Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1888-05-17
CHAPTER pol.

AN ACT to provide for the conversion,
extension and exchange IN the form
o! currency Indebtedness, At a lower
rate OF interest OF sterlinr bonds, or
evidences Of sterling Indebtedness Of
th.e State, Is: led under the Act of
December Session, eighteen hundred
and tnirtY-eloht, chapter three hum
dr.d and elgLty-sIx, which will be-
come redeemable IN London in the
year e -hteen hundred and eighty
rue, and tDr the redemption Of such
rarts o. sad sterling bonds, or evil
ueuce # sterling Indebtedness Of this
state. Is laay not be 90 extended and
exchanged.
WnFaEAs, Certain stcrlinr bonds,
or ev fences Of sterling iude otedness
Of thu State, 10 the amount Of nine
hundred thousand two hundred and
Fifty pound sterling i,sued under the
act Of eighteen hundred and thirty
eight, chapter three hundred and
eighty-sl-;, will he redeemable in Lon.
don in the year eighteen hundred and
cighty.nine
IuR lyL.rc,>, 1t Is desirable that
SAID debt should converted into,
and exchanged FOR obligations o. this
State, redeelaahle in gold coin Of the
| a,tcd states, 4; the rate Of four dol
lars and eighty six cents, and SIX and
\ hali-tenth~ Of cent, for each pound
sterling, an! that said debt so con-
verted, ana every part thereof should
be- rrdeemable At the Office OF the
Treasurer Of tbs State, IN the City Of
Annapolis, or at such other place
w.ih.u tins State as such Treasurer
shall designate, after the first day Of
july, IN the year nineteen hundred
ana three and that said converted
debt, and every part thereof, should
near inter at rate not exceeding
three AID sl.ty-tive hundredths per
centum per annum, payable on the
first days Of January and July, IN each
year therefore,
Section /. BE It enacted by the Gen
cral Assembly of Maryland, That for
the purposes of said conversion, e.
tension, exchange and redemption of
SAID stc~hnG Indebtedness OF this State
created under the provisions Of the
act 81 eighteen hundred and thirtv-
eight, cHapter three hundred and
elShtv-stX, amounting to nine hundred
thousand, two hundred and fifty
pounds sterling, "a loan be, and the
same - hereby created, to be called
The Exchange Loan Of Eighteen
Hundred and Eghty-Nlue, to the
amount Of four millions. three hun
drGd and e!Ehty-one thousand and
: -.v-slX dollars and :, rty-three cents.
the same being the present value in
gold toln Of the United States, Of the
sterling Indebtedness OF this State.
y"eated under the act last mentioned,
At the valuation OF four dollars, eighty
s'N cents and S!N and ,half-tenths of
q cent for each pound sterling, the
same being the exchangeable value Of
81 pound sterling, eXpr sSed in the
money of account OF the | uited States.
a. declared ~ the Secretary Of the
Treasury ot she United States, on
the .yst day OF January, eighteen
hundred and eighty eight and said
loan, hereby rgeated. in all It's parts.
shA.. bear interest At rate 10 be fixed
~ Il, Governor, Comptroller Of the
Treasury. and the Tree surer Of this
State, or majority Of them, not ex-
Ceeiiag three and sixty-hve hum
drectt Per centun per annum. pava.
bic = gold coin Of the United States,
on the first days Of Janual : and july.
IN each and every year and it is
hereby declared that said loan, and
every part thereof, and the interest
payable thereon. shall be and remain
exempted from al State, county aud
municipal ta-at!on and that the
principal amount Of said loan shall
be ledeemable at the pleasure of the
State Of Maryland, after the first day
o. July, il the year nineteen hundred
and three.
Sec. ;. And be it enacted, That the
Governor, Comptroller of the Treasu.
-, and the Treasurer Of this State. or
a majority OF them, be and they are
hereby authorized and directed to
have prepared certificates Of indobt. !