The Horry herald. (Conway, S.C.) 1886-1923, March 02, 1893, Image 2
The Horry Herald,
Published Every Thursday.
E. NORTON, Editor
J. T MAYERS, Gon'l. Manager.
OOtf WAYfS. C., MARCH 2, 1893.
T Kit MS:
One Year " $1.50
Six Months 1.00
Three Month* 50
HATES OF ADVERTISING.
Transient Advertisements $1.00 pel
square.
Eight lines ol tills size type make one
square.
No advertisement counted less than
a square.
Advertising lines in local column l?i
cents per line.
Advertisements of Judge of Probate,
Clerk and Sheriff at the rates allowed by
law.
Liberal contracts will, he made with
those wishing to advertise for three, six or
twelve months,
Marriage and death notices free.
fNion leurrs on curroni topics arc cordially
Invited.
Correspondents may use any signature
but true name of writer must accompany
all communications.
Articles to secure Insertion must be sent
in by Monday, previous to day of publication.
All communications on business, or re
mittances should be directed to business
manager.
All communications for publication
should be directed to the editor.
REFUNDMENT DECISIONS.
<?
ciiucr .irsTicK M'lvnirs
MASTK1CLY OPINION.
lie Argues SIrongjy that C0111niis*ions
Should Not l?c A!
lowed the Itond Purchasers
Opinion ol
the Associate
.1 tiMt ices.
Tito opinions of tlie Justices in
the case devised by the Administra
tion to tost tho legality of paying n
commission to the purchasers of the
refundment bonds, wore tiled in the
Supreme Court yesterday. It will
)\A t hat I t ha. ? > .-.! I r..Afi rMt
U?* 1 VII1VJI1I VIC 1 CU I I I?I l> tuo jll3llUOC5j U,J
the hearing of the caso announced
their decisions verbally, Associute
McGownn giving an assenting opinion
of the legality, which was con;
curred in by Associate Justice Hope;
Chief Justice Mclvcr announcing
that he would dissent. The case is
that of John Gary Evans vs. lb H
Tillman, Governor, and W. T. C.
Hates, Treasurer.
The filing of these opinions have
been anxiously looked forward to.
Justico Mel ver's opinion is considered
by those who have seen it as a
legal masterpiece.
CHIEF .lUtU'lCK MOIV KH'S OI'INION.
Chief Justice Mcl ver's opinion is
as follows: This is an application
addressed to this court in the exor
cise of its original jurisdiction insti
tuted by the plaintiff as a citi/.en
and tax payer of this State, to injoin
the defeiftlant from executing a con
tract (a copy of which accompanies
the proceedings) for the sale} of the
bonds authorized to be issued by an
act of the General Assembly of the
said State of South Carolina entitled
"An act to provide for the redemption
of the State debt known as the
Brown Consol Bonds and Stocks by
issue of other bonds and stocks" up
proved tlie 22nd day of December A.
I), 1892. The ground upon which
the application is based is that by
the express terms of the sixth section
of said act the defendants are authorized
and instructed to sell the issue
of bonds herein provided for at not
less than par or face value," and the
plaintiff claims that by the terms of
' the contract in question the said
bonds will be sold at less than their
par or face value, and hence said
contract is without authority of law,
and the restraining order of this
court is asked for to prevent such an
alleged unauthorized sale of said
bonds.
So that the question presented for
the decision of this court is whether
the terms of sale provided for in said
contract are within or in excess of
those authorized and required by the
provision of the act above mentioned.
The sixth section of that act reads
as follows: ''The Governor and State
Treasurer are hereby authorized and
instructed to sell the issue of bonds
herein provided for at not less than
par or face value, and tho proceeds
thereof shall bo applied to the payment
of the consolidated bonds and
certificates of stock commonly called
t1 ?> - -1
*l\.jw ii uiiu iu no oiner purposeThis
provision, it seems to
ine, plainly foybids the sale of the
new four and u half per cents, authorized
to bo issued under the act
at less than "par or face value," and
the incpiiry is narrowed down to the
question whether the said contract
provides for a sale at less than "par
or face value*' The contract purnoses
to be an agreement between Ii.
