Muscatine weekly journal. [volume] (Muscatine, Iowa) 185?-1890, 1861-06-07
A BILL


to procure loan Of money for the State Of Iowa, to
snablea to repel inpasion and defend itself III
3 l. Be enacted by the General Assembly of Me
State Ioca That the State of 10 for the purpose Of
borrowing money enable the State repe invasion
and defend itself in hereby authorizes the issue
and sale Of the bonds of the State to amount not
exceeding by virtue of this act, the of Eight Hun
dred Thousand Dollars.
The bonds hereby authorized to be issued and sold,
sha! provide for tho reimbursement of the principal
at the expiration OF twenty years fom the date there
Of and for the payment of interest semiannually
the first days of January and July of each year, at the
rate of per per annum, both principal and
interest on ali bonds over $780, to be made payable at
the Metropolitan Bank in the City of New York. But
the Governor may cause such payment to DO made at
other place in the said City, by giving thirty days
public notice of such place in three newspapers in the
said City.
2. The Governor, Auditor, and Secretary of State
hereby authorized and required to issue the said
bonds to an amount not exceeding the sum named in
the preceding section, from time to time as the wants
and necessities of the State for the purposes conempa
ted in this act may require be determined by the
Board Of Commissioners provided for in section of this
Act Said bonds shall stipuate for reimbursement of
the principal and the payment of the interest in tho
manner directed by the preceding section If deemed
by the Governor Auditor and Secretary of Stae advsa
BILE, they may, nearly practicable issue the
fourth of tho said Bonds in the $780, EACH and
another efOurth in the OF each and the
mainder in the of SlG0 each but this direction
does not prohibit said officers from ssunga any part
of said Bonds in the Of 90 and $4,000 EACH if
$4,000 bonds cannot be sold Both principal and in
terest on the $4,000 Bonds if any are issued shall be
| made payable at the Treasury OF this State
The Governor shall the said Bonds with interest
coupons to be Autographed and the Bonds shall refer
this by irs title and the date of approval
the authority under which they issued and said
Bonds shall be signed by the Governor countersigned
by the Auditor and Treasurer and ttested by the Great
Seal Of the State of Iowa. but the seal of the State
DO omitted from the coupons, which coupons shall be
signed by the Auditor of State the necessary exl
OF which shall be paid of the and defence fund
No Bonds shall be signed and perfected prior the time
they actually needed for negotiation and then in
such amounts be requisite for the time being,
hall
the Agents herein appointed ready to receive them
in person for sale and negotiation provided in this
| Act.
g. No money arising from the sale of said Bonds
any part thereof shall be used orapped in any manner,
for purposes, except the purposes of purchasing
| arms and munitions of for the of the State
for deraying and paying the expenses already incurred
which may hereafter be incurred in calling out
ganzing uniformng and equipping, and substing the
militia troops OF the State when called under the
laws of this State or those of the United States such
other purposes are or become necessary Incl
dent to the repeling of invasion the defense
the State in and except for tn, necessary expense
Of procuring Autograph plates for bonds and the issuing
and execution of sale Bonds provided for in section
of this Act, and except for actual and necessary
expenses and compensation of agents herein appointed
for the sale negotiation OF said Bonds provided for
in section of this Act.
But for the protection of bona fle holders of said
Bonds. it is hereby declared not to be obligatory
them to look after to the appropriation of the
money raised by the sale of the Bonds and any rregu
larity in the issuing of said Bonds shall not i'm pair
their validity in the hands of bona dde holders.
9 4. The State doth hereby irrevocab.y pledge its
faith to provide adequate to the interest
said Bonds as the same may become DUE and the princ
pal at the expiration of twenty and for this
pose all, much may be necessary of the rev.
arising from the entire taxable property of the
State shall be and the same is hereby set apart and
pledged for these purposes And it is hereby made the
duty of the Census Board or other proper officer
officers (Which duty may if necessary, be enforced by
mandamus) to levy in each tax sufficient for these
purposes, after payment of all expenses of collection
No shall be levied by the State of Iowa on
the stock hereby created nor the interest which may
be payable thereon; and the value of this stock shall
in wise be impaired by the authority of this State,
provided nothing herein contained shall be
ed to exempt from taxation any part of the capital
stock Of the branches of the State Bank of Iowa.
| 3 5. The Governor of the State, Charles Mason OF
Desmoines county, William Smith, of Linn county
James Baker, of Lucas county and G. W. Sagle of JEFF
ferson county, are hereby appointed Board of Com
mssioners who, majority of them shall
issued and sold from time to time, only many the
Bonds hereby authorized in their judgment the wants
and necessities of the State require and all
or funds arising from such sale sales, shall be paid
into the Treasury of the State shall be there ken,
separate fund, and the shall not be subject to
the ordinory general warrants of the Auditor of the
Stae but only warrants issued for debts created fol-
objects coming within the meaning and purview of
tion three (3 of this act. Said fund shall be known
the War and defense Fund. The Bonds shall be call
cd the "Iowa State Stocks.'
