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1582 JOURNAL OF PROCEEDINGS [Apl. 3,
executed by Smoot, Fant and Winder in Baltimore city, filed
the same day in Annapolis in which they swear, "That fifty per
cent turn has been actually paid in money to the Treasurer of
the said Southern Maryland Railroad Company, by other sub-
scribers than the State of Maryland, to the capital stock of
the said Southern Maryland Railroad Company on their re-
spective shares, which said fifty per centum amounts to the
sum of $500,000." The same day the Treasurer of the State,
as appears from his official letter, writes Smoot, advising
him that the papers were all satisfactory, and that the amount
of $160,000 would be paid as soon as the Treasury was in
funds. Armed with this letter from the Treasurer, improp-
erly given, as we think, the President of the Company is
enabled to borrow the money the following day from James
Sloan, jr., of Baltimore city, making an assignment to
Sloan of the State's subscription, in which assignment it is
stated that the same is made to cover the amount of $65,000
due the Company, as evidenced by the letter of the Treasurer
of the State of Maryland, dated the 6th day of February,
1873, and addressed to the said Smoot and Fant.
On the 3d day of Juue, 1873, the Comptroller issued his
warrant to James Sloan, jr., assignee of the Southern Mary-
land Railroad Company, for the sum of $65,000, and on the
25th of November, 1873, another warrant for $16,500, to
Alexander Brown & Sons, the assignees of said Company,
these two amounts being fifty per centum on the States's
subscription.
By what authority of law, or on what proper proof these
warrants were issued, the undersigned are unable to say.—
The law of 1868, chapter 454, expressly provides as fol-
lows : "And the said Treasurer shall, out of any unappro-
priated money in the Treasury, pay the instalments on each
share of the capital stock or said Company or Companies for
which he shall subscribe as aforesaid, on the warrant of the
Comptroller, which the latter officer is hereby directed to is-
sue as the said instalments may be called for by the County
Commissioners of said county, and agreeable to the provi-
sions of the Act incorporating said Company or Companies."
As the Act incorporating the Southern Maryland Railroad
Company, (Acts of 1868, chapter 150,) expressly provides in
Section 10, "that there shall be paid on every share of such
stock two dollars at the time of subscribing ; and the resi-
due of the subscription shall be paid whenever assessed or
called for by the Board of Directors," the Comptroller of
the Treasury could not legally issue his warrant until such
assessment had been made by the Board of Directors of the
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