1836. AN ACT TO PROVIDE FOR THE RECEPTION AND DISPOSITION p. 45. I Be it enacted, by the Senate and House of Representativer, now met and sitting in General Assembly, and by the Acceptance of authority of the same, That the State of South Carolina will surplus. receive such portion of the money of the United States of America, as may be apportioned to the said State, under the Act of Congress entitled "An Act to regulate the Deposite of the Public Money," approved on the twenty-third day of June, in the year of our Lord one thousand eight hundred and thirty six, on the terms specified therein. General to re II. That the Comptroller General be, and he is hereby, authorized and required to receive, for and on behalf of this Comptroller State, the respective dividends of said money, payable to the ceive the same. same, in pursuance of the aforesaid Act of Congress; and to execute, for and on behalf of the said State, such certificate as may be prescribed by the Secretary of the Treasury of the United States, in pursuance of the direction of the said Act of Congress. III. That the Comptroller General be, and he is hereby, authorized and required, upon receiving any portion of the And deposit it said money, forthwith to cause the same to be deposited in in the Bank. the Bank of the State of South Carolina, to the credit of the State, which shall not be considered a part of the capital of the said Bank, but shall be banked upon and employed like the capital of the said Bank, according to the usages and customs of the Bank, until it may be withdrawn by requisition, according to the provisions of the aforesaid Act of Congress, or otherwise disposed of by authority of law. IV. That the said Bank shall pay over to any requisition by the United States, made in pursuance of the aforesaid Act of Congress, such portion of the said surplus revenue as may be so required: Provided the said requisition shall not exceed the amount of the said surplus revenue then in possession of said Bank (and not otherwise appropriated by law.) Bank to pay U. S. requisition when made. AN ACT CONCERNING THE BANK OF THE STATE OF SOUTH A. A. 1837. CAROLINA. p. 41. S. L. vol. 8. .p. 103. I. Be it enacted by the Honorable the Senate and House of Representatives, now met and sitting in General Assembly, Change bills and by the authority of the same, That the President and Di- may be issued. rectors of the said Bank be, and they are hereby, authorized and required to issue change bills of the denomination of fifty cents, and twenty-five cents, to such an amount as in their discretion may be necessary to meet the present wants of the citizens of the said State. 1838. Clerk may sign them. Repeal of conflicting Acts. II. And be it further enacted, by the authority aforesaid, That the President and Directors of the said Bank be, and they are hereby, authorized to cause all bills of and under the denomination of two dollars, to be signed by a Clerk, to be by them appointed for that purpose. III. And be it further enacted by the authority aforesaid, That all Acts, parts or clauses of Acts, forbidding the issuing of bills of the denomination of fifty cents, and twenty five cents, or regulating the mode and manner of signing the bills of the denomination of one and two dollars, be, and the same are hereby, repealed. IV. And be it further enacted, That this Act shall continue and be of force for twelve months, and no longer. A. A. June, 1838. p. 5. S. L. vol. 7. p. 156. Governor to issue bonds for $2,000,000. Bank to ap AN ACT FOR REBUILDING THE CITY OF CHARLESTON. I. Be it enacted, by the Senate and House of Representatives, now met and sitting in General Assembly, and by the authority of the same, That the Governor of the State of South Carolina be, and he is hereby, authorized and directed, in the name of the said State, to issue bonds or other contracts, to be countersigned by the Comptroller General, not exceeding in all the sum of two millions of dollars; one million of which shall be payable at the expiration of twenty years, and the other million at the expiration of thirty years, at a rate of interest not exceeding six per cent., for the purpose of procuring a loan, on the credit of the State, to rebuild that portion of the city of Charleston now lying in ruins; that the said bonds or contracts be issued in such form, and for such sums, and the principal and interest be made payable at such times and places, as shall be most effectual in procuring the said loan upon the best terms, either in Europe or America; and that the faith and funds of the State of South Carolina be, and the same are hereby, pledged to secure the punctual payment of the said bonds or contracts, with the interest thereon. II. That in order to effect the said loan, the Governor is authorized and directed to commission such agent or agents point negotia- as the President and Directors of the Bank of the State of ting agents. South Carolina shall appoint; which said agent or agents shall be empowered to receive the said bonds or contracts from the Governor and Comptroller General, and to make all such arrangements as in his or their judgment may be deemed expedient for procuring the said money and placing it to the credit of the State, subject to the draft or order of the President of the Bank of the State of South Carolina. Money deposited in Bank of the State. III. The money, when realized in Charleston, shall be deposited in the Bank of the State of South Carolina, and shall become a part of the capital thereof. 