Daily Democrat and news. [volume] (Davenport, Iowa) 1859-1864, 1861-07-02
SALE OF STATE BOMBS,

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usne.aa Assembly % sne osat: q IOWA en'i .iea
AN AN ACT 70 Provloe LOT ,ne issuo anu sslo o.
S S bonus " peocun oso VI noney W 'ns
1 $3.50 -: 49, ~ cnsvo .a oo.I ,o 81"
as.ena '.seli = vi aPRrovea asy 1OtS, .so!,
'no lssuc sau ssie =. ~. Douus ~ W. Hute =
a0gnol.11 - e .moun' 10y SAScou'nk tne suM
VI Eisus neuu,ou no ,. Ov:IsIs. mo Oon.s
are ~ % issusu sc0 so'u ato1 ume N time. = -
the Judgment OF tho Dostd .! Oo9misnonels
created ~ said ACT, OF tne mAloty Of ssid hoard,
the wants ANA necessities OF tne state may re-
qulre.
The Board at their meeting held 1t the Capt.
!al on .ne iS.n 2! June, Iooi, nave oaoeleo me
issue ana sale OF bonus 20 the amount OF -FOUR
Hundred Thousand Dollars. The Bonds thereby
authorized and for sale ere in the sums Of $780,
90, $4,000 and 100000 each, 1t the option of
the purchaser; signed By the Governor, counter
signed by the Auditor and Treasurer, and attest
ed BY the Great Seal Of the State Of Iowa, with
interest coupons attached, signed by tho Auditor,
but not attes.ed by the Great Seal Of the State.
And provide for the payment Of the principal 1t
the expiration of twenty years from the date
thereof and for the payment of the interest semi
annually on the first days of January and July Of
each year, at the rate Of Seven per cent. per an
mum. Both principal and interest all Bonds
over one hundred dollars are made payable IT the
Metropolitan Bank, in the City Of New York |;
but the Governor may cause such payment to be
made at any other place In SAID city Oy giving "
days notice Of such place in three newspapers in
said city.
Both the principal and interest of all $4,000
bonds are made payable At the Treasury Of this
state. None Of the $4,000 bonds will DO sold
out Of the State.
The State has irreyocably pledged its faith TO
provide ADEQUATE means to pay the interest on said
Bonds as the same becomes due, and the principal
at the expiration Of twenty years. And for this
purpose Gil. or so m ach as il necessary Of the
revenue arising from the entire taxable property
of the State, has been and 10 ct apart aud pedg
ep for these purposes and it is made by law the
duty OF the Census Board or other proper officer
or officers which duty the law provides may, if
necessary, be enforced by mandamus) to levy .
tax in each year sufficient for these purposes af
ter paymest Of all expenses Of collection.
No tax, 1t Is provided by law, shai! ever BE-
levied by the State Of Iowa on tho stock created
by said Act, nor on the interest payable thereon |;
and the value Of the stock shall, 10 no wise, BE-
impaired by the authority Of the state, but it 10
expressly provided by said Act that nothing there
in contained shall be 50 considered - to exempt
from taxation any part Of the capital stock Of the
Branches Of the State Bank Of Iowa.
The Board Of Commissioners created by said Act
have in writing directed the undersigned, the
agents appointed by said Act, to negotiate said
loan and TO sell and transfer said Bonds to sell said
Bonds or any part thereof IT private SALE in this