Any vacancy in the Board of Commissioners author
lied in this section arising from death reignation OF
otherwise shall be filled by the Governor
| & g The Treasurer of State and Maturn L. Fisher
be and they hereby declared be Agents of this
State, with full power to negotiate said loan, to sell and
transfer the said Bonds and to do all things necessary
the premises and said agents shall fully report urder
oath all their doings in the premises to the Governor
who shall communicate the same to the Legislature at
the next session thereafter
And in the case of avacancy occurring in said Board
OF Agents by reason OF DEATH resignation otherwise
the Governor shall have power to fill the vacancy thue
created.
Before the said agents entrusted with any OF
said bonds they shall give bond with sureties in the
penal sum Of at least twice the amount of Bonds de.
livered to them, conditioned paving over of all
moneys received by them from the sales thereof
the faithful performance of their duties, which bond
shall be approved by the Governor Auditor and Score
tary of State, and filed with the Auditor of State who
is directed to record the same in his office.
In case more than sale is made, similar bonds
may be qured by the Governor.
And the loss of said bonds money by robbery or
otherwise, shall be no defense to action the said
bond But The bond ofth agents shall stand discharged
if they obey the direction herein given and pay into the
State Treasury prescribed by this act all moneys re
ceVed by them from the sale sal of said bonds
dposte according to the provisions of this any bonds
not sold in the Treasury of State Any bonds delivered
to the agents and not sold by them herein directed
shall be delivered by the said agents the Treasurer
who shall keep the in his office until called for by
the Governor for sale and and for the
performance of his duty the Treasurer and his suretes
shall be liable on his official bonds, the ofwhich
bonds shall be increased additional bonds given from
time to time provided by law, and it is enoined
upon the Governor as special duty, that he shall
always see that coed ana sufficient bond bonds are
taken from the Treasurer to secure in the safe
keeping OF all moneys coming into the hands of the
Treasurer.
3s All sales ofbon made in pursuance of this act
shall be for specie payable in hand delivery of bonds
SO sold to the purchaser or purchasers.
o. As compensation for the risk assumed and services
to be performed the said agents shall be allowed their
actual and necessary expenses, and in addition such
amount, not to exceed however, fourth of per
cent the amount sold and paid the State Treasury
the Governor, Auditor and Secretary Of State NAV
deem proper and right.
| 10. Matured coupons all bonds of the denom-
nation of One Hundred Dollars shall be receivable in
payment of all State taxes.
IL. If such q is deemed advisable by
missioners appointed in Sec of this act the agents
on the written direction ofthe said commissioners
majority OF them, sell at private sale he said bonds
any part thereof in this State at IL cir nominal par
yaue but in instance less except hereinafter pro-
yided ANY sale of the said bonds made in the City of
New York. must be made in the following manner, to-
witt The said agents shall give least twenty days pub
lie notice by advertisement in the New York Daily Times
Daily New York Tribune Daily New York Journal of
Commerce, at least two of Them, Daily Boston
Atlas and Daily Boston Post ut least of them,
and the Daily Chicago Tribune other Daily newspa.
per in Chicago fixing time and inviting sealed propo-
sails for said oan which shall he received and opened by
them at the Metropolitan Bank in said City, where it
Shall their duty to keep have kept at all times
before opening auybids copy of this ac. for public
inspection with such other documents relating thereto
be necessary, and copies of said advertisements
and all proposals received by them shall be filed and
preserved in the office Of the Auditor of tate and the
said agents shall not accept but the best and high
est proposals. and shall not sell bonds at less than par
unless BY the written direction of the Board of Commits
sioners provided for in this act majority ofthe same
but after sale sales of such bonds have been made ia
the City Of New York, authorized in this section the
Commissioners or majority of them may ifthey deem
it advisable authorize the agents make sales of said
bonds at the then current in New York. but no
in lance for less than the rate obtained the last pre-
ceding sale in said city, Sales of bonds may be made in
New York city from time time may in the judgment
of the Commissioners be necessary upon giving the notice
prescribed in this section and complying with all the
condi ions and restrictions of this act.
u: This act being deemed of immediate importance
by the General Assembly shall take effect and be force
from and after its publication in the Iowa State Regis
ter and Iowa State Journal and Commonwealth any
fxvnn IN Of
1860 to the contrary notwithstanding.