The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-02-19
THE STATE FINANCES.
H4LIDa1oR, R,REPUDL4TIoNAND TAX
so 80. 20: - s;sss5ssttS ALTON.

u0R,REPUDiA1iONd dHD AaA-
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The Text OF the Validating Bfll-Mr.
wesley,s Bill for the Repudiation OF
.tholHonese Debt-AmendtnE the Eiec-
tion Laws-The New Stamp Act.
COLUMBIA, s. c., February l6.
In the House this morning, number OF I'M
portant bills relating to the finances of the
State, which had been for some time In Varl'
ous stages Of preparation, were either intro
duced or reported back from the ways and
means committee. The first was the "olll re-
latine to the bonds of the State Of South Care
lina.n now better known as the ''Validatlon
act,n which was reported upon unfaVoraoly oy
the committee on ways and means. This bill
was described in The NEWS ofthe 18th instant,
and. az was there stated. it provides for the
yalidstlon of all the bonds included in the last
exhibit by the State treasurer, the registration
of the same, and the submission of the ques-
non of any future issue of bonds to the voters
of the State. The full text Of the bill is as fol-
loas:
STATE OF SOUTH CAROLINA.
Whereas, bonds OF obligations of this State
have been Issued, from time to time, TO q
large amount, In accordance, as was supposed
by the officers Issuing the same, with the
authority and provisions Of certain acts OF the
General Assembly, including "An a. act 10
authorize a loan TO redeem the obligations
known as the bills receivable OF the State Oh
South Carolina approved Angnst 70: looe:
also, san act to authorize a State loan TO pay
interest on III" public debt" approved August
81. 1858: also, stAn act to provide for the ap
pointment of land commissioner, and 10 de-
fne bis powers and duties," approved March
II, 1869; also, an act to amend the last named
act, and for other purposes, approved March
], 1870; also, San act to authorize loan Tor
the relief Of the treasury" approved Febru-
for the conversion Of State securities"
approved March %, 1852; and 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 secu-
rIty. aud for other purposes" approved Marcn
26, 1869. which said bonds are fully and partlc-
ularly stated and set forth in report made
by the treasurer OF the State to the General
Assembly, dated October 81, 1871; and whereas
doubts have arisen whether said issues were IN
strict conformity to the provisions oil the said
several acts, under which they were respec-
lively Issued; and whereas 1t was the true In
tent and meaning of the several acts above
set forth, that such issues OF bonds or ooilga-
tions should be made in the manner 10 Whlcn
the same have been made as Aforesaid; ana
whereas, also, doubts have oeea raised as 20
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 borrowed
by or realized out of said bonds, on account OF
his,State; and whereas the credit OF this State
tad lhu
Be 1t enacted by the Senate and House OF
Representatives OF the State of South Carroll
ma, now met and sitting IN General Assembly,
and by the authority Of the same:
SECTION l. That the said bonds aud ooliga-
tlons Issued on behalf of this State, as men
treasurer of this State TO the General Assem-
bly,, dated October 81, 1871, we're duly and
lawfully issued In conformity with the true in-
tent and meaning Of the several acts OF the
General Assembly hereinbefore SET lortn oy
their respective titles.
SEC. .. That the ats of the officers of this
State, authorized under the provisions OF the
laws of this State. and of the several acts
hereinbefore referred to, to the extent OF all
issues of bonds or obligations enumerated anu
set forth in the said report OF the treasurer,
be, and are hereby, In all things ratlhed, con-
frmed 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 Win
October 3lst, 1871, b., and the same are mere
by, declared 10 be legal and valid bonds oil the
State of South Carolina, for the payment OF
which the faith. credit ana funds OF the State
have been, and are hereby, pledged.
SEC. A. The section Of each OF the acts nnder
which said bonds purport TO be Issued, which
provides for an annual tax 10 pay the interesi,
Is hereby declared to be part oi tnls % act, aaa
an annual tax, In addition TO all other tsAes,
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 Tor by this
act. until the principal OF said bonds shall be-
come due.
SEC. S. Hereafter, every bond converted or
issued under. or 10 pursuance of any OF the
laws of this State, shall be OF the description
and Style of those heretofore issued under an
act entitled "An act 10 provide for the CONVEX
sion of Sale securities" approved March rs,
1859, 80 that all of the bonds Of the State shall
be of one description and style, as soon as tne
exchange can he made.
SEC. 6. ALI 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 OIL Inc
sHle and description named in the next pre-
ceding section as speedily as the same can De
done.
SEC. Z. That neither the sum or sums re-
allied 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.
SIC. 8. The Governor is hereby authorized
and required 10 sign all Of the bonds named In
this ACT Tne State treasurer is authorized
and required to countersign the same, and the
secretary OF State Is authorized and required
to aflx the seal OF this Stale 10 the same With
out delay.
SEC. 8 Nothing contained In this act shall
authorize the issue or conversion of any bonds
OF this Stale. other thau those named IN the
report made by the State treasurer, as specified
in the third section of this act, and such as
have been authorized under previous laws oil
this State.
SEC. 10. The Commercial Warehouse Com
pany, In the City of New York, and the Carolina
National Bank of the City of Columbia, South
Carolina, are hereby declared to be authorized
places for the registering of the bonds, coupons
or stocks of the State of South Carolina, and
they are authorized on the passage OF this act,
to Immediately advertise in one or two OF
the principal papers in each of the cities
of New York, Columbia aud Charleston, to
the holders OF all the bonds, coupons or
stocks of the State of South Carolina.
the necessity Of registering their authorized
bonds, coupons or stocks at one OF the ABOVE
places of registry. In the registration OF said