Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1888-05-24
CHAPTER 2nl

rate OF interest Of sterling bonds. or
evidences Of sterling Indebtedness Of
this Stale, issued under the Act Of
December Session, eighteen hundred
and thirty-eight, chapter three hun
dred and eighty-six, which will be-
come redeemable ia London in the
year eighteen hundred aud 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
hundred 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 redeemabic in Lon.
don in the year eighteen hundred aud
eighty-nine
Aad tohersas, 1t Is desirable that
said debt should be converted into,
aud exchanged for obligations Of this
State, redeemable in gold coin OF tue
United States, at the rate Of four dol
lars and eighty six cents, and six and
half-tenths OF cent, for each pound
sterling, and that said debt so con-
verted, and every part thereof should
be redeemsble 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 nineteen hundred
and three and that said converted
( debt, and every part thereof, should
bear interest at a rate not exceeding
three and sixty-fve hundredths per
ceutum per annum, payable on the
first days Of January and July, IN each
year therefore,
Section l. Be it enacted b. the Gen
eral Assembly of Maryland, That for
the purposes Of said conversion, ex-
tension, exchange and redemption of
said sterling Indebtedness of this State
created under the provisions of the
act of eighteen hundred and thirty
eight, chapter three hundred and
/ elghty-six, amounting to nine hundred
thousand, two hundred and fifty
. pounds sterling, loan be, aud the
same Is, hereby created, to be called
"The Exchange Loan OF Eighteen
Hundred and Eighty Nine" to the
amount OF four millions, three hun
dTed and eighty-one thousand ana
siXty-sIx dollars and sixty-three cents,
the 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 dollar, eighty
six cents ana SIX and a-Aaiftenths Of
cent fox each pound sterling, the
same being the excLangeable value Of
pound sterling, expressed in the
money Of account Of The Unite,i State
as declared by the Secretary OF The
Treasury Of the United States, on
the first day Of January, eighteen
hundred and e.ghty-eigh; and said
loan, hereby created, IN all its parts,
sh"l! Dear interest Al rate 10 he liked
: 10y The Governor, Comptroller Of the
treasury, did lie treasurer u tins
state, oi majority OF them, not ex-
ceediug three and siXty-iye hun
dredtAs III ceutum per annuu, Paya.
Die III gold com 81 the United States,
on the first days of January AMI July,
II each and every year aad it Is
hereby declared that said lean, and
every part thereof, and TIE interest
PAYABLE thereon, shall be and remain
exempted IRON al! state, county and
lAUr.C.il. taxation anu iltt the
pI!Aclla. amount OF said loan shall
be redeemab!e at the pleasure OF the
State OF Mary and, after the inst lay
o. ja.y, in the year nineteen hundred
and three.
NeU. ;. And be !; enacted. That the
Governor, Comptroller Of the Treasu-
~, and The Treasurer Of TINS State, or
q majority Of them, he and they ere
hereby authorized and directed to
have prepared certificates Of indebt-
edness OF this State, in good and suf-
icient form, 10 the aggregate amount
Of four millions three hundred and
eightv-one thousand and sixtv.six dol
lars and sixty-three cents. as evidences
O. such loan such certificates of in
dabtedness shall be dated on the first
day Of July, eighteen hundred and
e.eLtv-nine no one of said certif-
Gates shall be issued for less sum
than ora bprIr,; joIIsrs % 900