Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-05-08

I CHI II pNAiaA - i"N ~ any Y rH-
nm per annum. pom the payment Of the NJ UsnI
borrowed into The Treasury, which shall be d me 80
the warrant Of The second Auditor. tie Irpasuro, %
issue n certificate or certificates Of loau frr The ,, VA!
The ,eGr, purpuriing that tie Common - aIb Of y.''"s
owes 10 the lender, his heirs, executors, aGmin.. I..hl
and assigns. the prircipa! SUM - brGrrw.d. r.,o,,
with the interest al The rate agreed oil. that Ia. -. "'
is payable semi annually at III" Treasury Of tho r.
mOnwealrh and hat such certificate OF crrt,Er,,.. "'
issued under authority of the special act au,ro. we
such loans. Each certificate shall he srurd H. (
Treasurer, and countersigned BY the Second Arri,r:: ~"
be registered in n book TO be kept trs that prrn,., /
the Second Auditor, and shall be transit rrzbrr -, '
books Of his Office IN person or by attorney. THO.
annual interest IN such certificate shall BE- nail 4
warrant, and upon the transfer OF the whole Or II, ~
thereof, shall be delivered up ard camccnci, and r'
certificate or certificates equal 10 its Whole anon,
shall be issued and registered 10 manner AFORESAID al
loans negotiated in conformity TO this act stall ia ~
deemable for twenty years, but shall aterw,,9s ne
deemed at The pleasure of the General Assemble
3 For the payment Of the interest, and The i'm,
%drmptlon Of the principal ci any sum 10 De brr.,ll
conformity 10 this act. the stock OF any TOint strcg o
pany subscribed for or purchased with The money ,nS".
rowed, together with the dividends and other ncr r.. |
come which may accrue theTeirOm 10 the G., ,. 1
wealth, or 10 the fund for internal improvemcr, ,. % +
be. and the same ere hereby, appropriated and ge-..
and in like manner The nett income and ether prs!
which may so accrue from works in which the SAT- {
Interested, other than those OF loInt stock comp,u,s,
u"u ~ "'i'i tlN ~ y 10 II ut tNtrECFr
shall be and the same are likewise hereby appropriated
and pledged for The payment OF the interest aud REDEEM,
ton Of The principal Of the money so borrowed and II
the stock aforesaid, and the said divide nds. ncl prof,
and other income, shall be inadequate To the payment n
the said semi annual interest, and the final rcdsmpr..
of the principal, of the respective loans. the Grre-f
Assembly pledges itself 10 provide other and suifc.r,
funds, and for that purpose To levy, If necessary, an ace
qnate tax upon any or oil subjects liRble Ia taxation N
der The Constitution. Until such other sufiCisn, iurI,
l .h,1 bn rnu,tu In p,nnh - l. rat Z ne
internal improvement, not otherwise specially nppro;r.
ated, as may be necessary 10 supply the deficiency. ,
hereby pledged for snch purpose: and if al any time IT,.
dividends and other income arising from the stock e
work as aforesaid, together with the income Of The fun.
for internal Improvement, shall he insufficient 10 ~,
the interest due upon The loan when demanded. the A.
ditor of Public Accounts shall, upon the applicG,icu T
the Board of Public Works. issue his warrant unon Nh.
Treasury, directing the payment Of such interest GU, :
any moneys therein not oiher wise appropriated An.
IN case Of the inability of the Treasury at any tine 70
discharge such warrants, the Board Of Public Wos.
shall be and they are hereby authorized TO borrow the
necessary amount from the banks of this State. al Use
of interest not exceeding SIX per centum per aarg~,
on the credit Of the Commonwealth, 10 be repaid in such
manner as the General Assembly may by law direct
4 The surplus dividends and other income ariSa,
from any stock or work as aforesaid, and remaining sfs,
the payment of the interest due upon the certificates ..
sued for loans applied 10 such stock or work, shall from
time TO time be applied by The Board OF Public Workslo
TIE uTCn1St tI euCH CtItlICutts. ~ w bC p'N'bItI T.
satisfactory terms; and if not, then of any other ceni.
Gates of State debt, or any other public debt or other
stock which can he so purchased, which shall be he'd So
a fund for the payment of the interest and %rrGraPtra
of the principal of the loans obtained f"t the paymeG
of such stock or such work, and the interest acciu.r,
thereirom shall also from time To time BE- invested 81:
held in like manner; and the said certificates Of debt 50
purchased, together with the stock pledged, shall be dis
posed of in such manner as the General Assembly NAV
direct: PrOrided, That the certificates so purchase 20
$500, - ,-, a.t.,,Io. la. -. rn,I. ans, 4, q.
may be necessary. shall from time to time be sold By tie
Board of Public Works. TO reimburse the fund for inter
nal improvement, tor all payments OF interest made out
Of the income for that fund Oh account Of such loan, b?
virtue Of this act.
