The daily state chronicle. [volume] (Raleigh, N.C.) 188?-1891, 1890-03-21
OLD STATE BONDS.
Some Still Outstanding--The Time for
Exchanging Drawing to Close.-
The Funding Act Expires July Ist.
1890.

The Fanding Act Expires July lst.
1890.
State Treasurer Bain announces that
under the act of the General Assembly
the time for exchanging old old State
bonds, which are fundable, will expire
July 1st, 1890. All old bonds which are
not sent in for exchange by that time
cannot be funded except by rev act
of the General Assembly.
j The Treasurer has much correspond
ence with reference to the bonds, and
for the information and convenience of
the public, issues the following advices:
The act of the General Assembly of
North Carolina, entitled 'an act to COM
promise, commute aud settle the State
debt, ratified March 4th, 1879, autho-
rizes the exchange of certain issues of
the old bonds of this State. Under the
provision of the renewal and amenda-
tory act, ratified February 5th, 1889,
the time prescribed for the exchange
will expire July 1st, 1890.
The several classes of bonds men
toned in the act are as follows
CLASS 1.-Bonds dated before the goth
of May, 1861, knows as "old bonds,"
which the holder can easily identify by
their dates. They are redeemable at
40 per cent. of the principal. The J st
date of this class is April 1st, 1861.
CLASS 2.-Bonds redeemable at q ,r
cent of the principal, described as 4ol-
lows: Issued since the close Of the late
war by authority Of acts passed before
the war, for the Western North Carolina
Railroad, bearing various dates, as fol-
lows: July 1st, 1865; October 1st, 1866;
July 1st, 1867; January 1st, 1868; and
October 1st, 1868; also bonds issued on
account of same road, dated October 1st,
1861. The bonds above referred to as
dated October 1st, 1868, are numbered
5914 to 6253 both inclusive, and the
numbers are stated to distinguish them
from other bouds of same date to that
company not fundable.
Wilmington, Charlotte and Ruther
ford railroad, bearing dates July 1st
1862; January 1st, 1865; and January
1st, 1857
Western railroad from Fayetteville
| dated October 1st, 1861.
CLASS 3.-Bonds to provide for fund
ing the State debt, issued under the &C
of March 10th, 1866, dated January 1T
1866, and the bonds issued under act Q
August 2Oth, 1868, to provide for fund
| ing the matured interest Gu the pubii'
/ debt, dated October 1st. 1868, redeem
able at Is per cent. of the principal
Bonds presented for exchange must b
accompanied by all coupons Belonging
thereto in the possession of the holde
Of the bonds.
TIE new bonds to b. issued are to bea
four per cent. interest, ald are exemr
from taxation. Their coupons are re
ceivable after maturity in payment Of a
State taxes Provision is made in tn
act for the payment of the interest, an
it will be promptly paid as it accrues
In issuing the new bonds the mature
coupons thereon are detached, retaine
and destroyed by the State Treasurer, q
the amendatory act requires.
The exchange is made at this Office
The only expenses attending the e,
change are the express charges on bono
to and from this city, to be paid by th
holders Bonds will be received throug
registered mail, bat new bonds issued
exchange will betransmitted by express
it being necessary to have receipts fe
them on the books of this Department
The act authorizes the exchange
bonds to the amount of $12, ,627, 900, ,
which nearly $11 600, 600 have been e.
changed.
The following mentioned bonds al
excluded from the act. The issues know
as especial tax" bonds, which the hold'
. can readily identify by the statement c
the face of each bond; the issue to Il
Chatham Railroad Company under {
ordinance Of convention Of 1868, date
April /, 1868, $1,000 each; the issue
the Williamson and Tarboro Railros
Company, under the same authorit
.. dated October |, 1869, 81 900 each: tt
bonds issued on account of the penite
tiary, under act OF August "a, 1868, da
ed October l, 1868, Zoo each.