K. Tillman as Governor, and W. T.
0. Bates as Treasurer of the State of
South Carolina, who are designated
as parties of the first part, and the
Baltimore Trust and Guarantee Company
of Baltimore, who designated
as the party of the second part, for the
sale by the parties of the first part to
v the party of the second part, of ?2,000,000
of the bonds and stocks bearing
interest at the rate of 4 J per
cent, per annum, authorized to be issued
by the act above referred to,
"upon the following terms and con
ditions, that is to say; The said
bonds and stocks so purchased shall
bear date 1st January, 1893, payable
semi annually;?they shall he sold by
/
'
tho parties of the first part and pur
chased by the party of the second
part at par Hat; that is, nothing additional
shall be paid for any inter
; est which may have accrued. at the
time after the delivery; the purchase
money of said bonds and slocks shall
m due and payable, $100,000 thereof
I upon the execution of this contract'
and thbSremainder on or before the
10th day of June, I8!)d, in such
stuns and at such times as to the
party of the second part may be'
' most convenient; and the said bonds
| and stock shall be delivered by the!
parties of tho first pari to the party ]
j of the second part upon the payment'
I of the balance of DO per cent, due
thereon, the said sum <>f $ 1(H),000 j
1 being held and taken, to be 5 percent,
i upon the whole purchase of $2,000,- i
' I ( )()(t 11V ii f it ff liAv iiiMiiuinn in i... I
-- , .. .... ...v.
( contract, the partv o' the second part
secures an option upon all the re
, mainiler of the bonds and stock
which the Governor and State Trea"
Siner are authorized to sell under
said act, said remainder of snoh bonds
and stock being understood to be $3,
800,000, until tho lirst of April,
1803, upon similar terms.
The lirst inquiry is as to the mean
ing of the terms "par or face value"
as used in the sixth section above
quoted. I cannot doubt that the
word "par" and the words "face
*aluo" as there used, are convertible
terms, and mean one and the ;
same tiling. The manner in which
they are connected, and t ho original
and natural signification of those ]
words, are quite sufficient to show
this. What then is the legal inter !
prgtution to put upon tho word "par?" 1
In 17 Am. and Eng. Kncyc, of Law '
311, I find the following stated upon 1
the authority of Bond Law Diction- \
ary: "far?equal. The word is 1
used to denote a state of equality or {
equal value. Bills of exchange and \
8b cks and tho like are at par when 1
they sell for their nominal value; 1
above par or below par when they '
Sell for nmrn or lnQ? ' I mlm- ilm
de(init:on which has not only tho i
support of high legal authority, but t
is in accordance with the natural <
moaning of the word, what is the par 11
or faco value of a bond which has i
been beating interest at a given rate 1
for some time prior to the site there- I
vify Sure it is not merely the prin n
cipal sum originally due, but it is t
that sum with the accrued interest t
added, for that is what tho bonds call j
for?that is the sum named mi the o
bond?that is its nominal value.
This view is not without the support ,
of authority elsewhere, though so far |
as I am informed we have no author- j
ity upon the point in this State. In ?<
the great States of New York and r
Pennsylvania these terms have been t
defined in accordance with the view c
which I have adopted I hdalield vs. a
the State of Illinois, 2. llill (N V). j,
150, was a care in which the court
was called upon to construe the v
meaning of the words ''par value1' in s
a statute requiring State bonds to he ,|
sold at less than their par value, and |
it was held that par value meant tin* v
amount duo on the bonds at the time t
of the sale. At page 172 Hrunson (,
.1. in delivering the opinion of the |
court, after saying that the question |
was not as to the "par of the Kx |
change,v used these words: It is a
question of par ralue, and if that y
docs not mean in this case a dollar in t
money for every dollar of security .,
the wit of a man cannot tell us what, .
it does mean." Again, on same page tl
he says. "The par value of a bond j
is the sum due on it and not the sum t]
originally secured by it." The case \
scents to have been very much like ;
the one under consideration, for the (
objection there, as here, was that the v
bonds were chi interest long before
the money was to be paid, and a ,
statement to this effect was followed ,
by the remark last quoted. See also H
the same case more fully reported c
in 20, Wend 102, where Senator Yer- t
planck in delivering his opinion used
this language: " The par value would (
in the common language of the (
stock market as well as the natural g
interpretation of the phrase indepen- g
dently of usage be the amount due \
on the face of tho certificate. Hut (
the actual sale is made on terms t
which, 011 the $300,000 sale gives ,
the appellant an advantage at 103 (
days interest and 011 the ?283,000 ]
of above ten month. 1 cannot upon '
any understanding of the words con- i
aider this a sale at par value, any (
more than if it had been an undis- ,
guised discount at the same rate. To (
the same Oifect see 1 logg, appeal 22 1
Penn. State Reports 479, where it is |
said by Lowin, at p. 488-9: "Par t
? moans the amount usually due in- \
eluding interest.'' I find it altogeth* ,
er impossible to distinguish the case j
present uuucr consiuerauon irom }
the Now York case above cited; for |
here, as there, the purchaser acquires |
the advantage of whatever interest ,
may accrue upon tho"bonds purchas- ,
ed from the 1st day. of January, .
