Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1864-12-30
STATE BONDS.

The following is the bill for law au-
thoring the issuance of State Bonds, con-
corning which there was so much discus
sion in the House yesterday, and which
was finally passed:
SECTION by virtue Of the power granted
to the Legislature, by the third section Of Ar
ticle nine of the Constitution of this State,
the issuance and sale Of bonds Of the State,
not exceeding in amount the sum of one hun.
bred and fifty thousand ($l50,0OO dollars, is
hereby authorized, which bonds shall be pay
able at the Office Of the State Treasurer, and
shall not run longer than one year from their
date. They shall be dated when issued, and
shall bear interest at the rate not exceeding
two per cent. per month. The interest shall
be payable at the Office Of the State Treasu-
rer, at the end Of six months from the date
of such bonds.
SEC. 2. The bonds to be issued BY and I'M
der the provisions Of this Act shall be signed
by the Governor, countersigned by the Con-
troller, and endorsed BY the Treasurer, and
authenticated with the great seal Of the State
of Nevada. Coupons, for the payment of the
interest thereon, shall We so attached that
they can be removed without injury to the
bonds.
SEC. 3. The State Treasurer is hereby au-
thorized and required to cause such bonds to
be prepared payable to the parties, or their
assigns, to whom issued provided, that no
bond shall be issued for sum less than five
hundred dollars.
SEC, 4. The Governor and the Secretary of
State are hereby made commissioners to re-
Rulate the sale Of the bonds provided by this
Act to be issued and said commissioners
shall regulate the sale of such an amount
thereof, as they shall find necessary for the
benefit of the State, at such times, and bear
inc such rate Of interest I" not exceeding two
per cent. per month; as they shall find ne
cessary, in order to secure the sale thereof at
mar. None of said bonds shall be sold at less
than par value. They shall report monthly
TO the Controller of State, the amount, num-
her. and date, and the rate Of interest OF all
bonds sold by them, and shall pay the pro-
ceeds into the State Treasury, in gold and
silver coin.
SEC, 5, The State Treasurer is hereby re-
ouired and authorized to pay the interest on
any bonds issued under the provisions of this
Act. whenever the same falls due.
SEC. 6. No bonds issued and sold under
the provisions of this Act shall be sold for,
or Maid in, any currency, except gold and
silver coin Of the United States, both prin.
cinal and interest. For the payment of the
same, the entire revenue Of the State derived
from direct taxes, on real and personal prop
erty within this State for the fiscal year,
commencing in A. D. 1865 and ending in A. D.
1866, except SO much thereof as may be lev
led to create an interest and sinking fund
for the payment Of Territorial indebtedness !;
and the faith and credit Of the State Of Ne
yada is hereby soIemnly pledged to the full
and faithful payment, principal and interest,
Of said bonds.
The wheels of government are now
CREASED, and our lawmakers will soon be
able to draw their pay. 1t has been ra-
Their tight times with them thus far. We
congratulate them.