M'arthur Democrat. (McArthur, Vinton County, Ohio) 1853-1865, 1859-06-09

than one thousand dolla~s, nor for any irdc-
tional part OF one thousand dollars above that
sum; but certificates of the funded debt &C
renewed, the principal and interest of which
is made rayable at the treasury ofthe State
Of he Sc Of government of the State. ms
domestic debt, ma be issued in amounts o
one hunlIe1 dollars or of five hundred dol
lars, or one thousand dollars, as NAV be pre-
erred by the party or parties taking the
same. and also for any frac ional part of the
sinking fund of any year. And there may be
attached to all such certificate so issued as a
domestic dtbt, interest, coupons or deb. n.
lures, for every six months interest coming
due and payable, from the time of the issu
ing Of such certificate to the period of the
fna redemption and payment of the same;
which interest, coupons, or debentures NAV
be taken by the county treasurers in lieu OF
money in payment of taxes due the State,
that is to say the interest, coupons, or d.
bentures coming due on the first day o! Feb
ruary in any YEAR may be taken for taxes
due the preceding Goth OF December, and in
lerest, coupons or debenlures coming due on
first day of August in any year may be taken
for taxes due the preceding goth of Ju G, and
may be received from them by the treasurer
of State in lieu Of money, aud puid ever on
the warrant of the auditor of Estate, drawn on
the requisition of the commissioners of the
sinking fund, according to the requirements
of law for the payment Of the interest on the
funded debt Of the State; but no such coupon
or debenure shall be taken by any coun V
treasurer, or be received of any county treas
III ht. fhn nf - 70 b,, 4 th,,
mssioners Of The sinking fund, for a greater
sum or amount than the simple interest ex-
pressed therein; and all such coupons or de-
benturcs so paid by the State shall be can
celed, classified, arranged, and carefully re-
corded, and preserved in book or books, to
be KEEP for th1 purpose by the said com
mssioners Of the sinking fund in their Office
at the seat of government; in lieu of The du-
plicate pay rolls, as required in regard to the
payment of the semi-annual interest on
the foreign funded debt Of the State -
Aud il shall also be part of the official du.
ties the said commissioners TO make such
requisition as aforesaid; and it shall be
part the official duties of the auditor Of
state to draw such warrant on th- treasurer
of state for the paying over, as aforesaid, of
all such coupons of debanlures as often as
once in each week (and oflener if deemed
essential 20 the intesests OF the State BY eith.
er the auditor of State sr the said commits
sion rs,) in which any OF the said coupons or
debeniuies shall have been received into the
state treasury Aforesaid. And the treasur-
er of State shall also make ont. and register
in his Office, complete schedules of all snch
coupons or debcn;uros so received by him
from county tIeasurrrs, and paid over to the
commissioners ofthe sinking fund OH the war
rant Of the auditor Of state, drawn as af,re.
said; and also shall furnish copies Of all such
schedules to the comptroller Of the treasury a I.
the close Of business on each day. in which
any such coupons or debeDtures shall be So
paid over by him.
Sec, 5, Ii is hereby made the special duty
of the commissioners of the sinking fund To
advertise Tor proposals. or bids for the taking
Of all or any portion of the funded debt of
the State so to be renewed, as herein proyid-
ed, as a domestic debt as herein described.
for the term of at qeast six months next pre-
ceding tile time SIT for the clos ing Of such
bids or proposals for the takiug o such do
nestle debt, in at leist one newspaper of
general circulation published in each county
in this State. And whatever portion of the
said deDt so 10 be renewed at such time as
shall remain withou being taken as such do
m2stc debt on the term herein specified, uc-
ter the expiration of the said term of six
months in which The same NAV be taken, us
such domestic debt as aforesaid shtll be Of
ierel by the said board Of commiss oners Of
the sinking fund for the sile in he city Of
New York as o foreign debt; ard for that
purpose, the said commissioners shall adytr-
tise for proposals or bids for the same in at
least two newspapers of The g'n.rl circua-
ton, published in the city OF New York for
a term Of at least sixty days next preceding
the day set for the closing of the bids or pro
p>sals for the taking OF tn same. And al
certificates OF such renewed fundel debt that
may be issued as such domestic debt as here
in described, shall be issued by the said com-
missloners of the sinking fund to the part
or parties who shiil take the same as such |
domestic debt as aforesaid, at the lowest rate /!
of interest not exceed g six per ceatum
per annum, and at pr that being the full
amount as expressed upjntha face Of the GER
titicaes thereof. Ard for all such part or
portion oi the funded debt of the State 81 to |
be renewed, that shall not be taken es c DO !
mestic debt as aforesaid within The term of
six months as aforesaid the said commits |
sidhers Of the sinking fund shall issue the /
certificates thereof to such party or parties
who snail agree to take the same with the
aud interest thereon payable in |
the city OF New York. as foreign debt, as
herein specified, a. the highest rate OF pre-
mitm for such as shall bear interest at The /
rate of six per centum per aunum, or at the |
lowest rate of interest. under six per cenlum
per annum at par as the said commissioners
may judge to be most for the interest of the /
State: provided that no bids or offers to lake ,
either as a domestic or a foreign debt con |
tanning fractional parts Of one per cenlum .
,ther than one quarter over half or three /
quarters shall be received. and in no case
'hall there b. any certificate of the funded
lebt of this State issued so to redeem any
portion of the funded debt of this State COM
ng payable, that shah bear higher rate Of
interest than six per cent. per annum, nor
hall any such certificate bearing interest at
he rate ofslx per cent, per ana1m be issued,
old, exchanged, or disposed Of, in airy way
vhateyerib the said commissioners at price
ess than par, Nor shall .here be any com
expenses or charges allowed OIL the
ale and conversion thereof into money that
hall reduce the net amount brought into
he State treasury below the amount express