Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1874-05-14

taxes due the state during the year III Wnlch
they mature, except for tax levied for the
public schools and the said coupon bonds
and stocks shall at all times be exchangeable,
the one for the other, upon application to the
State treasurer.
Sec. 6. That the faith, credit and funds Of
the State are hereby solemnly pledged for the
punctual payment Of the interest and final
redemption of the principal of said bonds
and stocks, and for providing a surplus fund
for that purpose.
Sec T. That the fund 80 created shall he
kept separate and apart from all other funds,
and shall be applied, first, to the payment of
the annually accruing interest upon the bonds
and certificates Of stocks herein authorized !;
second, the surplus remaining in the treasury,
after the payment of the said interest, shall he
applied Con or after the lst day Of July Of
each year) to the extinguishment Of the pub
lie debt, and to no other purpose.
Sec. 8. That the Governor, treasurer, comp
troller-general, chairman Of the committee on
finance of the senate, and the chairman of the
committee on ways end means of the house
of representatives, shall constitute a board of
commissioners for the management and con-
troll Of the said surplus funds for the extin-
guishment of the public debt.
Sec. 9. That said board shall give notice,
by public advertisement, for thirty days prior
to the first Of September of each year, that
they have under their control the sum Of
dollars, to be applied to the purchase of such
bonds and stocks as may be presented by the
holders thereof for payment on TIE first of
September as aforesaid, Provided, That said
bonds be purchased at price not above their
market value at the time Of purchase, said
value to be ascertained at the principal stock
markets of the United States, by bids from
the holders thereof, due notice having been
given in one or more newspapers in the cities
of Columbia, Charleston, Baltimore, Phila-
delphia, New York, Boston and Chicago, and
the stocks or bonds offered at the lowest price
shall in all cases be the stocks or bonds pur-
chased.
Sec 10. That the bonds, coupons and stocks
so redeemed shall be Immediately cancelled
by the holders thereof, at the time of redemp-
ton, and filed in the Office of the State treas
urer, and be entered as credits upon, and to
that extent in extnguishment of, the public
debt. That detailed statement Of the num-
Der, denomination and series Of tile bonds and
stocks so redeemed and cancelled, together
with the price paid for each bond and stock
as asaforesaid, shall be prepared by the treasurer,
signed by the board, and furnished to the Gen.
eral Assembly at each annual session thereof.
Sec. H.. That all bonds and stocks Of the
State received in exchange for the bonds or
stocks herein authorized, shall be cancelled
Immediately by the holders thereof, on pre-
senting the same for exchange, and filed by
the treasurer with the permanent records Of
this office and a correct registry shall be
kept of all exchanges made under this act, so
as to exhibit in separate account and conve-
nient form the numbers and amounts Of all
bonds and stocks received into the treasurer's
Office, together with the numbers and denomi-
nations of all bonds and stocks issued in ex-
change therefor. And the secretary of State
is hereby required to keep, at all times cor
rect registry Of all the bonds sealed by him
under the provisions of this act ; and the
Governor is, in like manner, hereby required
to keep similar registry of all bonds signed
by him, each registry to be accessible for pub
lie inspection at all times.
Sec. 10. Thatthe embezzlement or diversion
of said bonds, whether directly or indirectly {,
by speculatng in said bonds and stocks, or
purchasing them at fictitious prices, are here
by declared to be felony, punishable by a
fine of not more than fifty thousand dollars
nor less than five thousand dollars, and i'm.
prisonment for not more than ten years nor
less than one year in the Penitentiary, pro-
portionate to the amount embezzled or:divert-
ed and the person or persons so offending
shall be forever disqualified from holding any
Office of profit or trust in this State, unless the
General Assembly shall, by twothirds vote,
relieve him or them of such disability, upon
payment into the treasury Of double the
amount so embezzled or diverted
Sec. 13. That for the purpose Of defraying
the expenses to be incurred in carrying out
the provisions of this act the sum Of five
thousand dollars, if so much be necessary, is
hereby appropriated, to be drawn on the war
rant of the comptroller-general, to be ap-
proved by the Governor for the first year,
and afterward such sum as shall be fixed by
law, and the said board shall report to the
General Assembly, on or before December
fifteenth, how said fund has been expended.
Sec. Ii. That # any officer Of the State,
upon whom any duty is devolved under the
provisions of thi. act, shall neglect or refuse
to perform said cpty, he shall be subject to
indictment for Gs;ony, and upon conviction
thereof shall be fined in sum not less than
ten thousand ncr more than twenty thousand
dollars, and imrrisonmentin in the Penitentiary
not less than three nor more than five years.
at the discretion Of the court.
Approved December %, A. D. 1873.
AN ACT
Requiring all Public Officers to pay over Moneys
officially in their hands to their successors. .
Be it enacted by the Senate and House Of
Representatives of the State of South CARROLL
ma, now met and sitting in General Assembly,
and by the authority of the same:
Section l. That it shall be the duty of eve
ry sheriff, judge of probate, clerk of the Court
Of Common Pleas, county treasurer, and any
other State or county officer interested with