Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-03-22
Memphis, March 81, Is78.

AN ACT to fund the past-due Bonds and
coupons Of the State, and 70 sustain the
Credit thereof
Section I.-Be il enacted Bg Ire General As
se1fsbiY Of the State Of Tennessee, That all the
outstanding legally issued Bonds of the State
Of Tennessee, due or to become due before the
Dt day of January, 1874, as well as all past-due
coupons, and coupons maturing on or before
the lst day Of January, 1874, may be funded IN
six per cent. coupon bonds Of the Stste Of
Funding Bonds, +" redeemable at the option OF
the state after July !, ls5l and due and paya-
BILE on the lst OF July 1914 and bearing six per
cent. interest evidenced by coupons attached,
4 payable semi-annuaily, on the lst days OF
January and July in each and every year,
from and including the lst day Of July, 1874,
TO the maturity OF the bond.
Section 2.--Bc ft JttTtheT enacted, That when
any OF the past-due bonds aforesaid are pre-
sented to The Comptroller. or when Sl0CJ in
paSt-due coupons are presented, then the
Comptroller of the Treasury, and the Cover
norof the state, shall audit and examine the
demand presented, and II genuine, shall pre-
pare bond of the series mentioned in the
first section Of this act; and when signed by
the (;Os-ernor and con utersfa1Ief IN ma Se.rs
tafy Of state, and registered IN the Office of
the Secretary OF state, IN Wen bound book,
and the seal OF the state has been affixed, and
the fundable bonds or coupons also registered
IN said Office, then the Comptroller shall take
a full memorandum Of both the bonds and
coupons 80 funded, and cause the same 70 be-
signed by the party demanding the bond, and
then after marking the Issuance of said bond,
over his signature on its face, shall deliver II
TO the party applying. In funding, the state
shall not receive and account Tor any fraction
| of bond or coupon in excess Of the bond de-
! manded; and II the amount presented to be
funded oe less by a fractional part Of cOu-
pom than the amount Of the bond or bonds
demanded, the party applying may pay the
same in currency. 1t shall also be the duty of
I the Comptroller Immediately to cancel sue a
demands, so funded, after registering them in
| a cancelling book, and report the same TO the
next General Assembly. But in the mean
| time he shall submit his books, with the can
| celled obligations, on the first Of each month,
Z hta( n examine and
| them with the bonds issued, and certify the
| same to the Comptroller, who shall transmit
| the said certificate with his report to the next
| General AsSembI
! Section S.-Be it Further enacted, That the
faith, honor and credit OF the State OF Tennes-
| see IS hereby pledged for the payment Of said !
1 bonds at maturity and for providing a sink |
/ ing fund for that purpose, and for the prompt |
I payment of interest on said bonds, as well a. !
/ the interest on the registered bonds herein |
| after provided for, commencing with the In |
terest to fall due the lst day of July, 1874. And
| Ii is hereby made the duty Of the Treasurer OF
| the State to sat apart for that exclusive pur- |
/ pose so much Of the revenues as may be nee /
essary to pay the interest on said bonds, COM /
mencing with the interest that fall due the |
| LIST day OF July, 1874. Provided, nevertheless,
that the coupons of bonds owned or held in 1
| trust by educational Institutions within this 4
state, shall be paid and not funded-those
past due and those not yet due, as they become i
due. And If those institutions elect not TO /
fund their bonds, they shall, nevertheless, be /
entitled to their interest az maturity; and pro-
yided further, that preference shall be given |
to the interest on the school fund as provided
section 4-Be Il further enacted, That as soon
after the passage of this act as possible, there
shall be prepared, under the direction OF the !
Governor, a sufficient number Of well-en-
graved bonds to take up and fund the States
debt, As aforesaid, with the coupons attached,
and the signatures OF the Comptroller and
Treasurer engraved upon each coupon, the
coupons 10 be numbered with the number OF
the bond TO which they are attached. The
cost Of the engraving ana the preparation OF
the bonds to be paid IN the lrst place, out of
the Treasury upon the certificate of the Gov
ernOr TO the Comptroller, who shall Issue his
warrant therefor.
And the Com ptrOller shall be provided with
bond book, containing on separate pages,
regularly numbered duplicate headings of
each bond issued under this act. with the cOu-
pom blanks attached, regularly numbered,
upon which each corresponding coupon,
when hquidated, after being duly registered
and cancelled, shall be pasted.
Section 5.-Be Il further enacted, That this act
shall DOT affect the liabilities Of any railroad.
turnpike, or other corporation or person, for
or on account Of the bonds issued, or loaned,
or Endorsed by the state, for internal i'm
provementS or otherwise, nor any lien in
favor OF the state as against purchasers OF
delinquent railroads.
