Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1871-12-15
THE STATE DEBT.

HE = N Il DLD IL
The following bill was introduced i'll the
Senate, on Saturday last, by Mr.. MerrimOn,
was read first time, referred, and ordered
to be printed
\ Bill. 10 BE EHTlTLED AN ACT TO
COMMUTE, COMPOUND AND ADJUST
TIE PUBLIC DEBT.
Section l. The General -l%acmbly Of
ND,fh Gfr0!i,,u dD eiiUct, That -- and
- he and they are hereby constituted
and appointed Il commission 10 ascertain,
classify, define, commute, compromise, adj
lust and discharge the public debt of this
State. and substitute in lieu thereof II
new state debt, III pursuance Of the pro
Visions and power i'll this act prescribed and
defined.
See. =. That for the purpose of reducing
the public debt and bringing it within the
ability of the people to pay the same, and
the interest thereon promptly, as the same
may from time to time mature, it shall be
competent for the said commission to ere
ate a new public debt. which shall be
known s.4ld called the substituted debt; and
the evidence thereof shall be bonds of the
State with appropriate coupons attached,
Issued Uu,!,r the great seal of the State.
signed hy thc Governor and countcrsi@ned
the enI of thirty years from the first day Of
,July in the wear of our Lord one thousand
eight hundred and seventy two, bearing in
tcrcst 1t The rat" OF six per contlun per an
mum, PAYABLE semi-;lnnually at the treasury,
in gold, and such bondS-shall have printed
OH the face thereof the words, substituted
debt and such bonds shall be of the de
nomination of five hundred dollars and one
thousand dollars.
See 3 That the said commission shall
have power. and it shall be their duty,
from time to time, and in such way as to
them SHALL seem meet and proper, to COM
muniu5tc with the creditors of the State
and make known To them the real circIm-
stances. losses, and greatly diminished
available resources of the State, as well as
the distressed and Impoverished condition
of the people thereof consequent upon the
disastrous results Of the late war, and their
inability 10 pay ami di.char5" the whole
public debt, and their entire, unalterable
aud anxious willingness to pay such parts
thereof as may be within their means and
power to iO.
See. i. That said Commission shall have
power to commute the public debt and to
convert the same into the substituted debt,
provided for in the second section of this
act, in the proportions and manner follow
in2-that is to say-if any creditor of the
State holding any bond OF other obligation,
or other evidence Of debt of the State made
and issued prior to the twentieth day OF
May in the year OF our Lord one thousand
eight hundred and siXtv-Onc, or at any time
for, and in substitution for, accrued inter
est on bonds of the State made and issued
before said Lust mentioned date, or matured
bonds made and issued before said last
mentioned date, will consent to surrender
7, II,I ola
tons or other evidences Of such debt to said
commission, il shall be their duty t. receive
the same and certify under their hands to
the governor the fact of such surrender, the
character of the evidence of debt SO sur
rendered, the number and date thereof and
the sum of money due thereon, and it shall
thcreupOn be the duty of the Governor to
issue to the creditor making such Surrend-
CT, bonds ca the State executed as provided
in the seCoHd section Of this act, equal i'll
amount to tIirty-thlec and One-third per
centum Of the amount so certified to be due
such creditor and if any creditor of the
Stale holding any bond or other obligation
or other evidence of debt of the State made
and issued after the said twentieth day of
May in the year of our Lord one thousand
eight hundred and SiNty-One, under and in
pursuance of any statute passed before said
last mentioned date, will surrender such
bond or bonds, obligation, or ObligatiOnS,Or
other evidence Of such debt to said COM
mission, it shall be their duty to receive the
same and certify under their hands to the
Governor the fact of such surrender, the
character of such evidence Of debt 50 sur
rendered, the number and date thereof and
the sum Of money due thereon; and it shall
thercupon be the duty of the Governor to
issue to the creditor making such Suncnd-
er, bonds of the State executed as provided
in the second section Of this act equal in
amount to twenty-five per centlm Of the
amount s. certified to be due such creditor:
Pr0tjdcd, nevertheless, That no bond so
issued to such creditor shall be of less or
other denomination than as provided in the
second section OF this act, and that it shall
rest with the creditor to increase any frac-
tiOnal part ola bond of such denominations
to sum of money sufficient to entitle him
to one of such bonds
See. }. That it shall not be competent
for said commission to recognize as valid.
or OF amy binding obligation on the State,
amy manuscript, or printed paper purpOrt-
ing TO be the bond, obligation or other evil
dcnce OF The debt Of the State made and is
sued i'll pursuance of any ordinance or
statute passed after the - day Of - in
the year of our Lord one thousand eight
hundred and sixty eight; but, said COM
mission shall have power, and it shall be
their duty to ascertain whether it was
sought to increase the public debt in pulr-
suance of any ordinance, or statute pa ssed
after said last mentioned date, and to what
sum, aud how, when and for what purpose
or purposes, and under what circumstances,
and whether manuscript papers or other
things pIlrpOrting to be the the bonds ofthe
state We're issued, and when, and to whom,
and fer what purpose, and whether the
same were put upon the markets of the
country, and by whom, and under what
circumstances, and if any money or mon
Gays were realized for the same, and what
sum or sums of money So realized, if any,
have been actually used in the construction
of any railroad OF any other public works