Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1873-10-30

the State, known as conversio
bonds" issued directly by sale or by
pothecation, the number and denomt
Enation Of which will fully appear b
reference to the treasurer's registr
of bonds and stock converted, an
issued directly, and shall tbereupo1
in exchange for andf in lieu Of sue
bon'ls SO surrendered, issue to sal,
holders bonds or certificates Of stoc1
Eequal in amount to -7=of the fac
value Of the bonds so surrendered
and no liability on the part of tn
State is recognized further than
herein limited and expressed. Tha
the State treasurer be authorized ant
instructed to receive from the holder
willing to surrender the same, all tn
coupons upon the bonds before men
toned, which have accrued or, vii
accrue on the 31st of October, 1873
and the interest orders upon interes
due upon certificates of stock as afore
said to the date aforesaid, and shall
thereupon, in exchange for and il
lieu of such coupons or interest or
ders 80 surrendered, issue to said hold
ers bonds or certificates of stock equa
in amount to - of the face value
of the coupons or interest orders sc
surrendered, as follows: Coupons anc
interest orders of the principal O.
bonds and stocks scaled at - to be
scaled in the same proportion, and
coupons and interest orders of the
principal of bonds scaled at to
be scaled in the same proportion
That the State treasurer be instructed
to receive from the holders willing to
surrender the same all the pay certi6-
Gates, bills payable, scrip, or other
evidence of State Indebtedness out
standing against the State on the 3lst
of October, l873-except appropria-
tions payable as defciencies-and
shall, thereupon, in exchange for and
in lieu thereof, issue to said holders
bonds or certificates of stock equal in
amount to - of the face. value OF
the pay certificates, bills payable,
scrip, or other evidences of State in
debtedness so surrendered: Provided,
That no liability to pay the aforesaid
pay certificates, bills payable, and
scrip or other evidence OF State in
debtedness is recognized other than i.
herein limited and expressed. Sec
ond. The bonds and certificates OF
stock herein authorized to be issued
shall bear upon their face the words
"bonds. and certificates Of stock" and
shall also bear upon their face a de-
claration to the effect that the pay
ment Of the interest is secured by the
levy Of an annual tax, and the re-
demption Of the principal is likewise
secured by a sinking fund provided
for the purpose, which declaration
shall be considered a contract entered
into between the State and every
holder of such bond or stock. Said
bonds and stocks shall be signed by
the -, countersigned by the -,
and have the great seal Of the State
affixed thereto, and there shall be
preserved, in the Offices of the secre
tary of State and the State treasurer,
absorption Of the amounts, dates.
and time of issuing said bonds, and
the bonds and scrip SO taken up shall
be cancelled by the treasurer, and
list of their dates, numbers and
amounts, and by whom signed, re-
corded in the Offices OF the State trea
surer and secretary of State. Third.
That the faith, credit and funds OF
the State be solemnly pledged for the
punctual payment of the interest and
final redemption Of the principal Of
said bonds and stocks, and for provi-
ding sinking fund for that purpose.
Fourth. That there shall be annually
levied and collected from - until
the bonds and stocks herein author
lied are extinguished, principal and
interest, in the same manner and at
the same time the general State taxes
are ,evied and collected, ajax Of
mills upon the dollar of each dollars
worth Of taxable property in the State,
in addition TO all other taxes. That
the fund so create,l -
SHALL BE KEPT SEPARATE
from all other funds, and shall be ap-
piled: First, to the payment OF the
annually accruing interest upon the
bonds and stocks herein authorized.
Second, the surplus of said funds re-
naming in tie treasury after the pay
ment Of the said interest shall be APP
piled on or before the - Of each
year to the extinguishment Of the
principal of the public debt, as fol-
lows: The - and - shall con-
stitute a board of commissioners for
the management and control Of the
said surplus fund for the extinguish.
ment of the public debt. The said
board shall give notice, by public ad
vertlsement for thirty days prior to
the day Of - Of each year,
that they have under their control the
sum Of - dollars to be applied to
the purchase of such bonds or stocks
as may he presented for payment by
the holders thereof, on the - day
of - as aforesaid; provided that
said bonds be purchased at price
not above their market value at the
time of purchase, said value to be as
certained from the principal stock
markets Of the United States. Third,
that the bonds and stocks so redeem
ed shall be Immediately cancelled by
the treasurer in the presence of the
board, and be entered as credits upon
and to that extent in extinguishment
of the public debt. That detailed
statement of the number, denomina-
tion and series of the bonds and stocks
so redeemed and cancelled, together
with the price paid for each bond and
stock as aforesaid, shall be prepared
by the treasurer, signed by the board,
AID. furnished to. the General Assem-