all such loans heretofore an'
,hor;zsd shall be neGo,iatsd according 10 the provisions
of this ac,, except so far as may be otherwise specially
provided By the acis authorizing the loans.
> The BOARD of Public Works, i'll cti"cling such loans,
shall borrow upon the credit OF the Nohiii"""'"'"' Il.
the lowes, rate of interest at which the necessary amount
can be obtained, not exceeding IN any case hive per cent
un per aunum. Upon the ayurehl Of me money 81"
borrowed into the Treasury. which snail Hc done upon
the warrant at the second Auditor, The feasuret S''"'i
issue Il certificate or certificates OF loan inr the amount
thereof. purpor,ingt that the Commonwealth OF Virginia
owes 10 the lender, his heirs, executors, administrators
aud assigns, the principal sum 80 borrowed uose'!ei
with the interest at the rate agreed on, that Inc interest
is puyable SEM annually at the Treasury OF The ION
monwealllL. and that such certificate or ceriihcales were
issued under authority OF the special act authorizing
such loans. Each certificate snaii ue sigh'u ny ''c
Treasurer, and couutersigned by the Second Auditor. ana
be registered in a book 10 be kept Tor that purpose ny
the Second Auditor, and shall be transferable on te
books of his Office in person or by attorney. The semi
annual interest on such certificate shall be paid on bis
warrant, and upon the transfer oi the whole or any part
thereof, shall be delivered up and cancelled, ana a ne"
certificate or certificates equal 10 its whole amount,
shall be issued and registered in manner aforesaid. All
loans negotiated in conformity 10 this act shall be IRE
deemable for twenty years, but shall afterwards be re.
deemed at the pleasure of the General Assembly.
3. For the payment of the interest, and the final re-
drrtp'Irn of Tie principal Of any sum 10 be borrowed IN
conformity to this act, the stock "t any joint stock com
pany subscribed for or purchased with the money 80 Dor
rowed. together with the dividends and other melt IN
come which may accrue lierefrom TO the Common
wealth, or 10 the fund for internal improvement, shall
be. and the same are hereby, appropriated aud pledged;
aud in Ike manner the nett income and other Prohts
which MAJ SO accrue from works in which The State IS
interested. other than those OF l"nt stock companies,
and on which the money borrowed ~ to be expended,
sEal! be and the same are likewise hereby appropriated
and pledged for The payment Of the interest aud redelnp-
ton Of The principal Of the money so borrowed and II
the stock aforesaid. and the said divide nds, nett profits
and other income, shall be inadequate 10 the payment OF
the said semi annual interest. and the final redemption
Of The principal, o! The respective loans, Tie General
Assembly pledges itself TO provide other and sUihcIrnt
funds, and for that purpose 10 levy. 1t necessary, an ade'
qGatc tax upon any or all subjects liable 10 taxation un'
der the Constitution. Until such other sufficient funds
shall be provided, so much of the income q, the fund Tor
internal Improvement, not otherwise specially appr0pri-
ated, Us may be necessary to supply the dehclency, IS
hereby pledged for such purpose: and It al any time lie
dividends and other income arising from the stock or
work as aforesaid, together with the income Of the fund
for internal improvement, shall be insufficient TO pay
the interest due upon the loan when demanded, the Au,
di,or of Public Accounts shall, upon the application OF
The Board of Public Works. issue his warrant upon he
Treasury, directing the payment OF such interest out OF
any moneys therein not otherwise appropriated. Ana
IN case Of the inability Of the Treasury at any time TO
discharge such warrants, the Board Of Public Works
shall be and they are hereby authorized to borrow the
necessary amount from the banks o! this State, al a tate
OF interest not exceeding six per centum per annum,
on the crcdi, OF the Commonwealth, 10 he repaid in such
manner as The General Assembly may by law direct.
i The surplus dividends and other income arising
from any stock or work as aforesaid. and remaining after
the payment of the interest due upon the certificates IS
sued for loans applied TO such stock or work. shall from
time to lime be applied by the Board of Public Worksi 10
the purchase of such certificates, it 10 be procured on
satisfactory terms; and if not, then OF any Other ceriItI-
Gates of State debt, or any other public debt or other
stock which can be so purchased, which shall be held as
a fund for the payment OF the interest and redemption
Of the principal Of the loans obtained for the payment
Of such stock or such work, and the interest accruing
lherefrom shall also from time to time be invested and
held in like manner; and the said certificates OF debt so
purchased, together with the stock pledged, shall be dis.
posed of in such manner as the General Assembly may
direct: PrOridcd, That The certificates so purchased on
account Of any particular loan, or such part thereof as
may be necessary. shall from time to lime be sold by the
Board OF Public Works, 10 reimburse the fund for inter
nal improvement, for all payments Of interest made ont
OF the income Tor that fund on account OF such loan, by
virtue of this act.
5. The Board of Public Works shall be, and they are
hereby, fully authorized and empowered To procure any
or all Of the loans authorized by law, either in the U.
80, 1. '.... 49, ,t~, ,,., lna,, p,nat Hponta
geous 10 the public interest, and for that purpose TO aP.
point, If they see fit, nne or more agents, with the ne.
cessary powers, and to allow him or them such compen.
salOn as they may deem reasonable. In the event OF n
loan or loans being effected in Europe, the said board
may provide for the payment of the interest on the same
semi annually in London or else where, and may sipu.
iale for the payment by the lenders Of The amount OF
such loans in England or elsewhere, conforming the
certificates 10 be issued TO the terms of the loans. They
shall! also be empowered generally 10 do and execute all
such acts and writings as may be necessary 10 complete
the said loans. and 10 cause the prompt payment Of the
amount thereof into the public Treasury.
u. BE IL urhe enacted, That the person or persons,
body or bodies polite or corporate, in whose names any
Of the certificates OF The public debt Of this Common
wealth shall be issued, in conformity TO the provisions Of
this act, shall be deemed as to the Commonwealth the
owner U! The said stock until G transfer shall be du,y
made on the books of the Second Auditor, or other pro.
PER officer, 10 some other person or body polite or cor.
porate. And if the person or body polite or corporate,
in whose name the said certificate shall stand, shall for
valuable consideration, and Jona fdc, sell and deliver The
said stock to any other person, body polite or corporate,
by n power Of attorney, duly executed and
authenticated, such sale and delivery shall vest in tie
transierree oil the title of the rGnsierrer, either in law
Or equity, to the said certificate; and upon the %applica:
ton Of the attorney, and delivery of The certificate Of
debt therein assigned to the Second Auditor, or other
proper officer Of the Commonwealth, it shall be his duty
10 transfer the same, and issue a new certificate or ceIti-
fcates therefor in the name Of the transferGee: PrOridcd,
ho,cercr, That all payments made by the Commonwealth
prior 10 such transfer, on account Of the interest on such
certificate, shall discharge the Commonwealth from all
claim on account of the interest so paid.
7. If any person, in whose name the said stock shall
stand on the books Of the Common wealth, shall die with
out having made a sale or transfer thereof, and his exc
cutor or administrator shall produce to the Second Audi.
Tor IL Il n-n.a- nn..n- L.. ....nl .n-I;EaA,a-.a