The Camden journal. [volume] (Camden, S.C.) 1866-1891, 1872-07-04
LAWS OF THE STATE.
(Conttnuctl from SupWemcat)

the conversion OF Statc secullllco, "PPio''
ed March %, 1869, also, can act to author
ize the financial agent of the State of South
Carolina in the city of New York to pledge
State bonds as collateral security, and tor
other purposes" approved March 26, 1869,
which said bonds are fully and particularly
stated and set forth in report made by the
treasurer of the State to the General Assem-
bly,. dated October 81, 1871; ahd whereas,
doubts have arisen whether said issues are
in strict conformity to the provisions OF said
several acts under Which they were respect
ivclv issued; and whereas, it was the true
intent and meaning of the several acts above
set firth that such issues of bonds or obliga-
tions should be made in the manner in
which the same have been made, as afore-
said; and whereas, also, doubts have been
raised as te the validity of some Of the
bonds mentioned in the said annual report
,tr tie State treasurer for the fiscal year
ending October 81, 1871, although has
been borrowed by, or realized out Of said
bonds on account of said State; and where,
as, the credit of this State has been affected
thereby;
Section /. Be it enacted by the Senate
and House of Representatives of the State
of South Carolina now met and sitting in
General Assembly, and the authority OF the
same.
That the said bonds and obligations, is
sued on behalf Of this State, as mentioned
and set fcrth.in the report Of the treasurer
of this State to the General Assembly:
dated October 81, 1871, were duly and law
fully issued in conformity with the true. in
tent and meaning of the several acts Of the
General Assembly hercinbefore set forth by
their respective titles.
Sec. 2. That the acts of the officers OF
this State, authorized under the provisions
Of the laws of this State. and Of the several
acts hereinbcfore referred to, to the extent
of all issues of bonds or obligations enumc-
rated and set forth in the said report of the
treasurer, be and are hereby, in all things,
ratified, confirmed and established.
Sec. 8. That each and all Of the bonds
named in said annual report of the trcasur-
yr Of the State. for the fiscal year ending
with October 3lst, 1871. be, and the same
are hereby, declared to be legal and VALID
bonds of the State Of South Carolina, for.
which the faith, credit and funds of the
State have been and hereby pledged. Pro
yided, That no bonds be included which are
not registered in the treasury at the time Of
this act, as provided for in section IA, artl-
Gle 8, of the constitution, relating to finance
and taxation.
Sec. 4. The section of each of Tao acts
under which said bonds purport to be issued
Which provides for animal tax to pay the
interest, is hereby declared to be part Of
this act; and an annual tax, in addition to
all other taxes, shall be levied upon the
property of the State sufficient to pay the
interest on the bonds named in or provided
for by this act, until the priRcipal Of said
bonds shall become due, such payment to be
paid in United States currency only.
Sec. S, Hereafter every bond converted
CT issued under or in pursuance Of any or
the laws of this State shall be Of tho de-
scription and style of these heretofore is
sued under an act estitlcd can act to pro-
vide for the conversion of State securities, y
approved March %, 1869, so that all OF the
bonds of this State shall be of the same de-
scription and style, as soon as the exchange
can be made. Provided that all bonds of
the State of South Carolina converted into
conversion bonds Of the State; as provided
for in the act hereinbefore mentioned, ap-
proved March %, 1869, shall be cancelled
immediately upon the conversion OF. the
same, and retired from issue Or hypothcca-
tion. ,
Sec. G. All bonds heretofore authorized
to be issued shall be issued in pursuance Of
and in conformity with the provisions OF
this act, and shall be converted into bonds
Of the style and description named in the
next preceding section, as speedily as the
same can be done.
.SeS. 7. That neither the sum or sums re-
allied from any sale or sales Of any Of the
sAe bonds of this State, nor the manner OF
sale of any Of the bonds Of this State, shall
in any manner affect or impair the validity
and obligation thereof.
Sec. s. The Governor is hereby authorlz
ed and required to sign all of the bonds
named in this act The State treasurer is
authorized and required to countsrsign The
same. And the secretary of State is au
thorized and required to afhx the seal of ths
State to tie same without delay: Provided
that no bonds shall be signed by the Gov
ernor or countersigned by the State treasur
er. except for the conversion of bonds Of
stocks already issued pursuant to law:
= Sec. 9. Nothing contained in this ac
shall authorize the issue or conversion
auy bonds of this State, other than thos
named in the report made by the Stat
treasurer as specified in the third section
this act, and such as have been authorize
under previous laws of this State.
: Sec. 10. The Commercial Warchous
Company, in the city of New York, and tn
Carolina National Bank in the city Of &c
,lumbia, South Carolina, are hereby declare
to be authorized places for the rcgisterin
of the bonds, coupons Or stocks of the Stat
of South Carolina, and they are authorize
on the passage of this act to immediatel
advertise in one or two of the principal p;
Dc pers RS in each of the cities of New York, G.
iumbia and Charleston, to the holders of a
the bonds, coupons or stocks of the State
c,th rotolion tho necpssitv of reriSferiu