|
WILLIAM SMALLWOOD, Esq; Governor.
more, notwithstanding there may be more obligors than one in the same
bond, and notwithstanding more executions may issue than one, or execution
may issue more than once for one and the same cause. |
1785.
CHAP.
LXXXIV. |
CHAP. LXXXV.
An ACT respecting the loan made by this state with Messieurs
Nicholas and Jacob Vanstaphorst, of Amsterdam,
merchants. |
Passed March
12. |
WHEREAS a loan was negotiated by Matthew Ridley,
Esquire, agent of this state, with Messieurs Nicholas and Jacob
Vanstaphorst, and a difference of opinion hath arisen concerning
the said loan and contract, and the terms and conditions thereof, and
this general assembly are of opinion, that on the principles of justice,
and
a reasonable construction of the contract made on the thirty-first day
of
July seventeen hundred and eighty-two by the said Matthew Ridley,
Esquire, with the said Nicholas and Jacob Vanstaphorst, this state is only
bound to pay them tobacco, at the place and price stipulated, sufficient
to
discharge the annual interest on the loan, |
Preamble. |
II. Be it enacted,
by the General Assembly of Maryland, That out of any
public money that may come into the treasury before the first day of
November seventeen hundred and eighty-six, and not heretofore appropriated
and applied to congress, the civil list, and the payment of interest
to the creditors of this state, so much thereof as may be necessary, be
applied
to the payment of three years interest on the said loan, on or before
the said first day of November next. |
Money applied
for payment
of interest,
&c. |
III. And be
it enacted, That it is hereby proposed by this general
assembly to Messieurs Nicholas and Jacob Vanstaphorst, to receive seven
and a half per cent. interest on the loan from the time of the loan to
the
expiration of the third year, and six per cent. afterwards, payable
annually
in the month of November in the city of Amsterdam, in lieu of the
payment of the interest in tobacco, for the residue of the term of the
loan,
and until the principal be discharged. |
Proposal to
receive interest,
&c. |
IV. And be it
enacted, That if Messieurs Vanstaphorst shall decline to
accept the above proposition, and signify there dissent, that the governor
and the council be authorised and requested to agree with their agent on
the appointment of arbitrators (not citizens of this state, and not exceeding
four persons) two of them to be nominated by the governor and the
council on behalf of the state, and two on behalf of the Messieurs Vanstaphorsts,
with power to the said arbitrators, in case of difference, to choose
a fifth person, who shall have power to determine on the contract aforesaid,
and the terms thereof, and to ascertain the damages (if any) to be
paid by this state, and the faith of this government is hereby pledged
to
abide by and perform the award of the said arbitrators. |
If not accepted,
governor,
&c. to agree
with agent,
&c. |
V. And be it
enacted, That four hundred hogsheads of tobacco be purchased
as soon as possible and shipped to the said Messieurs Vanstaphorst,
to be by them sold and accounted for, the sales to be applied to the
payment
of the interest due on the loan, if the said Jacob and Nicholas Vanstaphorsts
should accept the proposal made by this act, of settling the interest
of the loan aforesaid in money, or to be applied as so much tobacco
in payment of any tobacco which may be determined to be due by this
state to the said Jacob and Nicholas Vanstaphorsts, if an arbitration should
be had, and a determination given, that the state owes tobacco to that
amount, the sid Jacob and Nicholas Vanstaphorst in such case being |
Tobacco to be
purchased,
&c. |
|
 |
