St. Mary's beacon. [volume] (Leonard Town, Md.) 1845-1863, 1862-03-06

Il z
/ m1 ~ quarter OF dollars of sal,
reservcsl for the iia.estmeu
4 a accruing from time to tim,
4 inN s l'an,l of the State. and on
I ths Jansarys April. july and
i tAH@ evssry ys,ar md at wlasevc
e sIly isss!ftl 4 thc s..id Sink
zs~e,s ~ III g .sanding Il
i the credit of1the Treasurer as Trustee o
j thst ftini, the Treasurer shall issue t,
I hiansclf, as Trustee of tina, Fund. ccrtif
Gates OF stock at par to the amount of sal.
interest so payable or 81 standing to hi.
credit as Trustee of said Fund and on tn,
(! warrant of the Comptroller slal! pass ,h,
ahount so paid for said stock to the gen
eral credit of the State Treasury, to lie ap
pliel to the payment Of She States pro
portion Of the direct tax levied or which
may hereafter he levied by the Congress.
OF the United States to provide for the ex.
pchses ot the war n"w carried gu to sup.
press the rebellion aid to maintain the in.
tcgrity of the Union; aud the stock So puy
| ctased from time to time ont of the inter
est of the Sinking Fund shall be added to
the capital of said fund, and the in,cres,
thereon shall b. paid seni-annualiy. an,
the principal ultimately redeemed out o.
the proceeds of the tax hereinafter par,icu.
larly pledged for the payment Of principal
and interest Of the whole Of s1id "Ilary-
land Defence Loan and until the accru-
ing interest on the said Sinking Fund
shall have absorbed by such investments
the full amount Of one million and quar-
! ter. of saiL loan it shall not be lawful for
the Treasurer to purchase any other stocks
Tor the Investment of the interest of tn.
saii Fund. uulcss b,.fnre said fall auoun,
is SD absorbed it shall become unnecessary
/! to provide by loan auy par, of the means
redIliEed to pay the said United States
direct tax
Section ). .iad Lc IL enacted. That a:
any time, aud from time 10 time, after the
passage Of this act, the Treasurer shall,
for the best price that can be obtaiueL.
neg otiate the sale of SO much of the re-
.maiuing one million and IL quarter of dol
lars Of said Maryland Defence Loau" as
may be .,neees.afy. 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 pro-
portion FIR the year eighteen hundred aud
alxty-iwo. Or ally succeeding year, Of the
direct tax now levied or which before re-
gotlating said sale shall have bcea levied
by Congress 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 approval Of the Gov
ernor and Comptroller in each case ra,ify-
ing Fhe terms Of said sale, and on the noti-
f;cation Of such sales respectively ccr,ifi-
Gates Of stock shall be issued, and on pay
ment being made therefor delivered to
purchasers
Section 4. Had lie 1t enacted. That it
either in the year eighteen hundred AMI
slxty-tw Or in aHy succeeding year, it
shall be deemed cxl"dlcnt by the Cover
nor, Comptroller aud Treasurer, or any
two OF them, to advertise for scaled pro-
posals for taking any part of the said
.'Marylaud Defence Lpan," such adrcr-
tiscnent shall bc .n,ade hy the Treasurer
in such manner aud for such times as the
said nov,rnor shall rrrscribe: aud af;,r
the timc limited by such advertisement
the Pgor,sals received shall be opened
by the Treasurer in The presence Of the
Governor and Comptroller and SO much
of the g Ok as may BE- necessary shall be
awarded TO the highest bidders therefor.
at the prices named in their bids respcc-
lively. and on payment being made there
for certificates shall lie issued as herein
before provided.
r. Section 5. lind lie IL enacfed That the
Treasurer is hereby authorized and t.i-
rccted to recciyi: froin any person or bodies
corparase in payment cor any part of the
Maryland Defence Lean purchased Ly
them usder the provisions of this act any
/ United States Treasury notes, bonds or
eyideners Of debt which at the time of said
payment shall be receivable by the United
States for taxes and public dues.
SECTION d. And be it enacted. That ali
payment made by or OH account OF the
purchasers of tLc loan authorized by til,
act shall te made to the Treasurer, o.. tn.
warrants of the Comptroller. and all eer,if-
Gates of the stock of said loan, includiu Q
those issu,;d TO the Treasurer Liuasclf. a.
Trustee Of the Sinking Fund. shall be
signed by the Treasurer aud couu,ersigned
by the Comptroller.
Section I And be il enacted, That tn,
additional direct tax of fifteen CENTS n,.
every hundred dollars worth of asscssmlle
property of the State. imposed by thr Gcn-
erai Assembly at its present session, is
hereby especially pledged 80 the payment
Of rhe loan authorized by this act. aud ;he
said tax is hereby on the faith of the State
DECLARED irrcpcalable until the principal
and interest of said loau shall haze becl.
fully paid. :.
!. section s. And be it enacted, That any
! of the chartered banks Of this State ma !
purchase any amount IF the loan author
ized by this act to be. .isshei, yithyut re-
gard 10 any limit heretofore. rrcscribes: Is
1.-The laws Of fh;s State relating to faid.t.lIk.
aud III case any tsnA il hich the State