ART. 19.] SINKING FUND. 239

1872, ch. 276, sec. 3.

31. On the first day of July in every year, he shall set apart to
the credit of the sinking fund, the sum of one hundred thousand
dollars, which, in addition to all sums otherwise accruing to the
augmentation of the sinking fund, is hereby appropriated for the
purpose of taking up the existing debt of this State; and he shall
cause the same to be invested in stock or bonds of this State, pur-
chased at par or less; and said bonds, after being cancelled, as
directed in section 33, shall be credited to the sinking fund, and
held by the treasurer, subject to the future action of the general
assembly.

Ibid. sec. 4.

32. Whenever in the judgment of the comptroller, there shall
be a surplus in the treasury over and above the amount necessary
to meet the current expenses of the State, as provided by law, he
shall cause the same to be invested in the bonds or certificates of
debt of this State, purchased at par or less; and in all purchases
of bonds or certificates hereby directed to be made, the treasurer
.shall give the preference to the overdue debt of the State; and
the comptroller and treasurer may at any time require the said
overdue debt or some class thereof, which can be regulated and
accurately described, to be presented at the place where made
payable, for payment, by giving not less than thirty days' notice
to the holders of such overdue debt, that on a day named in said
notice, interest on said overdue debt, or class thereof, will cease;
and if said bonds or certificates, so overdue and particularly de-
scribed in said published notice, be not presented for payment by
said day, the payment of interest on the same shall cease, and no
further payment of interest on the same shall be made.

Ibid. sec. 5.

33. If the overdue bonds or certificates of the State shall not
be procurable in sufficient amounts, the treasurer may invest the
sum or sums mentioned in section 31 in any bonds or certificates
of the State which may be offered for sale, at the best rates possi-
ble for the State; and all such bonds or certificates maturing at
some future day, as may be purchased in pursuance of these pro-
visions, shall be cancelled by the treasurer in the presence of the

comptroller, by writing the word " cancelled " across the face of