taining also a description of the vessel in which they were imported, and the time of importation, and that it is a true manifest of all the dutiable merchandise intended to be re-exported in the vessel mentioned in the permit, and that the merchandise mentioned in such manifest were duly entered, and the duties thereon paid, or secured to be paid, according to law; which manifest shall be transmitted by the naval officer to the auditor of public accounts; and such importer shall also give bond with sufficient security that the said merchandise shall be exported out of the commonwealth without fraud or deceit, which bond shall be transmitted to the solicitor by such naval officer: And the master or skipper of the vessel receiving such merchandise shall take a clearance thereof, and make oath, or affirmation, that he will not land, or permit to be landed, such merchandise in any part of this state, but will deliver the same, dangers of navigation only excepted, at the place mentioned in the clearance. And if such exporter will, within twelve months after the date of such bond, produce a certificate from a naval officer, notary public or chief magistrate of any other state or country, that such merchandise was duly entered in such state or country, or shall make it appear, within twelve months from the time such goods may be shipped, by indifferent testimony, to the satisfaction of any two judges of the court of admiralty, in or out of session, that the vessel in which such goods, wares and merchandise may have been exported, and the cargo shall have been lost by tempest or other accident, in such cases the exporter shall be entitled to receive from the treasury the duties which have been paid on such re-exported goods, wares or merchandise, with a deduction of one per centum paid to the solicitor as aforesaid, or to have the bond securing such duties wholly cancelled, or a credit endorsed thereon pro tanto as the case may be, where such bond shall not have been paid. Provided, That no drawback shall be allowed unless demanded within twelve months from the time of the re-exportation of any such goods, wares or merchandise unless where the cargo shall have been lost by tempest or accident, nor on any sum less than the value of fifty pounds. And provided, That no drawback shall be allowed except for goods which shall have been actually landed, and afterwards re-shipped for exportation, salt excepted.

LXI. If any officer shall be sued or prosecuted for any thing done by virtue of the powers hereby given, he may plead the general issue, and give this act in evidence, and if in such suit the plaintiff be non suited or judgment pass against him, the defendant shall recover double costs.

LXII. The act intituled “An act to amend the several acts of assembly concerning naval officers and the collection of the duties," except the twenty-fourth, twenty-fifth, twenty-sixth, twenty-seventh, twentyeighth, twenty-ninth, and thirty-second clauses thereof concerning importations of goods by land, and all other acts coming within the purview of this act, except the act, intituled, "An act to impose certain duties," shall be and they are hereby repealed. But any forfeiture or penalty arising under any act hereby repealed, may nevertheless be prosecuted in the same manner as if this act had never been made.

LXIII. This act shall commence and be in force on the twentieth day of January, which shall be in the year one thousand seven hundred and eighty-eight.

CHAP. V.

An act providing a sinking fund for the gradual redemption of the public debt.

[Passed the 14th of December, 1787]

I. WHEREAS it will greatly tend to the establish Sinking fund, how constitu- ment of public credit, that some part of the revenue of ted and ap the state shall be applied to the gradual payment of propriated, to part of the principal of the public debts; and it appearguishment of ing to the present general assembly that some of the the public

the extin.

debt.

public funds, besides making good the several appropriations thereon charged, yield a surplus which may be advantageously applied in redeeming certain public securities of this state, and of the United States; and by drawing the interest arising on such securities so redeemed as carry interest, and again applying the interest so drawn to the further redemption of like se-,

carities, and so perpetually continuing the application thereof, a sinking fund may be established which will in a few years redeem a great proportion of the public debt, and enable government greatly to reduce the present amount of taxes;

11. Be it therefore enacted by the General Assembly, That there shall be a fund called and known by the name of the sinking fund; the surplus arising from other funds not particularly appropriated, and such unappropriated money as may, from time time, be in the public treasury which shall be by law directed to the support of such fund, and such other occasional aids as the general assembly may direct shall constitute the said sinking fund. The said fund shall be conducted and managed and the money therein applied, agreeable to the purposes of this act, in such manner as the governor with the advice of council shall direct.

