The democrat. [volume] (Weston, W. Va.) 1868-1874, 1872-02-26

Wv pa @s'NA VI NV eNAA VI SaHANH
so IS to enable the reader to ascertain
the proportion which the capital owned
by the State, the literary fund and the
bOard,of public works bears to the en-
tire capital. This would seem to DO
essentially necessary to proper un-
derstanding Of the subject. aud the
separation Of tho funds Of the State
from the literary fund in said bank,
and branches SO as to comply with the
Constitution Of West Virginia, and the
requirements Of the resolution under
consideration. The stocks owned by
the literary fund remain the property Of
the literary fund and may Of right be
controlled by the beard Of said fund
for educational purposes. An the 9th.
er stocks owned by the State are sac
rcdly pledged to the payment Of the
public debt Of Virginia assumed by
this State, aud cannot be converted into
other stocks or used for other purposes.
The 9Th section Of article S Of tho Con.
ssitutiOn declares that "ths Lcgisla.
turc may at any time direct sale Of
the stocks owned by tho State in banks
aud other corporations, but the pro-
ceCds Of such sale shall be applied to
the liquidation Of the public debt"
This comprehensive language would
seem to imply an actual disposition Of
all the stocks owned by the State ; but
it must be construed in connection with
the 10th article of the same instrument,
which pledges to education" the
States just share Of the literary fund Of
Virginia. This fund, as it originally
stood, is Shcwn in the statement herein;
but your committee not having access
to the public documents furnishing cyi,
dencc Of stocks, and not possessing
power TO send for persons and papers,
have been compelled to accept the i'm
perfect information hero given. and
submit it for what i. is worth, and trust
that it will be sufficient to lead to q
thorough and full investigation in va.
cation. when ample timO will be AZ.
forded for that object. Your commit.
tee are not aware Of any authority by
which tho stocks in the North Western
Bank of Virginia have been reduced in
their par value, have been changed
and converted into bank or other stocks,
or in any manner controlled or disposed
Of, and your committee deny any au.
thority to that end, except for the pur.
pose of the constitution hcreinbCforc
quoted.
Your committees attention ha: been
called to chapter Sc Of acts Of tho Leg.
stature, passed 25th of February, 1867;
Chapter GG.-An Act transferring
Stocks and Interest in Banks to the
School Fund. Passed February 18th,
1867.
BE 4 enacted by Me Legislature Of He'l
l1yinia:
The stock owned BY and standing in
the name Of tho State internal improve.
m0nt fund and board Of the literary
fund in the National Bank of West
Virginia, the Parkersburg National
Bank, the FRS. National Bank Of
Wcllsburg, the First National Bank Of
Fairmon., and the National ExchpnuC
Bank at Weston, and all the interest
owned by and standing in the name Of
tho State, or either Of said fluids in tho
North Western Bank Of Virginia and
its branches, and in the branch Of the
Exchange Bank Of Virginia at Weston,
is hereby transferred to anu shall hence.
forth be held and treated as part Of the
school fund Of this State, subject to the
control Of the board Of the school fund;
aud the annual interest or prof,s
thereof, (butno part of the principally
shall be passed to and become a part Of
tho fluid for annual distribution among
the severil counties Of the State.
This was the probable authority for
officers Of government to perform the
acts specified in the Auditors repor,
found on page 40. Tho unconstiiu.
tiUnAiity of this act can not be success.
fully eoutroverted, for it assumes to dis.
pose Of the stocks Of the State, pledged
By tho Constitution to q particular pur.
pose-the liquidation of thr public debt
aud transfers it to the school fund
and while your committee w.uld cheer.
fully give to that fund its fostering
care, get it can not violate solemn
constitutional obligation. to carry out
the cherished hopes Of the committee
in tie cause Of free education.
Your committee therefore recommend
the passage of an act to render availa.
bic tho constitutional obligations i'm.
posed upon the Legislature, and to that
end to disregard the act Of the 2jth Of
February, 1867, and all executive acts
done in pursuance Of it which attempt
to dispose Of stocks belonging to the
State proper, 50 pledged to the liquida.
ton Of the public debt.
No occasion for sale Of any Of the
stocks If the State ha, ever heretofore
been rendered necessary; but BY ref.
erOncc to the report Of tho West Vir-
GINA Debt Commissioners, it would
seem TO be appropriate now.
The bank stocks, whether solvent
or insOlvcnt. within and appcrtaiRing
to this State, may be put down about
as follows: