Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1872-02-23
The Legislature.

WY 20 oeRnuiuS W ttInk OF ouJOurnlnS, an
event expected to take place about the let Of
March. This is no pleasant thought to many
OF tho members, who have found legislatlng
/ profitable business, aud especially as the
/ present is the last torn of the House. In
discussing the Senate resolutions Of adjourn.
mont on the 10th inst, MoBLEY offered a
substitute, which was passed to the effect
that this General Assembly adjourn on the
Z6th, subject to a call of majority Of tho
members of both Houses, to be signifed in
writing to the CLERKS of the respective
Houses, provided the members shall draw no
pay during the Adjournment This the Sen.
ato laid on the table aud the day of adjourn.
mcnt is not yet fixed. Without doubt there
much is unfinished business on The calender,
but without doubt it is better so and would be
30 after session of twelve months. Tho body
as to Legislation has neither beginning, middle
nor end. Bills are introduced and printed to
tho last day of the session, aud now at the
close measures nearly concerning the financial
interests of the State are being brought for.
ward and pressed to q passage.
Last week Bill was prepared and intro
duced at the instance of WESLEY, Of NefY
York, trustee of tho Union Trust Company,
entitled bill to consolidate tho debt Of the
Stutc, and to provide for the payment of the
same. The Charleston Nc,cs furnishes the
| following summary of this measure:
The preamble recites that, by virtue of
CERTAIN specified acts, State bonds to tho
amount of S5,54l 900 have been issued and
sold, and bonds to the amount of So, ,773, 900
have been issued and pledged for loans, max.
ing with the ante war bonds an aggregate of
Sl5,767 ,908 98; that most of these bonds
have been sold at prices fur below their par
value, and that the holders Of several millions
OF bonds have pctitoned for the consolidation
of the debt. Tho bill provides in Section l,
that the financial board issue $40, 200, 900 of
registered stock, having twenty years to run,
| and bearing interest at six per cent, payable
| quarterly, to be delivered to either the Union
Trust Company, tho Unisod States Trust
Company, the Farmers Loan and Trust Cop.
pany. the Manhattan Company, the National
Bank of Commerce, or the American Ex.
change National Bank, all Of New York, to
be disposed of in funding and retiring the
present debt of the State MS afterwards pro.
vided. Section 2 provides for tax of four
mills on the dollar, or such other tax as will
produce at lcust S720, 700 per annum to be
remitted to tho bank or trust company desig.
nuted for these pu, poses, and used for the
CT cation of sinking fund Section 8 pro.
vidcs that the new stock shall be signed by
tie Governor and treasurer, and c,untcrsign.
ed by the president, secretary or cashier of
the bond or trust company Section d an.
points N1essrs. james l.. Orr, John b. Palmer
and l.. d. Ghids, with two citizens of New
York to be selected by thcm, board of CON.
missioners to sit in New York to investigate
and pass upon the validity of bonds offered
in exchange tor the new stock, and SECURES
them to certify their decision upon each bond
presented, provided that the holder of the
bond signify in writing his intention of cx
| changing it tor the new stock Section
| requires The institution designated ns above
| to deliver to tho holders OF State bonds certi.
| lied ns above, upon the presentation and can
| collation. of the SINE, registered stock ut the
rate OF seventy live per cent. of the Gar value
Of fsuch bonds. Section 6 providcs TINT bonds
hyp"thccatcd MS security for loans may be cx,
changed for stock at the rate of seventy five
per cent of the pnr value of the bonds, the
lonns being paid off at the same timo with
new stock Mt eighty cents on the dollul.-
Section 7 extends the operations of the act
to the exchange of ante war bonds at the
same rate us above specified. Section 8 pro
vidcs that the funds raised by the tax above
prescribed shall be appropriated, first, to tho
payment of interest on the now stuck sec
ond, TO the payment of interest on such bonds
MS may not be exchanged third to the re.
trcment of portions Of the debt cf tho State
Section IL provides that no more bonds of
the State shall he issued unless approved by
two thirds vote Of the qualified voters of the
State. ut general election. Sec ion IL ap.
proprintes the sum of $4,000 to def,ay the
expenses of carrying this act into effect.
Section l3 repeuls the various nets providing
for the issue of bonds. and all other acts in.
consistent with this one.
The Bill to raise supplies and make appro.
priations for the current year has not vet
been passed.
The bill introduced by the Committee Of
Ways and Mems made no provisions for the
payment Of the interest on the public debt,
and substitute has been introduced, the
first section Of which reads as follows:
SECTION /. That to defruy tho current
expenses Of the State for the fiscal year end
ing the thirty first day of October, one thous-
end eight hundred and seventy two, the
State auditor is herby authorized and reauir
cd to levy tax of six mills on the dollar Of
the assessed value Of al taxable property in
the State; and he is hereby further author
lied and required to levy tax of four milk