1803, up to the time of the delivery |
of the bonds, reduced, of course, by |
the cash payment made at the time (
of the execution of the contract; (
and this, it seems to me, is practically
the same as if the bonds were
purchased at "an .undisguised dis- (
(^ount at the same rate." I
Jt is earnestly urged, however, i
that while this may be true,yet them |
q r/\ s\i Imp % ? ?? * 1- * 4 _ i ' I i
?%?V V/VI1V1 |?iu*i^iuiifj 111 ( IIL* HUt WIllCIl 1
not only warrant but require a differ <
ent construction to bo put upon tho 1
words "par or face value," us used (
in the sixth section of the act. 1 I
fully assent to the proposition that I I
in construing an act of tho Legisla- i
ture its several parts must be con I
8trued together, so as, if practicable, I
to arrive at the true intent and mean i
ing of the Legislature?that is to say, i
if in one section of an act a certain j
intent s^ems to be apparent, yet if 1
upon examination of other sections t
of ilu? same ac% such Mi) intent is
shown to be inconsistent with the
general scheme as developed bv such
other sections, then the construction
of the section musf, if practicable, be
made to conform to such general
intent. Hut i uui unable to sen th.it
the other provision of the act relied
upon for the purpose to rellect any
light upon the construction which
should be given to section 0 of the
net for holding any sale of the bonds
at loss than their pur face value, or
that the other provisions require or
ever warrant a construction different
from that which 1 have adopted, j
The provisions relied upon are I
found in sections 8, 0, 13 and 15.
The provisions of section 8 nre as
follows: That the State Treasurer
bo, and h3 is hereby, authoii/0o and
required to receive from the pur
chasers ?>f the new per cent, bonds j
who may surrender before tlie first
day of July, 181)3, all coupon bonds
ami all certificates of stock, common,
ly known as 'Brown Consols' tendered
by them and shall thereupon, in
exchange for, and in lieu of said
bonds and certificates of stock so
surrendered, issue to said holders
other coupon bonds and certificates
of stock of equal face value with
those so si rrendered, and of the
kind, class and description the issues
of which is provided for in this act.
Or the State Treasurer may issue to
such holders as may require it ail
bonds or all S'ock or part bonds and
part stock of 8ai 1 authorized issue
in making such exchange; and further,
at the time of such surrender
Mid exchange the said .State Treasurer
shall pay to the holder of such
bonds and certificates of stock (r e)
the purchasers of the new 11 per
2oiit. bonds, in cash, the difference
n the interest from the dale of exchange,
or from the last interest peroil
lo wit: January 1893 up to and
nclmling the maturity of such bonds
mil stock f I hat is to say one and one*
lalf per cent, per ar.num interest.''
Now as the manifest object of the
let was to provide for the re*liming
ho old 'brown consols bearing inter
st at the rate of 0 per cent, per
tunum, and maturinc on tho 1st (lav
>f .Inly, I8'.)d, by issuing now bonds
tearing a less rut<s of interest, the
jcgislaturo evidently contemplated
ind provided for two modes of effecing
tfiat object. First, by selling
ho new bonds, and npplying the
irocecds ot 11)9 sitlo to the payment
if the old bonds.
Second. My an exchange of the
lew bonds for tlio old, either or
10th of which modes bo adopted,
bit, as the holders of tlio old bonds 1
(7T cipial face value" bearing a less
ate of interest, it seems to me clear 1
hat the sole object of the provisions
ontaincd in the 8th section of the 1
ct was to provide for the difference 1
n I lie rate of interest and cannot lie
egarded us rellecting any light 1
rliutover upon the provisions of the 1
ixth section which contemplated a '
lilTerent mode of retiring the old !