1838. How to apply for loan. IV. The President and Directors of the said Bank are authorized and required to loan to such applicants as will rebuild the portion of the city of Charleston which has been Applicants to destroyed by the late fire, two millions of dollars, if so much be loaned to. be required, under the following terms and regulations, viz: CLAUSE 1. As soon as the said loan, or any portion thereof, may be effected, any applicant desiring to build upon the said burnt district, may avail himself of the benefit thereof, by making an application to the said Bank, setting forth a plan and estimated cost of the building he proposes to erect, together with the situation and dimensions of the lot whereon the building is to be placed, and an abstract of his title thereto; and upon the President and Directors of the said Bank being satisfied with the title, and that it is free from encumbrances, they shall direct the said lot to be valued by the commissioners hereafter named, who shall certify their valuation to the said President and Directors, whereupon the said President and Directors are authorized and instructed to loan to the said applicant, one half the appraised value of his said lot. And all applications for the said loan shall be made within two years from the passing of this Act. CLAUSE 2. The applicant shall enter into bond, in a suffi- Bond for loan, cient penalty, with condition to pay to the President and Di- instalments rectors of the said Bank of the State, the principal sum of and interest. whatever may be loaned him, in ten equal annual instalments, the first of which shall be payable within three years from the date of the bond; also, with condition to pay the interest annually; also, with the further condition that the money loaned shall, within one year from its receipt, be expended in the erection of brick or stone buildings, upon the said lot of land; and also that the said applicant shall in all respects comply with the provisions of this Act; and the said bond shall be secured by a mortgage of the lot of land; and the form and nature of such bond and mortgage shall be prescribed by the President and Directors of the said Bank, under the advice and direction of the Attorney General; and if the said mortgage should at any time become forfeited, either by failure to pay any part of the principal or interest of the said debt, at the time specified, or by a breach of any of the conditions of the said bond, the President and Directors of the said Bank shall and may, after six months notice to the obligor, his heirs, executors, administrators, or assigns, either personally served, or published in one or more public gazettes, in the city of Charleston, proceed to sell the property mortgaged, by auction, for ready money, for the best price that can be obtained for the same; which said sale shall be advertised for three weeks previously in one or more of the public gazettes of the city of Charleston; and the monies arising from such sale shall be applied by the President and Directors of the said Bank, in satisfaction of the said bond, any law, usage or custom, to the contrary thereof, in any wise notwithstanding; and the purchaser at such sale, his heirs and assigns, shall be deemed to be seized of a good and absolute and legal estate in fee simple of the premises purchas 1838. ed, as against all persons whomsoever, their heirs and assigns, not claiming by or under a paramount title. CLAUSE 3. Whenever the amount first loaned shall have Provision for been expended in the erection of buildings, as aforesaid, the a further loan. said applicant, his heirs at law, legal representatives or assigns, may make application for a further loan, whereupon the President and Directors of the said Bank shall cause the said commissioners to ascertain and report whether the sum originally loaned has been applied as aforesaid, and upon the same being certified to the said President and Directors, they shall make to such applicant, his heirs at law, representatives, or assigns, a further loan, equal in amount to one half the appraised value of the said lot, should so much be necessary to complete the improvements thereon, which said loan shall be taken upon the same terms, and subject to the same conditions, as the first. And a further loan shall be made, equal to one half the value of the lot, should so much be required to complete the improvements thereon, whenever the said commissioners shall certify to the President and Directors of the said Bank, that the amount already loaned has been actually expended agreeably to the provisions of this law, and as soon as a good policy of insurance upon the