The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1871-02-23
THE STATE DEBT.
How Hurley Proposes to Manage 1t.

The following is the bill introduced in the
House Of Representatives oy Mr.. Timothy Hurley
| with vicw to strengthen the State credit:
BILL to create a debt Of the State OF Soul .
Carolina to be known as the sterling Funded
Deor the same, or the proceeds thereof. 10 be
/ extensively used in. exchange for, or In paw.
ment OF, the existing public deb. Of the said
Srate.
resenfatiyes Of tie State OF South Carolina, now
met and sitting In General Assembly, and by the
authority OF the same:
and he is hereby, authorized TO borrow, on the
credit Of the State OF South Carolina, a sum not
eyceedyc one million two hundred thousand
pounds sterling, such debt to be REPRESENTED by
couoon bonds, the same to bear SIX pounds per
'centum per annum interest. In gold, payable
semi annually the principal and interest thereon
to be pay able in the City or LONDON; ID ,EnganG'
and the principal thereon 10 De redeeHaoie anu
payable withln % years from the passage cl 'hi'
ACT
known as the Sterling Funded Debt. The honds
10 be issued In pursuance hereof shall be signed
by the Governor and cuunterS!gned by the State
treasurer, under the seal OF the State. They may
he issued In sums OF not less than one hundred
pounds stcr.ing. The coupons Attached TO such
bonds shall be signed hy the state treasurer. OF
executed In such manner "a the Governor OF the
state may approve. his signature 20 SAID oonaS
being evidence o; such approval.
SEC. 5 That all OF The bln.,s authorized oy this
oct or their proceeds, shall he used exclusively
in exchange Tor, or IN paymen. Of, the existing
public debt of this State, heretofore authorized. :,
SEC. j. Tina. all the bonds hereby anthoriz'1 d
s,all he placed IN the hands OF financial agent ol
this State, TO be appointed by the Governor ana
annroyed by the attorney.general and treasI-
rsr Such agent shall reside IN the CITY oI lLcu-
don, aforesaid. and the Governor, attorney gene.
raj ard treasurer and the financial agent o, me
State In New YorS, are hereby authorized to
enter into an agreement with such financial
agent as may beappointed. as aforesaid, TOT tle
negotiation Of said bonds for the pay nent OF me
interest therein until ;le maturity thereof: for
the poyment IF said bonds at maturity, and for
the exchange OF the same for any OF the public
deb OF this State, or for the payment OF any o.
said nublic debt from the proceeds OF such new
bonds as they may deem TO he for the interest OF
this State: Provided That none or the existing
DnblIc debt, as aforesaid, shall be paid before the
maturity thereof out OF the proceeds OF the oonas
h reby authorized. unless, the same can ne pur-
chased ard redeemed at q rate not exceeding the
rate au which such new bonds Shall be negotiated; !;
and iar the purposes OF his act. and IN payment
of interest on said bonds, and in the redemption
thereof. the pound sterling shall be ueemc4 10 oe
eouyalent to 1--WE dollars II gold coin Of the United
Ltates. ,,,.,o an
O, her taxes, sha be levied upon all the taxable
property within this State, sufficient to pay the
interest on the debt hereby authorized at the
lime when such interest shall become due and
payable, and such interest shall De remltteu 10
said financial agent in London, and lurl her SIM
liar tax shall be leTied, In the same manner sui
dcent to provide for sinking fund Of two per
cent ;um In gold, per annun, on the fuli amounE
of the debt hereby created, which sinking lanI
shall be remtted to he aid financial agent OF
the State in London, 10 be applied TO the redemp-
non and payment Of TWO per centum OF the prln-
cipal of the said bonds az par. The bones thus TO
b. paid shall be annually drawn, by lot. at such
time aud place, and unaer such regulations as
the Governor tt the State and said hnancia! agent
may determine; and on all such drawings the
American Minister 10 the Court OF ST. James III
England, or the secretary OF the American Lrga-
ton In London, or the American Consul a. Lon
don, shall be invited 10 be present and 10 certify
to such drawings.
SEC. 8. From time TO time. and when any o.!
the existing public debt OF this State shall he re.
thorzed, or shall be paid from heproceeds there
Of such debt so redeemed or paid, anu tne epi.
dence thereof shall be absolutely cancelled anu
shall not be reissued in any form, anu the tota!
amount thus redeemed or paid shall bc annually
reported 10 re comp rdller-generaL
SEC :. Taot the faith. credit and funls OF the
State OF South Carolina are hereby soie!nnly and
irrcvocably pledged for the punclual payment OF
the prihcipal anl Interest OF the debt nerehy
CT, a ell and for The annual redemption 9l tllat
portion thereof for which sinking 1nnd ls AL
thurzetl; and The issue by the Governor. OIL any
OF the bonds hereby authorized shall he conclusive
evidence in favor If any bona fde holder thereof
that the provisions Of this act haze been lnily
COMPLIED with by the state officers and thatsucn
bonds are legally and properly created.
SEC. 8. Tie honor and credit OF this State Is
also hereby pledged to the holders or the debt au-
thorzed By this act. that this state will hereafter,
until said debt is fully paid and discharged, crea!e
anr new debt or obligation, or 10y the loan OF lis
by or s
obligations, or iu and for the ordinary ana cur
rent business of the STATE without nrst submit.
ting The question as TO the creation OF any suGn e..
new debt, guarantee, endorsement or loan OF lS
credit, 10 tile people o. this State, at q genera
state election, and, uaess two-'hirds OF the diall
fed voters of the State, voting on thiS quSstiol'
shall be in favor OF further debt guarantee en-
dorsemtnt or losa fits credit, none such shai!
b. created or made.
SEQ g. The Governor, encouragement ana
treasurer, or majority OF them, are nereny
authorized to Ray such sums as may De Necessary
Tor tue purpose Of carrying this act into erect,
out OF any funds OF the State not otherwise ap'
proprlated. ;,
SEC. 10. For the purposes OF this act, ana 10
carry out the same, all acS or parts Of Acts in-
coualstcat with this act. are hereby repca ed'
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