londs to which the provisions of the 1
:glith section can have no applica- '
ion?certainly have the effect of
nullifying the express inandato con <
allied in section G, that the new 1
ioikIsshall not bo sold at less than ]
nil- or face value. The utmost that
an be said as to the effect of the 1
irovisions contained in section 8 is <
hat purchasers of 4ho new bonds I
I I i i - '
,ii; * in*ri'uv iiumori/ien 10 pay 1110 ]
mrchase money of the now bonds in I
Id bonds of equal face value and at i
lie sumo time receive in cash the
lifforenco in the interest. Ilut this
s a very different thing from authoring
the sale of new bonds at less
ban par which, as has been shown,
vouId he the effect of the terms of i
grecment to sell. In section 0 the
ninimttm amount of the purchase <
lionoy is fixed at par, and at most
cot ion 8 only provides how the purdiase
money may be paid, without in
he least affecting the amount thereof.
Section b of tiio act after proviling
for the keeping of a correct
ogistry of the lionds that may he
lold, and that proceeds of such sale
diall bo kept as a seperate fund to
io used exclusively for the final relemption
of such of the old bonds
is shall not be exchanged for the
lew issue contemplated by the act,
concludes in these words "Provided,
however, the CiovertiOr and the State
l'reasnrer, if in their judgement it
s best so to do, shall have authority
,o exchange in whole or in part, the
ie\v 11 percent, bonds for Brown
Jonsols, upon such terms as may
>est subserve the public welfare.'
Prom this it is argued that the n
ention of the Legislature was to
nvest the Governor and State Treasurer
with the widest discretion, bin
ted only by what they might regard
is oest calculated to subserve t-iie
public welfare; While this may
possibly be true jo far as the
7u(nf/e of the bonds is concerned
jven though other portions of the
ice seem to limit their discretion in
this respect, yet. it certainly cannot
bo true that the Legislature inton
led to invest these officers with any
such discretion as to the amounts
for which they might sell the new
bonds, for the Legislature in section
0 not only authorizes but instructs I
tho Governor and State Treasurer to j
soil the new bonds "at not less than
par cr face uulue." The fact, if it
be a fact, that tho Legislature inton
led to invest these officers with the
largest discretion in effecting t.se
lesired ohieet ot retirincr th? <?!<! I
bonds in one of the modes eon t enisled,
onIcl not necessarily imply
in intention to confer a like discreion
in attaining the end desired by
lie othor mode contemplated, even
n the absence of an express declarition
to the contrary, lint where,
is fn this case, there is an express
imitation of their discretion in
unking a sale of bonds, | do not see
V X
how there can ho a <loubt upon tho
subject. 1 cannot think, therefore,
; that the provisions of the 9t'i sect
J tion can have any effect in <|iutlifving
the exptess provisions of seoti< n
six of the act.
Suction l.'J of the act r?ads as f<>l
lows? "That the Governor hiuI
State Treasurer am hereby author
ized in their d:scretion to perform all
ami singular every act necessary to
carry out the provisions of this act
not herein specifically given and
which lire not inconsistent .with the
provisions thereof; ami in order to
have the said bonds and stock promptly
placed the Governor and State
Tfeusurer are hereby authorized to
offer and pay a commission to parties
placing said bonds and stock; and
the funds belonging to the sinking
faml are hereby appropriated to pay
suuii commission, it so much ho necessary;
provided however, that they
shall have said bonds and stocks
placed without paying a commission
if practicable." It is very clear
that the discretion with which the
(Jovernor and State Treasurer are
invested by the first branch of this
seotion, to do any act necessary to
carry out the provisions of the act,
cannot have the effect of investing
those officers with authority to sell
the honds at less than par, for such
discretion if expressly limited to
such acts, as ' are not inconsistent
with the provisions hereof," and to
sell the bonds at less than par would
be not only inconsistent with, but
in direct violation of the provisions
of section 0 of this act*
It is argued, however, that the
provision contained in the latter part
of the section, to pay a commission
without limit to amount 'to parties
placing said bonds and stock,' authorizes
the payment of the bonds
which under the terms of the contract
in question, the purchasers are
to receive, in the shape of ihe inter
est on the bonds purchased from the
first of January 18113, to the time
of delivery, as.practically commmissions
for placing said bonds and
stock' Without stopping to inquire
whether the amount of the commissions
authorized to be paid is not,
in fact, limited by the amount of the
fund appropriated for the purpose,
or whether the amount of that fund
is or is not sufficient to pay the bonds
which the purchasers are to receive,
which under the view I take, is not
material, I do not think that the
provisions of this section authorize
the payment of any commissions to
the purchaser of the hondsj though
they do authorize the payment of
commissions to an agent who may
he employed for the purpose of placing,
as it is technically called, the ,
bonds and stock issued under tho j
Authority of this act. The relations .
of an agent to the State by whom i
he is employed to sell or negotiate ;
Lho sale of its bonds or to exchange i
i new issue of bonds for old bonds
ire so wholly different from those of
t purchaser of such bonds that the
two positions should not be confoun ,
iled.
