The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1898-04-23
roved April Is, 1898.
AN ACT
Authorizing War Loan and Providing
for the Disbursements of the Proceeds
Therefrom and for n War Loan sinking
Fund for the Purpose of Liquidating the

|
Loan.
| Whereas, The United States has
reached a crisis making II likely that
| the president may call on the state of
Michigan for troops and for a naval
contingent and
Whereas, 1t has become necessary for
the several states to be prepared for all
calls Of a military nature made by the
general government; therefore:
The people of the state of Michigan
enact:
Section 1. That the governor and
state treasurer be and they are hereby
authorized and directed, in the name
! and on behalf Of the people. and upon
the faith and credit of this state, for
the purpose Of organizing national
guard, naval militia and the volun-
teer militia for the purpose of repelling
invasion or defending the state and ma
ton in time Of war against all enemies
and opposers whatever, to purchase and
contract for loan or loans for such
sum or sums of money as may be nee
essary for the purposes herein specified.
not exceeding 100000 in all, on the
most favorable terms that, in their
judgment, can be obtained. redeema-
BILE at the pleasure of the state at any
time not less than five, nor more than
ten years from the first day OF May,
1898, at a rate of interest not to ex-
coed per cent (D per annum, paya-
BILE semi-annually on the first days of
May and November in each year. Such
loans shall be known as the Michigan
war loan Of 1898. The proceeds Of such
bonds shall be credited to the war fund
and shall be paid out in no other man.
ner and for no other purpose than in
this act specified. The principal, as
well as the interest accruing 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 effect
ing the loan or loans by this act au-
thorized. the governor and state treas
urer are hereby empowered and direct
ed to cause to be issued bonds of the
state Of Michigan from time to time as
they may deem necessary in sums not
less than one hundred dollars ($1OO)
each to be signed by the governor and
countersigned by the secretary Of state
and state treasurer, with the seal of
state affixed thereto, and the coupons
principal and interest of all bonds un-
der FIVE hundred dollars ($500) shall be
payable in 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 me-
gotiable In such manner as the gov
ernor and state treasurer may deem
expedient.
Section 3. The moneys arising from
the sale Of the bonds. by this act au-
thorized to be issued, shall be paid into
the treasury of the state to the credit
of the war fund. and shall be drawn
therefrom upon the warrants Of the
auditor general, which warrants, pay
able to the quartermaster general, shall
be issued upon proper acquisitions Of
the quartermaster general Of the state.
after the governor shall have certified
that the amount stated In the requisi-
ton is needed for the purposes speci-
fed in this act. The moneys provided
by this act may be used for the pur-
pose of recruiting, enlisting, organic
ing, arming and equipping the military
forces herein mentioned, and for the
purchase and distribution of all neces-
sary military and naval stores, wheth-
err of subsistence, clothing, pay, medi-
cines. field, camp and vessel equipage,
arms, munitions, and equipments for
such organizations of the national
guard, naval militia and volunteer
militia of this state as may be mus
tered into the service OF this state. or
OF the United States. under the provis-
ions of any law of this state, or under
any call from the president of the Unit
ed States: Provided. That no moneys
authorized by this act shall in any way
be construed as applicable for the or
binary expenses Of the naval militia or
national guard. as contemplated by the
laws of the state making direct appro-
priations for the general expenses OF
these organizations. Warrants payable
TO the quartermaster general may be
issued by the auditor general upon