The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1871-03-17

said bonds and in the redemption thereof, the
pound sterling shall be deemed to be the equiv
alent to five dollars In gold coin OF the United
States Provided, That the financial agency
created by this act shall not be placed in the
hands of any one person, but shall be entrust-
ed to the management of a responsible bank
ing-house, of frst-cass reputation, in the new
and old world.
SEC. S. That an annual tax, In addition to
all other. taxes, shall be levied upon all the
taxable property within this State sufficient to
pay the interest on the debt heseby authorized,
at the time when such interest hall become
due and payable, and such interest shall be re-
mItted to said financial agent in London, and
further similar tax shall be levied in the
the same manner sufficient to provide for
sinking fund Of two per centum in gold
per annum on the full amount of the
debt hereby created, which sinking fund
shall be remitted to the said financial
agent of the State in London, to be applied to
the redemption and payment of two per CEN
tum 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, and
under such regulations as the Governor of the
State and said financial agent may determine,
and on all such drawings the American Min
lister to the Court of ST. James In England, or
the secretary of the American Legation In
London, or the American Consul at London,
shall be invited to be present, and to certify to
such drawings.
SEC. 6. From time to time, and when any
of the existing public debt Of the State shall
be redeemed, by the exchange OF the bonds
hereby authorized, or shall be paid from the
proceeds thereof, such debt, SO redeemed or
paid, and the evidence thereof, shall be forth
with absolutely cancelled, and shall not be
reissued in any form, and the total amounts
thus redeemed or paid shall be annually re-
ported by the onptroller-general.
Sec Z. That the faith, credit and funds of
the State Of South Carolina are hereby solemn
ly and irrevocably pledged for the punctual
payment of the principal and interest ofthe
debt hereby created, and for the annual re.
demption of that portion thereof for which q
sinking fund Is authorized; and the issue by
the Governor of any of the bonds hereby au-
thorized shall be conclusive evidence, in favor
of any bona .hde holder thereof, that the pro-
visions of this act have been fully complied
with by the State officers, and that such bonds
are legally and properly created.
SEC. 8. The honor and credit of this State is
also hereby pledged to the holder OF the debt
authorized by this act, that this State will not
br nr
said debt is fully paid and discharged, create
any new debt or obligation, or by the loan OF
its credit, by guaranty, endorsement OF other
wise, excepting for the purpose of meeting It's
obligations, or in and for the ordinary and
current business Of the State, without first
submitting the question as to the creation Of
any such new debt, guaranty, endorsement or
loan of its credit to the people of this State, at
q general State election, and, unless two
thirds of the qualified voters of the State vot-
ing on this question shall be in favor of a
further debt, guaranty, endorsement or loan
OF its credit, none such shall be created or
made.
SEC. 9. The commission herein appointed,
or majority of them, are hereby authorized
to pay such sums as may be necessary for the
purpose OF carrying this act into effect, out
of any funds of the State not otherwise ap-
propriated.
SEC 10. For the purposes Of this act, and
TO carry out the same, all acts, or parts Of
acts, inconsistent with this act, are hereby re-
pealed.
Approved March 7, 1871.
An ACT to amend an act entitled IAN act pro-
vidlng for the assessment and taxation OF
property, passed 18th September, 1868, an !
all acts amendatory thereto"
SECTION !. Be IL enacted. by the Senate and
House orRspresentatlves or OF the State of South
Carolina, now met and sitting in General As
sembly, and by the authority of the same,
That 80 much of an act entitled san act pro-
viding for the assessment and taxation Of prop.
erty," approved the 18th of September, 1868,
and oil acts ann slfdatory thereto as provides
for the appointment and pay of district asses
sors and assistants be, and the same are here
by, repealed; and hereafter it shall be the duty
of county auditors to receive the returns and
make the assessments, provided for In said
act, within the times prescribed by law; and
for this purpose the offices of the county
auditors shall be kept open to receive the re-
turns of taxpayers during such times as Is
now or may be hereafter fixed by law.
SEC. 2. That the various county auditors be,
and they are hereby, authorized to appoint "a
sufficient number of assistants to enable them
to complete the said assessment within the
time fixed by law; and to defray the expenses
of making said assessment, the said auditors
shall draw their warrants annually upon the
county treasurerA, to be approved by the
county commissioners, for such sums as may
benecessary, but not to exceed the following,
to wit: The auditor Of Charleston County.
two thousand dollars; the auditors OF Richland,
Orangeburg, Edgeleld, Beaufort, Barnwell,
Colleton and Abbeville Counties, one thou.
sand dollars: the auditors of Chester, Darling
ton, Fairfield, Greenville, Marion, Sumter and
York Counties, eight hundred dolarsi the au.
dtors of Georgetown, Kershaw, Laurens, Lex
ington, Newberry, Spartanburg and Union
| Counties, seven hundred dollars: the auditors
of Chesterfield, Clarendon, Marlboro and vii.
liamsburg Counties, six hundred dollars; the
| auditors O. Anderson, Horny, Lancaster,
| Oconee and Pickens Counties, five hundred