The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-03-08
SPECIAL TELEGRAM TO TEE NKwaI

l6P6ClAL TbLbthAn Az Lille So"~l
COLUMBIA, 8. G., March, Z.
The House late last night passed the bill In
relation to the bonds and stocks Of the State,
otherwise known as the validating bill. The
eleventh section was expunged, and proViso
added to section eight. As passed by the
House the bill is as follows:
A BILL relating to the bonds Of the State OF
South Carolina,
Whereas, Bonds or obligations OF this State
have been Issued, from time to time, 10 g
large amount, in accordance as was supposed
by The offices Issuing tue same, with the au-
t6.rIty and provisions OF certain acts Of the
General Assembly, including. IAN act TO
authorize loan to redeem the obligations
known as the bills receivable d the State OF
South Carolina" approved August rs, 1865
also IAN act to authorize State loan TO pay
interest on the public debt" approved August
the appointment Of land commissioner,
and to define his powers and dulles, !"
approved March 81, 1859; also an act to
amend the last named act, and for otner
purposes. approved March !. 1870; also An An
act to authorize loan for the relief OF The
treasury" approved February II, 1885, also
san act to provide for the conversion OF State
serurlties,n approved March %, 1863; also IAN
act to authorize the financial agent OF the
State of South Carolina, In the City OF New
York, to pledge State bonds as collateral se,
curity, 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 to the State General
Assembly, dated October 81, 1871; and where
as douoIs have arisen whether SAID issues
were In strict conformity to PROVISIONS OF tue
said several acts, under which lhey we're re-
spectiyely issued; and whereas 1t was the true
intent and meaning of the several acts aooVe
set forth that such issues Of bonds or obnga-
tions should be made In the manner IN Whlcn
the same have been made as Aforesaid; anu
whereas, also, doubts have been raised as 70
the validity of some Of the bonds mentioned
in the ssid annual report OF the STATE treas
nrer for the fiscal year ending with october
81. 1871, although money has been borrowed
by or realized out Of said bonds, on account OF
thistState; and whereas the credit ei this State
has been affected thereby:
SECTION l. Be il enacted by the Senate and
House of Representatives OF the State Of South
Caroline, now met and sitting In General Az
That the said bonds and obligations issued on
behalf Of this State, as mentioned and get
forth In the report of the treasurer OF tnls
State to the General Assembly. dated OCTOBER
81, 1871, were duly and lawfully issued IN
conformity with the true intent and meaning
OF the several acts OF the General Assem-
bly, hereinbefore set forth by their respective
SEC. Q. That the acts Of the officers of this
State, authorized under the provisions OF the
laws Of this State, and OF the several acts here
inbefore referred to, to the extent OF all issues
of bonds or obligations enumerated and set
forth in the said report of the treasurer, be,
and are hereby, In all things ratified, con-
flrmed and established.
SEC. 8. That each and all Of the bonds
named in said annual report OF the treasurer
OF this State, for the fiscal year ending with
No fho cor hprQhC
declared 10 bs legal and valid bonds OF the
State of South Carolina, for the payment OF
which the faith, credit and funds OF the State
have been. and are hereby, pledged.
SEC. 4. The section of each OF the acts under
which said bonds purport to be issued, which
provides for an annual tax to psy the interest,
Is hereby declared to be part of this act, and
an annual tax, in addition 10 all other taxes,
shall be levied upon the property OF the State
by the State auditor or other officer perform
ing his duties, sufficient to pay the interest on
the bonds named in or provided for In this act,
until the principal of said bonds shall become
due.
SEC, S. Hereafter every bond converted or
issued under or In pursuance of any of the
laws of this State shall be of the description
and style of those heretofore Issued under an
act entitled IAN act to provide tor the cooVer-
sion OF Slate securities" approved March 2S,
1860. 40 that all the bonds OF the State shall
exchange can be made.
SEC. s. All bonds heretofore authorized 70
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 pre-
ceding section, as speedily as the same can be
done.
SEC Z. That neither the sum or sums real
lied from any sale or sales heretofore made,
or which shall hereafter be made Of any OF the
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 obli-
cation thereof.
SEC. 8. The Governor Ia hereby authorized
and required to sign all ofthe bonds named In
this act. The State treasurer is authorized
and required TO countersign the same, and
the secretary of State is authorized and re-
Qulred 10 af1x the seal of the State to the same
without delay: Provided, that no bonds shall
be signed by the Governor or couutersigned
by the State treasurer except for tho conver-
sion of bonds or stocks already Issued pur.
.suant TO law.
SEC. 9. Nothing contained in this act shall
authorize the issue or conversion of any bonds
of this State, other than those named in the
report made by the State treasurer as speci
fed In third section of this act, and such as
have been authorized under previous laws o.
this State.
SEC. 10. The Commercial Warehouse Com