Horry news. (Conwayboro, S.C.) 1869-1877, July 14, 1871, Image 1
I HORRY NEWS,
i'u h1.ikh kl?
r nil). XV MORS 1X0.
T. \Y. HKATY. Editor.
I DIIMS :
S'\00 por VK\?;ur, $1,00 lor bix Months,
in advance.
sif ill commnhlcmtIoun iciiiHiik to *crto
I r vittc interest, will be k'linr^ol lor at
ncl ??*rtlHOn?<,i*tM. i
KBljM mMmm ii wi +mrumammmmmmmmmm t
Hffi 310 N T H IY 0 A LEND A K
Wm fob
Bg| JULY, 1871.
JTTiT*
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SK^s ~j -j "f 'a * Moon s Phasoa
SMpalfl cA_ ?! *-?_ :? _H S '
? ? ? t i ."? Full Moon, 53
f%|| 1 > (} " 8 !) 10 81). I"m. M.
R&j II I- I? I J 15 10 17 Last guaj<,?r,
I * !' ' 2<> 21 22 28 24 Od 8li 60m M
25 20 27 28 20 1 :?o
l?f&vj Xew Moou,
vJ, Fkii?ay, Jidy illi. ii. m. K
' Sun rises, 4 50 j' First Quarter
A j h'tn si't-s, 7 ntI I 250 li'li Q'Jm.
I LAWS OF THE STATE.
I Acts au<l Joint Involutions, Passed by
the General Assembly ol' South Caro- j
Una, Session of 1870-71,
[OFFICIAL.] |
Ac ik ot tin; I.uoiri.atuiie?-Continued
Kik).m Fiiist Page.
An Ant to Incorporate the Hrevrcr .
Gold Mining Company, ot Aonth ,
I Section 1. Bo il Oracled by tbo Sen- j
Me and House of Koprepenlutives of
tlie State of S\>utl? Carolina, now met
?fid Hilling in (-Sonoral Assembly, and
by the authority of the same, That !
Thomas S. ('awender, Charles J. And*. 11
ami Joshua K lei.donon, ami such perMnih
as now are, or hereafter may bo, j
associated with tin m, their successors
ami assigns, he, ami they arc hereby,
const ituvtod a body corporate arid politic,
by the name ami style of the Brew ;
CI* ( .old Mitilno- t '.imn'iiif !.? ..1 '
_ . ^ ( , i i\ mi ll
name and style they arc hereby made
capable in law to have, hold, purchase,
receive, work, sell, mortgage, lease, en
joy ami retain to litem, their successors I
and assign, lands, tenements, mines of
nil characters, and chattels of what so? |
ever kind, they may decni conducive
to tl-ie ohicct and interest <?!" the said i
corporation, which are mining and
working for gold and other minerals, 1
. . . I
and manulaetunng the same, in Chcs- 1
terfield County, and other parts of
South Carolina, and of sending the I
1? t
'fame to market.
L'.. . a 'PI . 1 ?
nir. J lll(! tUM corporation,!
by tin. ii* name and hty 1 e aforesaid, may I
Hue and l;o fined, plead and lie impleaded
in any Court of this State, and make
and 11 so a common seal, and alter and
change lite fame at their pleasure, and
make and establish Mich by-laws and
regulations, and such alterations, and
jiiiicnduicndments thereof, not in con- '
llict with the Constitution or laws ol 1
this State, or of the United State, as
they shall deem proper. I
? (
See. M. That the Capital stock of
the SMid f'nrnnfntwiu cl./ill 4 .../...i..
_ ... ninii irv" mi'lliy i j
thousand dollars, with tlie right to increase
the same l?y a vole of a ma- j
joint y ot' the Directors, to any sum not ^
exceeding oneJUlilliuii dollars; that the
said corpoiiitt^i shall commence busi- !
nosa within sixty days alter its capital ; !
stock shall have Ikmi) subscribed, and
<
<lie stock may he paid either in money, !
real estate, mining leases, machinery, j
or any other kind of property, the same : e
to bo divided into such numhir of'
shares as the said corporation may do.