III. All military certificates, and other public securities which carry an annual interest, and which have been collected in payment of taxes, or which may hereafter be collected in payment of taxes, shall be placed in the sinking fund, and the governor with the advice aforesaid, shall, on behalf of the public, be entitled to warrants for the interest on such certificates now due, or hereafter to become due, and to transfer the said warrants, or to receive the money arising from the fund by law appropriated to the redemption thereof, in like manner as if the same were now held by the persons in whose favor the said securities originally issued.

IV. And whereas by an act passed at the last session of assembly an additional duty was imposed of six shillings per hogshead on tobacco exported, and the money arising therefrom appropriated to the payment of a requisition of congress, which requisition hath by a subsequent act of congress been repealed, and it therefore becomes necessary to make a new appropriation of the money arising from the said duty: Be it therefore enacted, That all the nett revenue which may arise from the said additional duty of six shillings per hogshead on tobacco shall be applied in aid of the sinking fund. The governor with advice of council is hereby authorised and required to direct the sale of the public tobacco which hath been received in payment of taxes, to be made either by public or private sale, as to him with the advice aforesaid may seem most for

the public benefit, and either for specie or such publie securities as may be deemed most advantageous for the public, having at the same time due regard to the ap plication of the money or public securities arising from the sale of such tobacco agreeable to the appropriations made to specific purposes; and if there shall be any surplus arising from the sales thereof after making good such appropriations the same shall be car. ried to the aid of the sinking fund.

V. All the money and other aids now appropriated to the sinking fund, or which may hereafter be appropriated to the same, shall be applied to the redemption of such public securities of this state, or of the United States, as may in the opinion of the executive be most for the public benefit, and will contribute in the greatest degree to the increase of the said fund, for which purpose they are hereby authorised and required to invest the money or warrants arising from the interest of the several securities so redeemed, in like manner, to the redemption of the like or other securities so as to render the said sinking fund productive in a compound ratio during its continuance.

VI. All the money in the said fund or which may hereafter be appropriated to the same, shall be applied in manner above mentioned to the redemption of the public securities, and no money shall ever be drawn from the same for any other purpose by construction of any general words in any act of the general assembly, por by any authority except some act of assembly wherein the application of such money shall be expressly directed and the sinking fund specially named.

VII. The treasurer shall cause to be registered, in a book to be kept for that purpose, all the public securities and certificates which shall come into his office by virtue of this act. An account of which, as well as a fair state of the fund, shall be rendered annually to the general assembly.

VIII. So much of all and every act or acts as comes within the purview and meaning of this act is hereby repealed.

CHAP. VI.

An act declaring tobacco receivable in payment of certain taxes for the year one thousand seven hundred and eighty seven.

[Passed December the 1st 1787.]

Tobacco re

WHEREAS it is represented to this present general assembly, that it will be a great relief and ceivable in ease to the citizens of this commonwealth to enable payment of them to discharge the taxes due for the year one thou- certain taxes sand seven hundred and eighty seven under the act, intituled "An act to amend and reduce the several acts of assembly for ascertaining certain taxes and duties and for establishing a permanent revenue into que act," with notes for inspected tobacco; and that this ease may be given to the people without lessening the public revenue, by fixing an equitable price on the to bacco, having regard to the selling price thereof at each ware-house within this state:

I. Be it therefore enacted, That it shall be lawful for any person chargeable with the taxes aforesaid to discharge the same in inspectors receipts or notes for good merchantable crop tobacco not less than nine hundred and fifty pounds nett weight, and not inspected more than one year when offered in payment at the rates hereafter mentioned: At Page's in Hanover town, Byrd's, Shockoe, Rocket's, Rocky Ridge, Manchester, Warwick, and Osborne's at thirty shillings per hundred; at all the ware-houses in and about Petersburg on Appamattox, at twenty-nine shillings per hundred; at all the ware-houses on York and Mattapony rivers and their branthes, from Newcastle to York town inclusive, at the College landing, Hampton, and Deacon's neck, and at all the warehouses from Falmouth to Roy's and Gibson's on Rappahannock inclusive, and at all the ware-houses from the falls of Potowmack to Aquia inclusive, at twenty-eight shillings per hundred; at all the warehouses on the different rivers, creeks, or bays within this commonwealth not herein enumerated at twenty six shillings per hundred, except the warehouses hereafter mentioned, at which