Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-05-11

thrT'"i-t iGf"IccIiIhI !5 twenty ycfTs.-EGlIG pIuNihlnn IS H'ut
state. in specie or its ,fn,yaIcat.
Scaled proposals addressed TO tho Board, and endorsed "si &c
Loan % ba left III the office Of the undersigned, by WI ON any fur
shr' ia:oHm+tion that my be desired, vii be promptly gwen, ,
a~rhc Editors OF The following papers ne rcqncsted tC insert
tinnal intr'iscncrr, Washington; United states Gazette Fh''l"e'-
ph'ai Journal of Commetcr, New York.
STATE LOANS.
IN .7CT 1rOriding for Tire rtgOiiGiiOR Of Loans for pm
poses Of IniernGi improvement.
Passed April O.. Is3S.l
/. Re 1t enacted By the General .}sssDIs'Y 1hat all loans
hereafter authorized by law for the payment OF snbsc1ip
lions on behalf Of the Commonwealth In The capital "i
Join, stock companies incorporated for purposes OF inter
nal Improvement, or for ~defraying the expense OF any
work Of internal improvement in which the STATE Is or
NAV be interested, us well as all such loans heretofore au
thorizcd, shall be negotiated according to the provisions
Of this act, excerpt so far as may be Otherwise spcciaNy
provided by The acts authurizing the loans.
=. The Board Of Public Works, in eftrc,ing such loans,
shall borrow upon the credit ci The Commonwealth al
the lowest rate Of interest al which the necessary amount
can be obtained, not exceeding in any case five per cent
um rrr nnnum. Upnn the payment Of the money so
borrowed into The Treasury. y inch snail be done upon
the warrant of the second Auditor, the Treasurer sinai!
issue q certificate or certificates O. loan Tor the amount
thereof. purDn:,ing that The Commonwealth Of Virginia
owes 10 The lender, his heirs, executors, administrators
and assigns. the principal sum 50 borrowed, t"ge'lef
with the interest al The rate agreed on, that the interest
is payable semi annually at The Treasury ni The Iom
mnnwralrh and that such certificate or certifIc2iss were
issued u4dpr authority of TIE special act Authorizing
such loans. Each certificate shall be- signed u tie
Treasurer, and courtcrs;rnPd by The Second Auditor, ana
be registered in Il book 10 be kept Tor ihat purpose ny
The Second Auditor. aud shall be transfrfTatIr on Use
books uf his Office in person or by attorney. Inc scH"i
annual interest On such certificate shall he PAID on his
variant. AID upon The transfer o. the Whole Or any part
thereof. shall be delivered up and cancelled, and a new
certificate or certificates equal TO It's "ho!e aiAohni,
shall he issued and registered N manner aforesaid al
loans nenolia,pd in conformity 10 this eel shall he lFre-
deemablc for twenty years, bu, shall afterwards be re-
deemed at the pleasure o! the General Assembly.
> Fc. tho payrren, of .hc interest, and The final re
dcmption Of the principal OF any sum TO be borrowed IN
conformity to this act, inc stock OF any JOINT stock corn
panv subscribed for or puichasrd with the money so Dor
,uwcd. lorelhpr wi,b the dividends and other nett IN
cor" which may accrue iheEeltoAi to Tie common.
wealth, or 10 the mnd for internal Improvement, shaI
be, ard The same ne hereby. appropriated ana p'edse"'
and in Ike manner the nett income and ether pFcHS
which may 50 accrue from works in which The State IS
interested. cther than those OF JOINT STOCK companies,
and on which the money borrowed is 10 be expended,
shall be and the same are likewise hereby appropriated
and pledged for the payment Of the interest aud reGemp
ton Of the principal Of the money SO borrowed and If
The stock aforesaid, and the said dividends, nett profits
and other income, shall be inadequate 10 the payment "i
the said ser,i annual interest. and the final redemption
Of the principal. Of The respective loans Tue ',rne'"'
Assembly pledges itself 10 provide other and sufficient
lTETs TAX K upon ip""H any Or all subjects Ii&a6ie -.a2a.ion IN.