ten mine, and the shares to be assign>
O
able and negotiable under such rules as j 0
the said corporation may prescribe. i ,x
Sec. 4. That there shall he annual ! ,,
i U
meetings of the Stockholders, at such I r
time an I plu^e as they m ly designate,
for tho purpose of choosing a hoard of I j3
Diioctors, to consist of not less than ;
three nor more than nine, each of whom \ v
shall he a stockholder, and a President tl
i \\
and other officers of the said corporal i- s,
oa, who may he memheis of the said
J>oard of Directors, to manage their '
? | ti
a {fairs. ^
See. 5. That tlie said cotporalion
shall keep an ofiico at their principal (j
mine in Chesterfield County, which, u
for all judicial purposes, shall he deem- ai
ed their location; and also one in Phila- ' a
dclphiu, or |Xe\v York, if they choose i oi
?? i .?. - '
an meetings or ilie Stockholders n:
and Directors may bo held at such
places, in or out of the Stale, a* may l)(
i>o directed by the by laws of the said 1
corporation. J d
Sec. 0. Tliat the said corporation j in
shall have all the rights and privileges tl
granted by law to other Gold Mining j p<
Companies in this State, and nil the'si
properly, real and personal, of the said n|
corporation, shall be liablo Icr ll.eir (1
d' bts, and the private property of ihe
i
LJ&Z 3 *
'JL 2/>ijj
HQ]
VOL- 3.
i Stockholders shall be liable for the
) debts of the said corporation to the
: amount of stsck subscribed by them
'respectively, and not actually paid in
money or in property, at the time of
the coiucnoenient of the suit against
! them.
Sec. 7. That the said corporation
shall have a legal existunco from the
'
time of the pasageof this Act, and tins
| Act shall continue in force for the term
ol thirty years from and after the time
| of its passage, and the privil igcs and
| franchises granted by this Act shall
not be withdrawn during that term
Appro veil March 7, 1S71.
An Act to Protect the Interest of ttie
State whenever Payment of Interest
Now Due Remains Unpaid on Bonds
Issued by any Kabroad Comyany,
and whereon the Guaranty of the
State is Endorsed.
Section 1. Be it enacted by the Senate
and houso of Representatives of tho
State of South Carolina, now met and
sitting in General Assembly, and by
the authority of tl^e same, That the
Attorney General be, and he is hereby,
required and authorised to cause to be
instituted immediately after the eiiui
ration of lliirty days after the linnl passage
of this Act, tor, on behalf of, and
hi the name of this Stale, an action,
suit or other legal proceeding in any
Court ol this Stale, or of the United
States, against eaeli Railroad Company
which has, also, against all Railroad
Companies which have heretofore issued
bonds upon which the guaranty of
the Slate is endorsed, and on which is
now ilue and unpaid, unles within
thirty days after the final passage ol
this Act, such Railroad Company or
Railroad Companies (shall full} pay and
discharge such interest: for the inn nose i
/ 11
of enloieiug the payment of nil imerest
duo on the bonds of such ilailroud
Company, :ind protecting and seeming
the Stato against loss or damage by
reason of sai 1 guaranty, nud to elds
end to enforce llie right ol thcSlateny
virtue of the statutory .or other lien or
morgtago heldjiy the State, or hold to
secure the payment of said bond or
bonds, on all orany of the property,assets
or effects of such Company or Coinpanics.
Sec 2. That the Attorney-General be,
and lie is hereby, authorized to appeal*
for, on behalf of, and in the name of
ths State, in any action, Rttitorpro
HVM4HJ5 ??n I'wuiiii 01 iiuy oiiicr puny
or parlies, against nnv such Railroad
Company or Uailroad Companies, and
to bind the State in swell action, suiter
proceeding, and to protect the interest
>f this State therein. '
Sec 3. riiat if tlie property included ;
in the Stat utory or other lien or niort- 1
^age held to secure the payment of the 1
)ond or bonds named in t he first Sec- !
ion of this Act, shall not realize en- 1
>ng iij>on any sale or sales of nil the 1
m?j)(Tty, assets and effects, under and
ii pursucnco of any order, judgement
>r decree, iu such action, suit or pro- '<
ceding, to pay the principal and niter- '
?st of such bond or bonds, the dclici- J
ncy sliall be, and is hereby, made a '
lebt of this State, and shall be, and is '
tiado, payable an such. <
Sec. 4. That such deficiency mention.
