Port Tobacco times, and Charles County advertiser. (Port Tobacco, Md.) 1845-1898, 1862-02-27


suffered at Donelson we are very uncertaip.-
We must believe that the Federal account is
greatly exaggerated.
..The Maryland Defence Loan, Bill.
Mr.. Donaldson, from the Committee on WAYS
and Means, reported, on the 10th instant. the
following bill to provide means for the defence
of the State of Maryland by raising an amount
sufficient to pay the States proportion of the
United States direct tax levied or to be levied
FIR the purpose of suppressing rebellion and
maintaining the integaity of the Union:
Whereas, The Government of the United
States is now engaged in war forced upon it
by the seditions and unlawful acts of those who
have attempted its overthrow by violence, and
it is only by the vigorous and successful prose-
cution of that war upon the part of said Cover
ment that the State of Maryland can be protected
from hostile invasion, and the lives and property
of her citizens preserved from destruction and
whereas, it is not only the duty of said State,
but is also an act of necessary selfdefence on
her part, to provide means of paying her pro-
portion of the expenses of said war Therefore
Section ]. Be 1t enacted by the General As
senably Of Maryland, That the Treasurer be and
is hereby authorised to issue, in the manner
hereinafter prescribed, stock of the State Of
Maryland to an amount not exceeding two mil
lions and half of dollars, for loan to be called
sThe Maryland Defence Lean" which stock
shall be redeemable at the pleasure of the State,
and until redeemed shall bear interest at the
rate of six per cent. per annum. payable semi
annually, on the 1st day Of January and July
in each and every year.
Section 2. And be 1t enncted That one million
and quarter of dollars of said stock shall be
reserved for the investment of the interest ac-
cruing from time to time in the Sinking Fund
of the State and on the first day of January,
April, July and October in every year, and at
whatever other times any interest of the said
Sinking Fund may be payable or standing to
the credit Of the Treasurer as Trustee Of that
Fund, the Treasurer shall issue to himself, as
Trustee of that Fund, certificates of stock at par
to the amount of said interest so payable or so
standing to his credit as Trustee of said Fund.
and on the warrant of the Comptroller shall
pass the amount so paid for said stock to the
general credit of the State Treasury, to be APP
piled to the payment of the States proportion
of the direct tax levied or which may hereafter
be levied by the Congress of the United States
to provide for the expenses of the war now car
ried on to suppress rebellion and to maintain
the integrity of the Union; and the stock so
purchased from time to time ont of the interest
of the Sinking Fund shall be added to the eapi-
tai of said fund, and the interest thereon shall
be paid sem-annually, and the principal ulti-
mately redeemed ont of the proceeds the tax
of principal and interest of the whole Of said
Maryland Defence Loan ;" and until the ,accru-
ing interest the said Sinking Fund shall have
absorbed by such investments the full amount
OF one million and quarter Of said loan it shall
not be lawful for the Treasurer to purchase any
other stocks for the investment of the interest Of
the said Fund unless before said full amount is
so absorbed it shall become unnecessary to pro-
vide by loan any part of the means required to
pay the said United States direct tax
Section g. And be 1t enacted. That at any
time. and from time to time. after the passage
of this act, the Treasurer SHALL for the best price
that can be obtained negotiate the sale Of SO
much Of the remaining one million and quar-
ter of dollars of said "Maryland Defence Loan"
as may be necessary, in addition to the amount
received or to be received from the sales made
to the Sinking Fund under the next preceding
section, to provide means for the payment Of
the States proportion for the year eighteen hun
dred and slxty-two, or any succeeding year, of
the direct tax now levied, or which before nego-
tiating said sale shall have been levied. by Con-
gress to pay the expenses of the present war;
but no sale of any part Of said Loan shall be so
made by the Treasurer without the written ap-
prevail of the Governor and Comptroller in each
case ratfying the terms of said sale, and Oh the
notification of such sales respectively certificates
of stock shall be issued, and on payment being
made therefor delivered to purchasers.
Section 4. And be- enacted, That if either
in the year eighteen hundred and sixty-two, or
in any succeeding year, it shall be deemed ex-
pedient by the Governor, Comptroller and Trea-
surer, any two of them, to advertise for sealed
proposals for taking any part of the said MARY
land Defence Loan" such advertisement shall
be made by the Treasurer in such manner and
for such times as the said Governor shall pre-
scribe and after the time limited by such adj
vertisement. the proposals received shall be
opened by the Treasurer in the presence of the
Governor and Comptroller, and so much of the
stock as may be necessary shall be awarded
to the highest bidders therefor, at the prices
named in their bids respectively, and on pay
ment being made therefor certificates shall be
issued as bereinbefore provided. :.
Section s. and be 1t enacted, That the Trea-
srer is hereby authorized and directed to receive
from any person or bodies corporate in payment
for any part Of the Maryland Defence Loan"
purchased by them under the provisions of this
act any United States Treasury notes, bonds or
evidences of debt which at the time of said pay
ment shall be receivable by the United States
for taxes and public dues. -
Section 6. And be 1t enacted, That all pay
ments made by or on account of the purchases
of the loan authorized by this act shall be made
to the Treasurer on the warrants of the Comp
troller, and all certificates of the stock of said
loan, including those issued to the Treasurer
himself, as Trustee of the Sinking Fund, shall
be signed by the Treasurer and countersisned
by the Comptroller.
Section I. 41nd be 1t enacted, That thesad.li-
tional direct tax of fifteen cents on every hut
bred dollars worth of the assessable property Of
the State, imposed by the General Assembly at
its present session, is hereby especially pledged
for the payment of the loan authorized by this
act, and the said tax is hereby on the faith Of
the State declared irrepcalable until the prnci-
pal and interest Of said loan shall have been
fully paid.
Section g. ind be 1t enacted, That any of tie
chartered banks Of this State NAV r,,rch.ase any