The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1871-03-23


education; for purposes indicated in the 7th
section of act approved March 9th, 1869, five
thousand dollars.
MILITARY EXPENSES.
SEC. Z. For defraying the expenses Of the
militia, ten thousand dollars, five thousand Of
which shall be used tor fitting up the military
hall in the City of Charleston; one thousand
for repairing and fitting up the arsenal in
Beaufort, to be dIsbursed by the adjutant and
inspector-general upon the order Of the Gov
ernor.
Sec s. That all taxes assessed and payable
under this act shall be paid In the following
kinds of funds, viz: Bills receivable Of the
State, United States currency, national bank
notes, gold or silver coin.
Approved March 7th, 1871.
AN ACT to protect the interests of the State
wherever payment OF interest now due re-
mains unpaid on bonds issued by any rail-
road company, and whereon the guarantee Of
the State is endorsed.
SECTION /. Be it enacted by the Senate and
House of Representatives of the State of South
Carolina, now met and sitting in General As
sembly, and by the authority OF the same:
That the attorney general be, and heis here
by, required and authorized to cause TO De IN
stituted Immediately after the expiration OF
thirty days after the final passage Of this act,
for, on behalf of, and in the name ofthis State,
an action, suit or other legal proceeding In any
court of this State, or of the United
States, against each railroad company
which has, also, against all railroad COM
panies which have heretofore issued bonds
upon which the guarantee of the State is en-
dorsed, and on which interest is now due and
unpaid, unless within thirty days. afterithe
final passage of this act, such railroad compa-
nv or railroad companies shall fully pay and
discharge such interest; for the purpose OF en-
forcing the payment of all interest due on tne
bonds of such railroad company, and protect
ing and securing the State against loss or dam
AGE BY reason Of said guarantee, and to this
end. to enforce the rights of the State by Vlr'
tue of the statutory or other lien or mortgage
held by the State, or held to secure the pay
ment of said bond or bonds, on all or any Oh
the property, assets OF effects OF such company
or companies
SEC. 2. That the attorney-general be, and
he is hereby, authorized to appear for, on be-
half of, and in the name of this State, In any
action, suit or proceeding on behalf OF any
other party OF parties, against any such rail-
road company or railroad companies, and to
bind the State In such action, suit or proceed
Inc. and to protect the interest Of this State
therein.
SEC. 8. That If the property included In
the statutory or other lien or mortgage held
to secure the payment Of the bond OF bonds
named In the first section OF this act,
shall not realize enough upon any sale
or sales of all the property, assets ana
effects. under and In pursuance of any order,
Judgment or decree In such action, suit or pro-
ceeding to pay the principal and interest Oh
sucil bond or bonds, the deficiency shall De,
and is hereby, made debt OF this state, anu
shall be, and is made, payable as such.
SEC. 4. That such deficiency mentioned IN
the lost preceding section may, at the opaon
of the holder of the whole or any portion
thereof, be funded into coupon bonds OIL this
State. of amounts not less than one hundred
dollars each, bearing interest at the rate OF
six per cent per year, payable seml-annually,
which said bonds shall be payable within
twenty years after the final passage ofthis act,
and upon the request Of the owner or owners
of such deficiency, the treasurer Of this State
shall issue such bond or bonds.
SEC. s. That an annual tax, In addition to all
other taxes, shall be levied upon the property
of the State sufficient to pay the Interest upon
the bond or bonds hereinbefore authorized,
and upon the Indebtedness arising out Of such
aforementioned deficiency at the times when
such interest shall fall due.
SEC. G. That the Encouragement be, and he
is hereby, authorized to employ such counsel
as he may deem for THE best interest of the
State, to assist him In performing the duties
imposed by this act, and 10 pay therefor such
compensation as he shall deem just, which
shall be paid by the State treasurer upon the
certificate OF the Encouragement.
SEC. Z. All acts and parts OF acts inconsistent
with this act are hereby repealed.
Approved March 7th, 1871.
AN ACT to amend and extend the charter OF
the Planters and Mechanics Bank of Sonth
Carolina, and for other purposes therein
named.
Whereas the capital Of the Planters and Me-
chanics' Bank OF South Carolina has been re-
ducel by losses from one million OF dollars to
one hundred thousand dollars, whereby the
shares, originally worth twenty-five dollars
each, are, at the present time, worth, in re.
alty, but two dollars fifty cents each, and the
president and directors Of the said bank have
petitloned for leave 10 consolidate their said
shares at that rate, so as to bring them mp to
their original par value:
SECTION /. Be it enacted by the Senate and
House of Representatives OF the State OF South
Carolina, now met and sitting In General AS
sembly, and by the authority Of the same:
That the board. OF directors Of the said bank
be, and they are hereby, authorized, to con
solidate the shares of the said bank, by calling
In their said shares, and Issuing one share o
the par value of twenty-five dollars for ever!
ten of their present shares, so that the number
of shares shall be reduced from forty thousand
to four thousand: Provided, hO,oerer, Tha
the said bank shall, OF the request OF stock
holders now holding less than ten shares, re-
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