a . i - -
(i iii Mic last preceding Section may t
t the option of the holder of the whole s
r any portion thereof, he funded into s
oupoij bonds of this State, of amounts j
ot less than one hundred dollars each, i
earing interest at the rate of six per t
out. per year, payable semi-annually, s
,'liieh said bonds shall be payable t
,'itbiu twenty years after the final pas- s
age of this Act, and upon the request- o
I the owner or owners of such defiei- a
I lev, the Treasurer of tliis State shall ti
is no such bond or bond.'*. tl
See, That an annuel tr.x, in addi- d
on to ail other taxes, shall be levied j<
pon the bond or bonds hereinbefore t;
uthorized, and upon the indebtedness tl
rising out of such aforementioned deli b
iencv at the times when such interest a
my fall due. u
Sec. 0. That the Attornov-Oenoral e<
e, and he is authorized to employ ni
leh counsel as !>e may deem best for ol
us interest of tl>o State, to assist him n<
i performing the duties imposed by p
lis Act. and to pay tbere-for such com m
rnsation as ho shall deem jnst, which b
tall 1)0 paid by the State Treasurer In
rn>n the certificate of the Attorneyoneral.
In
Se/-s7v All Arts and parts of Ada p<
;/L
.A.n Intlep?]
COXWAYBORO, S. ('.
i iconsistant with this Act, are hereby
repealed.
Approved 31 arch 7. 1^71
An Act to incorporate the Continental
Telegraph Company.
Section l. Be it enacted by the Sonate
and House Representatives of
the State of South Carolina, now met
and sitting i 11 General Assembly, ami
by the authority of the same, That
William 31. Hall, Ethan A. Hall and
Charles Thurman, and all those who
shall become stockholders in the company
hereby incorporated, shall he a
body politic and corporate, by the
name of the Continental Tele-Vat >h
i *
Company, and, by that name, shall
have perpetual succession, and mas
u ?i
n.i.v; aim USU a COinmOU J3CUJ, MIKl IU..N
sue or be sued, in any Couit of competent
jurisdiction.
Sec. 2. Such corporation is authorized
to construct lines of telegraph
along, upon, across, over, under and
beside of the Greenville and Columbia
Railroad, and any of the public roads
and highway#, and under and across
any of the waters within the limits of
this State, or so much or so many of
either of the foregoing as may be
deemed expedient, by establishing suit
able offices and the erection of the ne
eessary cords or wires and fixtures, including
posts, piers or abutments for
.sustaining the cords or wires of such
lines: Provided, The same shall not be
so constructed as to incommode the
public use of said roads or highways,
or injuriously interrupt the navigation
of said waters ; and also to construct
a line or lines of telegraph, and to establish
ofliwe and erect such necessary
cords or wires and fixtures, including
the posts, piers or abatmenss, as and
for the purpose# aforesaid, and keep,
hold and maintain the necessary offices
uj.on, through, or c\(r any other land,
subject to the right of the owner or
owners thereof to full compensation for
the same, to lie agreed upon by said
owner or owners and the said corporation,
or to be fixed or determined as
hereinafter pro\ ided ; and the said oornorat
ion ni:iv. ill 1 ilcr? m?inn??r n 11<t ti iili
like power, construct lines of telegraph
to such place or places without the
State as the Hoard of Directors may
/
elect.
Sec. 3. Such corporation shall have
full power to puivhn?o, lease, receive,
hold and convey real estate, or any
interest therein, and may, in addition
thereto, use such real estate, or any
interest therein, as may ho necessary
for the convenient transaction o( the
business, and for effectually carrying
on the operations of said corporations-;
and may appoint such Directors, officers
and agents, and make such prudential
rules, regulations and by-laws
as may he necessary in the transaction
of its business, not inconsistent with
the Constitution of this State or of the
I'nited States.