The interest as well as the duty
L)f an agent employed to sell the
bonds upon a commission of a given
per cent, on the price of the bonds, |
would require him to sell upon the i
best terms possible, while the inter ;
38i of a purchaser would prompt;
him to obtain the bonds at the lowest |
price possible- I cannot think,
therefore, that the Legislature ever
intended that a commission should
be paid to the purchaser of the bonds
who would very naturally endeavor
to obtain them at the very lowest
possible price, but tlmt the language
used in the section plainly indicates
an intention to authorize the pay
mum, ui commissions 10 some agent
employed to place the bonds, (by
which I understand to sell or negotiate
the sale of the now bonus or
the exchange of the new bond for
the old) who would be prompted by
both duty and interest to obtain tho
best terms for the State practicable.
This view is supported bv high authority:
Appeal of Whelon, 108,
Ponn., St. 102. It appears in that
case that tho Legislature of Pennsylvania
had passed an act authorizing
certain municipalities, amongst
which was the city of Pittsburg, to
issue municipal bonds which should
be sold at not loss than par; and
provided that the municipal authorities
might allow a reasonable compensation
for the sale or negotiation
of said bonds' The authorities of
Pittstuirg entered in'o-ui agreement
for the sale of its bonds at par, bnt
with an allowance to the purchaser
of 1 per cent, by way of commissions
and the court held that true intent
of the act was that while compensation
in the form of commissions
could he paid to an agent employed
by the city to effect, a sale or ex
charge of the bonds, the act did not
authorize the payment of any com
missions to a purchaser who bought
the bonds direct from tho city ant
hoi it ios; and Mercur, 0. I., in de
uvoring tne opinion or the court,
said, in substance, that the contract
to allow.the purchaser!! a commission
of 1 per cent, upon all bonds
purchased or exchanged by them,
was practically an agreement to sell
thu bonds nt less than par, and was
therefore, without authority. One
of the reasons given in the opinion
why a purchaser cannot be regarded
as an agent employed to make the
sale, is because his interest as purchaser
would conllict with his duty
as agent. As the Chief Justice in
that case says: "The relation be
twecn agent and principal is so essentially
different from that which
exists between vendue and vendor
that it is usoless to further elaborate
the distinction." It seems to me
clear that the advantage jillowed to
the purchasers in the way of accrued
interost, by the terms of the contract
/
; in question, cannot be j stifled >
an allowance, practically, of con;
missions.
It only remains to 'consider th<
provisions of the fifteenth section o
the act, which in the words: l,Thu
the holders of the South Carolina/
per cont, bonds issued for the re
demotion of the Brown Consols
shall have the right to surrender tin
said 4 percent, bonds to the Stat*
treasurer, and to receive in exchang*
then* for Brown 41 per cent, bond;
of equal face value, as provided ii
this act.1' It seems, as I understan I
it, that a comparatively small amount
j of tho State debt, known as the
Brown Consols, had been refunded
; tn 4 per cent. bonds issued undei
j the act of 1889, as amended by t in
act of 1890, and the sole object ol
this section. JIS it nnnAura to nn? wm
/ "I I '
i to place the holders of these 4 pel
I cent, bonds, us an act of simple jus
tieo to them, upon the same footing
as (he holders of the new 41 per com
bonds issued under the provisions of
the act of 1892. At all events 1 am
unable to perceive what light the
provisions of this section throw upon
the question under consideration,
j 1 am, therefore unable to per
j ceive how tbo provisions of section
; G of the act under consideration are
either modified or qualified by any,
'or till of the other sections of the
| act considered together, and believ
ing us I do that the contract in
question provides for a sale of the
bonds at less than par, 1 am forced
to conclude that such contract is
without authority. Kor these tea.
sons I am compelled with great deference
to dissent from the conclusion
reached by a majority of the
Cou it.
I'll K ASSENTINU OPINION.
Justice McGowan's opinon, in
which ?Justice Pope concurs is as
follows:
This was a sworn petition tiled in
the original jurisdiction of the court
by John Gary Evans, stating that he
isacitzen and tax payer of the State
of South Carolina, and tljat IC II.
