Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-05-18

sal. Tor SIX per cent. Loans, amounting 10 Styo,ouO, If 'Ms p a.
h, law, fI the punc,ual payment Of the interest on all debts "i We
Ia sn,ra ~ I r,"na. y" !. ~" addressed to the Board, and endorsed Estate
Loan" TO he left at the Office OF the uoiSf''s"ea, by "Nom any '"''
"''. J. BROWN, JH, &ec,Hd .7atIcr'
~. I r.. Editor. of the following paPers are requested To insert
,SS,m o,rsu,ns ,wrrc n week i2!.t May, and forward their accounts
TO the >.y% @ An",'V " t n.t plyrnS"Ii ,n nTSs S,a,c.' Gazette, rniiaasl-
rh!aj Journal vi Commerce, Ne" ioS.
STATE LOANS.
In .5CT proriding for Tic n~cgottatt0H Of Loans for PR
noses Of LaiyHat improvement.
Passed APnl9, ie37.I
I r, J, erattcd 6y The Gcacrai assembly, That all loans
hereafter aulilnrizcd by law for the payment" OF subsc,'r,c
tons on behalf Of the Commonwealth to The CAPITA! OF
ioin, stock companies incorporated for purposes OF inter
,,,, ;m,rovpmeut, or for Geiraying the expense OF any
work u internal improvement IN when the State Is OK
NAV be interested, as well rs all such loans iierrto!o-ran
,hnrizsd. shall be negotiated according TO The provisions
of this act, except so far as may be otherwise spec'a!!y
,y,vitnJ nv the acts authorizing IN" looms.
, Th. hoard Of Public Works, IN ctitcting such loans,
shall borrow upon The credit Ct TIE I'tni"oh"ea'''' ~
the lowest rate of interest al whlch '"e necessary "'a'""'
can be obtained, not exceeding IN any case i've per cent
{ uu, per annum. Upon the pay mcEt Gt the money so
borrowed into the Treasury, which snail be Done upon
the warrant of Tic second Auditor, The treasurer snail
Issue a certificate or certificates u! LOAF" lnr lhe amount
thereof. purporting that the Commercially OF Virginia
owes 10 the lender, his heirs, executors, administrators
aud assigns. the principal sum 81 borrowed toeeu''.
with the interest al the rate agreed on, 'hat t!e lhttF'Sl
! Is ia E1OlG SciIi lnludIIY u INT lt"Su - VIZ we"
monweal,h. and that such certificate or certificates were
issued under authority of the SPECIAL act authorizing
such loans. Zach certificate shall te sgnrd ny Inc
Treasurer. and COuntersiGned by the SeconG Auditor, ana
be reuisieTed IN a book 10 be kept tor that purfos" by
( the second Auditor, and shall be transferable on the
books of his office in person or by attorney. Inc seini'
annual inlere On such certificate shall be paid on his
warrant, and upon the transfer Of the whole or any part
thereof, shall be delivered up and cancelled, and a new
certificate or certificates equal 10 lis whole amount,
shall be ISSUED and registered in manner aforesaid All
loans negotiated in conformity 10 this act shall be lrIe'
dcemabc for twenty years, but shall afterwards be re-
deemed at the pleasure of the General Assembly.
> For the payment Of the interest, and the final re-
d~cnlption Of the prlncipal Of any sum 10 be borrowed IN
conformity to this act, the stock Of any joint stock com
pany subscribed for or purchased with the money SO bor-
rowed, together with the dividends and other nett IN
come which may accrue thereIrom to the Common.
wealth, or to the fund for internal improvement, shall
be, and the same are hereby, appropriated and pledged;
and in like manner the nett income and other profits
which may SO accrue from works iii which The State IS
Interested, other than those 0! JOINT stock companHs,
and On which the money borrowed is TO be expended,
shall he and the same are likewise hereby appropriated
and pledged for the payment oil the interestaHd redemP.
ton Of the principal of the money so borrowed and if
the stock Aforesaid. and the said dividends, melt p!olls
and other income, shall be inadequate TO 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 sUnlcIcnt
funds. and for that purpose To- levy, if necessary, an ade-
quatc tax upon any or all subjects liable 10 taxation an
der the Constitution. Until such other sufficient funds
shall be provided, So much Of the income OF the fund Tor
internal improvement, not otherwise specially approprl-
ated. as may be necessary TO supply the cehc!ency, Is
hereby pledged for snch purpose: and if at any time the
dividends and other income arising from the stock or
work as aforesaid, together with the income OF the fund
for internal improvement, shall he insufficient to pay
the interest due upon the loan when demanded, the Al.
ditor Of Public Accounts shall, upon the application OF
the Board of Public Works, issue his warrant upon the
Treasury, directing The payment OF such interest out OF
.- -u,,, tJora,n mr. ,tIar uutcn ~ YnpFIat a nd
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 of this State, at a rate
Of interest not exceeding SIX per centun per annuin,
on The credit Of the Commonwealth, to be repaid 10 such
manner as the General Assembly may by law direct.
i The surplus dividends and other income arising
::om any stock Or work as aforesaid, and remaining alter
The payment of the interest due Egon the certificates IS
sued for loans applied TO such stock or work, shall from
time to ,ims be applied by ia" Rcf:d cf Public Work ="
the purchase of such certificates, II TO be procured on
satisfactory terms: and If not, then OF any othtr ceTtliI-
Gates of State debt, or any other public debt or other
stock which can he 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 accrring
thcreirGm shall also from time TO time he 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: PTOridcd, That the certificates so purchased on
account Of any particular loan, or such part thereof as
may be necessary. shall from time to time be sold by the
Board of Public Works, 10 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, by
virtue Of this act.
;. The Board of Public Works shall be, and they are
hereby, fully authorized and e~mpowered 10 procure any
or all Of thc loans authorized by law, either IN The u.
States or in Europe, IS they may deem most advanta.
geous 10 The public interest, and for that purpose 10 nP.
point, if they see Ct, one or more agents. with the ne
ccssary powers, and 10 allow him or them such compen.
cation, n, than mann lanp, rDaonpaIIn | n Tho pvpnf ~ n
loan or loans being effected in Europe, the said board
may provide fer the payment of the interest on the same
semi annually in London or elsewhere, and may strpu.
late 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 he empowered generally 10 do and execute all
such acts and writings as may be necessary TO complete
The said loans, and to cause the prompt payment OF the
amount thereof into the public Treasury.
T. Be ii further enacted, That The person or persons,
body OF bodies polite or corporate, in whose names any
Of the certificates of the public debt of this Common.
wealth shat! be issued, in conformity TO the provisions Of
this act, shall be deemed as In the Commonwealth the
owner Of the said stock until q transfer shall be duly
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 bona tide, sell and deliver the
said stock to any other person. body polite or corporate,
accompanied by a power oil attorney, duly executed ana
authenticated, such sale and delivery shall vest in the
traEsferree all the title Of the transferrer, either in law
or equity, 10 the said certificate; and upon the appIca'
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
to transfer the same. and issue a new certificate or cet'i-
iicatcs therefor in the name Of the transferred: Pr0rtded,
hopercr, 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 en- account Of the interest SO paid.
Z. lf any person. in whose name the said stock shall
stand on the books of the Commonwealth shall die with
out having made n sale or transfer thereof, and his exc
cutor or administrator shall produce to the Second Audi.
tor, or other proper officer, the original certificate or Ger.
tiica,cs of the said stuck, and duly authenticated evi.
dnncc lLni he l. hn The La ws Of Lhn cnunlru In which