Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1875-03-26


ment, for which the debt was coltrac
ed, have, in the main been destroy e1
by reckless legislation and uuwise ar
faithless management at time WHEN
the grent body IF the tax payers had
no control IN public affairs; and
sohes'eas, The good people Of this
State are DESTROYS OF sasurni,.ts and |
paying TO tne puhtlc creditors so mach |
of the just debt Of tue State rs tisir |
unfortunate cond ten viii allow.
SECTION 1. The Gcaeru3 assembly |
Of North Carolina do enact, That
when any person holding ind owning
any bond O. bonds OF the state II
North Carolina. iSs led in l,ursria,t c.
of any act OF Assembly passed st any
time b. fore the 20.h day e Nay 4.
u. 1861, OF in pursuance Of an act eu-
tilted IAN set to provide for the pay
meut If tie State dett contTac ed i.e
| trre ihe war;" ratified the 10th day OF
| March, 4. D., 1866, or in pursuance OF
| II act emitted ''an act To provide for
| funding the matured interest on the
| ;3!lb;!c 4 bt," ratified 205h day of An
| CAST. \. u. 1868. oT ii pnIsu sl4ct IF
| Al ord nance OF the Convention II
| 1868. III aid Of the Chatham railroad
| Company, (eS cepj Nnch bonds as were
| issued Tor aid ID cCnsti ;lc;Iuu 81 ne
North Carolina Palrotd J shall sIr-
| render and deliver such bonds, to
| .E:ther VITA all the unpaid counoi28
| belonging 10 the same, to tue IrtaoG-
rcr II the stale, then, aud ~ thai case
: stla;i be the duty Of the treasurer,
and ne IS hereby required n is~ne AID
denver to the person SO nIirren.i@I24 s
suca bonds new bond OF the Sat-,
due and payable thirty Eeors EFcnl ;:-ie
| Ii day III JanuaTy, -. D. 1876, haal-
Ing interest at the rae OF 'wo Per
ceGcuIn per ai}nHl2l I0r the III t tHo
| years, three per ccut. Tor the neZt
Shiee years, four per cent. fof tt.-
nezt FIVE years, and five per cant tor
thu remaining twenty yea, p8Eal' {
secai-enn ual,Y on the first day II Ian.
, ] Jury and July ii eacl sJIccess I'VE W r,
a. the Treasury Il tbe Stat, aud s.
q ! cared by appropriate coupons slglse {
! by tire lie ,surer, and sHci bond.
! shall b. si3Ls.,t ny the Coy-ruor an1
, coII,tecrisL.eu - si..s It~.silTer, al,
se,tled with ,he Srs p 5s:si # the :5I.s.e
! ;og L sun. Il G.uI-y "q'sI 10 TIE Il
luwju,; rates. f::a- IS T. s.sy:
/. 1H.r .tI, ta,l..io Iss'G=d before sit'
3Oth May, 3 u. 1851, forty isor cea:
: uu2 Of tie pr:ua:ra! of az BONDS p,
5 sure 1lGare1.
? Fer &Lo bond Issued under IL,
funding acts OF lUth day II darcL, :
! D., 1856, AID 2O-h DAY Il August, i
D., 1858, twcait-live per ccEtum cf t!f
primes pal OF the bonds So surrender d
. 3. For the bonds issued slu,e ih'
goth day of May, A D 1861, in pur
srance Of acts passed before SAID las
. u med dat, and the frauds de-cri'.s,
: Il luis act issued to The Chatham hail
:, road Company, t-Teuty- i've ptf IL.
/ lm of the principal d the bonds g
surrendered.