Sec. If any owner or owners of
any land taken or used, or likely to be
a ken ami used, by said corporation,
hall consider himself aggrieved, oi
dkely gjjfc^bc, or damaged thereby, or
duil'i^j^^BftfiSSBLhe compensation
'1 'i' c
j application
)orar/K?dil^^^^^B^fclating
n relating IIWBBB mPon fuch notice '
o the oppi such Court
hall j?re8er'Ht8*^^B^H[iiit three disijiorested
i>ers*~ n i < ^ 11 ' '
hail, several '-g^^R^Kd subscribe an
at!), before authorized to
(1 minister off and imparia?1y
to perf* c^^^^Btics required ol
hem by thcV0fl^^^^K it shall he the
lit v of saidT^j^HB^Eini'i'S or a niri'
m w l^h296 .
u ityof her^^^Bjj^Ki just and eqiu"
ihle assess^ fl^^^^Brniscmcnl of all ^
he loss or d\j?tt^^^^B:iiued, or which
i iiKciy 10 SHVod, by reason ol
ny land, or herein, tala ri or
sod, or likely IWo taken or used, for *'
ii?! offices, lines, posts, piers, or abut ,l
lentfl, and i lie er reel ion ami operation
fsaid telegraph lines; and such as ftfwr.ent
or appraisal shall, in any ft
roper case or eases, determine tlie an
ual rent or compensation to be paid 0i
v said company for such use, or, in |>i
:*u thereof, a sura in gro**, as the ii,
nnpcnsalion lor the allowing the fix- ^
itvH belonging to such association n
.?rmnnrwtly to continue, and the same IU
i
NE
??? mi ?i i \wmm~mm?
ruloiit flournal.
FRIDAY JULY 14,
to be repaired, improved and renewed
or removed, Irom time to time < <?.' J
??u nu(lr?-sii /tK<? i.ku
corporation shall recju ltfSouuitubxt
which said assessme IMrrTvi
mentshall bo reduepi 1 liUjl ?)i)
signed by said a
majority of tlicin, tin ^ ol which
shall be delivered to liA* party alleged
l to be injured, or likely so to be, and
the other to the President nt t>;.l
puration, on demand ; in any damage
shall he adjudged to the person alleged
to be injured or damaged, or likely so
to he, the corporation shall pay the
amount thereof, with costs of appraisal,
which said costs ^liall he liquidated
as ascertained in said award ; and said
Commissioners shall receive, tor their
services, two dollais f< v each day they
t:o actually employed in making said
appraisement ; and upon payment
of such award the 1 light, title, interest
or property dcwcritied in said
assessment or apportionment., shall hecome
and he vested inland bo the prop
I crty of such corporation.
' hoc. 5. The capital oft such corpora
lion sluillobe tifty thousand dollars, t<>
be divided into two thousand shares ol
twenty-five dollars eachJwhich maj he
increased, IVom time to tilue, to such a"
amount as, and whencvci a ?na jority ol'
the stockholders present |it any gonial
meeting shall elect ; boolcs of subsoip
tion may be opened t<? obtain the
amount of stock first above named, at
such time and place, within this Stateas
a majority of the persons first, above
mmid e shall determine,laud for the
increased stock, in such jv manner as
he said corporation m.4v deem ex
pedicnt; and the said corporation shall
go into operation st euJh time as a
majority of the stockholders may lix.
See. C. Such corporaliedi tnay lease,
S(dl or convey its property* rig his, privileges
and franchises, ov liny interest,
therein, or any pare th.'reJn, te, or may
unite with, any telegraph Jompany ori^anized
under or created Jiy tko laws
of this or any other State, {nay acquire
by lease, purchase or conveyance, the
property, rights, privilege* and franchises,
or any interest Therein, or any
interest therein, or any part thereof,of)
any telegraph company organized
under or created by the laws of this or
any other Slate, and may make |ny?
ments therefor i:i il-? ovn stock, mom y,
bonds or properly, or receive payment
therefor in the sfoek, money, bonds or
property of the corporation to which
, i?. ?? - ? * "
luu Nuuu nmy ue ho sold, loaned or
mortgaged, or conveyed, or of any otbor
of any other corporations: Provided,
however, Tiiat no such purclisec,
sale, lease or conveyance by any corporation
shall be valid until the w ritten
consent of the holder or holders ol ,
a majority of the capital stock shall
have been obtained.] ,
/Sec. V The stock suLscnbcd for
may be issued at sueb price of sul>scription,
and upon sucli term* of \m\
- ? " 1
intnt or exchange, os the holder or
holders ol* a majority of the Ktock at '
such time shrill determine, except that
the first subscription price, terms of
payment, or exchange, shall be fixed
by the persons above named; and any
corporation or corporations may subscrihe
for, purchase, hold, sell or convey
tin* capital stock of this corporation
or corporation, uh often, and to as
LH'oai an extent, as such corporation or
orporaiians may deem advisable.
