Daily Richmond Whig. [volume] (Richmond, Va.) 1861-1862, 1862-01-28
A RII,I,

R,portsd from tie FinGnee CJmmit'ss Of The House Of
Dslegatss, BY M. Barbour and pd''ed y.'tsrday.
Be 1t enacted by the General Assembly that the Auditor
Of Public accounts be and hereby authorized 10 borrow
with the appreciation OF tho Governor OF the Common
wealth such amount Of Treasury notes Of the CoDfede.
rate States as may be necessary pay the amount here
matter authorized to be paid account OF taxes asssss-
ed against the citizens of the Commonwealth, under an
act Of Congress approved the 18th August 1861 en'
titled An authorzs The issue OF Treasury Notes
and 70 provide war tax for their redemption and the
money so borrowed shall be paid into the Treasury in
the manner prescribed by existing laws.
For the purpose declared in the foregoing section the
several Banks in the Commonwealth are hereby author
lied TO lend the Commonwealth amount payable IN
the Treasury notes OF the Confederate States not exceed
ing 25 per centum upon their respective capitals.
The Auditor of Public Accounts so soon as the ar
rangements for the lean authorized In the first section
are sufficiently matured be, and he hereby h authorized
aud directed to issue his warrants upon tho Treasury,
PAYABLE in Treasury Notes Of the Confederate States for
such sum or sums as In the aggregate may be equal 10
the amount agree on by the Auditor Of Public Accounts
with the approval Of the Committee Of Finance OF the
two Houses of the General Assembly, and the said Sec
rotary Of the Treasury, as sufficient TO impose on said
Secretary the duty specified in the 24h section OF the
act OF the Provisional Congress OF the Confederate States
entitled act TO authorize the issue OF Treasury notes
and 70 provide q war tax for their r dsmpion."
Provided That the amounts OF such warrants shall in
no event exceed the amount OF taxes actually assessed
by authority OF the Government OF the Confederate States
against the czeus Of this Commonwealth after deduct
Ing ten per centum thereon.
TIE Auditor of public accounts be- and Is hereby au-
thorzd and directed to execute and renew II 30 sgreed
from time to time an obligation or obligations commit.
ing the faith Of the Commonwealth TO the repayment Of
the amount OF such sum or Of money may be
ce.sary borrowed TO execute the purposes Of this act
Juch obligations shall be renewable in whole or in part
at the pleasure OF tho authorities Of the Commonwealth
for a period not exceeding the period for which the
bonds Of the State OF Virginia may under existing laws
be issued And the negotiation Of the loan shall, in all
osses be deemed to the terms herein prescribed
on the part of those lendi e the money.
TIE interest such obligations as may be issued un'
der this act shall be paid provided in the agreement
Tor the loan.
During the session of the General Assembly, the Audi
tor OF Public Accounts, before doing any act herein
authorized committing the faith Of the Commonwealth
shall submit his intended act TO the Committees on II
nance of the two Houses Of the General Assembly and
obtain their approval. After the adjournment OF the
General Assembly, during recess, he shall submit ic
the Governor Of the Commonwealth 10 lieu OF the Com
| nittees on Finance, and obtain his approval
Any obligation for money borrowed under the provl
sons OF this act SHALL when the day Of payment arrives
aud the same Is redeemed, be cancelled and preserved
| By the Treasurer in his office.
| This Act shall be in force from its plssage.