, 1874-02-28

4 SUPPLEMENTARY LAW.
SPRINGFIELD, ILL.,, Feb. 27.-Another contest
was had in the Senate to-day over suspendipg
the rules for the consideration Of hlr, Glenu's
bill for an act to provide for the payment Of the
registered indebtedness Of counties, townships,
cities, and towns. Senators erinced strong con-
yicdons for sud against the bill in discussing
the motion to suspend the rules, but were ripped
down by the President before giving their
reasons therefor. The rules wore suspended
and the bill ordered TO third reading.
The bill reads as follows:
SECTION l. BE enacted by the People Of The STATE Of
the 1s day Of July Of each year, the Treasurer and
Auditor shall estirunte tho amount Of surplus funds
Which @ !a II the sfae n s 70 thu
necessary for the payment Of al interest On
the registered railroad bonds which will fall dne before
Monday of September OF each year such sulus shall
be applied to the purchase Of such registered bonds,
r T1easury. IN the 1nanuer hereinafter provided
SEC. 1. The Treasurer shall, during the month Of
July Of esch year, publish such detailed ssti1nste
- Registered rzilroad deb, With tho announcement
such surplus win be used It tho sate Treasury in the
purchase from the lowest bidder, 1t not moro than
pas, of TIE in1e1edhess Of counties, tGwnaa1ps, &
surplus to the credit Of each county, township, city,
or town eau only be APPLIED to the purchase Of the
registered bonds Of such county, township, city, or
town. The publication required 10 be made by the
Treasurer ahau be made for Ave days during the
month OF July In day paper Of general clrcua-
ton IN the Cities Of Springfield and Chicago.
SEC. g. Bids sha1l be received until aoon Of such
third A1onday Of September, when the Treasurer and
Auditor shall open them and make Rwzrds to the
lowest bidders and upon any such payment OF pur-
chase Of such bonds the auount paid upon the pfin-
cpal thereof shau be indorsed said bonds and re-
ceipts therefor shall be taken and filed III the ohcc Of
the State Treasurer and the bonds, when fully patti
tha be Cancelled by the State Treasurer End returned
to the proper officers OF tho 1ocaty issuing the sane
SEC, 4. II there shall be proposals to acll the
more than par sufficient absorb such surplus funds,
it shall be the duly Of the Treasurer to invest such
surplus not expended IN the payment or purchase Of
such bonds in United Btates bonds at their market
value and thereafter the interest on such United
Gtres honds shall be added to the fund to which such
bonds belong, and tho 1st Of July OF each
wear the value Of such United States bonds
belonging to the several funds BIan be considered
i'll tie estimates made by tho Auditor md Treas
urc1 as nforcsnid. The United States bonds shall bo
sold and the proeeeds applied to the purchase Of reg
jstertd bonds offered not th1n par, On the
third a1onday in September. And whenever the in,
vested surplus Of any local bond fund Bha be eqnal
to the amount outstanding Of the registered tndene1-
ness of the county, township, city, or town to which
such fund belongs such county, township, city, or
town shall to receive the benefits OF the act OF
AprI lG 1862 and tho Auditor ahan only levy for n
tcres in the interest earned by such invested sur
plus shall not be sufficient to pay the interest on tho
registered bonds outstanding
There ia great danger that this fraud will be
consunmated.