The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1893-01-25

VI a. P1NN1AS& Al CoS ~ASS A>&SSN
fore mentioned, in that the Governor
and Treasurer are not authurized under
the terms OF the said Act permitting
said bonds to be sold at par or face value
to sell the same for less than principal
and accrued interest:
Wherefore petitioner prays that the
writ OF this court do issue requiring the
said B. r. Tillman, Governor, and W.
T. C. Bates, Treasurer, as aforesaid, to
appear and show cause why they
should not be perpetually enjoined
from making and entering into the
contract herein set forth, and your pc
t;tioner will ever pray. etc.
JOHN GARY Evans.
THE AGREEMENT WITH THE sYNDI-
CATE.
The purpose Of the test case is shown
by the agreement which was attached
to the application for an injunction.
The pending contract reads:
This memorandum of agreement
made and concluded at Columbia, in
the State aforesaid, this - day OF
January. A. D. 1898, by and between
Bepj. E. Tillman, as Governor, and
w. T. G. Bates, as Treasurer Of the
said State of South Carolina, Of the
first part, and the Baltimore Trust and
Guarantee Company, of Baltimore, a
body corporate by and under the laws
of the State Of Maryland, and having
its principal place of business at Balti-
limore, in the said State Of Maryland,
on behalf ofitself and as agents for the
other, whose subscriptions are hereto
appended, of the second part, wit
nesseth:
That under and by virtue Of the Act
ofthe General Assembly Of the State
Of South Carolina hereinafter men
toned, the party OF the first part here
by covenant and agree to sell and de-
liver to the party Of the second part,
its successors or assigns,and the party OF
the second part, in its own behalf to
the extent Of its subscription and as
agent as hereinbefore set forth, hereby
covenants and agrees to purchase from
the parties of the first part for itself
and its associates two million dollars
Of the bonds and stocks bearing Il per
cent interest, payable semi-ann ,ally
and issued pursuant to the terms fan
Act of the General assembly Of the said
State of South Carolina and entitled
can Act to provide for the REDEEM ton
of that part Of the State debt Known
IS the Brown consol bonds and stock
0yaaissue Of other bonds and stock" !"
approved December 22nd, 1892, upon
the following terms and conditions,
that is to say:
The said bonds and stock so purchased
shall bear date 1st January, 1888, and
shall carry interest from January lst,
1893, payable semi-snnually; they shall
be sold by the parties Of the first part,
and purchased by the party ofthe Sec
ond part at par fiat; that is to say moth
ing additional shall be paid for any inte-
rest which may have accrued at the
time ofthe delivery;the purchase money
Of said bonds and stock shall be due
and payable, 100000 thereof upon the
execution Of this contract, and the re-
mainder on or before the 30th day Of
June, 1893, in such sums and at such
times as to the party Of the Sec
ond part may be most convenient,
and the said bonds and stock
shall be delivered by the parties
Of the first part to the parties OF the
second part in such amounts and at
such times as may be called for by the
party Of the second part, upon the pay
ment of the balance Of 95 per cent due
thereon, the said sum Of Sl00,000 being
held and taken to be 5 per cent upon
the whole purchase Of 100000.
And in consideration Of the purchase
aforesaid by the party Of the second
part, the parties OF the first part there
by further covenant and agree to sell
and deliver to the party Of the second
part, its successors or assigns, so much
Of the remainder of the bonds and
stock issued or to be issued oy virtue of
the said Act as is saleable by the Gov
ornor and Treasurer under the said Act
or any part thereof, said bonds and
stock to bear date January l, 1898, and
to carry interest from Jan. /, 1892, and
to be paid for at par fat; said remain
der Of such bonds and stock being an
derstood to be $500, 900; Provided, how.
ever, that the offer Of sale hereby made
shal:l be accepted in idue form on or
before the 1st day Of April, 1898, and it
is agreed that 5 per cent upon all pur-
chases made under this option shall be
paid on account thereof at the time
such purchases are made, and that the
remainder due upon the bonds and
stock so purchased may be paid for at
any time and in any amounts, at the
pleasure Of the party Of the second part,
on or before the 30th day Of June, 1898,
and said bonds and stock shall be de-
iivered by the parties Of the first
part to the party Of the second
part, its SUCCESSORS or assigns, in such
sums and at such times as theys may
be called for by the party Of the first
part upon the payment Of the s5 per
cent remainder due thereon. It being
expressly understood that the said
Trust Company incurs no individual
liability hureunder save to the extent
OF its own subscriptions.
In witness whereof the said Benz. r.
Tillman, as Governor, and the said
". T. G. Bates as Treasurer Of the
State Of South Carolina, have sub