The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1872-02-29

The State now holds in the Ma
tiOnal Bank OF West Virginia,
name OF the state 5000 90
| First National Bank OF Wells
burg, lS shares in the name OF 1904 =,
the state ------ AC'7NV w
First National Bank Of Wells
proSement Fund...................... 1880 %
Parkersburg National Bank,
State .................................. 1900 90
Parkersburg National Bank,
30 shares in Literary Fund. $500 10
slO5lOO "
July 9, Is67-The Northwestern
bank OF Wheeling paid divi-
ofInternal Improvement Fund l,63O %
OF Viryinis stocT .... " .,, $3.50 90
On 500 shares of Literary Fund. 100 w
Slu,5I0 %
August /. lS&S-A like dividend Of
D per cent on the same stock. SlO,olO W
None OF these tables exhibit the entire
capital stock Of the bank or branch 30
as 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 entire CAPT.
tai. This would seem to be essentially ne
ces5ary to proper understanding OF the
subject, and the separation OF the funds
oftue State from the literary fund in sad
! banks AMI branches 90 a. 10 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 board OF said fund for
educational purposes All the other
stocks owned by the State are saCredIy
| pledged to tae payment Of the public
debt OF EIrg5 assumed by this State,
and cannot be converted into other
stocks or used tor other purposes. The
seventh section OF article ; Of the Con,
,titution declares that the Legislature
NAV at any time direct sale OF the
stocks owned by the State in banks
and other corporations, but the proceeds
OF such sale shall be applied to the
liquidation of tue public debt. This
comprehensive language would seem 10
| imply an actual disposition OF all the
stocks owned by the State; but It must be
construed in connection with the tenth
article OF the same instrument, which
pledges to "edIcati)n' the States just
share OF the literary flni of Virginia.
This fund, as it originally stood, is
shown ia the statement herein; but
your committee no; having access to
the public documents furnishing evil
| dence OF stocks, and not possessing pow
er to send Tor persons and papers, have
been compelled 10 accept the imperfect
! information here given, and submit il
| for what it is worth, and trust that II
will be sufficient 10 lead TO a thorough
and tuIl investigation in vacation, when
ample time will be afforded for that Oh
/ ject. Your committee ere not aware
of any authority by which the stocks
in the Northwestern Bank Of Virginia
have been reduced in their par value,
have been changed AMI converted into
bank or other stocks, or in any manner
controlled or disposed of, and your
committee deny any authority to that
end, except for the purpose OF the Con-
stitution hereiubefore quoted.
Your committees attention has been
called to chapter 66 Of acts OF the Leg
stature, passed 18th OF February, 1867 ::
| CHAPTER 6G.-An Act transferring Stocks
and Interest in Banks 10 the School
Fund. Passed February 18th. lS67.
Be it enacted BY the legislature Of W:st
Virginia.
The stock owned by and standing in
the name OF the State internal improve
ment fund and board OF the literary
fund in the National Bank of West
Virginia, the Parkersburg National
Bank. the First National OF Wellsburg.
the First National Bank Of Fairmont,
and the National Exchange Bank at
Weston, and all the interest owned by
and standing in the name OF the State,
or either OF said funds in the North
western Bank OF Virginia and it
branches, and in the branch of the
Exchange Bank OF Virginia at Weston,
! is hereby transferred 10 and shall hence
forth be hell and treated as part OF the
school fund OF this State, subject to the
control Of the board OF the school
fund; All the annual interest or profits
thereof, (but no part OF the pr;ncpa)
hal. be passed to and become part OF
the fund tor annual distribution among
! the several counties OF the State.
This was the probable authority for
officers OF government to perform the
acts specified in the Auditors report
found on page 20. The uuconstitution-
atty of this act cannot be successfully
, coutroverted, for it assumes to dispose
Of the stocks OF the State, pledged by
the Const tuition 10 particular purpose
the liquidation o. the public debt
and transfers it TO the school fund; and
while YOUR committee would cheertully
rive to that fund its fostering care, vet
il can not violate a solemn COns;Itu
tional obligation, to carry GU, the
cherished hopes OF the committee in the
cause OF free education.
Your comm ttee therefore recommend
the passage Of an act to render available
the constitutional obligations imposed
upon The Legislature, and 10 that end
to disregard the act OF the twenty-ftth
Of February, lS6I, and al executive
acts done in pursuance Of it which at
tempt to dispose OF stocks belonging TO
the State proper, so pledged to the
liquidation OF the public debt.
| No occasion for a sale OF any Of the
stocks OF the State has ever heretofore
been rendered necessary; but by refer
ence 70 the report Of the West Virginia
Debt Commissioners, it would seem TO
be appropriate now.
H. hnrl stnnlS ri o. \ ar al rant ~