The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1888-09-21
CHAPTER POI.

A n ACT to provide for the conversion,
extension and exchange in the form
of currency Indebtedness, at lower
rate of interest of sterling bonds, or
evidences Of sterling Indebtedness of
this State, issued under the Act of
December Session, eighteen hundred
and thirty-eight, chapter three hun
dred and eighty-siX, which will be-
come redeemable in London in the
year eighteen hundred and eighty
nine, and for the redemption of such
parts of said sterling bonds, or evil
dence Of sterling Indebtedness of this
State, as may not be so extended and
exchanged.
WHEREAS, Certain sterling bonds, or
evidences of sterling Indebtedness of
this State, TO the amount of nine hun
dred thousand two hundred and fifty
pounds sterling, issued under the Act
of eighteen hundred and thirty-eight,
chapter three hundred and eighty-six.
will be redeemable in London III the
year eighteen hundred and eighty-nine;
And qohe'eaS, 1t is desirable that said
debt should be converted into, and ex-
changed for obligations Of this State,
redeemable in gold coin of the United
States, at the rate of four dollars and
eighty-six cents, and six and half
tcnths of a cent, for each pound ster-
ling, and that said debt so converted,
and every part thereof should be re-
deemabe at the office of the Treasurer
of this State, in the City Of Annapolis,
or at such other place within this State,
as such Treasurer shall designate, after
the first day of July, in the year nine
teen hundred and three; and that said
converted debt, and every part thereof,
should bear interest at rate not ex-
ceeding three and siXty-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 Gene
raj Assembly of Maryland, That for the
purposes of said conversion, extension,
exchange and redemption of said sterl-
ing Indebtedness of this State, created
under the provisions of the Act of cigh-
teen hundred and thirty-cight, chapter
three hundred and eighty-six, amount
ing to nine hundred thousand, two hum
dred and fifty pounds, sterling, a loan
be, and the same is, hereby created, to
be called 'The Exchange Loan OF Eigh-
teen Hundred and Eighty-Nine, to the
amount of four millions, three hundred
and eighty-one thousand and siXty-siX
dollars and siXty-three cents, the same
being the present value in gold coin of
the United States, of the sterling in
debtedness of this State, created under
the Act last mentioned, at the valuation
of four dollars, cighty-six cents and six
and a-half-tenths of cent for each
pound sterling, the same being the cx-
changeable value of 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, cigh-
teen hundred and cighty-eight; and said
loan hereby created, in all its parts,
shall boar date of the first day of july,
in the year eighteen hundred and eighty
nine, and shall bear interest at rate to
be fixed by the Governor, Comptroller
OF the Treasury, and the Treasurer of
this State, or majory of them, not ex-
ceeding three and siXty-tive hundredths
per centum per annum, payable in gold
coin OF the United 5 tates, on the first
days of January and July, in each and
every NtuI anu II IL hereby declared
that said loan, and every part thereof,
and the interest payable thereon, shall
be and remain exempted from all State,
county and municipal taxation; and
that the principal amount of said loan
shall be redeemable at the pleasure of
the State of Maryland, after the first
day of July, in the year nineteen hun
dred and three.
Sec. 2. And be it enacted, That the
Governor, Comptroller of the Treasury,
and the Treasurer of this State, or
majority of them, be and they are here
by authorized and directed to have pre-
pared certificates of Indebtedness of
this State, in good and sufficient form,
to the aggregate amount of four mil
lions three hundred and eighty-one
thousand and sixty-six dollars and
slXty-three cents, as evidences of such
loan; such certificates of Indebtedness
shall be dated on the first day of July,
eighteen hundred and eighty mine; no
one of said certificates shall be issued
for a less sum than one hundred dol
lars, or some multiple thereof, except
in cases when due execution of the pro-