Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1843-04-07
THE DOMESTIC CREDITORS.

THE DOMESTIC CREDITORS.
The act for the payment Of the do
mestic creditors of the State, which
passed the 18Th OF March, lS43, pro
Vides:
L. That tho Fund Commissioners
shall borrow ST. 100000, for the pay
menL Of all sums due TO contractors on
the public works, with 6 per cent inter
est from the lime it was completed and
accepted.
2. For this loan State bonds are 10 be
issued, al rate OF interest named on
its face, not exceeding 7 per cent. Poya.
Bile halfyoarly the 1st Of May and Nc
Vember, at the Stale Treasury. These
bonds are not to bo ISSUED at less than
par. The principal to be made payable
after the list January, 1851, but the
State may pay before.
8. For The payment Of the interest
and principal, there is pledged The sur
plus revenue received from The United
States, (not before PIedged,) and also
the lands belonging to the public works,
subject 10 former pledges.
4 The bonds to specify the work on
which they are issued, and all The bonds
issued for the Wabash and Erie Canal +,
and one fourth of those issued for the
Miami Extension, shall be made recerv'
Oble for tho lands appropriated 10 these
works, and bear on their face the pledge
Of the surplus revenue, and slate that
they are receivable in payment Of any
debt due SAID fund in any county, except
for interest.
S Alter the list Of January, 1850, the
said surplus revenue shall be held ap
propraled 10 redeem such Of these bonds
as may be- then nut, and the County
Fund Commissioners are required to
have the funds subject to the order Of
the State Treasurer for that purpose.
6. The County Fund Commissioners
may, during the year ls43. provide for
collecting and paying into the State
Treasury any portion Of said surplus
revenue, not less than onedenth annual
Iy, and, in that case, have time 10 pay
the last instalment until the end OF the
year 1852. Payments received by the
County Fund Commissioners shall not
be ro,loaned, but held for the State
Treasury as sabove.
7. The County Fund Commiss soners
are required 10 receive tho bonds issued
and made receivable under the act in all
payments on account OF principal Of
said surplus revenue, at par, with in
tCrost, as money, and pay them into The
State Treasury TO be cancelled. And
the bonds issued under the act OF the
7lh OF March, lS42, to provide for the
Temporary Liabilities Of the State, and
based upon the Canal Lands, shall also
be delivered up to be cancelled.
8 The County Fund { commissioners
are required TO pay the County Treasu
rer the moneys in their hands before
the 3lst OF December in each year, 10 be
by him paid into the State Treasury,
without charge.
0. The Canal Fund Commissioners
to pay the interest on The surplus reVe'
nue. paid into the State Treasury, al
the rate Of 5 per cent. per annum, for
the Common School Fund.
TO- No bond to be issued for less than
roo dollars, aud they may bo issued di
rect TO tho creditor al his option
II, Bonds issued under tho act Of the
7lh Of March. 1912, shall be received in
payment for school, ministerial and salt
reservation ands, sold or 10 be Sold
l2. The Fund Commissioners are re.
quired to invite bids in New York, by
advertisement, for the 2 per cent. bonds,
tho interest and principal payable inI
New York, and sell, if lhoy can, at not
less than par. The proceeds TO be Op
Plied TO pay tho debts due contractors,
and if a sufficient sum ior that purpose
is not Obtained, il is TO be Opportioned
among them If 100000 is not OBJ
IOincd ana apporlioned, tho Fund Com
missioners may issue 10 them for the
balance due, per cent. stock, redeem
able, principal and interest iC N. York,
not exceeding in all sold and so isssed
600 900 dollars.
l3 The Auditor Of State shall adver
tlso in May aud November, annually, in
at least Two papers in Cincinnati and Co.
Tumbus, and one at Cleveland, a state
menl of the bonds issued under the act
Of March, l842, and The amount re-
deemed, and those out, together with
the aggregate Of surplus revenue paid
10.
"A The Auditor, at The request of
any Canal or Turnpike Company, shall
Investigate its condition, and report TO
the Fund Commissioners the amount
due by Tho Slate rhe amount due for la.
Dor and materials al the passage Of The
act, and may issue warrants lor the sum