The Yale expositor., 1898-04-29

-
Purpose of LiauidntinG the Loan.
Whereas, The United States has reached
q crisis making IL likely that the PseS4-
dent may call on the State of Michigan
for troops and for Naval contingent,
and
Whereas, 1t has become necessary for
the several states to be prepared for all
Gals OF military nature made by the
general government; therefore:
The People Of the state of Michigan
enact,
section /. That the Governor and State
Treasurer be and they are hereby author
lied and directed, in the name and on be-
half or the People. and upon the faith
and credit of this State, for the, purpose
OF organizing National Guard, Naval
Militia and the Volunteer Militia for the
purpose of repelling invasion or defend
ing the state and Nation in time OF war
against all enemies and opposers what
ever to purchase and contract for loan
or loans for such sum or sums OF money as
may be necessary for the purposes herein
specified, not exceeding one-halt million
dollars in all, on the most favorable terms
that, in their judgment, can be obtained,
redeemable at the pleasure or the State
at any time not less than five, nor more
than ten years from the First day of May,
1888. at a rate of interest not to exceed
four per cent 40 per annum, payable
semi-annually on the first days of May
and November in each year. Such loans
shall be known as the Michigan var loan
OF 1888. The proceeds of such bonds snail
be credited to the war fund and shall be
paid out in no other manner and for no
other purpose than in this act specified
The principal as well as the interest ac-
cruing upon the bonds Issued under this
act, shall be payable from the war loan
sinking fund hereinafter provided for.
Section 2. For the purpose of effecting
the loan or loans by this act authorized.
the Governor and State Treasurer are
hereby empowered and directed to cause
to be issued bonds of the State of Michi-
gan from time to time as they may deem
necessary in sums not less, than One Hun
dred Dollars ($100) each to be signed by the
Governor and countersigned by the Secre-
tary of State and State Treasurer, with
the seal of State affixed thereto, and
.is coupons for interest thereto attached
under Five Hundred Dollars G500) shall
be payable 4. the City Of Detroit, and for
principal and interest Of amounts over
Five Hundred Dollars $500 In the City of
New York. The bonds shall be drawn in
favor of the Auditor General, and when
endorsed by him, become negotiable in
such manner as the Governor and State
Treasurer may deem eXpedient.
Section g. The moneys arising from the
sale of the bonds, by this act authorized
20 be issued. shall be paid into the treas
ury of the State to the credit of the war
fund. and shall be drawn there-from upon
the warrants of the Auditor General.
master General, shall be issued upon prop
er acquisitions of the Quartermaster
General of the State, after the Governor
shall have certified that the amount
stated in the reaulsition is needed for the
purposes specified in this act. The
moneys provided by this act may be used
for the purpose of recruiting, cnlisting.
organizing. arming and equipping the mill
itnry forces herein mentioned, and for the
purchase and distribution OF all necessary
military and naval stores, whether OF sub
sistence, clothing, pay, medicines, field,
camp and vessel equipage. arms, NUM-
lions. and equipments for such organiza-
lions OF the National Guard, Naval Militia
and Volunteer Militia OF this State as may
be mustered into the service OF this State
or OF the United States, under the provi-
sions OF any law OF this State. or under