Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1839-03-21

Ihereas, by an Acl passed on the twen-
tieth day of December, in the year OF
our Lord one thousand eight hundred
and thirty-scven, ii was enacted That
the faith aud funds of the State of
South Caroloa. be and the same are
hereby pledged to secure the punctual
payment of any contract which shall he
made for borrowing money by the Lott
isville, Cincinnati aud Charleston Rail
Road Company, from any person or
persons, company or companies, corpo-
ration or corporations, TO any amount
not exceeding two millions of dol
lars, either in the United States or
in Europe" And Hhereus, i'll pursu-
auce of The said Act, certain bonds have
been issued BY the said Company, for
the equivalent value of Que million OF
dollars, in sterling money, hearing an
interest Of FIVE pounds per cent. per an-
mum; and contract has been entered
inlo by the said Company, for the said
bonds, bearing date the ninth day of
August, one thousand eight hundred and
uhirty-eight, with the house of Pallners,
AIackillop, Den,& Co. Of London.which
said bonds have been signed by the
Comptroller General of this State. ac'
cording to the provisions required by The
said Act: And Whereas, the said bonds,
for the equivalent value of one million
OF dollars, part of the said two millions
of dollars, make the interest on the said
bonds, and the payment Of the princl,
pal thereof, payable at the Agency of
the Bank Of the United States, in Lon
don: and in the said contract, it is a
greed, that the interest on the said honds
and the payment of the principal, shall
be made by The said Palmers, Mackil-
lop, Dent $500, by the house in Lon
don which they may appoint for that
purpose, with the concurrence of the
said Company. And Whereas, the SAID
company has, by an addition put upon
the said contract, sanctioned the pay
ineut Of the interest -aad- ad--AIilAa..'si.''1;--of
bonds, being made by the said Palmers,
DIackillop, Dent & Co., at or by the
House in London which they may ap-
point for that purpose,- with the said
SECTION l. Belt therefore enacted, by
J: honorable the Senate and House of
presentdtiues, no,c met and sitting in
neral Assembly, and By the authority of
same, That this State adopt The slipu-
ion so made in regard to the payment
the principal and interest OF the said
ads, and confirm the same according to
provisions of the said contract.
SECTION 2. Ind ,uhercas. by the Act
resaid, it is provided also, "Thar the
mptroler General shall not endorse any
h contract, unless five hundred thou,
d dollars shall be paid to the Company
the Stock thereof; in which event, he
II pledge the funds and faith of the
le, for one million Of dollars; and when
hundred thousand dollars more shall
paid to the Company, on the Stock
reof, the Comptroller General shall
lge the funds and faith Of The State,
,ne other million ofdollars: dnd UhcredS =.
ording to the terms Of The said provis-
the Company will be prevented from
ling themselves Of any portion of said
md loan ofone million of dollars, until q
' obtain the whole thereof, whilst the
rests oflhe Company and the progress
he work in which they are engaged.
Id require thar the same should be re-
ed from time to time, and in such o
$ as may be required TO carry on their 4
'ations: Be it therefo fore further enacted.
Il the guarantee Of the State shall be e
,rsed by the Comptroller General from
; to time, on portious Of the said bonds ?
le Company may require them: Pro- t.
d, That the corresponding am unit Of
criptions to the Rail Road Company, Il
| have been previously paid in bv the |
,kholders, according to the proportions
blished by the Act Of which this is an a
ndment; that's to say: when six hun. i
and twenty-five thousand dollars o
| have been paid, as aforesaid, the
] of the State shall be pledged for Two 81
1red and fifty thousand dollars of the {
Of the second million; when the sum
sven hundred aud fifty thousand dol a
shall have been paid, The faith of The II
e shall be pledged for the further sum q
70 hundred and fifty thousand dollars;
IL the sum ofeight hundred and twen- +
We thousand dollars shall have been
], the faith Of the State shall be pleds. 1
or the further sum oftwo hundred and
thousand dollars; and when one mil Il
of dollars shall be paid, tho faith of C
State shall be pledged for the remain
two hundred and fifty thousand dol p
makingin the whole the sum of one ii
ion Of dollars, provided for by the S
esaid Act.
! the Senate House, the nineteenth C
of December, in the year Of our Lord '
thousand eight hundred and thirty
i, and in the sixty-third year of the o
ereignty and Independence of the u r
States.
ANGUS PATTERSON, a
President Of fthe Senate. u
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