The Kansas herald of freedom., 1859-04-23
AN ACT
To Provide for Funding the Indebtedness Of n,
Terriicry

tIOvlQe loL x uuoluB tne uocpte0no11 OF he
Terri;ery.
Be it enacted By the Governor and Leci,la.
tive Assembly eftke Territory of Kansas:
SECTION 1. That for the purpose of
funding so much OF the Indebtedness OF
the Territory as is hereinafter specified
the Treasurer of the Territory shall, as
soon as practicable, cause to be prepared
the sum OF one hundred thousand dollars.
bearing interest at the rate of ten per cent.
per annum, from the day Of their issue,
payable at the city of New York, on the
| first day of January, eighteen hundred
and sixty-five. The interest on said
bonds shall be due and payable at the
same place, on the 1st day of January in
each year. Said bonds shall be signed
by the Governor and countersignsd by
the Comptroller, and endorsed by the
Treasurer, and have the seal of the Ter
ritory affixed thereto.
SEC. 2. Coupons for the interest shall
be attached to each bond, 50 that the
coupon can be removed without injury or
mutilating the bond. Said coupons shall
be consecutively numbered and signed
by the Treasurer of the Territory.
SEC. 3. 1t shall be the duty of the
Treasurer and Comptroller each, to keep
a separate record of all such bonds as may
be Issued under this Act, showing the
amount, number and date of each bond,
and to whom issued.
SEC. 4. No bond shall be issued under
this Act for less sum than one hundred
dollars. nor for the fractional parts of
hundred dollars. but the Treasurer may
issue certificates o. such fractional parts
of hundred dollars .sot bonded, and said
certificates shall be tran ,sferable and entl-
tied to be funded as here .sofore provided.
Sec. 5. The sum of 500 dollars is here
by appropriated out of any money In the
Treasury not otherwise appropriated, 10
defray the expenses incurred by the
Treasurer in having said bonds prepared:
SEC. 6. From and after the passae's OF
this Act, all persons having any indebte d.
ness Of this Territory in the form Of war.
rants upon the Treasury, for Indebtedness
which has accrued subsequent to the FIRST
day of November, 1857, or which may
accrue prior to the LIST day of January,
1859, shall, upon the presentation Of tho
same to the Treasurer Of the Territory,
receive therefor bond or bonds of tho
Territory of Kansas. as provided for in tho
first section Of this Act {: Provided, That
nothing herein contained shall be con-
strued to authorize the Treasurer TO issue
bonds for the redemption of warrants
when there is money in his hands sufii-
cient to pay the same.
Sec. Z. The Treasurer shall endorse on
the back of each warrant so redeemed, the
date on which he redeemed the same, and
from whom received, and the number Of
the bond issued in exchange therefor;
this endorsement shall be countersigned
by the Comptroller and each warrant
shall be filed in the Office of the Secretary
of the Territory. The Treasurer and
Comptroller shall each keep record OF
the same, giving the number of the war
rant, the amount and date of the saiae,
and the number of the bond issueo
thereon.
SEC. 8. For the payment of the interest
on the bonds issued under this Act, there
shall be levied and collected annually, on
the taxable property Of the Territory, in
addition to the Territorial tax for general
purposes, a sum Of money sufficient for
that purpose, and the sum thus derived
shall be set apart for the payment of the
interest accruing on the bonds herein pro-
vided for; and tho faith Of the Territory
of Kansas is hereby pledged for the pay
ment Of the bonds issued under this Act
and Of the interest thereon.
SEC. 8. 1t shall be the duty Of the
Treasurer OF this Territory to make ar
rangements for the payment of the inter-
est of said bonds when the same shall be-
come due, and in case the funds herein
provided for that purpose, shall not be
collected, or shall prove insufficient the
said Treasurer is authorized and required
to make such contracts and arrangements
as may be necessary for the payment Of
said interest and the protection of the
credit of the Territory.
Sec. 10. It shall be the duty of the
Comptroller of the Territory, to attend at
least once in each month at the Treasurers
otfics, to examine all warrants received
by the Treasurer as aforesaid, and to cause
the same to be registered and cancelled
in such manner as to prevent them from
being again put in circulation.
SEC. II. The Treasurer of the Territory
shall transmit TO the Governor an abstract
of all his proceedings under this Act, with
his annual report, to be by the Governor
laid before the Legislature, and all books
and papers pertaining TO the matter pro.
vided for in this Act, shall at all times
be open for inspection by any party in
terested therein, or by any Committee oi
either branch Of the Legislature or a joint
committee of both.
SEC. II. The Territorial debts author.
lied to be funded by this Act, are debts
due and to become due from the Terri.
tory Of Kansas, under the provisions oil
any law passed subsequent to November
first, A. D. 1857. And it shall be the
duty of the Governor and Treasurer, to
write on the face of said bonds that they
are Issued for tho purposes defined in this
section.
SEC. IL. That the bonds hereby an.
thorized to be issued, shall be receivable
by the Comptroller for banking purposes
under the provisions Of an Act authoriz-
ing the receipt Of State bonds for banking
purposes.
SEC. IA. This Act to take effect. and
be in force, from and after its passage.
| Approved, Feb. IL, 1859.
I s. MEDARY.