s:,w c ??:/i - ?'-i '
mvv/, w x 11.(1, omu uui jiUiaUtt XllMV ! 1
ssne bonds for such mi amouiwlns the I 1
n, 1 1, r T "Ktf5T.tr, M
officers shall fix, and may huc\Vui? IIuuv.
lame by a mortgage upon so r"'aJ *r,
ho property, rights, privileges and 'v
ranchiscs of said corporation as may a
)o nrmed in such mortgage, which 1
nortgage maybe recorded in theeffite s
f the liegister of Mesne (conveyance ii
a the Countv of 1 iichl.iml in I
- - _ ..'.J a v 11 I n ?
lute, and thereupon and thereafter, it I.'
bull become and he a lien upon alj tl
11 the property, rights, privileges and li
nnchiso, or of any interest therein, a
nd of ahy part thereof, described in a
lid mortgage. si
b
See. 9. Any person who shall \s illill
y and maliciously injure, molest or
estroy any of said lines, 'posts, piers
* any abut mentis, or the materials or
opevty belonging therto; on convic- ai
lercof, !>e punished by a tine not exding
five hundred dollars, or iinprisiment
in the Penitentiary at hard labor in
>t excedng one year, or botlv, ;n the
%
wjT
1871. NO. 28.
mm*mjwmmmmmnmmmvm w?j mm % wm nwri ?>?i
discretion of the l\nrt before which
-i.1 ?;? ""W\u'>c '1U^? au^>:l'1
.v w"CUh|?Y ,W ?"* ' i i
. b...u , |."3>A ^xA\\ v iy euoli .1 images
^sill beVaiiseu \-> him or her, to bo
/y A , J
recovered in a civil action bv sai I cor
por.at ion.
Sec. 10. The Hoar J o|| Director.1', as
often a a the mtereftttkof the corpora^
lion shall require, :\v? herel^y authorised
to, and shall, ti\* the rate or rates
for IrunsinissionJ^pr delivery of an^
message or message, wdiiolw nuay he
required to he paid in advance. y
St o 11. Any person connected with
such telegraph company,either as oporator,
nicsscngei, agent, servant <?r
J elcrh, or in any other capacity, \vho
snail wimully ami mnlieionsly ?1 i.s?
close, divulge or communicate, or per
mit the same to he done, the contents,
or the nature of the contents, of any
private message or communication en
trusted to or left with him, or her, or
such corporation, for transmission <r
delivery, other than to the party or
parties entitled thereto, or who shall
willfully refuse or neglect to transmit
or deliver the same, he or she shall, ;
upon conviction before any Court, he j
adjudged guilty of a misdemeanor,
j and shall suffer imprisonment in the
County .fail or Work House where
such conviction shall he had, f??i a
term of not more than three montlw- ;
or shal? pay a fine not to exceed five
i......i....l i n i
I iiik 11 VII U'lilil' ?, or OOll), 111 lilt UlSiTicretion
of fho Court.
See. 12, All Acts or parts of Acts
contrary to or inconsistent with this
Act arc, (or tlic purposes of this Act, !
but for no other posposo, hereby repeal
cd.
Sec. II;. This A< t slutll lake effect
turned lately.
Approved March 7, 1871.
An Act To Fstublish The Charles- i
ton, Association, Of The State Ol j
South Carolina, For The llcncfit of
The Free School Fund.
Section I. lie it enacted hy the Sen ate
and (Fouqa i?r l.n.: f '
.... ui i>viMv..--v'iiuiim,i) ui
the 'State of Sotit h Carolina, now mot
and silting in Cenoral Assembly, ami
by i l?o authority of the same, 'That lb
II. Willonghby, I\ H. Frost,.1. I', llorbacli,
M. .1. lliwch a no Oscar I*. Little,
of South Carolina, and tin ii associates
or-partners, sruiil hnvo jlic lull Cyht,
and ate hereby authorized, to form
themselves into a partnership associa- j
tion, to he known under the name and 1
?tyle ol 1a. 11. Willoupjhby and Company,
or sneh other names as they may
llnvv /!? li.'H'iiofl/nt
...... vi ?ivi viu iv i iir'Dll.HC.
