Whig and tribune. [volume] (Jackson, Tenn.) 1870-1877, 1873-03-29

pare bond Of the series mentioned in the
first section Of this ACT; and when signed
by the Governor and eountersigned by the
Secretary Of State, and registered in the Of
ice OF the Secretary Of State, In a we'll
bound book, and the seal Of the State has
been affixed, and the fundable bonds or eOu-
pons also registered in said efice, then the
Comptroller shall take full memorandum
Of both bond and coupons so funded,
and cause the same TO be signed by the par
ty demanding the bond, and then after mark
ing the issuance OF said bond over his sig
nature on its face, shall denver it to the
party applying. In funding, the State
shall not receive and account Ter any frae-
ton Of a bond or coupon in excess of the
bond demanded. Andif the amounEbre-
sented to be tundedl be less by fractional
part Of coupon, than the amount Of the
bond or bonds demanded, the party apply
ing may pay the same in currency. 1t shall
also be the duty OF the Comptroller imme-
diately 10 cancel such demands so funded,
after registering them in a cancelling book,
and report the same to the next General
Assembly. But, in the meantime, he shall
submit his books, with the cancelled obli-
cations, on the first of each month. 70 the
Governor, who shall examine and verify
them with the bonds issued, and certify the
same to the Comptroller, who shall trans
mit the said certificate, with his report, to
the next General Assembly.
faith, honor and credit of the State Of Ten
nessee, is hereby pledged for the payment
Oh said bends at maturity; and for proYid-
ing sinking fund for that purpose; and
Tor the prompt payment of the interest on
said bonds, as well as the interest on the
registered bonds hereinafter provided for
commencing with the interest to fall due on
the LIST day of July, 1874. And 1t is hereby
made the duty Of the Treasurer of the
State, to set apart for that exclusive pur-
pose, Sc much Of the revenues as may be
necessary to pay the interest on said bonds
commencing with the interest that falls
due the LIST day Of July, 1874. Provided,
nevertheless, that the coupons of bonds
owned or held in trust by educational in
situations within this State, shall be paid
and not funded; those past due as those not
yet due, as they become due. And if those
institutions elect not to fund their bonds,
they shall, nevertheless, be entitled to their
interest at maturity; and, provided further,
that preference shall be gwen to the inter-
est on the school fund as provided by law.
Sec. 4. Be it further enacted, That as
soon after the passage Of this act as possi-
BILE, there shall be prepared under the di-
rection of the Governor sufficient num-
bsr Of well engraved bonds, to take up and
fVnd the States debt as aforesaid, with the
coupons attached, and the signatures OF the
Comptroller and Treasurer engraved on
each coupon, the coupons to be numbered
they are attached. The cost of the engray-
ing and preparation of the bonds to be paid,
in the first place out Of the Treasury, upon
the certificate of the Governor to the Comp
noller who shall issue his warrants there
for. And the Comptroller shall be preyid-
ed with bond-bOOk, containing on sepa-
rate pages, regularly numbered, duplicate
headings OF each bond issued under this
act, with the coupon blanks attached, reg
ulariy numb ered; upon which each CORES
ponding coupon, when liquidated, after be-
ing duly registered and cancelled, shall be
pasted.
Sec. 5. Be It further enacted, That this
act shall not affect the liabilities of any
railroad, turnpike, OF other corporation or
person, for or on account Of the bonds is
sued or loaned, or Endorsed by the State, for
internal Improvements or otherwise, nor
any lien in favor Of the State against the
purchasers Of delinquent railroads.
Sec. 6. Be it further enacted, That the
permanent school fund Of the state, to wit:
the sum of $2,512 800, heretofore dedicated
to the purpose of common schools and free
education by the State Constitution, to
gether with the unpaid interest thereon, to
the first day of January, 1873, shall be fun
ded into one Interest bearing bond or GER
tificate, bearing interest from the first day
of January, 1873, at the rate Of per cent
per annum, payable senli-annuallY by the
Treasurer Of the State, upon the warrant
OF the Comptroller, drawn as may be pre-
scribed by law, for the payment Of the
school money Of the State. The Governor
shall cause a certificate or bond to be is
sued and signed and authenticated as pre-
scFibed by this act, for the signing and au-
Identification Of the funding bonds herein
provided for, and in addition thereto, said
bond or certificate shall be executed in the
name of ''the Superintendent of Public Ia
strucIion Of the State Of Tennessee and
have printed on its face the words, HThis
certificate belongs to the school fund" and
shall be substituted for and remain inviO-
late as part of the school fund of the
State, restored in the room and stead of the
fund existing on the 9th day of May, 1851.
This bond or certificate shall be deposited
in the Office OF the Treasurer, ut which
place the interest thereon shall be payable;
and he shall execute his receipt TO the
Comptroller for said certificate, which re-
ceipt shall be copied into the books of the
Comptroller, and said books shall contain
a descriptive record OF said certificate or
bond, showing the purpose for which it
was issued.
Sec. Z. Be it further enacted, That no
part OF the public debt shall be funded,
| paid or received, except as provided in this
act; and all laws providing any other mode,
or manner of funding the debt, be and the
| same is hereby repealed; Provided, no part
of this act is intended to prevent the pay
ment of the warrants issued by the Comp
troller, nor the loan accounts; nor the re-
eeption of the old issue Of the Bank OF Ten
nessee, in payment Of revenue; and proyi-
ded further, that the notes OF the Bank Of
Tennessee, signed by q. e. Torbett. or is
sued from and after May 6, 1861, shall not
| be received for taxes or other dues to the
State.
Sec. s. Be it further enacted, That the
Secretary Of State shall receive fly cents,
on each bond issued under this act, to be
paid by the party to whom the bond is is-
sued; and all laws prescribing a different
compensation for these officers for such ser
vices, be and the same are hereby repealed.
Sec. 3. Be 1t further enacted, That no
coupons or bonds not now due, shall be
paid, other than those coupons falling due
on and after the LIST day of July 1874; and
| only such coupons of said bonds maturing
after that time as shall be presented 10 the
Comptroller, who shall examine the same;
/ and if found to have been issueo according
to law, shall be registered, and the registra-
ton properly indicated thereon bV him:
and the secretary of State, and the Comp
troller shall each receive for each bond reg
istered under this act, the sum of fifty
cents, to be paid by the party presenting
said bond for registration.
sec 10. Be IL further enacted, That the
interest of the funded bonds authorized bv
this act, together with the interest OF the
bonds registered according to the provis-
ions of the 9th 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 belong.
Sec. IL. Be it further enacted, That the
bonds that NAV fall due between the LIST
day of July. 1874, and 1st day of July, 1884,
shall be tundsble at the option Of the State.
in bonds authorized by the first $ ction of
this act.
Sec. II. Be il further enacted, That the
bonds and coupons thereto attached, issued
by authority OF the General Assembly Of
the State, in compliance with law enacted
and in force 1t the time of their issuance
whether they were issued previous to the
6Ih day OF May, 1861, or subsequent to the
reorganization Of the State Government. on
the 3rd day OF April, 1853, may be funded
or registered accordiPg TO The provisions Of
this act Provided, that all bonds and cou-
pOns thereto attached. issued by the author-
Ity, or pretended authority Of the General
Assembly, or by the authority or pretend
ed authority OF any body or asseR1b lage of
men pretending, or claiming TO be the Gen.
eral A Assembly Of the State Of Tennessee,
from and after the 9Th day OF May, 1861, up
10 the 3rd day Of April, 1865, when the Gov
eminent of the State Of Tennessee was re-
organized under the Constitution, and
schedule thereto, ratified and adopted BY