The Cass County Republican. [volume] (Dowagiac, Mich.) 18??-1880, 1864-02-25
! Our War Bounty Loan.

Il Bill to Provide for the Interest ON
the Var Bounty Loan as passed 6y
both Houses Of the Legislature.
Sec. 1. The People Of the State of
Michigaa enact, That there shall be
levied upon the taxable property Of the
State, for the year eighteen hundred
and sixty-four, in addition to all other
taxes, the sum Of thirty-fve thousand
dollars, and the same is hereby appro-
priated for the payment of the interest
on the war bounty loan, if SO much
shall be required; /; if not, the balance
shall be and the same is hereby appro-
plated to the purchase of any of the
interest-bearing bonds of this State.
A Bill Authorizing war Bounty Loan.
SECTION L. The People Of the State
of Michigan enact, That the Governor
and State Treasurer be and they are
hereby authorized and directed, in the
name and in behalf of the people Of
this State. whenever it shall become
/ necessary for the purpose of paying a
State. bounty, authorized to be paid to
volunteers in the military service of the
United States, by the. provisions of any
law of this State, to negotiate and con-
tract for a loan or loans for SUCH sum
or sums as may be necessary for the
purpose herein specified, not exceeding
| five hundred thousand dollars in all,
on the most favorable terms that, in
their judgment, can be obtained, re-
deemable at the pleasure of the State,
at any time within, or at the expiration
of twenty five years from the first day
of May, eighteen hundred and sixty
four, at rate of interest not, exceeding
seven per centumf per annum, payable
semi-annually, on the first day of May
and November in each year. Such
loan shall be known as the "War Boun-
ty Loan of the State of Michigan" and
the bonds issued under the provisions
of, this, act, shall be exempt from tax
alton. The proceeds of. said. bonds
shall be paid out in no other manner
than is provided by law for paying a
State bounty to volunteers mustered
into the military services of the United
States.
Sec. 2. For the, purpose of effeeting
the loan or loans by this act authorized,
the Governor and State Treasurer are
hereby empoweredand directedto cause
to be issued, bonds of the State of
Michigan, from time to time, as they
may deem necessary, in. sums not less
than five hundred dollars each, to be
signed by the Governor, and counter,
signed by the Secretary of State and
State Treasurer, with the seal of the
State affixed thereto, and with coupons
for, the interest thereto attached. The
principal and interest of said bonds |
shall be payable in tho city of New
York. The bonds shall be. drawn lin
favor of the Auditor General, and when
endorsed by him shall become negotia-
BILE in such manner as the Governor
and State Treasurer may deem prop
er. hHt3-r4hHJ lenHn9 7H ir.l -ia9udI
SEC. 8. All moneys arising from the
sale ofthe bonds, by this act author
lied to be issued, shall be paid into the
treasury of the State to the credit of
the war fund, and shall be drawn there
from upon the warrant of the Auditor
General, which warrants may be issued
upon proper vouhcers or estimates of
the Quartermaster General of the State,
certified by the Governor, for the pur-
pose ofpaying such State bounty as
may be authorized by law. u
SEC. A. The bonds issued under this
act shall be numbered and registered
in a.book provided for that purpose, and
kept in the Auditor Generals Office,
which register shall contain the number
and amount of such bonds, the rate of
interest thereon, and where payable.
Whenever any bond shall be paid the
same shall by immediatly cnaceled by
the Treasurer, or other person paying
the same, with canceling hammer
the Auditor General shall also keep a
full record of all the bonds taken up and
paid, in book provided for that pur-
pose and Immediately after the record
shall have beer, made as aforesaid, the
bonds so paid shall also be cancelled,
by writing across the face ofeach, which
cancelment shall be signed by the Au-
ditor General and State Treasurer,
and said bonds thus cancelled shall be-
fled in the office of the Auditor Gen
orol seft.. ..rf 80 -Sgfasll .j 16Ts ~