Tillman Governor, and Win. T. (!.
Hates, Treasurer of said Suite respectively
:
2. Tlmt tli.? Inoi 'i?
~ . W IIIDU 00031'MI Ul, LlltJ
Legislature of said State an act was
passed entitled "An act to provide
for the redemption of that part of
the State debt, known as the Brown
consul bonds and stocks by the issue
of other bonds ami stocks.
That among other and vaiious previsions,
section G of said act reads
ns follows:. "That the Governor
and State Treasurer are hereby authorized
and'instructed, to sell the
issue of bonds herein provided for
at not less than par or face value,
and the proceeds thereof shall bo
applied to the payment of the consolidated
bonds and certificates of
stock, commonly called Brown consols,
and to no other purpose.''
TICK I'ETI NON FOR I N.I UNCTION.
3. That your petitioner has
been informed by the Governor and
Treasurer uforsaid, and lie believes
the same to bo true, that they have
entered into or they are about to
enter into, a eon tract with parties
unknown to petitioner, which con
tains among other stipulations the
following, to wit:
"The said bonds and stocks so
purchased shall hear date January
1st, 181)3, and shall carry interest
from January l*t, 181)11, payable
semi-annually. They shall bo sold
by the parties of the llrst part and
purchased by the parties of the second
part at par flat, that is to say
nothing additional shall be paid for
any interest which may have at the
time of delivery," &c., (see report of
contract in the record.)
4. That petitioner is informed
that said contract is with authority
of lew as provided in the act aforesaid
in that the Governor and Treasurer
are not authorized under the
terms of said act, permitting said
bonds to he sold at par or face val-j
lie, to sell the same for less than
principal and accrued interest*
Wherefore petitioner prays that
a writ of the court do issue, requir
ingthe said 11. It. Tillman, Governor,
and W. T. C. Hates, Treasurer, as
aforesaid, to appear and show cause
why they should not be perpetually
enjoined, etc.
The parties were summoned before
the court and made return, admitting
the material facts, but demurring
that the allegations were
not sufficient to authorize the court
to grant the injunction prayed for:
The State in her sovereign capacity
is not complaining, but a taxpayer,
who alleges that the aforesaid agents
of the State are about to exceed the
power granted to them by the act
refercd to,
K(1 nt.hpl- nnint WflB onrrrrnof"
? wv..v? v ?f i?w wu66vovuu 1/1
argued.
When an agency :8 created by
the written instrument, and grows
wholly out of it, the nature and extent
of the authority must be as
oertained from the instrument itself.
Here the principal is the State of
South Carolina, and the act of Legislature
is, as it were, the power of
the attorney. In giving interpretation
to the refunding act, consisting
as it does of many various pro
visions in the same act and upon the
same general subject, they must all
a8 far as practically, be construed
together in order to ascertain the
intention, which must control. In
his interpretation of statutes tection i
25 Mr. Enlich, says: "That it is I
an elementary rule, that construction
is to !>c made of all the parts together,
and not of one part only by itself.
A survoy of the entire statute is almost
always indisponsible, even when
the words are the plainest, for the
true meaning of every passage i?
that which as best harmonizes with
the subject and with every other
i
s passage of the act,' &c.
In the effort to reach the true construction
of the refunding act.
tho date is not without significance,
f It was ratified and became a law on
i Dec. 22, 1892, only ten days btifore
I Jan, 1, 1893. At that time it could
. not be foresee i when ti e n demp
, tioil could tie effected. It tniglif
t be immediately, and in that case
i there would be no intere-1, as the
i bonds, by the act itself, were to bear
i interest only from .tluir issue,
i This was the situation when the
I net passed, containing the words
' face value ' of the bonds, and the
i J question now is, what the frumors of
[ the act intended by the expression.
As 1 understand i\ that question, in
> fairness, must be determined, not b}
F construct ions which may have been
i given elsewhore and under different
circumstances, but by the redenip
tion net itself, which, considered as
. ~ i
, II w llVlVj IS II WW Ul 1116 Cft?C. J 11 us
considered, it in suggested with genu'
confidence that the expression 44fuce
i to value' was used irv this act to ex
press the idea of denomination, the
amount, printed 011 the face of the
bonds referred to. The precise expression
"face value" occurs five
times in the act?twice in sec. 1,
? and in sees. 0, 8. and 15: (1) in the
i Continued on local jntf/c.