For the Regi tered Certificates o
iudy IL Guess cue <. the Liteialy In
Eo3ty pr ceutunl Of the prime pa OF SUI
p certificates SO surrendered, ard
sAau b. the duty OF the iHteis.s
Board to 80 convert said cartllicpfe-
, the bends so To be issU, ii shall d
IN the usual form Of bonds of tiii
g State, except as modif-d and provic
II ed by this act, and shall have prlnic
a. IN the face Of the Same the we'd
Hr Issued il pursuance Of al act ent
iD tied An ect to compromise. COMM:
and settle the State debit r...it-
g the - day of -, a. d. 1870,
le and il large red letters tie wUrt
to CONSOLIDATED Debt"
ic Sec 2. That the debt CT the State
20 provided by this act shall be kuos'
4ad stv:ed as tie consolidated o5 II
- STATE, aud ruch debt ana the DulldE :
= 10 i5e issued shall not o., cone+rncte
IL Ia Change The nature Of tie debt {
e. liz State, but TO reduced tle sau
to eucl & sum s5 can be puld.
z Sec. 3. Iuat for tue purpose Of pa
.;t ing The interest promptly upon &
n bonds SO 20 Re issued. i.sc7o sEaii
5v aud is hereby levied uIon ali the I,
he able property Of the late spC Il
II tax, to be computed by the Aualt'
annually after the first day OF Jan'i,.t
BE-. A D., 1875, sufficient to discLai,
/. such interest as it becomes due, "a
g. such tax shall be annually collected
and when other State ta.e aro col <
- | ed, and paid iuto the treasury, al
\. sacrediy kept and agpiit d / / the pa
- pose of paying such Interest and /
- | other, and t. provisions OF this SC
Is ton shall be- deemed AID taken 20
IL a material part OF tie comsl.ieratI:
id ! for which bonds OF tie State sh II ,
81 mav r." surrender d: PT0Cjded, z:
% tax = al! be computed IL pay j.
!! | tsreet S3snf. any bonds iii It snail ha1
~ been issued.
Sc 4 That if the Whole o. Il
fund lated b such special tex IL
id collected and pad INTO the treasl.r
h shall not In any one year be reqWc.
-. to pay such accruiag interest. It's
Of | and III that case It shall by the On :
the Treasurer 70 buy wit the :,niD'l
e su IL Of tue couso:Itiatea bonds as
he. can buy at the lowest price, aft
~ thirty days advertisement III ar lea
| Il !. i !.
II cancel said nc:.ds.
. Sec. ). HAT the Treasurer ST.
IN provide substantial bou- d book +
the purpose, in which he shall! m.ks-
H. correct deecr: ptive iiet Of the bonds
IL surrendered, which Jist eba.I emf ~
the number, date and amount Of go:
AID the purpose foc witch the ri.i
Ia vas issue q, when 1his can be tSC.
: tIiued, aud tie hamt of thA pefs,
Sarranderii.S tie saipe, ond after s.,
list shall b.. made. such surrender,
2 H"''ds, being ascorfataed to be pr
- eat. shat IL, c0H-ujn~d rs fire IN RI
presence OF the Governor, Il
6, Treasurer. the Auditor, the AttoEne
= General, tn >,ecretGry uf State. d
l. he Snperiutcpt OF i.duc4'ioU, "
n ohaN each certify urUer hl., hand r
AZ = ctlvoly i'll such boz / t!,ut iie 50
- sncl, described bonds st conspu->
: and de sr.yed.
e SEQ. 6. That tie Treaz ucer sho
y procure a we'll h"i.nd book. il " i,
H. ,i.all he KEEP sn accurate account al
g ,teAcr; ptiv3 list Of Ire new bonds SO
= b.. 's-u"d o,3:i such desrript /.
{" ball c'abcuce the date, Guuter 81
e. amount Of such bond or ho5tt
II and the purpose for which II
~ same was issued, and the name Of t.
II person to whom lssIed.
~ Sec. 7. That the new bonds pr,
IL vid, d f:r III this act shall b. o. Il
oS denominations of one hundred dollar
~ ard one Thousand dollars, and She
Il bear date the LIST day Of Januar,
1876, ana when issued and exchange
"a as berelubcfore provided, shall haS
=, at a"h2d coEp"ns for interest fro1
Il the lst day oE january or July neS