Section 6.-Be it further enacted, That the
permanent school fund OF the state, to-wit:
The sum OF two million i've hundred and
twelve thousand i've hundred dollars, hereto
fore dedicated 10 the purpose OF common
schools and free education by the State Con-
stitutiOn, which includes the unpaid interest
thereon, % the 1st day OF January, lS73, shall
be funded into one intereSt-bearing bond or
erfldcate, bearing Interest from the lst day
OF January, 1871, as the rate of six per cent.
per annuTn, payable Semi-annually by The
Treasurer of the State, upon the warrant OF
the Comptroller drawn rs may he prescribed
by law for the payment OF the school money
of the State.
The Governor shall cause certificate or
bond to be issued, and signed and authenti-
Gated as prescribed BY TINS act Tor the signing
and suthenticatiOn OF the funding bonds here
in provided for; and in addition thereto said
bond or certificate shall be executed in the
name of "The superintendent OF Public In
structiOn for the State OF Tennessee, and have
printed on its,face the words. ~This Cerfif-
cate belongs TO the School Fund, and shall
be substituted for and remain tnviolate as a
part OF the school fund Of the state. restored
IN the room and stead of the fund existing on
the 9th day OF May, 1861. This bond or certih-
cate shall be deposited in the Office OF the
Treasurer, at which place the interest thereon
shall be payable; and he shall execute his re-
ceipt 70 the Comptroller for said certificate,
which receipt shall be copied into the books
of the Comptroller, and said books shall con-
tain descriptive record Of said certificate or
bond, showing the purpose for which it was
issued.
OF the public debt shall be funded, paid or
received, except as provided in this act, and
of funding the debt, be and the same is hereby
repealed. Provided, no part of this act is in
tended to prevent the payment OF the war
rants issued by the Comptroller, nor the loan |
accounts, nor the reception Of the old issue OF
the Bank OF Tennessee, in payment of reve-
nue.: and provided further that the notes OIL
the Bank of Tennessee, signed by q. c. Tor =
bett, or issued On or after May 6, 1861, shall not
be received for taxes or other dues TO tire State.
Section S.-Be IL further enacted, That the
Secretary OF state shall receive one dollar and
the Comptroller one dollar, on each bond
issued under this act, to be paid by the party
to whom the bond is issued; and all laws pre- |
scribing a different compensation for these
of1cers for such services, be and the same are
hereby repealed.
coupons of bonds now due shall be paid, other
than those coupons falling due on and after :
H. THuIw~
pons of said bonds maturing after that time
"a shall be presented 10 the mptroller, who
shall examine the same, and if found to have
been Issued according 70 law, shall be regis
tered and the registration properly indicated '
therein by him and the Secretary OF state, S
and the Comptroller and Secretary Of state
shall each receive for each bond registered {
under this act the sum Of dfty cents, to be =
paid by the party presenting said. bond for y
Section i0.-Be it further enacted. That the
interest of the funded bonds authorized by
this act, together with the interest OF the
bonds registered according to the provisions Y
Of the ninth section Of this act, shall be paid
in the city of New York, or city OF Nashville,
at the option Of the person 10 whom the bond ]
is issued or TO whom said registered bond may a
Section lie IL further enacted. That the Q
bonds that may fall due between the lSt day Q
of July, lST4, and the lst day of July, 1884, a
shall be funded at the option of the State in
bonds authorized BY the frst section OF this
Section l2.-Be q further enacted, That the
bonds and coupons thereto attached, issued +,
by authority of the General Assembly OF the 5
state Ia compliance with law enacted and in b
force at the time Of their issuance, whether a
they were issued previous 10 the 9Th day Of
May, 1851, Or subsequent TO the reorganization
Of the State government on the third day OF q
April, 1885, may be funded or registered Sc h
cording 10 the provisions of this act; pro- .
ylded that sill bonds, and coupons there
10 attached, Issued by the authority or L
authority CT the General As 7
;embly, or by Tie authority or pre- r
Tended authority of any body or assem- 3
bly, of men pretending or claiming TO be the
General Assembly OF the STATE of Tennessee, O.,
1n and after the 6th day Of May, 1851, up to =
he I'd day Of April, 1855, when the govern =
nent of tie state OF Tennessee was reorgan- /
zed under the Constitution, and. schedule =
hereto ratified and adopted by the people on l
he 22d day of February, 1855, and all bonds or d
liabilities issued FOR war purposes shall be ! =,
md are hereby expressly excepted from the y
provisions OF this act, rs herein before de- n
ined: and provided further, that the pro- L
7isiOIls OF this act shall not embrace, but ex- ,
lave been stolen or puriOined from the State, ;
)r bonds which were fFauduleDtly issued or :
obtained.
Section l3-Be It further enacted, That the j
public welfare requiring it, this act shall take
fleet from and after its passage.
Passed March 10, 1913.
Speaker Of the Senate.
W. Z. MCGAUGHEY,
Speaker OF the House Of Representatives.
Approved March II, 1873.
JOHN {. BROWN, Governor.
l certify that the foregoing is a true copy OF
IN act Of the General Assembly of the State o
II Tennessee, the original Of which is now on "
CHR9 N GTRRS