The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1854-06-07

otherwise dispose OF any of said stocks, at
ess than the par value thereof, unless, in
heir opinion. the interest Of the State will
thereby.
SEC. 2. The Commissioners ofthe Sink.
ing Fund are hereby further directed, in
sase such shares Of stocks are sold ,or 9th.
erwise disposed OF for money, to apply the
money thus received. 10 the Sinking Fund,
10 be disposed OF in the redemption OF out
bonds Of the State, or the pur.
chase OF United States Stocks, as prescri-
bed in section six of tan act to create q
sinking fund for the payment Of the princi
pal and interest Of the public debt Of Ohio, !"
passed March fourteenth. eighteen hundred
and fifty three, for the application OF other
moneys belonging to the Sinking Fund.
SEC. 3. That section six OF "an act to
create a sinking fund for the payment of
the principal and interest of the public debt
of Ohio," passed March ID. l843 be so
amended as to read as follows: Section 6.
That whenever an amount OF money. ap#
plicable to the payment oil the principal Of
the public debt OF the State, shall have &C.
cumulated in the Treasury, equal TO, or
exceeding the sum OF ten thousand dollars.
in addition to the amount necessary to pay
the accruing interest for the year, it shall
be the duty of the Commissioners OF the
Sinking Fund to Immediately apply such
moneys to the redemption Of SO much
of the outstanding bonds Of the State;
Prorided, they can be obtained at
their par value; and if not. then said Com
missioners shall. (as in their opinion will
best subserve the interest Of the State, ap.
ply them to the purchasing Of outstanding
bonds OF the State of Ohio, at the market
price thereof, or invest said moneys in
stocks OF the United States. bearing rate
of interest not less than FIVE per cent per
annum; and in case they invest said mon
eys, or any part thereof, in stocks oi the
United States, said stocks shall be deposit
ted with the Auditor Of State, and by him
safely kept until outstanding bonds OF the
State shall become due. or can be purchas-
ed upon such terms as it will be the inter-
est of the State to convert said United
States stocks into money, for the purpose
of purchasing orsredeeming outstanding
bonds of the State, at which time said Uni
ted States, Stocks shall be sold, and the
proceeds thereof applied to the redemp-
ton or purchase Of said outstanding bonds,
and TO no other use or purpose whatever;
and a full and detailed statement Of their
proceedings therein, shall be reported to
the General Assembly, at each session
thereof; and in any year in which there is
no session of the General Assembly. then
said report shall be made to the Governor
who shall cause the same to be published
SEC. a. That section seven Of the act re.
cited in the preceding section, be SO a.
mended as 70 read as follows: Section z
Whenever an opportunity shall offer fol
the purchase Of the bonds Of this State, in
pursuance of the preceding section of this
act the commissioners Of the sinking fund
shall make a requisition upon the Auditor
at State for an amount sufficient to pay
the bonds so offered for redemption; if sale
commissioners shall determine to inves
any moneys in stocks OF the United States
| then like requisition shall be made fo
an amount equal to the proposed invest
ment; and for either purpose, the Auditor
of State shall, in pursuance oi requsi
ton, draw his warrant in favor Of the per
son or persons named in such requisition
! by said commissioners, and the same shal
be paid by the Treasurer Of State.
SIC. 5. That the eighth section Of tn.
/ act entitled ian act to define the duties o
the Commissioners Of the Sinking Fund.
passed April 10. 1859. be. and the same i
hereby amended so as to read as follows:
Section 8. II shall be the duty of the Com
missioners Of the Sinking Fund. to selec
some suitable office, or place in the cit.
Of New York. and to appoint an agen
who shall reside in said city, and shall
| hold his office for the term of two years
1 and until his successor shall be duly ap
Ipoinied and qualified, by whom. and a
which, transfers Of the stock OF the Stat
/ may be made, aud the principal and in
terest OF the foreign public debt to be paid
under such rules and regulations as the.
may adopt in conformity will, the existing
laws of the State. The agent so appoint
ed shall, before entering on the duties Q
his office. execute an undertaking to tn
State of Ohio, in such sum with such Sc
curity as may be required by the Commis
/ sioners, conditioned for the faithful per
formance of the duties thereof Said agen
shall not. either directly or indirectly. ap
" DtS VWh ooOs w. A'sS'Ss
that may be received on any public fund
placed in his hands or under his contro
nor deposit any public funds with any pei
son or institution other than with such pei
son or institution as he may be directe
TO deposit public funds with, by the Com
missioners of the Sinking Fund. Tn
stagent shall receive such salary as may b
agreed upon by the Commissioners.
SEC. 6. That section six, seven. eigt
and nine. OF the before recited act, be
and are hereby repealed.
i SEC. Z. That the eighth section OF tn
act entitled "an actto define the duties (
the Commissioners of the Sinking Fund.
passed April 10Th, 1852, be, and the sam
is hereby repealed.
F. C.. LEBLOND.
Speaker Of the House of Representative.
I ROBERT LEE,
President Of the Senate pro ten
Il May lst, 1854.
AN ACT
Supplementary 10 an act entitled ian az
TO prohibit Unauthorized Banking, an
RI the circulation OF unauthorized Ban
n