The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1871-02-21
LAWS IN .EMBRYO.
stlls Before the General Assembly.
The following is a synopsis Of several i'm
portant bills now before the State Legislature:
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Under HurTey's bill to create sterling funded
debt, the proceeds OF which are to be exclusively
used IN exchange for orin payment OF the exist
ing public debt OF the State, the Governor Is au-
thOrlzed to borrow the credit OF the State, the
sum Of one million two hundred thousand pounds
sterling, such debt to be represented by coupon
bonds bearing pounds per centum per annum,
interest In gold. principal and interest pay
able In the City or London, redeemable within
twenty years. Section provdes that all the
bonds authorized by the act shall ne used e9clu'
slvely in exchange for or In payment OF the ex-
isting public debt. The bones are 10 be placed In
the hands or financial agent Of the State, 20 be ap
pointed by the Governor and approved by the Az
torney-generaL and treasures to residein the City
of London Section provides for an additional
annual tax sufficient TO pay the interest on the
debt; and for similar tax to provide Tor sink.
amount Of the debt hereby created, which the
financial agent shal apply to the redemption and
payment or the said de0t. Section pledges the
faith and credit OF The State for the punctual pay
ment OF the debt. Section s Is as follows: The
honor and credit Of this State Is also hereby
pledged to the holders Of the debt author
lied By this act, thst-this State VIII not
Create any new debt or obiisation oy the loan OF
its credit, or guarantee, endorsement, or other.
wise, excepting for the purposes OF meeting It's
existing Obligations, or In and for the ordinary
curfsas business Of the state, without nrst sub
hitting the question as to the creation OF any
such new debt, guarantee or loan OF its credit 70
the people OF this State at general STATE eiec-
OF the State, voting on this question, snaH oe n
favor Of further debt, guarantee, endorsement
or loan Of It's credit none such shah be created or
made.
PUBLIC FUNDS.
The Senate bill to amend the act to regulate
the manner OF Keeping and disbursing public
funds prescrfbes that the State treasurer shsl de-
posit one-half the deposits OF all moneys which
Shall come into his hands, on account OF the
State, In the Carolina National Bank.
UNPAID INTEREST ON RAILROAD BONDS.
The bill for the protection OF the interests Of the
State, wherever payment OF interest now due re.
maihs unpaid on bonds issued by any railroad
company, and whereon the guarantee OF the state.
is endorsed, authorizes the attorney general, In
thirty days from the tinal passage o. the act, to
bring suit in the name Of the State for the same,
purpose or protecting the interest Of the State
therein, where the property embraced IN tine lien
or mortgage Is Issinsnticient to cover theprlncipal
and interest Of such guaranteed bonds, the de-
fcIency to become debt OF the State, to be fund
ed In sums not less than 500 each, at the option
OF the holders, iu six per cent. semtannual BONDS
Of twenty years, and provides Tor the leqylng OF
an additional annual tax sufllclent 70 pay the IN
terest upon the bonds issued for such deficiency.
PLANTERS xININa AND MANUFACTURING COM.
PANY.
The corporato.s In this bill, upon which the
committees report as expedient 10 pass. are John
Chadwick, J. G. Crane, E. W. Marshall, W. G.
G01G ana Wtn cess to
Increase to $500 900, for the purpose OF carrying
on manufacturing. mining or chemical business,
each shareholder TO be Individually liable under
certain limitations, as to time within which suit
shalt be brought and the act 20 continue IN lorce
for thirty years,
eafHE PROTECTION OF STATE FINANCES
The bill to accomplish this object provides for
laying before the people a fil and complese ms
tory OF the State finances, aad for the receipt and
judiclous expenditure Of public moneys, and pro
poses to appoint ]. l. Orr J. D. Geddings, y. J.
Wright, F. G. Childs, B. A. Bosemon and L. J.
Robertson State board offnancial examiners,to TO
hold ONCE for the term Of four years, one-halr to
be chosen every two years, to determine by lot, at
the first session, for the long term. II gives the
board power 10 appoint receiver, should at any
treasury do not meet with appreciation.