Muscatine weekly journal. [volume] (Muscatine, Iowa) 185?-1890, 1861-05-31
A BILL

A BILL
For an Act to provide the issue and sale of State
Ponds to procure q loan of money for the State of
Iowa. to enable 1t repel invasion and defend itself
In war.
SECTION l. Be it enacted by the General AS
sembly of the State of Iowa, That the State of
Iowa for the purpose of borrowing money to
enable the State to repel invasion and defend
itself in war, hereby authorizes the issue and
sale of bonds of the State to an amount not
exceeding, by virtue of this act, the sum OF
eight hundred thousand dollars
The bonds hereby authorized to be issued
and sold, shall provide for the reimbursement
of the principal at the expiration of twenty
wears from the date thereof, and for the pay |
ment of the interest mi-annualy on the first
days of January and July of each year, at the
rate of seven per cent. per annum, both prin-
cipal and interest on all bonds over 800 to be
made payable at such place in the city of New
York as the Governor may designate in said
bonds But the Governor may cause such
payment to be made at any other place in the
said city, by giving thirty days public notice
of such place in three newspapers in said city.
Sec. 2. The Governor, Auditor and Treas
urer of this State are 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 con-
templated in this act may require. Said bonds
shall stipulate for reimbursement of the prin-
cpal and the payment of the interest in the
manner directed by the preceding section. If
deemed by the Governor, Auditor and Treas
urer advisable, they may, as nearly as practi
cable, issue the one-fourth of the said bonds
in the sum of 800 each, and another one
fourth in the sum of $500 each, and the re-
mainder in the sum of $1,000 each; but this
direction does not prohibit said officers from
issuing all or any part of the said bonds in the
sums of $1,000 and $500 each, if 800 bonds
cannot be sold Both principal and interest
on the 800 bonds, if any are issued, shall be
made payable at the treasury of this State.
The Governor shall cause the said bonds,
with interest coupons, to be printed or litho
graphed, and the bonds shall refer to this act
by its title and the date of its approval, as the
authority under which they are issued, and
said bonds shall be signed by the Governor,
countersigned by the Auditor and Treasurer,
and attested by the great seal of the State of
Iowa, but the seal of the State may be omitted
from the coupons.
Sec. 3. No money arising from the sale of
said bonds, or any part thereof, shall be used
or applied in any manner OF for any purposes,
except the purposes of purchasing arms and
munitions of war for the use of the State; for
defraying and paying the expenses already
incurred, Or which may hereafter be incurred
in calling out organizing uniforming and
equiping, and subsisting the militia or troops
of the State when called out under the laws
of this State or those of the United States, OF
l such other purposes as are or may become
necessary or incident to the repelling of an
invasion or the defence of the State in war
But for the protection of bona 1fde holders OF
said bonds, it is hereby declared not to be OBJ
ligatory on them to look after or see to the
appropriation Of the money raised by the sale
, of the Bonds.
Sec. 4. The State doth hereby ilrevocably
pledge its faith to provide adequate means tC
: pay the interest on the said Bonds as the same
a may become due, and the principal at the ex
piration of twenty years, and for this purpose
all, or so much as is necessary, of the entire
taxable property of the State shall be and The
/ same is hereby set apart and pledged for these
Census Board or other proper officer or off
GERS, (Which duty may Unnecessary, be enforced
l by mandamus) to levy in each year tax sui
e expenses Of collection.
No tax shall ever be levied by the State o
Iowa on the stock hereby created nor on the
interest which may be payable thereon; ant
S the value of this stock shall in no wise be i'm
J.. paired by the authority of this State.
y Sec. 5. The Governor, Auditor and Treas
uer shall cause to be issued and sold from
time to time.only so many of the Bond
| | L tbnx md
r of the State may require, and all moneys o.
! funds arising from sHch sale Or sales, shall b'
paid into the Treasury Of the State, and shall
be there kept as separate fund, and the same
A shall not be subject &c the ordinary orgenera
: warrants of the Auditor Of the State; but only
] warrants issued for debts created for objects
coming within the meaning and purview o
y Section three (3) of this act Said fund shall
be known as the "War and Defense Fund
: The Bonds shall be called the Iowa Stat,
Stocks"
SEC. g. That the Governor be, and he is
hereby required to appoint an agent of th'
State, with full power to negotiate said loan
S to sell and transfer the said bonds, and do al
things necessary in the premises; and sale
: agent shall fully report under oath all his do
' ings in the premises to the Governor, wht
: at the next session thereafter.
SEC. T. Before the said agent is entrusted
with any of said bonds, he shall give bono
with sureties in the penal sum of, at least
!, twice the amount of bonds delivered to him
l conditioned for the paying over Of all moneys
received by him from the sales thereof aDC
for the faithful performance Of his duties
bond shall be approved by the Governor, Au
ditor and Treasurer, and filed with the Auditor
of State, who is directed to record the same in
his Office.
In case more than one sale is made, similar
bonds may be required by the Governor.
And the loss of said bonds or money by
robbery or otherwise, shall be no defence to
an action On the said bond. But the bond OF
the agent shall stand discharged if he o5eys
the directions herein given, and pays all mon
eys received by him from the sale Or sales oi
said bonds into the Treasury ofsthe State.
Sec. s. As compensation for the risk as
sumed and services to be performed, the said
g agent shall be allowed his actual and nccessa-
nv expenses and disbursements, and in addi-
ton, such an amount, not to exceed, however,
one-half of one per cent, on the amount sold
and paid into the State Treasury as the Gov
ernor Auditor and Treasurer Of State may
deem proper ond right
Sec. 9. Guardians, and others holding
money in fiduciary capacity are hereby au-
thorized to invest the same in the purchase of
said Bonds at current rates. Matured coupons
on all Bonds, of the denomination Of one hun
dred dollars shall be receivable in payment of
all State taxes.
! Sec. 10. If such course is deemed adj
visable by the Governor, Auditor and Treas
urer. the agent NAV on the written direction
of the said officers, sell at private sale the said
Bonds or any part thereof, in this State at
their nominal par value, but in no instance for
less, except as hereinafter provided. Any
other sale of the said Bonds must be made in
the City of New York, in the following man
ncr, to wit The said agent shall give at least