New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1852-05-05
HARnIsBuRG, Pa. Tuesday, May T. 1852
The following bills have become laws.

An ACT to provide for immediate completion of the North
Branch Extension Of the Pennsylvania Railroad
SECTION Be it enacted by the Senate and House of
Representatives Of the Commonwealth OF Pennsylvania
In General Assembly met and is hereby enacted by the
authority Of the same that the Governor OF the Com
ruonweah be and he is hereby authorized to borrow
OF the faith Of the Commonwealth and Of the
hereinafter mentioned, and which is hereby specifically
pledged for the payment of the interest and
of the principal the Of eight hundred and fifty thou
fand dollars and issue certificates of loan therefor
def nabe in 80 years from date to be paid into the in
ternsl improvement fund.- and appropriated to the ex.
znduIes under this act the law loan 10 bear interest
at rate not exceeding six per cent per annum payable
half yearly in specie the first day Of January and
July, TO be termed the North Branch Canal Loan.
SIC. g That there shall be annually set apart by the
Commissioners of the internal improvement fund tho
revenue accrung the said canal from and after the
massage Of this act for the payment OF the interest and
final liquidation of the debt hereby authorized, and 1t
shs be the duty OF said Commss ioners after paying
be interest annually to invest the surplus together with
liz accumulation of interest in the said loan, or In any
S,er loan Of the Commonw ealth If sad loan cannot
he ucrchssed its par value the said investment to
form sinking fund for the redemption OF the pnhcPa
ut maturity y,
snS they are hereby authorized and empowered to
harrow ON the faith of the Commonwealth, during the
wear 1852 at such times and in such amounts as they
NAV desm for the interest OF the State sum not
exceeding co., and issue bonds Of the Common
reafb for the same bearing rate OF interest not ex
esedlne FIVE per cent. per annum, payable semi annu-
Nv which bonds shall not be subject to taxation for
whatever, and shall be relmOursaOle In
any pus: ,ars from their date; and the sum so Dor
tweny sheH no apcled to the payment Of the six per
80 that arc payabc at the option Of the Com
mopweath after the years 1886 and lei to me cancer
batter of the certificates ssued TO domestic creLNofs arg
Che outstanding and unclaimed interest cerfic sses N
she manner hereinafter provided and the balanseo
s,id five millions shall be applied to the exunguisfms
nj .oy OF the five per cent bonds Of the state now OUT
stanfng and for no other purpose
Src g. That the bonds for said loan shall be issued IN
.,rs ~ either $1,000, 5000, or $1,000 each with
Coupons az oterest certificates attached In sums equal
In snoupt 40 the semiannua interest thereon, which
reyt6caies sbs he redeemabe in gold and silver or an
eoiyslent on The st days of February and August IN
each and every year at such place as may 90 gnate
by the Governorand STATE Treasurer and said officers
shall procure the engra1ss tor sucn bonds and certi
Gates and cause the sGeae u be signed and counergned
as hereinafter directed an take such other steps as
may be necessary to carry oat he true intent and mean
bag Of this act and the Governor Is hereby authorized
10 draw warrants the State Treasurer for sca sums
may be necessary 10 pay the proper expenses incl
dent to the negotiation Of such loan, and said warrants
shall be paid out of any moneys in the Treasury
Sec. S. The State Treasurer shall advertise for at
least two months in newspaper in Boston, one In
New York and one In Philadelphia, and one paper In
London and IN Amsterdam, and one in Paris, IN
Europe inviting sealed proposals for the loan herein au
ihorled or any pat thereof, which proposals shall
state the price intended be paid in gold and silver or
its equivalent by the bidder OF each thousand dollars OF
such loan, and at noon on the day appointed Tor Una
purpose the State Treasurer and Auditor General in
tie presence of the Governor and Secretary OF the
Commonwealth, and OF such other persons as may az
tend shall proceed to open said proposals and aot the
loan TO the highest and best bidders whereupon bonds
shall be issued 10 the person or persons emitted 10 sara
loan as herenbeore provided, which bonds or certin
Gates of loan shall be signed by the Governor
and countersigned by the State Treasurer and
Auditor General, and the State Treasurer shall sign
or authorize said coupons or certificates OF inter-
