The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1888-05-19

tue same being the present value IN gold
coin of the United States, of the sterling
Indebtedness of this State, created under
the Act last mentioned, at the valuation of
four dollars, eighty-six cents and six and a.
haf-tenths of cent for each pound sterl-
ing, the same being the exchangeable
value of a pound sterling, expressed in the
money of account of the United States, as
declared by the Secretary of the Treasury
of the United States, on the first day Of
January, eighteen hundred and eighty
eight; and said loan hereby created, in al
its parts, shall bear date of the first day o.
July, in the year eighteen hundred ant
eighty-nine, and shall bear interest at ;
rate to be fixed by the Governor, Comp
troller of the Treasury, and the Treasure
of this State, or majority of them, not ex
ceeding three and sixty-fve hundredth
per ccntum per annum, payable in gol'
coin of the United States, on the first day
of January and July, in each and ever,
year; and it is hereby declared that saic
loan, and every part thereof, and the in
terest payable thereon, shall be and renal
exempted from all State, county and mum
cipal taxation; and that the principa
amount of said loan shall be redeemable a
the pleasure of the State of Maryland
after the fESt-day of July, in the yea
nineteen hundred and three.
Sec. 2. And be it enacted, That tn
Governor, Comptroller of the Treasury
and the Treasurer of this State, or ;
majority of them, be and they are hereby
authorized and directed to have prepared
certificates of Indebtedness of this State, il
good and sufficient form, to the aggregate
amount of four millions three hundred anG
eighty-one thousand and sixty-six dollar
and sixty-three cents, as evidences Of suct
loan; such certificates of Indebtedness shall
be dated on the first day of July, eighteen
hundred and eighty-nine; no one of said
certificates shall be issued for less sun
than 500 or some multiple thereof, ex.
cept in cases when due execution of the pro
visions of this Act may necessarily require
the issue of a certificate or certificates Of
Indebtedness, expressing in part fraction
or fractions of one hundred dollars; each
of such certificates of Indebtedness shall be
signed by the Treasurer of the State, and
countersigned by the Comptroller of the
Treasury thereof, aud shall bear interest at
rate not exceeding three and sixty-fve
hundredths per centum per annum, payable
semi-annually on the first day of January
and the first day of July of each year,
such proportion of said certificates Of in
debtedness shall be registered, and such
proportion shall have interest coupons at
tached thereto, as the said Governor
Comptroller of the Treasury and TreaSur-
er, or majority of them may from time to
time Determines each of said certificates Of
indebtedness shall be payable at the
pleasure of the State of Maryland, after
the first day of July, in the year nineteen
hundred and three; each of such certificates
of indebtedness, and the respective debts
evidenced thereby, shall be exempted from
all State, county aud municipal taxation
and there shall be endorsed by the Treas
urer of the State, upon each of said certif
Gates of Indebtedness, when the same is is
sued for exchange, or other disposition
under the provisions of this Act, the date
of such issue, and the time from which in
terest shall begin to run thereon.
Sec. 3. And be it enacted, That il
order to provide for the exchange of the
certificates of indebtedness issued under th
provisions of this Act, for the sterling
bonds, or evidences of sterling indebted
ness, referred to in the preamble of thi
Act, the Governor, Comptroller of the
Treasury, and Treasurer Of this State, or ;
majority of them, be and they are hereby
directed to advertise twice week, for six
weeks, between the first day of January
eighteen hundred and eighty-nine, and thu
first day of April, eighteen hundred and
eighty-nine, in two newspapers published
in the City of London, and twice week
for three successive weeks, between the
first day of March, eighteen hundred and
eighty-nine, and the first day of May
eighteen hundred and eighty-n rs, in two
newspapers published in each of the Cities
of Baltimore, Philadelphia and New York
that the Treasurer of this State will be in
readiness, between the first day Of May
eighteen hundred and eighty-nine, and
the fifteenth day of June, in said last men
toned year, to exchange, at such place OIL
places as may be named in said respective
advertisements, certificates of indebtedness
issued under this Act for sterling bonds OIL
evidences of sterling indebtedness issued
under the Act of eighteen hundred and
thirty-eight, chapter three hundred and
eighty-six, upon the terms hereinafter il
this section prescribed; and the Treasurer
of this State is hereby authorized, and may
be required, between the first day of May
and the fifteenth day of June, in the yea
eighteen hundred and eighty-nine, by the
holder of any of the sterling bonds or evi
dences of sterling Indebtedness of this
State, issued under the Act of eighteen
hundred and thirty-eight, chapter thre'
hundred and eighty-six, to exchange, be
fore the fifteenth day of June, in the yeal
eighteen hundred and eighty-nine, and a
of the date of the first day of July, eigh
teen hundred and eighty mine, any part O.
parts of the certificates of indebtedness O.
this State, issued under the provisions O
this Act, at their face amount and value
for any part or parts of the sterling bondl
or evidences of sterling Indebtedness o.
this State, of the same aggregate amour
and value, estimating each pound sterling
at the value of four dollars, eighty-sil
cents and six and a-half.tenths of cent
in making such exchanges all fractions Of
such aggregate exchangeable indebtedness
slhis State to any holder of such sterling
zu,aaapntipg to less than one
d dollars, and all amoa Ne ~ u.,ie !,
interest, which may be ufii66r .
by the State in making any OF ne sent Il