The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1868-08-21
The Financial Schemes Of tho Negro
Legislature.

The following bills are now before the Legis-
lature. Under the first act tie bonds may be
sold at any price which may be determined by
the Governor, Attorney General and Treasu-
rer, who are authorized to pay out such sums
as rnay be necessary to eject the purposes Of
this act. Under the second act the bonds are
to be sold at the highest market price, and for
not less than sum to be fixed by the Gov
ernor, Attorney General and Treasurer, who
may appoint financial sgent in New York,
and may pay such sums as may be necessary
to effect the purposes Of the act as before.
Not one dollar Of the bonds proposed to be
issued by this act would ever be paid by the
white taxpayers Of this State, even il capi-
talists we're found verdant enough to lend
their money on such slender security:
A BILL, to authorize loan 10 redeem the obligations
known as the "Bills Recei'able OF the State Of
South Carolina"
Be il enacted by the Senate and House Of
Representatives OF the State OF South Carolina.
now met and sitting in General Assembly, and
by the authority Of the same:
sRor1oN 1. That the Governor of the State be,
and he is hereby, authorized to borrow, on the
credit OF the State of South Carolina, on coupon
bonds, within twelve months from the passage
of this act, sum not exceeding five hundred
thousand dollars, or as much thereof as he may
deem necessary, to redeem the bills receivable
OF the state OF South Carolina; said bonds to
bear interest at six per cent, payable semi-an-
nually, and redeemable within twenty years
from the passage Of this act.
| SEC. g. That the bonds and the coupons Of
the said loan shall be paid in the City of New
York.
SEC. g. That the bonds issued under the pro-
visions OF this act shall be signed by the Gov
ernor srrv and counterslgned by the State Ireasu-
rer; and oil such obligations shall be under the
seal of the State. The coupons shall be sign
ed by the State Treasurer, or executed in such
manner as may be designated by the Coy
ernor.
SEC. A. That the faith, credit and funds Of
the State Of South Cal olina are hereby solemn
ly pledged for the punotual payment OF the
interest and the redemption of the principal OF
the loan authorized by this act.
| SEQ. s. That the bonds authorized by this
act shall be sold at the highest market
price, by the financial agent OF the
State in the City of New. York, and
not less than q sum to be fixed by the Gov
shall fix the time Of redemption and redeem
said bills receivable at the Office Of the State
Treasurer; and they are further authorized TO
paw such sums Of money as may be necessary
to effect the purposes Of this act out OF any
funds Of the State not otherwise appropriated:
SEQ. g. That an annual tax, IN ADDITION 10 an
other taxes, shall be levied upon the property
of the State, sufficient to pay the interest on
the loan hereinbefore authorized at the times
when such interest shall Eall due.
A BILL to authorize State loan to pay interest on
the public debt.
- <ba Eaoota apd Houca of
Representatives OF the State Of South Carolina.
now met and sitting in General Assembly, and
by the authority of the same:
SECTION 1. That the Governor Of the State
be. and he is hereby, authorized to borrow, on
the credit Of the State OF South Carolina, on
coupon bonds, within twelve months from the
passage of this act, q sum not exceeding one
million dollars. or as much thereof as he may
deem necessary to pay interest on the public
debt. the first payment Of said interest is to
be made on or before the first day Of July,
A, D. 1868; said bonds to bear interest at six
per cent, payable semi-annually, and redeem.
able within twenty years from the passage Of
this act. :,
SEC. 3. That the bonds and the coupons shall
be paid in the City of New York.
SEC. s. That the bonds issued under the pro-
visions Of this act shall be signed by the Gov
erpor and oountersigned by the Treasurer
and ali such obligations shall be under the
seal or the STATE. Ino couPouS 5udu DO 5iBuoo
by the State Treasurer, or executed in such
manner as may be designated by the Gov
ernor.
SEC. 4. That the faith, credit and funds Of
the State Of south Carolina are hereby solemn
ly pledged for the proper payment Of the in
terest and redemption Of the principal Of tie
loan authorized by this act.
Sec. s. That the bonds authorized by this
act shaIl be sold at the highest market
price aud for not less than a sum to be fixed
by the G yu1nor, Attorney General and Treas
urer. no are hereby authorized to appoint,
unGer commission signed by them, some re-
sponsible bank or banker in the city OF New
York. to act as financial agent Of the
State. to be subject to their direc-
tion and control; and they are further author
lied to pay such sums Of money as may be
necessary to effect the purposes OF this act,
out of any funds Of the State not otherwise
appropriated: Provided, That the expenses of
such financial agency shall not exceed the
rates paid by other States for like services.
SEQ. 6. That an annual tax, in addition to
all other taxes, shall be levied upon the pro-
perty Of the State, sufficient to pay the interest
on the loan hereinbefore authorized at the
times when such interest shall fall due.
Tup Moor PrpFErr IRON NToNIo-HFaEMAN'S