The Newberry herald. [volume] (Newberry, S.C.) 1865-1884, 1871-04-26

debt hereby authorized, at the
same time when such interest
shall become due and payable, and
such interest shall be remittcd to
said financial agent in London,
and further similar tax shall be
levied in the same manner sutll-
cicnt to provide for sinking fund
Of two per centum in gold per an
mum on the full amount Of the
debt hereby created, which sink
ins fund shall hc remittcd to the
said financial agent OF the State
in London, to be applied to the
redemption and payment OF two
per ccntum 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 regulations
rs the Governor Of the State and
said fnancia! agent may de-
tcrmine. and on all such draw
inrS the American Minister to the
Court of St. James in England, or
the secretary of the American lie.
CATION in London, or the Amcrl-
can Consal 1t London, shall be in
vilcd to be present, and TO certify
to such drawings.
SEC. G. From time to time, and
when any Of the existing public
debt of the State shall be redeem
ed, by the exchange Of the bonds
hereby authorized, or shall bc
paid from tie proceeds thereof,
such debt. so redeemed or paid,
and the evidence thereof, shall be
forthwith absolutely cancelled, and
Shall not be rcisSucI in any form,
and the total amounts thus re-
deemed or paid shall be annually
reported by the comptrolicr-Gen-
cral.
SEC. 7. That the faith, credit
and funds Of the State Of South
Carolina arc hereby soiemnly and
irrcvocahly pledged for the pune
tuaI payment Of the principal and
interest of the debt hereby crc-
atcd, ana for the annual redcmp'
ton of that portion thereof for
which sinking fund authorized;
and the issue by the Governor of
any Of the bonds hereby anthor-
lied shall be conclusive evidence: in
favor of any iona fde holder
thereof, that the provisions OF
this act have been fully complied
with by the States officers, and
that such bonds arc legally snd
properly created.
SEC. s. The honor and credit OF
this State is also hereby pledged
to the holder Of the debt author
lied by this act, that this S:ate
will not hereafter, Ivy itself, Off
GERS or agents, until said debt is
fully paid and discharged, create
any new debt or obligation, or 10y
the loan Of its credit, by guaranty:
endorsement or otherwise, except
ing Tor the purpose Of meeting its
obligations, or in and for the or
dinary and current business OF the
S;arc, without first submitting the
question as TO the creation Of any
such new debt, guaranty, endorse
mcnt of loan Of its credit TO the
people Of this State, at gcncraI
state election, and, unless two
thirds Of the qualified voters Of
the State voting on this question
shall be in favor Of q further bcbt,
guaranty, endorsement or loan Of
its credit, none such shall be c"e-
ated or made.
SEC. Q. The commission herein
appointed, or 4 majority Of them.
are hereby authorized to pay such
sums as may be necessary for the
purpose Of carrying this act into
effect, out Of any funds of the
State not otherwise appropriated.
SEC 10. For the purposes OF
this act, and to carry out the
same. al acts, or parts Of acts, in.
consistent with this act, arc here
by repealed.
Approved March :, 1871.