5. The Board Of Public Works shall be. and they are
hereby, fully authorized and empowered 10 procure any
or all Of the loans authorized by law, either IN The |
States or in Europe, as they may deem most advaria
geous 10 the public interest, and for that purpose 10 aP
point, If they see I'll, one or more agents, with the re-
cessary powers, and TO allow him or them such compen'
sation as they may deem reasonable. In the event ola
loan or loans being effected in Europe, the said bOlit
may provide for the payment of the interest on The sane
semi annually in London or else where, and may suPl'
late for The payment by The lenders Of the am'GNi I
such loans in England or else W conforming TIE
certificates 10 be issued TO the terms Of the loans lArI
shall also be empowered generally To do and execute ~
such acts and writings as may be necessary 10 COMPETE
the said loans, and 10 cause the prompt payment Of tie
amount thereof into the public Treasury.
W. DC u JuItNcF nttc iHut ~ p''N i'
body OF bodies polite or corporate, in v hose names an!
Of the certificates Of the public debt Of this Commcr'
| wealth shall be issued, in conformity TO the provisions Ct
this act, shall be deemed as to the Common wealth The
owner of The said stock until a transfer shall be do!
made on the books Of the Second Auditor, or Other Pc
per officer, to some other person or body polite or COT
poraie. And If the person or body polite or corpora'',
in whose name the said certificate shalt stand, shall if
valuable couside ration, and bOna fdc, sell aud delTeIhs
said stock 10 any other person, body polite or corporate,
| ~, m mind hv n nourpr oG attprpop hulp @ IpcutTra and
authenticated, such sale and delivery shall vest IN the
transirIree all the title Of the transltrrer, either IN IaS
or equsy, TO the said certificate; and upon the aPpIri
ton Of the attorney, end delivery Of the certificate d
debt therein assigned TO the Second Auditor, or oih5'
proper officer of the Commonwealth it shall be hs do!
to transfer the same. and issue a new certificate orceiI'
fcates therefor in the name of the transterree: PToridN,
ho,1euer, That all payments made by the Common"c'ih
prior TO such transfer, on account of the Interest, IN sHr1
certificate. shall discharge the CommonweaIih from q
claim on account Of the interest so paid.
Z. If any person, in whose name the said stock 'i
stand on tie books of The Common wealth, sha'!die "ia'
out having made n sale or transfer thereof, and his eye
cutor OF administrator shall produce to the Second aH6''
tor, or other proper officer, the original certificate OF cr'
tItIcatPs of the said stock, and duly authenticated 'F'
dence that he is, by the laws Of The country IN wNr0
such holder may have died, the lawful executor " &C.
ministraior Of such holder, the Second Auditor shall %
his application IN person, or by power oil Attorney U!
Authenticated, transfer the said stock TO the SAID eve
I'kot VI IutUIJ Ut " ouIH pCiSoh 90 81"
direct
8. Whenever any certificate of stock created IN P'',
suance Of The provisions of this net, or by Authority q
any previous act, for purposes o: internal improvement
shall have been lost by the holder or holders tt'iec' I.
shall and may he lawful for the Second Auditor ana
Treasurer to renew the same in the manner men'mnei
in this act: Proridsd, hOoeccr, That such cerihcs;
shall not be renewed until the party applying fer Ne
same shall produce satisfactory proof Of his haytnG u
verlised The same for al least three months previ"us!o
Ia, opnIca,;op. shuII v.n,Ia , bond Mill, gulbriput ~
curly, to the Treasurer and his successors, conduct
10 indemnify the Commonwealth against any loss 10 tGh
sequence Of the renewal Of such certificate, and s'"
moreover file an afiidav vii, setting forth Inc time, pace
and circumstances Of the loss aforesaid.
9. 1t shall be Lawful for any bank Incorporated IN rs
Commonwealth, through its proper officers, and By the
authority, and under the direction of the said board 70
act as the agent OF the Board Of Public Works IN neg"
tiatins, obtaining or contracting for any loan wh'ch"2:
be SO authorized, and 10 do oil necessary acts '' Ws
lt.. r. H. e ..sL -. ;t- ,Ln, pHIp iTla'