Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1888-05-24

them, be and they are hereby directed 20
advertise twice yseek, for six weeks, be-
tween the first day Of January, eighteen
hundred and eighty nine, and the first day
Of April, eighteen hundred and eighty-nine,
in two newspapers published in the City Of
London. and twice week for three success
siye week.. between the first day Of Msrch,
eighteen hundred and eighty nine, and the
first day Of May, eighteen hundred and
elghfy-nine, in two newspapers published
in each Of the Cities Of Baltimore, Phila-
delplia and New York, that the Treasurer
Of this State viii be in readiness, between
the first day May, eighteen hundred and
eighty nine, aad the fifteenth day of June
In said last mentioned year, 20 exchange,
al such place or places as may be named in
said respective advertisements, certificates
Of indebtctneSs issued under this act for
sterling bonds or evidences Of sterling in
debtedness issued under the act Of eighteen
hundred and thirty-eight, chapter three
hundred and eighty six, upon the terms
hereinafter in this section prescribed; and
the Treasurer Of this State is hereby au-
thorized, and may be required, between the
first day.of May and the fifteenth day of
June, in the year eighteen hundred and
eighty nine, by the holder of any Of the
sterling bonds or evidences OF sterling in
debtedness o! this State, issued under the
act Of eighteen hundred and thirty-eight,
chapter three hundred and eighty six 20
exchange. bcf,rc tie fifteenth day of June.
in the year eighteen hundred and eighty
nine, and as a. the date of the first day of
July, eighteen hundred and eighty nine,
any part or parts of the certificates of in
debtedness Of this State, issued under the
provisions Of this Act, Of their face amount
and value, for any part or parts of the
sterling h0ndss3g evidences OF sterling in
tdshfeds ssss77s STATE, Of the same aggre-
gate an1Shfir and value, estimating each
pound sterling ct the value Of four dollars,
eighty-six cents and six and a-half-tenths
OF a cent; in making such exchanges all
fractions OF such aggregate exchangeable
Indebtedness OF this State to any holder OF
such sterling bonds or evidences of sterling
| Indebtedness, amounting TO less than one
hundred dollars, and all amounts or differ
ences Of interest, which may be required
to be paid by the State in making any Of
the exchanges authorized by this act, shall
, be settled by the State or by the person
liable TO pay the same, in cash and all
such differences which may be payable to
the State, shall be received by the said
| Treasurer, upon the warrant of the Comp
troller, into the Treasury of this State.
Sec. 4. And be it enacted, That if any
OF the certificates Of Indebtedness issued
under the provisions of this Act, remain
unexchanged on the first day of July, in
the year eighteen hundred and eighty mine,
| for sterling bonds, or certificates Of sterling
| Indebtedness, issued under the act Of eigh-
teen hundred and thirty eight, chapter three
| hundred and eighty-siX, the Governor,
Comptroller, and Treasurer OF this State,
or majority of them, may at any time
after said last mentioned day, give notice
| by advertisements published twice week,
for al least four weeks, in two newspapers
| published in each of the cities of Balti-
more, Philadelphia and New York, before
! the day mentioned in said advertisements
! as the day for opening the proposals thereby
| called for, that they will receive sealed pro-
! pOsals for the purchase of so many of such
certificates of Indebtedness, issued under
! the provisions of this act, as may not have
| been exchanged, as provided for in this act,
at prices not less than the par or face value
! of the said certificates of Indebtedness, and
the interc.. accruing thereon on the open
| ing of such proposals, so many OF said GER
| tificates Of Indebtedness as have been 50
| bid for, and the accruing interest thereon,
! shall be awarded by the said Governor,
! Comptroller of the Treasury, and Treasur-
/ or, or the majority OF them, 10 the highest
! responsible bidder or bidders therefor, for
cash. and when two or more bidders have
made the same bid, and such bid is the
| highest, the certificate of Indebtedness so
| bid for shall be awarded TO such highest re-
! sponsible bidders; and if the amounts so
! bid for, at the same highest responsible bid,
/ are in excess Of the whole amount of Ccrti-
| Gates Of Indebtedness 80 offered for sale, such
! certificates Ofindebtedness shall be awarded
| t. such highest responsible bidders bidding
the same price, in the proportion which the
amount each has bid forbears 10 the whole
amount Of said certificates OF Indebtedness
50 offered for sale; if any Of said certificates
| Of Indebtedness 81 offered for sale, are not
| bid for, they may bc subsequently disposed
OF under the direction of the Governor,
! Comptroller OF the Treasury and Treasurer,
| or a majority of them, at private sale, upon
( the best terms they can obtain for the same;
/ provided, that they hall not be sold for less
than par and accrued interest
! Sec. :. And re il enacted, That any bid
! der making on accepted bid under the
! proposes provided t,T in this Act, for the
. sale Of certificates Of Indebtedness, not ex-
changed for those sterling bonds or evil
iences of sterling Indebtedness, which are
referred 10 in the preamble of this Act as
maturing in the year eighteen hundred and
eighty nine, shall have the privilege OF
paying for said certificates of Indebtedness
so purchased, or for any part thereof in
/ the unexChangcd sterling bonds or eviden-
Ces Of sterling Indebtedness, intended to be
redeemed by the proceeds of such sale,
estimating the value Of such sterling bonds
and evidences of sterling debt at the rate of
four dollars and eighty-six cents and six
and a-half tenths of a cent for each pound
sterling with further credit, at the same
valuation, for any accrued and unpaid
sterling interest thereon.
Sec. 8. And be il enacted, That the actual
: cash proceeds OF such sales II any such
certificates of Indebtedness shall he paid 10
the Treasurer of the State, upon the war
rant Of the Comptroller; and such proceeds
/ shall be used exclusively for the redemp-
ton and pay ment Of the sterling bonds or
evidences Of sterling Indebtedness of this
/ State, referred 10 in the preamble of this
4 Act
. Sec. I. And be il enacted, That the sum
Of twenty thousand dollars, or so much
thereof as may be necessary, is hereby
, appropriated ont of any money in the
/ Treasury not otherwise appropriated, for
/ the payment and settlement OF all amounts
/ or differences OF interest required to be
! paid by the State in making any of the ex-
/ changes authorized 10y this Act, and not
hereinbefore or otherwise provided for, and
I for the payment Of the expenses of the en-
craving or printing, and other expenses
con neCtel with the issue Of the Exchange
Loan authorized by this Act, and for the
payment of the advertising directed by this
Act, and of all incidental expenses neces-
sarily connected with the execution of the
provisions Of this Act and the said sum of
money hereby appropriated, shall be paid
as required by the Treasurer of this State