The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-02-27
p e N MS Wv MIA
STATE LOAN.
PROPOSALS FOR A LOAN
$23,OOO,OOO.
AN ACT
TO CREATE A LOAN FOR The REDEMPTION
OF THE OVERDUE BONDS OF THE
COMMONWEALTH.

SSMAAuN W 6hNId.
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 WheredS 1t is desirable that the same
should be paid, and withdrawn from the market;
therefore
Section l. Be Il endcted bv the Senate and House
Of Representative Of he Commonwealth Of Penn
SytUdntd IN General Assembly met and Is hereby
enacted bV tie authority of Le same, That the
Governor, Auditor-General, and State Trea-
surer be, and are hereby, authorized and en-
powered 70 borrow, on the faith Of the Com
notice mot less than forty days. as they may
deem most expedient for the interest OF the
lssue'certihcates of loan or bonds of the Com
monwealth for the same, bearing interest at a
rate not exceeding six per centum per annum,
payable semi-annually on the LIST Of February
and LIST of August, in the city 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 dollars paya-
BILE at any time after ten years, and within fif-
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 O f
the Auditor-General, and to be transferable on
the books Of The the CGim,m%9n,wealth, Com, %I at the
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: ProUided, That no certi1-
cate hereby authorized to be issued shall be
negotiated for less than its par value.
Section g. The bonds OF the State and certih-
Gates of Indebtedness, now overdue, shall be
receivable IN payment oil the said loan. under
such regulations as the Governor, Auditor
General, and State Treasurer may prescribe:
and every bidder for the loan now authorized
TO be issued, shall state in his bid whether the
same is payable in cash or in the bonds, or
cert11hcates 1t,c OF Indebtedness OF the common"
Section 4. That all trustees executors, admin
istrators, guardians, agents, treasurers, COM
mittees, or. other persons, holding, in a fidu-
ciary capacity, bonds or certificates of indebt-
edness OF IN the State or moneys, are hereby
to be issued, and to surrender the bonds or
certificates of loan held by them at the time of
authorized to be issued by this act.
Section s. Any person or persons standing in
the tduciary capacity stated in the fourth sec
tion of this act. who may desire to invest
money in their hands for the benefit Of the
trust, may, without any order of court. invest
by thisact, at rate of premium not exceed
Section &. That from and after the passage OF
| this act, all the bonds of this Commonwealth
shall be paid off in the order OF their maturity.
ls
| wealth. not yet due, shall be exempt from
| State, municipal, or local taxation, after the
| interest due February LIST, one thousand
eight hundred and sixty-seven, shall have been
Section s. That all existing laws, or portions
! thereof inconsistent herewith, are hereby re-
! pealed. ro- ,
Speaker of the House of Representatives.
J.. w. HALL
Speaker of the Senate.
| Approved the second day of February, one
thousand eight hundred and sixty-seYen.
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 NJ, of the lst day of April a. D. 1857,
| to be endorsed as sfolows:-"Proposals for Penn
| sylvania State Loan" Treasury Department,
| harrisburg, Pennsylvania, United States of
Bids win be received for IS, ,OOO 200, reimburse
| BILE in five years and payable in ten years;
SS,000000, reimbursable in ten years, and payable
| in fifteen years; and SlO,O0OOOO reimbursable 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 bid for
| less than par will be considered. The bonds
will be Issued in sums of $50, and such higher
| 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 pay
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 +. HARTRANFT,
| Audltor-General
VII. KEMBLE,
State Treasurer.
N B.-No newspaper publishing the above
| unless anThOrZpH will