156

LAWS OF MARYLAND.

it shall not be lawful for the Treasurer to purchase
any other stocks for the investment of the interest
of the said Fund, unless, before said full amount is
so absorbed, it shall become unnecessary to provide
by loan any part of the means required to pay the
said United States' direct tax.

State's pro-
portion of tax
for 1862, &c.—
mode of pay-
ment.

Sec. 3. And be it enacted, That at any |ime,
and from time to time, after the passage of this
act, the Treasurer shall, for the best price that can
be obtained, negotiate the sale of so much of the
remaining one million and a quarter of dollars of
said "Maryland Defence Loan," as may be neces-
sary, in addition to the amount received or to be
received from the sales made to the Sinking Fund,
under the next preceding section, to provide means
for the payment of the State's proportion for the
year eighteen hundred and sixty-two, or any suc-
ceeding year, of the direct tax now levied or which,
before negotiating said sale, shall have been levied
by Congress to pay the expenses of the present
war ; but no sale of any part of said loan shall be
so made by the Treasurer, without the written ap-
proval of the Governor and Comptroller, in each
case, ratifying the terms of said sale ; and on the
ratification of such sales, respectively, certificates
of stock shall be issued, and, on payment being
made therefor, delivered to the purchasers.

Proposals for
taking Loan.

Sec. 4. And be it enacted, That if either in the
year eighteen hundred and sixty-two, or in any
succeeding year, it shall be deemed expedient by
the Governor, Comptroller and Treasurer, or any
two them, to advertise for sealed proposals f6r tak-
ing any part of the said "Maryland Defence Loan,' '
such advertisement shall be made by the Treasurer
in such manner and for such times as the said Gov-
ernor shall prescribe ; and after the time limited
by said advertisement, the proposals received, shall
be opened by the Treasurer in the presence of the
Governor and Comptroller, and so much of the
stock as may be necessary, shall be awarded to the
highest bidders therefor at the prices named in
their bids respectively, and on payment being made
therefor, certificates shall be issued as hereinbefore
provided, but the right shall be reserved to the
said Governor, Comptroller and Treasurer, or a
majority of them to reject any bids for satisfactory
cause.