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Hanson's Laws of Maryland 1763-1784
Volume 203, Page 249   View pdf image (33K)
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1780.

CHAP.
XXVIII.

                                LAWS of MARYLAND.

and for default of such endorsement, or such oath or affirmation, before
suit brought against the debtor, his executor or administrator, such bond,
note, or other writing, shall be discharged in bills of credit emitted by the act for
sinking the quota required by congress of this state of the bills of credit emitted
by congress, and the want of such endorsement or oath or affirmation may be given
in evidence on the general issue.

Bills not to be
a legal tender,
&c.
    IV.  And be it enacted, That the bills of credit issued by congress and emitted
by acts of assembly and resolves of conventions, and made a legal tender in all
cases by the act of assembly passed at February session, seventeen hundred and seventy-seven,
shall not be a tender or payment for any debt, promise contract or
agreement, created or made after the passing this act (unless by agreement of the
parties) any thing in the said act, or any other law, to the contrary hereof notwithstanding.
Part of an act
repealed.
    V.  And be it enacted, That such part of the said act, which imposes a penalty
on persons refusing to sell goods, manufactures, commodities, merchandise, or
provision, for a less price in gold or silver than for bills of credit, shall be and is
hereby repealed.
Bonds not to
be put in suit,
&c.
    VI.  And be it enacted, That no public bond due to the loan-office shall hereafter
be put in suit for nonpayment either of principal or interest, without the directions
of the governor and council, or general assembly, any thing in any former
law to the contrary notwithstanding, and that all suits already commenced
on such bonds shall be discontinued.

 
 

Persons requested
to
subscribe, &c.

    VII.  And, whereas many citizens of this state would pledge their property and
credit to the establishment of a bank, for the purpose of procuring provisions and
other supplies for the army, if this state would become security for their indemnification
and repayment; Be it enacted, That the patriotic and virtuous citizens
of this state be requested to subscribe and to pledge their property and credit for
the establishment of a bank, for the express and sole purpose of procuring provisions
and other necessary supplies for the army, to any amount not exceeding one
hundred and fifty thousand pounds currency, payable in gold or silver.
And may erect
a bank,
&c.
    VIII.  And be it enacted, That any number of persons may subscribe to the
erecting a bank, and executive or give their mortgages, bonds, or other securities,
to directors by them to be appointed, no person subscribing less than two hundred
pounds to have a vote on any question relative to the business of the bank.
Directors to
borrow money,
&c.
    IX.  And be it enacted, That the directors of the bank shall be authorised to
borrow money on the credit of the bank for one year, or any shorter period, and
to give their notes in writing for the money lent, bearing an interest at the rate of
six per cent. per annum, and the directors may, from time to time, call on the
subscribers to the bank for such part of their subscription as may be necessary, and
issue their note, bearing interest as aforesaid, for the money received, and the directors
chosen to conduct the business of the bank, may employ such assistants or
clerks as they may think necessary, and shall keep full and fair accounts of all
their transactions, and a register of all notes by them issued, and their accounts
and proceedings shall be open at proper hours to the inspection of any subscriber.
And employ
persons to
purchase provisions,
&c.
    X.  And be it enacted, That the directors of the bank may employ one or more
persons to purchase provisions and other necessaries, as the governor and council
may inform the directors of the bank is wanting for the army, and the person or
persons appointed by the directors shall be answerable to them for their conduct.
To be paid
for their trouble,
&c.
    XI.  And be it enacted, That the directors of the bank, their assistants and
clerks, and persons by them authorised to purchase provisions or other necessaries
for the army, shall be paid a reasonable compensation for their time and
trouble.


 
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Hanson's Laws of Maryland 1763-1784
Volume 203, Page 249   View pdf image (33K)
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