American union. [volume] (Morgantown, Va. [W. Va.]) 1855-1859, 1856-04-05
BILL.

A BILL.
To scperGte the .Stute from tie 6aahs. IN
tasale ofi It's stocks Mereis. and TIE an.
plicatioa oftAe proceeds TO tie reaen,D.
4 tion 9ftheNpx6!ic debt.
As associated with the subject of f.
nance, aud thorefore matter Of general
| intefest-to the public, we publish, eu-
tire the bill designated above, which
passed the two Houses of tho General
Assembly on the 18th instant.
\ 1. Belt enacted by the General AS.
sembty that the Auditor of Public Ac.
counts be, and DO is hereby authorizod
and directed undor tho supervision OF
tho Governor. to sell the stocks held in
tho banks by the Commonwealth whe,h
er standing in the name of the Com.
monwealth or Of tho Board of Public
Works, or amy other department Of
the government except the Literary
| Fund.
2 Tho said sales shalt be made from
time to time, as tho same eau be affect.
ed al ffairlprlcos; provided, that none of
The said stock shall be sold at less thpn
par value thereof: aud such premium
as may bear tho said proportion IA.
ito the surplus or contingent fund Of
such bank at its lasi quarterly return
before the passage uf this act TO its
whole capitals provided, that no
stock shall be cold at less than its cur.
rent market price: and provided that all
1 OF them shall be sold in not more than
three years from the passage ofthis act.
| 3. The several banks shall have the
! privilege of contrac;ing for the purchase
oiethe stocks, or ofany part ofthe stocks
heidi the Commonwealth, in each Of
them respectively, upon the following
condiLions, to wit: One-fourth part
thereof to be.bought and paid for with.
IN one Year from the passage ofthis act;
one-fonrth part thereof to be bought
and paid for within two years from Tho
same date, one,tourtln part thereofto bs
| bought and paid for within three years
from the same date, and tho resiau.
within fonr years from the same date:
or the payments may be arranged at
sho'ter dates. il so desired by the bank
buying: provided, that the Merchants
and Mechanics Bank of Wheeling NAV
at once purchase on the terms Herein
before named tho stock held thss Elm
by tho Commonwealth. The price TO
| be, paid for such stocks shall be equal to
the par value thereof, with the addition
ofsuch premium as to bear to the said
par valne ratio equal 10 one half tho
ratio ofthe surplus contingent fund of
such bank, at its last quarterly return
I before the passage of this act, to it's
whole capital stock: provided, that no
stock shallibe sold at less than its cur
rent marketprce.
a. The proceeds of the sales of tho
bank stocks hereby directed to DO sold
shall be paid into the sinking fund, to
be applied to the payment and redemp.
ton of such part of the State debt as
may be redeemable; aud ifno part there.
tofbe redeemable, than to purchasing
ard cancelling such outstanding bonds
OF certificates of the debt ofthis common.
wealth as 's;are issued prior to tho LIST
day of January, 1852. In purchasing
such bonds or certificates of debt, those
which are redeemable at an early date
shall be bought in preference to those
which are redoemabIe at later date:
provided they can be bought a, tho
same price. Purchasers of the said
stock may az their option, make pay
meht thereof to the treasury. eithor in
lawful money of the United States, or
IN any bonds or certificates Of debt of
this Commonwealth, at the par value
thereof, which were issued prior to the
LIST ofJanuaryi 1852.
Il s. So soon as one. fourth part of tho
said stock in any bank is sold only
three directors in the said mother bank
and two in each Of tho branches, shall
be appointed On the part of the State;
and SO soon as one-half thereof il sold,
only two directors in the said mother
bank, aud one in each Of the branches,
shall be appointed ON tho part of the
! State; aud SO soon as three-fOurths Of,
the said stock is sold, only one director
| III the mother bank, and none in the
branchesJ shall be- appointed on the part
/ OF the State; and after all of the said
l stock in any bank have been sold, Meth.
or proxies nor directors therein shall
be appointed on The part of the State
I7But. the Governor may at any time APP
! point commissioners with power To- eX.
anime the papers and officers OF the said
banks, or any of them, and to enquire
whether the laws applicable to tho said
banks have been strictly observed
6. All laws or parts of laws incon.
sistent herewith are hereby repealed.
| Z. This act Shall be in force from its
passage. "
4 An act recently passed the General
/ Assembly Of Virpinia TO provide moro