est 10 be signed; provided that In making pro
posss for the loan authorized by this act the holder
or holders of any of the bonds OF the Commonweat1
In, and Of
or certificates shall be authorized TO bid for any part
of said loan the full amount of such certificate or GER
scaies together with the unpaid interest thereon pro-
yded also that at the time OF making proposals Tor the
said loan application may be made tor any part thereof
at an interest of four per cent or less rate Upon
condition that the loan shall be TORS greater period and
not exceed five years exempt from taxation with the
interest thereon payable semi annually tae Governor Is
hereby authorized and empowered to entertain ana
carry into effect such proposition, should he deem II al
vsabe for the best interest Of the Commonwealth pro-
vded further that the notice be issued In Europe for
proposals sha precede the notice in this country at
least month. 49,
SIC & That Immediately after the negotiation of the
loans herein provided for the State Treasurer shall give
notice In one newspaper in Boston, one IN Ncwfork
and one In Philadelphia TO the holders OF all cernhcaes
OF loan then due, and to the holders OF certhcates Is
sued domestic creditors to present the same AZ MS
office at Harrisburg such place as he may desig
nate in Philadelphia, for final payment; and in case
such holders shs refuse neglect to surrender the
certificates aforesaid the interest thereon shall cease -
be paid by the State within 90 days of the time of pay
ment fixed to such notice provided that II shall be
lawful for the Governor and State Treasurer, In
addition TO gold and ser 10 receive al par in payment
for the lean herein authorized any Of the bonds Of the
State domestic creditor certificates and the certificates
Issued for unpaid interest the eertcates OF loan paid
and cancelled under the provisions Of this act after hav
ing been copied into boOk be kept in the Office OF the
State Treasurer for thar purpose shall be destroyed by
the State Treasurer and in tho presence
Of the Governor and Secretary of the CommOnw cath.
SYc 2 That when the loan provided in this act shall
have been negotiated and the Indebtedness cancelled
Aforesaid Il shall be the duty the State Treasurer to
ascertain as possible the aggregate amount of
interest saved 10 the Commonwealth by the provisions
~ ts act As compared with the interest now paid de-
a. contingent expenses, and shall At the time OF
aknS thttr next semiannVa payment of interest, and
sefnt8nnualN thereafter pSy over Z, the Co,isoner
oitne SINKING fund sum equal 10 the amount so saved
ana ai premiums which may be received under the
poSols OF tht acs aud s unclaimed balances itany,
la. DC $3.50 pad over 10 the Commissioners of the
SINKING rune % be applied 10 The cancellation of the
.uufe ott III the same that al other receipts
" thSt iund are applied
SIC : That the Governor and State T-ess.rer be
sha hey are hereby further authorized ard empowered
,ssae certificates Of loan in the aud form pro-
lot IN the foregoing sections of this act renbGrs
My petioo not exceeding thirty.dvc years from
men cate 10 s,y and all Of such holders OF the i've per
CENT loan ct the Commonwealth may signify their
su"ushess 10 receive certificates OF loan, bear
ing an interest OF four per cent or less rate
per annHm, exempted from taxation with coupons
al interest certificates attached payable semi annually
seo and silver, and they hai luther have the right
toe Necessary notice and take such other steps
" proper 10 accomplish the true intent and mean
VI 'nS section; and shall be tAe duty OF the State
esuief 70 communicate 20 The next Legislat de-
ss.eu statement Of the proceedings under this act
wns NE bids received Tor the loan. the names of the
faiss making such bids and such other matters AS
l PC deemed Interesting and useful, provided that
ios sncs'es OF loan authorized by act 10 provide
80 'ae immediate completion fthc North Branch Exten
shsn ol me Pennsylvania Canal approved April , 1852
ao' oe subject To taxation for any purpose what
eev, ma shall DC the duty Of the Governor to
ns 20 De sttached 10 said certificates IN TIE same
the and iorm rs those required 10 De attached TO
ana s 70 be issued ander the provisions of this act
tsin. os'oed TIA; bonds below par shall 5e enter
pron.s my OF said loans; and provided further that
Csssi s or the loan to complete the North Branch
isvs u De forthwith pablshed for a, least thirty
Yc,t one newspaper In Philadelphia one in New
2 one N Boston =. W. IIucHgs,