The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1871-04-08

sitting In Genera! Assembly. ,and BY the
authority Of the same; That the Go
vernorz OF the StRta be. and he1ia beEeby.
ahth3rized tH bdlrowEpn ESha dnedit OF
Che Htate of South CafoIihe, : S1nS not
Esxcdsding one milli6n' Two hnndred
lIfho1sand popidsSstorIipg ;ssuch fdebt to
be seprcaenfeaea eea Ay csap3s bots; che
| samo to bear ak pounds per centnm per
annnm interest, in gold, payable semi
Annually; tho principal aud interest
thereof to he payable in tho city of Lon
don, in England, and the principal
thereof to be! redcemable md payable
within twenty years from the passage Of
this Act, in gold coin.
SEQ. 2. Snch debt. hereby authorized:
shall be known -as. the Sterling. Funded
Dobt. The bonds to" be iis6ned II, prtiirsii-
ancc hereof shall be signed7by the Co.
vernon. and countersig1ed BY tho S.nto
Treasurer, updor the seal OF this State.
They may be Issued in sums of not less
than one hundred pounds sterling. The
coupons attached to such bondb shall be
signed by the State Treasurer. or exc
cntod in such manner as the Governor
OF the State may approye. his signature
to said bonds being evidence OF such
approval. A
SKo. 8. That all of the bonds author
lied by this Act, or their proceeds, shali
be used exclusively in exchange for, or
in payment of. tho existing public debt
Of this State heretofore authorized
SEC. 4. That all the bonds hereby au.
tltorizcd shall be placed in tho iluuds OF
Financial Agent of this State, to be-
appointed by the Governor. Attorney
General and Treasurer, Comptrollerr
General, Secretary of State: Prorided.
That said Financial Board shall receive
no compensation. Such agent shall re-
| side in the city of London aforesaid;
and the Financial Board hereinberore
authorized, or q majority Of them,
through the Financini Agent Of the
| State of New York. are hereby author
lied and directed TO enter iuto an agrea7
ment with such Financial Agent as may
bo appointed, AZ aforesaid, for the nego-
| tiation Of said bonds; for the payment oi
interest thereon until the maturity
thereof; for the payment of said bonds
at maturity; and for tho exchange of the
same for any OF tho public debt of this
State, or for tue payment Of any of said
public debt, from the proceeds of such
new bonds as they may deem to bo for
tho Interest Of this State: Prorided,
That none Of the existing public debt, aa
aforesaid, shall be paid. before tho mn
tnrity thereof, out of the proceeds of tho
bonds hereby authorized. unlefs the
snmo can be purchased and redeemed at
Il rate not exceeding the ratio at .whicl,
such new bonds shall be negotiated
And, for tho purposes Of this Act, and in
pay ment of interest on said bonds, aud
in the redemption thereof, tic pound
sterling shall be deemed. to be tile
equivalent Of five dollars in gold coin Of
the United States. PsppitleYl, That the
Financial Agency created by this Act
shall not be- placed in ths hnnts OF any
ono person, butrshail boentrusted to the
management of q. Responsible banking
house of first class reputation in the new
aud old world. ~ 10 -,G.tl
SEo. S. That an annual tax, in addi-
| ton to all other taxes, shall be levied
upon all tho taxable property within
this Stnto sufficient to puy tho Interest,
on tho debt hereby authorized, Mt the
timo when such interest shall become
due and payable, and such interest shall
hes remitted to said Finnncinl Agent in
London, aud further similar tax shall
be levied in the same manner sufficient
to provide for Sinking Fund Of two per
centum III gold per annum on the fnli
amount Of the debt hereby created,
which Sinking Funtl shall be remitted to
the said Financial Agent Of the State in
London, to be applied to The redemption
and payment Of two per centum Of the
principal Of the said bonds at par The
bonds thus to be paid shall be annually
drawn, by lot. at such time and place,
aud under such regulations as the Go.
vernon Of the State and said Financiul
Agent mny determine. and on all suob
drawings the American Minister to the
Cnurt of st. james in England, or the
/. Secretary Of the American Legation in
London, or the American Cousnl at
london, shall be invited to lie preeeut,
and to certify to such drawings.
SEC 6. From time to time, and when
any OF the existing public debt of The
State all be redeemed, by tho exchan. 9
of tho bonds here " autho lied, IT
shall lie paid from the procee.ls thereof
such debt so redeemed or pnid, and the
evidence thereof, shall he forthwith
absolutely cancelled. and shall not be- re-
issued in any form; and :ha tnta'
amounts thus redeemed or pn:d, shall be
annually reported 'hy the Comptroller