The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-02-28
FINANCIAL.
p e N " s YLV MIA
STATE LOAN.
PROPOSALS FOR A LOAN
OF
$23,OOO,OOO.
AN ACT
TO CREATE A LOAN FOR THE REDEMPTION
OF THE OVERDUE BONDS OF THE
COMMONWEALTH.

WheredS 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 tOheredS, 1t is desirable that the same
should be paid, and withdrawn from the market
therefore,
Of Representatives. Of The Commonwealth Of Penn
SylUdTliG IN General assembly met and Is hereby
enacted bU TIE authority of the same, That the
Governor, Auditor-General, and state Trea-
surer be, and are hereby, authorized and em-
powered to borrow, on the faith of the Com
monwealth, in such amounts and with such
notice mot less than forty days. they may
deem most eXpedient for the interest of the
State, Jwenty-three millions of dollars, and
issue certificates 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 lst of February
and lst 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-
bic 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 hf-
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 countersgned by the
Auditor-General, and registered in the books t
the Auditor General, and to be transferable on
Farmers' and Mechanics' National Bank of
PhiiadeIphia: the proceeds of the whole of
received on the same, shall be applied to the
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 ProUtded, That no certif-
cate hereby authorized to be issued shall be
negotiated for less than its par value.
Section 3. 4 he bonds of the State and certin-
Gates of Indebtedness, now overdue, shall be
receivable in payment OF the said loan, under
such regulations as the Governor, Auditor
General, and State Treasurer may prescribe;
and every bidder for the loan now authorized
10 be issued, shall state in his bid whether the
same is payable in cash or in the bonds, or
certificates of Indebtedness Of the Common
Section 4. That all trustees, executors, admin
istrators, guardians, agents, treasurers, COM
mittees, or other persons, holding, in fidu-
ciary capacity, bonds or certificates of indebt-
edness of 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
making such bid, and to receive the bonds
authorized to be issued by this act.
Section 5. Any person or persons standing In
the t1duciary capacity stated in the fourth Sec
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 a rate of premium not exceed
ing twenty per centum.
Section s. That from and after the passage OF
this act ali the bonds of this Commonwealth
shall be paid off in the order of their maturity.
Section 7. That all loans of this Common
III.
State, municipal, or local taxation, after the
interest due February lst, one thousand
eight hundred and siXty-seven, Shall have been
Section s. That all existing laws or portions
thereof, inconsistent herewith, are hereby re-
pe"ie~' JOHN P. GLASS,
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
u o'clock NJ, of the LIST day of April A. ID. 1867,
TO be endorsed as follows:-"Proposals for Penn
sylvania State Loan" Treasury Department,
Harrisburg, Pennsylvania, United States of
Bids will be received for So 100000, reimburse
BILE in five years and payable in ten years;
SS 100000 reimbursable in ten years. and payable
in fifteen years; and Sl0OO0,0O0, reimbursable in
fifteen years and payable in twenty-five years.
The rate of interest TO be either hye 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 overuue loans.
JOHN w. GEARY,
Governor of Pennsylvania
JOHN f. HARTRANFT,,
Aud,tor-GeneIa
VIII. KEMBLE,
State Treasurer
NB.-No newspaper publishing the above,
unless authorized, will receive pay. ~