The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-02-19
p e N N Wv VANIA
STATE LOAN.
PROPOSALS FOR A LOAN
$2S,OOO,OOO.
AN ACT
TO CREATE A LOAN FOR THE REDEMPTION
OF THE OVERDUE BONDS OF THE
COMMONWEALTH.

Whereas, The bonds OF the Commonwealth
and certain certificates OF indebtedness,
amounting to TwENTY-THREE MILLIONS
OF DOLLARS, have been overdue and unpaid
for some time past;
And Whereas 1t is desirable that the same
should be paid, and withdrawn from the market;
therefore,
Section l. Be u enacted bu me Senate and Jyo,..a
Of Representatives. Of the Commonwealth Of Penn
Sytvd7'td in General Assembly met and Il Is hereby
Governor, Audi ditor-General, and State Trea-
surer be, and are hereby, authorized and em-
monwealth, in such amounts and with such
notice (not less than forty days) as they may
deem most exPedient for the interest OF the
State, twenty-three millions of dollars, and
issue certificates of loan or bonds of the Com
monwealth for the same, bearing interest at q
rate not exceeding six per centum per annum
payable semi-annualy, on the LIST of February
and lst of August, in the oity of PHILADELPHIA.
which certificates of loan or bonds shall not be
subject to any taxation whatever, for State'
municipal, or local purposes, and shall be paya--
BILE as follows, namely:-Five millions Of dollars
payable at any time after five years, and
within ten years; eight millions of dollaps paya-
BILE at any time after ten years. and within If
teen years; and ten millions of dollars at any
time after fifteen years, and within twenty-five
years; and shall be signed by the Governor and
state treasurer, and countersigned by the
Auditor General, and registered in the books Of
the Auditor-General, and to be transferable on
the books of the Commonwealth, at the
Farmers and Mechanics National Bank Of
Philadelphia the proceeds OF the whole Of
which: loan, including premiums, etcetera,
received On the same, shall be applied to the
payment OF the bonds and certificates of in
debtedness of the Commonwealth,
Section 2. The bids for the said loan shall be
opened in the presence OF the Governor, Audi
tor-General, and State Treasurer, and awarded
to the highest bidder: Provided, That no certid-
cafe hereby authorized to be Issued shall be
negotiated for less than its par value.
Section The bonds OF the State and certin-
Gates of Indebtedness, now overdue shall be
receivable ia payment OF the said loan, under
such regulations as the Governor, Auditor
General, anu State Treasurer may prescribe;
and every bidder for the loan now authorized
10 be issueu, shall state in his bid whether the
same is payable in cash or in the bonds. or
certificates of indebtedness of the Common
wealth.
Section 4. That all trustees, executors. admin
islrators, guardians, agents, treasurers COM
mittees, or other persons, holding, in fdu-
ciary capacity, bonds or certificates of indebt-
edness of the State or moneys, are hereby
authorized to bid for the loan hereby authorized
TO be issued, and to surrender the bonds or
certificates Of loan held by them at the time OF
making such bid, and to receive the bonds
authorized to be issued by this act.
Section 8. Any person or persons standing In
tion of this act, who may desire to inyest
money in their hands for the benefit of the
trust, may, without any order OF court invest
the same in the bonds authorized to be issued
by this act, at q rate of premium not exceed
ing twenty per centum.
Section 9. That from and after the passage OF
this act, all the bonds of this Common wealth
shall be paid off IN the order of their maturity.
Section Z. That all loans Of this Cemmon-
wealth, not yet due. shall be exempt from
State, municipal, or local taxation, after the
interest due February 1st, one thousand
eight hundred and siXty-seven, shall have been
paid.
Section 8. That all existing laws, or portions
thereon, inconsistent herewith, are hereby re-
pealed.
Speaker of the House Of Representatives
l.. w. HALL.
Speaker of the Senate
| Approved the second day of February, one
| thousand eight hundred and sixty-seven.
JOHN W. GEARY.
In accordance with the provisions of the
! above act of Assembly, sealed proposals will
be received at the Office of the State Treasurer
in the city OF Harrisburg, Pennsylvania until
II o'clock M, OF the LIST day of April a. ID. 1867
To be endorsed as follows:-"Proposals for Penn
sylvanta State Loan" Treasury Department
Harrisburg, Pennsylvania, United States OF
Bids win be received for S5,OOO,OOO, reimburse
BILE in i've years and payable in ten years.
S. 900, reimbursable in ten years. and payable
In fifteen years; and 100. rel m bursable in
fifteen years and payable in twenty-five years.
The rate of interest to be either five or six per
cent. per annum, which must be explicitly
stated IN the bid and the bids most advanta-
geous to the State will be accepted, No hid for
less than par viii be considered. The bonds
will be issued in sums of $50 and such hipher
sums as desired by the loaners to be free from
State, local. and municipal taxes.
The overdue bonds OF the Commonwealth OF
Pennsylvania will be received at par in nav
ment of this loan,, but bidders must State
whether they intend to pay in cash or in the
overdue loans aforesaid.
No distinction will be made between bidders
paying in cash or overdue loans.
JOHN w. GEARY.
Governor of Pennsylvania
JOHN F. HARTRANFT. u
AudlJOr-GenerRl
w. II. KEMBLE, .
NB.-No newspaper publishing the sbo1;a
unless authorized, will receive pay 27H