der The Constitution. Until such ether suinc:"nt in'inS
shall he provided. so much Of the income Of The fund FOR
internal Improvement. not otherwise specially appr"rT!--
nlcd. as may be necessary to supply the detclcncy,.i Is
hereby pledged for snch purpose: and II al any time Inc
dividends and other income arising from the stock or
work as aforesaid. together with the income OF The innd
for internal improvement, shall be insufficient TO pay
the interest due upon tie loan when demanded, line An
dor Of Public Accounts shall. upon HE Application OF
The Board Of Public Works. issue his warrant upon the
r'-a-,,., ,,n.,tpr T.. -, .,Ngp NJ gIIcil interest on OIL
any rnuneys therein not otherwise appropriated. Ana
N case Of the inability Of the Treasury ut nnY time 10
discharge such warrants, the Board ct fnbi'c WORKS
shall! be and they are hereby authorized To bn'r"" the
necessary amount from Tie banks u! this state. al a rate
Of interest not exceeding six per crn,utn per annuin,
on the credit Of the Commonwealth. 10 he repaid III such
manner as the General Assembly may By law direct.
4 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 apriied TO such stock or work. shall from
time to time be applied by the Board IF Public Works TO
the purchase Of such certificates, II TO be procured on
satisfactory terms; and if not, then of any other cert!l-
cafes Of Slate debt, or any other pnbiic debt or other
stock which can hP so purchased. which shall be held as
a fund for the payment OF the interest and redemption
rC the principal Of the loans obtained !"r the payment
cf such stock or such work, and tie interest accrning
r~he,qfrom shall also from time tn 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: ProriGtd. That the certificates so purchased on
accoun, of any particular loan, or such part thereof rs
MAY II. necessary. shalt from time 10 lime be sold by the
Board Of Public Works, 10 reimburse the fund Tor inter
nal Improvement, for oil payments OF interest made cut
Of the Income for that fund OH account OF such loan, by
v!riur Of this act.
: The p,,ard Of Public Works shall hr, and they are
brrchy. fully authorized and empowered To procure any
rr all az The loans authorized by law, either III Tie u.
States or in Europe, as they may deem most adVania
rcous 10 the public interest: and for that purpose to up
ncip,. if ,hcy see fL, one or more agents, with Inc ne
cesar powcrs, and 10 allow HIN or then such compen.
sa,ion as they may deem reasonable. Ia the event Oh
loan or loans being effected in Europe, Tie SAIL poard
NAV provide for the payment OF the Interest on INC same
semi annually in London or elsewhere, and may s',pnrc
| LATE for the PAYMENT by the lenders OF the amount OF
surb loans in England or elsewhere, confirming Tie
certificates 10 he issued TO the terms Of the loans. They
s,oII also he empowered generally to do and execute all
| such acts and writings as may be necessary 10 complete
he said loans. and 10 cause the prompt payment OF 'e
,mcun, thereof into the public Treasury.
6 Be il farther epacttd. That The person or persons
bcdv or bodies polite or corporate, in whose names any
of the certificates OF The public debt OF tins Common.
we.l,h shall be issued, in conformity TO the provisions oil
This act. shall be deemed as TO the Commonwealth The
gunner nf the said stock until a transfer shall he GUY
made on The books Of the Second Auditor, or other pro-
per officer, 10 some other person or body po'''c or Ger
n,ra,e. And if Tie person or body polite or corporate,
r. yhosc name the said certificate shall stand, shall for
valuable considerations, and bona tdc, sell and deliver the
said stock 10 any other person, body polite or corporate;
accompanied by a power ofatto'ney, duly executed ana
authenticated, such sale and delivery shall vest III me
transcerrce all the tile Of the trsnsfsrrer, either in law
or equity. 10 the said certificate; and upon the aPpiIcac;
ton Of The attorney, and delivery Of the certificate oil
| deb, therein assigned to the Second Auditor, or otler
proper officer of the Commonwealth. 1t shall be DIS GUY
10 transfer The same. and issue a new certibcate orceiV-
fca,es therefor in the name Of the trnnsterree: Frortdea,
h0nsrer, That all payments made BY the Commonwealth
prior 10 such transfer, on account of the interest on sucm
certificate. shall discharge The Commensurate from ali
claim on accoun, Of the interest so paid. :,
= If anv person. in whose name the SAID Stock shaiI
stand IN the books of the Commonwealth shall DE with
ont having made a sale OF transfer thereof, and his exc
cutor or administrator shall produce 10 the Second anc''
tor, or other proper officer, the original cef'itca'c OF Ger
,;era,es Of the said stock. ard duly authenticated evi.
dcnca that he is, by the laws Of the country IN winch