Excerpt from Report of the Law Committee of the Board of Regents on the Act of Congress of July 2, 1862 In view of this condition of things, it would appear that on the third of March last the Congress of the United States, by an Act approved on that day, pro posed to those States of the Union not having the outstanding securities contemplated by the Act of July 2, 1862, a new scheme of investment of these funds, by which proposal such investments were no longer to be confined to the class of securities theretofore pre ...
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Excerpt from Report of the Law Committee of the Board of Regents on the Act of Congress of July 2, 1862 In view of this condition of things, it would appear that on the third of March last the Congress of the United States, by an Act approved on that day, pro posed to those States of the Union not having the outstanding securities contemplated by the Act of July 2, 1862, a new scheme of investment of these funds, by which proposal such investments were no longer to be confined to the class of securities theretofore pre scribed, but might be made in any other manner deemed advisable by the authorities of the State acced ing to the proposed change. Some four days after the passage of the Act of Congress last referred to, to wit: on the seventh of March last, the State of California, by an Act approved on that day, virtually accepted the proposal of Congress in that behalf, and, were it not for a difficulty now to be suggested, the Committee would have little hesitation in giving an affirmative response to the inquiry submitted to its consideration. As early as March 30, 1868, the State of California, by a concurrent resolution of its legislative houses, had memorialized the Federal Government on this subject, had pointed out that the Act of July 2, 1862, did not permit means of investment permanent in their char acter, or reliable for long periods of time, and had requested her representatives and instructed her Sena tors to obtain the passage of an Act of Congress con ferring upon the State the unconditional right, in itsdiscretion, to invest this fund in unincumbered produc tive real estate. But this proposal by the State seems not to have been favorably regarded at Washington, and the measure failed of success. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at ... This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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