Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1871-06-29

or the Proceeds thereof, to Be Ez-
czussrezy used IN Exchange for. on
IN Payment of, the Erista"'" Public
De5t.of SAID State.
SECTION l. Be 1t eaaa' by the
Senate and House of Rel ;entatiyes
of the Statesof South Carolina, now
met and sitting in General Assembly,
and by the authority of~thes same,
That the Governor of the State be,
and he is hereby, authorized to bor-
row, on the credit of the State Of
South Carolina, a sum not exceeding
one million two hundred thousand
pounds sterling; such debt to be re
presented by coupon bonds the same
to bear six pounds per .centum per
annum interest, in gold, payable semi
annually; the principal and interest
thereof to be payable in, the city
of London, in England, and the
principal thereof to be redeemable
and payable within twenty years from
the passage of this Act, in gold
coin.
Sec. 2. Such debt, hereby author
lied, shallbe known as the Sterling
Funded Debt. The bonds to be is
sued in pursuance hereof shall be
signed by the Governor, and counter
signed by the State Treasurer, under
the seal of this State. They may be
issued in sums of not less than one
hundred pounds. sterling. The cou'
pons attached to such bonds shall be
signed by the State Treasurer, or ex-
ecuted in such manner as the Cover
nor of the State may approve, his
signature tosaid bonds being evidence
of such approval.
SEC. 8. That all Of the bonds au-
thorized by this Act, their proceeds
shall be used exclusively in exchange
for, or in payment Of, the existing
Public Debt Of this State heretofore
authorized. .
Sec. 4. That all the bonds hereby
authorized shall be placed in the
hands of a Financial Agent of this
/ State, to be appointed'by the Cover
nor, Acknowledgement, Treasurer
Comptroller-General and Secretary
of State; Provided, That said Fl
nancial Board shall receive no com,
pensation. Such agent-shall reside
in the city of London aforesaid; and
the Financial Board hereinbefore au-
thorized, or a majority Of them,
through the Financial Agent of the
State, in.New York, are hereby au-
thorized and directed to enter into an
agreement with such. Financial Agent
as may be appointed, as aforesaid, for
the negotiation of said bonds; for the
payment of the interest thereon until
the maturity thereof; for the pay
ment of said bonds at maturity, and
for the exchange Of the same for any
of the public debt Of this State, or
for the payment Of any OF said public
debt, from the proceeds of such new
bonds as they may deem to be for
the interest of this State Provided,
That none Of the existing public debt,
as aforesaid, shall be paid before the
maturity thereof out of the proceeds
of the bonds hereby authorized, un-
less the same can be purchased and
redeemed at rate not exceeding the
rate at which such new bonds shall
be negotiated; and, for the purposes
of this Act, and IN payment Of inter-
est on said bonds, and in the redemp-
ton thereof, the pound sterling shall
be deemed to be the equivalent 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 entrusted to the
management of responsible Bank
ing House of first class reputation in
the new and old world. -
Sec. S. That an annual tax, in ad-
dition to all other taxes, shall be
levied upon all the taxable property
within this State sufficient to pay
the interest on the debt hereby author
lied, at the time when such interest
shall becomedne aud payable, andsuch
interest shall be remitted to said FL
nnciak Agent in London, and a fur
ther similar tax shall believed in the
same manner, sufficient to provide for
Sinking Fnna Of two percentum in
gold per annum on the full amount
of the debt hereby%created, which
Sinking Fund shallbe remitted to the
said Financial Agent of the State in
London, to be applied to the redemp-
tion and payment Of two per centhm
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 reg
ulations, as the Governor of the
State and Financial Agent may de-
.termine, and or all such drawings
the American Minister to the Court
Of St. James, in England. or the Sec
retary of the American Legation, in
London, or the American Consul, at
London, shall be invited to be pres
ent, and to certify to such drawings.
Sec. 6. From tins to time, and
when any of the existing public debt
Of this State shall be redeemed by
the exchange of the bonds hereby au
thorized, or shall be paid from the
proceeds thereof, such debt, so re-
deemed or paid, and the evidence
thereof, shall be forthwith absolutely
cancelled, and shall not be re-issded
in any form; and the total amount
thus redeemed, or paid, shall be an
nually reported Dy the comptroller
General. y
SEC. 7. That the faith, credit and
funds,of the State Of South Carolina
are hereby solemnly and irrevocably
pledged for The punctual payment Of
the principal and interest of the debt
hereby created, and for the annual
e