The western sentinel. [volume] (Winston-Salem, N.C.) 1887-1926, 1890-03-20
THE.sTATEDEBT
The Status of the Debt as Set Forth IN
Treasurer Bain's Circular.

Treasurer Bain's Circular.
L From tie Nsws and Observer
State Treasurer Balm has just issued
circular in which he sets forth the
present status of the, State debt and
the condition of exchange of old
bonds into new 4 per cent bonds. The
time for these exchanges will expire
July /, 1890. In his circular MIR.
Balm says: --
The act of the General Assembly
Of North Carolina, entitled "an act to
compromise, commute and settle the
State debt" ratified March 4, 1879,
authorizes the exchange of certain
issues Of the old bonds of this State.
Under the conditions Of the renewal
and amendatory act, ratified Feb. 5,
1889, the time prescribed for the ex-
change will expire July 1. 1890. The
several classes of bonds mentioned in
the act are as follows:
Glass Bonds issued before the
Goth of May. 1861, known as ''old
bonds which the holders can easily
identify by their dates. They are re-
deemable at 40 per cent of the prin-
cipal. The last date of this class is
April 1st, 1861.
Glass Bonds redeemable at 25
per cent. of the principal described
as follows: Issued since the close of
the late war .oy authority of acts pass.
ed before the war, for the Western
North Carolina railroad, bearing vari-
GUS dates as follows: July 1, 1866;
October 1, 1866; July 1, 1867; Janua-
ry 1, 1868; and October 1, 1868; also
bonds issued on account of same road,
dated October 1, 1861. The bonds
above referred to as dated October 1 /,
1868, are numbered 1914 to 6253, both
inclusive, and the numbers are stated
to distinguish them from other bonds
of same date to that company not
fundable. Wilmington, Charlotte and
Rutherford Railroad, bearing dates
July 1, 1852; January 1, 1866; and
January l, 1867. Western Railroad
(from Fayetteville) dated October l,
1861.
Glass 3-Bonds to provide for
fonoing the State debt, issued under
the act of March 10, 1866, and the
bonds issued under act of August 20,
1868, to provide for funding the ma
tured interest on the public debt,
dated October 1, 1868, redeemable at
Is per cent. of the principal.
Bonds presented for exchange must
be accompanied by all coupons be-
longing thereto in the possession of
the holder of the bonos.
The n wv bonds to be issued are to
bear 4 per cent. interest, and are ex-
empt from taxation. Their coupons
are receivable after maturity in pay
ment Of all State taxes. Provision is
made in the act for the payment of
the interest, and it will be promptly
paid as it accrues. In issuing the new
bonds the matured coupons thereon
are detached, retained and destroyed
by the State Treasurer, as the
amendatory act requires.
The exchange is made at this
office. The only expenses attending
the exchange are the express charges
on bonds to ard from this city, to be
paid by the holders. Bonds will he
received through registered mail, but
new bonds issued in exchange will be
transmitted by express, it being neg
-essary to have receipts for them oln
the books of this department.
The act authorizes the exchange of
bonds to the amount of $12,627 900,
of which nearly $11 100000 have
been exchanged.
The following mentioned bonds are
excluded from the act: The issues
known as special tax" bonds, which
the holder can readily identify by the
statement on the face of each bond;
the issue of the Chatham railroad
company under an ordinance of con-
vention Of 1868, dated April l, 1868,
81 900 each; the issue to the William
ston and Tarboro Railroad company,
under the same authority, dated DC.
tober /, 1869, 81 900 each; the bonds
issued on account of the penitentiary,
under act of August "a, 1868, dated
October 1, 1868. 81 900 each.