WILLIAM GRASON, ESQUIRE, GOVERNOR.

1839.

the interest on the public debt of this State, and that the
treasurer of the Western Shore be, and he is hereby au-
thorized to draw the same rateably from the said banks,
as the exigencies of the treasury for such purpose shall
require.

CHAP. 33.

SEC. 3. And be it enacted, That the certificate for one hun-
dred and twenty thousand dollars of five per cent, debt of the
State by the Commissioner of Loans, in pursuance of resolu-
tion No. seventy-seven of eighteen hundred and thirty-eight,
lately issued in favor of and sent to the Treasurer of the
Western Shore, in place of so much of the said surplus
revenue, be by the said treasurer forthwith cancelled, and
returned to the said commissioner to be by him entered,
cancelled and annulled.

Certificate to be
cancelled.

SEC. 4. And be it enacted, That it shall be the duty
of the Commissioner of Loans, and he is hereby autho-
rized and required to sell and transfer from time to time,

prices as be shall deem it for the Stale's interest to accept,
all the capital stock of the several banks in this Stale now
standing in the books thereof to the credit of the Slate of

Com. of Loans
to sell Bank
stock.

Maryland, and to pay the proceeds thereof as received, to
the Treasurer of the Western Shore, to be by him applied
in aid of the special deposites aforesaid, to the payment of
the interest upon the public debt for the years eighteen
hundred and forty, and eighteen hundred and forty-one.

To pay over
proceeds.

SEC. 5. And be it enacted, That Messrs. Baring, Bro-
thers and Company of London, be and they are hereby con-
stituted the agent of this State, for the payment of the in-
terest on its public debt, which is or shall be there payable,

State's agent
appointed.

with an allowance of one per cent, commission for the ser-
vice; and that it shall be the duty of the Commissioner
of Loans semiannually, in April and October of each year,
to draw upon the Treasurer of the Western Shore for the
amount of such interest, and all charges and duty, to trans-
mit the same to the said Baring, Brothers and Co. for dis-
bursement, in payment of the said interest; and that the
Treasurer of the Western Shore pay to the order of the
said commissioner the amount of such his drafts, out of
the funds hereby placed under his control for that pur-
pose.

Commission.

Com. of Loans
to draw and
transmit semi-

annually.

SEC. 6. And be it enacted, That upon the application of
the holder of any of the sterling bonds of this State, and
upon the surrender and cancelling of the same and of their
proper coupons, the Commissioner of Loans shall be, and
he is hereby authorized and required to issue to, and in

Said commis-

sioner to issue

certificates to
holder of sterl-
ing bonds.