The Bamberg herald. [volume] (Bamberg, S.C.) 1891-1972, 1914-10-22
$25,000,000.00 BOND ISSUE.
BIZ. INTRODUCED IN BOTH THE
HOUSE AND SENATE.
Ii Measure Passes, it VIII BE Submit
tes! tc Voters in General
Election.


ton bonds, and to submit the issue
to the qualified electors in the gen
eral election to be held on Novem-
Der g. 1t is the purpose of the DILL
to loan the fund to the farmers on
cotton as security. The text of the
is as follows:
BE it enacted by the general as
sembly of the State of South Caro-
lima.
Section l.. That the State of South
Carolina issue twenty-five million
(s25,G00,00O dollars, if so much be
necessary, in five per cent. coupon
bonds, bearing interest from the
date of issue, payable annually, for
a term of five (5) years, and with the
option to the State to call the said
bonds or any portion thereof by num-
Der for payment at any time; said
bonds to be issued in form and man
ner and for the purposes hereinafter
set forth: Provided, that the ques-
tion of issuing the said bonds be
to the qualified electors
of this State at the next general elec-
ton, on the third day of November,
1914, for the consent of the people
Of the State; that at said election
there shall be provided a sufficient
of ballots as follows: For
the issuing of not exceeding twenty
five million (s25, ,600,000) dollars in
South Carolina coupon bonds, to be
exchanged for or loaned upon cotton
by the State-Yes,' and sufficient
number of ballots shall be provided
as follows: For the issuing of not
exceeding twenty-five million .(s25,-
dollars in South Carolina
coupon bonds to be exchanged for or
loaned upon cotton by the State
No Only such notice of said cleo
tion shall be required and extended
by advertisement as may be practica-
BILE after the passage of this act.
That in case two-thirds of the quail
fed electors of this State Voting on
the question of said issue shall vote
Yes then the said bonds shall be
issued as provided in this act.
Section 2. That said bonds shall
be issued in denominations of fifty
(S50) dollars, one hundred (S100)
dollars, five hundred (s50O dollars,
and one thousand (s1,000) dollars,
and shall be executed as now pro-
vided for by an act entitled An act
to provide the redemption of that
part of the State debt known as the
Brown Consol Bonds and stocks by
issue of other bonds and stocks, ap-
proved December %, A. D. 1892
and acts amendatory thereof. Said
bonds shall be issued in such form
as shall be prescribed by the State
sinking fund commission: Provided,
that the cotton taken in exchange
for said bonds shall be pledged for
the payment of the same and inter-
est, also all forfeitures, fines and in
terest collected under the provisions
of this act shall be held by the State
treasurer for the payment of said
bonds, except as otherwise herein
provided.
Section 3. That the sinking fund
commission shall deposit said bonds
With the State treasurer and shall
dispose of them as hereinafter pre-
scribed. In exchange for South Caro-
lima produced cotton, evidenced by
certificates or receipts from bonded
or State managed warehouses, show
ng the weight, grade, mark and num-
ber of bales of such cotton, accord
ing to the standard prescribed by
lHC lC0SI al IHC
fund commission shall deliver war
rant or warrants in the sum repre-
sented by the value of said cotton
at ten (10) cents per pound on the
basis of middling, the price Of the
lower grades to be fixed by the sink
ing fund commission, and in no case
at a higher price than ten cents per
pound: Provided, that the persons
receiving such warrants shall be the
producer of the cotton represented
by such certificates or receipts. or
the owner Of the land upon which it
was produced, or the holder thereof
for the benefit of the producer or
landowner, and shall deposit in cash
with the sinking fund commission
ten per cent. of the face of such war
rant, to be held in the State treas
ury for the purpose of the payment
of interest on said bonds and eX-
penses.