See. C. That nil the rights ol corpo.
ration known an banks bo, mil the
same .ire hereby, vested iiilhesaid linn,
for the purpose of loaning out money
on interest, purchasing and mortgaging
real estate, buying personal property;
md they shall have the. same rights
uul privileges now enjoyed bythebankiug
institutions o;' this Stat*; t hey shall
dso have the right to dispose of any
md all such properly, real, persona!
>r mixed, that they may become possessed
of, in any manner, and on such
conditions, as < ho s.dd firm or nssoeia
ion 11'TlV deem lit mwl ..v. .... l ...
^ . . v ( I / I w j ; V I i I 111 1 in
lie advantago at said linn, and to pro
note the interest of the said School
hind ot the State ot South Carolina.
Sec. .1. lie it further enacted, That,
jotore commencing business tin tier the
rrovV ioiih of this Act, said linn shrill
jay, crealise to he paid, into IbeJiands
>f the State Superiirtondent <?t Itbluea
!, |. fravn W, lu,ffi,J a,,, "tlollar*, '
.? that her ofirjli, which wawonif r, >
*' u,v-li ami *!?. i, K ,lt .
i,m*aml <
nnuultyAw ; ,0'.,-1(f>^ '"'1vount, for
he term often year's,** o? ''"'long as
aid partnership shall choose to do buiicKS,
it being understood and agreed
hat said payment of one thousand dollis
per Milium bv said associmmn
lie consideration upon winch the privi 1
go oi incorporation herein \> granted;
ud whenever said company, or firm j1
r association, shall fail to pay said con ;
deration, then their right to transact
usiness shall cease,
a
See. 4. That the association, company (,
r firm incorporated and established > ^
y this Act shall have toll power, and
re hereby authorized, to establish* j
jcMit'ics iRrouiiiiout the Mate. 1
' . 4
See. 5. That this Act h! all be ot force ; i
Kiunliately on and after its passage. n
Approved March 1 m71 - 1 :i
ADVERTISEMSN T?
In zJ. >! '>0 ;n?r vjn.ire for ;i i ;w.4
. li'ty r?;iil!? for each subsequent lilMirtiu^
liollt'*** IY??.
l>*ath? jui?J Funeral n ? Ic?m fra.*.
O'ttiimilos of ouu s<|ii:ire true; <>v?w one *
1 span1 I'liavjji'il ni advertw.-iin;
UHi^ioll* ||of of ??! ? H'JIIHIO, he*. _
~ A up are linen or !* ?, <.i tYi* .?/.? t w
A liberal ?!i-. "oiiiit will tic :ui lo t< fb
whose advertisement< ar? U?'j>t in for at am
j of -ilirew luuuths or longer.. fj V
1 An Aft to Create i Debt of flu* Stikn.
of S >uth Carol* nil, to be knotvn as
the Sterling Funded Debt; tin* eame
or the Piocceds thereof, to !> 1 x?
| clusively used in KxeliHi??c? for, or <n
Payment of, the Existing Pubitv
| t )obt of naiil State.
j Si%tion 1. Bo it enacted by the
IIotlHc of I'enre i'ctcl. \'
* v %. 1
I . r -r '
ui vuv muic <>i nuuin v vr n y
? '
1 mot and pitting in (Jenvrnl \mu? ?i? t~
an?Vby%tlie authority of tl. ? s i .1 , T i
i the Governor ol the St ite ' ? \ wu 1 ?..
' as Uoreby suitITor zed to borrow, on he
credit of the Stfito of fiou'h f'ar >!ii?*i%
! sum not exceeding ? i.' mi'di ?ti t w ?
hundred thousan d p >u:i Is h!< rilri ( *
such debt to bo represented by coupon
bondsthe same to boar si v poun Is
; per centum per annum Interest, in
gold, payable semi annually ; the pri
cipal and interest thereof to bo pavibio
in the city of London, in Kuglan 1,
and the principal thereof to be? redeou *
able and payable within twenty vonu
i
from the passage of this Act, in gol i
Sec. 2. Smh de\>t, hereby authorized,
shall be signed by the Governor,
anil countersigned hy the State Treasurer,
under the seal of this State.
