The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1888-04-27
of this Act may necessarily re-


ury thereof, and shall bear interest at
five 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 GER
titicates of Indebtedness shall be regis
tered, and such proportion shall have
interest coupons attached thereto, as
the said Governor, Comptroller of the
Treasury and Treasurer, or majority
of them may from time to time deter
mine; each of said certificates of indebt-
edness shall be payable at the pleasure
of the State of Maryland, after the first
day of July, in the year nineteen hun
bred and three; each of such certificates
of Indebtedness, and the respective
debts evidenced thereby, shall be ex-
empted from all State, county and mu-
nicipal taxation; and there shall be en-
dorsed by the Treasurer of the State,
upon each of said certificates of indebt-
edness, when the same is issued for
exchange, or other disposition under the
provisions of this Act, the date of such
issue. and the time from which interest
shall begin to run thereon.
Sec. 8. And be it enacted, That in
order to provide for the exchange of
the certificates of Indebtedness issued
under the provisions of this Act, for
the sterling bonds, or evidences of
sterling Indebtedness, referred to in
the preamble of this Act, the Governor,
Comptroller of the Treasury, and Treas
urer of this State, or majority of them,
be and they are hereby directed to adj
vertise twice week, for six weeks, be-
tween the first day of January, eigh-
teen 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 a week for three successive weeks,
between the first day of March, egh-
teen hundred and eighty nine, and the
first day of May, eighteen hundred and
eighty-nine, in two newspapers pub
lished in each of the Cities of Baltimore,
Philadelphia and New York, that the
Treasurer of this State will be in readi-
ness, between the first day Of Nav,
eighteen hundred and eighty-nine, and
the fifteenth day of June, in said last
mentioned year, to exchange, at such
place or places as may be named in said
respective advertisements, certificates
of Indebtedness issued under this Act
for sterling bonds or evidences of sterl-
ing Indebtedness issued under the Act
of eighteen hundred and thirty-eight,
chapter three hundred and eighty-six,
upon the terms hereinafter in this sec
ton prescribed; and the Treasurer of
this State is hereby authorized, and NAV
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 sterl-
ing bonds or evidences of sterling in
debtedness of this State, issued under
the Act of eighteen hundred and thirty
eight, chapter three hundred and eighty
six, to exchange, before the fifteenth
day of June, in the year eighteen hun
drcd and eighty-nine, and as of the
date of the first day of July, eighteen
hundred and eighty-nine, any part or
parts of the certificates of Indebtedness
of this State, issued under the provi-
sions of this Act, at their face amount
and value, for any part or parts of the
sterling bonds or evidences of sterling
Indebtedness of this State, of the same
aggregate amount and value, estimating
each pound sterling at 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 aggre-
gate eXchangeable Indebtedness of this
State to any holder of such sterling
bonds or evidences of sterling indebted
ness, amounting to less than one hun
dred 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 Comptroller, 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
nine, for sterling bonds, or certificates
of sterling Indebtedness, issued under
the Act of eighteen hundred and thirty
eight, chapter three hundred and
eighty.siX, the Governor, Comptroller,
and the Treasurer of this State, or a
majority of them, may ut any time after
said last mentioned day, give notice by
advertisements published twice week,
for ut least four weeks, in two news
papers published in each of the cities of
Baltimore, Philadelphia and New York,
before the day mentioned in said ad.
vertisements as the day for opening the
proposals thereby called for that they
will receive sealed proposals for the
purchase of so many of such certificates
of Indebtedness, issued under the pro-
visions 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 in
debtedness, and the interest accruinp
thereon; on the opening of such pro-
posals, so many of said certificates of
Indebtedness as have been so bid for,
and the accruing interest thereon, shall
be awarded by the said Governor, Comp
troller of the Treasury, and Treasurer,
or the majority of them, to the highest
responsible bidder or bidders therefor,
for cash; and when two or more bid
ders have made the same bid, and such
bid is the highest, the certificate of in
debtedness so bid for shall be awarded
to such highest responsible bidders; and
II the amounts so bid for, at the same
highest responsible bid, are in excess of
the whole amount of certificates of in
debtedness so offered for sale, such
certificates of Indebtedness shall be
awarded to such highest responsible
bidders bidding the same price, in the
proportion which the amount each has
bid forbears to the whole amount of
said certificates of Indebtedness so Of
fered for sale; if any of said certificates
OF Indebtedness so offered for sale, are
not bid for, they may be subsequently
disposed of under the direction of the
Governor, Comptroller of the Treasury
and Treasurer, or majority of them,
at private sale, upon the best terms they
obtain hn oil Lnt