Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1897-02-15
THE KNOX BILL.
1t Authorizes the Funding OF Indebt-
edness In the Territories OF
the United States.

Congressman VIM. s. Knox, of
Massachusetts, has introduced tho fol-
lowing measure, which wal referred to
the house committee on the Territories,
and ordered printed:
Be IL enacted By the Senate and House OF
Representatives of the United States Of
america in Congress Assembled,
That for the purpose of liquidatfng and
providing for the payment of the outstand-
ing and existing indebtedness Of the Terri
tories of the United States, and such future
indebtedness as may be or 10 now authorised
by law, the governor of each Territory,
together with the Territorial auditor ami
Territorial secretary, and their SUCCESSORS
in office, shall constitute a board Of COM
missiOners for the Territory 10 which they
hold office, to be styled the "loan commits
sioners of the Territory and shall have
and exercise the powers and perform the
duties hereinafter provided.
Sec. 2. That il shall be, and 1t IL hereby,
declared the duty of the loan commission
ers of each Territory to provide for the
payment Of the existing Indebtedness of
such Territory due n to become due, or
that is now or nay be her eafter authorized
by law, except such indebtedness ~ has
been recognized or covered by reason of
an act Of the legislative assembly IL New
Mexico, approved January 2Sth, 1867, sn-
titled IAN act to amend an act entitled
Militia and acts ~amendatory thereof,u
and for the purpose of paying, redeeming,
and ~re.funding all or any part of thu prin-
cipal or interest, or either, Of the legal in
debtedness hereby provided to be paid, and
also that which may at any time become
due, or Is now or may DO hereafter author.
lied by law, the said commissioner shall
from time to time Issue negotiable coupon
bonds of the Territory whom tho same can
be done in harmony with this act.
Sec. 3, That said bonds shall be issued
as nearly as practicable In denominations
of 81, 1000, but bonds Of . lower denomina-
tion, not less than $3.50, may be issued when
necessary. Said bonds shall bear Interest
at a rate to be fixed by said loan commis-
~sioners, not exceeding per centum, except
bonds Issued by the Territory OF Arizona
in exchange for indebtedness Of the Kind
and description In this act authorised and
required to be funded or exchanged, and
which indebtedness has already been pre-
ssnted to be exchanged under existing law.
In which case said bonds shall bear
at q rate not to exceed 3
per centum which interest shall be paid
semi annually, In gold or its equivalent. |
in lawful money OF the United States, on |
the 18th day Of January and the 18th day
Of July In each year, at the Office of the
"a VA Nv uuG4 UHuk IN |
the city Of New York, or In the city OF San
Francisco, in the state Of California, or Il
such places as may be designated By said
loan commissioners, at the option Of tho
purchaser Of said bonds, the place Of paw
being mentioned In said bonds. The
principal Of said bonds shall he made pay
able in lawful money Of the United States
years after the dats OF their issue, |
Said Territories reserve the right tn re-
deem at par any Of said bonds, In their
numerical order, at any time after twenty
Years after the date thereof.
They shall bear the date of their Issue,
tate WHOM, where, and to whom payable,
Of interest, and shall be signed by
aid loan commissioners and shall have the
cal Of the Territory affixed thereto and
undersigned by the Territorial treasurer
nd bear his official seal, and shall be regis.
sred by the Territorial auditor ina book,
D be kept by him for the purpose, which
hall state amount sold for, or, II sx-
hanged, for what; and the faith and
redit of the Territory 10 hereby pledged
n the payment Of said bonds and the In I
rest accrulng thereon, as herein provided. 1
Sec. 4. That coupons for the interest 1
lall be attached TO each bond, 20 that they