They may bo issued in sums ol not
h ss than our hundred pound* sterling.
The coupons attached to such bondw
shall be signed by the State Treasure-! , .
or executed in such manner as the Gon
ernor of the State may approve, hi*
nig nature to suid bonds being e\ideuco
ol such approval.
See. T5. That all of the bonds ar.fh.rized
by this Art, or their p:nrer<h-,f
shall In- used exclusively in exchange
(or, or in payu>?ut of, tbe existing I'liV.lie
Debtof this Slate heretofore an
thorir.ed.
See. (. That all the IvoreD hoivby
lilt Jioi i;;ed shall l?e placet I in t lu? IisumIr
of a Iv i nuneiul A yen I of tlii* "Matt*, i.-?
lie appointed hy the Governor, \tttn
ney General, Treasurer, Gomptr<?'l
General and Seeivtary t?f S ate: 1'n*
vi led, That Raid Financial U<?xrd .
receive no compensation. Such mr- f.
shall reside in the ei'.v of London asaid
; and the Financial Agent <?f i :* >
State, in New York, are herein* ao thorized
ami tlircotoJ to enter into ?.*
agreement with such Financial Ago*,
as may he appointed, as aforesaid, tor
ilic negotiation of -Kakl lionds; for iho
payment of Lh' interest thereon uiu.t
?tw. M. ,1 < l ' r .. . \
V?iv, iii.uiii II > lii'JM' i'M tilt* |)MV <111*11#
of *aid bonds at maturity, and for tb i
exanango of the +?ame for r\ny of I ho
public debt of 111iState, or for ibo
payment of any of s:iid public del
from tho proceeds of such new bumfs
as they may deem to be for the interst
of this Sta'e: 1'rovided, '^hai-none
of the existing public debt, r.u a <
aid, shall be pai l before tin vnatn-bv
thereof out of the nroooed* of ?b-*
I "" " '
bon ltt hereby authorized, \*r>lfRts fh*
same can -?o purehu->od and r? norm"!
at a rate not exceeding the vu.*f >*:,
which such new bonds shall be negotiated
; and, for the purposes
Act, and in piymcnt of interest f 4
said bonds, and in the red on vti?*-?
? 1
tliered", the pound sterling sliall
deemed to be the equivalent ! > fi^'i
dollars iti gold coin of the I ?it?dl
States: Provided, That the bioir.e.:!
Agency created by this Aet dial! :eA
he placed in the hands of any me ; son,
it shall be entrust.* d to the Mmagenieiit
ol a responsible Hanking
House of first d iss reputation in *.'??
new and old world.
Sec. o. That an annual tax, in addi
iun to all other taxes, shell he lov'u I
ipou all tho tax ib!o property wuh'vn
diia Stute sufficient to p\y th inter -a
>n the debt hereby Authorized, " t* s
ime when such interest shall 1> c ina
luc and payable, and such into"?y.t
thall be remitted to said Ki m-ul
\gent in London, and a Ins the ^inr h *
ax shall be levied *in lho sam
lfM* Mllftli'innl ?<k ? /-?? ? 1.. ?* - --
.. > iiv n? jinn I'll' i"l I ""III KHi*
Mind of two per centum in id p??
inriuto on the lull amount of the di**.;
iciviry created, which itinki i , m A
hall be remitted to the fi inr?
,j;ent of tlies State in Loudon, t<> u*
pplied to the redemption an I p*y?
unt of two per centum of til pr.no
ml of the said bond# $it pa.*. Tbf
Kill 1 ! lllMO 1 I." " ' ' ^
v.. ?r? limn w*.- JIUIH r, 11; 111 lt> J
y dimwii, by I ?tt at such a I
tl.i i?,-ii.tl unk-r Mich regulator* v?
ho Governor of the State ainV lAi.tiu-ial
Agent may determinate 1 ?{
1! Mich drawing-, the A luetic <r. di?^ *
JlS