Weekly North Carolina standard. [volume] (Raleigh, N.C.) 1850-1858, 1857-04-08

Literature is incorporated and by section third of
said chapter it is provided that certain "property
and funds shall be vested in the said corporation and
their successors, in trust as public fund for edu-
cation, and the establishment and support Of Com
mon Schools"-and by the section it is ex-
pressly provided that all the shares of stock owned
by the State in the Wilmington and Raleigh Rail-
road Company, and in the Wilmington and Man.
chester Railroad Company, and all the profits and
dividends arising therefrom," shall be "vested in "
the Board of LITERATURE thus Incorporated. The
dividends therefore, arising from the stock in these
Roads, were, at the time the Sinking Fund act was
passed. and had been for many years, "otheracise
appropriated not merely the dividends but
the shares of stock" as 'property and funds vest
ed in the Board of Literature" They still "belong
to the Common School fund"-the opinion of the
Registers correspondent to the contrary notwith-
standing and we venture to predict that the Com
missioners Of the Sinking Fund, if they shall deem
it worth while to examine the question: will at
decide. In the first place these stocks vested
in trust in corporations in the second place. there
is an express exception in the Sinking Fund act,
which exception applies to these stocks, as having
been "otherwise appropriately" and in the third
place, the act mentions in many words the North
Carolina and the Raleigh and CASTOR Roads, and it
is not to be presumed that the Legislature would
have mentioned these two Companies and then have
included such important Companies as the Whining
ton and Weldon and Wilmington and Manchester
under the general head of 'a other Railroads, built
or being built" But, SAYS the Registers cores
dent. 1.-THE construction" assigning the dividends on
the stock in these Roads to the Sinking Fund.- and
taking them from the Common School fund.- "can-
not be avoided-and he adds, ''there is nothing in
the context which can impose on the words sense
restrictive of their natural meaning" We have al
ready shown that there Is in the context that which
most clearly and completely restricts the words re-
ferred to- to wit, the expression mot otherwise ap
prated" But beyond this, it can hardly be suppos-
ed that the natural meaning thus given to the
words could consist with provision assigning the
dividends Of stock to a new fund, while the "prop
erty"-the "stocks" from which these dividends are
derived, were still ''vested in corporation manag-
ing an old fund. The natural" and obvious course
would have been to dvest the property and rsfer
that carrying with it its dividends, to the Sinking
Fund
We think it clear, therefore, that the Registers
correspondent is mistaken and as we are bound to
believe that he desires to deal only in facts and
aims at the truth, without regard to political preju-
dice or bias, we may expect him to notice and cor.
rect this mistake in his next number
AN ACT TO CREATE A SINKING FUND.
Sec l. Be it enacted By the General assembly of
the State Of North Carolina and it is hereby enac-
tel by The authority of the same That all such
eys, dividends taxes Or revenues may be assigned
and set apart by the General Assembly for that pur-
nd hn Fund to w
the debt of the State.
SEC. 2. Be 1t further enacted, That Thomas Ruff
fn ST., Weldon n. Edwards and David L. Swain
be, and they are hereby appointed the commission.
ers of the Sinking Fund, and hereby created a
body polite and corporate under the name and
style of the Commissioners of the Sinking Fund
with all the powers conferred corporations bv
the seth chapter of Revised de- so far as they are
applicable: and any vacancy which may hereafter
occur in this board shall be filled by the Governor,
br and with the advice and consent of the Council
of State.
Sec. 8. BE 1t further enacted, That the commits
sioners of the Sinking Fund shall appoint secre-
tary, whose duty it shall be to keep full and accu-
rate record of the proceedings Of each and every
meeting of the commissioners, and ALSO in books to
be kept Tor that purpose, correct account Of the
receipts disbursements, investments and reinvest
ments of the Sinking Fund.
SEC. T. BE it .tt.rther enacted. That all moneys
dividends, taxes or revenues set apart by the Gen
erai Assembly lot the purpose o! raising Sinking
Fund or Increasing the same, sha! be paid into the
public treasury, true and accurate account o
which shall be kept by the public treasurer, in
book to be kept by him for that purpose.
SEC..5. Be it further enacted, That all moneys
paid into the public treasury, for or on account O
the Sinking Fund, shall be under the exclusive con
| troll and management of the commissioners of the
Sinking Fund, and in no case appropriated or paid
out by the treasurer, except upon the order Of the
commissioners of the Sinking Fund. and signed by
each and every member of the board
| Sec. g. Be 1t further enacted, That the commits
soners of the Sinking Fund shall hold their meet
ings in the office of the public treasurer, and shall
receive three dollars per diem together with theil
secretary, for each and every day employed in the
management of the Sinking Fund, to be paid by the
public treasurer out of any money in the treasury.
SEC. z. BE 1t further enacted That it shall be the
duty of the Board of Commissioners. not only to in
vest and renvest all funds placed under their direc
ons but to report to each and every session of ,he
General Assembly their proceedings, with such sug.
| gesIons as they deem best for the increase of the
| Fund, and the preservation of the public credit
| Sec. 8. BE 1t further enacted That all the div
dends the stock ,f the State in the North. Caro
lima Railroad, the Raleigh and CASTOR Railroad, and
| the dividends stocks in all other Railroads built
or being built, all pankroads, turnpike roads, and
navg cation companies, not otherwise appropriated
and all excess Of revenue collected under Revenut
| Laws, after paying the annual charges upon the
treasury be, and the same hereby assigned and
set apart to raise Sinking Fund to pay the debt
the State and relieve the people from taxation; anc
| the commissioners of the Sinking Fund are hereby
authorized to sell any of the stocks of the State here
| in named, whenever the same may be sold at thel
| par value.
| Ratified the 2d day of February 1857