The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-03-26
LAWS OF THE STATE.
ACTS OF THE GENERAL ASSEMBLY z
OF SOUTH CAROLINA.
Published by Authority.
AN ACT relating to the Bonds of the State Of
South Carolina.

Whereas bonds or 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 au-
thorlty and provisions of certain acts of the
General Assembly, Including "An act to au-
| thorIze a loan to redeem the obligations
known as the bills receivable Of the State OF
South Carolina" approved August 26, 1868;
also, IAN act to authorize State loan to pay
interest on the public debt" approved August
26, 1868; also, San act to provide for the ap-
pointment of land commissioner, and to de-
fine his powers and duties," approved March
| q, 1869; also, 'sAn act to amend the last
named act, and for other purposes" ap-
proved March /, 1870; also, "An act to
authorize a loan for the relief of the
treasury" approved February II, 1863;
also IAN act to provide for the conversion of
State securities" approved March 2s, 1859;
and san act to authorize the financial agent
of the State of South Carolina, 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
particularly stated and set forth In report
made by the treasurer Of the State to the Gen.
eral Assembly, dated October 81, 1871; and,
whereap, doubts have arisen whether eald
issues were in strict conformity to the provis-
ions of the said several acts under which they
were respectively Issued; and, whereas, 1t
was the true Intent and meaning Of the seve-
raj acts above set forth 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 as to the validity of some of the
bonds mentioned In the said annual report Of
the State treasurer, for the fiscal year ending
with October 81, 1871, although money has
been borrowed by, or realized out of, said
bonds on account Of this State; and, whereas,
the credit of this State has been affected
thereby:
SECTION l. Be 1t enacted by the Senate and
House of Representatives. of the State OF
South Carolina, now met and sitting In Gen.
eral Assembly, and by the authority of the
same:
That the said bonds and obligations, issued
on behalf OF this State, as mentioned and set
forth In the report Of the treasurer Of this
State to the General Assembly, dated October
81, 1871, were duly and lawfully issued In con-
formity with the true intent and meaning of
the several acts of the General Assembly,
hereInbefore set forth by their respective
titles.
SEC. O. That the acts of the officers Of this
State, authorized under the provisions of the
laws of this State, and of the several acts
hereinbefore referred to, 10 the extent Of all
issues of bonds or obligations enumerated
and set forth In the said report Of the treasu-
rer, be, and are hereoyin ell 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
October 31st, 1871, be, and the same are here.
by, declared to be 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. Pro-
vided, That no bonds be included which are
not registered in the treasury at the time of
the passage of this act, as provided for in sec.
tion IA, article 9, of the constitution, relating
to finance and taxation.
SEC. 4. The section Of each of the acts
under which said bonds purport to be issued,
which provides for annual tax 10 pay the IN
terest, 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 principal of said bonds shall become
due, such payment to be made In United
States currency only.
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 San act to provide for the conver-
sion of State securities" approved March 23d,
1869, so that all of the bonds of this State shall
be OF one description and style, as soon as the
exchange can be made: Provided, That all
bonds of the State Of South Carolina convert
ed into stock of said State, and all stock of the
State of South Carolina converted into CONVEX
sion bonds of the State, as provided for In the
act herelnoetore mentioned, approved March
%, 1869, shall be cancelled Immediately upon
the conversion of the same, and retired from
issue or hypothecatlon.
SEC. 6. 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.
SEC. 7. That neither the sum or sums realiz.
ed from any sale or sales 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 obligation
| thereof.
SEC. 8. The Governor is hereby authorized
and required to sign all Of the 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-
euired to afix the seal 81 the State to the same
without delay: Provided, That no bonds shall
be signed by the Governor, or counters!gned
by the State treasurer, except for the CONVEX
sion of bonds or stocks already issued pursu.
ant 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 specified
in the Sd section of this act, and such as have
been authorized under previous iavs Of this