CURED
" About seven or eight months ago I
was attacked by a cough, and at once
began to take a medicine much advertised
as an expectorant, and continued
using it until I bad taken about six bottles.
Instead of giving me relief, it only
made mo worse. I tried several other
remedies, hut all in vain, and I don't
think I had thrco whole nights' rest
during my illness. I bogan to think that
Consumption
had laid hold of me, and my hopes of
recovery woro all gone. 1 was a mere
skeleton, hut n friend of mine, who had
been somo timo away, called to see
mo. lie recommended mo to trv Avcr's
Cherry Pectoral, and kindly Rending
mo a bottle, I took it, but with little
hopes of recovery. 1 am thankful, however,
to say that it cured me, and T am
to-day enjoying tho best of health." ?
J. Wilmot Payne, Monrovia, Liberia.
AYER'S
Cherry Pectoral
Prepared by Dr. J.C. Aycr & Co.. Lowell, Mms.
Prompt to act, sure to euro
.
CHEAPEST WATCH IN THE WORLD.
, _ amiiuian movkmknt, ooi.d pla.
MU rn tkii i a-k, m> ki y keoiirbd.
ml" OU Kl Tho uieatest dllllculty la sulllng
?auh t? distant Payors i.
amikican watch tor
mf. f/r / to i.'1.111.1 money iii any caso
j/ // ' if / ih 'vw\ d.s i " ""i' "" refer
^ m '' ' ^^ '''' i
m^WRm li ' sn. Vk. IMbI i'V> mill a. t for ua la Iota
v v?vr7/ of l'r >,ooo, tho larRoal
y 'avjhbtll vrjli tvv/ order for walohos ovor
olwl 1 ttlvea. Monro tho price.
-? mmfellmwtlt \JJ 5/! J/ 'i ho lurRcst watch nianu^'MRwXKY\
11 j&w'ty faoturliijf plant la th*
\mgs?m,v world making thcae
-c watone*. represent!
- c, y.ars of ex|>oriinent and
outlay. Cut exactly rorresents
It two-thirds sire. Movement la American i/svor,
antora i'laloa 510 boats to talaato. lYrfbetly adjusted, regulated
and tested. lias patent winding attachment rouutrlug
no key. Mailed p-ntt-pald t"T ?l; 8 r?r $4.00. (
A written guarantco accompanies each. Mrntlnn this paper
and wo w 111 present you with a handjomo gold plated chain. 1
Empire Watch Co., New York.
tale Mm
Cures all Femalo Complaints and Monthly
irrogularity, LoucorrhccaorWhites, Painin
Hack or Sides, strengthens tho feeble, 1 mid
up tho whole system. Itlmscured thouM.n
and will euro you. Druggists have jr.
stamp for boolt.
DU. J. P. DROJIOOOLE A CO., Lo I;,. _ .
Ojie Word.
1 come to you with a small affair
that you may need. In England,
the Continent and many foreign
countries' myself and wares are
well known. Many American families
on their return from abroad
bring my articles with them, for
they know them pretty well, hut you
may not he one of these.
Confidence hew teen man and man
is slow of growth, and when found
its rarity makes io valuable. I ask
your confidence and make a reference
to this Journal to indorse
that confidence. I do not think it
will he misplaced.
I make the best form of a cure
?an absolute ono?for biliousness
and headache that can be found in
this year. Tin cure is so small in
itself, and yet its comfort to you is
so great?20 minutes being its limit
when relief?that it has become
the marvel of its time. One and a
half grains of medicine, coated with
sugar, is my remedy, in the shape
of one small pill, known to commerce
as 1)U. II AY DOCK'S NEW LIVElt
PILL. It is old in the markets
of Europe, but is now to North
America. The price is us h w as n
hpnest medicine can be sold at, 25
j cents. Send a postal card for a sample
vail, to try them, before you purchase.
Dlt. HAYDOdfc,
03 Fulton St., N. Y.
(
0
IFITS
CURED
i Whi\stbr, r. c.. Dec. 19, 1891.
y Sift.' I wi^h I could let <1// who are sufferB
Ing from titty Ncrvo <! iacanc know just how
good your remedy is. M y son used it one year,
and is now the stoutest child 1 have, with
many lhauks, I remain yours,
f&SB&v- 11 A tateCsnesi*,
Fa., Dec. ?
i ] I have not had one of my had spells since I
B commenced taking your medicine, six months
ago. THURSY ELMORE.
