The Orangeburg news. [volume] (Orangeburg, S.C.) 1867-1875, 1871-04-22

ate and House of Representatives OF the
State of South Carolina, now met and
sitting in General Assembly, and by the
authority of,the same, That the Gor-
ernor of the State be, aud he is hereby,
authorized to borrow, on the credit of
the State of South Garolltia, Il rtm not
exceeding one million two hundred
thousand pounds sterling; snch debt to
be represented BY conpon bonds; the
same to bear siA pouads pei centum per
annum interest, in gold, payable semi
annually; the principal and interest
thereof to be redeemable and payable
in. the City of London, in England, and
the principal thereof to be redeemablc
and payable within twenty years from
the passage ofthis Act, in gold coin.
Sec. 2. Such debt, hereby author
lied, shall be known as the Sterling
funded debt. The bonds to be issued
in pursuance hereof shall be signed by
the Governor, aud countcrsigned by the
State Treasurer, under thu seal OF this
State. The coupons attached to such
bonds shall be signed by the State Treas
urcr, or executed in such manner as the
Government of the State may approve,
his signature to said bonds being eyi-
dence of such approval.
SEC. 8. 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
CT this State heretofore authorized.
Sec. 4. That all of the bonds hereby
authorized shall be placed in the hands
of financial agent of this State, TO be
appointed by the Governor, Attorney
General, Treasurer, Comptroller ener-
al and Secretary of State: Provided,
That said financial Board shall receive
no compensation. Suck agent shall re.
side in the city of London aforesaid; and
the financial board h~creinbefore author
lied, or u majority of them, through the
financial agent of the State, in New
York, arc hereby authorized aud direc-
ted 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 urtil the maturity thereof; for
the payment of srid bonds at maturity,
thereof; for the payment Of the interest
theteon until the maturity, and fer the
exchange Of The same for any of the
public debt of this State, or for the pay
mcut of any of said public debt, from
the proceeds of such new bonds os they
may deem to be for the interest OF this
State: Provided, That none of the ex-
idting public debt, as aforesaid, shall be
paid before the maturity thereof out of
the proceeds of the bonds hereby author
lied, unless the same can be purchased
ard redeemed at a rate not exceeding
the rate at which such new bonds shall
be negotiated; and, for the purpose of
this Act, and in payment of interest on
said bonds, and in the redemption there
of, the pound sterling shall be deemed
to be the equivalent to FIVE dollars in
gold coin of the United States Provi-
ded, That the financial agency created
by this Act shall not be placed in the
hands of any one person, but shall be
entrusted to TIE management Of a re-
sponsible Banking House of first class
reputation in tho new and the old
world.
SEC. That annual tax, in addition to
all G,hcr taxes. shall he Levied mon 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 duo ara payable,
and shall be RENTED to said financial
agent in London, and a further similar
tax shall be levied in the same manner,
sufficient to provide for a sinking fund
of two per centum in gold per annum on
the full amount of the debt hereby Gre
ated, which sinking fund shall be remit
ted to tho said financial agent of the
State in London, to be applied to the re-
dcmption and payment of W per cen
tum of The principal of the said bonds