The Newberry herald. [volume] (Newberry, S.C.) 1865-1884, 1872-10-16

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Whereas bonds Or obligations O
this State have been issued. frou
time to time, to a large amount
IN accord .cc, as WAS supposed by
the officers issuing the same, witt
the authority and provisions o.
certain Acts Of the General Assem-
bly,, including can Act to author
ize u loan to redeem the obliSa
tiouS known us the Bills Rcceiya
bic Of the State Of South Carroll
ma approved August &c, 1868
also, "An Act to authorize State
loan 70 pay interest on the public
deb;,' approved August 26, 1868
also, can Act to provide for the
appointment Of Land Com mis-
sioner, and to define his powers
and dutles," approved March p
1859; also, "Au Act to amend the
last named Act, and for other pur.
poses" approved March l, 1870;
also, AN Act to authorize q loan
for the relief Of the Treasury"
approved February II, 1869; also,
"An Act to provide for the con-
version Of State securities" ap.
proved March %, 1869; and An
Act to authorize the Financial
Agent Of the State Of South Caro-
lima, in the city Of New York, to
pledge State bonds as collateral
security, and for other purposes, ~
approved March 26, 1869; which
said bonds are fully and particu-
larly stated and set forth in a re-
port made by the Treasurer of
the State to the General Assembly,
dated October 81. 1871; and where
as doubts have arisen whether
said issues were in strict conform
ity TO the provisions Of the said
several Acts under which they
were respectively issued; and,
whereas it vas the true intent and
meaning of the several Acts above
set ferth that such issues of bonds
or obligations should be made in
the manner in which the same
have been made, as aforesaid and,
whereas, also, doubts have been
raised rs to the validity Of some
of the bonds mentioned in the said
annual report OF the State Treas
urer, for the fiscal year ending
with October 81, 1871, although
money has been borro we'd, or real
lied out of, said bonds on account
of this State: and, whereas the
credit OF this State has been affect
ed thereby;
SECTION /. Be it enacted by the
Senate and House Of Representa-
tives of the State Of South Carroll.
ma, now met and sitting in Gene
raj Assembly, and by the authori-
ty Of the same:
That the said bonds and obliga-
tions, issued on behalf Of this
State, as mentioned and set forth
in the report Of the Treasurer Of
this State to the General Assem-
bly,, dated October 31St, 1871,
were daily and lawfully issued in
conformity with the true intent
and meaning Of the several Acts
Of the General Assembly, herein
before set forth by their respective
titles.
Sec. 2. Tha: the Acts Of the of.
ficers Of this State, authorized un.
der the provisions Of the laws Of
this State, and Of the sevcra! Acts
hereinbcfore referred to, to the
extent Of al issues Of bonds or
obligations enumerated and set
forth in the SAID report of the
Treasurer, he, and are hereby, in
all things, ratified, confirmed and
established.
SEC. 3, That each and all Of the
bonds named in said annual report
Of the Treasurer Of this State for
the fiscal year ending with Oclo-
Der 3lSt, 1871, be, aud the same
arc hereby, declared to be legal
and valid bonds Of the State of
South Carolina, for the payment
Of which the faith, credit AID
funds of the State have been. and
are hereby, Piled god: Prorided:
That no bonds be included which
are not registered in the Treasury
at the tine Of the passage Of this
Act. as provided for in Section II,
article 8 of the Constitution rcia-
ting to finance and taxation.
Sec. +. The Section Of each Of!
the Acts under which said bonds
purp0rt to be issued, which pro-
vides for all annual tax to pay !
tie interest is hereby declared to |
be a part Of this Act ; and an an. !;
nual 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 principal Of said !
bonds shall become due, such pay !
ment to be made 10 United States |.
currency only. !
SEC. 5. Hereafter every bond !
converted or issued under or in !
pursuance of any of the laws Of
this State, shall be Of the descrip- ;
ton aud style Of those heretofore !
issued under an Act entitled An .
Act to provide for the conversion !