The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-03-05
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i' i.a. .a STATE LOAN. ... a
.,. -na-.rlt5l & ---- 5ib4N " 1' 11o
PROPOSALS FOR A LOAN
OF
S23,OOO,OOO.
AN ACT
TO CREATE A LOAN FOR THE REDEnr1ON
OF THE OVERDUE BONDS OF THE
COMMoNwEALTH
s2s,OOO,OOO.


and certain certificates of Indebtedness,
amounting to TwENTY-THREEM MILLIONS
OF DOLLARS, have been overdue and unpaid
for some time past;
And t0heTedS, 1t is desirable that the same
should be paid, and Withdrawn from the market;
therefore,
Section l. Be enacted on The Senate and Eyo,,se
Of Representatives Of He Commonwealth of Penn.
SgtUdntd IN General Assembly met and 10 Is heTebU
enacted bV re otthOrity Of g,e same, That the
Governor, Auditor-General, and State Trea-
surer be, and are hereby, authorized and en-
powered TO borrow, on the faith of the Com
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, 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 seml-annualy, on the LIST 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 paya3
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 flf-
teen years; and ten millions of dollars at any
time after fifteen years. and within twenty-fv
years; and shall be signed by the Governor and
State Treasurer, and coun tersigned by the
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 q 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 certifi-
cate hereby authorized to be issued shall be
negotiated for less than its par value.
Section g. The bonds OF the State and certif-
Gates of Indebtedness, now overdue, shall be
receivable in payment OF the said loan, under
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
mittees, or other persons, holding, in a fidu-
| ciary capacity, bonds or certificates of indebt-
edness of the State or moneys, hereby
authorized to bid for the loan hereby authorized
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 s. Any person or persons standing in
the t1duciary capacity stated in the fourth sec.
ton 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
the same in the bonds authorized to be issued
by thisact at rate of premium not exceed
Section g. 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 T. That all loans of this Common
wealth, not yet due shall be exempt from
interest due February 1st, one thousand
eight hundred and sixty-seven, shall have been
paid.
thereof, inconsistent herewith, are hereby re-
pealed. 1o1,Nr n orAsS
Speaker of the House of RepTesentatiyes.
Speaker of the Senate.
Approved the second day of February, one
thousand eight hundred and sixty,seyesn
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 lst day of April, a. ID. 1867,
TO be endorsed as sfollows:-"Proposals for Penn
sylvania State Loan" Treasury Department.,
Harrisburg, Pennsylvania United States Of
Bids will be received for Sc, ,OOOOOO, reimburse
BILE in five years and payable in ten years;
SS 900 000 reimbursable in ten years, and payable
in fifteen years; and S!O,OOOOOO relnpnrsapIe IN
fifteen years and payable in twenty-five years.
The rate of interest to be either I'VE or six per
cent. per annum, which must be explicitly
stated In the bid, and the bids most advanta-
less than par will be considered. The bonds
will be issued in sums of S5O 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
No distinction will be made between bidders
paying in cash or overdue loans.
JOHN w. GEARY,
Governor of Pennsylvania.
JOHN f. HARTRANFT,
Audltor-General
w. H. KEMBLE
State Treasurer.
NB.-No newspaper publishing the above
unless authorized, will receive pay. 27