I $0^" *
* Plttl.adklfhia, Pa., Jan. 9, 1809.
, I personally know of two cases of J/Xttp
B where the patient had given up all hope, that
B were cured by this remedy. 1
C. A. WOOD,
Treasurer American Publishing House.
IVE KNOW our remedy CURES the
B WORST ('A8KS. '1 hat you may try It,
B without fx/iciixe, we will send you One
B Mottle f'Vcc. All charges prepaid by us.
M Give Age, Post-Office and State. Address
Hull Chemical Co*,
- .
WORK FOR US
a few days, and you will !>o startled at the unexpected
success that will reward your ofl'orts. We
positively have the best business to oflcr an agent
that can be found on the face of this earth.
Wl.VOO profit on S7BOO worth <>f business is
being easily and honorably made by utiil paid to
hundreds of men, women, boys, and girls in our
employ. You can make money faster at work for
ostium you have any bleu of. The business it so
ea sy to [earn, and instructions so simple and plain,
that all succeed from the start. Those who take
hold of the business reap the advantage that
arises from the sound reputation of one of the
oldest, taost successful, anu largest publishing
houses in America. Secure for vourselradjp profits
that the business so readily tindliundsoii^lv yields.
All beginners succeed grandly, and more than
realize their greatest expectations. Those who
tr\ it find exactly as we tell them. There is plenty
of room for a few more workers, and we urge
them to begin at once. If you are already employed,
but have a few spare moments, and wish *
to u-e them to advantage, then write us at once
(for this (s vour grand opportunity!, and receivo
full particular- by return mall. Address,
' Ki t-; X" CO., liox No. 400, Augusta, Me.
FAVORITE 1
W* PAT Illtfl f If flWTll
raM?uT. omuMi
Drop Loaf,Fancy Cover, Largt* Drawers
Nickol Rings, Tucker, Huffier, Binder
Four Widths of Zlemmors.
HIGH ARM MACHINE HAS A SELF-SETTING NEEDLE,
AND SELF-THREADING SHUTTLE.
Sent on trial Delivered in your home free of
freight charges. Ituy only of Manufacturers.
Save Canvassers' Commissions. GET NEW
MACHINES. Send for a Machine with
iame of a business man as reference, and we
tvill ship a trial Machine at once. Address for
Circulars and Testimonials.
jO-Opef&fciVe Vetoing Machine Go.
?69 H. lltli .St.. I'liilndolpbla, Pa. '
BUV T :
XlGHTlViH^IHG
W?0?K,W '
THE BEST IS THE CHEAPEST.
8end TEN cents to 28 Union 8q.t N. Y.(
for our prlie game, "Blind Luok," and
win a New Home 8ewlng Machine.
Tl M 11 f> '77 ' I i "i n
i no wow nome dewing wacninooo,
ORANGE, MASS. ^
28 UNION SQUARE,NY. ^
fcStC^Cq ^M^.AT^^r +*[W *
ILL. aOj1 ? *
<r.iou\?^ FOR SALE BY
BUR) GHS& COLLINS,
Conway, 8. C.
Am *JK>A mom 'X?Mp?ojti TOfi 'mtsnBrrana
"03 V NNI1W aaojppy Bmnoui x|? Wll *?9J
? OO'RgVuooM ni moq?* oq pmoqt ti*m
noJJlIloi?n OM -poiwiTOHl ilPlpao[<l? TU9*
oq) u| JOdsd opnuoiofl Aa? jo uouvpwij isosnrj
ttOWttlf
oqi nj nftntqo jo ?ojj no ai9 eonon w Aq opqnd oq?
ojo;oq iqKmuq 8( an Aq jno ueqv? quapM Xjoah
o.v|1,mu y u| Ku|in3M joi nwoanq ja?PlO
MHOA Man 'AVAvavouH IOC OO * NNrtW
tn o?ijm qooqpuvQ oojj puv aoftvuijojai jog ,
o?? 'SXHOIMAdOO ^
sxNixvd Noisaa
'wmvw aavux nf I
' xv1av^wls*JLI
IIFE,LIVER
and ELID3STEY#.
euros Kvsci'.i'sn, LIVER and
KIDNEY Troubles whon all olsofalls.
I 9Bc, SO?, Rl.no.
LIFE MEDICINE COMPANY,
??? SpnrtnnburK. 6. C.