The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1871-03-24

stroyed from having and maintaining
his Or their action against all and everV
person and persons engaged or partci.
patlnS in said mob or riot, to recover
tull damages for any injury sustained :
iTortded, however, that no damages
shall be recovered by the party injured
against any of the said rioters. for the
same injury for which compensation
shall be made by the county.
SEC. IL: That it shall be lawful for the
County commissioners of the county
against which damages shall be recover
ed under the provisions of the act to
bring suit or suits, in the name of the
county against any and all persons en-
gagged, or In any manner participating
i in said mob or riot, ,,,andsagainst any Con-
stable, Sheriff, Trial Justice or Justice
or the peace, or other officer charged
with the maintenance of the public
peace, who may be liable by neglect of
dutyto the provisions Of this act, for the
recovery Of all damages, costs and ex-
penses incurred by said county; and
such suits shall not abatc or fail by reas-
on OF too many or too few parties defen-
/ dant being named therein.
Approved the 2Sth day of February,
A. d., 1871. =. =" ~
AN ACT To Create u Debt of the State
Of South Carolina, to be kno,Un as the
the proceeds thereof, to be crcl,tsiueN
used in crchangc for or m paynent Of,
the eritsing Public Debt of said State.
SECTION l. Be it enacted by the SEN
ate and House of Representatives of the
| totn of ND
sitting in General Assembly, and by the
authority of the same, That the Cover
nor Of the State be, and is hereby, au-
thorized to borrow, on the credit Of the
State of South Carolina, q sum not eX-
cceding one million two hundred thous-
and pounds sterling; such debt to be
represented by coupon bonds; the same
to bear six pounds per ccntu.n per an
mum interest, in gold, payable semi
annually; the principal and interest
| thereof to be payable in the city of
London, England, and the principal
thereof to be. rcdecmablc and payable
within twenty years from the passage
of this Act, in gold coin.
SEC. 2. Such debt, hereby authorized,
shall be known as the Sterling Funded
Debt. The bonds to be issued in pur-
suance hereof shall be signed by the
Governor, and countersigned by the
State Treasurer, under the seal of this
State. They may be issued in sums of
not less than one hundred pounds ster-
ling. The coupons attached to such
bonds shall be signed by the State
Treasurer, or executed in such
| manner as the Governor of the State
may approve, his signature to said
bonds being evidence Of such appro-
val.
Sec. 3. That all Of the bonds author
lied by this Act, or 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 au
thorzcd shall be placed in the hands of
q Financial Agent of this State, to be
appointed by the Governor, Attorney
General, and Treasurer, Comptroller
General, Secretary of State: Provided,
That said Financial Board shall receive
no compensation. Such agent shall
| reside in the. city Of London aforesaid;
and the Financial Board hereinbefore
authorized, or q majority Of them,
through the Financial Agent of the
State of New York, are hereby author
lied and directed to enter into an agree
rnent with s,fch Financial Agelit as
may be appointed as aforesaid for the
negotiation Of said bonds; for the pay
ment Of interest thereon until the ma
turity thereof; fer the payment 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: Pro-
DnycH 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, unless
the same can be purchased and redeem
ed at rate not exceeding the rate at
which such new bonds shall be nego-
tiated; and, for the purposes OF this
Act, and in payment of interest on said
bonds, and in tie redemption thereof,
the pound sterling shall be deemed to be
the equivalent OF 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 q responsible
Banking House of first class reputation,
/ in the new and old world.
SIC. ). That all annual tax, in addition to
all other taxes, shall be levied upon all
the taxable property within this State
sufficient to pay The interest on the debt
! hereby authoriZed,' at the time when
such interest shall become due and pay
able, and such interest shall be RENTED
to said Financial Agent in London, and
q further similar tax shall be levied in
the same manner sufficient to provide
| for q Sinking Fund of two per centum
in gold per annrlm on the full amount
of the debt hereby created, which Sink
ing Fund shall be remitted to the said
Financial Agent of the State in London,
to be applied to the redemption and
payment of two per centum OF the prin-
cipal 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 regulations as the Gov.
ernOr Of the State and said Financial
Agent may determine, and Oh all such
drawings the American Minister to the
Court Of st. James in England, or the
Secretary of the American Legation in
. London, or the American Consul at
London, shall be invited 10 be present,
and to certify to such drawings.
SEC. 6. From time to time, and when
any of the existing public debt of the.
State shall be redeemed, by the eX-
change Of the bonds hereby authorized, or
shal! be paid from the proceeds thereof,
such debt so redeemed or paid, and the evil
dence thereof, shall be forthwith absolute
ly cancelled, and shall not be re-sSucd in
any form; and the total amounts thus re-
deemed or paid shall be annually report
! cd by the Comptroller General.
SEC. I. That the faith, credit and funds
of the State of South Carolina are here
by solemnly and irrevocably pledged
for the punctual payment of the princi-
pal and interest of the debt hereby crca-
ted and for the annual redemption
of that portion thereof for which