North Carolina - Acts on Education Topics

An Act to Create a Fund for the Establishment of Common Schools.

1825-1826 - Chapter I

Acts Passed by the General Assembly of the State of North Carolina 1825 - Pages 3-4.

Be it enacted by the General Assembly of the state of North Carolina, and it is hereby enacted by the authority of the same, That a fund for the support of Common and convenient Schools for the instruction of youth, in the several counties of this State, be, and the same is hereby appropriated, consisting of the dividends arising from the stock now held, and which may hereafter be acquired by the State in the Banks of Newbern and Cape Fear, and which have not heretofore been pledged and set apart for internal improvement; the dividends arising from stock which is owned by the State in the Cape Fear Navigation Company, the Roanoke Navigation Company, and the Clubfoot and Harlow Creek Canal Company; the tax imposed by law on licenses to the retailers of spiritous liquors and auctioneers; the unexpended balance of the Agricultural fund, which, by the Act of the Legislature, is directed to be paid into the Public Treasury; all monies paid to the State for entries of vacant lands, (excepting the Cherokee lands;) the sum of twenty-one thousand and ninety dollars, which was paid by this State to certain Cherokee Indians, for reservations to land secured to them by treaty, when the said sum shall be received from the United States by this State; and of all the vacant and unappropriated Swamp lands in this State, together with such sums of money as the Legislature may hereafter find it convenient to appropriate from time to time.

II. Be it further enacted, That all sums of money which have accrued since the first day of November last, or which may hereafter accrue as aforesaid, shall be, and the same is hereby vested in the Governor of the State, the Chief Justice of the Supreme Court, the Speaker of the Senate, the Speaker of the House of Commons, and the Treasurer of the State, for the time being; and they and their successors in office are hereby constituted a body corporate and politic, under the name of the President and Directors of the Literary Fund, with power to sue, and be sued, plead and be impleaded, and to hold real and personal property, and to sell, dispose of, or improve the same, to effect the purposes of promoting learning and the instruction of youth. The Governor shall be President of the Board, and any three of the Directors shall constitute a quorum for the transaction of business relative to the said fund; and, in the absence of the Governor, they shall have authority to appoint a President for the time of such absence. They shall cause to be kept by the Treasurer of the State a regular account of all such sums of money as may belong to the said fund, the manner in which the same has been applied and vested, and they shall make an annual report thereof to the Legislature, with such recommendations for the improvement of the same, as to them
shall seem expedient.

III. Be it further enacted, That the President and Directors of the fund hereby created are authorized to vest any part or whole of the said fund, in the Stock of any of the Banks of this State, or of the United States, or in the Stock of the Government of the United States, and at all times to change, alter and dispose of the same, and of any real and personal estate belonging to the said fund, in such manner, and upon such terms, as may, in their opinion, be best calculated to improve the value thereof.

IV. Be it further enacted, That the fund hereby created shall be applied to the instruction of such children as it may hereafter be deemed expedient by the Legislature to instruct in the common principles of reading, writing and arithmetic: and whenever, in the opinion of the Legislature, the said fund shall have sufficiently accumulated, the proceeds thereof shall be divided among the several Counties, in proportion to the free white population of each, to be managed and applied in such way as the Legislature shall hereafter authorize and direct.

Read three times and ratified in General Assembly
this 4th day of January, 1826

Hutchins G. Burton, Governor
John Stanly, Speaker of the House of Commons
Bartlett Yancey, Speaker of the Senate

A true copy - William Hill, Secretary

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