Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1861-06-22
Published iEay -. 1861.
CHAPTER I3-Eytra Session

Sea!ed az Senate and 4 SSebiU do enact as foUo,rs.
Sec. l. The Governor, State Treasurer, and
Secretary Of State, or majority Of them, are
hereby authorized and directed, in the name
and in behalf Of the people of this State, for
the purpose Of organizing and bringing into
active service the volunteer militia, to repel
invasion, suppress insurrection, or desend the
State in time of war, to negotiate and con
tract for loan or loans, for such sum or sums
as may be necessary fol- the purposes indicated
by this act, not exceeding in the aggregate the
sum CT One Million Dollars on the most favor
able terms which in their Judgment can be OBJ
tanned, at q rate CT interest not exceeding six
per Centum per annum, payable semi-annually,
on the first day OF January and July in each
year. as follows, to wit the interest on all
bonds amounting each to FIVE hundred dollars
or upwards, STALL be payable at such bank in
the city Of New York, as may from time to
time De designated by the state treasurer; and
the interest on all bonds of Il less amount each
than five hundred dolla RS. shall be PAYABLE at
the State Treasury. The principal of such
loan shall be redeemed from time to time as
hereinafter specified and the proceeds of said
/ loan shall be known as the War Fund All
expenses which have been or may hereafter be
incurred, under the provisions of this act, or
under the provisions of chapter 239 of the
General Laws of 1861, in any manner con
nocted with the raising, organizing and equip
ping volunteers shall be paid out of said fund;
and any money which may have been drawn
| from the treasury out of any other fund under
! the provisions Of said chapter 239, shall be
| reimbursed from the proper fund from said
| War Fund.
| Sec ,. For the purpose of effecting the
! loan authorized by this act the Governor,
State Treasurer and Secretary Of State, or any
! two of them, are hereby empowered and di.
| 10 ftfI n TO no iSSlnH fron, 10 tio,n
as they may deem necessary, bonds of the
State Of Wisconsin, in sums of not less than
! one hundred nor more than one thousand dol
! lars each, 10 be signed by the Governor and
countersigned by the Secretary of State and
State Treasurer, with the seal of the State af
| fixed, and coupons for the interest thcreuno
attached. The principal and interest of all
I bonds of less denomination than five hundred
dollars, shall be payable at the State Treasury;
and the principal and interest of all bonds of
q denomination of FIVE hundred dollars and up
wards, shall be payable at such bank in the
city of New York as may from time to time
be designated by the State Treasurer and all
such bonds shall be drawn in favor of the Sec
rotary Of State, and when endorsed by him,
shall be negotiable in such manner as the Gov
eraOr, Secretary Of State, and State Treasurer
shall deem proper.
Sec. 8 &1 moneys arising from the sale
of the bonds authorized by this act shall be
paid into the treasury Of the state, to the cred
it Of the War Fund, and Shall be drawn there
from on the warrant Of the Secretary of State,
i'll such manner as provided by law.
Sec. 4 The bonds issued under the provis.
ions Of this act, shall be registered in book
provided for that purpose and kept in the Office
of the Secretary of State, which registry shall
contain the number ard amount of each
Of such bonds, the time when due and the
place where payable. Whenever any such
bonds shall be paid such bond shall be instant
~ cancelled by the Treasurer or other perGon
paying the same, with canceling hammer
J he Secretary OF State shall also keep full
record Of all the bonds taken up and paid, in
! 9 book provided fer that purpose; and immc
diately after such record shall have been made
as aforesaid the bonds SO paid shall be can
cclled, by writing across the face of each,
! which enactment shall be signed by the Sccrc
tary Of State, and the State Treasurer, and
| filed in the office of the Secretary of State.
| See ). The bonds issued under the author
| ity of this act, shall be redeeTable follows,
to wit: The frat hundred thousand dollars is
! sued under the provisions of this act shall be
redeemablc on the first dvy of July, one thous
and eight hundred and seyenty-seven; and
one hundred thousand dollars shall be redeem
| able on the first day Of July annually thcreaf-
ter until the whole of said bonds shall have
been redeemed.
Sec 6. 1t shall be the duty Of the Secreta-
ry of State, annually to levy such per centage
of taxation on the taxable property of this
State as will be sufficient to pay the annually
| accruing interest on all outstanding bonds is
sued under the authority of this act. And it
shall also be the duty of the Secretary Of
State, to levy such an amount of tax on the
taxable property of this State, IN the year one
thousand eight hundred and seventy six, and
annually thereafter, sufficient to ay the prin-
cipal Of each Of said bonds, maturing during
each Of the next ensuing years respectively,
till said bonds shall have all been redeemed,
in accordance with the provisions of this act
See, 7. The faith Of the State is hereby
pledged for the payment of principal and in
terest, of all bonds which may be issued under
the provisions of this act.
Sec. 8. In the negotiation of any of the bonds
authorized to be issued under the provisions of
this act, not less than sixty per cent. of the
proceeds of each sale shall be received into.
or paid out OF the treasury in gold silver
cOir; the balance Of the proceeds of such sale,
may, in the discretion of the parties authorized
by this act to make such sale, be received and
paid into and out Of the treasury in current
bank bills Of this State P'oyided, that the
currency of no such bank shall be SO received
unltss at the time Of such reception, it sha,f
De at par, estimating It's value by the tAen
market value of its securities On deposit with
the bank comptroller; And presided further,
that all payments of wages or salaries to the
officers and soldiers Of the regiments organized
By the Law Of this State shall be ma de in gold
and silver coin.
Sec. 9. All claims and demands against the
State, for expenses and disbursements author
lied by any law Of this State, and which, BY
the laws of the State, are payable out of the
loan and the fund authorized and created by
this act, denominated the war fund.- shall be
presented within three months from the time
the same shall accrue and all claims and de-
mands already accrued, payable as above, out
CT said loan and fund, shall be presented
above. within three months af1er the nasSace