The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-02-22

Whereas The bonds OF the Commonwealth
and certain certificates of Indebtedness,
amounting to TwENTY-THREEM MILLIONS
OF DOLLARS, have been overdue and unpaid
for some time past;
And tOheredS, It is desirable that the same
should be paid, and withdrawn from the market;
therefore,
Section l. Be % enacted by Gte Senate and House
OF Representatives Of the Commonwealth Of Penn
enacted 6H the authority of Ule same That the
Governor, Auditor-General, and State Trea-
surer be, and are hereby, authorized and en-
powered 10 borrow, on the faith of the Com
monwealth, in such amounts and with such
deem most eSpedent for the nterest t eHey Of may lay
State, Lwenty-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-annualy, 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
BILE at any time after ten years, and within f1f-
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 o.
the Auditor-General, and to De transferable on
the books of the Commonwealth, at the
Farmers and Mechanics National Bank OF
Ph1laQelpn1a, Jne 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 Common wealth.
Section 2. The bids for the said loan shall be
opened in the presence OF the Cove nor, 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 1he bonds OF the State and certif-
Gates of Indebtedness, now overdue, shall he
receivable ia payment o. the said loan under
N10VArnOT
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
wealth.
Section 4. That all trustees, executors, admin
istrators, guardians, agents, treasurers, COM
miteeS, or other persons holding, IN hdu-
ciary capacity, bonds or certificates of indebt-
edness of the State or moneys hereby
authorized 10 pid ior the loan nereDy 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 5. Any person or persons standing in
the tiduciary capacity stated in the fourth Sec
money mon " in their hands for the be1e 1t Of ths
trust, may, without any order OF court. invest
by this,act, at a rate of premium not exceed
Section 8. 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
Section Z. That all loans of this Common
| State, municipal, or local taxation, after the
interest due February lst, one thousand
| eight hundred and siXty-seven, shall have been
| paid.
Section s. That all existing laws or portions
thereof, inconsistent herewith are hereby re-
| pealeS. = 49,.
Speaker of the House of Representatives,
l.. w. HALL,
Speaker of the Senate
Approved the second day Of February, one
thousand eight hundred ana sixtY,seGyen. ~ even
JOHN w. GEAH0,
In accordance with the provisions OF the
above act of Assembly, sealed proposals will
in the city OF Harrisburg, Pennsylvania, until
u o'clock NJ, Of the lst day of April a. D. 1867,
to be endorsed as proposals for Penn
harrisburg, Pennsylvania, United States OF
Bids will be received for $4,000, ,OOO reimburse
BILE in five years and payable in ten years;
S. 900, reimbursable in ten years, and payable
in fifteen years; and Sl0,000,000, rembursable 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
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 f. HARTRANFT
Auditor General
W. ii. KEMBLE,
State Treasurer,
unless authorized will receive pay, 81