property, to the extent of the amount previously loaned, shall have been duly assigned to the Bank. And the said additional loans shall be taken subject to the same conditions, and shall be secured in the same manner as the first. And in case any part of the said two millions shall remain, after making the said loans, the same may be lent to any applicant, or his heirs at law, representatives or assigns, for the purpose of completing his improvements, upon such securities as may be deemed satisfactory by the President and Directors of the said Bank. tions shall be made. CLAUSE 4. The valuation of the lots upon which the said How valua loans are to be made, and also the certificates of expenditures upon the buildings, shall be made by a board of five commissioners, two of whom shall be appointed in behalf of the State, by the Bank, and two in behalf of the City, by the City Council, and a fifth to be chosen by the other four; and in case any vacancy occur. it shall be filled by the same parties who had appointed to the place so become vacant; and the said board, or a majority, (having been first duly sworn to the faithful discharge of their duty,) shall, in all cases where a loan is to be made or increased, certify their valuation to the Bank, and make such report of facts as may be necessary and proper to enable the said Bank to discharge its duty to all interests concerned. Jusurance must be effected. CLAUSE 5. In all cases where the value of the lot has been loaned, it shall be the duty of the borrower to cause insurance to be effected upon the buildings thereon, and to keep the same renewed, for the amount of the loan, or so much thereof as may remain unpaid, and to assign the policy to the Bank as collateral security; and in case the said borrower shall neglect so to do, the Bank shall cause insurance to be effected or renewed 1838. in behalf of the President and Directors of the said Bank, and shall demand from the said borrower the premium of insurance paid, and all expenses; and if the same are not paid within one Provisions for month, then the bond given by such borrower shall be consi- neglect. dered forfeited, and he shall forthwith be bound to pay up the whole of his debt, as though the instalments had all been made payable at such date of forfeiture, if the said bank shall deem it expedient to require payment of the same; and in all cases where a policy of insurance is required by this Act, the Bank may accept in lieu thereof some other collateral security. No loan where CLAUSE 6. No loan shall be made upon any lot upon which there may be a wooden building, unless sufficient security be wooden buildfirst given, that the same shall be removed within one year ings exist. from the passing of this Act. CLAUSE 7. The interest to be charged on the said loan Interest. shall be fixed at as low a rate as will cover the interest to be paid by the State, with the necessary charge of remittance; but the said rate shall in no event exceed seven per cent. per annum. V. Before the said loan is effected, the City of CharlesCity to ton shall, by an ordinance, to be duly ratified by the guaranty the City authorities, guaranty the State against all loss to arise State. from loans to be made to the citizens of Charleston, under the authority of this Act. VI. The lessee or tenant for life of any lot of land within Of lessees or the said district, shall be allowed the benefit of the provisions owners. of this Act, if the owner of the reversion or remainder join in the mortgage to secure the amount loaned, in such form as may be advised by the Attorney General. VII. The mortgage executed by the applicant shall be a Of mortgages. charge upon the land, in favor of the Bank and its assigns, from the date of its registry in the office of Mesne Conveyance, against all persons whomsoever; and all mortgages shall be recorded or lodged in the Register's office for record, by the applicants, before any money shall be paid by the Bank. be construct'd. VIII. And whereas, the frequent visitation of the City of How lawful Charleston by fire, the destruction of property, and the loss of buildings shall life, occasioned thereby, admonish the State of the evil of permitting other than fire proof buildings in the said city; and whereas, the funds of the State herein authorized to be advanced on the security of buildings in the said City, may be endangered; and no inducement is offered to individuals to erect fire-proof buildings, so long as others are allowed to build in their immediate neighborhood of combustible materials; for remedy whereof, Be it enacted, That hereafter it shall not be lawful to build, put, erect or construct, within the City of Charleston, any wooden or framed building, or to cover any building with a roof of combustible materials; and every building or construction, framed or constructed of wood, or having more wood on the outside thereof, or the roof of which is constructed otherwise, than is prescribed by an ordinance, ratified by the City Council of Charleston, on the 8th May of the present year, entitled, "An Ordinance to prevent |